Intralot announces 1Q results

Consolidated Revenues for the period grew by 12.0% to €499.4m, from €445.7m in the corresponding period last year, representing an increase of €53.7m.

Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) developed to €46.2m, being a decrease of €5.4m (10.6%) compared to 1Q 2014. After adjustment for one-off restructuring costs of €0.6m and provisions of €0.6m EBITDA in 1Q 2015 reached €47.4m. Excluding the impact of the OPAP and Romanian contracts the rest of the business grew by an estimated 11%.

Earnings Before Tax (EBT) in 1Q 2015 increased by 12.5% to €18.7m. Net Profit after minorities for the period developed at €-8.9m and excluding the impact of the OPAP and Romanian contracts the rest of the business improved by €7.1m compared to 1Q 2014.

Operating Cash Flow in the 1Q 2015 increased by €2.1m to €6.4m, compared to the same period in 2014. Cash flow in 1Q 2015 includes the one-off impact of increased working capital needs in order to bring suppliers credit to normal levels.

CapEx in 1Q 2015 was €13.6m, which includes €1.1m of one-off restructuring and relocation costs, compared to €13.9m in 1Q 2014.

Net Debt as at 31.03.2015 period was shaped at €393.0m, increased by €11.6m compared to 31.12.2014 (€381.4m).

Revenues of the Parent Company for the period decreased by 36.6% to €15.1m and EBITDA decreased to €-0.5m from €7.8m in 1Q 2014, attributed to the impact of non-recurring items. Earnings After Taxes (EAT) decreased to €-1.0m from €-1.1m in 1Q 2014.

Commenting on the 1Q 2015 Results INTRALOT Group CEO, Mr. Antonios Kerastaris, noted: “Revenues in the quarter grew by 12% and EBITDA proved to be resilient despite the difficult comparison with 1Q 2014, due to the fall-off of the previous OPAP and Romanian contracts and strong headwinds from a higher than usual payout. A comparison of the business excluding these exceptional items shows a strong growth in Revenue across all of our geographical segments. On a like for like basis our EBITDA grew by c. 11% in this quarter as the majority of our subsidiaries reported strong results, in-line with our broader expectations. 

During the first quarter we have renewed our contracts in the Netherlands, Morocco and Azerbaijan and continued the implementation of our strategic plan to streamline operations. We are expanding our product portfolio and improving the player experience by adopting a true “best-of-breed” model, with our products strategy focusing on mobility, gaming content, player engagement platform, CRM platform and L10 Central System.

Our course is in line with our goals to generate top line growth from both existing projects and greenfield development. We are also focusing on improving our bottom-line and being positive in terms of cash flow.”