{"id":275,"date":"2024-06-28T09:49:50","date_gmt":"2024-06-28T06:49:50","guid":{"rendered":"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/"},"modified":"2024-06-28T09:49:50","modified_gmt":"2024-06-28T06:49:50","slug":"intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion","status":"publish","type":"post","link":"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/","title":{"rendered":"Intralot Reports Lower Earnings in 2023, but Remains Optimistic About Future Expansion"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/Ony_tZ2fGyo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Although Intralot experienced a decrease in earnings in 2023, the company remains hopeful about future expansion.<\/p>\n<p>Intralot stated that despite reporting a reduction in full-year income, the company&#8217;s lowered net debt in 2023 will enable it to grasp &#8220;substantial&#8221; business prospects worldwide.<\/p>\n<p>Earnings for the twelve months ending December 31, 2023, amounted to \u20ac364 million (\u00a3311.3 million\/$390.5 million), representing a 7.3% year-over-year decline. Intralot attributed this primarily to the termination of its Maltese permit.<\/p>\n<p>Intralot also observed an increase in expenditures this year. This, coupled with the decrease in earnings, led to a reduction in net profit, although EBITDA experienced an annual rise.<\/p>\n<p>Reflecting on the full year, Chairman and CEO Sokratis Kokkalis expressed general optimism. He highlighted the &#8220;consistent growth&#8221; in operating profitability and mentioned the reduction in debt &#8211; debt decreased by 32.1% to \u20ac332 million.<\/p>\n<p>Kokkalis added that the lower debt will empower Intralot to pursue fresh opportunities to bolster its future expansion plans.<\/p>\n<p>&#8220;2023 was a year of consistent growth in operating profitability, robust cash flow, and the attainment of strategic goals of margin expansion, deleveraging, and debt reduction,&#8221; said Kokkalis. <\/p>\n<p>Significant achievements encompass the successful completion of a capital expansion and a comprehensive debt restructuring strategy, which have provided the firm with a solid foundation to utilize its modern and competitive technology to pursue substantial business prospects worldwide.<\/p>\n<p>In the year 2023, Intralot&#8217;s income decreased, primarily due to a reduction in B2C income. B2C income from licensed operations diminished by 68.2% to \u20ac28.4 million, representing 7.8% of total income.<\/p>\n<p>Intralot indicated that the termination of the Maltese permit in early July 2022 was a major contributing factor to the decline in B2C income, resulting in a \u20ac43.9 million reduction.<\/p>\n<p>The organization also observed a \u20ac17 million decrease in B2C income in Argentina. This was attributed to the nation&#8217;s recent economic reforms and the new administration&#8217;s decision in the final month of 2023 to devalue the peso by over 50%.<\/p>\n<p>Intralot reported growth in its two B2B segments (management and technology, and support services). However, this was insufficient to offset the decline in B2C income, resulting in an overall decrease in income.<\/p>\n<p>B2C management income increased by 43.2% to \u20ac72.4 million, driven by growth in Turkey. Intralot emphasized the expansion of online gambling in the country, as well as its success in the local sports betting market. Revenue also increased year-on-year in Morocco and the United States.<\/p>\n<p>Regarding technology and support services, which remain Intralot&#8217;s core business, income grew by 4.1% to \u20ac263.3 million. <\/p>\n<p>Intralot reported that expansion in the Croatian domestic market propelled its overall expansion, while the firm also observed a minor increase in the US market.<\/p>\n<p>Income in other areas also expanded by 9.8%, driven by a new agreement inked with Taiwan&#8217;s public lottery in the middle of 2023. However, Intralot noted that income in Australia dipped slightly due to unfavorable exchange rates.<\/p>\n<p>The Americas remain Intralot&#8217;s primary market<br \/>\nContinuing on a regional basis, Intralot stated that the Americas remain its main source of income. In 2023, the region&#8217;s income reached \u20ac210.3 million, although it was down 10.6% from 2022.<\/p>\n<p>Income in Europe also decreased by 6.0% in 2023 to \u20ac116.1 million. However, income from other markets increased by 30.7% to \u20ac91.4 million, partially offsetting the decline in other areas. Intralot deducted \u20ac53.7 million in intersegment income, resulting in a final total of \u20ac364 million.<\/p>\n<p>In terms of gambling types, 53.4% of total income in 2023 came from lottery games. Sports betting accounted for 20.5%, video lottery terminals for 11.8%. Another 14.3% came from IT products and services.<\/p>\n<p>Net profit down 7.6%<br \/>\nIn terms of costs, operating expenses increased by 14.3% in 2023 to \u20ac114.1 million. However, it wasn&#8217;t all negative news on the spending front, with costs in other areas decreasing.<\/p>\n<p>This includes depreciation and amortization, which fell by 3.1% to \u20ac67.9 million, and interest and related expenses, which fell by 2.9% to \u20ac35.7 million.