INTRALOT S.A. (RIC: INLr.AT, Bloomberg: INLOT GA) today announced its financial results for the twelve-month period ending December 31st, 2003, prepared in accordance with Greek GAAP.


Consolidated Financial Statements For The 12 Months Ended December 31st, 2003
(in € million) 2003 2002 % Change
Revenues (Turnover) 320.4 319.3 0.3%
Gross Profit 114.5 92.4 24.0%
Gross Margin (%) 35.7% 28.9% +6.8pps
EBITDA 102.3 87.1 17.4%
EBITDA Margin (%) 31.9% 27.3% +4.6pps
EBT 88.7 75.0 18.3%
EBT Margin (%) 27.7% 23.5% +4.2pps


Consolidated Revenues for the period grew to 320.4m, posting a 0.3% increase compared to 2002.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) increased by 17.4% to €102.3m, compared to the same period last year.

EBITDA margin reached 31.9% (last year 27.3%) reflecting a more favorable sales mix coupled with international operations’ contribution and increased operational efficiency.

Profits Before Taxes (EBT) recorded an increase of 18.3% y-o-y by reaching €88.7m compared to €75.0m in 2002.

Net cash position has grown by 31.5% y-o-y reaching €98.9m for the twelve months (2002: €75.2m), 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 period ended December 31st, 2003 stood at € 320.8m, while Profits Before Taxes (EBT)for the period reached € 96.6m (€88.7m according to Greek Accounting Standards). The difference in profitability according to the two methods of accounting is mainly due to differences in the depreciation methods.

Commenting on the 2003 full year results INTRALOT’s CEO, Mr. Constantinos Antonopoulos, noted:

“The positive financial results for full year 2003 are in-line with management’s initial guidance indicating that the company’s expansionary strategy has been well planned and successfully implemented. Our consolidated EBT increased by 18.3% in 2003.

In the 4Q2004, INTRALOT has entered into a number of important agreements such as:

  1. The contract with the State Lottery of Nebraska.
  2. The contract with the State Lottery of Chile to offer Sports Betting operation services in the country.
  3. The contract with the Romanian State Lottery to offer Sports Betting operation services in the country.
  4. The acquisition of Tektron, the leading gaming operator in Peru.
  5. The acquisition of Royal Highgate in Cyprus, a major Betting operator in the country.

INTRALOT will continue to pursue an international expansionary strategy, a factor that guarantees that the Group will continue to grow at a high rate. We believe that 2004 will be another good year for the company, since the start-up of new projects will take place and moreover new contract awards such as the contract with the Maltese Government for the exclusive license of operation for all existing Lotteries in the country and launching of new games, will contribute further to INTRALOT’s revenues and profitability.”


2003 Highlights:

  • In Bulgaria, Eurofootball closed the year with a very satisfactory set of results following the implementation of the on-line system, which boosted sales as playing time was extended compared to the previous manual system. In the August – December 2003 period sales increased by 130% compared to the same period in 2002.
  • In Romania, Lotrom’s revenues posted significant growth in 2003 as the expansion of video lottery continued successfully. Following the contract signed with CNLR in December, the company will introduce Fixed Odds Betting in 2004.
  • In Chile, INTRALOT de Chile signed a six-year contract in December with Polla Chilena de Beneficencia for the launch of Fixed Odds Betting. Moreover, 2004 is expected to be a significant year for the company, as in addition to the launch of FOB game, bill payment services and alternative networks are expected to be fully operational.
  • In Yugoslavia, Yugolot posted a set of satisfactory results as the games run by the local subsidiary have performed well.
  • In Moldova, Loteria Moldovei has upgraded its network and central system. Moreover, video lottery and Fixed Odds Sports Betting were introduced recently. In 2003, sales grew by 53% y-o-y, while 2004 will be the first year of full operation for the newly introduced games.
  • In the US, INTRALOT Inc. signed a 7-year contract with a 2-year renewal option with the Nebraska State Lottery. In this way, INTRALOT became the first non-US company to penetrate the US market. The project will begin operations July 1st, 2004.
  • In Peru, INTRALOT acquired a 100% stake in Tektron, the leading gaming operator in the country. The acquired company’s 1,400 POS combined with the 1,000 POS of INTRALOT de Peru and the offering of new games by INTRALOT are expected to create significant synergies between the two companies.
  • In FYROM, the installation of a new integrated on-line gaming system in all of “Lotarija na Makedonija’s” points-of-sale was completed before the end of 2003.

And last but not least, Fixed-Odds Betting (Stihima) in Greece gross revenues stood at €1.647,7m in 2003, recording an approximate 9.0% y-o-y increase.