Intralot reported an 8.5% year on year decline in group revenues which stood at €720.6m for the twelve-month period ended December 31st, 2019.
EBITDA in FY19 fell at €87.8m (-25.4% y-o-y), while adjusted EBITDA declined at €68.7m (-21.0% y-o-y).
Revenue and EBITDA contraction of -4.7% and -20.3% y-o-y respectively on a constant currency basis.
EBITDA margins on sales/ GGR stood at 12.2% (-2.8pps) and 21.5% (-5.6pps), respectively. EBT declined at €-70.6m (EBT margin: -9.8%), impacted by increased D&A due to the increased CAPEX during the last two years for the launch of new projects mainly in the US NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €- 111.9m.
Operating Cash Flow stood at €61.3m in FY19, lower by €27.3m y-o-y.
Group Cash at the end of FY19 was at €171.1m; higher by €8.6m vs. FY18
Net Debt was at €594.1m, lower by €21.2m y-o-y.
According to the company's press release, in early February, INTRALOT’s new terminal PhotonX has won the "Lottery Product of the Year” award at International Gaming Awards 2020
On March 9th, 2020, the company announced its BoD decision that Mr. Sokratis Kokkalis, who remains Executive Chairman of the Board, stepped down as Group CEO and was succeeded by Mr. Christos Dimitriadis, effective 9 March 2020.
INTRALOT successfully delivered its Sports Betting solution to the DC Lottery in late March, with official Go-Live postponed until the US leagues and events resume following the Covid- 19 pandemic. INTRALOT’s Sports Betting solution in Montana has been launched in mid- March, just a few days before all US leagues and events were postponed due to the Covid-19 pandemic.
By evaluating all available data in mid-April 2020, the Company’s best estimate on Covid-19 impact for 2020 is in the range of €25-30m at Group’s EBITDA level.
On April 23rd, 2020, INTRALOT announced that it has retained Evercore Partners and Allen & Overy, as financial and legal advisors respectively, to review and implement strategic alternatives for the business.