Latest News – Page 220

FBM® Foundation helps 350 families in Quezon City under the Bayanihan para sa Kababayan project

May 31, 2023 Published by EuropeanGaming.eu

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FBM^® Foundation keeps empowering Filipino communities with the solidarity journey of its Bayanihan para sa Kababayan program. The most recent act of the project happened on May 26^th and had the special participation of PAGCOR and Barangay UP Campus representatives as well as the involvement of the actor Daniel Matsunaga. The FBM^® brand ambassador joined the FBM^® Foundation volunteers for a meaningful donation of essential goods to 350 Pook Aguinaldo families in Quezon City.

After its kick-off in January of 2023, the Bayanihan para sa Kababayan project keeps spreading its social impact and reinforcing the FBM^® Foundation’s commitment to support Filipino communities and the families in need with essential care.

The last stop in Pook Aguinaldo, Quezon City, allowed to support 350 families directly with essential goods. The donations included 350 sacks of 10-kilo rice, 350 bags of food aid (each comprising one milk carton, two dozen eggs, 12 packets of instant noodles, and 18 canned goods), and 350 vitamins for adults and children usage.

This FBM^® Foundation initiative had the special participation of Eric Balcos, Assistant Vice President of PAGCOR, and Zenaida Lectura, Chairwoman of Barangay UP Campus, and involved the contribution of 15 dedicated volunteers. Daniel Matsunaga, actor and FBM^® brand ambassador, also joined the volunteer crew wholeheartedly and invested his time and energy in the food distribution, inspiring others to engage in acts of kindness.

This is the second act of the Bayanihan para sa Kababayan program in May, after the solidarity action in Cavite City answering to the effects of a fire alarm in a residential area of Barangay that impacted positively 2.000 Filipinos.

A project with real impact in the Filipino social landscape

The Bayanihan para sa Kababayan project is intensifying its roadmap of actions and creating a brighter future for all Filipinos with its beneficent spirit. Activated at the beginning of 2023, the FBM^® Foundation program was the helping hand for several families in different regions of the Philippines and remains vigilant to emergencies and situations that demand a quick social response.

For Vitor Francisco, Director at FBM^® Foundation, “The Bayanihan para sa Kababayan project is a perfect example of FBM Foundation’s mission! The fulfilling power of this program uplifting the spirits of the Filipino families with all the assistance and care provided is unmeasurable. It gives us more energy to continue this beautiful hike”, mentioned the spokesman.

Through its efforts, the FBM^® Foundation has proven that even the smallest act of kindness can have a significant impact on people’s lives. As the foundation continues to serve communities in need, its legacy of kindness and generosity can inspire others to follow in their footsteps and make a difference in the world.

ELBIT SYSTEMS REPORTS FIRST QUARTER 2023 RESULTS

May 31, 2023 Published by Roboticulized.com

Elbit Systems Ltd. (“Elbit Systems” or the “Company”) (NASDAQ: ESLT) and (TASE: ESLT), the international high technology defense company, reported today its consolidated results for the quarter ended March 31, 2023.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive view of the Company’s business results and trends. For a description of the Company’s non-GAAP definitions see page 3 below, “Non-GAAP financial data”. Unless otherwise stated, all financial data presented is US-GAAP financial data.

Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented:

“The financial results in the first quarter reflect the demand for our portfolio of technologically advanced and relevant solutions that resulted in a record order backlog of $15.8 Billion, an increase of 16% compared to the first quarter of 2022.
We continue to invest in our people, new and legacy facilities, and R&D to deliver the order backlog and realize the significant potential created by the growth in defense budgets around the world.
I am confident that the sustained demand for our solutions and our operational improvement activities will support the successful implementation of Elbit Systems’ long term strategy.”

First quarter 2023 results:

Revenues in the first quarter of 2023 were $1,393.5 million, as compared to $1,352.8 million in the first quarter of 2022.

Aerospace revenues decreased by 10%, to $420.8 million in the first quarter of 2023 from $465.0 million in the first quarter of 2022, mainly due to lower airborne precision guided munition sales partially offset by growth of Training & Simulation sales.
C4I and Cyber revenues increased by 19%, to $175.7 million in the first quarter of 2023 from $148.0 million in the first quarter of 2022, mainly due to growth in Command & Control systems sales.
ISTAR and EW revenues increased by 17%, to $294.7 million in the first quarter of 2023 from $251.5 million in the first quarter of 2022, mainly due to Electronic Warfare systems sales.
Land revenues increased by 8%, to $301.4 million in the first quarter of 2023 from $279.4 million in the first quarter of 2022, mainly due to armored vehicle upgrade sales.
Elbit Systems of America’s revenues were $345.3 million in the first quarter of 2023 compared to $343.9 million in the first quarter of 2022.

