Sisal Annual Report 2011 - Permira

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Segment analysisLotteriesAs stated above, the lottery segment recorded an overall growth rate of 4.9%.National co-totalisator number games (known as NTNG games: SuperEnalotto, Vinciper lon-ne is the sole concessionaire, recorded a CAGR of 5.4% with total receipts inla vita - Win for Life and Si Vince Tutto SuperEnalotto), of which the Sisal GroupS.p.A.2011, 23.5% higher than in 2007 and indicative of the growth of this segmentachieved over the years by the Group’s management. GNTN recorded a positiveperformance even net of uncontrollable external variables, such as the extremelyhigh jackpots in 2009 and 2010 which led to record receipts.The 2011 Lotto gaming includes traditional Lotto and the new 10eLOTTO. TheCAGR during the period from 2007 to 2011 was 2.5% and, especially thanks tothe contribution made by the new game, Lotto started to grow again in 2011(+30%) after several years of decline; the instant lotteries (the so-called Scratchand Win) helped the lottery segment to take second place in terms of the totalreceipts in the gaming market (third, if we consider the new video lotteries separatelyfrom the other gaming machines) with a CAGR of more than 6% during theperiod from 2007 to 2011.6.4%9,2749,435 9,36710,230112.5%7,9516,7956,1505,8525,6335,2315.4%3,7773,524CAGR2007/20112,5091,9402,396(Figures in million of Euro)200720082009 2010Lotto201120072008 2009 2010Scratchcard201120072008 2009 2010 2011National TotalisatorNumbers GamesBettingThe betting sector showed essentially negative values for each of the segmentsanalyzed, with the exception of Sports Betting. The horse racing segment and thetraditional Totocalcio segment (referred to here as pool games) have undergone acrisis which started several years ago, while in the case of sports betting, the reasonsfor the trend over the last years are, to a greater extent, linked to the structureof the product itself.In fact, sports betting volumes are materially influenced by the payout and in 2009and 2010, thanks to payout percentages around 90%, betting receipts were noticeablyhigher, while the payout value was 77% in 2011 and even lower in 2007(76%) and 2008 (75.8%).15 DIRECTORS’ REPORT ON operations
ne10.3%4,4004,0183,9093,8492,596-16.8%2,038CAGR2007/2011-24.4%229 176 143 98751,6711,5361,199978-13.4%695601 625531391(Figures in million of Euro)Slot VLT(Figures in million of Euro)2007 2009 20112008 2010Sports bettingcolonneAnother factor which influenced growth during the five-year period (CAGR10.3%) has been the expansion of the sports betting corner network, namely nonspecialisedoutlets equipped with suitable technological equipment that enablesthem to process bets on sports events (which opened as a result of the so-calledBersani liberalisation decree).Gaming Machines (Slot machines and VLTs)Gaming Machines - Slot machines and VLTs - represent more than 50% of the totalgaming market in Italy. It is estimated that there are more than 380,000 machinesin the market, located in over 114,000 points of sale.Total receipts for this segment was more than EUR 44.6 billion with a CAGR of25.3% in the years in question. Slot machines alone had a CAGR of 13.4%. In thefirst year of operation (2011), video lottery terminals (VLTs) generated 14.7 billion,thus becoming the second most successful product in the market.18,07221,6852007 2009 20112008 2010Pool gamesbased on sport25,5252007 2009 20112008 2010Horse race betting30,6742007 2008 2009 20108602007 2009 20112008 2010Tris and similar games29,870201114,7453500030000250002000015000100005000016 Sisal ANNUAL REPORT 2011
Page 2 and 3: Sisal Annual Report 2011
Page 6: Finally, we focused on expanding ou
Page 9 and 10: Group CompaniesSisal Holding Istitu
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Page 19 and 20: co-In the context of a market which
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Page 25 and 26: The excellent level of operating pr
Page 27 and 28: • In Director’s Decree of Augus
Page 29 and 30: The Court therefore wished to clari
Page 31 and 32: Equally dubious and untrue is AAMS
Page 33 and 34: If the national Court of Auditors s
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Page 39 and 40: In December 2011, a general tax ins
Page 41 and 42: As we know, the tenders for the awa
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Page 45 and 46: • issue of bank guarantees by the
Page 47 and 48: Statement of Financial Position - E
Page 49 and 50: Statement of Changes in EquityATTRI
Page 51 and 52: Explanatory Notes to the Consolidat
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Page 55 and 56: Translation of financial statements
Page 57 and 58: Intangible assetsThe intangible ass
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Changes in accounting standards ado
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Liquidity riskLiquidity risk is the
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Other informationAs part of a proce
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Property, plant and equipment, as d
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During the course of the year, the
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Intangible assets (3)Intangible ass
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Deferred tax assets (5)The informat
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Inventories of finished goods and m
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Current financial assets (10)Curren
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Cash and cash equivalents (13)Cash
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The plans thus structured co-exist
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Sisal S.p.A.Amortisation PlanResidu
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Deferred tax liabilities (17)The in
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C) Current LiabilitiesTrade and oth
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Payables for winnings include jackp
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Taxation payable (25)Taxation payab
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Categories of financial assets and
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ReclassificationThe Group has not c
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• Other receivables include insur
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Market riskMarket risk is the risk
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Notes to the Statementof Comprehens
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Purchases of materials, consumables
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Lease and rent expenses (32)These e
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Finance income and similar (36)Fina
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Annex 1List of Companies Included i
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116 SISAL ANNUAL REPORT 2011
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Sisal Holding Istituto di Pagamento
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