INTRALOT S.A. ANNOUNCES ITS FINANCIAL RESULTS FOR THE FIRST NINE MONTHS OF 2004
Athens, Greece – November 22, 2004. INTRALOT S.A. (RIC: INLr.AT, Bloomberg: INLOT GA), today announces its financial results for the nine-month period ending September 30th, 2004, prepared in accordance with Greek GAAP.
|Consolidated Financial Statements For The 9 Months Ended September 30th, 2004|
|(in € million)||9M04||9M03||% Change|
|Gross Margin (%)||48.3%||37.8%||+10.6pps|
|EBITDA Margin (%)||41.1%||34.5%||+6.6pps|
|EBT Margin (%)||36.3%||30.6%||+5.7pps|
Consolidated Revenues for the period reached €229.5m, posting a 9.7% decrease compared to 9M03, due to the non incorporation of the sales of Instant Lottery. The Company’s Board of Directors has approved the distribution of a €0.40 interim dividend per share, compared to last year’s interim dividend per share of €0.35. This is a 14.3% increase in-line with INTRALOT’s dividend payout policy.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) increased by 7.5% to €94.3m, compared to the same period last year.
EBITDA margin reached 41.1% (last year 34.5%) reflecting a more favourable sales mix coupled with international operations’ contribution and increased operational efficiency.
Profits Before Taxes (EBT) recorded an increase of 7.1% y-o-y by reaching €83.2m compared to €77.7m in 9M03.
The cash balance reached €115.2m in 9M04, while total bank debt reached €26.3m in 9M04 shaping the net cash position at €88.8m.
According to International Accounting Standards, revenues for the period ended September 30, 2004 stood at €230.2m, while profits before taxes (EBT)for the period reached €85.2m.
Commenting on 9M04 results INTRALOT’s CEO, Mr. Constantinos Antonopoulos, noted:
“We are very pleased by the Group’s financials for the 9-month 2004 period. The company has managed to increase its profits (+7.1% in 9M04) and interim dividend (+14.3% compared to last year) at a time it has beared start-up costs and investment outlays in order to render foreign projects fully operational.
Moreover, the company has recently launched fixed-odds sports betting in Romania, Chile and Malta. Regarding Malta, betting was introduced in a very short time given that we took over the lottery operation in the country in July 2004. This proves INTRALOT’s ability to set-up and market new games successfully in short time periods.
INTRALOT will continue to pursue business opportunities related to the operation and/or management of lotteries around the world, a factor that is expected to strengthen further the company’s global position.”
INTRALOT is a leading supplier of integrated gaming and transaction processing systems, innovative game designs and value added services to state-licensed gaming organizations and financial services providers worldwide. With 29 subsidiaries and 1,500 people in 26 countries and revenues of € 320 million, the company dominates in Europe, has secured a strong position in South America and has established a foothold in North America, while expanding its presence in S.E. Asia and Australia. Following a highly successful period of rapid growth, INTRALOT currently ranks 3rd on revenues and 2nd on profits among lottery suppliers worldwide