INTRALOT ANNOUNCES 2009 FULL YEAR RESULTS: NET PROFIT RISES BY 16,5% in 4Q 2009
INTRALOT, the leading international gaming company, announces today its financial results for the twelve-month period ending December 31st, 2009, prepared in accordance with IFRS.
More precisely, consolidated results of FY09 are as follows:
INTRALOT Group’sConsolidated Revenuesfor the period were €903.6m, posting a 16.1% decrease, compared to 2008. Adjusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was shaped at €167.9m. Reported EBITDA reached €154.4m. Adjusted EAT-am (Earnings After Taxes and after minorities) was shaped at €73.9m,while reported EAT-amat €49.8m.
In the 4Q09, INTRALOT Group’sConsolidated Revenueswere €223m.EBITDA was shaped at €36.9m,while EAT-am were €16.1m posting an increase of16.5% compared to the 4Q08.
Revenues for the parent companywere €151.6m in 2009,EBITDA was shaped at€25.5m and Earnings After Taxes (EAT) reached €1.8m.
Commenting on FY09 results INTRALOT’s CEO, Constantinos Antonopoulos, noted: “INTRALOT exhibited an extremely resilient cash flow in 2009 given that the Group spent €176m in capex in numerous projects around the world, paid out dividends of €62.5m to INTRALOT and minority shareholders, bringing the total cash outflows to €238.5m. On the other hand, the Group’s net debt increased by only €65.4m in the year, reaching €253.5m, a very healthy 1.5 times our EBITDA. More specifically, in the last quarter of 2009 the Group’s net debt decreased by €10.4m for the first time in the past 3 years, when the Company started to undertake an increasing number of significant projects around the globe. This decrease took place although capex in the quarter reached €37.8m and dividends paid €5.2m, a total of €43m cash outflows, thus showing a significant improvement in cash flow.
Despite the top-line slowdown, which is mainly attributed to the global economic crisis, the Company managed to contain its SG&A costs by approximately €10m in 2009 compared to the previous year giving a boost to its margins. The net profit margin was shaped at 7.2% in 4Q09 compared to 5.1% in 4Q08. The improvement in margins is evident by the fact that revenues dropped by 18.3% in 4Q09 compared to 4Q08, while adjusted net profits grew by 16.5% for the corresponding periods.
Regarding recent developments, the Company has proceeded to two important acquisitions: Cyber Arts, a Silicon Valley-based interactive gaming developer and SVL, the Jamaican gaming operator. Both acquisitions are of strategic importance to the Group, Cyber Arts because it is an important vehicle to penetrate the lucrative interactive gaming space and SVL because it is a dominant player in Jamaica and the Caribbean region.
Moreover, INTRALOT has signed important contracts in Azerbaijan, in the state of Minas Gerais in Brazil, in Italy with lottery operator Sisal and recently in Marocco.
INTRALOT is also closely monitoring opportunities, such as the outsourcing of the operation of the Illinois Lottery, other opportunities in the US related to online poker opportunities and the upcoming liberalization of the online gaming market in France, among others.
The Board of Directors will propose to the Annual Shareholders’ Meeting on May 20th, 2010, a dividend of 15 eurocents per share, which is a significant dividend yield of 4.3% based on yesterday’s closing share price.
It is our belief that the Group’s strong financial position, especially compared to our peers, our proven track record and successes internationally, and the increasing back-log of projects in the Company’s portfolio put us in the driver’s seat with regards to future opportunities in the gaming sector.”
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. It’s 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 morethan 50 countries, with approximately 5.500 people and revenues of €903.6 million for 2009, INTRALOT has established its presence on all 5 continents.