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Intralot S.A.

Quarterly Report • Sep 23, 2015

2695_10-q_2015-09-23_4e5b51ad-6e04-4387-850a-f6702e9e7648.pdf

Quarterly Report

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INTRALOT group

Interim Financial Statements

For the period ended September 30, 2009 According to International Financial and Reporting Standards

3rd Quarter of 2009

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Contents

1. Interim Financial Statements ……………………………………………………………………………………. 3
1.1 Comprehensive Income Statement (Group and Company)………………………………………………… 3
1.2 Statement of Financial Position (Group and Company)……………………………………………………. 4
1.3 Statement of changes in equity (Group and Company)…….………………………………………………. 6
1.4 Cash flow statement (Group and Company)……………………………………………………… 10
1.5 General information - Approval of the Financial Statements………………………………………………. 11
1.6 Significant Accounting Policies ………………………………………………………………………… 11
1.7 Disclosure of compliance with IFRS's ……………………………………………………………… 27
1.8 New standards, interpretations and amendments of published standards …………………. 27
1.9 Information Per Segment ………………………………………… 31
1.10 Contingent liabilities ………………………………………………………………………… 32
A.
Legal Issues Pending ……………………………………………………………………………………….		 32
B.
Tax Authorities Fiscal Control …………………………………………….		 39
1.11 Other selected explanatory notes ……………………………… 40
1.12 Supplementary information:
Α.
Business Combination (Table of Companies Consolidated)……………………………………		 43
Β.
Real Liens ……………………………………………………………………………………………		 47
C.
Provisions …………………………………………………………………………………………………….		 48
D.
Personnel Employed ………………………………………………………………………………………		 48
Ε.
Related Party Disclosures ………………………………………………………………………………		 48
F.
Other Information ……………………………………………………………………………………		 51
1.13 Subsequent events ……………………………………………………….………………………… 51
1.14 Summary Financial Information for the period January 1st 2009 to September 30th 2009 ………… 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

1. Interim Financial Statements 1.1 Statement of Comprehensive Income

Amounts reported in
thousands
€		 GROUP GROUP COMPANY COMPANY
1/1-30/9/2009 1/1-30/9/2008 1/7-30/9/2009 1/7-30/9/2008 1/1-30/9/2009 1/1-30/9/2008 1/7-30/9/2009 1/7-30/9/2008
Sale Proceeds 680.572 804.478 192.564 257.017 118.171 136.847 66.733 37.959
Less: Cost of Sales -510.438 -577.484 -147.020 -194.174 -89.049 -98.959 -49.561 -26.617
Gross Profit /(Loss) 170.134 226.994 45.544 62.843 29.122 37.888 17.172 11.342
Other Operating Income 21.659 4.452 10.094 1.421 5.556 46 53 36
Selling Expenses -26.672 -32.495 -7.606 -14.862 -6.124 -6.386 -1.766 -2.519
Administrative Expenses -59.407 -53.578 -15.478 -18.915 -8.892 -7.993 -2.607 -3.175
Research
and
Development
Costs		 -7.804 -7.043 -3.000 -3.428 -5.956 -6.108 -2.456 -2.498
Other Operating Expenses -2.724 -2.178 -1.230 -1.390 0 0 0 0
EBIT 95.186 136.152 28.324 25.669 13.706 17.447 10.396 3.186
EBITDA 130.978 161.838 39.877 35.130 23.539 25.218 14.060 5.984
Interest and similar Charges -20.987 -19.308 -6.574 -6.965 -11.943 -11.944 -3.891 -4.093
Interest and related Income 21.729 23.213 4.274 8.301 18.770 40.424 1.561 1.764
Exchange Differences 346 4.195 -3.671 5.203 -707 -49 -1.423 1.301
Profit or loss equity method
consolidations		 1.057 638 333 280 0 0 0 0
Operating Profit Before Tax 97.331 144.890 22.686 32.488 19.826 45.878 6.643 2.158
Less: Taxes -16.547 -30.600 -3.762 -6.378 -4.564 -8.574 -1.943 -1.109
Net Profit / Loss from
Continuing Operations (a)		 80.784 114.290 18.924 26.110 15.262 37.304 4.700 1.049
Net Profit / Loss from
Discontinuing
Operations
(b)		 0 0 0 0 0 0 0 0
Net Profit / Loss (Continuing
and
Discontinuing
Operations) (a) + (b)		 80.784 114.290 18.924 26.110 15.262 37.304 4.700 1.049
Attributable to:
Equity holders of the parent 57.791 77.069 15.765 16.810 15.262 37.304 4.700 1.049
Minority Interest 22.992 37.221 3.159 9.300 0 0 0 0
Other comprehensive
income after tax:
Valuation of Available for Sale
financial instruments		 -85 -17 0 -63 0 0 0 0
Derivatives valuation -1.109 -103 -605 206 -1.150 -103 -585 206
Asset revaluation surplus 133 0 0 0 0 0 0 0
Exchange differences on
translating foreign operations		 -9,929 -18.092 -3.571 3.259 0 0 0 0
Total
comprehensive
income/
(expense)
after
tax:		 -10.990 -18.212 -4.176 3.402 -1.150 -103 -585 206
Total income after tax 69.794 96.078 14.748 29.512 14.112 37.201 4.115 1.255
Attributable to:
Equity holders of the parent 47.244 68.129 11.937 18.231 14.112 37.201 4.115 1.255
Minority Interest 22.550 27.949 2.811 11.281 0 0 0 0
Earnings after taxes per share
(in €)
-basic 0,3636 0,4849 0,0992 0,1058 0,0960 0,2347 0,0296 0,0066
-diluted 0,3635 0,4847 0,0992 0,1057 0,0960 0,2346 0,0296 0,0066
Weighted Average Number of
Shares		 158.956.923 158.942.093 158.956.923 158.942.093 158.956.923 158.942.093 158.956.923 158.942.093

