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INTRALOT Announce Full Year 2019 Financial Results

May 8, 2020 | Vendor News

ATHENS, Greece (May 4, 2020) INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the twelve-month period ended December 31, 2019, prepared in accordance with IFRS.

OVERVIEW

 

  • INTRALOT Announces Full Year 2019 Financial Results
  • ATHENS, Greece (May 4, 2020) — INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the twelve-month period ended December 31, 2019, prepared in accordance with IFRS.
  • Group Revenue at €720.6m in FY19 (-8.1% y-o-y).
  • EBITDA in FY19 at €87.8m (-25.4% y-o-y), while Adjusted EBITDA at €68.7m (-21.0% y -o-y).
  • Revenue and EBITDA contraction of -4.7% and -20.3% y-o-y respectively on a constant currency basis.
  • EBITDA margins on sales/ GGR at 12.2% (-2.8pps) and 21.5% (-5.6pps), respectively.
  • EBT at €-70.6m (EBT margin: -9.8%), impacted by increased D&A due to the increased CAPEX during the last two years for the launch of new projects mainly in the US
  • NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €111.9m.
  • Operating Cash Flow at €61.3m in FY19, lower by €27.3m y-o-y.
  • Group Cash at the end of FY19 at €171.1m; higher by €8.6m vs. FY18.
  • Net Debt at €594.1m, lower by €21.2m y-o-y.
  • In early February, INTRALOT’s new terminal PhotonX has won the “Lottery Product of the Year” award at International Gaming Awards 2020
  • On March 9th, 2020, the company announced its BoD decision that Mr. Sokratis Kokkalis, who remains Executive Chairman of the Board, stepped down as Group CEO and was succeeded by Mr. Christos Dimitriadis, effective 9 March 2020.
  • INTRALOT successfully delivered its Sports Betting solution to the DC Lottery in late March, with official Go-Live postponed until the US leagues and events resume following the Covid19 pandemic. INTRALOT’s Sports Betting solution in Montana has been launched in mid-March, just a few days before all US leagues and events were postponed due to the Covid-19 pandemic
  • By evaluating all available data in mid-April 2020, the Company’s best estimate on Covid-19 impact for 2020 is in the range of €25-30m at Group’s EBITDA level.
  • On April 23rd, 2020, INTRALOT announced that it has retained Evercore Partners and Allen & Overy, as financial and legal advisors respectively, to review and implement strategic alternatives for the business

INTRALOT Group Chairman Sokratis P. Kokkalis noted:

“2019 has been a transition year for INTRALOT. I have set the cornerstones of the transformation of the Group by implementing a restructuring of our project portfolio through divestments of non-core assets; renewing existing contracts and winning new business with a focus in North America; launching our new products; and optimizing our cost structure. With the appointment of Mr. Christos Dimitriadis as Group CEO in 2020, INTRALOT is enabled towards technology-driven evolution, leveraging his long experience and global expertise to achieve growth and value creation.”

 

INTRALOT Group CEO Christos K. Dimitriadis noted:

“In 2019 we have completed the sale of our shares in Gamenet Spa, in Italy, Totolotek in Poland and Hellenic Lotteries in Greece, strengthening the company’s liquidity and improving its capability for strategic investments. We are particularly satisfied with the successful launch of our brand-new product LOTOS X, at OPAP, as well as at the National Dutch Lottery (NLO) with the Eurojackpot game. We are also proud for the launch of our landmark gaming system and services project with CAMELOT in Illinois, as well as for capturing sports betting opportunities with US State Lotteries in the District of Columbia, Montana and New Hampshire.

The signing of a new Lottery contract with the British Columbia Lottery Corporation in Canada is a great achievement proving the execution of our growth strategy in North America. We have also successfully implemented a cost saving program at HQ resulting in €11m of savings that have partly offset adverse developments related to the loss of the Turkish land based sports betting contract, the negative impact of the regulatory changes in online betting in Turkey and one-time cost overruns.

Looking into the future and as we go through the 4th industrial revolution, we are prepared to capitalize on our recent investments in building state-of-the-art products and in achieving economies of scale.

The transformative power of our technology will play a key role in business innovation and value creation, together with an even more customer-centric new organizational structure.”

To Read/download the full report click HERE (pdf).

SOURCE: INTRALOT.

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