International Game Technology PLC (IGT) 2009 Q3 法說會逐字稿

Good afternoon and welcome to the Lottomatica 2009 Third Quarter Year-to-Date Results Ended September 30, 2009.

下午好，歡迎閱讀截至 2009 年 9 月 30 日的 Lottomatica 2009 年第三季年初至今的業績。

My name is Liz and I will be your coordinator for today's conference. For the duration of the call, you will be on listen-only. However, at the end of the call, you will have the opportunity to ask questions. (Operator Instructions)

我叫莉茲，我將擔任今天會議的協調員。在通話期間，您將處於只聽狀態。但是，在通話結束時，您將有機會提問。 （操作員說明）

I will now hand over to Marco Sala, CEO and Managing Director, to begin today's call. Thank you.

我現在將請執行長兼董事總經理 Marco Sala 開始今天的電話會議。謝謝。

Thank you, Operator. Good evening and thank you for joining us for the Lottomatica Group's 2009 Nine Month Results Presentation. Joining me for today's presentation is Stafano Bortoli, the Chief Financial Officer of Lottomatica Group. Renato Ascoli, the Managing Director of Lottomatica; and Jaymin Patel, the Chief Executive Officer of GTECH; will join in for the question-and-answer session.

謝謝你，接線生。晚上好，感謝您參加我們的 Lottomatica 集團 2009 年九個月業績發表會。與我一起參加今天演講的是 Lottomatica 集團財務長 Stafano Bortoli。 Renato Ascoli，Lottomatica 董事總經理；以及 GTECH 執行長 Jaymin Patel；將參加問答環節。

I'd like to start off with an overall strategic assessment of Lottomatica Group's business. As I reflect back on our overall positioning for growth, I'm encouraged. During the past quarter, there have been important new developments that I believe will help us sustain our growth.

我想先對 Lottomatica 集團的業務進行整體策略評估。當我回顧我們的整體成長定位時，我深受鼓舞。在過去的季度中，出現了一些重要的新進展，我相信這些進展將有助於我們維持成長。

In Italy, we have been able to position ourselves to remain as the sole concessionaire for Scratch & Win. It's the Group's most important contract. This is a pending process that-- there is a pending process to be decided; the fact is that we are confident in our prospects. It is important to appreciate that if successful, we will have secured that business through 2019 at the rates that are more favorable than the current ones.

在義大利，我們已經能夠保持作為 Scratch & Win 唯一特許經營商的地位。這是該集團最重要的合約。這是一個待決流程－有一個待決流程待決定；事實上，我們對我們的前景充滿信心。重要的是要認識到，如果成功，我們將以比目前更優惠的價格在 2019 年之前獲得該業務。

Further, the Italian government has authorized new forms of gaming machines that include VLTs. We have paid for an additional 10,700 royalty licenses or approximately 20% of those available that will complement our current AWP operations.

此外，義大利政府也批准了包括 VLT 在內的新型遊戲機。我們已經支付了額外的 10,700 個特​​許權使用費許可，或大約 20% 的可用許可，以補充我們目前的 AWP 業務。

Through this additional investment, we will be able to continue to operate our installed base of AWPs which are primarily located in retail environments that will not get the VLTs for an additional nine years.

透過這項額外投資，我們將能夠繼續營運我們的 AWP 安裝基地，這些基地主要位於零售環境中，在接下來的九年內不會獲得 VLT。

To fund our share of Scratch & Win license fees and payments that we have made for the VLT licenses, a share capital increase will be presented to the shareholders at the meeting of November 20, to support the recently launched mandatory convertible bond.

為了資助我們分得的 Scratch & Win 許可費以及我們為 VLT 許可支付的款項，我們將在 11 月 20 日的會議上向股東提出增加股本，以支持最近推出的強制性可轉換債券。

I'm pleased to report that the bond offering was successfully completed in one day, raising EUR 350 million. And we were able to maintain our commitment that we are a balanced investment grade corporate financial structure. Both Moody's and S&P are giving opinions, supporting our investment-grade rating.

我很高興地報告，債券發行在一天內成功完成，籌集了 3.5 億歐元。我們能夠維持我們的承諾，即我們是一個平衡的投資等級企業財務結構。穆迪和標準普爾都給了意見，支持我們的投資等級。

To further consolidate and strengthen our capital structure, the Board of Directors approved today the issuance of a Euro bond for up to EUR 750 million to refinance existing debt at more favorable terms.

為了進一步鞏固和加強我們的資本結構，董事會今天批准發行最多 7.5 億歐元的歐元債券，以更優惠的條件為現有債務再融資。

In addition, there have been some strategically important developments within GTECH. Over the past 12 months, GTECH has been able to extend the same contracts that are worth approximately EUR 150 million of annualized service revenues. This is noteworthy because these extensions were granted beyond the natural terms of the underlining original contract. This is a strong endorsement of GTECH's focus on strengthening consumer relationships through superior service in Italy and attention to customer priorities.

此外，GTECH 內部也取得了一些具有重要策略意義的發展。在過去 12 個月中，GTECH 已經能夠延長相同的合同，年化服務收入價值約 1.5 億歐元。值得注意的是，這些延期的授予超出了原始合約的自然條款。這是對 GTECH 致力於透過義大利優質服務和對客戶優先事項的關注來加強消費者關係的強烈認可。

The result of these activities is this-- the stability and visibility of our revenues have increased substantially. When considering the Group's worldwide portfolio of contracts, including Italy, approximately 75% of our service revenues are under contract for at least four years. And the weighted average length of our service contract has increased to seven years. I think you would agree that is a solid platform for growth.

這些活動的結果是——我們收入的穩定性和可見度大幅提高。考慮到集團在全球範圍內的合約組合（包括義大利），我們大約 75% 的服務收入都簽訂了至少四年的合約。我們的服務合約的加權平均期限已增加至七年。我想您會同意這是一個堅實的成長平台。

In addition, there have been some trends in U.S. lottery's industry that deserve to be highlighted. We are beginning to see the beneficial impact of government taking actions to increase their returns from lottery operations. Last month, the governing bodies for Powerball and Mega Million voted to cross sell one other ticket. Previously the sales were excluding them to member jurisdictions only. The cross selling of the multi-state jackpot games is an unprecedented event for the U.S. lottery industry and if properly launched should drive sales growth.

此外，美國彩票行業也有一些值得關注的趨勢。我們開始看到政府採取行動增加彩票業務回報的有益影響。上個月，強力球和超級百萬的管理機構投票決定交叉銷售另一張彩票。此前，銷售僅限於成員管轄區。多州大獎遊戲的交叉銷售對於美國彩票行業來說是前所未有的事件，如果推出得當，應該會推動銷售成長。

There is much work we do to prepare our customers for this event. GTECH is mobilizing its resources to support the launch and of the cross-selling initiative for early 2010 when most of the jurisdictions are likely to launch. And there are some operator opportunities that are beginning to take shape which are of interest to us.

我們做了很多工作來幫助我們的客戶為這次活動做好準備。 GTECH 正在調動其資源來支持 2010 年初交叉銷售計畫的啟動，屆時大多數司法管轄區都可能啟動。我們對一些正在開始形成的運營商機會感興趣。

France is opening up its interactive market by offering new licenses and the state of Illinois is proceeding with plans to initiate an operator-like opportunity to spool growth in its lottery. If that is successfully implemented, it could begin early assessment by U.S. jurisdictions of the models by which lotteries are operated and provided new opportunities for commercial operators.

