{"id":220,"date":"2024-06-27T00:52:02","date_gmt":"2024-06-26T21:52:02","guid":{"rendered":"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/"},"modified":"2024-06-27T00:52:02","modified_gmt":"2024-06-26T21:52:02","slug":"intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion","status":"publish","type":"post","link":"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/","title":{"rendered":"Intralot Reports Earnings Decline 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\/rj65eWtseW8\"\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 states that, while annual income declined, the reduction in net liability in 2023 will enable the company to pursue &#8220;substantial&#8221; business ventures worldwide.<\/p>\n<p>Intralot, despite a 7.3% drop in earnings in 2023, remains positive about future expansion.<\/p>\n<p>Earnings for the 12 months ending December 31, 2023, were \u20ac364 million (\u00a3311.3 million\/$390.5 million), down 7.3% year-over-year. Intralot attributed this primarily to the termination of its Maltese permit.<\/p>\n<p>Intralot also increased spending throughout the year. This, coupled with the decrease in income, resulted in a decline in net profit, although EBITDA increased year-over-year.<\/p>\n<p>Chairman and CEO Sokratis Kokkalis expressed general optimism in his review of the year. He emphasized the &#8220;stable growth&#8221; in operating profitability and mentioned the reduction in debt &#8211; which fell by 32.1% to \u20ac332 million.<\/p>\n<p>Kokkalis added that the lower debt would enable Intralot to pursue new ventures to support its future expansion plans.<\/p>\n<p>&#8220;2023 was a year of stable growth in operating profitability, robust cash flow and the achievement of strategic goals of margin expansion, deleveraging and debt reduction,&#8221; Kokkalis stated. <\/p>\n<p>A significant achievement was the successful completion of the capital increase and debt restructuring plan. This enabled the company to capitalize on global business opportunities, leveraging its modern and competitive technology.<\/p>\n<p>Intralot&#8217;s consumer-facing business experienced a downturn in 2023, primarily due to a decrease in consumer revenue. Revenue from licensed operations declined by 68.2% to \u20ac28.4 million, accounting for 7.8% of total revenue.<\/p>\n<p>The expiration of the Maltese license in early July 2022 was a key factor in the consumer-facing decline, resulting in a \u20ac43.9 million revenue drop.<\/p>\n<p>Intralot also observed a decrease in consumer revenue in Argentina, totaling \u20ac17 million. This was attributed to economic reforms in the country and the new administration&#8217;s decision to devalue the peso by over 50% in late 2023.<\/p>\n<p>Business-to-business growth couldn&#8217;t compensate for the consumer-facing decline.<br \/>\nIntralot witnessed growth in both of its business-to-business segments (management and technology, and support services). However, this wasn&#8217;t sufficient to offset the consumer-facing decline, leading to a decrease in overall revenue.<\/p>\n<p>Management revenue in the consumer-facing segment increased by 43.2% to \u20ac72.4 million, driven by growth in Turkey. Intralot emphasized the expansion of the country&#8217;s online gambling business and its success in the local sports betting market. Revenue from Morocco and the United States also increased year-over-year.<\/p>\n<p>Technology and support services, which remain Intralot&#8217;s core operations, saw revenue grow by 4.1% to \u20ac263.3 million. <\/p>\n<p>A Greek firm, Intralot, has declared that its earnings in Croatia have gone up, and it has also observed a minor improvement in the United States.<\/p>\n<p>Intralot has also recorded a 9.8% revenue boost in other areas, due to a new agreement signed with Taiwan&#8217;s lottery in the middle of 2023. However, Intralot also mentioned that income in Australia has dipped slightly due to unfavorable exchange rates.<\/p>\n<p>The Americas remain Intralot&#8217;s main market.<br \/>\nIntralot continues to refine its geographical analysis, revealing that the Americas remain its primary source of income. In 2023, the region generated \u20ac210.3 million in revenue, even though this was a 10.6% decrease from 2022.<\/p>\n<p>Earnings in Europe also decreased by 6.0% in 2023, reaching \u20ac116.1 million. However, revenue from other markets increased by 30.7%, reaching \u20ac91.4 million, partially offsetting the decline in other regions. Intralot recorded a \u20ac53.7 million write-off in cross-segment revenue, resulting in total revenue of \u20ac364 million.<\/p>\n<p>In terms of gambling types, 53.4% of total revenue in 2023 came from lottery games. Sports betting accounted for 20.5%, video lottery terminals for 11.8%, and the remaining 14.3% came from IT products and services.<\/p>\n<p>Net profit dropped by 7.6%.<br \/>\nIn terms of costs, operating expenses increased by 14.3% in 2023, reaching \u20ac114.1 million. However, not all the news was negative on the expenditure front, with costs in other areas decreasing.<\/p>\n<p>This includes depreciation and amortization, which decreased by 3.1% to \u20ac67.9 million; interest and related expenses decreased by 2.9% to \u20ac35.7 million.