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INTRALOT announces First Quarter 2022 Financial Results
INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three-month period ended March 31st, 2022, prepared in accordance with IFRS.
OVERVIEW
Group Revenue at €97.7m in 1Q22 (+0.1% y-o-y).
EBITDA in 1Q22 at €26.1m (+4.9% y-o-y).
NIATMI (Net Income After Tax and Minority Interest) from continuing operations at €-5.7m, vs.
€-6.9m a year ago.
Greek entities OPEX better by 12.5% y-o-y.
Operating Cash Flow at €17.3m in 1Q22.
Group Net CAPEX in 1Q22 was €4.3m.
Group Cash at the end of 1Q22 at €98.0m.
Net Debt at €500.6m at the end of 1Q22.
Net Debt/ LTM EBITDA at 4.5x in 1Q22.
On April 26, 2022, INTRALOT announced that it will convene a shareholders’ meeting to approve a Share Capital Increase of the Company via a rights issue, up to an amount not exceeding the 150% of the paid-up share capital. The proceeds will be used to purchase the shares in Intralot Inc. currently not controlled by the parent Group. To this end a binding Sale Purchase Agreement has been signed with the minority shareholders controlling 33.2m shares of Intralot Inc. for a price of €3.65 per share, conditional upon successful completion of the Share Capital Increase. INTRALOT announced that it has signed a binding MOU with Standard General Master Fund II L.P., according to which Standard General will purchase all unallocated shares in the Share Capital Increase, up to a number not exceeding one third of the total voting shares of Intralot SA for up to €0.58 per share.
On May 23, 2022, an extraordinary Shareholders’ Meeting provided authorization to the Board of Directors of Intralot SA to determine the terms of the Share Capital Increase and undertake all necessary actions.
Note:
Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals.
Group Headline Figures
| (in € million) | 1Q22 | 1Q21 | % | LTM | ||
| Change | ||||||
| Revenue (Turnover) | 97.7 | 97.6 | 0.1% | 414.1 | ||
| GGR | 79.8 | 78.9 | 1.2% | 336.2 | ||
| OPEX1 | (21.8) | (22.1) | -1.2% | (101.4) | ||
| EBITDA2 | 26.1 | 24.9 | 4.9% | 111.7 | ||
| EBITDA Margin | 26.7% | 25.5% | + 1.2pps | 27.0% | ||
| (% on Revenue) | ||||||
| EBITDA Margin | 32.7% | 31.6% | + 1.1pps | 33.2% | ||
| (% on GGR) | ||||||
| Capital Structure Optimization | (0.3) | (5.0) | -93.9% | (12.4) | ||
| expenses | ||||||
| D&A | (17.1) | (15.9) | 7.3% | (72.2) | ||
| EBT | (2.3) | (2.8) | 17.5% | 37.6 | ||
| EBT Margin (%) | -2.4% | -2.9% | + 0.5pps | 9.1% | ||
| NIATMI from continuing operations | (5.7) | (6.9) | 17.9% | 27.8 | ||
| Total Assets | 580.5 | 612.1 | – | – | ||
| Gross Debt | 598.6 | 734.3 | – | – | ||
| Net Debt | 500.6 | 643.7 | – | – | ||
| Operating Cash Flow from total | 17.3 | 24.5 | -29.6% | 100.4 | ||
| operations | ||||||
| Net CAPEX | (4.3) | (2.9) | 47.3% | (24.3) | ||
INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:
“First quarter results show a consolidation of gains and recovery from the COVID impact and reflect an improved financial profile, with normalized revenues and a reduction in operational expenses and debt servicing costs consistent with the Company’s business plan. On the background of this strongly improved P/L and Balance Sheet, the Company has designed and is about to launch a Share Capital Increase by means of Rights Issue and has secured the commitment of Standard General Master Fund
- P. as cornerstone investor for the unsubscribed rights in a move that will significantly strengthen our prospects to grasp the tremendous opportunities in the US and the global markets.”
- OPEX line presented excludes the capital structure optimization expenses.
- The Group defines “EBITDA” as “Operating Profit/(Loss) before tax” adjusted for the figures “Profit/(loss) from equity method consolidations”, “Profit/(loss) to net monetary position”, “Exchange Differences”, “Interest and related income”, “Interest and similar expenses”, “Income/(expenses) from participations and investments”, “Write-off and impairment loss of assets”, “Gain/(loss) from assets disposal”, “Reorganization costs” and “Assets’ depreciation and amortization”.
