Intralot S.A.

Quarterly Report • Mar 31, 2016

The figures presented below aim to provide summary information about the financial position and results of INTRALOT S.A. and INTRALOT's Group. Therefore, it is recommended to any reader who is willing to proceed to any kind of investment decision or other transaction concerning the company,

THE CHAIRMAN OF THE BOARD OF DIRECTORS	THE GROUP CHIEF EXECUTIVE OFFICER	THE GROUP CHIEF FINANCIAL OFFICER	THE GROUP ACCOUNTING DIRECTOR
S. P. KOKKALIS ID. No. ΑΙ 091040	A. I. KERASTARIS ID. No. AI 682788	G. SP. KOLIASTASIS ID. No. S 699882	N.G. PAVLAKIS ID. No. AZ 012557 H.E.C. License No. 15230/A' Class

	Maroussi, March 30, 2016
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				TOTAL COMPREHENSIVE INCOME STATEMENT GROUP / COMPANY
			GROUP				COMPANY
			1/1-31/12/2015 1/1-31/12/2014 1/10-31/12/2015	1/10-31/12/2014			1/1-31/12/2015 1/1-31/12/2014 1/10-31/12/2015 1/10-31/12/2014
Sale Proceeds	1.914.885	1.853.164	535.043	523.655	76.582	85.714	23.787	21.228
Less: Cost of Sales	-1.653.325	-1.582.930	-463.138	-446.940	-44.852	-48.673	-12.382	-11.045
Gross Profit / (Loss)	261.560	270.234	71.905	76.715	31.730	37.041	11.405	10.183
Other Operating Income	24.944	18.630	7.170	5.377	38.836	7.021	4.885	4.273
Selling Expenses	-66.420	-60.309	-21.322	-17.752	-10.794	-8.446	-4.800	-3.086
Administrative Expenses	-124.969	-119.941	-33.809	-33.611	-14.002	-12.048	-5.516	-3.022
Research and Development Expenses	-6.063	-7.223	-797	-382	-5.989	-7.110	-778	-325
Other Operating Expenses	-10.040	-13.249	-4.082	-8.442	-4.210	-5.261	-22	-5.074
EBIT	79.012	88.142	19.065	21.905	35.571	11.197	5.174	2.949
Gain / (Losses) on Investments and securities	-231	-40	-163	-538	-17.836	4.516	2.082	-62
Assets gain/(loss) from disposal, write-off & impairment losses of assets	-1.986	-1.516	-1.871	-529	6	0	5	0
Interest and similar charges	-68.640	-70.821	-16.783	-18.249	-24.842	-29.441	-4.486	-7.609
Interest and related income	18.020	12.495	6.681	3.492	6.969	6.271	4.346	1.152
Exchange differences	3.627	10.552	2.089	3.667	2.556	5.309	1.964	2.028
Profit / (Loss) from equity method consolidations	-4.063	-2.279	-1.265	-489	0	0	0	0
Profit / (Loss) before taxes	25.739	36.533	7.753	9.259	2.424	-2.148	9.085	-1.542
Taxes	-46.415	-44.175	-11.801	-13.641	-6.054	-8.859	-4.515	-2.051
Net Profit / (Loss) after taxes (A)	-20.676	-7.642	-4.048	-4.382	-3.630	-11.007	4.570	-3.593
Attributable to:
- Equity holders of parent	-65.148	-49.546	-14.724	-17.477	-3.630	-11.007	4.570	-3.593
- Non-Controlling Interest	44.472	41.904	10.676	13.095	0	0	0	0
Other comprehensive income /
(expenses), after taxes (Β)	-7.156	5.558	5.093	-2.211	205	233	212	71
Total income / (expenses) after taxes (A)
+ (B)	-27.832	-2.084	1.045	-6.593	-3.425	-10.774	4.782	-3.522
Attributable to:
- Equity holders of parent	-69.149	-48.516	-11.240	-21.990	-3.425	-10.774	4.782	-3.522
- Non-Controlling Interest	41.317	46.432	12.285	15.397	0	0	0	0
Earnings / (losses) after taxes per share
(in euro)
- Basic	-0,4111	-0,3117	-0,0929	-0,1099	-0,0229	-0,0693	0,0288	-0,0226
- Diluted	-0,4111	-0,3117	-0,0929	-0,1099	-0,0229	-0,0693	0,0288	-0,0226
EBITDA	177.202	175.445	45.345	43.792	45.729	20.074	8.576	5.041
Proposed dividend per share (in €)	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00

INTRALOT S.A.