For distribution of revenues by segments and geographic regions see the tables on page 11.

Non-GAAP(*) gross profit amounted to $368.5 million (26.4% of revenues) in the first quarter of 2023, as compared to $333.3 million (24.6% of revenues) in the first quarter of 2022. GAAP gross profit in the first quarter of 2023 was $361.5 million (25.9% of revenues), as compared to $326.9 million (24.2% of revenues) in the first quarter of 2022. The GAAP and Non-GAAP gross profit in the first quarter of 2022 included expenses of approximately $20 million related to the effect of the significant increase in the Company’s share price on employees’ stock price linked compensation plans.

Research and development expenses, net were $110.3 million (7.9% of revenues) in the first quarter of 2023, as compared to $100.7 million (7.4% of revenues) in the first quarter of 2022.

Marketing and selling expenses, net were $80.2 million (5.8% of revenues) in the first quarter of 2023, as compared to $87.0 million (6.4% of revenues) in the first quarter of 2022.

General and administrative expenses, net were $77.1 million (5.5% of revenues) in the first quarter of 2023, as compared to $84.3 million (6.2% of revenues) in the first quarter of 2022.

Non-GAAP^(*) operating income was $105.1 million (7.5% of revenues) in the first quarter of 2023, as compared to $65.8 million (4.9% of revenues) in the first quarter of 2022. GAAP operating income in the first quarter of 2023 was $93.9 million (6.7% of revenues), as compared to $58.6 million (4.3% of revenues) in the first quarter of 2022. GAAP and Non-GAAP^(*)operating income in the first quarter of 2022 was reduced by expenses of approximately $35 million related to the Company’s stock price linked compensation plans.

Financial expenses, net were $24.2 million in the first quarter of 2023, as compared to financial income of $1.1 million in the first quarter of 2022. The financial expenses in 2023 were higher as a result of the increase in interest rates. The financial income in the first quarter of 2022 included gains from changes in fair value of financial assets and exchange rate differences.

Taxes on income were $8.7 million in the first quarter of 2023, as compared to $8.0 million in the first quarter of 2022.

Non-GAAP^(*) net income attributable to the Company’s shareholders in the first quarter of 2023 was $75.6 million (5.4% of revenues), as compared to $54.3 million (4.0% of revenues) in the first quarter of 2022. GAAP net income attributable to the Company’s shareholders in the first quarter of 2023 was $62.1 million (4.5% of revenues), as compared to $52.8 million (3.9% of revenues) in the first quarter of 2022. Net income in the first quarter of 2022 was reduced by net expenses of approximately $32 million related to the Company’s stock price linked compensation plans.

Non-GAAP^(*) diluted net earnings per share attributable to the Company’s shareholders were $1.70 for the first quarter of 2023, as compared to $1.22 for the first quarter of 2022. GAAP diluted earnings per share attributable to the Company’s shareholders in the first quarter of 2023 were $1.40, as compared to $1.19 in the first quarter of 2022. Diluted net earnings per share in the first quarter of 2022, were reduced by $0.72 as a result of the expenses related to the Company’s stock price linked compensation plans.

The Company’s backlog of orders as of March 31, 2023 totaled $15.8 billion. Approximately 75% of the current backlog is attributable to orders from outside Israel. Approximately 54% of the backlog is scheduled to be performed during the remainder of 2023 and 2024.

Cash flows used in operating activities in the three months ended March 31, 2023 were $73.0 million, as compared to cash flows provided by operating activities of $35.5 million in the three months ended March 31, 2022. The cash flows in the first quarter of 2023 was affected by the increase in inventories and trade receivables, offset by increased customer advances and trade payables.

* Non-GAAP financial data:

The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, Covid-19 related expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past, and future periods.

Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.

We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company’s ongoing performance that enable these users to perform trend analysis using comparable data.

Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company’s shareholders while considering changes in the number of diluted shares over comparable periods.

We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company’s shareholders on a per-share basis.

The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.

Investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. They should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.

Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
(US Dollars in millions, except for per share amounts)

	Three months ended March 31, 2023	Three months ended March 31, 2022	Year ended December 31, 2022
GAAP gross profit	$ 361.5	$ 326.9	$ 1,373.3
Adjustments:
Amortization of purchased intangible assets^(*)	7.0	6.4	31.7
Non-GAAP gross profit	$ 368.5	$ 333.3	$ 1,405.0
Percent of revenues	26.4 %	24.6 %	25.5 %

GAAP operating income	$ 93.9	$ 58.6	$ 367.5
Adjustments:
Amortization of purchased intangible assets^(*)	11.2	10.9	49.2
Capital gain	—	(3.7)	(31.5)
Non-recurring grant	—	—	(28.6)
Non-GAAP operating income	$ 105.1	$ 65.8	$ 356.6
Percent of revenues	7.5 %	4.9 %	6.5 %

