INTRALOT: COMPARABLE EBIDTA GROWTH 13.6%

Transcription

1 2015 FULL YEAR RESULTS INTRALOT: COMPARABLE EBIDTA GROWTH 13.6% March 31 st, 2016 INTRALOT SA (RIC: INLr.AT, Blmberg: INLOT GA), an internatinal gaming slutins and peratins leader, annunces its financial results fr the twelve-mnth perid ending December 31 st, 2015, prepared in accrdance with IFRS. OVERVIEW Cmparable EBITDA up 13.6% in FY 2015 (+8.0% in 4Q15) Reprted EBITDA upward by 3.5% in 4Q15, delivering an increase f 1.0% y--y Grup Revenues up 2.2% in 4Q15; reaching a 3.3% grwth in FY 2015 Cash Flw psitive in 4Q 2015 ; Net debt decreased by 6.4m in 4Q Market share in Lttery Gaming Systems and Related Services maintained; 28% share in internatinal public tenders in 2015 Significant wins /renewals in mature markets (US, Netherlands) and Africa Strategic alliance with Gamenet is a milestne in partnering with strng lcal players Prduct prtfli strategy n track: investment in Bit8; granted 21 new patents, bringing patent prtfli t 120; new interactive CANVAS platfrm (dynamic cntent management system) develped and cmpleted

2 Cmmenting n the FY 2015 Results INTRALOT Grup CEO, Antnis Kerastaris, nted: INTRALOT s financial perfrmance in 2015 cnfirms ur resilience and grwth ptential in challenging times, marked by sustainable revenue and Ebidta, alng with psitive free cash flw in the last quarter f the year. New cntracts and renewals in the US, the Netherlands, Mrcc, Nigeria, and Kenya underscre ur ability t sustain and grw ur business thrugh select markets acrss the glbe. Ging frward we expect accelerating revenue and Ebidta grwth, prpelled by a healthy pipeline f new cntracts (starting with the Chile Natinal Lttery and Brazil Minas Gerais district lttery peratins) cupled by an perating mdel that fcuses n cashflw generatin thrugh a ratinalizatin f ur cst base and balance sheet structure. Overall, we remain cmmitted t transfrming INTRALOT frm a prject-based cmpany t a prducts and services gaming specialist. Implementing this strategy we first sharpen and diversify ur ffering thrugh a cmbinatin f gaming cmpetence centers and targeted investments in cmpanies such as Bit8 and its acclaimed CRM platfrm. Secndly we expand ur glbal partnership netwrk in licensed peratins and managed services: ur recent alliance with Gamenet in Italy is the first in a series f ptential transactins that seek t rebalance ur ftprint, release grwth capital and unleash INTRALOT s full ptential as a unique player in the glbal gaming scene. OVERVIEW OF RESULTS REVENUES Reprted cnslidated revenues increased by 2.2% in 4Q15 cmpared t same perid a year ag driven by the perfrmance in Italy, Jamaica, Bulgaria, Argentina which were partially ffset by the perfrmance in Greece, Australia, USA and Brazil. Revenues n a yearly basis grew by 3.3%, t 1,914.9m frm 1,853.2m in the FY14 perid, representing an increase f 61.7m. The increase derives frm: m in Suth America, mainly due t the strng perfrmance f Jamaica, Argentina and Peru, +13.6m in West Eurpe mainly due t the increased revenues in Italy, +9.4m in East Eurpe mainly due t Bulgaria and Turkey, +6.6m in Nrth America,

