Intralot, the Greek gaming giant, published financial results for the nine-month period ended September 30, 2020.
Sokratis P. Kokkalis, President and CEO of INTRALOT, was optimistic about the ability the group has shown to fight the impact of COVID-19. However, the group warns that the gaming industry could fall to the levels of 2010 and 2011, that is, around $ 359 billion, about 24% less compared to its forecasts before the COVID-19 outbreak.
Within the financial results up to the third quarter of 2020, Intralot highlights the following aspects:
- Group Revenue at €266.1m in 9M20. EBITDA in 9M20 at €45.2m, while Adjusted EBITDA at €40.4m.
- NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-63.5m.
- North America operations, under Intralot Inc., achieved significant y-o-y growth (Revenue +13.0%, EBITDA +49.2%).
- Group OPEX in 9M20 better by 26.2% y-o-y, with Greek entities OPEX lower by 9.1% y-o-y.
- Group Net CAPEX in 9M20 was €27.7m, lower by 37.2% compared to a year ago.
- Group Cash at the end of 9M20 at €107.2m.
- Net Debt at €641.6m, higher by €7.6m y-o-y.
- By evaluating the latest available data and known lockdown conditions per jurisdiction and the restart of key sporting events, the Company’s best estimate for COVID-19 impact for 2020 remains in the vicinity of €25-28m at Group’s EBITDA level.
- In mid-November 2020, INTRALOT announced that the Chairman of the Board of Directors Mr. Sokratis Kokkalis, assumes the position of Group CEO.
- Within Q3 2020, INTRALOT signed a three year contract extension in New Zealand, from 2022 to 2025, with a one-year extension option, for the provision of Electronic Monitoring Services, as well as signed a contract extension through 2029 to continue its six-year partnership with the Georgia Lottery Corporation, providing advanced services for the operation of its COAM (Coin Operated Amusement Machines) project.
- As previously disclosed, INTRALOT has been in constructive discussions with certain of its stakeholders regarding its capital structure optimization process. Direct discussions with noteholders (and their advisors) representing both the 2021 and 2024 senior unsecured notes and, holding approximately 60% of Group’s total senior unsecured notes, are at an advanced stage and progressing efficiently. INTRALOT remains optimistic that an agreement will be announced in the near-term that will benefit all Group stakeholders.
Regarding the most important milestones in 2020, we highlight the following:
- In early September 2020, INTRALOT announced the launch of INTRALOT Academy, a brand new, contemporary training program aiming at providing valuable, hands-on knowledge of our products and services to our existing and new customers.
- September 11th, 2020, INTRALOT announced that its subsidiary in New Zealand, INTRALOT NZ Ltd. On, has signed a three year contract extension from 2022 to 2025 with a one-year extension option, with the Department of Internal Affairs (DIA) for the provision of Electronic Monitoring Services to continue offering a comprehensive reporting, accounting, auditing and secure management of the country’s Class 4 gaming venues.
- At the end of September 2020, INTRALOT announced its cooperation with Microsoft to unlock the company’s digital capability through Microsoft Azure. This collaboration is a significant landmark for INTRALOT, as it builds upon the main pillar of its strategy to introduce business innovation through digital technology. The brand-new product families, Lotos X for retail and Internet lotteries, and INTRALOT Orion for retail and Internet Sports betting are cloud-ready, achieving reduced time-to-market, immediate scalability, availability, and interoperability. This collaboration aims to empower INTRALOT with a cloud operating model that increases efficiencies and helps the rapid adaptation of its digital core across the business.
- At the end of September 2020, the Gold award for Technology Excellence has been presented to INTRALOT and Office Line in the category "New Technology Trends in Cloud Applications and Services" during the award ceremony of the Impact BITE Awards 2020.
- On October 1st, 2020, INTRALOT Group announced the completion of the transfer of all shares (55%) of Turktell Bili?im Servisleri A.?., Global Bilgi Paz. Dan. ve Ça?r? Servisi Hizm. A.? and Turkcell Sat?? ve Dijital ?? Servisleri A.?. in ?nteltek ?nternet Teknoloji Yat?r?m ve Dan??manl?k Ticaret A.?. (“Inteltek”), to INTRALOT’s fully owned subsidiary INTRALOT Iberia Holding SAU.
- In early October 2020, INTRALOT announced that it will be partnering with Simplebet, an innovator in global sports betting technology, to launch new in-play, real money betting micro-market betting opportunities for NFL, MLB, and NBA.
- In mid-October, INTRALOT SA received a Gold Award in the "Best Team Building Program" category for strengthening employee collaboration and a Silver Award in the "Most Valued HR Team" category for its fast response to COVID-19.
- On October 16th, 2020, INTRALOT S.A., announced the election of Mr. Ioannis K. Tsoumas as a temporary Independent Non-Executive Member until the first next General Assembly. Also, Mr. Ioannis Tsoumas was elected by the Board of Directors to the Audit & Compliance Committee.
- On October 22nd, 2020, INTRALOT announced that its US subsidiary, INTRALOT Inc., along with its partner Camelot Illinois, have delivered Fast Play, a brand-new type of game, into the Illinois Lottery.
- At the end of October 2020, INTRALOT announced that its U.S. subsidiary, INTRALOT Inc., has signed a contract extension through 2029 to continue its six-year partnership with the Georgia Lottery Corporation, providing advanced services for the operation of its COAM (Coin Operated Amusement Machines) project.
- Also, at the end of October 2020, INTRALOT announced the launch of its LotosXi - a powerful solution for Digital Lotteries - at Maltco Lotteries, enabling Malta’s National Lottery Operator with Internet Lottery gaming.
- On November 13th, 2020, INTRALOT announced that the Chairman of the Board of Directors Mr. Sokratis Kokkalis assumes the position of Group Chief Executive Officer.
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