GAAP net income attributable to Elbit Systems’ shareholders	$ 62.1	$ 52.8	$ 275.4
Adjustments:
Amortization of purchased intangible assets^(*)	11.2	10.9	49.2
Capital gain	—	(3.7)	(20.5)
Revaluation of investment measured under fair value method	—	—	10.2
Non-operating foreign exchange (gains) losses	3.7	(4.8)	(10.5)
Non-recurring grant	—	—	(28.6)
Tax effect and other tax items, net	(1.4)	(0.9)	(6.3)
Non-GAAP net income attributable to Elbit Systems’ shareholders	$ 75.6	$ 54.3	$ 268.9
Percent of revenues	5.4 %	4.0 %	4.9 %

GAAP diluted net EPS	$ 1.40	$ 1.19	$ 6.18
Adjustments, net	0.30	0.03	(0.15)
Non-GAAP diluted net EPS	$ 1.70	$ 1.22	$ 6.03

^(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.

Recent Events:

On April 3, 2023, the Company announced that it was awarded a contract to supply, among others, precision munitions, radio and defense electronics systems as well as maintenance services to a European country, with a cumulative value of approximately $280 million. The contract will be performed over a period of three years.

On April 18, 2023, the Company announced that it was awarded a contract worth approximately $102 million to supply artillery systems to an international customer. The contract will be performed over a period of eight years.

On April 18, 2023, the Company announced that it was awarded a follow-on contract worth approximately $100 million to convert commercial aircraft into Intelligence and Electronic Warfare (EW) aircraft for an international customer. The contract will be performed over a period of three years.

On April 27, 2023, the Company announced that it signed a follow-on contract worth approximately $100 million to provide aerial firefighting services to the Israeli Ministry of National Security. The contract will be carried out over a period of eight years.

On May 9, 2023, the Company announced that its UK subsidiary Elbit Systems UK was awarded a contract from the UK Ministry of Defence worth approximately $71 million to supply, maintain and operate the Ground Manoeuvre Synthetic Trainer systems (GMST) for the Boxer armoured vehicles and Challenger 3 tanks under the British Army’s Project Vulcan. The contract will be delivered over a three-year period with an additional nine year period that will include operation and maintenance services at UK facilities.

On May 18, 2023, the Company announced that as part of an agreement between the Israeli Ministry of Defense and the Netherlands Ministry of Defense, it was awarded a contract worth $305 million to supply Precise & Universal Launching System (PULS) artillery rocket systems to the Royal Netherlands Army. The contract will be performed over a period of five years.

Dividend:

The Board of Directors declared a dividend of $0.50 per share. The dividend’s record date is June 26, 2023. The dividend will be paid on July 10, 2023, after deduction of withholding tax, at the rate of 16.8%.

Conference Call:

The Company will be hosting a conference call today, Tuesday, May 30, 2023, at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Number: 1-866-744-5399
Canada Dial-in Number: 1-866-485-2399
Israel Dial-in Number: 03-918-0610
INTERNATIONAL Dial-in Number: 972-3-918-0610

at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time

The conference call will also be broadcast live on Elbit Systems’ website at https://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: 1-888-782-4291 (US and Canada) or +972-3-925-5900 (Israel and International).

PAGCOR CANCELS ACCREDITATION OF POGO HUB IN PAMPANGA

May 31, 2023 Published by EuropeanGaming.eu

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Following the recent cancellation of CGC Technologies’ (CGC’s) accreditation – an offshore gaming service provider based in Pampanga – the Philippine Amusement and Gaming Corporation (PAGCOR) likewise cancelled the provisional accreditation of Sun Valley Clark as an offshore gaming hub.

PAGCOR Chairman and CEO Alejandro Tengco stated that the Sun Valley Clark Hub in Clark Freeport Zone, Pampanga is “no longer suitable to maintain its provisional accreditation, nor be issued a full accreditation as an offshore gaming hub due to its failure to ensure a lawful and orderly conduct of offshore gaming by its occupants in its registered sites.”

It can be recalled that on May 4, 2023, an inter-agency search and rescue operation was conducted in Sun Valley after alleged criminal activities such as cryptocurrency investment scams, serious illegal detention and human trafficking activities were being linked to CGC, which occupies six buildings inside the offshore gaming hub. Of the six buildings, however, only two were accredited by PAGCOR.

A POGO hub is a complex which houses the operations, logistical, administrative and support services of PAGCOR-licensed offshore gaming operators and service providers. Among the facilities found in a POGO hub are office and residential spaces, food establishments, grocery stores or supermarkets, health and wellness facilities, recreational facilities, among others.

