INTRALOT ANNOUNCES 2012 FULL YEAR RESULTS: 15% REVENUES & EBITDA GROWTH
INTRALOT, the leading international gaming company, announces today its financial results for the twelve-month period ending December 31st, 2012, prepared in accordance with IFRS.
INTRALOT Group’s Consolidated Revenues for FY2012 increased by 14.3% reaching €1.374 billion, compared to FY2011. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) posted an increase of 15.4% reaching €177.5m. EBT increased by 2.4% reaching €58.4m. EAT-am (Earnings After Taxes and after minorities) were shaped at €6.1m from €17.7m in 2011. Adjusted EAT- am reached €16.5m from €23.6m in 2011. Cash Flow from Operations increased by 39% in the FY2012 period reaching €114m.
In 4Q2012, Consolidated Revenues increased by 7.9% reaching €373.1m compared to 4Q2011. EBITDA grew by 45.3% shaped at €60.5m. EBT increased by 7.5% reaching €25.9m.
Revenues for the parent company during FY2012 increased by 6.0%, to €139.6m. EBITDA increased by 13.0% to €21.9m and Earnings After Taxes (EAT) increased by 85.5%, to €3.0m.
Commenting on FY2012 results, INTRALOT Group CEO, Mr. Constantinos Antonopoulos, noted: “In Fiscal Year 2012 INTRALOT managed to deliver a strong set of financial results across the board, with revenues and EBITDA growing by 15% compared to 2011, following a robust growth of EBITDA by 45% in the fourth quarter of 2012. Moreover, cash flow from operations increased by an impressive 39% to €114m in 2012.
In 2012, we had some significant business developments: Starting with our operations in Europe, we managed to win again a 10-year concession, this time, for the operation of the national lottery of Malta, retaining our presence in one of our most important markets. Moreover, in cooperation with SGI we will enter the German sports betting market, one of the largest globally. In Greece, where significant reforms in the gaming market are taking place, the consortium in which INTRALOT is participating, was selected as the winning bidder for the acquisition of the exclusive 12-year concession to operate Hellenic Lotteries. INTRALOT is also participating in the process of the sale of a 33% stake in OPAP from the HRADF and will also participate in the privatization of the Hellenic Horse Racing Company license. Also, in the important gaming market of Italy we have recently obtained a 10-year concession to operate AWP and VLT machines. Recently the finalization of the agreement following an international tender regarding the provision of the IT infrastructure and related services for OPAP’s central IT system was announced, which is pending approval by the latter’s shareholders. Continuing on to the Americas, in the US, the Company started the operation of the important VLT monitoring system in Ohio and obtained a 3-year extension of its contract in Idaho, until 2017. Moving on to the Caribbean and Latam region, our company in Jamaica accomplished a 77% growth in profits in 2012 and we managed to enter the interesting gaming market of Mexico. Our subsidiaries in Peru and Brazil continued growing their business and in Argentina we managed to extend 2 State lottery contracts. In the Australasian region, starting with Taiwan, the consortia which were supported by INTRALOT have won both the processes for the Lottery and the sports betting contracts. Moreover, we started operating the very significant VLT monitoring project in Victoria, Australia. Last, but not least, we proceeded to the close down of our betting operations in Madrid, following our strategy to eliminate under-performing projects.
Concerning our financial capacity, in the middle of 2012, amid a very difficult economic environment, we managed to extend our Syndicated Loan for two additional years until December 2014 with competitive financial terms, thanks to financial soundness and international diversification. Currently we are working towards the refinancing of our convertible bond loan, which expires in December, 2013.
INTRALOT, having established a leading position in the gaming sector worldwide and with a highly diversified portfolio of projects has proven to have a flexible and resilient business model. We will continue to work hard in the next years to develop further the Company based on this proven business model, as numerous opportunities but also challenges are expected to arise in the global gaming market.”
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 56 jurisdictions, with more than 5.500 people and revenues of €1.4 billion for 2012, INTRALOT has established its presence on all 5 continents.