法國正在透過提供新的​​許可證來開放其互動市場，伊利諾伊州正在實施計劃，啟動類似營運商的機會，以推動其彩票的成長。如果成功實施，美國司法管轄區可能會開始對彩票營運模式進行早期評估，並為商業營運商提供新的機會。

There is a privatization process underway in New South Wales and we expect opportunities to increase in Turkey as well.

新南威爾斯正在進行私有化進程，我們預計土耳其的機會也會增加。

To summarize, I think it is fair to say that we have weathered the economic downturn very well and there are signs that our business in on an upswing. Our view is one of cautious optimism, but optimism nonetheless.

總而言之，我認為可以公平地說，我們很好地度過了經濟低迷時期，並且有跡象表明我們的業務正在復蘇。我們的觀點是謹慎樂觀，但仍然樂觀。

Now let me review our financial performance for the first nine months of 2009. Year to date, Group revenues were up 14% versus the same period of the previous year; and we experienced revenue growth in all of our business segments.

現在讓我回顧一下我們 2009 年前 9 個月的財務表現。我們所有業務部門的收入都實現了成長。

EBITDA grew by 4% and there was an improvement in same store revenue which overall grew by 3% over the similar period of last year.

EBITDA 成長 4%，同店營收有所改善，整體較去年同期成長 3%。

As we enter into the final quarter, we remain confident in our ability to deliver on our overall 2009 financial commitments and objectives. To be consistent with some of the required changes in the manner in which we report our results, I'll review our performance by going through the measure marketplace in operating segments of our business-- Italian Operations, GTECH Lottery, Gaming Solutions and G2- our interactive segment.

隨著進入最後一個季度，我們對實現 2009 年整體財務承諾和目標的能力仍然充滿信心。為了與我們報告結果的方式上的一些必要變化保持一致，我將透過我們業務營運部門（義大利業務、GTECH 彩票、遊戲解決方案和 G2）的衡量市場來審查我們的業績我們的互動部分。

Italian operations performed to our expectations and new games such as 10 and Lotto are beginning to announce lottery sales. We are excited about the initial performance of the EUR 20 ticket which should help bolster fourth quarter lottery performance as well.

義大利業務的表現符合我們的預期，10 和 Lotto 等新遊戲開始宣布彩票銷售。我們對 20 歐元彩票的初步表現感到興奮，這也將有助於提振第四季的彩票表現。

Sport betting wagers which are impacted by some seasonality related to the timing of values and competitions; were up 38% over the similar period of last year. And gaming solutions wagers were up 17% and the number of machines installed increased by 11% to total 51,000.

受與價值和比賽時間相關的某些季節性影響的體育博彩投注；較去年同期成長38%。遊戲解決方案賭注增加了 17%，安裝的機器數量增加了 11%，達到 51,000 台。

Turning to GTECH Lottery operations; on a year-to-date basis, overall revenues were up 11% and notably same store revenues in the U.S. which have been fairly flat over the past few quarters, have begun to pick up. U.S. same store revenues in these past quarters came into healthy 6% which was benefited by a large amount of jackpot activity. It is important to note that we are beginning to see a rebound in same store revenues, even when adjusted for this jackpot activity. This is an encouraging indicator for the sustainability of our results.

轉向 GTECH 彩券營運；年初至今，整體營收成長了 11%，尤其是過去幾季基本持平的美國同店營收已開始回升。過去幾季美國同店收入健康成長了 6%，這得益於大量的頭獎活動。值得注意的是，我們開始看到同店收入出現反彈，即使是針對這項頭獎活動進行了調整。對於我們成果的可持續性來說，這是一個令人鼓舞的指標。

Internationally, GTECH announced a major new lottery contract with ONCE in Spain worth over EUR 500 million over the life of the contract. California extended the GTECH contract again and it included some new player services from G2 as part of this extension. Hopefully, this is the start of U.S. lotteries preparing for the time when the Internet will become an import delivery channel for them. GTECH is well-positioned to partner with our lottery customers when and if Internet wagering is eventually authorized.

在國際方面，GTECH 宣布與西班牙 ONCE 簽訂一份重要的新彩票合同，合約期間價值超過 5 億歐元。加州再次延長了 GTECH 合同，其中包括 G2 的一些新球員服務，作為延期的一部分。希望這是美國彩票公司為互聯網成為他們的進口交付管道做準備的開始。當網路投注最終獲得授權時，GTECH 完全有能力與我們的彩票客戶合作。

In the Gaming Solutions business, we are also seeing the impact of governments responding to the needs to generate more revenues. Many governments are adding machine programs to their portfolio of authorized activities. Our Spielo subsidiary is expecting to compete for business in an anticipated 15 jurisdictions over the next six months; an unprecedented amount of bidding activity.

在遊戲解決方案業務中，我們也看到政府因應創造更多收入的需求所產生的影響。許多政府正在將機器項目添加到其授權活動組合中。我們的 Spielo 子公司預計在未來六個月內在 15 個司法管轄區競爭業務；競標活動數空前。

Spielo also has signed a multi-year contract to provide a turnkey surf-based machine gaming system with several thousand Spielo royalties for Gamenet, an operator in Italy. In the interactive segment, lotteries are looking for new distribution channels.

Spielo 還簽署了一份多年期合同，為義大利營運商 Gamenet 提供交鑰匙衝浪機器遊戲系統，並支付數千 Spielo 專利費。在互動領域，彩券正在尋找新的通路。

In Chile, we successfully launched a combined sports betting, interactive and lottery solution that was the result of a joint effort by Finsoft, our Italian Operations; and GTECH. The joint platform has been a great success for us and the model that we also implement in other jurisdictions.

在智利，我們成功推出了綜合體育博彩、互動和彩票解決方案，這是我們義大利業務 Finsoft 共同努力的成果；和GTECH。這個聯合平台對我們來說取得了巨大成功，我們也在其他司法管轄區實施了這項模式。

All in all, I hope I have been able to convey to you a sense of my cautious optimism about our future. There are numerous signs of improvement that we feel will bode well for the remainder of this year and next. Now I would like to hand over to Stefano for a detailed review of the results.

總而言之，我希望能夠向您傳達我對我們未來的謹慎樂觀態度。有許多改善的跡象，我們認為這對今年剩餘時間和明年來說是個好兆頭。現在我想請斯特凡諾對結果進行詳細審查。

Thank you, Marco; and good evening, everyone. I'm happy to report we experienced positive financial results in the first nine months of 2009, recording top-line growth in all business segments.

謝謝你，馬可；大家晚上好。我很高興地向大家報告，2009 年前 9 個月我們取得了正面的財務業績，所有業務部門的營收都實現成長。

Revenues for the first nine months of 2009 were approximately EUR 1.6 billion, up 14% compared to EUR 1.4 billion in the same period last year. At constant currency, revenues were up 12%.

2009年前9個月的營收約16億歐元，比去年同期的14億歐元成長14%。以固定匯率計算，營收成長了 12%。

EBITDA for the first nine months was EUR 596 million, compared to EUR 571 million in the first nine months of last year; up 4%. On a constant currency basis, EBITDA was EUR 589 million.

前九個月的 EBITDA 為 5.96 億歐元，而去年前九個月為 5.71 億歐元；上漲4%。以固定匯率計算，EBITDA 為 5.89 億歐元。

EBITDA margins were 37.5% compared to 40.8% in the same period last year. The anticipated dilution is due to a change in the revenue mix and new lottery contract terms.

EBITDA 利潤率為 37.5%，而去年同期為 40.8%。預期的稀釋是由於收入結構的變化和新的彩票合約條款造成的。

Moving on to Lottomatica's Italian operations; our Scratch & Win business generated gross wagers of approximately EUR 7.1 billion compared to EUR 6.9 billion in the first nine months of last year; up 2%.