With the cancellation of Sun Valley Clark Hub, Tengco again reminded PAGCOR’s offshore gaming operators and service providers to avoid any involvement in criminal activities, should they wish to retain their accreditations and licenses.

“This serves as a warning to all our offshore gaming licensees and accredited service providers that PAGCOR is serious in its mission to uphold responsible and regulated gaming in the country. While we see the potential of offshore gaming in terms of our revenue-generation efforts, we do not condone their involvement in any criminal activity that violates the rights – not only of Filipinos but of other nationalities as well,” Tengco furthered.

The PAGCOR chief likewise warned foreign nationals to be more cautious in accepting attractive online job offers in the Philippines, which fraudsters use as a strategy to engage in human trafficking.

“PAGCOR would like to remind foreign nationals who are being offered attractive employment opportunities in the Philippines to check the credibility of the companies that they are applying in. By going the extra mile, they can protect themselves from possible scams and human trafficking activities,” he said.

Tengco added that PAGCOR is continuously coordinating with its partner government agencies including the Office of the President, Department of Justice, Department of the Interior and Local Government, Philippine National Police, National Bureau of Investigation, and Bureau of Immigration to combat illegal activities linked to offshore gaming operations.

Senior Executive Torborg Chetkovich joins atNorth’s Board of Directors

May 30, 2023 Published by Roboticulized.com

atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, has announced the appointment of Torborg Chetkovich to its Board of Directors. The expansion of the board is part of atNorth’s commitment to grow their business in the Nordics to meet the increasing needs of global businesses at a time when cost efficient sustainable infrastructure is in more demand than ever.

“Torborg Chetkovich has 30 years of experience working and investing in next generation infrastructure”, says Eyjólfur Magnús Kristinsson, CEO of atNorth. “As we continue to scale our business, we are committed to engaging with the right people to support our growth in the most intelligent and environmentally conscious way. Torborg’s strategic knowledge and commitment to best in class technology, coupled with her proven track record of building great organizations from the ground up, will allow us to meet the increasing demand for our services with agility whilst remaining true to our sustainable ethos.”

Torborg has held several Senior Executive Management and Board positions within the transport, real estate and infrastructure sector and currently holds the position of Managing Director, Private Infrastructure Europe at Partners Group, a leading global private markets firm and majority owner of atNorth, on behalf of its clients. She is also a member of the Board of Directors of the firm’s current portfolio company Parmaco and energy infrastructure company CapeOmega. Prior to joining Partners Group, she served as Partner at CapMan Infra, Group CEO of Swedavia (Swedish airports) and MTR Nordics and Deputy CEO at Veolia Transport Sweden.

“I am delighted to join the atNorth Board of Directors at this time of significant growth for the business and the industry as a whole,” says Chetkovich. “As the demand for high performance data center solutions continues to grow, it is essential that businesses are met with scalable offerings that are truly sustainable and future proof. I look forward to collaborating with atNorth’s leadership team and my board colleagues to guide the success of the business at this pivotal time”.

The addition to the board is part of a period of aggressive recruitment of industry leaders for atNorth as they continue with their extensive growth plans. The business has significantly expanded its board of directors in the last year with the appointments of Anders Svensson, Mats Hultin and Peter Gross .

See more information: https://atnorth.com/insights/senior-executive-torborg-chetkovich-joins-atnorths-board-of-directors

R Franco Digital Embraces the Wild in Buffalo Park

May 30, 2023 Published by EuropeanGaming.eu

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R Franco Digital, Spain’s leading gaming provider, is inviting players to conquer the prairies in its latest slot release, Buffalo Park.

Taking players on a 5×3 reel adventure, the game’s slick environment depicts a wild North American national park as buffalo stampede. With eagles, wolves, bears and buffaloes as the game’s iconic symbols, players must form matching combinations in the base game, while wilds appear in the form of the park’s gate and can substitute for other symbols on the board to help secure a win.

Meanwhile, national park symbols on the gameboard have a different award attached to each, including instant cash prizes and jackpot rewards. When the park ranger appears, these can be collected, massively increasing the win potential.

The free spins game is activated by landing three or more scatter symbols in the form of campfires. This activates eight free spins, made more lucrative through the rewarding national park symbols which appear frequently throughout this round.

Buffalo Park offers a high-intensity and action-packed game that underpins the studio’s dedication to consistently producing gaming content that adds value and innovation to the market, hot on the heels of the recently-released Spain-inspired Toreador.

