Intralot SPA, a World Lotteries Association member, has provided investors and the Hellenic Capital Market Commission with updates on further measures undergone to reduce the impact of COVID-19 on the firm’s commercial pipeline and financial performance.
Intralot, which is a member of several lottery associations across the world, estimates that the impact of the pandemic will bring a group-wide EBITDA-level cost in the range of €25-28m on its 2020 full-year accounts.
The Athens listed lottery systems and gambling technology provider stated that beyond safeguarding top-line metrics, the company had accessed all available government measures to ‘alleviate the impact of the pandemic’.
Intralot subsidiaries have applied for ‘applicable governmental support programs’ related to workforce furloughs and financial relief across all operating markets.
The company’s H1 2020 interim statement tracked 2020 corporate losses at €43m, as corporate revenues declined by 55% to €168m. Group performance was limited by pandemic constraints across the supply chain and the cancellation of its Eurobet Bulgaria sportsbook contract.
Seeking to minimise corporate expenditures, Intralot has instructed all operating units to revise existing supplier terms and decrease staff-related costs for the duration of 2020.
Further cost-saving measures have seen Intralot temporarily suspend all planned investments amounting to up to €12m.
November trading saw company founder and chairman Sokratis Kokkalis reinstated as Group CEO effective immediately, replacing incumbent Christos K. Dimitriadis as corporate leader.
The company told investors that Dimitriadis, who had served as Group CEO for less than six months, had been transferred to a new strategic role to accelerate US growth.