Intralot issues annual financial results

The highlights of Intralot's Financial Results disclosed are as follows:

• Revenue and EBITDA growth of +16.2% and +14.3% year-on-year respectively on a constant currency basis.
• Group Revenues increased by 11.4% in FY17, compared to FY16.
• EBITDA in the twelve-month period grew by 5.5% year on year.
• EBITDA margins on sales and on GGR both contracted by 0.9pps (at 15.5%) and 1.2pps (at 29.6%), respectively.
• EBT margin developed to 0.9% (+1.7pps vs. FY16).
• NIATMI (Net Income After Tax and Minority Interest) from continuing operations improved by 21.0% vs. last year, developed to €-58.6m from €-74.2m.
• Adjusted NIATMIfrom continuing operations improvement year over year (+49.3%), developed to €-15.3m from €-30.2m.
• Net Debt stood at €510.7m, up €15.8m compared to December 31st 2016.
• In 2017, the company executed extensions with Ohio, Vermont and Arkansas state lotteries, as well as extended their cooperation with OPAP in the field of numerical lotteries games specifically.
• In early 2018, the company signed a 10-year contract with Camelot for Illinois State Lottery, in addition to successfully extending their contract with Wyoming Lottery.

INTRALOT Group CEO Antonios Kerastaris noted: “Our performance in FY2017 reflects progress in all major strategic goals of INTRALOT and towards a stable and predictable future of our company. During FY2017 we achieved a 5.5% EBITDA growth reflecting operational improvements while the successful pricing of €500m senior notes with 7-year maturity period at a reduced 5.25% coupon was a major contribution towards the extension of the average debt maturity period,providing a stable financing horizon. This issue allowed us to repay all of our syndicated loans and was a great vote of confidence from the major global investment houses. We achieved further progress with the refocus of our activities following divestments from emerging markets and the shift of emphasis in AAA markets. In the United States we renewed five old contracts and signed a new flagship technology contract with CAMELOT for the Illinois State Lottery. In Greece we extended our cooperation with our oldest client, OPAP, in numerical games. Last but not least we made major investments in the development of new products such as a next generation omnichannel sportsbook and the completion of the acquisition of Bit8, the company that designed our CRM product suite, PULSE. In spite of one-off refinancing costs and significant Forex headwinds, our improved cash flows reflect reductions of interest costs as a result of previous rounds of refinancing.”