Earnings call Kindred reports solid Q1 performance focus on regulated markets By

Earnings call: Kindred reports solid Q1 performance, focus on regulated markets

In the first quarter of 2024, the Kindred Group (Kind-SDB. ST) achieved consistent achievements, significantly recovering the district regulation market and increasing basic eBitDa. Despite the strategic withdrawal from the North American market, income from gross profits managed by district rules increased to 84%of the total income. Basic EBITDA was supported by cost reductions, increasing 20 % to about £ 60 million.

The company's sales were less than 380 billion, which increased slightly on a constant exchange rate. The large number of large buyers increased by 3%, and the pure cash flow was £ 48. 3 million. Kindred also undertaken personal monitoring of the year before the busy summer in the main sporting event, and shared information on adjustment dilemma at the financial results briefing.

Key Takeaways

The Dutch, the United Kingdom, and Romania's regional regulation markets lead to Kindred's achievements in the first quarter.
Supported by cost reduction Initiative, EBITDA increased by 20%to about £ 60 million.
The total profits in the first quarter were less than £ 380 billion, increasing by 3 % on a permanent exchange rate.
Active customers have increased to nearly 1. 7 million, which is actually 3 %.
The North American team will be closed in the end of the second quarter of 2024.
Despite the confusion of regulation, Kindred protects £ 250 million in ful l-year monitoring.

Company Outlook

Kindred plans to focus on reducing operating costs (OPEX) by investing in major growth markets.
In the summer, events such as the European Championships, Olympics, Copa America, etc. are expected to contribute to the company's leadership.
The ful l-year operating costs are expected to exceed £ 245 million, but it is likely that the quarterly number increases slightly due to temporary diversification.

Bearish Highlights

The withdrawal from North America has affected profits, and has declined in markets that are not regulated by regional authorities.
In the Netherlands, regulations have been issued, such as restrictions on deposits and the ban on hig h-risk game of chance, which has caused confusion.

Bullish Highlights

Cindred's high status in the Netherlands is further highlighted by the contribution margin that exceeds the group average.
Growing in all categories, especially sports betting, accounts for about 30 % of savings.

Misses

In the winning call, there were few serious mistakes.

Q&A highlights

We are not concerned about the impact of rate caps and rates for private companies.
Kindred has taken strict measures to prevent access from unauthorized jurisdictions, such as California.
The issuance and enforcement of the White Book and Provisional Code in the UK are imminent, and it is expected to realize the conditions of the game.

The Kindred Group is focusing on strengthening indicators in regional regulatory markets, overcoming the expected regulation issues in the future. With the expansion of customer base and the implementation of strategic initiatives, the company hopes to maintain the track of growth using the summer summer of the major sporting events. Kindred has taken strict measures to prevent access from unauthorized jurisdictions, such as California.

Full transcript - None (KNDGF) Q1 2024:

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The issuance and enforcement of the White Book and Provisional Code in the UK are imminent, and it is expected to realize the conditions of the game.

The Kindred Group is focusing on strengthening indicators in regional regulatory markets, overcoming the expected regulation issues in the future. With the expansion of customer base and the implementation of strategic initiatives, the company hopes to maintain the track of growth using the summer summer of the major sporting events. Kindred has taken strict measures to prevent access from unauthorized jurisdictions, such as California.

{space}

The issuance and enforcement of the White Book and Provisional Code in the UK are imminent, and it is expected to realize the conditions of the game.

