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INTRALOT Announces +34.4% Revenue Growth and +106.5% EBITDA Increase in 1H2021 Results

September 18, 2021 | Financial

ATHENS, Greece (September 10, 2021) — INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the six-month period ended June 30th, 2021, prepared in accordance with IFRS.

  • Group Revenue at €202.6m in 1H21 (+34.4% y-o-y).
  • EBITDA in 1H21 at €54.3m (+106.5% y-o-y), while Adjusted EBITDA at €46.8m (+99.1% y-o-y).
  • Q-o-Q growth of EBITDA at +18.1%, while LTM EBITDA rose to €93.8m, up by 42.5% vs. FY20, on a continuing basis.
  • NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-17.6m, improved by 57.8% compared to a year ago.
  • Our operations under US entity INTRALOT Inc., achieved very strong growth y-o-y (Revenue +28.6%, EBITDA +69.8%) in the first half of 2021.
  • Greek entities OPEX better by 20.3% y-o-y, without taking into consideration the capital structure optimization expenses.
  • Operating Cash Flow at €51.3m in 1H21 (+183.4% y-o-y).
  • Group Net CAPEX in 1H21 was €9.5m, lower by 37.5% compared to a year ago.
  • Group Cash at the end of 1H21 at €83.2m.
  • Net Debt at €646.1m at the end of 1H21.
  • The COVID-19 pandemic impact for 1H21 has been contained in the vicinity of c. €1.5m at Group’s EBITDA level.
  • On August 3rd, 2021, INTRALOT announced the completion of the two consensual exchange offers resulting in extension of its 2021 Notes maturities by at least three years and achieving a total deleverage of €163m.
  • On August 24th, 2021, Fitch upgraded INTRALOT’s IDR to CCC+ and on September 9, 2021, Moody’s upgraded INTRALOT’s CFR to Caa1, as a result of its new capital structure.

Group Headline Figures

¹ OPEX line presented excludes the capital structure optimization expenses.

² The Group defines “EBITDA” as “Operating Profit/(Loss) before tax” adjusted for the figures “Profit/(loss) from equity method consolidations”, “Profit/(loss) to net monetary position”, “Exchange Differences”, “Interest and related income”, “Interest and similar expenses”, “Income/(expenses) from participations and investments”, “Write-off and impairment loss of assets”, “Gain/(loss) from assets disposal”, “Reorganization costs” and “Assets’ depreciation and amortization”.

³ Calculated as Proportionate EBITDA of fully consolidated entities, including EBITDA from our equity investment in Taiwan.

INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:

“INTRALOT’s strong performance continued into the second quarter of 2021, resulting in 106.5% growth of EBITDA in the first six months of 2021 and 34.4% growth in revenue. These financial results, in combination with the completion of INTRALOT’s debt restructuring in the beginning of August, set the Company in a stable course to fulfill its potential in its key markets, build new partnerships, and tap on new opportunities under its new, significantly deleveraged capital structure, with a leaner operating model.”

OVERVIEW OF RESULTS

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