Page 3 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

1.2 Statement of Financial Position

Amounts reported in thousands € GROUP COMPANY
30/09/2009 31/12/2008 30/09/2009 31/12/2008
ASSETS
Non Current Assets
Tangible fixed assets 233.382 157.914 48.837 29.725
Intangibles 181.829 163.035 12.832 9.846
Investment in subsidiaries and
associates		 21.187 11.482 154.831 144.227
Other financial assets 3.276 3.506 458 459
Deferred Tax asset 14.488 11.473 7.492 4.620
Other long term receivables 58.518 105.701 419 417
512.680 453.111 224.869 189.294
Current Assets
Inventories 54.862 47.791 45.126 40.784
Trade and other short term receivables 233.308 216.415 217.545 244.444
Cash and cash equivalents 217.945 305.447 23.240 22.004
506.115 569.653 285.911 307.232
TOTAL ASSETS 1.018.795 1.022.764 510.780 496.526
EQUITY AND LIABILITIES
Share Capital 47.689 47.689 47.689 47.689
Share premium 0 0 0 0
Treasury shares 856 856 856 856
Other reserves 89.365 87.430 55.062 54.980
Foreign currency translation -24.902 -15.321 0 0
Retained earnings 175.712 141.888 48.786 52.251
288.720 262.542 152.393 155.776

Page 4 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Minority interest 56.422 75.263 0 0
Total equity 345.142 337.805 152.393 155.776
Non Current Liabilities
Long term loans 465.259 449.317 270.410 265.785
Staff retirement indemnities 2.388 2.119 1.451 1.451
Other long term provisions 15.808 20.353 14.279 19.053
Deferred Tax liabilities 3.962 3.078 0 0
Other long term liabilities 8.567 233 0 0
Finance lease obligation 13.441 13.534 0 0
509.425 488.634 286.140 286.289
Current Liabilities
Trade and other short term liabilities 122.102 129.273 64.913 53.949
Short term debt and current portion of
long term debt		 16.631 44.289 0 0
Current income taxes payable 16.718 10.817 7.334 262
Short-term provision 8.777 11.946 0 250
164.228 196.325 72.247 54.461
TOTAL LIABILITIES 673.653 684.959 358.387 340.750
TOTAL EQUITY AND LIABILITIES 1.018.795 1.022.764 510.780 496.526