Nils Andin: Good morning, everyone. In the first quarter of 2024, we will deliver the Kindred Orthodox report. I'm Patrick Courtman, a money director. Live broadcast from Stockholm. Let's get started. By the way, we have sufficiently assigned a regular report. Information on the first quarter education program, supermarket education program, educational programs in each region, educational programs for withdrawal from North America, relaxation, KSP, and sustainable development. In the first quarter, I take over economic information to Patrick, and I return with my resume. Finally, a little about the first quarter of 2024. It was a very good quarter. The main factors are the Netherlands, the United Kingdom, and Romania. For example, it is very good for us to achieve the historic maximum of total income from unconditionally regulated contracts, such as mass GWR percentage, which decreased 84 % in the first quarter. is. I am quite satisfied that I was able to exceed the EBITDA base indicator by 2 %. Nils Andin: Good morning, everyone. In the first quarter of 2024, we will deliver the Kindred Orthodox report. I'm Patrick Courtman, a money director. Live broadcast from Stockholm. Let's get started. By the way, we have sufficiently assigned a regular report. Information on the first quarter education program, supermarket education program, educational programs in each region, educational programs for withdrawal from North America, relaxation, KSP, and sustainable development. In the first quarter, I take over economic information to Patrick, and I return with my resume. Finally, a little about the first quarter of 2024. It was a very good quarter. The main factors are the Netherlands, the United Kingdom, and Romania. For example, it is very good for us to achieve the historic maximum of total income from unconditionally regulated contracts, such as mass GWR percentage, which decreased 84 % in the first quarter. is. I am quite satisfied that I was able to exceed the EBITDA base indicator by 2 %. Nils Andin: Good morning, everyone. In the first quarter of 2024, we will deliver the Kindred Orthodox report. I'm Patrick Courtman, a money director. Live broadcast from Stockholm. Let's get started. By the way, we have sufficiently assigned a regular report. Information on the first quarter education program, supermarket education program, educational programs in each region, educational programs for withdrawal from North America, relaxation, KSP, and sustainable development. In the first quarter, I take over economic information to Patrick, and I return with my resume. Finally, a little about the first quarter of 2024. It was a very good quarter. The main factors are the Netherlands, the United Kingdom, and Romania. For example, it is very good for us to achieve the historic maximum of total income from unconditionally regulated contracts, such as mass GWR percentage, which decreased 84 % in the first quarter. is. I am quite satisfied that I was able to exceed the EBITDA base indicator by 2 %.

Free foreign exchange flows were GBP 23 million, lower than the previous year due to net working capital movements. Intensive buyer volumes were just under GBP 17 million, 3% higher than the previous year. Foreign exchange transactions ended the quarter at GBP 48 million and continue to grow. As we reported earlier, we will not be paying a dividend this year due to the context in which FDJ announced its acquisition. Let's take a closer look at the business in the first quarter of the year. As we have already mentioned, gross profit margins at district level reached an all-time high, both unconditionally and, for example, as a percentage of gross profit margins. Group share now represents 84% of total regulated savings at district level. In the graph on the right, as mentioned earlier, you can see that our scalability continues to improve. And even if you don't pay attention to rising interest rates every day, we are able to absorb them and you will start to monitor a steady increase in EBITDA (underlying EBITDA margins). If we look at the functional characteristics, we see a pretty reasonable trend. Compared to the first quarter of 2023, it is an increase of 3%. Without North America, this figure would be 4%.

Especially in the Netherlands and the UK. This was due to a fairly rich assortment of products in this section and the care taken to systematically distribute unique games through Relax. For example, in poker and bingo, the share of the total prize pool was slightly reduced compared to the previous year, so poker and other products decreased by 8%. The sports betting margin after free bets in the quarter was 10, 3%. This is slightly above the long-term average and slightly higher than last year. As already mentioned, we see a certain upward trend over time. This is due to changes in the market structure, some markets have a larger margin at the beginning, in buyer behavior or regulatory strength, for example France and the Netherlands. However, we are focused on increasing the share of repeat bets in the long term, and this confirms our focus on expanding the margins of sports betting, which is indeed dominant. By region, Western Europe was the main driver of the increase in the first quarter. This was justified by the continued rise in the Netherlands and England, which had the potential to rise further. However, in France, the margins for sports betting were below average. This softened the common characteristics of this sector. Growth in the Netherlands

