Shareholders’ Annual General Meeting : PROPOSAL FOR THE CREATION OF A NATIONAL LOTTERY IN GREECE
In his address to the annual General Meeting of INTRALOT Shareholders held today at the company's Innovation Centre in Athens, Mr. Sokratis Kokkalis, Group Chairman, announced INTRALOT´s proposal to the Greek Government for the creation of a National Lottery, submitted to the Hellenic Minister of Finance, Mr. Yianis Varoufakis.
"According to our proposal, a National Lottery should be established upon the announcement of an international tender by the state. The tender should be organized and run by the new Hellenic Gaming Commission (HGC), that should be restructured and operate independently and not in favor of the current private monopoly” stated Mr. Kokkalis, adding that "the Lottery may be owned exclusively by the state, or co-owned by the state and insurance funds or it may even be built on a public-private partnership. The management of the Lottery ought to be awarded to an established and globally recognized company in the sector upon the submission of a business plan, for a specified time period and following the afore-mentioned international tender process."
"According to industry estimates internationally, the fee for the concession of such a license may range from €100 to €250 million for a period of 10-20 years, while the annual revenues for the state could amount to as much as €500-€600 million, including other additional side benefits. The creation of the National Lottery would follow the guiding principles of the European Union towards the liberalization of the gaming sector; it would significantly boost government revenues and it would create new jobs. The winning bidder could assume any costs of eventual litigation from legal claims against the establishment of the National Lottery potentially made by the private monopoly" added Mr. Kokkalis.
Referring to the current Greek financial situation, Mr. Kokkalis underscored "the only way to increase the domestic product growth is to release productive capacity on a vision of economic growth. INTRALOT is globally the ideal example of such a model of growth."
Presenting the new growth strategy of INTRALOT, Group CEO Mr. Antonios Kerastaris stressed the following: “Placing the player at the center of our operation, the new strategy focuses on further enriching and strengthening our products and services portfolio. We are streamlining operations focusing on B2C projects; we are strengthening our subsidiaries’ management, while expanding our offer in existing jurisdictions and seeking opportunities for selective growth and greenfield development”. Mr. Kerastaris added“technology is a platform for INTRALOT to accomplish its corporate goals.”
“Ever committed to the values that have led INTRALOT to become one of the leading companies in the gaming industry, the new strategy of INTRALOT will further enhance the successful course of the company to the benefit of our customers, employees and shareholders", concluded Mr. Kerastaris.
INTRALOT Group’s Consolidated Revenues for FY2014 grew by 20.4%, to €1,853.2m from €1,539.4m in the FY 2013 period, an increase of €313.7m. EBITDA reached €175.4m. Cash Flow from Operations reached €95.4m in the FY 2014 period, increased by 17.3% compared to the same period of 2013 (€81.3m).
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 57 jurisdictions, about 5.400 people and revenues of €1,85 billion for 2014, INTRALOT has established its presence on all 5 continents.