OVERVIEW OF RESULTS
REVENUE
Reported consolidated revenue posted a steady performance compared to 1Q21, leading to total revenue for the three-month period ended March 31st, 2022, of €97.7m (+0.1%).
- Lottery Games was the largest contributor to our top line, comprising 61.9% of our revenue, followed by Sports Betting which contributed 18.8% to Group turnover for the three-month period. Technology contracts accounted for 7.7% and VLTs monitoring represented 11.2% of Group turnover, while Racing constituted the 0.5% of total revenue.
- Reported consolidated revenue for the three-month period is higher only by €0.1m year over year. The main factors behind the steady top line performance per Business Activity are:
- €+1.8m (+6.1%) from our Licensed
Operations (B2C) activity line with the variance driven by:
- Higher revenue in Argentina (€+2.5m or +32.0% y-o-y), driven by local market growth. In local currency, current year results posted a +50.4% y-o-y increase, and
- Lower revenue in Malta (€-0.6m or -2.9% y-o-y), driven by market performance.
- €+0.7m (+1.3%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
- Higher revenue in Australia (€+1.1m or +30.6% y-o-y), due to lockdown restrictions in 1Q21,
- Higher revenue in Croatia (€+0.9m), following the go-live of the lottery solution developed for Hrvatska Lutrija (national lottery of Croatia),
- Higher revenue from other jurisdictions (€+0.5m) mainly due to services related sales, and
- Lower revenue in US operations (€-1.9m or -5.1% y-o-y), was primarily affected by the nonrecurrence of the jackpot that boosted 1Q21 sales by c. €4.0m. Revenue from services ended lower by -3.4% y-o-y, while revenue from merchandise sales generated a deficit of -55.4% y-o-y due to their less frequent nature. From a currency perspective, there was a positive impact of 6.9% (Euro depreciation versus a year ago — in average terms).
- €-2.4m (-18.3%) from our
Management (B2B/ B2G) contracts activity line with the variance driven by:
- Slightly higher revenue in Morocco (€+0.1m),
- Marginally higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m), and
- Lower revenue from our Turkish operations (€-2.6m), solely affected by the appreciation of EUR (+75.8% versus a year ago – in average terms). In local currency, current year results posted a +20.4% y-o-y increase. In 1Q22, the local Sports Betting market expanded close to 1.3 times y-o-y, with the online segment representing close to 89% of the market at the end of 1Q22.
- Constant currency basis: In 1Q22, revenue — net of the negative FX impact of €3.8m —reached €101.4m (+4.0% y-o-y).
GROSS GAMING REVENUE & Payout
- Gross Gaming Revenue (GGR) from continuing operations concluded at €79.8m in 1Q22, posting an increase of 1.2% (or €+0.9m) year over year, attributable to:
- the decrease in the non-payout related GGR (-1.7% y-o-y or €-1.2m vs. 1Q21), driven mainly by the lower top line contribution of our US operations (jackpot affected), followed by
- the increase in the payout related GGR (+20.2% y-o-y or €+2.1m vs. 1Q21), driven mainly by the lower average payout ratio both in Malta and Argentina (+4.3% y-o-y on wagers from licensed operations3). 1Q22 Average Payout Ratio4 decreased by 5.4pps vs. 1Q21 (58.9% vs. 64.4%), significantly affected by the higher weighted contribution from our operations in Malta.
- Constant currency basis: In 1Q22, GGR — net of the negative FX impact of €3.1m — reached €82.9m (+5.1% y-o-y).
- Licensed Operations Revenue also include a small portion of non-Payout related revenue, i.e., value-added services, which totaled €1.3m and €0.8m for 1Q22 and 1Q21respectively.
- Payout ratio calculation excludes the IFRS 15 impact for payments to customers.
OPERATING EXPENSES5 & EBITDA6
- Total Operating Expenses ended lower by €0.3m (or -1.2%) in 1Q22 (€21.8m vs. €22.1m). After excluding the higher D&A expenses (€0.7m) in USA, Morocco and Croatia, Operating Expenses ended lower by €0.9m supported by cost containments in HQ perimeter.
- Other Operating Income from continuing operations ended at €5.7m presenting an increase of 3.2% y-o-y (or €+0.2m). The bulk of income is driven by the equipment leases in the USA.
- EBITDA from continuing operations amounted to €26.1m in 1Q22, posting an increase of 4.9% (or €+1.2m) compared to 1Q21. Despite the absence of jackpot that boosted significantly 1Q21 performance (US operations), the Group has managed to improve its EBITDA via the combined effect of the lower payout from our licensed operations and the lower Operating Expenses.