3 +2.4m in Africa, and -73.5m in Australasia due t the sale f the Victrian license in February 2015 and the sfter sales in Azerbaijan. Adjusting full year perfrmance n a cntinuing basis, excluding discntinued business (OPAP, Rmania and Victria), revenues were increased by 4.2%. Sprts Betting is the largest cntributr t ur tp line, cmprising 47.2% f ur revenues (+0.6% vs. FY14), fllwed by numerical games cntributing 31.3% t Grup turnver (+8.9% vs. FY14). VLTs/AWPs represented 11.1% f Grup turnver (+10.6% vs. FY14), fllwed by Technlgy cntracts with 7.6% (-4.1% vs. FY14) and Racing with 2.8% (-11.3% vs. FY14). WAGERS HANDLED During the FY15 perid INTRALOT systems handled 24.4 bn. f wagers wrldwide, increased by 12.2% y--y. Suth America increased by 30.0%, Nrth America increased by 27.3%, Asia increased by 18.2%, Africa increased by 15.3%, East Eurpe increased by 8.1% and West Eurpe decreased by 5.1%. GROSS MARGIN / OPERATING INCOME / OPEX The Grss prfit margin develped at 13.7% in FY15 frm 14.6% last year, mainly affected by an increase f the payut and lss f prfits frm discntinued business. In FY15 ther perating incme ttaled 24.9m cmpared t 18.6m in FY14, psting an increase f 33.9%. The majr driver f this increase was the grwth in instant ticket services f ur US peratins. Ttal perating expenses increased by 3.4% t 207.5m as a result f the expansin f ur business in US and the increased investment in selling and marketing t further grw revenues primarily in Turkey. EBITDA EBITDA develped t 45.3m in 4Q15, an increase f 3.5% cmpared t 4Q14 and by 8.0% n a like fr like basis. Yearly EBITDA was shaped at 177.2m frm 175.4m in FY14 (+1.0%) and by 13.6% n a like fr like basis. EBT / NIATMI EBT in 4Q15 was shaped at 7.8m cmpared t 9.3m in 4Q14. On a like fr like basis, EBT was shaped at 6.7m, frm 2.9m in 4Q14 (+133.5%). Yearly EBT decreased t 25.7m frm 36.5m in FY14, negatively affected by an increase in depreciatin f 10.9m and an increase in FX f 6.9m, partially cunterbalanced by a Net Interest expense imprvement f 7.7m. On a like fr like basis, yearly EBT was shaped at 18.8m, frm -1.0m in FY14. NIATMI fr the perid was shaped at a negative 14.7m cmpared t -17.5m in 4Q14. On a like fr like basis, NIATMI was shaped at -20.4m, frm -23.0m in 4Q14.

4 Yearly NIATMI was shaped at a negative 65.1m cmpared t -49.5m in FY14, further affected by a 2.2m increase in taxes. On a like fr like basis, yearly NIATMI was shaped at m, frm -79.2m in FY14. FX Variance All in all, Freign Exchange Variatin thugh it had a psitive effect n Revenues (mainly due t USD perfrmance) it had adversely affected financial perfrmance i.e. 7.4m at NIATMI. CASH-FLOW Operating Cash-flw excluding the impact f WC (-42.0m in 2015 and -0.6m in 2014) and cash taxes (-28.2m in 2015 and -29.0m in 2014) was 184.0m in FY 2015, practically unchanged vs Net Capex in FY15 accumulated t 68.7m, cmpared t 67.0m in FY14. Majr Capex items in FY15 include investments in ur US new business f 13.6m, prduct develpment csts f 11.7m and R&D f 18.9m. Net Debt as at 31 December 2015 develped at 477.6m, increased by 96.2m cmpared t 31 December 2014 ( 381.4m). As at that date the bk value f bnds purchased by the Grup were 48.0m vs 6.4m as at 31 December Net debt marginally drpped in 4Q15, due t the significantly imprved cash flw generatin cmpared t the previus quarter. ANALYSIS PER BUSINESS SEGMENTS Revenues frm Operatin cntracts (licenses) increased by 4.9% due t higher sales mainly in Jamaica, Italy (Gaming machines), Argentina (Salta peratins) and Peru, cunterbalancing the decrease in sales in Azerbaijan, lwer sales in Victria, Australia after the sale f the license in February 2015 and the effect f the Wrld Cup in 1H14. Sales frm Management cntracts psted a decrease f 5.0% mainly driven by the impact f the relative Rmanian cntract. Revenues frm HW sales and facilities management decreased by 2.7% due t the impact f the Opap and the relative Rmanian cntracts. INTRALOT PARENT COMPANY RESULTS Revenues fr the perid decreased by 10.7%, t 76.6m. EBITDA increased t 45.7m frm 20.1m in FY14 (+127.8%). Earnings After Taxes (EAT) decreased t -3.6m frm -11.0m in FY14. Abut INTRALOT INTRALOT, a public listed cmpany established in 1992, is a leading gaming slutins supplier and peratr active in 57 regulated jurisdictins arund the glbe. With 1.91 billin turnver and a glbal wrkfrce f apprximately 5,100 emplyees in 2015, INTRALOT is an innvatin driven crpratin fcusing its prduct develpment n the custmer experience. The cmpany is uniquely psitined t ffer t lttery and gaming rganizatins acrss gegraphies markettested slutins and retail peratinal expertise. Thrugh the use f a dynamic and mni-channel apprach, INTRALOT ffers an integrated prtfli f best-in-class gaming systems and prduct slutins & services addressing all gaming

5 verticals (Lttery, Betting, Interactive, VLT). Players can enjy a seamless and persnalized experience thrugh exciting games and premium cntent acrss multiple delivery channels, bth retail and interactive. Fr mre inf: Ms. Dimitra Tzimu, Crprate Relatins Manager, Phne: , Fax: , tzimu@intralt.cm -