Page 5 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

1.3 STATEMENT OF CHANGES IN EQUITY

ST
T O
F C
NG
ES
AT
EM
EN
HA
IN
EQ
UIT
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INT
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LO
T G
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UP
(
Am
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ou
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po
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tho
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of
€
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an		 Sh
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Pr
ium
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no
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Eq
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C
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Inc
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7
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Ot
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er		 -2 3 -1
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9
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Eff
t d
to
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5.
1
4
2

Page 6 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009

Public Companies (S.A.) Reg. No. 27074/06/B/92/9

ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
EQ
UIT
Y
INT
RA
LO
T G
RO
UP
(
Am
d i
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po
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tho
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of
€
)
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4
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R
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0
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2
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Ot
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inc
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ex
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er		 4
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8.
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1
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Page 7 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES

Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
E
Q
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Y
LO
T C
OM
SA
INT
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9
3

Page 8 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

ST
AT
EM
EN
T O
F C
HA
NG
ES
IN
E
Q
UIT
Y
INT
RA
LO
T C
OM
PA
NY
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(
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of
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3
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4		 4
0.
0
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Eq
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ary
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7.
3
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4		 3
3
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4
7.
Ot
/(e
) a
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ive
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3		 -1
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3
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ium
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Sh
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Div
ide
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3
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8.
3
2
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Ta
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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009

Public Companies (S.A.) Reg. No. 27074/06/B/92/9

1.4 CASH FLOW STATEMENT

STATEMENT OF CASH FLOWS GROUP COMPANY
30/09/09 30/09/08 30/09/09 30/09/08
Cash flows from operating activities
Net Profit before Taxation 97.331 144.890 19.826 45.878
Plus/Less adjustments for:
Depreciation and Amortization 35.791 25.686 9.834 7.771
Impairment tangible / intangible assets 0 0 0 0
Provisions -5.403 1.713 -5.225 384
Exchange rate differences -44 -10.103 0 0
Results from Investing Activities -2.320 -2.530 -16.956 -34.969
Debit Interest and similar expenses 20.987 19.308 11.943 11.944
Credit Interest -21.729 -23.215 -2.964 -5.461
Plus/Less adjustments of working capital to net cash or related
to operating activities:
Decrease/(increase) of Inventories -7.549 4.406 -4.342 6.491
Decrease/(increase) of Receivable Accounts -20.044 -104.809 22.067 -57.520
(Decrease)/increase of Payable Accounts (except Banks) -16.414 15.079 10.952 1.853
Less:
Interest Paid and similar expenses paid 13.032 14.592 7.318 7.560
Income Tax Paid 10.609 25.893 164 2.554
Net Cash from Operating Activities (a) 56.965 29.940 37.653 -33.743
Investing Activities
(Purchases) / Sales of subsidiaries, associates and other
investments		 -9.026 104 -5.774 -2.107
Purchases of tangible and intangible assets -129.172 -76.327 -31.932 -13.151
Proceeds from sales of tangible and intangible assets 739 179 0 0
Interest received 14.216 19.901 2.964 5.461
Dividends received 0 0 15.806 34.964
Net Cash from Investing Activities (b) -123.243 -56.143 -18.936 25.167
Financing Activities
Cash inflows from Share Capital Increase/Share Premium
deposits		 0 0 0 0
Cash outflow from Share Capital Decrease 0 0 0 0
Cash inflows from loans 69.033 211.067 0 0
Repayment of loans -29.372 -56.511 0 0
Repayment of Leasing Obligations -3.768 -2.735 0 0
Dividends paid -57.117 -79.877 -17.481 -28.263
Net Cash from Financing Activities (c) -21.224 71.944 -17.481 -28.263
Net increase / (decrease) in cash and cash equivalents for
the period (a) + (b) + (c )		 -87.502 45.741 1.236 -36.839
Cash and cash equivalents at the beginning of the year 305.447 284.753 22.004 57.618
Cash and cash equivalents at the end of the year 217.945 330.494 23.240 20.779

Page 10 of 53

INTRALOT S.A. INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

1.5 GENERAL INFORMATION – APPROVAL OF THE FINANCIAL STATEMENTS

General information

INTRALOT S.A. – 'Integrated Lottery Systems and Gaming Services', with the distinct title «INTRALOT» is a business entity that was established based on the Laws of Hellenic Republic and whose shares are traded in the Athens Stock Exchange. Reference to «INTRALOT» or the «Company» includes INTRALOT S.A. whereas reference to the «Group» includes INTRALOT S.A. and its fully consolidated subsidiaries, unless otherwise stated. The Company was established in 1992 and has its registered office in Maroussi of Attica.

