Intralot maintains a platform of electronic banking hosted by first-class financial institutions in London.

In spite of the upheavals in Greece, Intralot, the majority shareholder of Maltco Lotteries Ltd, will continue to be in a position to service all its business obligations without any interruption – including Maltco, a company spokesman confirmed.

“These obligations include our customers, state authorities, employees, suppliers and investors,” she said.

Intralot maintains a platform of electronic banking hosted by first- class financial institutions in London, effectively ring-fencing its financial transactions from potential disruptions in banking operations in Greece.

“Intralot Group cash is held in deposit accounts outside of Greece, with major and robust international banks, and a specific amount is kept in Greece in order to support the necessary working capital requirements of the local operation,” she confirmed.

She also stressed that the contribution of Greek business to the group’s consolidated turnover in 2014 was less than three per cent and subsequently dropped to less than two per cent in the first quarter of 2015.

“This highlights the very small exposure of our group to any commercial activities from Greece and therefore its ability to continue successfully servicing its global operations without any disruption,” she said.

“Our services in Greece are primarily new product research and development, and group management. We have in place the appropriate business continuity planning to ensure the uninterrupted operation of our business functions in Greece and abroad.”

Intralot has seen its losses grow from €4.6 million in 2013 to €49.5 million in 2014, and its accumulated debt by Q1 in 2015 was €393 million.

The spokesman pointed out that revenues reached €1.85 billion in 2014, with positive cash flows and sufficient cash to finance its operations for the long term. At the end of March 2015 the consolidated cash resources of the group exceeded €388 million.

“The reported loss was an accounting loss mainly by non-cash items and one-off items. Group revenues grew by 20 per cent in 2014 and 12 per cent in the first quarter of 2015.

“Intralot has one of the lowest net debt to Ebitda ratios of the international gaming sector of 2.2 times; Intralot is a healthy and sustainable company and we invest to further expand our product portfolio,” she concluded.