Significant withdrawal from the North American market does not progress slowly, but withdrawal from the North American market is correct. In addition, as in the report, it has already withdrawn from the three states today. It's a wonderful continuation. The closure of the North American business is still ongoing, and we want to complete it by the end of the second quarter of 2024 as previously reported. The impact of such precedents still remained, and in fact, the investment in November has been reduced. In the first quarter, almost 6 million pounds were recorded, but this indicator decreased by 25 % in terms of monetary units. However, as you can see from the ads of the ad, we were able to rapidly reduce investment in North America. In fact, this means that the EBITD A-based loss in the first quarter of 2024 was only £ 1 million. Relaxing continues to show good characteristics, with no bad constitution. In the first quarter, sales increased by 6 % to £ 13 million. The consistent decrease seen here is partially explained by seasonality. The fourth quarter is the strongest quarter for the whole casino, but the dream jackpot was traded by joint rescue. If they fall off very early, we will not have the same sense of commitment and excitement R. Significant withdrawal from the North American market does not progress slowly, but withdrawal from the North American market is correct. In addition, as in the report, it has already withdrawn from the three states today. It's a wonderful continuation. The closure of the North American business is still ongoing, and we want to complete it by the end of the second quarter of 2024 as previously reported. The impact of such precedents still remained, and in fact, the investment in November has been reduced. In the first quarter, almost 6 million pounds were recorded, but this indicator decreased by 25 % in terms of monetary units. However, as you can see from the ads of the ad, we were able to rapidly reduce investment in North America. In fact, this means that the EBITD A-based loss in the first quarter of 2024 was only £ 1 million. Relaxing continues to show good characteristics, with no bad constitution. In the first quarter, sales increased by 6 % to £ 13 million. The consistent decrease seen here is partially explained by seasonality. The fourth quarter is the strongest quarter for the whole casino, but the dream jackpot was traded by joint rescue. If they fall off very early, we will not have the same sense of commitment and excitement R. Significant withdrawal from the North American market does not progress slowly, but withdrawal from the North American market is correct. In addition, as in the report, it has already withdrawn from the three states today. It's a wonderful continuation. The closure of the North American business is still ongoing, and we want to complete it by the end of the second quarter of 2024 as previously reported. The impact of such precedents still remained, and in fact, the investment in November has been reduced. In the first quarter, almost 6 million pounds were recorded, but this indicator decreased by 25 % in terms of monetary units. However, as you can see from the ads of the ad, we were able to rapidly reduce investment in North America. In fact, this means that the EBITD A-based loss in the first quarter of 2024 was only £ 1 million. Relaxing continues to show good characteristics, with no bad constitution. In the first quarter, sales increased by 6 % to £ 13 million. The consistent decrease seen here is partially explained by seasonality. The fourth quarter is the strongest quarter for the whole casino, but the dream jackpot was traded by joint rescue. If they fall off very early, we will not have the same sense of commitment and excitement R.

This also means accelerating implementation in small no n-strategic markets already used, ensuring important sizes and number of buyers via platforms, and enabling perfect customer testing. And collect reviews about products. Currently, this plan is confidently working on projects, for example, as an ambitious function and measurement standard. Regarding the steps on the right, we have clearly the current functions and probability that we have clearly developed for other brands and other markets, and when we start considering the opportunity to enter the euro, and right. At the beginning of the year. As a way to zero, we said in the first quarter that we were acquired by a player with the highest risk level that the total extraction bits reached 3 or 2 %, but we still look at it. It was pretty good, in fact, the effect of improvement is 87, but the effect of intervention, 1 % is considered a fairly high index in our opinion. Of course, we continue to work thoroughly in this direction. And as an outsion, we are now getting it. As time passes, the decrease in the decline continues to be visible. I am still trying to identify a sustainable meeting of gaming in London this spring. This was a really good opportunity for people around the world. This also means accelerating implementation in small no n-strategic markets that the euro is already used, ensuring important sizes and number of buyers through platforms Make tests possible and collect reviews on products. Currently, this plan is confidently working on projects, for example, as an ambitious function and measurement standard. Regarding the steps on the right, we have clearly the current functions and probability that we have clearly developed for other brands and other markets, and when we start considering the opportunity to enter the euro, and right. At the beginning of the year. As a way to zero, we said in the first quarter that we were acquired by a player with the highest risk level that the total extraction bits reached 3 or 2 %, but we still look at it. It was pretty good, in fact, the effect of improvement is 87, but the effect of intervention, 1 % is considered a fairly high index in our opinion. Of course, we continue to work thoroughly in this direction. And as an outsion, we are now getting it. As time passes, the decrease in the decline continues to be visible. I am still trying to identify a sustainable meeting of gaming in London this spring. This was a really good opportunity for people around the world. This also means accelerating implementation in small no n-strategic markets already used, ensuring important sizes and number of buyers via platforms, and enabling perfect customer testing. And collect reviews about products. Currently, this plan is confidently working on projects, for example, as an ambitious function and measurement standard. Regarding the steps on the right, we have clearly the current functions and probability that we have clearly developed for other brands and other markets, and when we start considering the opportunity to enter the euro, and right. At the beginning of the year. As a way to zero, we said in the first quarter that we were acquired by a player with the highest risk level that the total extraction bits reached 3 or 2 %, but we still look at it. It was pretty good, in fact, the effect of improvement is 87, but the effect of intervention, 1 % is considered a fairly high index in our opinion. Of course, we continue to work thoroughly in this direction. And as an outsion, we are now getting it. As time passes, the decrease in the decline continues to be visible. I am still trying to identify a sustainable meeting of gaming in London this spring. This was a really good opportunity for people around the world.

