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28 Sep 2018

YM&U joins forces with Trilantic Europe following rebrand

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

24 Jul 2018

Gamenet Group signed the agreement for the acquisition of 100% of GoldBet

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

15 Dec 2017

Trilantic Europe invests in the Oberberg Group

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

6 Dec 2017

Gamenet Group completed the listing on Borsa Italiana

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

4 Dec 2017

Elisabetta Franchi purchases 25% of Betty Blue S.p.A. from Trilantic Europe

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

2 Nov 2017

Talgo shortlisted for HS2 rolling stock procurement

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

1 Jun 2017

Trilantic Europe invests in leading bioethanol business in Spain and France

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

7 Apr 2017

Trilantic Europe becomes a shareholder in Pacha Group

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

28 Nov 2016

Talgo wins the most important high-speed tender in Europe with its new Avril, the most advanced high-speed train

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

24 Feb 2016

Trilantic Europe Invests In Maugeri, Leading Italian Non-Acute Private Hospital Operator

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

13 Oct 2015

Trilantic Europe completes acquisition of 90% stake in leading Italian pharmaceuticals producer Doppel Farmaceutici

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

1 Jul 2015

Trilantic Europe raises €900 million

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

1 Jul 2015

IPO of Trilantic Europe IV’s portfolio companies, Talgo and Euskaltel

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

26 Mar 2015

Prettl and Trilantic Europe announce a partnership agreement

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

14 Jan 2015

Trilantic Capital Partners has realised its investment in Clarion Events

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

17 Oct 2013

Trilantic acquires stake in Elisabetta Franchi

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

16 Sep 2013

Gamenet successfully issues €200mn in its debut bond offering

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

26 Jun 2013

Spain's Talgo Awarded €482 million Contract In Kazakhstan

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

20 Nov 2012

Trilantic Europe exits Istanbul Doors Group, owner of the leading restaurants in Istanbul and Tom Aiken’s restaurants in London

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

14 May 2012

Marex Spectron to acquire Schneider Trading Associates Pro-Trader Division

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

12 Dec 2011

Talgo manufacturing facility opens in Kazakhstan

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

26 Oct 2011

Talgo awarded the High-Speed Mecca-Medina mega-contract

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

12 Apr 2011

Michel Léonard joins Trilantic Capital Partners as operating partner

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

24 Mar 2011

The Istanbul Doors Restaurant Group Acquires the Restaurant Business of Michelin-Starred Chef Tom Aikens

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

22 Mar 2011

Marex Group Reaches Agreement to Acquire Spectron Group

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

14 Feb 2011

Appointment of John Danilovich to Trilantic European Advisory Council

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

17 Jan 2011

Refresco Group Announces its Intention to Acquire Spumador

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

14 Jan 2011

Trilantic Capital Partners commits up to €50 million in LeYa

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

7 Jan 2011

Trilantic Capital Partners to Invest €53 million in Gamenet

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

11 Nov 2010

Talgo is awarded the contract to renew and expand the intercity passenger train coaches of the national railway company of Kazakhstan

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

28 Jul 2010

Thai Union Frozen Products Board of Directors Approves Acquisition of MW Brands from Trilantic Capital Partners

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

10 Feb 2010

Trilantic Capital Partners has Successfully Realized its Ownership Stake in Industria de Turbo Propulsores S.A.

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

24 Sep 2009

Talgo: Spanish Minister of Transportation to Support Talgo in its Internationalization

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

17 Jul 2009

Talgo: Governor Doyle Announces Agreement with Talgo to Bring New Trains, Assembly and Maintenance Facilities to Wisconsin

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

16 Jul 2009

Istanbul Doors: Company Receives a Special Award at the Retailer Awards Recently Held in Istanbul

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

9 Apr 2009

Istanbul Doors: Group Launches New Italian Restaurant Concepts

Rome, 24 July 2018 – Gamenet Group S.p.A. (MTA; Bloomberg ticker: GAME: IM), a company listed on the STAR segment of the Mercato Telematico Azionario organized and managed by Borsa Italiana S.p.A. (the “Company” together with the companies controlled by it, the “Gamenet Group”) announces that Gamenet S.p.A., a wholly-owned subsidiary of the Issuer, has signed today a binding contract for the acquisition of 100% of the share capital of GoldBet S.r.l. (“GoldBet”), an authorized gaming and betting company in Italy (the “Acquisition”).

