Athens, Greece – June 02, 2003

 INTRALOT S.A. (INLr.AT), yesterday announced its financial results for the three-month period ending March 31, 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 3 Months Ended, 31st of March, 2003 (Greek GAAP)

(€'m) Q1 2003 Q1 2002 Change %
Revenues (Turnover ) 92,8 76,3 21,6%
Gross Profit 32,0 24,0 33,3%
Gross Margin (%) 34,5% 31,5% 9,6%
EBITDA 30,2 22,6 34,0%
EBITDA Margin (%) 32,6% 29,5% 10,2%
EBT 27,3 19,6 39,3%
EBT Margin (%) 29,4% 25,7% 14,6%

Revenues for the period grew to €92,8m, 21,6% up on Q1 2002.

 EBITDA (earnings before interest, tax, depreciation and amortization) increased by 34,0% to €30,2m, compared to the same period last year.

 EBITDA margin reached 32,6% (last year 29,5%) reflecting operational efficiency.

 Profits Before Taxes (EBT) recorded an increase of 39,3% y.o.y. by reaching €27,3 million compared to €19,6 million for Q1 2002.

 Net cash position has grown by an impressive 69,0% y.o.y. reaching €105,7m for the quarter (Q1 2002:€62,6m), 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 March 31, 2003 stood at €92,8m while Profits Before Taxes (EBT) for the period reached €30,6m (€27,3 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 Quarter results, INTRALOT’s CEO Mr Constantinos Antonopoulos, noted: “ The positive financial results of the First Quarter 2003 were in line with the management’s estimations. The impact of INTRALOT’s internationalization strategy has started being reflected to the group’s profitability growth. For 2003, the company’s international projects will be the key driving force and expected to further accelerate INTRALOT’s revenues and profitability”.




 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.