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GTECH S.p.A.’s Board of Directors, chaired by Mr. Lorenzo Pellicioli, today reviewed both the fourth quarter and full year consolidated results, and approved the financial statements for the year ended December 31, 2014.
“We ended 2014 on another robust quarter, with strong product sales in the Americas and International and steady service revenues overall,” said Marco Sala, CEO of GTECH S.p.A. “We are finalizing the acquisition of IGT, ready to initiate the integration of our two companies, and to consolidate our leadership of the global gaming industry.”
"Our underlying operating performance was very solid in the fourth quarter,” said Alberto Fornaro, CFO of GTECH S.p.A. "Excluding one-off items primarily related to the IGT acquisition, we achieved or exceeded guidance in all our key full-year metrics: EBITDA, CapEx, Operating Income, and Net Financial Position.”
Consolidated Revenues were €809 million, up approximately 5% from €773 million in the fourth quarter of 2013. This increase was principally driven by product sales which rose to €86 million in the quarter from €51 million in the fourth quarter of 2013, chiefly reflecting higher product deliveries in the International and Americas segments. Service revenues were up slightly to €723 million versus the same period last year.
EBITDA was up 7% to €261 million compared to €245 million in the fourth quarter of last year. Operating Income was €97 million compared to €104 million last year. Operating Income was up 22% to €127 million excluding one-off items which consist of transaction costs of €22 million associated with the pending IGT acquisition and an €8 million adjustment to goodwill related to the sale of the ticketing business in Italy.
Interest Expense was €65 million compared to €42 million last year, the increase being principally due to the bridge facility which was entered into in anticipation of the closing of the IGT acquisition. Net loss attributable to the owners was €93 million, compared to net income of €1 million in the 2013 fourth quarter, primarily attributable to the make-whole on the early redemption of the 2023 Notes, higher interest expense related to the bridge facility, a higher effective income tax rate primarily related to additional taxation related to the Italian reorganization, as well as the tax settlement and non-deductible costs associated with the IGT acquisition. Diluted loss-per-share was €0.54 compared to income of €0.01 in the fourth quarter of last year. Excluding the one-off items primarily related to the IGT acquisition, net income attributable to the owners was €53 million up from €29 million and Diluted EPS was €0.31 up from €0.17 last year.
Capital Expenditures in the quarter were €66 million. |
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