INTRALOT is one of the leading suppliers of integrated gaming and transaction processing systems, while its footprint straddles five continents, with presence in 50 countries, more than 4.700 people and revenues of € 1,1 billion in 2008. Committed to meeting customer requirements and performance expectations and with a demonstrated ability to adapt to new markets and overcome technological and cultural constraints, INTRALOT has acquired an excellent reputation in the global gaming sector.

Approval of the Financial Statements

The Board of Directors of INTRALOT SA approved the accompanying interim IFRS financial statements for the company and the Group for the period ended 30 September 2009, on November 26 2009.

1.6 SIGNIFICANT ACCOUNTING POLICIES

Basis of Consolidation:

The consolidated financial statements comprise the financial statements of INTRALOT S.A. and its subsidiaries as at the end of each period. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. The accompanying interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as they have been endorsed by the European Union, and with the provisions of IAS 34 "Interim Financial Reporting".

Adjustments are made to bring in line any dissimilar accounting policies that may have existed.

All intercompany balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated in full. Unrealized losses are eliminated unless costs cannot be recovered. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Group. Where there is a loss of control of a subsidiary, the consolidated financial statements include the results for the part of the reporting year during which INTRALOT SA has control.

Foreign Currency Translation

The functional and presentation currency of INTRALOT S.A. and its subsidiaries which are located in Greece is the euro (€). Transactions in foreign currencies are initially recorded in the functional currency rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the balance sheet date. All resulting differences are taken to the consolidated income statement with the exception of differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity. These are taken directly to equity until the disposal of the net investment, at which time they are recognized in the consolidated income statement. Tax charges and credits attributable to exchange differences on those borrowings are also dealt with in equity. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of initial transaction. Non-monetary items measured at fair value in a foreign currency shall be translated using the exchange rates at the date when the fair value was determined.

The functional currency of the overseas subsidiaries is the currency of the country in which these subsidiaries are located and operate. As at the reporting date, the assets and liabilities of these overseas subsidiaries are translated into the presentation currency of INTRALOT SA at the rate of exchange ruling at the balance sheet date and, their income statements are translated at the weighted average exchange rates for the year. The resulting exchange differences arising on the retranslation are taken directly to a separate component of equity. On disposal of a foreign entity, the deferred cumulative amount recognized in equity relating to that particular foreign operation shall be recognized in the income statement.

Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows:

Owned Buildings 20 to 30 years
Installations on third party property Over the duration of the lease but not
less than 5% per annum
Equipment 5 to 15 years

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Computer Hardware 20% to 30% per annum
Motor vehicles 7 years or 15% per annum
Trucks etc. 5 years or 20% per annum

The carrying values of plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. If any such indication exists and where the carrying values exceed the estimated recoverable amount, the assets or cashgenerating units are written down to their recoverable amount. The recoverable amount of plant and equipment is the greater of net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using an after-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in the income statement.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the income statement in the year the item is de-recognized.

As regards hardware and software leased under operating lease, these assets, in the group balance sheet are disclosed in acquisition cost values and have been depreciated using the straight line method and according to the lower period between the useful life and the contract life. In case of the respective contracts renewal the assets' remaining net book value is depreciated according to the renewed contract life.

Borrowing Costs

Borrowing costs are recognized as an expense when incurred.

Goodwill

Goodwill on acquisition is initially measured at cost being the excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable intangible assets, assets, liabilities and contingent liabilities. Any goodwill arising on the acquisition of a foreign subsidiary and any fair value adjustments to the carrying amounts of assets and liabilities arising

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

on the acquisition are treated as assets and liabilities of the foreign operation and translated at the closing rate accordingly.

The Group made use of the exception provided by IFRS 1 'First Time Adoption of IFRS' relating to business combinations that occurred before the transition date (1 January 2004). For those business combinations IFRS 3 'Business Combinations' is not applied retrospectively. Instead, in accordance with IFRS 1 the Group kept the same classification as in its previous GAS financial statements. For business combinations prior to the transition date, the Group had recognized the resulting goodwill as a deduction from equity in its previous GAS financial statements. Therefore the Group did not recognize that goodwill in its opening IFRS balance sheet. Any adjustments to the assets and liabilities of the subsidiaries for IFRS purposes are taken to retained earnings.

