Full Year 2023 Ainsworth Game Technology Ltd Earnings Call Transcript
Key Points
- Revenue increased by 17% to AUD 285 million compared to the prior period.
- Underlying EBITDA slightly improved to AUD 58 million from AUD 55.8 million in the prior period.
- North America revenue grew by 17%, with high denomination games performing well.
- International revenue now represents 86% of the group's total revenue, showing strong offshore momentum.
- The company has a strong balance sheet with a net cash position of AUD 19.4 million and undrawn facilities of USD 32 million.
- Significant currency translation losses of AUD 21.5 million due to the devaluation of the Argentinian peso.
- Noncash impairments and one-off items resulted in a loss of AUD 17.4 million.
- The Board has decided to continue suspending the declaration of dividends to maintain a strong financial position.
- Domestic revenues in Australia fell by 12%, impacted by minimal corporate sales and competitive market conditions.
- Increased operating costs by 18%, mainly due to higher headcount and variable selling costs.
Good day. My name is Dennis, and I will be your conference operator. At this time, I would like to welcome everyone to the Ainsworth Game Technology Limited 2023 Full Year Results of General Investor Conference Call. (Operator Instructions) I would now like to turn the conference over to Harald Neumann, Chief Executive Officer. Please go ahead.
Thank you, Dennis. Good morning, everyone, and thank you for joining me for the Ainsworth's conference call for our unaudited results for the 12 months period ended December 31, 2023. Lynn Mah, our Chief Financial Officer, and Mark Ludski, our Company Secretary, will also be on the line today.
On the call today, I will concentrate on the key points and the regional review, and Lynn will take you through the financials. At the end of the presentation, we would be pleased to answer any questions.
All the numbers, Lynn and I quote throughout the call are denominated in Australian dollars, unless otherwise specified. I also note that
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