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03/6/14 - €24.13
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04/18/13 - €18.36
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gtech spa (GTK) Details

GTECH S.p.A. operates and provides technology solutions for regulated gaming markets worldwide. It provides and operates online lottery transaction processing systems; designs, sells, and operates a suite of lottery-enabled point of sale terminals; supplies instant ticket games; operates press; and provides instant ticket marketing plans and graphic design, programming, production, packaging, and shipping and delivery services. The company also provides video lottery terminals (VLT), VLT central systems, and VLT games to government customers and operators; video and traditional mechanical reel slot machines and casino systems to casino operators; and amusement with prize machines and games to government customers, as well as designs, develops, manufactures, and provides cabinets, games, systems, and software. In addition, it is involved in the provision of sports betting platform that offer betting on sporting events, motor sports, and non-sporting events, such as entertainment, music, culture, and current affairs; transaction processing of non-lottery commercial transactions, such as prepaid cellular telephone recharges, bill payments, and ticketing for sporting and musical events; and collection, processing, and network services on behalf of third parties, as well issues electronic money through immediate conversion of funds. Further, the company provides online games, such as poker, casino, bingo, and other board and soft games. The company was formerly known as Lottomatica Group S.p.A. and changed its name to GTECH S.p.A. in June 2013. The company is headquartered in Rome, Italy. GTECH - Società per Azioni is a subsidiary of De Agostini S.p.A.

8,600 Employees
Last Reported Date: 03/13/14

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gtech spa (GTK) Key Developments

GTECH S.p.A. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year of 2013; Provides Earnings Guidance for the Year 2014

GTECH S.p.A. announced consolidated earnings results for the fourth quarter and full year of 2013. For the quarter, consolidated revenues were EUR 773 million, down 5%, mostly due to the phasing out of the Canadian replacement cycle and to foreign exchange. On a constant-currency basis, consolidated service revenues were up 2% in the quarter. EBITDA was stable at EUR 245 million. It was 1% higher on a constant-currency basis. Quarterly operating income of EUR 104 million is impacted by certain restructuring costs. The company announced in December a EUR 28 million tax settlement in Italy. Net income attributable to the owners when adjusted for this settlement was EUR 29 million, resulting in EPS of EUR 0.17. For the year 2013, both EBITDA and operating income are shown before and after the EUR 30 million Machine Gaming settlement in Italy. When taking this onetime event into account, EBITDA was at the higher end of the 2013 guidance. Recurring operating income was EUR 589 million or 1% higher than in the previous year. Net income was EUR 224 million when grossed up for the onetime impact of the gaming machine and the tax settlement. Net financial position as of December 31 was also in the guided range and improved to EUR 2.51 billion from EUR 2.55 billion at the end of 2012. Operating income reflect the slight increase in D&A and EUR 21 million of restructuring costs. Net income discounts the effect of the tax settlement in Italy. Cash from operation at the end of December was EUR 696 billion. Maintenance CapEx was lower than anticipated due to delays in the investments initially forecast for 2013 of approximately EUR 35 million and the remaining due to CapEx optimization. The company provided earnings guidance for 2014. Revenues are expected to grow between 3% and 6%, driven by mid-single-digit growth in the lottery business in the Americas; positive contribution from international; and recovery in Italy, where the company expects top line growth in sports betting, benefiting notably from the soccer World Cup. Italian lotteries are expected to be stable. Revenues from product sales would show reduction due to the unfavorable comparison with 2013 that benefited from the Canadian replacement cycle. The company expects operating income to be up slightly in 2014. In 2014, the company expects the booked tax rate to go back to normal and be slightly north of 40%. EBITDA, when corrected for the one-offs should improve year-over-year. Maintenance CapEx is budgeted to be at the same level as 2013 guidance, taking into account the timing shift of EUR 35 million related to last year. Also for this year, growth CapEx is confirmed to be in the range of EUR 115 million to EUR 130 million related to new projects in Greece, Colorado, the tail of New Jersey and the betting tender in Italy and the acquisition of Probability.

GTECH S.p.A., 2013 Earnings Call, Mar 13, 2014

GTECH S.p.A., 2013 Earnings Call, Mar 13, 2014

GTECH S.p.A. to Report Fiscal Year 2013 Results on Mar 13, 2014

GTECH S.p.A. announced that they will report fiscal year 2013 results on Mar 13, 2014


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