INTRALOT: 1H12 FINANCIAL RESULTS, 17.2% REVENUE GROWTH & 12.2% EBITDA INCREASE
INTRALOT S.A., the leading international gaming company, today announces its financial results for the six month period ending June 30th 2012, prepared in accordance with IFRS.
Consolidated Revenues posted an increase of 17.2% reaching €687.3m in 1H12 compared to €586.4m in 1H11. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in 1H12 increased by 12.2% to €81.4m, compared to €72.6m in the same period in 2011. EAT (after minorities) in 1H12 were decreased by 26.8% reaching €5.5m. Compared to 1Q 2012, Net Debt reached €388m, posting an increase by €26.1m in 1H 2012 due to a capex of 39.4m in Q2 2012 mainly due to the payment for the renewal of the gaming license in Malta.
Revenues for the Parent Company in 1H12 increased by 17.1%, to €74.2m. EBITDA increased by 59.7% to €20.5m from €12.8 in 1H11. Earnings After Taxes (EAT) were €18.7m from €3.7m in 1H11.
Commenting on the results INTRALOT Group CEO, Mr. Constantinos Antonopoulos, noted: “INTRALOT had some very interesting developments during the second quarter of 2012: From an operational view, the most important developments were the renewal of our Lottery license in Malta for another 10 years, a fact that guarantees our uninterrupted operation of the country’s National Lottery and our entry into the German sports betting market through the cooperation with Scientific Games for the support of Oddset, the State operator of such games in the country. Germany has recently liberalized its betting market and we shall be present in this major European sports betting market.
Additional developments include Mexico, where INTRALOT in cooperation with Sorteo will roll-out over a five-year period gaming products for Lotería Nacional, the National Lottery of the country. This new business will enhance our already strong presence in Latin America. Moreover, INTRALOT recently won a tender to become the Croatian State Lottery’s strategic partner for its new iCasino Project, expanding our presence in the interactive gaming space. Finally, two new important projects have started recently: the VLT monitoring systems in two major jurisdictions, namely in Ohio, US and Victoria, Australia. Both projects will be fully deployed over the next months.
Regarding our first half results, the Group continued to grow both on a Revenue and Ebitda basis, while cash-flow was burdened by concentration of capex for a number of projects that we are currently implementing, including the Malta license fee payment in Q2 and the VLT monitoring system in Australia, which will have high returns in the mid-term.
Recently the Company’s Revolving Credit Facility was extended for two additional years, until December 2014, at very competitive financing terms. The financing was provided by a consortium of banks that include world leading international and local banking institutions.
At INTRALOT, we are selectively looking forward to opportunities that are expected to arise in the near future both in Greece and other major international markets.”
INTRALOT, a public listed company, is the leading supplier of integrated gaming and transaction processing systems, innovative game content, sports betting management and interactive gaming services to state-licensed gaming organizations worldwide. Its broad portfolio of products & services, its know-how of Lottery, Betting, Racing & 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 53 countries, with approximately 5.500 people and revenues of €1.2 billion for 2011, INTRALOT has established its presence on all 5 continents.