Amounts in €'000

According to the article 135 of C.L. 2190/1920, for Companies preparing annual consolidated and single financial statements in accordance with IAS/IFRS Figures and information for the period from 1st January 2015 to 31st December 2015

Company's Number in the General Electronic Commercial Registry: 818201000 - (Public Companies (S.A.) Reg. No.: 27074/06/Β/92/9) INTEGRATED LOTTERY SYSTEMS AND SERVICES

Company Domicile: 64 Kifissias Av. & 3 Premetis Str., Maroussi 15125

*Independent Non executive directors

		to visit the company's web site where the Financial Statements according to IFRSs are posted, accompanied by the Auditor's Audit Report where appropriate.
	Certified Auditor:	Board of Directors:
Regulatory Authority:	Georgios A.Karamichalis Reg.No/S.O.E.L 15931	Chairman: Socrates P. Kokkalis
Ministry of Economy, Infrastructure, Marine and Tourism, Department for	Georgios N. Deligiannis Reg.No/S.O.E.L 15791	Vice-Chairman: Constantinos G. Antonopoulos
Companies and G.E.MI.		CEO: Antonios I. Kerastaris
	Auditing firm:	Member: Konstantinos S. Kokkalis
Financial Statements approval date:	S.O.L S.A Reg. No/S.O.E.L. 125	Member: Dimitrios C. Klonis
March 30, 2016	Grant Thornton Reg. No/S.Ο.Ε.L. 127	Member: Petros C. Souretis
		Member: Sotirios N. Filos *
Web site:	Type of auditors audit report:	Member: Anastasios M. Tsoufis *
www.intralot.com	Unqualified opinion

