Intralot Group saw strong growth in its financial results for the nine-month period ending September 30 2014, prepared in accordance with IFRS.
In the first nine months of 2014 Intralot’s Consolidated Revenues grew by 23.1 per cent, to €1,329.5m, an increase of €249.5m. Net of a negative FX impact of €80.9m, revenues reached €1,410.4m, posting an increase of 30.6 per cent y-o-y in 9M 2014.
EBITDA decreased by 8.2 per cent, to €131.7m. Net of a negative FX impact of €11.6m, EBITDA reached €143.2m in 9M 2014, a marginal decrease of 0.2 per cent y-o-y. EBIT decreased by 13.3 per cnt, to €66.2m and was affected by €9.8m of negative FX charges. EBIT net of FX charges reached €76.1m, posting a decrease of 0.5 per cent y-o-y in 9M 2014. EBT decreased by 32.1 per cent, to €27.3m. On an adjusted for FX-basis, EBT would have reached €38.0m, posting a decrease of 5.3 per cent y-o-y in 9M 2014. Net profit for the period was shaped at a negative €32.1m.
Cash Flow from Operations reached €45.1m in the 9M 2014 period, remaining largely unchanged compared to the same period of 2013 (€45.5m). Net Debt in the 9M 2014 period was shaped at €401.3m, remaining at the levels of the 6M 2014 period (€401.1 m), while Capex for the 9M 2014 period reached €42.8m.
Concerning the parent company, Revenues for the period decreased by 37.3 per cent, to €64.5m. EBITDA decreased by 64.8 per cent to €15.0m from €42.7m in 9M 2013, while Earnings After Taxes (EAT) decreased to €-7.4m from €30.8m in 9M 2013.
Intralot Group CEO, Mr. Constantinos Antonopoulos, noted: “In the first nine months of 2014 major existing projects in the US, Australia and Asia were extended and new ones are being successfully implemented.
While the gaming industry undergoes consolidation, INTRALOT keeps focusing strongly on the lottery sector, its technological superiority and organic growth as we have done over the past years. The Group is making great technological leaps in order to offer innovative products and services to its customers, both on a B2B and a B2C basis. Moreover, we are in the process of taking actions in certain projects around the world in order to improve the group’s financial performance in the near future. From a financial stand point, the Group continued to grow its sales, maintained its EBITDA profit before any foreign exchange impact and stabilized its net debt position.”