INTRALOT S.A.
1H09 Financial Results
Strengthening its presence in developed markets
INTRALOT S.A., the leading international gaming company, today announces its financial results for the six month period ending June 30th 2009, prepared in accordance with IFRS.
Consolidated Revenues for the period reached euro 488.0m compared to euro 547.5m in the same period last year. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) reached euro 91.1m (euro 126.7m in 1H08). Earnings Before Taxes (EBT) were euro 74.6m compared to euro 112.4m in the first six month period of 2008, while Earnings After Taxes and after minorities (EAT-am) reached euro 42.0m from euro 60.3m in 1H08.
Revenues for the parent company were euro 51.4m in 1H09. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the period stood at euro 9.5m, and Earnings After Taxes (EAT) were euro 10.6m.
Commenting on 1H09 results INTRALOT's CEO, Mr. Constantinos Antonopoulos, noted: "As a management team, we are pleased with INTRALOT's results in the first six months of the year since the Company is on track with our expectations for the full year 2009 profitability. This has been accomplished amidst a global economic recession coupled with adverse FX movements in some of our international operations and increased start-up expenses. It is important to note that 2Q09 is the first full quarter that the new Turkish betting contract is operational, rendering the comparison with 1H08 more difficult, but however, providing a much more stable earnings base for the next years.
In July, the Ohio Lottery, a very large scale project in the US, commenced operations very successfully on an INTRALOT system. A second important project, in Europe this time that will begin operations within the next month is in Holland. Finally, an operation that commenced recently, marking INTRALOT's entrance in a new era, is Internet poker in Italy. We are very excited about the idea of offering games through the Internet in countries where online gaming is permissible by local legislation and this was the reason for establishing a separate entity, INTRALOT Interactive, to take advantage of such opportunities. INTRALOT Interactive (I2) is working hard in seeking opportunities in this business in several countries.
Concerning new developments during the 1H09, INTRALOT has increased its market share in the North American market through the award of two new contracts, in the states of Vermont and Arkansas, reaching 11 contracts in the country, 5 of which have been awarded in 2009. Therefore, there is a backlog of 6 contracts in the US that will commence operations within the next quarters. This is a very significant achievement for the Company, indicating its leading-edge technology and competitiveness in a very big market.
Moreover, we have recently implemented an internal program to streamline our organization and consolidate our operations on a global basis, the positive effects of which should begin to appear in the first quarters of 2010.
Finally, INTRALOT continues to monitor closely upcoming privatization projects, new opportunities arising in the Internet gaming market and seeks strategic acquisition opportunities."
INTRALOT S.A., the leading international gaming company, today announces its financial results for the six month period ending June 30th 2009, prepared in accordance with IFRS.
Consolidated Revenues for the period reached euro 488.0m compared to euro 547.5m in the same period last year. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) reached euro 91.1m (euro 126.7m in 1H08). Earnings Before Taxes (EBT) were euro 74.6m compared to euro 112.4m in the first six month period of 2008, while Earnings After Taxes and after minorities (EAT-am) reached euro 42.0m from euro 60.3m in 1H08.
Revenues for the parent company were euro 51.4m in 1H09. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) for the period stood at euro 9.5m, and Earnings After Taxes (EAT) were euro 10.6m.
Commenting on 1H09 results INTRALOT's CEO, Mr. Constantinos Antonopoulos, noted: "As a management team, we are pleased with INTRALOT's results in the first six months of the year since the Company is on track with our expectations for the full year 2009 profitability. This has been accomplished amidst a global economic recession coupled with adverse FX movements in some of our international operations and increased start-up expenses. It is important to note that 2Q09 is the first full quarter that the new Turkish betting contract is operational, rendering the comparison with 1H08 more difficult, but however, providing a much more stable earnings base for the next years.
In July, the Ohio Lottery, a very large scale project in the US, commenced operations very successfully on an INTRALOT system. A second important project, in Europe this time that will begin operations within the next month is in Holland. Finally, an operation that commenced recently, marking INTRALOT's entrance in a new era, is Internet poker in Italy. We are very excited about the idea of offering games through the Internet in countries where online gaming is permissible by local legislation and this was the reason for establishing a separate entity, INTRALOT Interactive, to take advantage of such opportunities. INTRALOT Interactive (I2) is working hard in seeking opportunities in this business in several countries.
Concerning new developments during the 1H09, INTRALOT has increased its market share in the North American market through the award of two new contracts, in the states of Vermont and Arkansas, reaching 11 contracts in the country, 5 of which have been awarded in 2009. Therefore, there is a backlog of 6 contracts in the US that will commence operations within the next quarters. This is a very significant achievement for the Company, indicating its leading-edge technology and competitiveness in a very big market.
Moreover, we have recently implemented an internal program to streamline our organization and consolidate our operations on a global basis, the positive effects of which should begin to appear in the first quarters of 2010.
Finally, INTRALOT continues to monitor closely upcoming privatization projects, new opportunities arising in the Internet gaming market and seeks strategic acquisition opportunities."