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INTRALOT swings to loss as currency exchange charges impact results

10th November 2014 7:28 am GMT

Shares in Greek gaming and lottery supplier INTRALOT fell by more than 4 per cent in Athens this morning after the company reported a net loss of €32.1m for the first three-quarters of 2014.

Consolidated revenue rose 23 per cent to €1,329.5m during the period, with results negatively impacted by currency exchange fluctuations. Excluding these, revenue would have risen 31 per cent to €1,410.4m.

INTRALOT generated EBITDA of €131.7m, down 8 per cent year-on-year, with EBIT (earnings before interest and tax) dropping 13 per cent to €66.2m. This included €9.8m of negative currency exchange charges.

Net loss for the period amounted to €32.1m, compared to a net profit of €19.9m a year ago.

INTRALOT Group CEO Constantinos Antonopoulos said that the company is in the process of taking actions in “certain projects” around the world in order to improve the group’s financial performance in the near future.

“In the first 9-months of 2014 major existing projects in the US, Australia and Asia were extended and new ones are being successfully implemented,” he said. “While the gaming industry undergoes consolidation, INTRALOT keeps focusing strongly on the lottery sector, its technological superiority and organic growth as we have done over the past years.

“The group is making great technological leaps in order to offer innovative products and services to its customers, both on a B2B and a B2C basis. From a financial stand point, the group continued to grow its sales, maintained its EBITDA profit before any foreign exchange impact and stabilized its net debt position.”

As at September 30th, the company net debt stood at €401.3m, compared to €401.1m at the end of June.

Last week the supplier announced that it had become the official sponsor of Greek swimming champion Apostolos Christou, supporting the preparation for the athlete’s participation in the 2016 Summer Olympic Games in Rio de Janeiro, Brazil.

Earlier this year, Christou won the gold medal in the 100m backstroke, setting a world record in the European Junior Swimming Championship that took place in the Netherlands, and won silver medal in the 50m backstroke in the Youth Olympics 2014 in China.

The 18 year old swimmer has won a total of 26 medals for Greece and participated in 14 international competitions.

“I would like to thank INTRALOT for coming forth in support of my efforts and become my sponsor for the next two years,” said Christou.

Antonios Kerastaris, INTRALOT Group chief financial officer, said:  “As per our corporate social responsibility program, INTRALOT is committed to supporting sports as well as the professional development of promising young achievers.

“The track record of performance and victories such as those of Apostolos Christou encourage us to persist in embracing excelling athletes and their efforts.”

Shares in INTRALOT S.A (Co. Data) (ASE:INLOT) were trading down 4.17 per cent at €1.15 per share in Athens earlier Monday, having dropped 4.76 per cent in trading Friday.

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