At the end of December the ratio was 3.2 times.
Once listed, the company will repay an intercompany loan of
250 million euros it has with its sister entity Gamma Bondco
Sarl, it added.
Lottomatica, owned by Apollo Global Management ,
offers gambling on sports and other events online and in retail
outlets. It also operates a network of gaming machines in
premises across Italy.
($1 = 0.9350 euros)
(Reporting by Federico Maccioni and Elisa Anzolin, editing by
Alvise Armellini and Barbara Lewis)
(Adds details on use of IPO proceeds)
MILAN, March 14 (Reuters) - Italy's Lottomatica expects
revenues of between 1.57-1.67 billion euros ($1.68-1.79 billion)
and core profits in the range of 550-570 million euros this
year, the group said in statement on Tuesday.
Last year's revenues were 1.4 billion euros, with a
pro-forma core profit of 518 million euros, when taking into
account the acquisition of Italian remote gaming and betting
collection company Betflag, completed in November.
Lottomatica, whose shareholders in February approved the
start of a process leading to an initial public offering (IPO)
on Euronext Milan, added that its post-listing dividend policy
envisaged a pay-out of 30% of the group's adjusted net profit.
The gambling group said on Tuesday proceeds from the IPO
would be used to achieve a net financial debt equal to 2.5 times
the pro-forma run rate core profit at the date of the potential
listing.
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