小杨嫂黑料

小杨嫂黑料 continues to deliver substantial growth in sales and earnings

• Revenues grew by 12,4% to 鈧�227 m
• EBITDA up 19% to 鈧�70,7 m
• Net Income before taxes up 22,4% to 鈧� 63,5 m

Athens, Greece 鈥揘ovember 14th, 2002 鈥� 小杨嫂黑料 announces consolidated interim results for the nine months ended 30 of September 2002.

 

小杨嫂黑料 achieved to sustain a high growth in its revenues, operating earnings, earnings per share and to maintain its ability to generate considerable operating cash flow.

 

1. Overview

 

Consolidated results:

million euros	9 months 02	9 months 01	Change %
Sales	227	202	+12,4
EBITDA	70,7	59,5	+19
PBT	63,5	51,9	+22,4

 

Revenues reached 鈧� 227 million compared to 鈧� 202 million in the same period last year, a 14,4% increase compared to the previous period mainly driven by the fixed odds betting operation.

 

Gross margin improved to 32,5% from 30% last year, mainly driven by higher domestic revenues and new international contracts.

 

EBITDA (earnings before interest, tax, depreciation and amortization) increased by 19 % to 鈧�70,7 million, compared to 鈧�59,5 million in the same period last year.

 

EBITDA margin improved and reached 31,2% (last year 29,4%) reflecting operational efficiency and the higher proportion of revenues coming from higher margin operations, such as fixed odds betting.

 

Income before taxes recorded an increase of 22,4% by reaching 鈧�63,5 million compared to 鈧�51,9 million, on nine months 2001.

 

Net cash position reached 鈧�64 million, improved from 鈧�46 million on six months (six months net cash position was affected by the dividend payment made on June). The strong cash position demonstrates the company鈥檚 ability to generate significant free cash flow through the projects it undertakes and efficiently utilize its capital employed.

 

Expenses increased 22% driven by a 25% increase in administrative expenses (due to high effort in monitoring international expansion) and a 75% increase in RnD expenses.

 

Parent results:

million euros	9 months 02	9 months 01	Change %
Sales	64,3	41,2	+56
EBITDA	42,2	33,1	+27
Net Income	41,7	33,5	+24,5

 

Revenues increased 56% reaching 鈧�64,3 million from 鈧�41,2 million in the prior year semester. This increase was primarily driven by several new international contracts.

 

EBITDA increased to 鈧� 42,2 million though EBITDA margin decreased due to higher proportion of systems in sales mix.

 

Income before taxes increased to 鈧� 41,7 million, an increase of 24,5 % compared to the previous period.

 

Cash stood at 鈧�36 million and the company has no borrowings.

 

Commenting on the results, 小杨嫂黑料鈥檚 Chief Executive Officer, Mr. Constantinos Antonopoulos said: 鈥淭he nine months financial results are consistent with our expectations of accomplishing significant growth in both revenues and profitability. Furthermore, 小杨嫂黑料 continues to expand its business in the international market, pursuing numerous contracts worldwide. The recent deal in Turkey signifies the penetration in the very promising Turkish market, through the collaboration with one of the leading local corporations. Our estimation is that this new contract is of great added value for 小杨嫂黑料, since the potential of the Turkish lottery and betting market has not yet been exploited.

 

During 2003, the impact of our internationalisation strategy is expected to ensure the group鈥檚 profitability growth.鈥�

 

 

3. Third quarter highlights

 

• The new contract in Turkey
• The Chilean project has started successfully
• Betting continues to exhibit high growth both in Greece and Bulgaria
• Instant Lottery sales stable on the nine months period but, thereafter, increasing on a year-over-year basis
• Romanian Videolotto continues to expand

About 小杨嫂黑料

 

小杨嫂黑料 is engaged in the development of integrated gaming systems and provides multiple services related to the design, development, operation and support of games. Based on its extensive know how, advanced product development specifications and substantial experience in organizing and operating lottery games, 小杨嫂黑料 can offer its clients custom-made integrated solutions, which ensure maximum efficiency and absolute security. Following a highly successful period of rapid growth, 小杨嫂黑料 is ranked 3rd in revenues and 2nd in profits, based on 2001 financial results, among lottery suppliers worldwide, and maintains a steady course towards the leading position in the global market. Today the company has secured an important position in the European and South American markets while is expanding its presence in North America and S.E. Asia.