- On a yearly basis, EBITDA margin on sales improved to 26.7%, compared to 25.5% in 1Q21 (+1.2pps).
- LTM EBITDA stands at €7m.
- Constant currency basis: In 1Q22, EBITDA, net of the negative FX impact of €1.4m, reached €27.5m (+10.5% y-o-y).
EBT / NIATMI
EBT in 1Q22 totaled €-2.3m, compared to €-2.8m in 1Q21, with the variance driven by:
- the lower reorganization expenses following the succesful conclusion of our capital structure optimization process (€+4.7m vs 1Q21),
- the lower interest expenses, direct effect of debt restructuring (€+1.9m vs 1Q21)
- the positive impact from EBITDA (€+1.2m vs 1Q21)
The major headwinds affecting the improved perfornance can be attributed to:
- the negative impact from FX results (€-4.2m vs 1Q21), as a result of the valuation of cash balances in foreign currency other than the functional currency of each entity, the valuation of commercial and borrowing liabilities of various subsidiaries abroad in EUR, as well as the negative effect from the reclassification of FX reserves to Income Statement applying IFRS 10,
- the recognition of expenses vs income from participations and investments (€-1.5m vs 1Q21),
- the higher D&A (€-1.2m vs 1Q21), mainly due to Turkey (Bilyoner) and Morocco
- the accounting loss identified due to IAS 29 in our Argentinian operations (€-1.1m vs 1Q21).
Constant currency basis: In 1Q22 EBΤ, adjusted for the FX impact, reached €-0.4m, from €-6.5m in 1Q21.
- NIATMI from continuing operations in 1Q22 concluded at €-5.7m compared to €-6.9m in 1Q21. NIATMI from total operations in 1Q22 amounted to €-5.7m (improved by €2.6m vs. a year ago), including the performance of the discontinued operations in Peru and Brazil.
- Constant currency basis: NIATMI (total operations) in 1Q22, on a constant currency basis, reached €-5.3m from €-12.1m in 1Q21.
- Operating Expenses analysis excludes expenditures related to capital structure optimization.
- EBITDA analysis excludes Depreciation & Amortization, and expenditures related to capital structure optimization.
CASH-FLOW
- Operating Cash-flow in 1Q22 amounted to €17.3m, lower by €7.3m, compared to 1Q21. Excluding the operating cash-flow contribution of our discontinued operations in Brazil, the cash-flow from operating activities is lower by €7.0m vs. a year ago and is attributed to Income Tax payments vs returns 1Q21.
- Adjusted Free Cash Flow7 in 1Q22 decreased by €2.9m to €1.7m, compared to €4.6m a year ago. The main negative contributors to this variance were the income tax paid vs return in 1Q21 (€-7.4m y-o-y) and the higher maintenance capex (€-1.8m). On positive ground, dividends paid during the period were lower (€+3.1m y-o-y), net finance charges following the capital restructuring generated savings (€+2.0m y-o-y) and EBITDA performance has been improved (€+1.2m y-o-y).
- Net CAPEX in 1Q22 was €4.3m, higher by €1.4m compared to 1Q21. CAPEX in 1Q22 has been allocated towards R&D and project pipeline delivery (€0.3m), US (€3.0m) and the rest of operations (€1.0m). Maintenance CAPEX accounted for €2.2m, or 52.0% of the overall capital expenditure in 1Q22, from €0.8m or 28.2% in 1Q21.
- Net Debt, as of March 31st, 2022, stood at €500.6m, increased by €3.4m compared to December 31st, 2021 (€497.2m). The Net Debt increase was impacted primarily by the normal course of business following an adverse working capital movement, the exchange rate differences
(€+4.7m) for our USD denominated debt, and investments in growth capex (€+1.4m) for our US operations. The increase was partially offset by the lower interest accrued over 1Q22 vs December 2021.
- Calculated as EBITDA – Maintenance CAPEX – Cash Taxes – Net Cash Finance Charges (excluding refinancing charges) – Net Dividends Paid; all finance metrics exclude the impact of discontinued operations.
OUTLOOK
Although the risks associated with the pandemic of COVID-19 have been downgraded, the geopolitical tension arising from the war in Ukraine coupled with the energy crisis, the supply chain disruptions and the rising inflation are factors that are expected to determine the economic outlook over the coming months.
Our Group does not have direct exposure in terms of operations or dependency on suppliers in Ukraine and Russia. However, the risk of indirect effects on the Group’s business activities from the reduction in the household disposable income and the possible increase in operating expenses due to inflationary pressures cannot be overlooked.