STATEMENT OF FINANCIAL POSITION GROUP / COMPANY					CASH FLOW STATEMENT GROUP / COMPANY
	GROUP		COMPANY				GROUP		COMPANY
	31/12/2015	31/12/2014	31/12/2015	31/12/2014		1/1-31/12/2015	1/1-31/12/2014	1/1-31/12/2015 1/1-31/12/2014
ASSETS					Operating Activities
Tangible Assets	166.445	182.794	17.338	8.001	Profit / (losses) before Taxation (continuing operations)	25.739	36.533	2.424	-2.148
Investment Property	5.805	0	0	0	Plus/Less adjustments for:
Intangible Assets	328.827	348.854	83.144	77.804	Depreciation and Amortization	98.190	87.303	10.158	8.877
Other Non-Current Assets	146.288	139.101	175.737	213.230	Provisions	9.625	10.833	4.404	94
Inventories	42.591	52.017	24.064	39.085	Results (revenue, expenses, gains and losses) from Investing Activities	-183	-10.524	-20.971	-9.375
Trade Receivables	202.732	215.401	127.092	128.809	Interest and similar expenses	68.640	70.821	24.842	29.441
Other Current Assets	276.609	416.925	35.859	7.875	Interest and similar income	-18.020	-12.495	-6.969	-6.271
TOTAL ASSETS	1.169.297	1.355.092	463.234	474.804	Plus/Less adjustments of working capital to net cash or related to operating
					activities:
EQUITY AND LIABILITIES					Decrease/(increase) of Inventories	1.158	-5.203	8.590	-2.300
Share Capital	47.689	47.689	47.689	47.689	Decrease/(increase) of Receivable Accounts	-19.272	14.895	10.931	36.235
Other Equity Elements	81.874	169.790	52.569	55.994	(Decrease)/increase of Payable Accounts (except Banks)	-23.905	-10.261	-52.034	-22.827
Shareholders Equity (a)	129.563	217.479	100.258	103.683	Less: Income Tax Paid
Non-Controlling Interest (b) Total Shareholders Equity (c)=(a)+(b)	77.819	100.060	0	0		28.188	28.986	0	954
Long-term Debt	207.382	317.539	100.258	103.683	Total inflows / (outflows) from Operating Activities (a)	113.784	152.916	-18.625	30.772
Provisions / Other Long term Liabilities	716.094	557.452	280.673	172.542	Investing Activities
Short-term Debt	50.738	50.615	14.777	15.116	(Purchases) / Sales of subsidiaries, associates, joint ventures and other investments	-5.339	7.539	992	-695
Other Short-term Liabilities	36.180 158.903	232.268 197.218	1.358 66.168	71.129 112.334	Purchases of tangible and intangible assets	-70.786	-67.310	-17.645	-18.242
Total Liabilities (d)	961.915	1.037.553	362.976	371.121	Proceeds from sales of tangible and intangible assets	2.106	315	5	0
TOTAL EQUITY AND LIABILITIES (c)+(d)	1.169.297	1.355.092	463.234	474.804	Interest received
					Dividends received	12.326	13.587	1.166	6.361
						1.875	999	15.626	4.162
					Total inflows / (outflows) from Investing Activities (b)	-59.818	-44.870	144	-8.414
STATEMENT OF CHANGES IN EQUITY GROUP / COMPANY					Financing Activities
	GROUP		COMPANY		Purchase of treasury shares	0	-490	0	-490
	31/12/2015	31/12/2014	31/12/2015	31/12/2014	Cash inflows from loans	61.423	521.243	289.604	22.500
Net equity at the beginning of the period (1/1/2015 and	317.539	343.744	103.683	115.034	Repayment of loans	-58.781	-255.455	-227.806	-12.000
1/1/2014 respectively)					Bond buy backs	-40.885	-6.322	0	0
Effect on retained earnings from previous years adjustments Total comprehensive income / (expenses) for the year after tax	118	-153	0	-87	Repayment of finance lease obligations	-11.509	-12.170	0	0
(continuing and discontinuing operations)	-27.832	-2.084	-3.425	-10.774	Interest and similar expenses paid Dividends paid	-64.850	-66.165	-16.895	-30.026
Dividends to equity holders of parent / non-controlling interest					Total inflows / (outflows) from Financing Activities (c)	-67.682	-23.663	0	0
Effect due to shareholding percentage change	-68.915 -13.528	-23.537 0	0 0	0 0	Net increase / (decrease) in cash and cash equivalents for the period (a) +	-182.284	156.978	44.903	-20.016
Purchase of treasury shares	0	-490	0	-490	(b) + (c)	-128.318	265.024	26.422	2.342
Tax deemed dividend distribution	0	28	0	0	Cash and cash equivalents at the beginning of the period	416.925	143.293	7.875	5.131
Disposal / Liquidation of Subsidiary	0	31	0	0	Net foreign exchange difference	-11.998	8.608	1.562	402
Net Equity of the period Closing Balance (31/12/2015 and					Cash and cash equivalents at the end of the period	276.609	416.925	35.859	7.875
31/12/2014 respectively)	207.382	317.539	100.258	103.683

	GROUP	COMPANY
a) Income
-from subsidiaries	0	49.674
-from associates	2.931	2.954
-from other related parties	13.343	9.514
b) Expenses
-to subsidiaries	0	29.516
-to associates	420	-118
-to other related parties	7.659	5.144
c) Receivables
-from subsidiaries	0	82.868
-from associates	15.709	8.839
-from other related parties	16.150	10.481
d) Payables
-to subsidiaries	0	311.300
-to associates	647	108
-to other related parties	20.771	15.625
e) BoD and Key Management Personnel transactions and fees	11.938	6.068
f) BoD and Key Management Personnel receivables	711	0
g) BoD and Key Management Personnel payables	507	246

1. On 31/12/2015 the Company held 470.746 treasury shares with a total acquisition cost of €490 k (note 2.22 of the annual financial statements).

