Intralot announces 9-month 2010 financial results

In the same period EBITDA reached 39 million euros, slightly below (-2.1% y-o-y) 3Q2009, shaping the EBITDA for the 9-month period at 109.8 million euros. In 3Q 2010 EBITDA margin posted a serious improvement, reaching 15.2%, pulling the first nine months of 2010 margin to 13.8% compared to 13.2% in the 6-month 2010 period. Net profit was shaped at 11.7 million euros (a drop of 25.8% y-o-y) mainly due to higher depreciation charges and a higher tax rate of 19.2% in 3Q2010 vs. 16.6% 3Q 2009. Net Profit for the 9-month 2010 reached 37 million euros.

Concerning the parent company, revenues remained at the levels of 9M09, by reaching 118.1 million euros in first nine months of 2010. EBITDA increased to 32.5 milion euros and Earnings After Taxes (EAT) increased by 77.5% reaching 27.1 million euros in the first nine months 2010.

Commenting on quarterly results Intralot Group CEO, Constantinos Antonopoulos, noted: “Regarding our Group’s third quarter 2010 results we are pleased to announce a robust growth of our revenues by more than 33% as compared to the same period last year and an almost flat EBITDA, despite the unfavorable comparison with last year due to the increase of the gaming tax in Bulgaria that took place in the beginning of 2010 and recession effects in a number of the markets that we operate. Net profits were weaker mainly due to higher depreciation charges and a higher group tax rate. Gross profits were positively affected from an improved payout in our betting operations.