INTRALOT Group Chairman & CEO Sokratis P. Kokkalis noted: “The reported revenue and earnings contraction during 2018 points to the need for a wide re-organization of our production and operational capabilities towards significant cost reductions and operational efficiencies. This is why we recently conducted a management reshuffle in order to design and implement a new cost-reduction plan through better synergies between divisions and between headquarters and subsidiaries. I am personally committed and focused on our mission to best address the needs of our clients and to improve the cash flow generation of our business through a combination of new business and organic growth opportunities, coupled with cost optimization, while continuing disinvestments from non-core assets when market conditions are favorable.”
“INTRALOT announces y-o-y Revenue (-6.4%) and EBITDA (-22.8%) contraction following primarily FX turmoil in key markets and business transition impact”
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the twelve-month period ended December 31 st , 2018, prepared in accordance with IFRS.
OVERVIEW PRESS RELEASE
Revenue growth of +5.7% and EBITDA contraction of -3.6% year over year respectively on a constant currency basis.
Group Revenues lower by 6.4% in FY18, compared to FY17.
EBITDA in the twelve-month period declined by 22.8% year over year.
EBITDA margins on sales/ GGR lower by 2.8pps (at 13.4%) and 4.2pps (at 25.5%), respectively.
EBT at €-2.1m improved by 79.6% vs. FY17. EBT margin developed to -0.2% (+0.9pps vs. FY17).
NIATMI (Net Income After Tax and Minority Interest) from continuing operations improved by €5.3m vs. last year, developing to €-58.5m.
Operating Cash Flow in FY18 below last year by €65.4m.
Net Debt stood at €615.3m, up €104.6m compared to December 31st 2017.
In 2018, we executed extensions with Wyoming, New Hampshire, and New Mexico State Lotteries (including a Sports Lottery product) while we secured new contracts with Camelot for Illinois State Lottery, the “LOTTO Hamburg GmbH” German State Lottery, the Croatian State Lottery, and the NEDERLANDSE LOTERIJ–the Dutch Lottery operator.
Inteltek’s sports betting contract in Turkey has been extended through August 2019 but will not be renewed further as the outcome of the RFP process was unfavorable for our subsidiary.
Within 2018 we announced the acquisition of an indirect shareholding towards Hellenic Casino Parnitha S.A., while in 2019 we announced the completion of our Azerbaijan operations sale, and the signing of a PSPA for the sale of our sports betting subsidiary “Totolotek SA” in Poland.
In early 2019, Messrs. Nikolaos E. Nikolakopoulos and Chrysostomos D. Sfatos were appointed as new Board members while undertaking at the same time the role of Deputy CEOs. In March 2019 INTRALOT announced that the Chairman of its Board, Mr. Sokratis Kokkalis, assumed also the duties of Chief Executive Officer. Additionally, Mr. Nicklas Zajdel was appointed as Group Chief Digital Officer, and Mrs. Maria Stergiou as the new Group COO.