INTRALOT 2015 performance impacted by weakened € rate

intralotUpdating the market Athens listed lottery and gaming systems provider INTRALOT Group reported a 3.8% increase in consolidated revenues to €1.38 billion for its year to date (Q1-Q3 2015 – period ending 30 September) corporate performance.

Like many European listed operators, INTRALOT 2015 performance has been impacted by weakening € exchange rate. The firm would report EBITDA earnings of €132 million in-line 2014’s €131.6 million. INTRALOT governance pointed that on a continued basis EBITDA for year to date 2015 performance would be shaped at +20% on 2014 figures.

Reporting on operating cash flows INTRALOT would record a €65 million for the period down from 2014’s €95 million. This decrease is caused by mostly one-off working capital requirements in H1 2015.

Corporate net debt as of 30 September 2015 has developed at €484 million, increased by €102.7 million compared to 31 December 2014 €381.4m

INTRALOT Group CEO, Mr. Antonios Kerastaris, commented on corporate performance

“We are pleased with the 3Q results that are in line with our expectations for stable growth of our business. EBITDA grew by 6% compared to 3Q14, despite the ailing performance of Italy due to extraordinarily high, country specific, payouts, which led the Italian business to contribute marginally to our EBITDA, the weak performance of Azerbaijan, the fall-off of the Romanian contract and the effect of the World Cup last year in both the second and third quarters.

During the third Quarter, we continued streamlining our global operations and unfold our selective expansion plans. We renewed our presence in New Mexico, US, for 8 years, where we have an excellent cooperation with the State Lottery since 2006 and signed a new 10 year contract in Nigeria, a very dynamic African market. Our focus on licensed operations remains strong, as we proceed with the integration of Bit8 CRM platform that will be a valuable asset on the B2C front of our business.

Finally, it is important to note that we ratified our commitment to sustainable growth, as we have recently been awarded with the WLA Responsible Gaming certification as a gaming vendor.” 

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