Intralot SA has earmarked 2021 as a key year for its operations as it completed a capital structure reorganization which has provided a positive financial outcome.
Publishing its FY2021 financial report, Intralot reported a total EBITDA of €110m ($119.2m), an increase of 67% on FY2020’s €66m ($71.5m).
Revenues also jumped by 20% up to €414m ($448.9m), despite COVID-19 disruptions to the first half of the year.
Intralot recorded double-digit revenue growth across its three core segments of Licensed B2C Operations, Technology Support Services, and Managed B2B Contracts.
Signaled as a key market, Intralot’s US business division provided the business its biggest Technical Support Services revenue contribution of €16.6m ($18m) from North American lottery provisions and merchandise. This represents an 18.7% increase year-on-year and offsets lower merchandise sales and the effect of the adverse USD movement compared to the Euro.
Generating €3.3m ($3.6m) in revenues, Intralot noted a better than expected performance for its newly-established INC B2B managed contracts in Montana and Washington.
Meanwhile, in LatAm, Intralot’s Argentinian division performed robustly, with revenues increasing by 68.9% YoY driven by a strong recovery from COVID-19 lockdowns and positive market movements in the country.
FY2021 expenses totaled €101m, which included a Turkish D&A expense of €7m attributed to costs of renewing its Turkish Bilyoner contract until 2029.
Positive FY2021 outcomes saw Intralot turn a profit of €37m ($40.1m), compared to FY2020 losses of €92m ($99.7m). Gross corporate debt has been further reduced to €600m, down from FY2020 debt of €750m ($812.9m).
Chairman & CEO Sokratis P Kokkalis commented: “The successful completion of the Capital Structure optimization in August 2021, resulting in the extension of the 2021 maturities and the significant deleverage by €163m has been a key milestone for Intralot.
“It has provided us the runway to address significant opportunities in the US and worldwide in the coming years in the Lottery, Sports Betting and Monitoring areas. Coupled with strong rebound in key markets after the easing of COVID-19 pandemic measures and cost-efficiencies achieved at HQ level, FY2021 results set the Company in a stable course to tap on new opportunities and create value for all its stakeholders.”