繼續了解 Lottomatica 的義大利業務；我們的 Scratch & Win 業務產生的總投注金額約為 71 億歐元，而去年前 9 個月為 69 億歐元；上漲2%。

The number of tickets sold was comparable to the first nine months of 2008 at approximately 1.9 billion. The average price point grew from EUR 3.6 in the first nine months of '08 to EUR 3.8 in the first nine months of this year, driven by product segmentation and marketing efforts.

售出的門票數量與 2008 年前 9 個月相當，約 19 億張。在產品細分和行銷努力的推動下，平均價格從 08 年前 9 個月的 3.6 歐元增長到今年前 9 個月的 3.8 歐元。

Preliminary sales for the new EUR 20 ticket launched in October are very encouraging. Lotto wagers were EUR 4.2 billion compared to EUR 4.4 billion in the same period last year. The recently launched [Keno Spy] game, 10 and Lotto; while still in its early stages, is gaining player acceptance and helping to bolster lotto wagers.

10 月推出的 20 歐元新門票的初步銷售情況非常令人鼓舞。樂透投注金額為 42 億歐元，而去年同期為 44 億歐元。最近推出的【基諾間諜】遊戲，10和樂透；雖然仍處於早期階段，但正在贏得玩家的認可並有助於增加樂透投注。

Sports betting wagers grew 38% to EUR 689 million in the first nine months of 2009 due to the continued strong performance of Finsoft's sports betting. Finsoft's sports betting wagers in the Italian market were up approximately 9% over the same period last year at EUR 2.9 billion; while Lottomatica's Finsoft sports betting wagers grew nearly 56% to EUR 598 million.

由於 Finsoft 體育博彩持續強勁的表現，2009 年前 9 個月體育博彩投注額增長了 38%，達到 6.89 億歐元。 Finsoft在義大利市場的運動博彩投注額較去年同期成長約9%，達到29億歐元； Lottomatica 的 Finsoft 運動博彩投注金額成長了近 56%，達到 5.98 億歐元。

At September 30, Lottomatica's share of the market was 20% in terms of total wagers. Over the nine-month period, sports betting payouts have been in line with our expectations.

截至 9 月 30 日，Lottomatica 的市佔率佔總投注額的 20%。在過去的九個月期間，體育博彩支出一直符合我們的預期。

Gaming Solutions wagers were up 17% compared to the same period last year at EUR 2.9 billion. The number of installed AWP machines in Italy grew from 46,000 at September 30, 2008; to 51,000 at September 30, 2009. Of the 51,000, approximately one third are managed directly by Lottomatica.

博彩解決方案的投注額較去年同期成長 17%，達到 29 億歐元。截至 2008 年 9 月 30 日，義大利安裝的 AWP 機器數量為 46,000 台；截至 2009 年 9 月 30 日，該數字已增加至 51,000 個。

We are also preparing for an introduction into the Video Lottery Terminal or VLT market in Italy next year. Our interactive business in Italy generated approximately EUR 242 million of skill game wagers in the first nine months of this year; primarily from online poker.

我們也準備在明年在義大利引進視訊彩票終端機或 VLT 市場。今年前 9 個月，我們在義大利的互動業務產生了約 2.42 億歐元的技能遊戲投注；主要來自線上撲克。

Year to date, Lottomatica ranked third in the interactive business in Italy in terms of wager; again, primarily relating to the interactive poker network.

今年迄今為止，Lottomatica 在義大利互動產業的投注額方面排名第三；再次，主要與互動撲克網路有關。

Lottery revenues were EUR 524 million compared to EUR 533 million in the first nine months of 2008. Revenues for sports betting increased 31% over the prior year to EUR 121 million, while revenues from Gaming Solutions were up 89% to EUR 110 million, driven by the increased placement of AWP machines compared to the same period last year.

彩票收入為 5.24 億歐元，而 2008 年前 9 個月為 5.33 億歐元。去年同期相比，AWP 機器的放置量增加。

Revenues in Commercial Services were up 4% to EUR 70 million, while revenues from the interactive business in Italy generated EUR 29 million.

商業服務收入成長 4%，達到 7,000 萬歐元，而義大利互動業務收入為 2,900 萬歐元。

On slide eleven, we provide a breakdown of GTECH Lottery service revenues for the first nine months of 2009 versus the same period last year. U.S. same store service revenues were up 3% versus the first nine months of 2008, driven by gains in jurisdictions including North Carolina, Florida and Tennessee; among others.

在投影片 11 中，我們提供了 2009 年前 9 個月與去年同期相比 GTECH 彩券服務收入的明細。受北卡羅來納州、佛羅裡達州和田納西州等司法管轄區收入成長的推動，美國同店服務收入比 2008 年前 9 個月增加了 3%；除其他外。

International lottery same store service revenues were also up 3%, driven by gains in jurisdiction such as Morocco, Jamaica and Mexico.

在摩洛哥、牙買加和墨西哥等司法管轄區的收益推動下，國際彩券同店服務收入也成長了 3%。

Revenues from Italian operations for the first nine months of this year grew 14% to EUR 854 million from EUR 751 million in the same period last year. This increase was primarily attributable to Gaming Solutions, sports betting and interactive.

今年前 9 個月，義大利業務收入成長 14%，從去年同期的 7.51 億歐元增至 8.54 億歐元。這一增長主要歸因於遊戲解決方案、體育博彩和互動。

For GTECH, which includes Gaming Solutions and GTECH G2; revenues were EUR 738 million, up approximately 13% compared to EUR 651 million in the first nine months of 2008.

對於 GTECH，包括遊戲解決方案和 GTECH G2；營收為 7.38 億歐元，比 2008 年前 9 個月的 6.51 億歐元成長約 13%。

GTECH Lottery revenues were up 11% to EUR 589 million versus the first nine months of last year. In the first nine months, GTECH same store service revenue grew 3%. First nine months lottery revenues include approximately EUR 44 million in product sales versus EUR 31 million in the same period last year, primarily due to the sale of new lottery terminals to customers in Denmark and the U.K. Keep in mind that the timing of (inaudible) sales tends to be cyclical.

GTECH 彩券收入較去年前 9 個月成長 11%，達到 5.89 億歐元。前九個月，GTECH同店服務收入成長3%。前 9 個月的彩票收入包括約 4400 萬歐元的產品銷售，而去年同期為 3100 萬歐元，主要是由於向丹麥和英國的客戶銷售新的彩票終端。銷售往往具有週期性。

GTECH G2 contributed approximately EUR 50 million to our first nine month revenues; up EUR 19 million versus the same period last year. Note that (inaudible) contributed only five months to revenues last year.

GTECH G2 為我們前九個月的收入貢獻了約 5,000 萬歐元；與去年同期相比增加了 1,900 萬歐元。請注意（聽不清楚）去年僅貢獻了五個月的收入。

EBITDA from Italian operations was EUR 386 million, up 5% over EUR 368 million in the same period last year. This increase was primarily driven by the expansion of Finsoft's sports betting, Gaming Solutions and interactive.

義大利業務的 EBITDA 為 3.86 億歐元，比去年同期的 3.68 億歐元成長 5%。這一增長主要是由 Finsoft 體育博彩、遊戲解決方案和互動業務的擴張所推動的。

GTECH EBITDA, which includes Gaming Solutions and GTECH G2, was EUR 210 million, compared to EUR 203 million in the first nine months of last year, up 3%. EBITDA was positively impacted by EUR 10 million of same store service revenue growth. In addition, Gaming Solutions and G2 contributed increases of EUR 8 million and EUR 1 million, respectively.

