INTRALOT: 1H09 FINANCIAL RESULTS STRENGTHENING ITS PRESENCE IN DEVELOPED MARKETS
INTRALOT S.A., the leading international gaming company, today announces its financial results for the six month period ending June 30th 2009, prepared in accordance with IFRS.
Consolidated Revenues for the period reached €488.0m compared to €547.5m in the same period last year. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) reached €91.1m (€126.7m in 1H08). Earnings Before Taxes (EBT) were €74.6m compared to €112.4m in the first six month period of 2008, while Earnings After Taxes and after minorities (EAT-am) reached €42.0m from €60.3m in 1H08.
Revenues for the parent company were €51.4m in 1H09. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the period stood at €9.5m, and Earnings After Taxes (EAT) were €10.6m.
Commenting on 1H09 results INTRALOT’s CEO, Mr. Constantinos Antonopoulos, noted: “As a management team, we are pleased with INTRALOT’s results in the first six months of the year since the Company is on track with our expectations for the full year 2009 profitability. This has been accomplished amidst a global economic recession coupled with adverse FX movements in some of our international operations and increased start-up expenses. It is important to note that 2Q09 is the first full quarter that the new Turkish betting contract is operational, rendering the comparison with 1H08 more difficult, but however, providing a much more stable earnings base for the next years.
In July, the Ohio Lottery, a very large scale project in the US, commenced operations very successfully on an INTRALOT system. A second important project, in Europe this time that will begin operations within the next month is in Holland. Finally, an operation that commenced recently, marking INTRALOT’s entrance in a new era, is Internet poker in Italy. We are very excited about the idea of offering games through the Internet in countries where online gaming is permissible by local legislation and this was the reason for establishing a separate entity, INTRALOT Interactive, to take advantage of such opportunities. INTRALOT Interactive (I2) is working hard in seeking opportunities in this business in several countries.
Concerning new developments during the 1H09, INTRALOT has increased its market share in the North American market through the award of two new contracts, in the states of Vermont and Arkansas, reaching 11 contracts in the country, 5 of which have been awarded in 2009. Therefore, there is a backlog of 6 contracts in the US that will commence operations within the next quarters. This is a very significant achievement for the Company, indicating its leading-edge technology and competitiveness in a very big market.
Moreover, we have recently implemented an internal program to streamline our organization and consolidate our operations on a global basis, the positive effects of which should begin to appear in the first quarters of 2010.
Finally, INTRALOT continues to monitor closely upcoming privatization projects, new opportunities arising in the Internet gaming market and seeks strategic acquisition opportunities.”
INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content and sports betting management, to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting & Video Lottery operations and its leading-edge technology, give INTRALOT a competitive advantage which contributes directly to customers’ efficiency, profitability and growth. With presence in more than 50 countries, with 5,000 people and revenues of €1.1 billion for 2008, INTRALOT has established its presence on all 5 continents.
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