Revenues
In the 2021 fiscal year, the NOVOMATIC Group generated EUR 1,842.3 million in revenues, compared to EUR 1,743.6 million in the same period of 2020. The increase in sales of EUR 98.7 million (+5.7 percent) was attributable to relaxed COVID 19 measures and the performance of NOVOMATIC products and resulted from several markets: Great Britain (EUR +45.6 million), Eastern Europe (EUR +37.1 million), Spain (EUR +28.5 million), the Online division (EUR +17.2 million), Italy (EUR +13.0 million) and Other Markets (EUR +60.9 million). Revenue in Germany (EUR 68.2 million), Austria (EUR 23.0 million) and the Netherlands (EUR 12.4 million) was down due to prolonged restrictive COVID 19 measures.
EBITDA
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 587.5 million at the end of the year. The year-on-year increase of EUR 281.6 million (+92.1 percent) from EUR 305.9 million is attributable both to higher sales revenues in 2021 and to higher other operating income and lower expenses. The EBITDA margin in 2021 was 31.9 percent, 14.3 percentage points above the previous year’s level. Depreciation, amortization, impairment losses and reversals of impairment losses decreased by EUR 136.0 million (24.6 percent) and amounted to EUR 417.2 million in 2021 after EUR 553.2 million in the previous year. Depreciation and amortization of property, plant and equipment, intangible assets and right-of-use assets decreased by EUR 54.7 million (11.8 percent) to EUR 408.9 million, while impairment losses, net of impairment reversals, fell from EUR 89.7 million to EUR 8.4 million (90.7 percent).
Equity ratio
Equity increased by EUR 117.1 million (+11.1 percent) to EUR 1,172.3 million in 2021. This increase is mainly attributable to retained earnings, which rose by EUR 88.7 million (+10.5 percent) to EUR 939.2 million, and revaluation reserves, which increased from EUR 27.4 million to EUR 66.4 million in 2021. Non-controlling interests declined by EUR 26.0 million to EUR 142.6 million.
Cash Flow
Cash flow from operating activities amounted to EUR 432.0 million. The year-on-year increase of EUR 54.0 million is mainly attributable to the positive development of cash flow from earnings. Higher receivables and other assets as well as higher payments for income taxes had a compensating effect.
Cash flow from investing activities amounted to EUR 166.4 million in 2021 and was influenced in particular by investments in intangible assets and property, plant and equipment (EUR 287.9 million). These investments were higher than in the previous year (EUR 223.0 million), in particular due to the positive outlook following the end of the lockdowns and other measures. Proceeds from the sale of non-current assets (EUR +122.1 million) provided a positive effect and are partly attributable to the sale of the Novomatic Forum property.
Cash flow from financing activities came to EUR 244.0 million in the reporting period and resulted mainly from payments made for financial loans and financial liabilities due to the repayment of a bond in the amount of EUR 200.0 million, the repayment of EUR 63.7 million of ÖKB financing, interest paid and interest-like payments (EUR -68.4 million), and payments made for leasing obligations (EUR 121.6 million). Short-term financing in the amount of EUR 240.0 million was also raised.