GTECH EBITDA（包括遊戲解決方案和 GTECH G2）為 2.1 億歐元，較去年前 9 個月的 2.03 億歐元成長 3%。 EBITDA 受到 1000 萬歐元同店服務收入成長的正面影響。此外，Gaming Solutions 和 G2 分別貢獻了 800 萬歐元和 100 萬歐元的成長。

Looking at our P&L, operating income was EUR 346 million in the first nine months of 2009, versus EUR 337 million in the same period last year; up 3%. The increase is primarily due to additional sports betting licenses and additional AWP machines installed in Italy with a higher percentage of owned machines.

從我們的損益表來看，2009 年前 9 個月的營業收入為 3.46 億歐元，而去年同期為 3.37 億歐元；上漲3%。這一增長主要是由於義大利增加了體育博彩許可證和安裝了更多 AWP 機器，且自有機器的比例更高。

We incurred approximately EUR 128 million of financial charges, compared to approximately EUR 120 million last year, due to the impact of unrealized foreign exchange losses, partially offset by the benefits of lower interest rates. You will see further detail on our net interest breakdown in the appendix.

由於未實現外匯損失的影響，我們產生了約 1.28 億歐元的財務費用，而去年約為 1.2 億歐元，但部分被較低利率的好處所抵消。您將在附錄中看到有關我們的淨利息細分的更多詳細資訊。

Income before tax was EUR 218 million, slightly higher compared to the same period last year.

稅前收入為2.18億歐元，略高於去年同期。

The tax rate for the first nine months of 2009 was 34.5%, consistent with the same period last year.

2009年前9個月的稅率為34.5%，與去年同期一致。

Group net income was also slightly higher versus the same period last year, at EUR 143 million.

集團淨利也略高於去年同期，達 1.43 億歐元。

Net income attributable to owners of the parent was EUR 107 million, bringing our earnings per share to EUR 0.72.

歸屬於母公司所有者的淨利潤為 1.07 億歐元，每股收益為 0.72 歐元。

The Group had healthy net cash flow from operating activities at EUR 452 million, profit before tax of EUR 280 million and total non-cash depreciation and net interest expense of EUR 359 million.

集團經營活動產生的現金流量淨額穩健，達 4.52 億歐元，稅前利潤達 2.8 億歐元，非現金折舊及淨利息支出總額達 3.59 億歐元。

Cash payments for income taxes totaled EUR 83 million and changes in operating assets and liabilities were EUR 57 million.

所得稅現金支付總額為 8,300 萬歐元，經營資產和負債的變化為 5,700 萬歐元。

Cash available at the end of the nine month period was EUR 148 million.

九個月期末可用現金為 1.48 億歐元。

On slide 16, we provide a breakdown of maintenance and growth CapEx and acquisitions. Total CapEx and acquisitions were EUR 226 million in the first nine months of 2009, versus EUR 394 million in the same period last year.

在投影片 16 中，我們提供了維護和成長資本支出以及收購的詳細資訊。 2009 年前 9 個月的資本支出和收購總額為 2.26 億歐元，而去年同期為 3.94 億歐元。

Maintenance expenditures for the first nine months were EUR 125 million compared to EUR 108 million in the same period last year.

前 9 個月的維護支出為 1.25 億歐元，去年同期為 1.08 億歐元。

GTECH's first nine months maintenance CapEx was EUR 114 million, compared to EUR 94 million in the same period last year, driven by investments in New York, New Jersey and Chile.

GTECH 前 9 個月的維護資本支出為 1.14 億歐元，而去年同期為 9,400 萬歐元，主要受到紐約、新澤西和智利投資的推動。

GTECH's growth CapEx was EUR 34 million, consisting primarily of investments in West Virginia and printed products.

GTECH 的成長資本支出為 3,400 萬歐元，主要包括對西維吉尼亞州和印刷產品的投資。

For Lottomatica's Italian operations, maintenance CapEx was EUR 11 million. Growth CapEx was EUR 65 million as we continued to make strategic investments in the gaming machines and sports betting markets in Italy.

對於 Lottomatica 的義大利業務，維護資本支出為 1,100 萬歐元。我們繼續對義大利的遊戲機和體育博彩市場進行策略性投資，成長資本支出為 6,500 萬歐元。

As Marco mentioned earlier, together with our partners, we will invest EUR 500 million in the fourth quarter of 2009 for the Scratch & Win concession. In addition, we will invest EUR 81 million also in the fourth quarter for VLT rights. Excluding these amounts, we are maintaining our target of EUR 360 million to EUR 380 million of CapEx for 2009.

正如 Marco 之前提到的，我們將與我們的合作夥伴一起在 2009 年第四季度投資 5 億歐元用於 Scratch & Win 特許權。此外，我們還將在第四季投資 8,100 萬歐元購買 VLT 版權。排除這些金額，我們維持 2009 年資本支出 3.6 億歐元至 3.8 億歐元的目標。

Our net financial position as of September 30, 2009 was EUR 2.69 billion; substantially in line with EUR 2.71 billion at the end of December 2008.

截至 2009 年 9 月 30 日，我們的淨財務狀況為 26.9 億歐元；與 2008 年 12 月底的 27.1 億歐元基本持平。

Cash from operations, net of CapEx, was allocated for the payment of interest and dividends. At the end of September, we had EUR 148 million of cash and EUR 414 million of committed and undrawn credit lines to support the organic growth of the business.

扣除資本支出後的營運現金被分配用於支付利息和股息。截至 9 月底，我們擁有 1.48 億歐元的現金以及 4.14 億歐元的承諾和未提取信貸額度來支持業務的有機成長。

An extraordinary shareholders meeting of Lottomatica Group will take place on November 20, to approve a share capital increase of up to EUR 350 million. The funds raised will primarily support the renewal of the Italian Scratch & Win license and the new investment in VLTs.

Lottomatica Group 將於 11 月 20 日召開特別股東大會，批准增資至多 3.5 億歐元。籌集的資金將主要用於支持義大利 Scratch & Win 許可證的更新以及 VLT 的新投資。

The Group's Board of Directors earlier today approved the issuance of a senior unsecured non-convertible bond up to a maximum amount of EUR 750 million. The proceeds of the bond issue will be used to refinance a portion of existing indebtedness of the Group, extending the average maturity of the Group's debt while diversifying lending sources. In summary, another move intended to strengthen our capital structure.

今天早些時候，集團董事會批准發行最高金額為 7.5 億歐元的優先無擔保不可轉換債券。本債券發行所得款項將用於本集團部分現有債務再融資，延長本集團債務平均期限，同時多元化貸款來源。總而言之，另一項措施旨在加強我們的資本結構。

Now, we will open the lines for Q&A, after which we will hear closing comments from Marco. Operator, please-?

現在，我們將開始問答環節，之後我們將聽到 Marco 的結束語。接線員，請說-？

Thank you. (Operator Instructions) Your first question comes from the Ian Rennardson from Bank of America-Merrill Lynch. Please go ahead.

謝謝。 （操作員說明） 您的第一個問題來自美銀美林銀行的 Ian Rennardson。請繼續。

Good afternoon. I have two questions. One is on this EUR 750 million bond issue. You talk about more attractive terms or better terms. Could you give us some idea of what you expect, please; and what date you will be retiring and what interest rate that is being charged at?

午安.我有兩個問題。其中之一是發行 7.5 億歐元的債券。您談論更有吸引力的條款或更好的條款。請告訴我們您的期望；您將在哪一天退休以及收取的利率是多少？

And probably a question for Jaymin to do with the developments in Illinois; could you just give us some more information there, please? Thank you.