<\/p>\n<p>As a result, pre-tax profit was \u20ac33.6 million, a decrease of 12%. <\/p>\n<p>In the previous fiscal year, Intralot witnessed an 8% upswing in earnings. Although they didn&#8217;t divulge the precise amount of taxes paid, they did disclose that their net income after taxes and minority interests (NIATMI) experienced a 7.6% year-over-year decline, reaching 5.8 million euros.<\/p>\n<p>However, not all the news was bleak. EBITDA saw a 5.4% increase, reaching 129.5 million euros, and earnings before interest and taxes (EBIT) rose by 19.3% to 61.6 million euros.<\/p>\n<p>Intralot encountered a deficit in the final quarter.<br \/>\nDuring the last three months of the year, Intralot&#8217;s financial performance was less than ideal. Revenue dipped by 7.7% to 84 million euros, primarily due to alterations in the Argentinian economy.<\/p>\n<p>Operating expenses rose by 27.2% to 37.6 million euros, while depreciation and amortization costs climbed by 18.8% to 19.4 million euros. However, interest and associated costs saw a minor reduction to 7.7 million euros.<\/p>\n<p>This resulted in a pre-tax profit of 1.4 million euros, a substantial decrease of 86.1% compared to the previous year. Tax specifics were not revealed, although Intralot stated that the fourth quarter NIATMI dropped by 125.9% to 3.2 million euros.<\/p>\n<p>EBITDA for the quarter also declined by 18.3% to 28.4 million euros, while EBIT fell by 50.7% to 9.1 million euros.<\/p>\n<p>Looking Ahead<br \/>\nAs Intralot sets its sights on 2024, the group has been invigorated by a series of contract announcements with existing partners in recent weeks.<\/p>\n<p>These include a renewal agreement with Malaysian lottery operator Magnum Corporation. The agreement, reached in March, extends the partnership for over 17 years. Other recent deals include a renewal agreement with La Marocaine des Jeux et des Sports in Morocco. <\/p>\n<p>These agreements were reached in 2023, including the new sports wagering collaboration with the British Columbia Lottery Corporation (BCLC). Kokkalis&#8217;s discussion about seeking &#8220;significant business opportunities&#8221; indicates that Intralot might have more arrangements in the pipeline.<\/p>\n<p>Concerning other operations, Intralot recently finalized the amalgamation of its wholly owned subsidiary under the name &#8220;Betting Company Single Member S.A.&#8221;<\/p>\n<p>Nevertheless, inquiries persist regarding how the organization reports accounts receivable in its financial statements. Accounts receivable are a method of recognizing income before a company actually earns it.<\/p>\n<p>When outlining accounts receivable for 2023, Intralot mentioned that they rose by \u20ac18.5 million compared to \u20ac6.8 million in the previous year. Trade and other short-term receivables were also elevated, 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 of 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 acquired 400,000 common registered shares and another 420,000 shares the next day. This suggests confidence in the company&#8217;s outlook.<\/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&#8230;<\/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: Down But Not Out, Eyes Global Expansion<\/title>\n<meta name=\"description\" content=\"Despite a dip in earnings, Intralot remains optimistic about future growth, citing reduced liabilities as fuel for global ventures.\" 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:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-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 Earnings Decline in 2023 but Remains Optimistic About Future Expansion\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Despite a dip in earnings, Intralot remains optimistic about future growth, citing reduced liabilities as fuel for global ventures.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unleash Your Inner Casino Champion | Licensed Games &amp; Strategies\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T21:52:02+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:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/\",\"url\":\"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/\",\"name\":\"Intralot: Down But Not Out, Eyes Global Expansion\",\"isPartOf\":{\"@id\":\"https:\/\/winportcasinonodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-26T21:52:02+00:00\",\"dateModified\":\"2024-06-26T21:52:02+00:00\",\"author\":{\"@id\":\"https:\/\/winportcasinonodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Despite a dip in earnings, Intralot remains optimistic about future growth, citing reduced liabilities as fuel for global ventures.\",\"breadcrumb\":{\"@id\":\"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/winportcasinonodepositbonus.icu\/2024\/06\/27\/intralot-reports-earnings-decline-in-2023-but-remains-optimistic-about-future-expansion\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/winportcasinonodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Intralot Reports Earnings Decline in 2023 but Remains Optimistic About Future Expansion\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/winportcasinonodepositbonus.icu\/#website\",\"url\":\"https:\/\/winportcasinonodepositbonus.icu\/\",\"name\":\"Unleash Your Inner Casino Champion | Licensed Games &amp; Strategies\",\"description\":\"Discover the secrets of casino success through our fresh news, in-depth game reviews, and informative insights. 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