INTRALOT group announced an increase in revenues and EBITDA for the first half of the year.
In particular, as announced by the group, during the first half of 2022, revenues were €204.8 million (+1.1% on an annual basis).
During the same period, EBITDA profits stood at €55.1m (+1.4% YoY), incorporating the positive impact from cost containment actions at HQ level.
On a quarterly basisQ2 2022 compared to Q2 2021, EBITDA profits decreased by 1.6%, while in the Last Twelve Months (LTM), EBITDA profits from continuing operations stood at €111.2 million, marking an increase of 0.7% compared to the twelve months of 2021.
NIATMI (Net Profits/Loss after Taxes and Minority Rights) from continuing operations stood at €6.1 million losses, compared to €17.6 million losses in the corresponding period last year.
Operating Cash Flows for the 1st half of 2022 amounted to €41.4 million (-19.2% on an annual basis).
The Group’s Net Investments during the 1st half of 2022 amounted to €10.5 million (+10.9% on an annual basis).
The Group’s Cash and Equivalents at the end of the 1st half of 2022 amounted to €116.4 million.
Net Borrowing amounted to €508.7 million at the end of the 1st half of 2022.
The net leverage ratio (Net Debt/ LTM EBITDA) was set at 4.6x at the end of the 1st half of 2022.
2 The Group defines “EBITDA” as “Profits / (losses) before taxes” adjusted for the funds “Profits / (losses) from consolidations using the equity method”, “Profits / (losses) in the net cash position” , “Foreign exchange differences”, “Credit interest and related income”, “Debit interest and related expenses”, “Income / (expenses) from holdings and securities”, “Impairment and write-off losses of fixed assets”, “Gains / (losses) from the sale of fixed assets ”, “Reorganization expenses” and “Depreciation of fixed assets”.
“INTRALOT has recently completed a series of strategic transactions that included a €129 million Equity Increase with the participation of a new strategic investor (cornerstone investor), the acquisition of 100% control of Intralot Inc. in the USA and the refinancing $254 million of bonds issued by Intralot Inc. through a Term Loan and a Revolving Credit Facility (RCF),” stated the President and CEO of the Group, Sokratis P. Kokkalis and added: “These events combined with the continued high performance of the Group, as reflected in the results of the first half of the year, put INTRALOT on a steady course of exploiting new strategic opportunities in developed markets.”
It is noted that on July 26, 2022, INTRALOT announced the successful completion of the Company’s Share Capital Increase for the total amount of €129,224,124.70.
On July 28, 2022, INTRALOT announced the acquisition of shares of Intralot US Securities BV from minority shareholders indirectly owning 100% of the shares of “Intralot, Inc.” incorporated under the laws of the state of Georgia, USA.
On July 29, 2022, INTRALOT announced that its US subsidiary Intralot Inc. signed on July 28, 2022 a Loan Agreement with KeyBank National Association Inc. as Managing Bank and with a Consortium of Banks in the USA for a three-year term loan of $230,000,000 and a Revolving Credit Facility of $50,000,000.
On August 10, 2022, INTRALOT announced that on August 8, 2022, its US subsidiary, Intralot Inc. fully repaid the Notes due 2025 (PIK Toggle Notes) utilizing proceeds from a three-year Syndicated Loan and a Revolving Credit Facility entered into on July 28, 2022 with a consortium of US banks. As a result of the repayment, all 2025 Notes have been cancelled.
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Source: Capital
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