傑明可能會問一個與伊利諾州事態發展有關的問題；您能給我們更多資訊嗎？謝謝。

Well, in terms of the bond, pricing will be subject to market conditions. We expect to be in-- all-in cost of 6%, more or less; the bond as it has been approved by the bond; might be executed-- in terms of transaction-- within March 2010; but we plan to go to the market earlier than that.

那麼就債券而言，定價將取決於市場狀況。我們預期總成本或多或少為 6%；債券已獲債券核准；就交易而言，可能會在 2010 年 3 月內執行；但我們計劃在那之前更早去市場。

Thank you.

謝謝。

And with respect to Illinois; what I can say is that in the last few days, the government passed a bill which sets out the framework, the implementation of a private-operator opportunity. And the intention is to bring together various aspects of the existing lottery business into one operator-type of opportunity managed by one organization. And the plan is for the lottery organization, working with the Department of Revenue, to issue an RFQ which will most likely be issued in the first quarter of 2010 and then according to the legislation, the Department of Revenue will make a recommendation to the Governor's office by August 2010 with the final decision being made by the governor of the state for the appointment of the private manager by September 2010.

至於伊利諾州；我能說的是，在過去的幾天裡，政府通過了一項法案，其中規定了實施私人營運商機會的框架。其目的是將現有彩票業務的各個方面整合到由一個組織管理的一種運營商類型的機會中。彩券組織計劃與稅務局合作，發出詢價，很可能在 2010 年第一季發出，然後根據立法，稅務局將向州長提出建議。做出任命私人經理的最終決定。

That's the current view that we have and of course this is an existing contract for us with the potential for substantial scope expansion which we're very much looking forward to.

這是我們目前的觀點，當然，這是我們現有的合同，有可能大幅擴展範圍，我們對此非常期待。

Okay. Thank you.

好的。謝謝。

Okay, thank you. Your next question comes from the line of Luca Orsini from One Investments. Please go ahead.

好的謝謝。您的下一個問題來自 One Investments 的 Luca Orsini。請繼續。

Okay, this is Luca Orsini from One Investments. The first question is a follow up from the previous question; is on the duration of the bond that you are planning to do and if you can answer that-- it's such a simple question. And then I have a second one on a different topic.

好的，我是 One Investments 的 Luca Orsini。第一個問題是上一個問題的後續問題；是關於你計劃做的債券的期限，如果你能回答這個問題——這是一個非常簡單的問題。然後我還有第二篇關於不同主題的文章。

Well again, subject to market conditions and acceptance, we are targeting a tenure which might be up to seven years; in between five and seven years tenure.

再次強調，根據市場條件和接受程度，我們的目標任期可能長達七年；任期五到七年。

Okay. Then the second question is on the CapEx and the -- you have confirmed your capital expenditure of between EUR 360 million and EUR 380 million which is and was your guidance. And I want to understand whether the EUR 81 million that you're about to spend for the concession rights for the VLTs are included or not in these EUR 360 million to EUR 380 million; or are incremental? That's the first question.

好的。第二個問題是關於資本支出——您已確認您的資本支出在 3.6 億歐元至 3.8 億歐元之間，這是您的指導。我想了解一下你們即將為VLT特許經營權花費的8100萬歐元是否包含在這3.6億至3.8億歐元中？還是增量的？這是第一個問題。

And the second question again is linked to the VLTs; is what amount of expenditure do you expect on VLTs in 2010? Because you will have then also the cost of the machines which could be another EUR 100 million more or less, given just trying to make some quick math on multiplying the number of machines and the cost of the machine. And plus, I wonder whether there is more concession to make in 2010 or the concession you paid in 2009 will be all for this 15% increase of your part of concession.

第二個問題又與 VLT 有關；您預計 2010 年 VLT 的支出是多少？因為如果你想快速計算機器數量與機器成本的乘積，那麼機器的成本可能會多或少 1 億歐元。另外，我想知道2010年是否還有更多的讓步，或者你2009年支付的讓步將全部用於你增加的15%的讓步部分。

And if I'm allowed, my last question is whether you are reiterating the guidance that you produced at the Q1 '09 results which essentially talk about and EBITDA between EUR 780 million and EUR 800 million for 2009?

如果允許的話，我的最後一個問題是，您是否會重申您在 09 年第一季業績中製定的指導意見，該指導意見實質上是討論 2009 年 7.8 億歐元至 8 億歐元之間的 EBITDA？

Okay. I'll try to answer to the three questions. In terms of the licenses, as we had announced three weeks ago, we have paid the first installment which is 50% of total rights we were entitled to commit for which are in the range of 10,800 licenses which correspond to an exact same number of VLTs. We will have time, until the end of March, to make a final decision to confirm the full amount; so up to 10,800; or to reduce that number to an outcome that could be 50% of the total number. That additional amount of licenses, as the amount that we are going to pay for Scratch & Win; is not included in the CapEx guidance that we had discussed earlier in my remarks on the conference call.

好的。我將嘗試回答這三個問題。在許可證方面，正如我們三週前宣布的那樣，我們已經支付了第一期付款，即我們有權承諾的總權利的50%，這些許可證的範圍為10,800 個許可證，對應於完全相同數量的VLT 。直到3月底，我們將有時間做出最終決定，確認全額金額；最多 10,800；或將該數字減少到可能佔總數的 50%。額外的許可證數量，即我們將為 Scratch & Win 支付的金額；不包括在我們之前在電話會議發言中討論過的資本支出指南中。

So essentially we have EUR 360 million to EUR 380 million plus the EUR 40 million; or is EUR 81 million the half? Is EUR 81 million the half of the rights or the total rights?

所以基本上我們有 3.6 億至 3.8 億歐元加上 4,000 萬歐元；還是 8,100 萬歐元是一半？ 8100萬歐元是一半權利還是全部權利？

It's EUR 15,000 times the number of machines; so you can make the math. Let's say EUR 81 million is 50% of the total. On top of that, in terms of additional investments for the assets themselves, for the machines; we have in mind a reference value for an individual machine that can range in between EUR 5,000 and EUR 7,000 per machine. So the total amount invested will depend upon the decision on how many machines to be installed. It will be at the end of the test phase; that we expect to be done within the first quarter of 2010.

這是機器數量的 15,000 歐元；這樣你就可以計算了。假設 8,100 萬歐元占總額的 50%。最重要的是，就資產本身、機器的額外投資而言；我們考慮到單一機器的參考價值，每台機器的價格範圍在 5,000 歐元到 7,000 歐元之間。因此，投資總額將取決於要安裝多少台機器的決定。它將在測試階段結束時；我們預計將在 2010 年第一季內完成。

And the last question you raised was about our guidance for full-year 2009; we are in a position to confirm the guidance for the full-year '09.

您提出的最後一個問題是關於我們對 2009 年全年的指導；我們可以確認 09 年全年的指導方針。

And that guidance was based on a euro-U.S. dollar exchange rate of 1.30; we are above that level. So does that change anything or you manage to cover that?

該指導意見是基於歐元-美國的。美元匯率1.30；我們高於這個水平。那麼這會改變什麼嗎？

As I said, notwithstanding the difference both in the average ForEx and the year-end expect value of the currencies that we deal with; we are able to confirm guidance as they were published at the end of April 2009.

正如我所說，儘管我們所處理的貨幣的平均外匯價值和年終預期價值存在差異；我們得以確認 2009 年 4 月底發布的指導意見。

Perfect; thank you very much; very useful.