The Group, based on previous GAS, had not consolidated certain subsidiaries that had been acquired in past business combinations. On first adoption of IFRS and in accordance with the exceptions of IFRS 1, the Group adjusted the carrying amounts of the subsidiary's assets and liabilities to the amounts that IFRS would require in the subsidiary's balance sheet. The deemed cost of goodwill equals the difference at the date of transition to IFRS between the parent's interest in those adjusted carrying amounts; and the cost in the parent's separate financial statements of its investment in the subsidiary. The resulting goodwill is recorded in the transition balance sheet (1 January 2004) and is tested for impairment.

Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Based on IFRS 3 'Business combinations', Goodwill is not amortized. Goodwill is reviewed for impairment, annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired.

Impairment is determined by assessing the recoverable amount of the cash-generating unit, to which the goodwill relates. Where recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognized. Where goodwill forms part of a cash generating unit and part of the operation within that unit are disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained.

Intangibles

Intangible assets acquired individually, are capitalized at cost and those acquired through a business combination at fair values at the acquisition date. After initial recognition, intangibles are

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

valued at cost less accumulated amortization. Useful lives of these intangibles are assessed to be either finite or indefinite. Intangibles with finite useful lives are amortized as follows:

• Software platforms Over
the
duration
of
the
longest
• Central operating software contract
• Central Network software
• Licenses
• Rights
• Other software 3 to 5 years

Amortization of finite life intangibles are recognized as an expense in the Income Statement apportioned to the related cost centres.

Intangibles, except Development costs internally generated, are not capitalized and the costs are included in the Income Statement in the year they are incurred.

Intangible assets are tested for impairment annually, either individually or at the cash generating unit level. Useful lives are also assessed annually and any revisions are made on a prospective basis.

Research and Development Costs

Research costs are expensed as incurred. Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Following the initial recognition of the development expenditure the cost model is applied requiring the asset to be carried at cost less any accumulated amortization and accumulated impairment losses. Any expenditure carried forward is amortized over the period of expected future sales from the related project.

The carrying value of development costs is reviewed for impairment annually when the asset is not yet in use, or more frequently when an indicator of impairment arises during the reporting year indicating that the carrying value may not be recoverable.

Investments in subsidiaries, associates and joint ventures

Investments in subsidiaries, associates and joint ventures are stated in the individual and consolidated financial statements at their cost less any impairment in value.

Page 15 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Financial assets

All investments are initially recognized at cost, being the fair value of the consideration given, including any acquisition related costs.

After initial recognition, investments (except investments in subsidiaries, associates and joint ventures) which are classified as 'valued at fair values through income statement', or as 'available for sale' are measured at fair values. Gains or losses on investments classified as 'valued at fair values through Income Statement' are recognized in the income statement. Gains or losses on 'available for sale' investments are recognized in a separate component within Equity until the investment is either disposed or the investment is considered to have been impaired at which time any accumulated gains or losses are transferred to the Income Statement.

Other financial assets, except derivatives, with fixed or determinable payments and fixed maturity, are classified as «held to maturity», when the Group has the positive intention and ability to hold to maturity. Investments intended to be held for an undefined period are not included in this category. The «held to maturity» monetary items, such as bonds, are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated taking into consideration any premium or discount on acquisition, over the period to maturity. For investments carried at amortized cost, gains or losses are recognized in the Income Statement when the investments are disposed or impaired and also through amortization.

For investments that are actively traded in organized markets, fair values are determined in relation to the closing traded values at the statement of Financial Position. For investments where these is no quoted market price, fair values are determined by reference to the current market value of another item substantially similar, or is estimated based on the expected cash flows of the underlying net asset base of the investment otherwise in the acquisition cost.

Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined using the FIFO method. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and the estimated costs necessary to make the sale.

Trade and other short term receivables

Trade receivables are recognized and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful debts is made when collection of the full

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

amount is no longer probable. Bad debts are written off when all possible legal actions have been exhausted.