GoldBet operates a physical network of 990 betting shops and also holds the concession for the collection of "online" games and bets, even including mobile platforms.

GoldBet ended 2017 with EBITDA1 of Euro 40 million, EBIT Euro 34 million a Net Income of Euro 23 million and estimates an EBITDA2 for the period of 12 months ended June 30, 2018 of approximately Euro 50 million.

The value of the Acquisition is Euro 265 million (enterprise value), to be adjusted with the value of the net financial position, as defined in the contract, as of June 30, 2018 (the "Price"). Of this amount, Euro 240 million, adjusted with the value of the net financial position referred to above, will be paid in cash on the date of completion of the Acquisition ("Closing"), expected by the end of the third and beginning of the fourth quarter of 2018, while Euro 25 million will be paid subsequently, as deferred price components over a medium-term period, subject to the occurrence of certain conditions provided for in the acquisition contract.

The Acquisition will allow Gamenet Group to assume a leading position in Italy in the multi-concession gaming sector, particularly in the sports betting sector, and to significantly increase the degree of diversification of its product portfolio and profitability, at EBITDA, EBIT and Net Profit levels. Based on the data of the first 6 months3 - the combined entity would be the first betting operator in Italy, with an overall market share of about 18% (21% in sports betting on the physical network, 7% in online betting and 33% in virtual betting).

From the integration of GoldBet, significant cost synergies are envisaged, which are expected to reach, on an annual base, approximately Euro 12-15 million in the period 18-24 months after the closing date, as well as significant synergies in terms of revenues, particularly virtual betting4.

The positive effects of the Acquisition of GoldBet on Gamenet Group’s 2018 EBITDA guidance are not yet estimated, as they depend on the Closing date, namely the date of first consolidation of GoldBet.

The acquisition of GoldBet will be financed through recourse to debt for the portion of the price due at closing. To this end, the Company has obtained the commitment of UniCredit and Nomura for the organization and underwriting of a committed bridge aimed at paying the price. The commitment of the credit institutions is subject to the usual conditions precedent for this type of transaction, including specifically the conditions precedent to the completion of the acquisition indicated below.

The bridge loan may also be refinanced through a transaction in the debt capital markets, depending on market conditions.

The Closing is subject to the occurrence of the usual conditions precedent for this type of transactions, including the approval of the Competition Authority and the authorization of the Customs and Monopolies Agency.

"Through this strategic transaction, Gamenet Group" - commented Guglielmo Angelozzi, Chief Executive Officer of the Group - "makes, after the acquisition of the Italian assets of Intralot Group in 2016, a further significant dimensional leap, which allows to assume a leading position in the gaming sector in Italy, particularly in the sports betting sector in which the Group will have the largest sports betting network in the country, with over 1,700 points of sale, to acquire a significant presence in the online segment, to further diversify the business mix and to significantly improve the profitability. Just over 6 months from the listing on the STAR segment, we are preparing to complete an important operation that further strengthens our leadership in Italy and transforms us into an operator of European importance, determined to seize all future growth opportunities, thanks to skills and passion of our over 770 employees.”

"This transaction represents a major opportunity for the two companies and will allow us to exploit the synergies and know-how of both companies. I am happy to be part of this project, ensuring continuity, but at the same time developing new projects for an ambitious joint growth "- commented Paola Bausano, CEO of GoldBet.

Conference Call

The Company will provide further information regarding the acquisition during the conference call with the financial community to be held after the approval of the first half results as at 30 June 2018, scheduled for August 1, 2018. The aforesaid call will be available later, in registered form, on the Group website: www.gamenetgroup.it. Details to connect to the call are available on the company's website in the Investor Relations / Reports and Results / Call Instructions section. You can take part to the conference call by calling one of the following numbers: ITALY: +39 02 805 88 11, UK: +44 1 212 81 8003, USA: +1 718 705 8794. Before the conference call begins, a slides presentation will made available on the website www.gamenetgroup.it, in the section Investor Relations / Reports and Results / Presentations. The documentation used during the presentation will also be available on the storage mechanism www.1info.it/PORTALE1INFO.