完美的;非常感謝;很有用。

Okay, thank you. Your next question comes from Alessandro Bajbadino from Deutsche Bank. Please go ahead.

好的謝謝。您的下一個問題來自德意志銀行的 Alessandro Bajbadino。請繼續。

Yes, good evening. The first question is regarding the Scratch & Win. In a recent interview done by (inaudible), the Head of the Italian Concessionary; she said that you were going to launch a new Win for Life ticket in the first quarter of 2010. Can you confirm that, please and also the timing?

是的，晚上好。第一個問題是關於 Scratch & Win 的。在義大利特許經營公司負責人（聽不清楚）最近的一次訪談中；她說你們將在2010年第一季推出一張新的「Win for Life」門票。

And the second question is regarding the VLTs. Given the current locations you have available on your network, how many VLTs you can deploy and probably those locations are not enough. Are you thinking about setting up any agreement for let's say them in the deployed price?

第二個問題是關於 VLT 的。考慮到網路上目前可用的位置，您可以部署多少個 VLT，而且這些位置可能還不夠。您是否正在考慮簽訂任何協議，讓我們以部署價格為例？

And the last question is regarding the cross selling; if you can give us any estimate of say beneficiary for same store sales due to cross selling of the two lotteries in the U.S.? Thank you.

最後一個問題是關於交叉銷售的；您是否可以給我們估計由於美國兩種彩票交叉銷售而導致的同店銷售額的受益人？謝謝。

Renato Ascoli is going to answer the first two questions and Jaymin will answer the third question.

雷納托·阿斯科利將回答前兩個問題，傑明將回答第三個問題。

Right; so as far as the question when new development is concerned-- for sure a Win for Life concept within the Scratch & Win concession was already delivered to (inaudible) our regulators last year to be delivered somewhere in the year 2009. That proposal was already accepted by the regulator. We have done market research throughout the year and we can confirm that the launch of a new ticket with Win for Life concept in quarter one 2010.

正確的;因此，就新開發的問題而言，可以肯定的是，Scratch & Win 特許權中的「Win for Life」概念已於去年交付給（聽不清楚）我們的監管機構，並將於2009 年的某個時間交付。我們進行了全年的市場調查，並確認將於 2010 年第一季推出帶有 Win for Life 概念的新門票。

As far as the locations; I mean where to locate the VLT and how to manage a way to find the right place to deliver such innovation; because our particular structure of the retaining network, focusing on [tobacco] mainly, we will have a two-fold strategy. One it will be to take advantage of all the betting shops and the big locations we already manage and to locate VLTs there. Second, is to sign an agreement with key operators, key retailers in the market, who are willing to create a new arcade. So create a new location through where to deliver VLTs.

就地點而言；我的意思是在哪裡放置 VLT 以及如何找到合適的地點來提供此類創新；因為我們保留網路的特殊結構，主要集中在[菸草]，所以我們將有一個雙重策略。其中之一是利用我們已經管理的所有博彩店和大型場所，並在那裡設立 VLT。其次，是與市場上願意創建新商場的主要營運商、主要零售商簽署協議。因此，透過交付 VLT 的位置來建立一個新位置。

In our understanding, that will be the best way to reduce cannibalization between VLTs and AWPs to a minimum amount.

據我們了解，這將是將 VLT 和 AWP 之間的相互蠶食減少到最低程度的最佳方法。

So with respect to your question on Mega Millions and Powerball cross sell; I think it's very hard to present a forecast for the expected sales uplift next year. There are so many variables we have to work on between now and the launch date. If you look at current sales levels for the two games in 2009, they're running at roughly EUR 4 billion in total. And so we have to understand exactly what the launch date for the 33 states that will launch these games during the course of 2010 or beyond; we have understand the level of marketing support that will be driven by the various jurisdictions; we have to understand the impact of the in-state lotto game as well. So there are too many variables here that go into the mix for us to be projecting this early yet.

關於您關於超級百萬和強力球交叉銷售的問題；我認為很難對明年的預期銷售成長做出預測。從現在到發布日期，我們必須處理很多變數。如果您看看這兩款遊戲 2009 年的當前銷售水平，它們的總銷售額約為 40 億歐元。因此，我們必須準確地了解將在 2010 年或以後推出這​​些遊戲的 33 個州的發布日期；我們了解各個司法管轄區將推動的營銷支援水準；我們還必須了解州內樂透遊戲的影響。因此，這裡有太多變數需要我們儘早進行預測。

I think it's important to get some experience behind us and give you some guidance in early 2010.

我認為在 2010 年初累積一些經驗並為您提供一些指導非常重要。

Okay, thank you.

好的謝謝。

Thank you. Your next question comes from the line of Domenico Ghilotti from Equita. Please go ahead.

謝謝。您的下一個問題來自 Equita 的 Domenico Ghilotti。請繼續。

Good afternoon. And first of all, sorry, I missed the answer on the new Win for Life concept and product; so when you will launch the product. And if you could elaborate a little bit more on what is the current impact of the Win for Life competitive product in Italy? And also some elaboration on the EUR 20 instant ticket launch and the current trend in the (inaudible) lotto product; so if you can give us some color on these competitive products.

午安.首先，抱歉，我錯過了有關「Win for Life」新概念和產品的答案；所以當你推出該產品時。您能否詳細說明一下「Win for Life」競爭產品目前在義大利的影響是什麼？也對 20 歐元即時彩券的推出以及（聽不清楚）樂透產品的當前趨勢進行了一些闡述；所以您能否給我們一些關於這些競爭產品的資訊。

Then the second question is on the Scratch & Win concession. Just a clarification on how do you think the concession will be financed and if there is, in your opinion, any risk from let's say the appeal filed by (inaudible) your competitor?

第二個問題是關於 Scratch & Win 優惠。請澄清一下您認為特許權將如何獲得資金，以及您認為，假設您的競爭對手（聽不清楚）提出的上訴是否有任何風險？

So I'll start with the product; so you missed my answer which was confirming the fact that we are planning to have a launch of the Win for Life concept new Scratch & Win ticket in quarter one 2010. And we also said we already had some discussions with the regulator over the last year.

所以我將從產品開始；所以你錯過了我的回答，我的回答證實了這樣一個事實：我們計劃在2010 年第一季度推出Win for Life 概念新的Scratch & Win 門票。討論。

As far as the Win for Life seasonal new game; of course our perception is that it was a very well sustained launch in terms of advertising and let's say promotional material. And we have noted a relevant consumer trial from both players and non-players. So we have the feeling somehow that new launch will start with new players in the market.

至於「Win for Life」季節性新遊戲；當然，我們的看法是，就廣告和宣傳資料而言，這是一個非常持續的推出。我們也注意到來自玩家和非玩家的相關消費者試用。因此，我們有一種感覺，新產品的推出將由市場上的新玩家開始。

As far as our (inaudible) is concerned, we have seen that in the case of new launches that the potential cannibalization could be there, but it tends to be limited to a small percentage. During this period nonetheless, we-- because of the structure of the seasonal Win for Life; delivering ticket for one year or two years; we observed some impact on the sales of Scratch & Win; however, minor price points-- EUR1, EUR2 or EUR3; and third, we are also observing a decline in the performance of the season of Win for Life. Therefore, we will postpone our final consideration when the performance with Win for Life will be fully stabilized which is not at the moment.