When the inflow of cash or cash equivalents is deferred, the fair value of the consideration may be less than the nominal amount of cash received or receivable. When the arrangement effectively constitutes a financing transaction, the fair value of the consideration is determined by discounting all future receipts using the prevailing interest rate for a similar instrument of an issuer with a similar credit rating. The difference between the fair value and the nominal amount of the consideration is recognized as interest revenue in accordance with IAS 39 'Financial Instruments: Recognition and Measurement'.

Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and shortterm deposits with an original maturity of three months or less.

For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, without the netting of outstanding bank overdrafts.

Interest bearing loans and Borrowings

All loans and borrowings are initially recognized at cost, being the fair value of the consideration received net of issue costs associated with the borrowing.

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any issue costs, and any discount or premium on settlement.

Gains and losses are recognized in net profit or loss when the liabilities are derecognized or impaired, as well as through the amortization process.

Long Term Liabilities

All long term liabilities are initially recognized at cost. Following initial recognition, liabilities that are denominated in foreign currency are valued at the closing exchange rate at the reporting date. Any interest cost is recognized on an accruals basis.

Provisions and Contingent Liabilities

Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

the reimbursement is virtually certain the expense relating to any provision is presented in the income statement net of any reimbursement. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a borrowing cost.

Contingent liabilities are not recognized in the financial statements but are disclosed, except if the probability of a potential outflow of funds is remote. Contingent assets are not recognized but are disclosed when the probability of a cash inflow is possible.

Provisions are recognized on each financial statements date (annual and interim) based on the best and reliable estimate for potential excess of cost (payments to winners) in games with predetermined odds as this is provided by the contracts between the company and the clients. The provision amount arising from this calculation for each reporting period is recognized and booked in the reporting period profit and loss account as an expense.

Leases

Group Entity as lessee:

Finance leases, which transfer to the Group substantially all the risks and benefits incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly against income.

Capitalized leased assets are depreciated over the shorter of the estimated useful life of the asset or the lease term.

Leases where the lessor retains substantially all the risks and benefits of ownership of the asset are classified as operating leases. Operating lease payments are recognized as an expense in the income statement on a straight-line basis over the lease term.

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Group Entity as Lessor:

In cases of hardware and software leasing through operating lease, these assets are included in the company's tangible and intangible assets and the income that occurs is recognized on a straight line through the contract period.

When fixed assets are leased through financial leasing, the present value of the lease is recognized as a receivable. The difference between the gross amount of the receivable and its present value is registered as a deferred financial income. The income from the lease is recognized in the period's results during the lease using the net investment method, which represents a constant periodic return.

Treasury Shares

Treasury shares represent shares of the parent company held by the Group. Treasury shares are stated at cost and disclosed as a separate component in Equity. Upon acquisition, disposal, issuance or cancellation of treasury shares no gain or loss is recognized in the Income Statement. The consideration given or received and the related gains or losses from the settlement are recognized directly in Equity.

Share Based Payments

IFRS 2 'Share-based Payment' requires an expense to be recognized where the Group buys goods or services in exchange for shares or rights over shares ('equity-settled transactions'), or in exchange for other assets equivalent in value to a given number of shares or rights over shares ('cash-settled transactions'). The main impact of IFRS 2 on the Group is the expensing of employees' and directors' share options and other share based incentives by using an optionpricing model.

IFRS 2 is mandatory for accounting periods beginning on or after 1 January 2005. The Group has taken advantage of the exceptions of IFRS 1 and the transitional provisions of IFRS 2 in respect of equity-settled awards and has applied IFRS 2 only to equity settled awards granted after 7 November 2002 that had not vested on or before 1 January 2005.

All share options of the Group had been vested before 1 January 2005 and therefore IFRS 2 has not been applied in respect with the valuation of such benefits in the attached financial statements. For any new options starting from the January 2005 and therefore IFRS 2 is applied.

