ATHENS, Greece – September 27th, 2005 – INTRALOT SA (RIC: INLr.AT, Bloomberg: INLOT GA), the leading international gaming company, today announces its financial results for the six-month period ending June 30th, 2005, prepared in accordance with IFRS.

Consolidated Financial Statements For The 6 Months EndedJune 30th, 2005

(in € million)



% Change

Revenues (Turnover)




Gross Profit




Gross Margin (%)








EBITDA Margin (%)








EBT Margin (%)




EAT(after minorities)




EAT Margin (%)




Consolidated Revenues
 for the period reached €232.1m, posting a 54.5% increase compared to 1H04. Revenues from INTRALOT’s International Subsidiaries amounted to €172.5m, a 74.3% contribution to six-month consolidated sales, compared to €66.5m (or 44.4%) in 1H04.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) increased by 31.5% to €84.0m, compared to the same period last year.

Earnings Before Taxes (EBT) recorded an increase of 38.1% y-o-y by reaching €84.9m compared to €61.5m in H104. EBT margin settled at 36.6% in 1H05.

Finally, Earnings After Taxes and after minorities (EAT-am) increased by 8.4% y-o-y to €41.0m from €37.9m in 1H04. EAT margin settled at 17.7% due to the increased contribution of full operation projects, which carry lower margins than management projects.

The cash balance reached €109.4m in 1H05, while total bank debt was €42.4m (€16.5m short-term and €25.9m long-term), shaping the net cash position at €67.0m.

 Commenting on 1H05 results INTRALOT’s CEO, Constantinos Antonopoulos, noted: 
“In the first half of 2005 INTRALOT’s revenues and profits managed to grow despite the apparent slowdown in Fixed Odds Betting offered in Greece and a difficult comparison with 2Q04 considering INTRALOT’s Global Betting operations due to the Euro Football tournament that took place in June-July 2004. This indicates that the INTRALOT Group has well diversified its operations globally both on a product basis and a geographical basis. 
Revenues from full operation projects, the fastest growing sector of our business, contributed 44.2% to consolidated revenues in 1H05 compared to 33.5% in 1H04, posting a 104.6% increase. 

Moreover, we recently signed two (2) new contracts: The first with the Israeli National Lottery for the provision of a system based on our new alternative channel B-ON platform and the second, with the Egyptian Post Offices regarding the operation of an on-line payments system. In addition, the INTRALOT Group acquired a betting operator in Poland. This acquisition was in-line with the company’s strategy to acquire companies in an initial stage of development that offer significant potential synergies with INTRALOT’s know-how and market development strategy.  
INTRALOT will continue to pursue business opportunities around the world, a factor that will strengthen further its global presence.”

1H05 Highlights

  • In Colombia the company introduced football pools a few weeks ago, which is in a pilot-testing phase. Since it is very early to draw conclusions regarding the game’s penetration, we will revert to you on this project in the near future. The game is offered through a 1,900 POS network initially, while the introduction of fixed-odds sports betting will follow.
  • In Moscow, Russia, the company has started the installation of on-line terminals to operate and manage the city’s Lottery. Operations are expected to commence before the end of the year.
  • In Greece, INTRALOT and OPAP agreed for a number of measures aiming to improve the competitiveness of the fixed odds sports betting game “Stihima”. The agreement includes increase of the payout, introduction of the Greek championship games in the coupon, as well as additional betting and other events. Since mid-July the target payout for the game has changed to 66%, from 60% previously. Results from this change have been satisfactory up to now and are expected to limit the game’s loss of market share.
  • In Poland, INTRALOT acquired Totolotek, a company that manages and operates Fixed-Odds Sports betting in the country, with a network of 400 agencies and an approximate 33% market share. The acquisition of Totolotek establishes INTRALOT as a major player in Poland, a country with 40 million people, low per capita spending in Betting games and significant growth potential. Expansion of the sales network and upgrade of the technological infrastructure of the company will be the next steps.
  • In Egypt, INTRALOT has signed a contract to install an on-line system and terminals in the Egyptian Post Offices to offer on-line payment services. Egypt Posts have 3,400 branches in the country and also act as a bank with 12 million active savings accounts that correspond to more than 50% of the local market. Payment services are expected to be offered through a network of 10,000 POS as the project reaches full expansion.
  • In Israel, INTRALOT signed a contract with Mifal Hapayis, the Israeli National Lottery, for the supply and maintenance of an interactive system based on the gaming platform “B-On”, that provides access to the Lottery’s customers through alternative channels in on-line games. Initially, the Lottery’s current games will be offered, while in the future INTRALOT will also act as a content provider to the lottery, expanding its portfolio of games.  


INTRALOT, a public company listed on the ASE, is a leading supplier of integrated gaming and transaction processing systems, innovative game content and value added services to state-licensed gaming organizations worldwide. It’s broad portfolio of products & services, its know-how of Lottery, Betting & Video Lottery operations, its experience in sports games and its leading-edge technology, give INTRALOT a competitive advantage, which contributes directly to customers’ efficiency, profitability and growth. With 33 subsidiaries, 8 business offices and more than 1,800 people in 32 countries and revenues of € 500 million for 2005(E), INTRALOT’s footprint straddles five continents.