Patrick Courtman: Thank you, Niels. On the right slide, I will talk about the quarterly financial indicators. The total profit for the first quarter reached $ 370 million. This was slightly higher than the same period of the previous year in the first quarter, and 3 % higher in the unit. Alternatively, reporting currency units exceeded the same period of the previous year slightly, exceeding the changing currency units of 3 %. It is starting to feel the effect of withdrawal from North America. If you withdraw from North America, it will increase by 4 % in a certain amount. The regiona l-level regulatory market has shown a strong growth, and a 4 % growth in the report currency unit. However, this was almost offset by a 16 % decrease in market profits that were not regulated at the district level. Also, as Nile's has already read, the profits from relaxation have increased significantly, and the contribution to the composite structure of the profit has increased by £ 1 million compared to the previous year. Efforts to optimize and reduce costs are beginning to achieve results. As you can see in this slide, we have achieved all functions improvements. Starting with the cost of the left side, this continues to grow. This was promoted by improving the following criteria: Patrick Courtman: Thank you, Niels. On the right slide, I will talk about the quarterly financial indicators. The total profit for the first quarter reached $ 370 million. This was slightly higher than the same period of the previous year in the first quarter, and 3 % higher in the unit. Alternatively, reporting currency units exceeded the same period of the previous year slightly, exceeding the changing currency units of 3 %. It is starting to feel the effect of withdrawal from North America. If you withdraw from North America, it will increase by 4 % in a certain amount. The regiona l-level regulatory market has shown a strong growth, and a 4 % growth in the report currency unit. However, this was almost offset by a 16 % decrease in market profits that were not regulated at the district level. Also, as Nile's has already read, the profits from relaxation have increased significantly, and the contribution to the composite structure of the profit has increased by £ 1 million compared to the previous year. Cost optimization and reduction initiatives are beginning to achieve results. As you can see in this slide, we have achieved all functions improvements. Starting with the cost of the left side, this continues to grow. This was promoted by improving the following criteria: Patrick Courtman: Thank you, Niels. On the right slide, I will talk about the quarterly financial indicators. The total profit for the first quarter reached $ 370 million. This was slightly higher than the same period of the previous year in the first quarter, and 3 % higher in the unit. Alternatively, reporting currency units exceeded the same period of the previous year slightly, exceeding the changing currency units of 3 %. It is starting to feel the effect of withdrawal from North America. If you withdraw from North America, it will increase by 4 % in a certain amount. The regiona l-level regulatory market has shown a strong growth, and a 4 % growth in the report currency unit. However, this was almost offset by a 16 % decrease in market profits that were not regulated at the district level. Also, as Nile's has already read, the profits from relaxation have increased significantly, and the contribution to the composite structure of the profit has increased by £ 1 million compared to the previous year. Efforts to optimize and reduce costs are beginning to achieve results. As you can see in this slide, we have achieved all functions improvements. Starting with the cost of the left side, this continues to grow. This was promoted by improving the following criteria:

As shown in this slide, the increase in the amount of work has achieved the highest value since the third quarter of 2021, an increase of 20%yea r-o n-year. The basic eBitDa is £ 59 million, and the basic eBitDa margin is 19%. If North America is excluded, the EBITDA basic profit ratio is 20 %, reaching 60 million pounds. And this is an absolutely correct step toward our financial goals, and we also approve the £ 250 million pounds ful l-year monitoring. As a result of sterling with strong currencies, rescue had a negative effect. We observed the bad impact on relief near 3 %. Absolutely, this is equivalent to a negative effect on the relief of 8. 6 million pounds. However, on the other hand, it had a positive impact on sales and operating expenses, but it was not as large enough to offset the reduction and impact. As a result, the fluctuations in cash interest rates had a negative effect on the basic EBITDA. The second quarter is likely to be a strong start. It is clear that this is a very short period of only 21 days, but it was justified to some extent because of the highest sports betting margin. In the first 21 days, the average daily sales of the Company were as shown in this slide, and the basic eBitDa indicators have achieved the highest since the third quarter of 2021 due to an increase in the amount of work, and yea r-o n-year. It increased by 20%. The basic eBitDa is £ 59 million, and the basic eBitDa margin is 19%. If North America is excluded, the EBITDA basic profit ratio is 20 %, reaching 60 million pounds. And this is an absolutely correct step toward our financial goals, and we also approve the £ 250 million pounds. As a result of sterling with strong currencies, rescue had a negative effect. We observed the bad impact on relief near 3 %. Absolutely, this is equivalent to a negative effect on the relief of 8. 6 million pounds. However, on the other hand, it had a positive impact on sales and operating expenses, but it was not as large enough to offset the reduction and impact. As a result, the fluctuations in cash interest rates had a negative effect on the basic EBITDA. The second quarter is likely to be a strong start. It is clear that this is a very short period of only 21 days, but it was justified to some extent because of the highest sports betting margin. In the first 21 days, as the average daily sales of the Company show in this slide, the basic EBITDA index has achieved the highest since the third quarter of 2021 due to an increase in the amount of work, and increased by 20%yea r-o n-year. It became. The basic eBitDa is £ 59 million, and the basic eBitDa margin is 19%. If North America is excluded, the EBITDA basic profit ratio is 20 %, reaching 60 million pounds. And this is an absolutely correct step toward our financial goals, and we also approve the £ 250 million pounds ful l-year monitoring. As a result of sterling to the main currencies, the rescue had a negative effect. We observed the bad impact on relief near 3 %. Absolutely, this is equivalent to a negative effect on the relief of 8. 6 million pounds. However, on the other hand, it had a positive impact on sales and operating expenses, but it was not as large enough to offset the reduction and impact. As a result, the fluctuations in cash interest rates had a negative effect on the basic EBITDA. The second quarter is likely to be a strong start. It is clear that this is a very short period of only 21 days, but it was justified to some extent because of the highest sports betting margin. In the first 21 days, our average daily sales

Nils Anddin: Thank you, Patrick. In conclusion, I think we were able to start a good start in the first quarter of 2024. In fact, we call it the year of change, for example, in terms of the direction of business formation, there was a proposal to actually acquire a business from the same perspective. I will bring the main conclusions of the first quarter. Above all, of course, I am glad that the local regulatory market has actually achieved a record value in the share of total income from, for example, as unconditional numbers and total income from profits. This is thanks to the continuation of the 5 % increase in the local regulation market. Regarding the basic indicator EBITDA, I am very happy that the EBITDA base has increased the most since 2021 this term, like Patrick. As Patrick said, we have approved 2024 coaches for a £ 250m song. In fact, they go on a strategic plan according to their intentions. KSP is introduced safely and we continue to capture buyers in the second quarter. We are still very satisfied that Otto Casino is actually our first C in Sweden

Operator: [Operator instructions] The following questions are from Oscar Rock Vist of ABG Sundal Collier. Nils Anddin: Thank you, Patrick. In conclusion, I think we were able to start a good start in the first quarter of 2024. In fact, we call it the year of change, for example, in terms of the direction of business formation, there was a proposal to actually acquire a business from the same perspective. I will bring the main conclusions of the first quarter. Above all, of course, I am glad that the local regulatory market has actually achieved a record value in the share of total income from, for example, as unconditional numbers and total income from profits. This is thanks to the continuation of the 5 % increase in the local regulation market. Regarding the basic indicator EBITDA, I am very happy that the EBITDA base has increased the most since 2021 this term, like Patrick. As Patrick said, we have approved 2024 coaches for a £ 250m song. In fact, they go on a strategic plan according to their intentions. KSP is introduced safely and we continue to capture buyers in the second quarter. We are still very satisfied that Ottocazino is actually our first C in Sweden