“Inviting players to become the park ranger, our latest slot is a unique take on the North American prairies,” the Director for R Franco Digital, Javier Sacristán Franco, said. “With an emphasis on special symbols, it is a highly engaging title that captures interest from the first spin, offering the chance to win impressive prizes, substituting scatters and the exciting free spins game. R Franco Digital always aims to create unique experiences that provide a new form of entertainment and we believe we’ve certainly succeeded with Buffalo Park.”

intralot-announces-strong-ebitda-growth-+292%-y-o-y-and-positive-earnings-after-tax-at-e3.1m-in-1q23

INTRALOT announces strong EBITDA growth +29.2% y-o-y and positive Earnings after Tax at €3.1m in 1Q23

May 30, 2023 Published by EuropeanGaming.eu

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INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), an international gaming solutions and operations leader, announces its financial results for the three–month period ended March 31st, 2023, prepared in accordance with IFRS.

OVERVIEW

Group Revenue at €89.5m (–8.4% y–o–y).
EBITDA at €33.7m (+29.2% y–o–y) in 1Q23, with EBITDA margin reaching 37.7% from 26.7% in 1Q22.
LTM EBITDA at €130.5m, up by 6.2% vs. FY22.
Substantial growth in our US operations (Revenues +13.1%, EBITDA +31.6% y–o–y).
EBT in 1Q23 shaped at €10.9m vs. €–2.3m in 1Q22.
NIATMI (Net Income After Tax and Minority Interest) at €3.1m, vs. €–5.7m a year ago.
Operating Cash Flow at €37.2m in 1Q23 (+115.3% y–o–y).
Group Net CAPEX in 1Q23 was €7.2m.
Group Cash at the end of 1Q23 at €109.2m, €6.8m higher vs. Dec–22.
Net Debt at €471.6m at the end of 1Q23, lower by €18.9m vs. Dec–22 and €29.0m vs. 1Q22.
Net Debt/ LTM EBITDA at 3.6x in 1Q23 vs. 4.0x in FY22.

Group Headline Figures

INTRALOT Chairman & CEO Sokratis P. Kokkalis noted:

We are extremely proud of first quarter robust organic Ebitda growth of 29% and a return to Net Earnings, along with healthy cash flows and significant reduction of Group Net Leverage Ratio down to 3.6x, providing additional momentum to INTRALOT’s successful turnaround story as a result of our consistent efforts in the past few years. With healthy financials and new technical capabilities offered through next generation solutions for Lottery digital transformation, in both the retail and online worlds, we look forward to timely addressing upcoming maturities, further improving our capital structure, and implementing an ambitious plan for strong and sustainable growth in the US and key markets around the world, creating value for all stakeholders.

OVERVIEW OF RESULTS

REVENUE

Although the reported consolidated revenue posted a decrease compared to 1Q22, leading to a total revenue for the three–month period ended March 31st, 2023, of €89.5m (–8.4%), excluding the impact from the discontinuation of Malta license, underlying revenue from continuing operations increased by 17.5%.

From a contribution perspective, Lottery Games remain our largest contributor to Group turnover with a share of 60.4%, followed by Sports Betting with a share of 17.5%, VLTs monitoring with a share of 12.5%, Technology contracts with a share of 9.5%, and Racing with a share of 0.1%.
Reported consolidated revenue for the three–month period is lower by €8.2m year over year. The main factors that drove top line performance per Business Activity are:
- €–20.4m (–64.5%) from our Licensed Operations (B2C) activity line with the variance driven by:
  - Lower revenue in Malta (€–21.5m) due to the license expiration early July 2022 and
  - Higher revenue in Argentina (€+1.1m or +10.9% y–o–y), driven by local market growth. In local currency, current year results posted a +104.5% y–o–y increase.
- €+6.3m (+11.4%) from our Technology and Support Services (B2B/ B2G) activity line, with the variance driven by:
  - US operations’ increased revenue (€+4.6m or +13.1% y–o–y), mostly driven by the growth in Numerical and Instant games, further affected by the EUR depreciation (–4.3% versus a year ago – in average terms) and
  - Higher revenue from rest jurisdictions (€+1.7m or +8.6%).
- €+5.9m (+54.2%) from our Management (B2B/ B2G) contracts activity line with the variance driven by:
  - Strong momentum of our Turkish3 operations (€+5.8m), driven by Bilyoner’s improved performance, favored by the growth of the online market. In 1Q23, the local Sports Betting market expanded close to 2.2 times y–o–y. Performance in Euro terms was partially mitigated by the headwinds in Turkish lira (+28.1% Euro appreciation versus a year ago),
  - Higher revenue from our US Sports Betting contracts in Montana and Washington, D.C. (€+0.1m) and
  - Steady performance in Morocco.

GROSS GAMING REVENUE & Payout

Gross Gaming Revenue (GGR) concluded at €83.4m in 1Q23, posting an increase of 4.5% (or €+3.6m) year over year. The improved performance across most key regions managed to absorb the loss of sales from Malta and the higher payout ratio in Argentina (–67.7% y–o–y on wagers from licensed operations4). 1Q23 Payout Ratio5 was higher by 3.5pps vs. 1Q22 (62.4% vs. 58.9%).

