1H15 FINANCIAL RESULTS - HALF YEAR REVENUES APPROACH €1 BILLION +8.4% EBITDA INCREASE IN 2Q15
INTRALOT S.A., the leading international gaming company, today announces its financial results for the six month period ending June 30th 2015, prepared in accordance with IFRS.
Consolidated Revenues for the 1H15 period grew by 5.9%, to €958.7m from €905.5m in the 1H14 period, representing an increase of €53.2m. Net of a positive FX impact of €40.8m, revenues reached €917.9m, posting an increase of 1.4% versus the 1H14.
EBITDA developed to €87.2m, being a decrease of €2.3m (-2.6%) compared to the first half of 2014. Net of a positive FX impact of €5.2m, EBITDA reached €81.9m in the 1H15, a decrease of 8.4% year-on-year. On a continuing business basis EBITDA in 1H15 was shaped at €80.1m, +9.4% compared to the 1H14. In the second quarter of 2015 EBITDA developed to €41m, an increase of 8.4% compared to the same period last year. While on a continuing business basis EBITDA in the 2Q15 was shaped at €38.7m, posting an increase of +26.7% compared to the 2Q14.
EBT in the first half of 2015 decreased by 12.7% to €17.6m. Net of a positive FX impact of €9.2m, EBT reached €8.4m from €16.3m, posting a decrease of 48.2% year-on-year. Net profit after minorities for the period was shaped at €-31m.
Operating Cash-flow in the 1H15 decreased to €8m from €31m in 1H14, impacted by a negative working capital of €30.7m. Capex in 1H15 was €36.0m compared to €29.4m in 1H14. Net Debt as at 30 June 2015 developed at €416.1m, increased by €34.7m compared to 31 December 2014 (€381.4m). The Group continued to invest in R&D in order to remain at the forefront of technological developments, mainly focusing on further enhancing its products relating to mobile gaming, content, player engagement platforms, CRM systems, and the LOTOS10 system. The total amount spent for R&D in 1H15 was €9m versus €7.6m in 1H14.
Revenues for the Parent company for the period decreased by 17.8%, to €39.3m. EBITDA increased by 114.1% to €34.3m from €16.0m in 1H14. Earnings After Taxes (EAT) decreased to €-0.3m from €-3.3m in 1H14.
Commenting on the 1H15 Results, INTRALOT Group CEO, Mr. Antonios Kerastaris, noted: “In the second quarter of 2015 INTRALOT delivered a strong set of results as EBITDA grew by 8.4% compared to the same quarter of 2014, which also resulted in improved EBITDA margins, despite a tough comparison with 2Q 2014 due to the gradual fall-off of the Romanian contract and the effect of the World Cup Headwinds from a higher than usual payout continued in Q2 2015, albeit improved as compared to Q1 2015. A comparison of the business excluding these exceptional items shows a strong growth in Revenue across all our geographical segments. On a like for like basis our EBITDA grew by 9.4% in the first half of 2015 as the majority of our subsidiaries reported strong results coupled with new contracts namely in Wyoming, Ohio and Georgia, in-line with our broader expectations.
During the first half of the year we have renewed our contracts in the Netherlands, Morocco and Azerbaijan and continued the implementation of our strategic plan to streamline operations. Moreover, we proceeded to the acquisition of a strategic stake in Bit8, enriching further our products and services offering and enhancing customer experience.
We implement our strategy with strong operational and financial discipline and are seeing positive impact in key growth areas. We remain focused on maximizing shareholder value and customer satisfaction.”
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.