Operator: [Operator instructions] The following questions are from Oscar Rock Vist of ABG Sundal Collier. Nils Anddin: Thank you, Patrick. In conclusion, I think we were able to start a good start in the first quarter of 2024. In fact, we call it the year of change, for example, in terms of the direction of business formation, there was a proposal to actually acquire a business from the same perspective. I will bring the main conclusions of the first quarter. Above all, of course, I am glad that the local regulatory market has actually achieved a record value in the share of total income as unconditional numbers, for example, as unconditional numbers. This is thanks to the continuation of the 5 % increase in the local regulation market. Regarding the basic indicator EBITDA, I am very happy that the EBITDA base has increased the most since 2021 this term, like Patrick. As Patrick said, we have approved 2024 coaches for a £ 250m song. In fact, they go on a strategic plan according to their intentions. KSP is introduced safely and we continue to capture buyers in the second quarter. We are still very satisfied that Otto Casino is actually our first C in Sweden

Operator: [Operator instructions] The following questions are from Oscar Rock Vist of ABG Sundal Collier.

Oskar Ronqvist: Finally, the first question concerns the Netherlands. Finally, first of all, if you have any comments on the expected deposit limits. And you approved the £250 million personal monitoring, which I think was related to the third quarter, or the third quarter report, but in fact, that ... But not only that, but more fundamentally, from our perspective, I think we also need details on how these measures will be sold. For example, in our view, it is too early to talk about the impact. Ultimately, it depends on the details of the legislation, and of course on the timing of these measures being implemented. So, in our view, it is too early to submit any comments for now.

Oskar Ronnqvist is clear. That is... I am trying to make it clear that this is not actually included in the monitoring of the 250 million pounds. For example, this is a potential... for example, that the effect could be negative in this sense. Also, if it had not been sold, I would be neutral in terms of your opinion. For example?

Patrick Courtman: Right. It all depends on when and in what cases.... And this is not something that can be addressed on a database. We don't know what will happen in the future. But every time we edit a butzet or an appointment, we are, of course, also mindful of unknown moments in the commercial.

Oscar Lonk Vist: I understand. Next question: I don't know if FDJ commented, but about the Netherlands. I think that the parliament proposal has voted with the proposal 10 and the motion 14, one of which is a proposal that banned hig h-risk gambling in the Netherlands, that is, this is my word, but this is. I don't know if it could affect gaming machines and certain live casino games. Do you have any comments on this expectation and the impact on this application?

Niels Anden I can say that we are watching this. First of all, this is a proposal. So, ultimately all depends on the government. -What do they want to do? In the Netherlands, there are always various proposals, and I think there are nearly 5, 000 per year. In our position, the government needs to watch what to do with this proposal. First of all, we are relieved to be relieved by the fact that the ministry has objected to this proposal and has voted against this proposal due to the fact that three of the four parties, which would form a new administration in the Netherlands. I think you can. If you take a step back, the main purpose of gambling reforms in the Netherlands is, not to mention expanding channels and increasing tax revenues, but also protecting the market players at a sufficient level. Ta. I think this proposal is directly against the core purpose of these gambling reforms. However, it is necessary to watch the government's views on this matter, but at this stage it is too early to comment.

Oscar Lonk Vist: Great. There is another thing I want to ask about the Netherlands. I think you have shown a slide on the contribution margin of each country on the capital market, but I think the Netherlands was not inside. I don't think the Netherlands was included, but the tax rate is about 30 %, and the ratio of marketing costs for sales is low. Please tell me a little more about the Netherlands royalty margin. Oscar Rock Vist: I understand. Next question: I don't know if FDJ commented, but about the Netherlands. I think that the parliament proposal has voted with the proposal 10 and the motion 14, one of which is a proposal that banned hig h-risk gambling in the Netherlands, that is, this is my word, but this is. I don't know if it could affect gaming machines and certain live casino games. Do you have any comments on this expectation and the impact on this application?

Oscar Lonk Vist: Great. There is another thing I want to ask about the Netherlands. I think you have shown a slide on the contribution margin of each country on the capital market, but I think the Netherlands was not inside. I don't think the Netherlands was included, but the tax rate is about 30 %, and the ratio of marketing costs for sales is low. Please tell me a little more about the Netherlands royalty margin. Oscar Lonk Vist: I understand. Next question: I don't know if FDJ commented, but about the Netherlands. I think that the parliament proposal has voted with the proposal 10 and the motion 14, one of which is a proposal that banned hig h-risk gambling in the Netherlands, that is, this is my word, but this is. I don't know if it could affect gaming machines and certain live casino games. Do you have any comments on this expectation and the impact on this application?