OPERATING EXPENSES & EBITDA

Total Operating Expenses marginally increased by €0.9m (or +3.9%) in 1Q23 (€22.7m vs. €21.8m) driven by the improved top–line performance in USA and Turkey
Other Operating Income from continuing operations ended at €7.8m presenting an increase of 37.0% y–o–y (or €+2.1m).
EBITDA amounted to €33.7m in 1Q23, posting a double–digit growth of 29.2% (or €+7.6m) compared to 1Q22. The main drivers underpinning this performance are attributed to the strong growth in our US operations and the boosted performance in Turkey.
On a yearly basis, EBITDA margin on sales climbed to 37.7%, from 26.7% in 1Q22 (+11.0pps).
LTM EBITDA stands at €130.5m, up by 6.2% vs. FY22.

EBT / NIATMI

EBT in 1Q23 amounted to €10.9m compared to €–2.3m in 1Q22, largely driven by the significant EBITDA contribution, the improved results from participations and investments, the gains on net monetary position and the benefit from the lower D&A.
NIATMI in 1Q23 concluded at €3.1m compared to €–5.7m in 1Q22.

CASH FLOW

Operating Cash–flow in 1Q23 amounted to €37.2m, increased by €19.9m, compared to 1Q22. The positive impact arising from the higher recorded EBITDA y–o–y and the favorable working capital movement was partially offset by the negative variance in tax payments.
Net CAPEX in 1Q23 was €7.2m, higher by €2.9m compared to 1Q22, with US projects consuming most of the CAPEX needs.
Net Debt, as of March 31st, 2023, stood at €471.6m, decreased by €18.9m compared to December 31st, 2022. Robust cash flow generation supported the continued deleveraging, with Net Debt / EBITDA dropping to 3.6x in 1Q23, from 4.0x in Dec–22. Positive gross debt movements include the capital payments towards the Term Loan in US, the lower interest accrued in comparison with Dec–22 and the positive FX impact on our USD denominated debt.

OUTLOOK/RISKS

The Company Management identifies significant opportunities in the growth of the Lottery and Sports Betting online markets and the expansion of regulated i–lottery markets, as well as from the recovery from the implications of the recent pandemic. Combined with the evolution of INTRALOT’s new technological solutions for Lottery digital transformation, the Company is in position to capture more technology projects with an increased profit margin compared to previous years.

World economies continue to navigate through macroeconomic uncertainties, with interest rates at high levels and relatively slow economic growth.

Increased interest rates have a direct impact on the financing servicing costs of the Intralot Group, while the outlook indicates that central banks may start to ease their monetary policy by the end of 2023.

nflation is declining more slowly than expected, having strong impact on most of the industries and regions. However, the gaming industry seems to be more resilient than other sectors of the economy, presenting above average growth in most regions.

The Management of the Company closely monitors geopolitical and economic developments and is ready to take all the necessary measures for protecting its operations.

Kunlun Tech Launched The “SkyWork” Large Language Model And Was Selected Into The List of China’s “Next Tens of Billions of AIGC Products”

May 30, 2023 Published by Roboticulized.com

On the evening of May 23, the Chinese technology media outlet 36Kr announced the results of “China’s ChatGPT Dream Team & the next tens of billions of AIGC products”. With its cutting-edge exploration and forward-looking layout in the field of AIGC, Kunlun Tech was selected for the list of “the next tens of billions of AIGC products”.

The emergence of ChatGPT, a phenomenon-level breakthrough product, opened the prelude to the vigorous development of the global large language model industry and the generative AI (AIGC) industry. The Chinese market is also full of competition. Many companies have announced the development or release of large language model products based on their own business and strategic layout.

“SkyWork” was jointly developed by Kunlun Tech and the leading AI team SINGULARITY AI, and was officially start invitation testing on April 17th. This is the first 200-billion-level large language model in China that is benchmarked against ChatGPT. It interacts with users through natural language. Its AI generation capabilities can meet the needs of copywriting, knowledge questions, and answers, code programming, logical deduction, mathematical calculations, etc.

The birth of the “SkyWork” 100-billion-scale model is the result of Kunlun Tech’s long-term technology accumulation. Kunlun Tech started to lay out the AI music field in 2020, launched the MusicX lab in January 2022, and reached the best effect in the field of artificial intelligence in April 2022. In the same year, Kunlun Tech expanded from AI music to multi-modal AI and reached a comprehensive technical strategic cooperation with SINGULARITY AI in the fields of tens of billions of language models, image AIGC, and programming AIGC. In December 2022, “Kunlun SkyWork” officially released, and its AI generation capabilities have covered content modalities such as images, music, text, and programming.