就我們（聽不清楚）而言，我們已經看到，在新推出的情況下，可能存在潛在的蠶食，但往往僅限於很小的百分比。儘管如此，在此期間，我們——由於季節性勝利生命的結構；交付一年或兩年的機票；我們觀察到 Scratch & Win 的銷售受到了一些影響；然而，較小的價格點——1歐元、2歐元或3歐元；第三，我們也觀察到《Win for Life》賽季的表現有所下降。因此，我們將推遲最終的考慮，等Win for Life的表現完全穩定時再考慮，但目前還不是。

As far as our new EUR 20 ticket; we are pretty enthusiastic about the launch. We had no negative reaction from the market in terms of the concept, in terms of the price point; which was our regulator's main concern before the launch.

至於我們新的 20 歐元門票；我們對這次發布非常熱情。我們在概念、價格方面沒有受到市場的負面反應；這是我們的監管機構在推出前主要關心的問題。

In terms of sales performance, we have the figures that can confirm that the new launch contributed to increase the dimensional sales regarding the higher point of sales; namely EUR 5, EUR 10, and EUR 20 sales.

在銷售業績方面，我們有數據可以證實，新產品的推出有助於提高更高銷售點的維度銷售；即 5 歐元、10 歐元和 20 歐元的銷售額。

I'll reply on the latest question; the second or third question, sorry. Regarding the construction of how we finance the upfront fees; through equity. All the concession member will put it in the vehicle to pay the upfront fee. And regarding the protestor; we have good news today because we will know that in the next seven to ten days the judge will decide the protest and so we will have our full visibility regarding the next steps of our activity there.

我會回答最新的問題；第二或第三個問題，抱歉。關於我們如何融資預付費用的建構；透過股權。所有優惠會員將其放入車輛中以支付預付費用。關於抗議者；今天我們有好消息，因為我們知道法官將在接下來的七到十天內對抗議做出決定，因此我們將充分了解我們在那裡的下一步活動。

Thank you.

謝謝。

Thank you. Your next question comes from the line of Micaela Ferruta from Intermonte. Please go ahead.

謝謝。您的下一個問題來自 Intermonte 的 Micaela Ferruta。請繼續。

Yes, good evening. I would like to ask three questions. One regards video lotteries; you did mention that you are planning to deploy them in arcades so that's cannibalization of AWPs is minimized. Can you maybe share with us initial thoughts on what the wagers per machine of video lotteries could be and what kind of cannibalization you are going to experience?

是的，晚上好。我想問三個問題。一是視訊彩券；您確實提到您計劃將它們部署在商場中，以便最大限度地減少 AWP 的蠶食。您能否與我們分享一下關於視訊彩票每台機器的賭注可能是多少以及您將經歷什麼樣的蠶食的初步想法？

And the second question regards scratch cards; just a simple one; if it's reasonable to assume if you get this final answer in seven or ten days that the license will then start under the new conditions in May-June 2010?

第二個問題是關於刮刮卡的；只是一個簡單的；如果您在 7 或 10 天內得到最終答复，那麼可以合理地假設許可證將於 2010 年 5 月至 6 月在新條件下開始生效嗎？

And finally, regarding the financial structure; after the issue of the mandatory bond, you actually indicated that you had in line with covenants and credit ratings. I would like to know if this is still the case in 2010 when further payments are actually needed; in other words, I would like to know whether the covenants get tighter in 2010 and if not, what kind of headroom do you expect to have? Thank you.

最後，關於財務結構；發行強制性債券後，您實際上表明您已遵守契約和信用評級。我想知道2010年是否仍然如此，當時確實需要進一步付款；換句話說，我想知道2010年契約是否會變得更加嚴格，如果沒有，您期望有什麼樣的空間？謝謝。

Right; so as far as VLTs are concerned, first the distribution and cannibalization; what I said was not referred to the entire market but our specific positioning in the market. And I said that because of the fact that we actually are creating new locations, the amount of substitution in our retailers; it will be very limited. So that will not be the case, or at least it will not be significant where AWPs will be removed to make place to VLTs. We are cooperating with our partners, with top retailers, to create new arcades in specific locations with different access versus their prior location in the marketplace. And this is why our expectations are very low in terms of potential cannibalization.

正確的;就VLT而言，首先是分配和蠶食；我說的不是整個市場，而是我們在市場上的具體定位。我說，因為我們實際上正在創建新的地點，我們的零售商的替代量；這將是非常有限的。因此，情況不會如此，或至少在移除 AWP 以取代 VLT 方面不會產生重大影響。我們正在與我們的合作夥伴以及頂級零售商合作，在特定位置創建新的商場，其訪問權限與之前在市場中的位置不同。這就是為什麼我們對潛在的蠶食的期望非常低。

Productivity; well of course, allowing an increase of payout from 75% up 85% allows us a relevant contribution in terms of productivity; we will start a market test, soon after the product test will be completed. And we'll be able probably in the timeframe of the first quarter to have a better idea of how to make comments regarding this performance indicator.

生產率;當然，允許支出從 75% 增加到 85% 可以讓我們在生產力方面做出相應的貢獻；產品測試完成後不久我們將開始市場測試。我們可能會在第一季的時間範圍內更深入了解如何對該績效指標發表評論。

Regarding the start of the new concession of Scratch & Win; it will start June of 2010. So the sentence is expected to be in the next 10 days. The concession will start in June 2010.

關於Scratch & Win新特許權的開始；將從 2010 年 6 月開始。特許權將於 2010 年 6 月開始。

In terms of our investment-grade rating; when we met with the rating agencies, we had discussed with them the situation as it is today and we expect it to be in the near future. So the investment-grade rating is based upon only the picture taken as of today at the end of 2009; but having in mind a much longer period of the life of the Group. So we feel confident that we will be able to maintain these investment-grade ratings in the future and we are working in the direction that the rating agencies indicated to us. We feel confident that the existing covenant requirements can be met in the near future.

就我們的投資等級而言；當我們與評級機構會面時，我們已經與他們討論了目前的情況，我們預計在不久的將來也會如此。因此，投資等級評級僅基於截至 2009 年底今天的情況；但要考慮到集團的生命週期要長得多。因此，我們對未來能夠維持這些投資級評級充滿信心，並且我們正在按照評級機構向我們指示的方向努力。我們相信現有的契約要求可以在不久的將來得到滿足。

Thank you. Can I ask a very quick follow up question on VLTs? I'm not sure I understand if there is no substitution or very little substitution, does this mean that we will still see the 51,000 machines that you have and on top of this the 10,000 or if you decide to have less-- the number of VLTs be actually added almost on top of the 51,000 if you manage to find new locations? Thank you.

謝謝。我可以快速詢問有關 VLT 的後續問題嗎？我不確定我是否理解是否沒有替代或很少替代，這是否意味著我們仍然會看到您擁有的 51,000 台機器，除此之外還有 10,000 台，或者如果您決定減少數量——如果您設法找到新位置，實際上幾乎可以在51,000 個VLT 之上添加VLT？謝謝。

That will be very much the case. So there will be a very limited substitution; yes, that's what I said.

情況非常如此。因此，替代品將非常有限；是的，我就是這麼說的。

Thank you.

謝謝。

Thank you. Your next question comes from the line of Laura Pennino from Banca Leonardo. Please go ahead.

謝謝。您的下一個問題來自萊昂納多銀行 (Banca Leonardo) 的勞拉·佩尼諾 (Laura Pennino)。請繼續。

Hello? I had just a follow up question regarding VLTs. And regarding the locations; in particular, in which you will want to install the new slot machines. What kind of places are you looking for? You said about arcades; but are you looking also on the possibility to install them in Hotels if the new law passes or what kind of idea do you have?