Nils Andin: Yes. Although this number has not been announced, the Dutch deposit margin is higher than the group. This means that it has a significant impact on advertising expenses in the Netherlands.

Operator: Martin Arnella's next question is from DN B-Market.

Martin Arnel: Finally, the first question is about the dynamics of operating costs. We participate in soccer Euro and how do you wait in the next few months ... Do you want to save a heavy focus bonus for the operating cost you have now?

Patrick Courtman: Yes. In short, this is absolutely associated with soccer or euro. This is a wide range of initiatives. Of course, we invest in major markets and its appearance. Opening costs in the current quarter were 60 million pounds, and it was significantly increasing than last year, which was within 67 million pounds. Last year, I think it is true to remember that the time cost of £ 3 million in the first quarter was incurred, and that the degree of operating costs in the first quarter was worsened. In fact, for example, this decrease looks a little more dramatic than it actually. In the future, as we have read on the phone conversation, we are still waiting, and in fact, the revenue will be less than £ 245 million. However, if you look at the highest quarterly, there is a specific cost that takes into account problems when you notice it more quickly due to its own nature. And in the top quarter, we may own a certain amount of increased operating costs in relation to data than in the first quarter.

Martin Arnel: Like. Can you say something? In fact, what you are waiting for in the top quarter projects is a wonderful behavior on the premise of a normal sports margin.

Nils Anddin: This is an important share when you go from a regular sports margin? I think a fairly rich summer is waiting in the summer, and it will definitely contribute to the top fou r-quarter. For example, in the second quarter, you should not forget that sports calendars will last a long time. However, we will continue to watch the rise of business, but we do not mention the clear numbers this year, but from the viewpoint of sports calendars, this year will be more difficult than the past. That's a fact.

Martin Arnel: Great. And the last question is a rudimentary to keep the Holand offer to prohibit the most risky product that could be an integrated frame. I take into account the fact that this proposal could borrow the whole century. But maybe there are some opportunities to share some colors about discussions with FDJ? And remember what it was.

Nils Andin: Yes, that's right. In fact, I think the same was written, but basically there are two questions. The first is not leaked? Eventually, the government will be regulated, so what will you actually make with this proposal? Second, we know that most of the governmen t-related parties have actually voted. As a result, it is quite difficult to recognize this possibility. In their possibility, I don't intend to invest in their lips, but it's clear that Kindred as a company has a lon g-term possibility. If so, there is some effect on shor t-term and mediu m-term opportunities, but our position in the Netherlands is very strong, so our lon g-term in the Netherlands, regardless of this. I don't doubt the prospects.

Operator: The following questions from German Bank Simon Davis:

Simon Davis: Let me ask you about three simple questions. First, England has achieved the highest result. Undoubtedly, we are waiting for the "White Book" to be implemented in some borders this year. Do you think that it is a project that tests the boundaries of accessibility and municipalities, even if you have completely sold these measures that are expected to be found there? Or is there still more painful pain? Second, in the Netherlands, there is no opportunity to provide us the approximate expansion between sports and casinos and the rates that are tracked in those categories. And ultimately, do you have the opportunity to tell you about the ste p-up costs for launching related sports platforms for 2024?

Patrick Courtman: Answer the first last question and then answer another question. Martin Alner: Great. And the last question is a rudimentary to keep the Holand offer to prohibit the most risky product that could be an integrated frame. I take into account the fact that this proposal could borrow the whole century. But maybe there are some opportunities to share some colors about discussions with FDJ? And remember what it was.

Operator: The following questions from German Bank Simon Davis:

Elim Poon - Journalist, Creative Writer

Last modified: 27.08.2024

Solid growth in locally regulated markets contributed to a new all-time high of 84 per cent of Gross winning. This morning we published our Interim Report for the first quarter of the year. CEO Nils Andén and interim CFO Patrick Kortman presented a. Kindred Group PLC has reported group revenues of £ million (€ million/$ million) for the first quarter ending on March 31st.

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