Snai S.p.a.: Consolidated Key Economic and Financial Figures as of 31 March 2012

Milan, 11 May 2012 – The Board of Directors of Snai Spa, which met today in Milan, has approved the Group’s quarterly report as of 31 March 2012, showing revenues of Euro 141 million and Ebitda of Euro 27.2 million.

Snai Group – comparison of results achieved in the first quarter of 2012

Total consolidated income statement1Q 20121Q 2011Diff. %
Revenues 140.996 157.133 -10%
Ebitda 27.192 33.159 -18%
Operating income 10.979 17.317 -37%
Earnings before tax 1.339 9.181 -87%
Net earnings for the Group 0,2 6,5 -97%

The figures are expressed in thousands of Euro.

Ebitda is a figure obtained by taking the sum of operating income, reserves, amortization, impairment and other non-monetary items. Ebitda is considered an alternative performance indicator but is not defined as such under International Financial Reporting Standards (“Ifrs”): therefore, it need not take into account the requisites set forth under IFRS on the determination, valuation and presentation of amounts. We are of the view that Ebitda is useful to explain the movements in operating performance and provide useful information on the capacity to manage indebtedness and is commonly used by analysts and investors in the gaming sector. Ebitda must not be considered an alternatve to operating income as a performance indicator or an alternative to the cash-flow statement as a measurement of liquidity. Ebitda may not be comparable with the same indicators used by other companies.

With respect to the same quarter in 2011, the different payout in sports betting (80.2% as compared with 77.3% in 2011) has had a considerable impact on revenues. The decline in revenues from sports betting and the additional contraction in horse race betting was offset by the growth in revenues from VLTs (which were not yet fully operational in 1Q 2011) and on-line skill and casino games. Revenues are therefore down 10% as compared with 2011 and Ebitda has fallen by 18% as compared with the first quarter of 2011.

Results of operations in the first quarter of the current year show net earnings of Euro 200 thousand; at the end of the same period in 2011, earnings amounted to Euro 6.5 million.

Ebit amounts to Euro 11 million: at the end of the first quarter of 2011, Ebit was Euro 17.3 million (-37%).
This decline is due to the same reasons behind the contraction in revenues and Ebitda.

Net financial position as of 31 March 2012 amounts to Euro 352.5 million in the same period in 2011, it amounted to Euro 323.4 million, which figure still benefited from delays in the payment of trade debts
amounting to Euro 20 million. As already announced, the debt renegotiation process, which was concluded in March 2011, allows Snai Group to operate on a continuous basis, with the financial means necessary to
support both its development plans and the re-alignment of its debt maturity dates with expected future cash flows.

Press release 0.33 MB PDF
11 May 2011 - 11:43