Judging from the current release version of “SkyWork”, it can support text dialogues of more than 10,000 characters at most, achieve more than 20 rounds of user interaction, and achieve a high level of output in various question and answer scenarios. Higher quality among similar products. “SkyWork“ has been reported by many domestic and foreign media, including international media CNBC, with its outstanding ability.

Kunlun Tech is a leading Internet platform company in China, with an average monthly active user of nearly 400 million, and overseas revenue accounted for 78%. The business is mainly related to content and social networking. With the rapid progress of technology, AGI will come sooner.

SOURCE Kunlun Tech

Gaming Innovation Group – Issue of new shares

May 30, 2023 Published by EuropeanGaming.eu

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Gaming Innovation Group Inc. (GiG) has today issued 1,777,873 new shares of its common stock for the earn-out consideration in connection with the acquisition of Sportnco Gaming SAS (“Sportnco”), ref. GiG’s 2022 Annual Report and Exemption Document dated 13 July 2022. The earn-out consideration for Sportnco’s performance in 2022 were EUR 8,495,280 whereby 50% has been paid in cash and 50% in shares. The shares have been issued to the former shareholders of Sportnco at a share price of NOK 27.60 for a total consideration of EUR 4,247,640.

In addition, GiG has today issued 39,650 new shares of its common stock in connection with exercise of options, whereof 25,000 shares at a share price of NOK 15.00 per share and 14,650 at a share price of NOK 22.00 per share. Included are the 25,650 options exercised in April, ref announcement on 11 April 2023.

The new shares are issued by the Board of Directors under the Company’s 150,000,000 authorized shares, and the Company confirms that the new shares have been duly authorized by all necessary corporate actions and that the new shares have been fully paid and validly issued. The Company’s share capital has increased from USD 127,132,038 to USD 128,949,561, and the number of outstanding shares has increased from 127,132,038 to 128,949,561 (par value USD 1.00). In addition, a total of 2,732,950 options are outstanding as of today.

Reltime Receives Prestigious Nordic Innovation Award for ‘Best AI & Web3 Fintech of 2023’

May 30, 2023 Published by TheFintechBuzz.com

Oslo-based Reltime AS has been honoured with the esteemed Nordic Innovation Award in the category of “Best AI and Web3.0 Fintech.” The winners were announced on May 24, 2023, at the Iceland Innovation Week in Reykjavik, where top contenders from 12 award categories across the Nordic countries gathered. The Nordic Innovation Award has been recognizing and celebrating outstanding achievements and their impacts since 2012.

In the fiercely competitive “Web3.0 and AI” category, the jury sought a fintech that had developed a global Web3 platform incorporating decentralization, blockchain, and AI based technology to drive token-based economics. The winner was expected to also offer credible solutions for data security, scalability, privacy using innovative technologies such as Smart contracts, Web3, Blockchain, Non-Custodian wallets, Tokenization, NFTs, and AI/Machine Learning.

Upon receiving this prestigious accolade, Frode van der Laak, Co-Founder & CEO of Reltime, expressed his pride and gratitude, stating, “This is an incredibly proud moment for all Reltimers. I extend my sincere thanks to our Co-Founder, team, investors, partners, and customers for their unwavering trust in our mission to democratize, globalize, simplify, and modernize digitization and financial services. Just last week, we confirmed the ground-breaking launch of our Wrapped FIAT and Central Bank Digital Currency (CBDC) services, empowering customers to create and mint digital ‘wrapped’ FIAT currencies in all major denominations, while enabling governments to establish their own CBDCs.”

Reltime has successfully integrated a unique Identity solution that allows users to execute payments using mobile phone numbers, email addresses, wallet addresses, or QR codes, ensuring settlements within three seconds. For merchants, Reltime offers a dedicated application enabling them to accept digital payments both online and in physical stores, supporting various currency formats, including digital fiat, cryptocurrencies, stablecoins, and CBDCs.

Reltime’s Proof of Deposit introduces a novel capability compared to traditional and costly On- and Off-Ramp methods.

Recognizing the growing importance of non-custodian wallets in the face of increasing regulatory challenges associated with centralized blockchains, Reltime remains committed to providing users with security, control, and robust compliance measures such as KYC, AML, and traceability.

Betolar’s Ville Voipio: Public decision-making needs to support new sustainable solutions in construction

May 30, 2023 Published by Roboticulized.com

Construction and buildings contribute significantly to both climate warming and the depletion of natural resources. The consequences of the environmental crisis are already evident. The construction sector has new working circular economy solutions that can secure biodiversity and drastically reduce CO2 emissions.

