INTRALOT ANNOUNCES 2014 FULL YEAR RESULTS: REVENUES EXCEED €1.85 BILLION, 17.3% CASH FLOW INCREASE
INTRALOT, the leading international gaming company, today announces its financial results for the twelve-month period ending December 31st, 2014, prepared in accordance with IFRS.
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. Net of a negative FX impact of €82.0m, revenues reached €1,935.2m, posting an increase of 25.7% y-o-y in FY 2014.
EBITDA decreased by 10.0%, to €175.4m and adjusted for write-offs and provisions of €10.1m it reached €185.6m, a decrease of 10.1%.Net of a negative FX impact of €13.0m, EBITDA reached €188.4m in FY 2014, a decrease of 3.3% y-o-y in FY 2014. EBT decreased by 31.8%, to €36.5m. Adjusted for write-offs and provisions of €11.7m, EBT decreased by 28.4% to €48.2m. Net of a negative FX impact of €12.5m, EBT reached €49.0m, posting a decrease of 8.4% y-o-y in FY 2014. Net profit after minorities for the period was shaped at a negative €49.5m. Adjusted for write-offs and provisions of €9.9m NIATM was €-39.6m.
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). Net Debt in the FY 2014 period was shaped at €381.4m, decreased by 19.9m compared to the 9M 2014 period (€401.3m).
Revenues for the parent company during FY2014 decreased by 43.2%, to €85.7m. EBITDA decreased by 13.3% to €20.1m from €23.1m in FY 2013. Earnings After Taxes (EAT) decreased to €-11.0m from €-0.1m in FY 2013.
Commenting on the FY 2014 Results INTRALOT Group CEO, Mr. Antonios Kerastaris, noted: “In 2014 INTRALOT delivered a set of results that focused on cash flow generation leading to the improvement of its net debt position by 20m, and at the same time growing its top line and maintaining almost unchanged its EBITDA on a constant currency basis.
It is worth noting two recent developments that augment our license and contracts portfolio: In Azerbaijan we obtained a 10-year exclusive license to offer horse racing games, in addition to our sports betting and greyhound game licenses, a move that will strengthen further our position in this lucrative gaming market. Moreover, our existing exclusive sports betting license was extended by an additional five years, up to 2025. Both developments are in-line with our strategy to pursue a B2C business operation model. Finally, we recently extended our facilities management and marketing services contracts for all games (including numerical, instants, sports betting and Internet) offered in Morocco, a gaming market that has significant upside potential, for two additional years, up to August 2017.
As the gaming industry undergoes significant regulatory and technological changes, large scale mergers and a shift of focus towards the final consumer through a B2C model of operation, INTRALOT during 2014 proceeded to a reorganization of its structure and strategy so as to better respond to the challenges of its sector. Under my direction, as the Group’s new CEO, the Company’s new strategy will focus on the expansion and strengthening of our product offering, the increasing importance of the end customer and the Customer Relations Management (CRM) and the streamlining of the current business. INTRALOT is ready to lead the way in the new environment that is being shaped.”
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.