djusted EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) was shaped at 218.5 million euros. Reported EBITDA reached 192.7 million. Adjusted EBT (Earnings before taxes) reached 191.7 million, while reported EBT was shaped at 145.5 million.
Adjusted EAT-am (Earnings After Taxes and after minorities) was shaped at 90.9 million euros, while reported EAT-am at 50.1 million euros. The cash balance reached 305.4 million euros in the financial year 2008, while bank dept plus the convertible bond reached 507.2 million (44.3 million euros short-term and 462.9 million euros long-term), shaping net dept at 201.8 million.
Revenues for the parent company were increased by 12.5% to 198.1 million euros in 2008, EBITDA was shaped at 27.7 million euros and Earnings After Taxes (EAT) reached 18.6 million euros.
Commenting on FY08 results Intralot’s CEO, Constantinos Antonopoulos, noted: “Intralot, during 2008, further enhanced its leading position in the global gaming sector by managing, among others, to win two more lotteries in the US, South Carolina and Ohio, to prevail in an international tender with both leading lotteries in the Netherlands, to win again the tender in Turkey for the management of sports betting the next 10 years, to obtain a sports betting license in Madrid, to strengthen its position in the Italian betting market through an acquisition, to acquire a stake in Melco, to acquire a company in Slovakia, to enter the Brazilian market and finally to become the new gaming leader in Central America and the Caribbean by signing contracts in Guatemala, the Dominican Republic and Jamaica.”
The Board of Directors will propose a total dividend of 0.22 euros per share to the Annual Shareholders Meeting on May 5th, which based on today’s closing prices represents a dividend yield of 6.1%. 0.11 euros per share have already been distributed as interim dividend in late 2008.
Its CEO continued: “During 2008 the world experienced and is continuing to experience a severe financial and economic crisis. At present no one can predict with accuracy the duration of this crisis and the real impact on the global economy. We are following the implications of this economic turmoil, which has led to a decrease of gaming sales in developed countries and to a slow-down in the growth rate in developing economies. In this very tough environment Intralot managed to grow its top-line, which was due to the investments the company has made in the previous years and the promising prospects of the gaming industry in general. Profitability was hampered in 2008, mainly due to the devaluation of foreign currencies that took place in many of the regions the company operates, a phenomenon that we believe does not pose concerns in the mid-term since it is temporary and, in many cases, politically driven. Our bottom line was also affected by increased start-up expenses due to the signing of numerous new contracts and the implementation of others.”
“We believe that this crisis will create new opportunities in the gaming industry as governments are looking for ways to fund their budget deficits and to contract illegal gaming. Also, opportunities are increasing in Europe, with the latest announcements coming from France, which is due to open the Internet betting market. Also, a very important market is Australia, where we will see numerous tenders taking place in the short and mid-term in order to open the market to more gaming operators. Finally, since the crisis has put pressure on valuations, numerous strategic M&A opportunities have been created that we are following closely.” He added.
“Intralot’s successful business model and its strong financial position provide it with significant competitive advantages vis-à-vis its peers. The previously mentioned opportunities coupled with the Company’s competitive advantages will be the driving force for Intralot’s growth in the next years,” he concluded.