INTRALOT Chairman & CEO Sokratis P. Kokkalis noted: “In 3Q20 INTRALOT continued its effort to mitigate the effects of COVID-19 and the impact from adverse developments in certain jurisdictions, through consistent implementation of its business plan and operational improvements. Strong commercial performance in the US, in combination with Opex reductions worldwide and postponement of Capex, have limited the expected COVID-19 impact of Full Year EBITDA in the area of €25-28m. The reopening of the Australian market and the smoother operations in sports betting activities create a more positive picture for 4Q20. INTRALOT has also made significant progress in its discussions with its creditors to address the September 2021 Notes maturity and the overall Capital Structure and will provide an update in that respect soon.
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OVERVIEW
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.
https://www.intralot.com/files/INTRALOT_Fin_Results_3Q20_vfinal.pdf