你好？我有一個關於 VLT 的後續問題。以及關於地點；特別是，您需要在其中安裝新的老虎機。您正在尋找什麼樣的地方？你說的是街機；但是，如果新法律通過，您是否也在考慮將它們安裝在酒店中的可能性，或者您有什麼想法？

And another question regarding the skill games in Italy or poker line; competition seems to be quite tough or getting tough; what actually looking just in the last months-- there are some players which are doing very well. Are you going to get more aggressive in the future or are you happy with your market share?

還有一個關於義大利技巧遊戲或撲克系列的問題；競爭似乎相當激烈或變得越來越激烈；過去幾個月的實際情況是——有些球員表現得非常好。您未來是否會變得更加積極進取，或者您對自己的市場份額感到滿意嗎？

First off VLTs, as I'm sure you know the only potential locations where VLTs might be delivered are the betting shops, bingo halls and in general arcades. So this is why we will benefit, let's say a minor positioning in betting shops where we will of course locate as many VLTs there as possible. We already have deals with bingo players in order to locate VLTs there. And as I said, we will build up new arcades, cooperating with our best retailers. We are not that confident in terms of creating new locations in hotels and whatsoever.

首先是 VLT，因為我確信您知道可能提供 VLT 的唯一潛在地點是投注店、賓果遊戲廳和一般遊樂場。因此，這就是為什麼我們會受益，例如在博彩商店中進行次要定位，我們當然會在那裡放置盡可能多的 VLT。我們已經與賓果遊戲玩家達成了協議，以便在那裡找到 VLT。正如我所說，我們將與我們最好的零售商合作，建立新的商場。我們對於在酒店等領域創建新地點並沒有那麼有信心。

Regarding poker, of course we are happy with the performance we experienced so far. We will yet increase our product portfolio and as I say, we have new features to be launched in 2010 that might attract new customers.

關於撲克，我們當然對迄今為止的表現感到滿意。我們還將增加我們的產品組合，正如我所說，我們將在 2010 年推出新功能，這可能會吸引新客戶。

Okay, thank you.

好的謝謝。

Thank you. (Operator Instructions) And we have a question from the line of Fabio Pavan from Mediobanca. Please go ahead.

謝謝。 （操作員說明）Mediobanca 的 Fabio Pavan 向我們提出了一個問題。請繼續。

Yes, good evening to everybody. Just a quick question on the new Spanish contract you announced. I was wondering if you could please elaborate a little bit more on that since-- starting from when this contract could generate significant revenue for Lottomatica and if you see this contract like the first one of new opportunities around the world? Thank you.

是的，大家晚上好。關於您宣布的新西班牙合約的一個簡單問題。我想知道您能否詳細說明一下這一點——從這份合約何時能為 Lottomatica 帶來可觀收入開始，您是否認為這份合約是全球第一個新機會？謝謝。

Yes. Let me make some comments on the new ONCE contract in Spain. It's a very exciting new contract for us where we'll provide a full range of outsourced technology and operations sport services to our customer. We will be launching or rolling out, sorry, approximately 18,000 retailers across Spain over the first two years. We'll launch approximately 4,500 to 5,000 retailers by April of 2010 and that grows to 18,000 over an 18-month period.

是的。讓我對西班牙新的ONCE合約發表一些評論。這對我們來說是一份非常令人興奮的新合同，我們將為客戶提供全方位的外包技術和營運體育服務。抱歉，前兩年我們將在西班牙各地推出或推出約 18,000 家零售商。到 2010 年 4 月，我們將開設約 4,500 至 5,000 家零售商，並在 18 個月內增加到 18,000 家。

As announced in the press release, we expect that this contract will generate approximately EUR 500 million in revenues for the Company over the 10-year contract life. And this is a very exciting model for us. We do hope to emulate a model of this nature in other jurisdictions around the world where we can provide a broader range of services to our customers. So we think it's a very exciting business prospect for us and we're working very hard for the launch in April of next year.

正如新聞稿中所宣布的，我們預計該合約將在 10 年合約期間為該公司帶來約 5 億歐元的收入。這對我們來說是一個非常令人興奮的模型。我們確實希望在世界其他司法管轄區效仿這種性質的模式，以便為客戶提供更廣泛的服務。因此，我們認為這對我們來說是一個非常令人興奮的商業前景，我們正在努力爭取明年 4 月的推出。

Okay, thank you.

好的謝謝。

Thank you. We have a follow up question from the line of Luca Orsini. Please go ahead. Okay Luca, your line is open. Please ask your question.

謝謝。我們有一個來自盧卡·奧爾西尼 (Luca Orsini) 的後續問題。請繼續。好的，盧卡，您的線路已接通。請提出你的問題。

Oh, yes. I just had a follow up again on your guidance, the famous slide of the first quarter; on the net financial position, can you be more precise on the guidance given that now we're getting very close to year end? You had a range between 2750 and 2850; and also if you could shed some light on the investments and the CapEx in 2010?

哦是的。我剛剛再次跟進了您的指導，即第一季著名的幻燈片；關於淨財務狀況，鑑於現在我們已經非常接近年底，您能否更準確地提供指導？您的範圍在 2750 到 2850 之間；您能否透露一下 2010 年的投資和資本支出？

I think we can confirm the guidance. Of course you have to consider in that frame the additional investments that we will be required to fund before year end and the on the other side the share capital increase that will be approved by the shareholders. Having considered all of that, we feel confident to confirm the guidance at we indicated at the end of April; of course not towards the bottom of the range at this point in time. We will be in a position to disclose 2010 guidance in full in due course as soon as we will have a better visibility on prospects for 2010 which will be more likely at the end of March, beginning of April.

我認為我們可以確認該指導意見。當然，您必須在此框架內考慮我們需要在年底前提供資金的額外投資，以及另一方面將由股東批准的股本增加。考慮到所有這些後，我們有信心確認我們在 4 月底表示的指導；當然，目前還沒有達到該範圍的底部。一旦我們對 2010 年的前景有了更好的了解，我們就能夠在適當的時候全面披露 2010 年的指導意見，這更有可能在 3 月底、4 月初進行。

Okay. Well thank you very much; very useful.

好的。好的，謝謝;很有用。

Okay, thank you. (Operator Instructions) Okay, we have no questions coming through so I'll hand the call back to you, Marco, for closing comments.

好的謝謝。 （操作員說明）好的，我們沒有任何問題，所以我會將電話轉給您，Marco，以供結束評論。

Thank you very much and thank you to everybody. To sum up, I would like to reiterate that we have just completed a quarter in which we enjoyed significant commercial success-- securing Scratch & Win license in Italy and the introduction of cross selling over multi-jurisdictional jackpot games in the U.S. will be significant contributors to the sustainability of our results.

非常感謝你們，也感謝大家。總而言之，我想重申，我們剛剛完成了一個取得重大商業成功的季度——在意大利獲得 Scratch & Win 許可，以及在美國引入跨司法管轄區大獎遊戲的交叉銷售將具有重要意義。持續性做出貢獻。

Same store revenues appear to be trending back to the kind of growth we experienced prior to the economic recession and anticipated operator opportunities are beginning to materialize. And governments around the globe are turning to their lottery programs to meet severe budget gaps. All these activities bode well for us and we look at the remainder of this year and next.

同店收入似乎正在恢復到經濟衰退之前的成長水平，並且預期的營運商機會開始實現。全球各國政府都在轉向彩券計畫來彌補嚴重的預算缺口。所有這些活動對我們來說都是好兆頭，我們將展望今年剩餘時間和明年。

Thank you for joining us and good evening.

感謝您加入我們，晚上好。

Thank you for attending today's conference. You may now replace your handset.

感謝您參加今天的會議。現在您可以更換手機了。