Press Release

INTRALOT S.A. : 25,3% GROWTH OF PROFITS AT 1ST HALF 2003 - EBT REACH €62,5 MILLION ACCORDING TO INTERNATIONAL ACCOUNTING STANDARDS (IAS)
27/08/2003

INTRALOT S.A. (INLr.AT), yesterday announced its financial results for the six-month period ending June 30th, 2003, prepared in accordance with Greek GAAP as well as International Accounting Standards.

INTRALOT achieved to sustain a high growth in its revenues, operating earnings, earnings per share and to maintain its ability to generate considerable operating cash flow.

In the consolidated results:

Consolidated Interim Financial Statements

For The 6 Months Ended, 30th of June, 2003 (Greek GAAP)

 

(€'m) H1 2003 H1 2002 Change %
Revenues (Turnover) 173.0 154.8 11.8%
Gross Profit 67.3 52.2 29.0%
Gross Margin (%) 38.9% 33.7% 15.4%
EBITDA 62.5 49.5 26.3%
EBITDA Margin (%) 36.1% 32.0% 13.0%
EBT 55.3 44.2 25.3%
EBT Margin (%) 32.0% 28.5% 12.1%

 

Revenues for the period grew to €173.0m, 11,8% up on H1 2002.

EBITDA (earnings before interest, tax, depreciation and amortization) increased by 26.3% to €62.5m, compared to the same period last year.

EBITDA margin reached 36.1% (last year 32.0%) reflecting increased operational efficiency.

Profits Before Taxes (EBT) recorded an increase of 25.3% y.o.y. by reaching €55.3 million compared to €44.2 million for H1 2002.

Net cash position has grown by an impressive 102.7% y.o.y. reaching €91.0m for the semester (H1 2002:€44.9m), demonstrating the company’s ability to generate significant free cash flow through the projects it undertakes and efficiently utilize its capital employed.

According to International Accounting Standards, revenues for the period ended June 30th, 2003 stood at €173.0m while Profits Before Taxes (EBT) for the period reached 62.6m (€55.3m according to Greek Accounting Standards). The difference in the profitability according to the two methods of accounting is mainly due to differences in the depreciation methods.

Commenting on the First-Half results, INTRALOT’s CEO Mr Constantinos Antonopoulos, noted: “ The positive financial results of the First Half of 2003 prove the company’s long-term commitment to operating growth through international expansion. Currently, INTRALOT has set the base for a significant international diversification and holds a portfolio of projects in several international markets with a large potential. INTRALOT will continue to pursue an aggressive international expasionary strategy, a factor that guarantees that the Group will continue to grow at a high rate”.

 

ABOUT INTRALOT

INTRALOT is engaged in the development of integrated gaming systems and provides multiple services related to the design, development, operation and support of games. Based on its extensive know how, advanced product development specifications and substantial experience in organizing and operating lottery games, INTRALOT can offer its clients custom-made integrated solutions, which ensure maximum efficiency and absolute security. Following a highly successful period of rapid growth, INTRALOT is ranked 3rd in revenues and 2nd in profits, based on 2002 financial results, among lottery suppliers worldwide, and maintains a steady course towards the leading position in the global market. Today the company has secured an important position in the European and South American markets while is expanding its presence in North America and S.E. Asia.