Disclaimer

This document may contain forward-looking statements relating to future events and operating, economic and financial results of Gamenet Group. These forecasts have by their nature a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced, due to a multiplicity of factors. The forward-looking statements are however only referable to the date of this document. No obligation to update or modify any of these statements is assumed, either as a result of new information or future events or for any other reason.

This document does not constitute an offer, solicitation or invitation to purchase or subscribe financial instruments issued by the Gamenet Group. This document and its distribution must not form the basis or be taken into consideration in relation to any contract or commitment of any kind, nor should it be construed as a recommendation regarding the financial instruments issued by the Gamenet Group.

The data relating to EBITDA are not to be considered as an alternative to revenues or any other data deriving from the financial statements prepared according to the EU-IFRS or ITAGAAP standards in determining the results.

About Gamenet Group

Gamenet Group, listed on the STAR segment of the Italian Stock Exchange, is one of the leading operators in the gaming industry in terms of revenues, which equaled to euro 148.9 million for the quarter ended 31 March 2018 as a result of its wide and diversified offer of gaming products operated under a multi-license regime in four different business sectors: (i) amusement with prize machines (AWPs); (ii) video lottery terminals (VLTs); (iii) betting and online gambling (Betting & Online); and (iv) management of gaming rooms and owned AWPs (Retail & Street Operations).

As of 31 March 2018, the Group’s portfolio of granted concessions comprises 39,118 AWPs and 8,570 VLT licenses, along with a network of 742 betting licenses and 69 proprietary gaming rooms distributed across Italy (with 10,915 AWP under direct management).

About GoldBet

GoldBet S.r.l. is among the leading concessionaries in Italy for the collection of sports betting, with a physical network of 990 betting shops and an "online" offer, including on mobile platforms, which includes sports betting, Casino, Live Casino, Poker, virtual games and Bingo. GoldBet ended 2017 with EBITDA of Euro 40 million, EBIT of Euro 34 million, and Net Income of Euro 23 million.

For further information

Josef Mastragostino – Investor Relations
+39 06.89865700
j.mastragostino@gamenetgroup.it

Gennaro Schettino – Press Office
+39 06.89865834
g.schettino@gamenetgroup.it

Image Building – Media Relations
+39 02.89011300
gamenet@imagebuilding.it

 

1 Determined from the financial statements of GoldBet for the financial year ended December 31, 2017, prepared in compliance with the Civil Code regulations that govern its preparation as interpreted by the accounting standards issued by the Italian Accounting Body ("ITAGAAP").

2 This is a preliminary data estimated by GoldBet, calculated on the basis of ITAGAAP; therefore, deviations between final values and estimated values could be significant. In addition, the EBITDA estimated by GoldBet may not be comparable with the data of Gamenet Group since these are prepared in accordance with the international accounting standards adopted by the European Union ("EU-IFRS") and the relative method of calculation could be different, as not regulated by accounting principles.

3 Market shares on Gross Gaming Revenues (calculated as total bet minus payout as winnings). Source: MAG Consulenti Associati estimates on ADM and market data as of June 30, 2018.

4 The estimate of synergies has been elaborated on the basis of the information held by Gamenet Group as of today. The assessments made to estimate synergies are by their nature uncertain and also depend on numerous factors not under the control of Gamenet Group; therefore, the synergies estimated here could also differ significantly, in terms of realization and in amounts, from those that can actually be realized. Furthermore, the realization of some of the estimated synergies will result in the incurrence of non-recurring costs and investments.

Contact

Trilantic Europe

London

35 Portman Square, London W1H 6LR, United Kingdom

Guernsey

Le Marchant Street, St Peter Port, Guernsey GY1 4HY

Luxembourg

26 Bd Royal, L-2449 Luxembourg, Luxembourg