Snai: main consolidated economic and financial data
The Board of Directors of Snai S.p.A. met in Milan under Giorgio Sandi’s chairmanship and approved the consolidated interim report for the Group as of 30 September 2012, setting forth third quarter revenues of Euro 105.7 million and third quarter Ebitda of Euro 4 million and, for the first nine months of the year, revenues of Euro 369.5 million and Ebitda of Euro 38.3 million.
Written by Redazione
As compared with the first nine months of 2011, 2012 has been marked primarily by a higher payout for sports bets, a factor which has affected the entire Italian market, which has had an adverse effect on both revenues and EBITDA for the period. With respect to forecasts, moreover, the continuation of the block on the Barcrest VLT platform has given rise to reduced growth in this product segment.
Mostly for these elements, the revenues for the first nine months of 2012 amount to Euro 369.5 million, down 8.7% with respect to the same period in 2011 (Euro 404.9 million). The payout for sports bets which rose from 79,7% in the first nine months of 2011to 84% in the same period of 2012, has led to a reduction in revenues of approximately Euro 27 million. This was coupled with a 6.7% decrease in wagers. Wagers have been showing a downward trend also for horse race betting due to the continuation of the crisis affecting such segment.
However, Snai’s market share in the VLT segment has risen to 4%of the relevant market. Ebitda amounts to Euro 38.3 million down from Euro 56.1 million reported in the same period in 2011, essentially on account of the above-mentioned reduction of revenues by Euro 27 million, caused by the unfavorable variation in the payout, which was particularly concentrated in the month of September. The growing contribution of VLTs and remote gaming continues, even if the unavailability of the Barcrest platform limits the number of machines wagering with respect to the full potential of SNAI’s network.
For the same reasons, Ebit is negative in the amount of Euro - 8.4million, as compared with the positive amount of Euro 7.4 million generated at the end of the first nine months of 2011.
The results of operations for the first nine months of 2012 therefore show a loss of Euro 24.7 million, as compared with the loss of Euro 17.2 million registered in the same period last year.
The net financial position as of 30 September 2012 amounts to Euro 362 million, up 2.1% from the amount of Euro 354.4 million registered at the end of 2011. A delay in collections from ASSI/Unire and from retailers has contributed toward this variation.