Of Costa Ketsietzis
Just over € 100 million is expected to close Intralot’s EBITDA operating profit in 2021, receiving significant support from the US subsidiary.
Intralot Inc has become for good the “crown jewel” for the Greek listed company and as it seems 2022 will be a year of developments, with the management of Intralot still keeping its papers closed.
“We are considering all the possibilities of utilization,” said once again, the Deputy CEO of Intralot Chrysostomos Sfatos, when asked by the analysts during yesterday’s teleconference about the results of nine months.
It is noted that in June, the president and CEO of Intralot, Socrates Kokkalis, had stated that the listing of Intralot Inc on the Nasdaq was being considered and according to information, the preparations have already begun and the landscape is expected to clear within the next year.
In the coming months, probably in March 2022, news is expected for the fourth lottery competition in Britain that is in progress, as the current license expires in 2023.
Intralot participates in a scheme that claims the big lottery as a technology provider and if it finally prevails, this contract will significantly change the data for the listed company, according to its management team.
In the meantime, however, Intralot’s management is focusing on strengthening the group’s operations in the developed markets of the USA, Europe and Oceania, which now generate 80% of its revenue and 85% of its EBITDA. Again the burden for new contracts and partnerships is to fall in North America (USA and Canada), where opportunities for sports betting are opening up.
Refinancing on the table
An issue that will concern the management of the listed company within the next year concerns the refinancing of its lending.
Following the double deal that closed last August and which reduced Intralot’s debts by 163 million euros, the focus is now on the group bonds that expire in September 2024, but also the bonds of the American subsidiary that expire in September. 2025.
Intralot’s management estimates that it will be able to refinance its lending on better terms.
The group’s net debt amounted to 501.2 million euros at the end of the nine months of 2021, reduced by 149.9 million euros compared to the twelve months of 2020. The Net Debt / LTM EBITDA ratio stood at 4.9x against 6 , 9x in the first half of 2021.
Total Lending is reduced by 137.9 million euros compared to June 2021 and by 159.6 million euros compared to December 2020
It is recalled that during the nine months of 2021, the group’s revenues amounted to 302.8 million euros (+ 24.4% on an annual basis). During the same period, EBITDA profits amounted to 82.6 million euros (+ 82.5% on an annual basis).
During the last twelve months (LTM), EBITDA profits amounted to 103.2 million euros, marking an increase of 56.7% compared to the twelve months of 2020 from continuing operations.
Intralot: 82.5% increase in EBITDA and 24.4% in nine-month income
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Source From: Capital
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