小杨嫂黑料

ATHENS, Greece 鈥� September 27th, 2005 鈥� 小杨嫂黑料 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 鈧� million)	1H05	1H04	% Change
Revenues (Turnover)	232.1	150.2	54.5%
Gross Profit	106.0	82.8	28.0%
Gross Margin (%)	45.6%	55.1%	-9.5pps
EBITDA	84.0	63.9	31.5%
EBITDA Margin (%)	36.2%	42.5%	-6.3pps
EBT	84.9	61.5	38.1%
EBT Margin (%)	36.6%	40.9%	-4.3pps
EAT(after minorities)	41.0	37.9	8.4%
EAT Margin (%)	17.7%	25.2%	-7.5pps

Consolidated Revenues for the period reached 鈧�232.1m, posting a 54.5% increase compared to 1H04. Revenues from 小杨嫂黑料鈥檚 International Subsidiaries amounted to 鈧�172.5m, a 74.3% contribution to six-month consolidated sales, compared to 鈧�66.5m (or 44.4%) in 1H04.

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

Earnings Before Taxes (EBT) recorded an increase of 38.1% y-o-y by reaching 鈧�84.9m compared to 鈧�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 鈧�41.0m from 鈧�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 鈧�109.4m in 1H05, while total bank debt was 鈧�42.4m (鈧�16.5m short-term and 鈧�25.9m long-term), shaping the net cash position at 鈧�67.0m.

 Commenting on 1H05 results 小杨嫂黑料鈥檚 CEO, Constantinos Antonopoulos, noted: 
鈥淚n the first half of 2005 小杨嫂黑料鈥檚 revenues and profits managed to grow despite the apparent slowdown in Fixed Odds Betting offered in Greece and a difficult comparison with 2Q04 considering 小杨嫂黑料鈥檚 Global Betting operations due to the Euro Football tournament that took place in June-July 2004. This indicates that the 小杨嫂黑料 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 小杨嫂黑料 Group acquired a betting operator in Poland. This acquisition was in-line with the company鈥檚 strategy to acquire companies in an initial stage of development that offer significant potential synergies with 小杨嫂黑料鈥檚 know-how and market development strategy.  
小杨嫂黑料 will continue to pursue business opportunities around the world, a factor that will strengthen further its global presence.鈥�

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鈥檚 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鈥檚 Lottery. Operations are expected to commence before the end of the year.
• In Greece, 小杨嫂黑料 and OPAP agreed for a number of measures aiming to improve the competitiveness of the fixed odds sports betting game 鈥淪tihima鈥�. 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鈥檚 loss of market share.
• In Poland, 小杨嫂黑料 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 小杨嫂黑料 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, 小杨嫂黑料 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, 小杨嫂黑料 signed a contract with Mifal Hapayis, the Israeli National Lottery, for the supply and maintenance of an interactive system based on the gaming platform 鈥淏-On鈥�, that provides access to the Lottery鈥檚 customers through alternative channels in on-line games. Initially, the Lottery鈥檚 current games will be offered, while in the future 小杨嫂黑料 will also act as a content provider to the lottery, expanding its portfolio of games.  

 

About 小杨嫂黑料
小杨嫂黑料, 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鈥檚 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 小杨嫂黑料 a competitive advantage, which contributes directly to customers鈥� efficiency, profitability and growth. With 33 subsidiaries, 8 business offices and more than 1,800 people in 32 countries and revenues of 鈧� 500 million for 2005(E), 小杨嫂黑料鈥檚 footprint straddles five continents.