Intralot released
its H1 2014 results yesterday, post market close, which came worse than
expected at the operating level (spot in line with regards to sales),
severely penalized by increased depreciation and higher financial expenses.
On a H1 basis, Intralot reported group sales, EBITDA
and net losses of EUR905m (+26% y-o-y), EUR89.5m (-8%) and EUR24m (against
net income of EUR2.6m in H1 2013), respectively.
In turn, Q2 reported group sales, EBITDA and net
losses stood at EUR460m (+27% y-o-y), EUR38m (-11%) and EUR15.6m (vs EUR2.3m
loss in Q2 2013).
Net debt dropped to EUR401m in H1 2014, down 6.4m vs
Q1 2014 levels thanks to lower capex (EUR15.5m vs EUR29.4 in 1H13) which more
than offset EUR5.1m expenses linked to EUR250m 7-year bond issue.
Intralot will host a H1 2014 results conference call
today at 17:00 Athens Time (15:00 London Time).
Despite a strong top-line performance, Intralot
continues to suffer from high financial expenses and depreciation charges,
hit also by margin erosion (reflecting new OPAP contract terms), which
delivered a massive blow to group earnings.
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