INTRALOT ANNOUNCES ITS 1ST QUARTER 2011 RESULTS
Sales and EBITDA Growth
Positive Cash Flow
INTRALOT S.A., the leading international gaming company, announces today its financial results for the three-month period ending March 31st 2011, prepared in accordance with IFRS.
Consolidated Revenues for the period increased by 32% compared to 1Q10, reaching €300.9m. Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased by 14.6% to €39.0m, compared to €34.0m in 1Q10. Earnings Before Taxes (EBT), were €16.2m, 41.6% lower than 1Q10, while Earnings After Taxes and after minorities (EAT-am) decreased by 53.7% to €7.0m impacted by 5.8m of FX losses. EAT (after minorities, prior FX gains/losses) reached €12.8m from €6.7m. in 1Q10, posting a 90.2% increase. The quarter was cash-flow positive as net debt dropped by €2.7m, despite the front-loaded quarter in terms of CAPEX.
Revenues for the parent company were shaped at €26.5m posting an increase of 1.5% compared to 1Q10. EBITDA decreased by 66.2% to €2.4m and Earnings After Taxes (EAT) were €0.1m in 1Q10.
Commenting on 1Q11 results INTRALOT Group CEO, Mr. Constantinos Antonopoulos, stated: “We are satisfied that we managed to grow our sales and EBITDA during the 1Q of 2011. Moreover, in our FY 2010 results announcement we stressed that from 2011 and onwards we would focus on the improvement of the company’s cash-flow. I am very pleased to say that we have accomplished this already in our 1Q 2011 results, as net debt decreased marginally despite a front loaded quarter in terms of CAPEX. We believe that in the next three quarters of 2011 the improvement will be even greater.
These results are attributed, among other factors, to the steps that we took last year, in order to improve our operations and better exploit our assets.
In the short- and mid-term we will focus on innovation, the exploitation of our existing projects, the liberalization of selected markets, the privatization of lotteries, and the continued improvement of our cash flow generation, so as to increase our shareholders’ value.”
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 & 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 5.400 people and revenues of €1.1 billion for 2010, INTRALOT has established its presence on all 5 continents.
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