<\/p>\n<p>As a result, pre-tax profit was \u20ac33.6 million, down 12%. <\/p>\n<p>Intralots income saw an increase of 8% over the previous year. Although the company did not divulge specific tax information, it reported that net income after taxes and minority interest (NIATMI) experienced a decline of 7.6%, reaching \u20ac5.8 million.<\/p>\n<p>However, not all the news was bleak. EBITDA saw a growth of 5.4%, reaching \u20ac129.5 million, while earnings before interest and taxes (EBIT) experienced a rise of 19.3%, reaching \u20ac61.6 million.<\/p>\n<p>Intralot encountered a loss in the final quarter.<br \/>\nIn the last three months of the year, Intralots financial performance was not positive. Revenue decreased by 7.7% to \u20ac84 million, primarily due to the fluctuations in the Argentine economy.<\/p>\n<p>Operational expenses rose by 27.2% to \u20ac37.6 million, and depreciation and amortization costs increased by 18.8% to \u20ac19.4 million. However, interest and related expenses saw a slight decrease to \u20ac7.7 million.<\/p>\n<p>This resulted in a pre-tax profit of \u20ac1.4 million, a decrease of 86.1% from the previous year. While Intralot did not disclose specific tax details, it reported that NIATMI in the final quarter fell by 125.9% to \u20ac3.2 million.<\/p>\n<p>EBITDA also experienced a decline of 18.3% to \u20ac28.4 million, while EBIT decreased by 50.7% to \u20ac9.1 million.<\/p>\n<p>Looking towards the future<br \/>\nConsidering how Intralot will begin 2024, the group has been encouraged in recent weeks by a series of contract announcements with existing partners.<\/p>\n<p>This includes a renewed agreement with the Malaysian gambling company Magnum Corporation. The agreement, reached in March, will extend the partnership for over 17 years. Other recent deals include a renewed agreement with La Marocaine des Jeux et des Sports in Morocco. <\/p>\n<p>These arrangements are part of a sequence of agreements in 2023, such as a fresh sports wagering partnership with the British Columbia Lottery Corporation (BCLC). Kokkalis&#8217; remarks about pursuing &#8220;substantial business opportunities&#8221; indicate that Intralot might have more arrangements in the pipeline.<\/p>\n<p>Intralot recently finalized the amalgamation of its wholly owned subsidiary, &#8220;Betting Company Single Member S.A.&#8221;, as part of its other operations.<\/p>\n<p>However, there are inquiries about how the organization reports its accounts receivable. Accounts receivable are a method to recognize income before a business actually produces it.<\/p>\n<p>Intralot noted when detailing its accounts receivable in 2023 that they rose to \u20ac18.5 million compared to \u20ac6.8 million in the prior year. Trade and other short-term accounts receivable were also higher, at \u20ac119.9 million compared to \u20ac109.9 million in 2022.<\/p>\n<p>Regarding other financing, Intralot addressed its capital requirements by repaying its 5.250% senior notes due in September this year. This was accomplished by issuing \u20ac130 million in bonds and securing a \u20ac100 million bond loan from a group of five Greek banks.<\/p>\n<p>On the same day as the bond transaction, Kokkalis purchased 400,000 common registered shares and another 420,000 shares the next day. This signifies his belief in the company&#8217;s future.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although Intralot experienced a decrease in earnings in 2023, the company remains hopeful about future expansion. Intralot stated that despite reporting a reduction in full-year income, the company&#8217;s lowered net&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Intralot Sees Growth Despite 2023 Earnings Dip<\/title>\n<meta name=\"description\" content=\"Intralot\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Intralot Reports Lower Earnings in 2023, but Remains Optimistic About Future Expansion\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Intralot\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Enjoy Exceptional Casino Entertainment | Licensed &amp; Secure\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T06:49:50+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/\",\"url\":\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/\",\"name\":\"Intralot Sees Growth Despite 2023 Earnings Dip\",\"isPartOf\":{\"@id\":\"https:\/\/freespinsnodeposituk.icu\/#website\"},\"datePublished\":\"2024-06-28T06:49:50+00:00\",\"dateModified\":\"2024-06-28T06:49:50+00:00\",\"author\":{\"@id\":\"https:\/\/freespinsnodeposituk.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Intralot\",\"breadcrumb\":{\"@id\":\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/freespinsnodeposituk.icu\/2024\/06\/28\/intralot-reports-lower-earnings-in-2023-but-remains-optimistic-about-future-expansion\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/freespinsnodeposituk.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Intralot Reports Lower Earnings in 2023, but Remains Optimistic About Future Expansion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/freespinsnodeposituk.icu\/#website\",\"url\":\"https:\/\/freespinsnodeposituk.icu\/\",\"name\":\"Enjoy Exceptional Casino Entertainment | Licensed &amp; Secure\",\"description\":\"Discover the dynamic world of online gambling through our regularly updated news, honest game reviews, and informative articles. 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