Results for six month period ended June 30th, 2017
“INTRALOT announces y-o-y Revenue (+15.1%) and EBITDA (+3.6%) growth for 1H17”
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the six month period ending June 30th , 2017, prepared in accordance with IFRS.
- Revenue and EBITDA growth of +17.9% and +8.1% year-on- year respectively on a constant currency basis.
- Group Revenues increased by 15.1% in the first half of 2017, compared to 1H16.
- EBITDA in the six month period grew by 3.6% year on year.
- EBITDA margin contracted by 1.4pps (at 12.6%).
- EBT margin developed at 3.6% (+0.4pps vs. 1H16).
- NIATMI (Net Income After Minority Interest) from continuing operations improved by 9.9% vs. last year, totaling €-13.7m from €-15.2m.
- Operating Cash-flow generation in line with prior year at €77.2m.
- Net Debt stood at €516.8m, up €21.9m compared to December 31st 2016 as a result of the decision to invest in software (AMELCO) and Eurobet acquisition.
- In 2Q17 Intralot managed to further strengthen its position in the US lottery business through the extension of important contracts such as Ohio, Vermont, and Arkansas. The average contract maturity in US stands at 7.4 years (including extension options), thus securing at least €35.0m of annual EBITDA (2016 figures) until 2025. Intralot expects to convert new contracts in the next months.
- In the coming months we are expecting to reap the fruits of last year’s disposals, as part of our “asset-light” strategy and focus on strong local partnerships strategy, evidenced through Gamenet’s filling for an IPO.
|Consolidated Financial Statements for the 6 Months |
Ended June 30th , 2017
|(in € million)||1H17||1H16||%||2Q17||2Q16||%||LTM|
|EBITDA Margin (%)||12.6%||14.0%||-1.4pps||12.5%||13.4%||-0.9pps||12.6%|
|EBT Margin (%)||3.6%||3.2%||+0.4pps||2.3%||2.9%||-0.6pps||0.8%|
|NIATMI from continuing operations||-13.7||-15.2||-||-8.4||-5.7||-||-70.2|
|NIATMI from total operations||-25.8||19.4||-||-20.3||31.4||-||-44.3|
INTRALOT Group CEO Antonios Kerastaris noted:
“Results for the first half of 2017, announced today, make it clear that this year represents a turning point for INTRALOT’s financial performance. Continued double digit revenue growth and profitability improvements are directly linked to reforms implemented in the previous year and more specifically to our M&A and partnership strategy. Strong local partnerships offer portfolio diversification, local market knowledge, and an asset light structure in addition to economies of scale and new strong revenue streams. Significant progress and strong trust from our clients have registered in mature and very competitive markets such as the United States. Recent renewals of flagship contracts in Ohio, Arkansas and Vermont secure our operational profitability and income visibility for the next 10 years, developing the US market into our biggest EBITDA contributor. The company’s ability to renew in a competitive market such as the US, on top of its historical renewal track record, creates fresh confidence for the extension of all contracts maturing in the next year. A recent filing for eligibility to float our shares in the Italian Stock Exchange by our local joint venture, Gamenet, also creates the prospects to capture and monetize the value of a key company asset.”
You can find the full report here
About INTRALOT (www.intralot.com)
INTRALOT, a public listed company established in 1992, is a leading gaming solutions supplier and operator active in 55 regulated jurisdictions around the globe. With €1.32 billion turnover and a global workforce of approximately 5,300 employees (3,450 of which in subsidiaries and 1,850 in associates) in 2016, INTRALOT is an innovation – driven corporation focusing its product development on the customer experience. The company is uniquely positioned to offer to lottery and gaming organizations across geographies market-tested solutions and retail operational expertise. Through the use of a dynamic and omni-channel approach, INTRALOT offers an integrated portfolio of best-in- class gaming systems and product solutions & services addressing all gaming verticals (Lottery, Betting, Interactive, VLT). Players can enjoy a seamless and personalized experience through exciting games and premium content across multiple delivery channels, both retail and interactive. INTRALOT has been awarded with the prestigious WLA Responsible Gaming Framework Certification by the World Lottery Association (WLA) for its global lottery operations./p>
Mr. Chris Sfatos
Group Director Corporate Affairs,
Investors Relation Dept.
Telephone: +30-210 6156000
Fax: +30-210 6106800