Intralot Posts 2022 Results, Prepares to Face Economic Difficulties in 2023

Intralot, an international gaming solutions and operations leader, has published its FY 2022 results, showing slight group revenue decrease. Despite the setbacks, the positive annual and quarterly EBITDA changes attested to the effect of the company’s strategy.

Intralot reported FY 2022 group revenue of $428.7 million (converted to USD), marking a 5.1% year-on-year decline. EBITDA, meanwhile, was $134.1 or 11.3% up from FY 2021. EBITDA was very strong in Q4, for example, increasing by 25.1% to $38million.

Intralot also reported annual operating cash flow of $105.1 million, which translates to a YOY decrease of 10.5%.

In spite of certain declines, the gaming specialist was able to wrap up 2022 with lower net debt than the one it had in 2021. For reference, the company owed $542.6 at the end of 2021 and $535.3 at the end of 2022.

Amid the ongoing economic hurdles, Intralot recorded a 3.9% increase in its operating expenses. The company attributed these results to the unfavorable foreign exchange movements.

CEO Kokkalis Praised His Company’s Robust Performance

While certain metrics were lower than in 2021, Sokratis P. Kokkalis, Intralot’s chair and CEO, praised the results, saying that they reflect the company’s robust performance and restructuring efforts. He also mentioned the successful completion of a $140.8 million share capital increase that attracted Standard General, a US-based fund, as a strategic investor. The money helped Intralot regain control of its US subsidiary.

In addition to that, Intralot was able to repay the US-issued 2025 PIK Toggle Notes thanks to a new $230 million term loan from a consortium of US banks and its own cash. Intralot also secured a new revolving credit facility of $50 million.

Kokkalis concluded that Intralot will continue pursuing growth in the United States and beyond.

In the light of our significantly improved position, we look forward to tapping new growth opportunities in the US and the rest of the world as one of the top gaming technology providers worldwide and working towards refinancing the 2024 Notes.

Sokratis P. Kokkalis, chair & CEO, Intralot

Intralot Is Wary of the Economic Headwinds

Intralot concluded that the current period is challenging as inflationary pressures and rising interest rates weigh on economic growth. These headwinds have a direct effect on Intralot Group and since analysts believe that banks will not ease their monetary policy before the end of 2023, the company prepares for a turbulent period.

Intralot concluded that its management is closely following the geopolitical and economic developments. The company is fully prepared to react and protect its operations if needed.

A few days ago, Intralot continued its NA expansion by signing a new deal with the British Columbia Lottery Corporation.