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bestbond NOVOMATIC
Novomatic’s chief executive has said the company may choose to issue bonds rather than go for an IPO on the Vienna Stock Exchange in order to fund its expansion plans and take advantage of the many opportunities currently presenting themselves. Franz Wohlfahrt told Bloomberg:
“A bond is an option. There are argu- ments against an IPO.” The Austrian Traded Index,
which tracks the exchange’s leading shares, has seen a dramatic decline in value this year. A public listing would also reduce the company’s ability to respond quickly to the market - and the company’s founder Johann Graf, who, legendarily, is intimately involved in the development of new product ideas, is also unlikely to want to cede overmuch control. In the last six years, Novomatic
has used the bond market success- fully on three separate occasions to raise E500m, which it has used to fund its expansion to date. Chief financial officer Peter Stein
said: “The market is longing for new listings and some kind of new momentum. The Austrian debt market is limited in size, so the bonds that we’ve issued on a cor- porate level have already been benchmark in size.” Given the company’s status as
the world’s second-largest slot machine manufacturer, and the fact that it is working under a consider- ably lower debt burden than its rivals, mean that the company expects to be able to obtain an ‘investment grade’ tag from credit- rating agencies. The Novomatic Group, which
reported revenues up 17 per cent in the first half to E654.7m, EBITDA of E225.7m, with a margin of 16.6 per cent, and profits of E52.8m, is the strongest performing supplier
Huge Galaxy order completed on time When Galaxy Macau opened in mid-May, the HKD 14.9bn venue saw a raft of orders. The casino opened with 450 gaming tables with TCS John Huxley manufacturing over 90 of them, all specified to complement the casino interior. The order also included 15 Saturn Wheels with e-FX double sided Animator displays, 26 Set of Sicbo electronics and 2 Sets of Fan Tan electronics both inclusive of e-FX Animator displays, 106 Electronic Customised table signs incorporating the Galaxy Logo, various sundry items and 385 Omni Baccarat Displays incorporating Gaming Floor
Bond market likely to be best bet for Novomatic
With confidence in its opportunities, Novomatic is likely to have no problem in raising the money it needs to invest in its future both as a manufacturer and operator. However, a flotation seems less favoured than the tried, tested and thirsty debt markets
currently in the international casino industry, helped by its posi- tion as the largest supplier of VLTs to the Italian market, where it is also a significant operator. Novomatic’s 19 casino opera- tions are all outside its home market, although it does operate the electronic Admiral Casino Prater near Vienna. However, the reform of Austrian gaming legisla- tion last year that will see the end of the effective monopoly enjoyed by Casinos Austria in 2012, at last provides substantial opportunities somewhat closer to home. It is also in pole position to take advantage of the reform of lower stakes gaming that were part of the same reforms, being one of the few com- panies large enough to meet the requirements laid out by the gov- ernment.
Expansion of production and operations will require further investment
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October 2011 • suppliernews 43
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