Intralot announces Q3 financial results

Intralot announced last week its financial results for the nine-month period ended September 30th, 2019, prepared in accordance with IFRS.

“In 3Q2019, we continued progress on our strategy to mitigate the impact of contract losses by means of our three-prong strategy of cost-reductions, winning new business, and the disposal of non-core assets,” said Group Chairman & CEO Sokratis P. Kokkalis. “We are particularly satisfied about the award of a new US Sports Betting contract for the Lottery of New Hampshire which is an important step for our growth strategy in the US, and the successful sale of our stake in the Italian Sports Betting operator Gamenet for a total consideration of €78.0m, that will offer a strong boost to our cash position and a reduction of our net debt in the FY2019 results.”

Highlights from the period included:

• Group Revenue at €555.6m in 9M19 (-6.9% y-o-y).
• EBITDA in the nine-month period at €78.8m (-19.7% y-o-y), while Adjusted EBITDA remained almost steady at €85.9m (-0.3% y-o-y).
• Revenue and EBITDA contraction of -0.2% and -10.5% y-o-y respectively on a constant currency basis.
• EBITDA margins on sales/ GGR at 14.2% (-2.2pps) and 24.8% (-5.0pps), respectively.
• EBT at €-2.3m (EBT margin: -0.4%).
• NIATMI (Net Income After Tax and Minority Interest) from continuing operations developing to €-37.1m.
• Operating Cash Flow at €74.7m in 9M19, increased by €14.4m compared to last year.
• Net Debt lower by €18.4m vs. June 30th, 2019 at €634.0m.
• On September 18th, 2019, INTRALOT Group notified that the transfer of all its shares in Hellenic Lotteries S.A. to OPAP had been completed, for the price of €20.0m.
• In October 2019, INTRALOT S.A. announced that its subsidiary Intralot Italian Investments B.V. signed a share purchase agreement with the Italian company “Gamma Bidco S.r.I.” for the sale of its stake in Gamenet (6.0m shares or 20% of its share capital) for the amount of €78.0m.
• In November 2019, Intralot Inc. secured a new Sports Betting contract with the Lottery of New Hampshire.