“Now, regulations and procurement at various levels of society and throughout the construction ecosystem must support the adoption of circular economy solutions to minimize environmental impact. The standards guiding them should be linked to the performance of new solutions, not traditional methods. A public side stream database could facilitate the utilization of materials that would otherwise be classified as waste,” says Ville Voipio, Betolar’s Chief Commercial Officer. Voipio speaks at Sitra’s World Circular Economy Forum in Helsinki.

According to Sitra’s study, circular economy solutions in four key sectors-agriculture and food, construction, textile, and forestry – can halt the global decline in biodiversity. By 2035, this development could even lead to the restoration of biodiversity levels to those of the year 2000.

Nani Pajunen, Management Consultant at AFRY, emphasizes that the challenges transcend geographical areas and organizational boundaries.

“The European Union’s environmental policy and legislation support and promote the transition towards carbon neutral circular economy. Sustainable development can be accelerated through various incentives and collaboration between the private and public sectors. The transition towards a sustainable and fair global economy means that everything in the product’s life cycle and supply chain needs to be reconsidered. There is a constant need for new solutions in the industrial value nets, and at the same time, a tremendous opportunity to make a giant leap toward a sustainable future,” says Pajunen.

In her work, Pajunen promotes sustainable development and circular economy solutions. She is also involved in the World Circular Economy Forum in Helsinki.

Using side stream materials to produce environmentally friendly concrete

The global construction products industry faces three key challenges regarding sustainable development: CO2 emissions from cement, underutilized industrial side streams, and the scarcity of virgin raw materials.

Betolar’s cement-free Geoprime solution reduces CO2 emissions from concrete production by up to 80 percent. The company is also involved in blended cement solutions. But the goal is to entirely replace cement with industrial side stream materials as binding agents to maximize positive environmental impact.

The use of side stream materials instead of cement significantly increases their demand. At the current level, replacing cement would require four billion tons of side stream materials annually. However, the available side stream materials that meet the existing standards, such as blast furnace slag and fly ash, only account for about a quarter of the volume needed to replace cement.

“Therefore, new sources of side stream materials need to be discovered, and their standardization should be based on their properties and performance. We are conducting extensive research on side stream materials at our home base in Kannonkoski, where a new innovation center supporting the development of large construction elements will also be completed this summer,” says Ville Voipio.

Updating standards to support circular economy solutions

According to Ville Voipio, construction-related standards should be updated so that the suitability of construction materials is assessed based on their properties and performance, rather than, for example, cement content.

“Current regulations require cement in concrete, even though geopolymers can achieve better properties without cement. This inevitably limits the use of low-carbon building materials in concrete construction,” describes Voipio.

Considering life cycle impacts in construction

Price still plays a significant role in public procurement. However, a price-centered approach does not serve the overall goal, as ambitious environmental objectives are overshadowed by economic targets in decision-making.

“CO2 emissions should be included in the selection criteria for public procurement. This would enable comprehensive and economically beneficial choices, as polluting materials leave the cost of emissions for society to bear. This is where decision-makers’ true commitment to achieving climate and biodiversity goals is measured,” says Voipio.

In addition to procurement, the public sector influences sanction fees and provides guidance for local construction. Granting priority to low-carbon footprint construction in urban planning and land allocation would promote the achievement of emissions targets for municipalities and cities.

Side streams transform from waste to game-changers in the circular economy

Current environmental efforts related to buildings primarily focus on achieving energy efficiency during use. However, emissions from construction materials account for over 40 percent of the total life cycle emissions of a building. This share is roughly equivalent to the emissions from energy consumption during the building’s use.

“It would be advisable to have a separate category for the environmental impacts of construction materials in the classification and assessment systems for buildings and the built environment. This would allow consideration of, for example, how circular economy materials have been utilized in the construction. In this way, the focus would shift from material CO2 emissions to the impact on biodiversity,” suggests Voipio.

A public database on the characteristics of side streams accelerates solutions

Classifying industrial side streams based on their potential use as raw materials in concrete production would add value to some materials currently defined as waste. On top of that, in the circular economy, side-stream materials suitable for utilization would not end up as waste.

“If a side stream material is chemically reactive, it could potentially be used as a binder. Before a side stream material is classified as waste and transported to a landfill, a reactivity assessment should be conducted. This could lead to the creation of a public database for reactive side streams that can be used in material production. Society should have a strong interest in promoting overall sustainable development,” proposes Ville Voipio.

Betolar Oyj
Communications

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Kunlun Tech Launched The “SkyWork” Large Language Model And Was Selected Into The List of China’s “Next Tens of Billions of AIGC Products”

Gaming Innovation Group – Issue of new shares

Reltime Receives Prestigious Nordic Innovation Award for ‘Best AI & Web3 Fintech of 2023’

Betolar’s Ville Voipio: Public decision-making needs to support new sustainable solutions in construction

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