The Management of the Company monitors the geopolitical and economic developments on a constant basis and is ready to take all the necessary measures for protecting its operations.
RECENT/ SIGNIFICANT COMPANY DEVELOPMENTS
- On April 26, 2022, INTRALOT announced that it will convene a shareholders’ meeting to approve a Share Capital Increase of the Company via a rights issue, up to an amount not exceeding the 150% of the paid-up share capital. The proceeds will be used to purchase the shares in Intralot Inc. currently not controlled by the parent Group. To this end a binding Sale Purchase Agreement has been signed with the minority shareholders controlling 33,227,256 ordinary shares of Intralot Inc. for a price of €3.65 per share, conditional upon successful completion of the Share Capital Increase. INTRALOT announced that it has signed a binding MOU with Standard General Master Fund II L.P., according to which Standard General will purchase all unallocated shares in the Share Capital Increase, up to a number not exceeding one third of the total voting shares of Intralot SA for up to €0.58 per share.
- On May 23, 2022, an extraordinary Shareholders’ Meeting provided authorization to the Board of Directors of Intralot SA to determine the terms of the Share Capital Increase and undertake all necessary actions.
APPENDIX
Performance per Business Segment8
YTD Performance
Performance per Geography
Revenue Breakdown
| (in € million) | 1Q22 | 1Q21 | % | ||
| Change | |||||
| Europe | 35.8 | 34.4 | 4.0% | ||
| Americas | 52.3 | 50.5 | 3.4% | ||
| Other | 15.3 | 16.8 | -8.9% | ||
| Eliminations | (5.7) | (4.2) | – | ||
| Total Consolidated Sales | 97.7 | 97.6 | 0.1% |
Gross Profit Breakdown
| (in € million) | 1Q22 | 1Q21 | % | ||
| Change | |||||
| Europe | 3.5 | (1.7) | – | ||
| Americas | 11.4 | 13.8 | -17.5% | ||
| Other | 13.0 | 14.2 | -8.4% | ||
| Eliminations | (2.7) | (0.7) | – | ||
| Total Consolidated Gross Profit | 25.2 | 25.6 | -1.6% |
- Part of the US revenue that concerns SB management, has been included under the category “Game Management”. The rest of the US revenue is included under the “Technology” business segment.
| Gross Margin Breakdown | ||||||
| % | ||||||
| 1Q22 | 1Q21 | |||||
| Change | ||||||
| Europe | 9.8% | -5.1% | + 14.8pps | |||
| Americas | 21.8% | 27.4% | – 5.5pps | |||
| Other | 84.8% | 84.4% | + 0.4pps | |||
| Total Consolidated Gross Margin | 25.8% | 26.2% | – 0.4pps | |||
INTRALOT Parent Company results
- Revenue for the period increased by 28.1%, to €6.0m, with the improvement driven by the higher rendering of services towards the Group’s subsidiaries in the current period.
- EBITDA shaped at €-1.3m from €-4.5m in 1Q21, with the positive variance stemming from the top-line improvement that generated higher profitability due to better margins and lower costs.
- Earnings after Taxes (EAT) at €-6.7m from €-0.1m in 1Q21, impacted mainly by the gain recorded in 1Q21 following the sale of Intralot de Peru.
| (in € million) | 1Q22 | 1Q21 | % | ||
| Change | |||||
| Revenue | 6.0 | 4.6 | 28.1% | ||
| Gross Profit | (0.5) | (3.1) | -82.9% | ||
| Other Operating Income9 | 0.1 | 0.0 | – | ||
| OPEX9 | (4.5) | (5.1) | -11.8% | ||
| EBITDA9 | (1.3) | (4.5) | 71.5% | ||
| EAT | (6.7) | (0.1) | – | ||
| CAPEX (paid) | (0.3) | (0.5) | -35.4% |
- Other Operating Income, Operating Expenses and EBITDA lines presented exclude the expenditures and recharges related to capital structure optimization.
CONFERENCE CALL INVITATION – 1Q22 FINANCIAL RESULTS
Sokratis Kokkalis – Chairman & CEO, Chrysostomos Sfatos – Deputy Group CEO, Nikolaos Nikolakopoulos – Deputy Group CEO, Fotis Konstantellos – Deputy Group CEO, Andreas Chrysos – Group CFO, Nikolaos Pavlakis – Group Tax & Accounting Director, Antonis Skiadas – Group Finance, Controlling & Budgeting Director and Michail Tsagalakis – Capital Markets Director, will address INTRALOT’s analysts and institutional investors to present the Company’s 1Q22 results, as well as to discuss the latest developments at the Company.