2. There are no changes in accounting estimates. Certain prior year amounts have been reclassified for presentation purposes with no significant impact on the prior year equity, turnover and earnings after tax of the Group and the Company.

3. Significant events after the end of the reporting period and up to the release date of the financial results are stated in the note 2.35 of the annual financial statements.

4. Transactions (including income, expenses, receivables, payables) with related parties, are as follows:

SUPPLEMENTARY INFORMATION

1. The same accounting policies have been followed as the year-end consolidated financial statements 31/12/2014 except for the changes resulting from the adoption of new or revised accounting standards and interpretations as mentioned in note 2.1.4 of the annual financial statements.

2. The companies included in the consolidation of 31/12/2015 and not in the consolidation of 31/12/2014 due to subsequent acquisition/establishment are the following: Intralot Adriatic d.o.o., Tecno Accion Salta S.A., Ilot Capital UK Ltd, Ilot Investment UK Ltd, Bit8 Ltd, Switch it N.V. and Intralot Services S.A. (note 2.31.A of annual financial statements). The entities Atropos S.A., Nafirol S.A., Gain Advance Group LTD and Ktems Holdings Co LTD are in the process of liquidation. During the third quarter of 2014 the Group ceased operation and finalized liquidation process of the subsidiaries Promarta OOO, Intralot Interactive USA LLC and DeepStack Casino LLC, while during the fourth quarter of 2014 of the subsidiaries Dinet ZAO, Kelicom Holdings Co Ltd, Intralot Luxembourg S.A., Intralot Holdings Luxembourg S.A. and Intralot De Chile S.A.. The Group sold its share in subsidiary Intralot Czech SRO on July 2014. Also in December 2014, the Group sold its participation in the subsidiary Intralot Egypt Ltd thus reducing its share in ECES SAE at 15.20% (the conditions of consolidation under IFRS 10 or IFRS 11 are no longer met). On 1/1/2015 Slovenske Loterie A.S. was merged with its 100% subsidiary Tactus S.R.O..During the third and fourth quarter of 2015 the Group acquired an additional 15% of ordinary shares with voting rights in the subsidiary Intralot Inc increasing its shareholding to 100%.During the fourth quarter of 2015 the Group participated in the share capital increase of subsidiary Intralot Interactive SA , increasing its shareholding from 93,02% to 95,95%.

3. The Group's provisions at 31/12/2015 that refer to legal issues amount to €4,8 million, those referring to unaudited tax periods and tax audit expenses amount to €3,9 million and €6,6 million refer to other provisions. The respective amounts for the Company amount to €4,6 million (legal issues), €3,3 million (provisions for unaudited tax years and tax audit expenses) and €0,1 million (other provisions) (note 2.31.C & 2.32 of annual financial statements).

4. The number of employees of the Group at the end of the current period amounted to 5.080 (4.963 subsidiaries and associates 117) and the Company's 660. At the end of 2014 the number of employees of the Group were 5.348 persons (subsidiaries 5.269 and associates 79) and the Company's 690.

5. Companies that are included in 31/12/2015 consolidated financial statements are presented in note 2.31.A.I & II of the annual financial statements including locations, group percentage ownership and consolidation method.

6. The fiscal years that are unaudited by the tax authorities for the Company and the Group's subsidiaries are presented in detail in the note 2.32.Β of the annual financial statements.

7. The amounts of other comprehensive expense/income included directly in the Group's comprehensive income statement as at 31/12/2015 of €-7,1 million (2014: €5,5 million) concern:
foreign exchange differences of €-5,4 million (2014 : €8,4 million), derivative valuation of €0 million (2014: €407 k), €-1,7 million (2014: €-3,3 million), concerns the valuation of
available for sale financial assets, while ending amount €-14 k (2014: €-33 k), concerns defined benefit plans revaluation. Accordingly, the amounts of expense/income recorded in the
comprehensive income statement as at 31/12/2015 for the Company, amounted to €205 k (2014: € 233 k) refer to revaluation of available for sale financial assets,amounted to €-11 k
(2014 €158 k) concerns valuation of derivative & €216 k (2014:€75 k) concerns defined benefit plans revaluation.