or 2011, the Board recommend to the Annual Shareholders’ Meeting a dividend in the form of an in-kind distribution of treasury shares, with a ratio of approximately two shares for every 100 shares owned.
Lottomatica Group’s 2010 preliminary results are in accordance with full-year guidance. For the full year ended December 31, 2010, Revenues grew across all business segments. Revenues for the EBITDA was approximately €812 million in 2010, up 3.6% compared to approximately €784 million in the same period last year.
Consolidated net income attributable to the parent will be close to break-even, compared to net income of €68 million in 2009. This is primarily due to pre-tax impairment losses of approximately €51 million associated with the GTECH G2 segment in 2010; approximately €56 million of costs associated with the refinancing of bank facilities finalized in December; and €41 million of foreign exchange losses.
During the year, Investing Activities totaled €1.2 billion, compared to €417 million last year. Investing activities in 2010 included €800 million for the Italian Scratch & Win license renewal, and the second payment for the Italian VLT licenses of €81 million.
At December 31, 2010, Lottomatica Group had a Net Financial Position (NFP) of €2.98 billion, compared to €2.42 billion as of December 31, 2009. The change in NFP was principally due to the payments for the Italian Scratch & Win and VLT licenses, net of capital contributions from the Group’s partners.
The Board has also withdrawn the hybrid bond transaction announced on November 15, 2010. With the issuance of the €500 million Eurobond and the €1.4 billion credit facility entered into in December 2010, Lottomatica has completed the refinancing plan previously approved by the Board on November 15, 2010.
It is expected that there will be continued growth in Italy across all business sectors. Lottery sales are expected to continue their turnaround supported by the 10 and Lotto game. Scratch & Win will continue to grow through product innovation and retailer optimization. And, the video lottery rollout will be completed in 2011 driving the sector to be a major growth contributor.