BitLine
BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons
This collaboration emphasizes convenience, security and regulatory compliance
Through the BitLine app, users can seamlessly transact with up to US$10 million in casino chips 24/7
BitLine, a pioneering provider in the integration of digital assets for direct access to casino chips, proudly announces a strategic alliance with Jumio, an industry leader renowned for its comprehensive know-your-customer (KYC) solutions.
This partnership marks a significant milestone as BitLine streamlines its onboarding process for casino patrons, ensuring a seamless and secure journey into the realm of digital asset-based payments for gaming.
The collaboration between BitLine and Jumio signifies a commitment to delivering unparalleled convenience while upholding the highest standards of security and regulatory compliance. By leveraging Jumio’s advanced technology, BitLine reinforces its dedication to building trust among users and offering a frictionless experience for individuals seeking access to casino chips via digital assets.
Richard Jones, the Chief Executive Officer for BitLine by Ibanera, expressed enthusiasm about the partnership, stating: “Trust and compliance are the cornerstones of every successful casino venture. At BitLine, our vision to innovate this industry through digital assets hinges on maintaining trust and adherence to regulations. Our collaboration with Jumio represents a monumental stride towards achieving this vision, ensuring that casino patrons transact securely and confidently through our platform.”
Echoing this sentiment, Robert E Prigge, the Chief Executive Officer for Jumio, commented: “The evolving landscape of digital assets presents endless possibilities and BitLine’s innovative approach has reshaped the casino industry. By eliminating withdrawal limitations and expanding accessibility, BitLine has ushered in a new era of gaming. We are thrilled to contribute to BitLine’s journey by providing essential elements of security and compliance.”
BitLine by Ibanera grants cryptocurrency owners unprecedented access to up to US$10 million in casino chips, 24/7/365, serving as a conduit for liquidity on the casino floor. Through the intuitive BitLine app, casino enthusiasts worldwide can initiate transactions within minutes, leveraging their digital assets to unlock funds effortlessly.
Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.
This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.
Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”
This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.
The post Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity appeared first on European Gaming Industry News.
Sportradar Group AG today announced that Craig Felenstein has been named Chief Financial Officer of the Company, effective June 1, 2024. Felenstein joins the Company from Lindblad Expeditions where he most recently served as Chief Financial Officer. He will report directly to Sportradar Chief Executive Officer Carsten Koerl.
Felenstein brings nearly 30 years of senior finance and operating experience for US publicly listed companies across the media, entertainment, experiential and digital content industries to his new position at Sportradar. Most recently, Felenstein served as Chief Financial Officer at Lindblad Expeditions, a global leader in expedition cruises and adventure travel, where he oversaw the company’s global finance organization, as well their corporate development, information technology and human resources functions. In his role as Sportradar’s Chief Financial Officer, Felenstein will lead the company’s global finance, accounting and investor relations functions. Felenstein has a unique blend of financial rigor and operational insight and will partner with the rest of the executive leadership team to advance the company’s key strategic initiatives and grow the business while maintaining strong relationships with the investment community. He will be based in New York.
Carsten Koerl, CEO, Sportradar said: “With Craig’s deep international experience and successful track record building finance organizations as a CFO at US listed public companies, I am confident that he will be a strong addition to our team. His track record of helping drive financial strategy and building shareholder value will be instrumental to our continued success. We want to express our deep gratitude to Ger Griffin for his meaningful contributions to Sportradar during a transformational growth period for our Company.”
Prior to his tenure at Lindblad, Felenstein served as Senior Vice President of Investor Relations and Strategic Finance at Shutterstock where he oversaw all interaction with the investment community while leading the financial planning and analysis and corporate development functions. Prior to Shutterstock, he served in various management roles at Discovery Communications, LLC, including Executive Vice President of Investor Relations. At the same time, he was a member of the executive team for several of Discovery’s businesses including serving as the Chief Financial Officer of Digital, Chief Financial Officer of US Network Revenue and Chief Financial Officer of Animal Planet. Prior to Discovery Communications, he held senior positions at News Corporation, Viacom Inc., and Arthur Andersen & Co.
Felenstein said: “Sportradar has built an impressive leadership position in the rapidly growing global sports technology market and the Company is ideally situated to deliver sustained growth given their strong content portfolio, unmatched product offerings and commitment to industry innovation. I am excited to work with Carsten and the entire Sportradar team, as well as the Board of Directors, to capitalize on the significant growth opportunities ahead and deliver additional value to our clients, partners and shareholders.”
BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons
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