Page 19 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Staff Retirement Indemnities

Staff retirement indemnities are measured at the present value of the Company's defined benefit obligations at the balance sheet date, through the recognition of the employees' right to benefits based on years of service over their expected working life. The above liabilities are calculated using financial and actuarial assumptions and are determined based on an actuarial valuation method (Projected Unit Credit Method). The net expense for the period is included within staff costs in the accompanying Income Statement and consists of the present value of the benefits earned during the year, interest cost on the benefit liability, past service cost, actuarial gains or losses recognized and any other additional pension costs. The past service costs are recognized as an expense on a straight line basis over the average period until the benefits become vested. The unrecognized actuarial gains or losses are recognized over the remaining working life of active employees, and are included as part of the net annual pension cost of each year, if at the beginning of the period they exceed 10% of the future estimated liability for benefits. The Company's pension benefit schemes are not funded.

State Insurance Programs

The Company employees are covered by the main State Insurance Organization for the private sector (IKA) that provides pension and medical benefits. Each employee is obliged to contribute a percentage of the monthly salary to IKA while part of the total contribution is covered by the Company. On retirement, IKA is responsible for the payment of pensions to employees. Consequently, the Company does not have any legal or constructive obligation for the payment of future benefits based on this scheme.

Revenue recognition

Revenue is recognized in the period they are realized and the related amounts can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized:

Hardware and Software: This category includes the supply of hardware, software and technical support services (gaming machines, central computer systems, gaming software, communication systems, installation services etc.) to Lotteries so that they can operate their on-line games. Revenue is recognized by the Company either as a direct sale of hardware and software or as operating leases for a predetermined time period according to the contract with the customer.

Page 20 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

In the first case the income from the sales of hardware and software (in a determined value) is recognized when the significant benefits and risks arising from the ownership are transferred to the buyer.

In the second case it consists income from operating lease, it is defined as a percentage on the Lottery Organization's gross turnover received by the player-customer. Income recognition occurs the moment that the player-customer places the related consideration in order to participate in a game.

Game management: The Group undertakes the provision of value added services, such as the design, organization and/ or management of games, advertising and sales promotion, establishment of sales network, risk management (for fixed odds games) etc to organizations internationally. Group revenues mainly consist of a percentage of the turnover of the games for which the above services are provided, the size of which is contractually determined based on the market size, the type of services rendered, the duration of the contract and other parameters. Revenue recognition occurs the moment that the player-customer pays the related consideration in order to participate in a game and equals to an amount calculated as a percentage on the total amount received by the lottery games organization from the player-customer.

Game operation: In this category, the Group has the full game operating license in a country. In the case of operating the game the Company undertakes the overall organization of the games provided (installation of information systems, advertising and promotion, establishment of sales network, collections and payment of winnings to players, etc). Revenue recognition in this category occurs the moment that the player-customer pays the related consideration in order to participate in a game and equals to the total amount received from the player-customer.

Income taxes

Current and deferred income taxes are calculated based on the financial statements of each entity included in the consolidated financial statements, based on the Greek tax laws or other tax frameworks within which the foreign subsidiaries operate. Income tax is calculated based on the profits of each entity as adjusted on their tax returns, additional taxes arising from audits performed by the tax authorities and deferred taxes based on enacted or substantially enacted tax rates.

Deferred income tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred income tax liabilities are recognized for all taxable temporary differences:

Page 21 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

• Except where the deferred income tax liability arises from goodwill impairment or the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry-forward of unused tax assets and unused tax losses can be utilized:

• Except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and,

• in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.

Deferred income tax is not measured by the Group in regards with the undistributed profits of subsidiaries, branches, associates and joint ventures due to intercompany profits, from relevant transactions, eliminations in the consolidation process.

Income tax relating to items recognized directly in equity is recognized in equity and not in the income statement.

Revenues, expenses and assets are recognized net of the amount of sales tax except:

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

• Where the sales tax incurred on a purchase of goods and services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

• Receivables and payables are stated with the amount of sales tax included.

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the balance sheet.

Earnings per Share

The basic earnings per share (EPS) are calculated by dividing net profit attributed to the equity holders of the parent by the weighted average number of ordinary shares outstanding during each year, excluding the average number of ordinary shares of the parent held by the Group as treasury shares.

The diluted earnings per share are calculated by dividing the net profits attributable to the equity holders of the parent company by the weighted average number of ordinary shares outstanding (adjusted for the effect of the average number of share option rights outstanding during the year).

Financial Instruments

The financial assets and financial liabilities of the balance sheet include cash and cash equivalents, receivables, other short term liabilities and Derivative Financial Instruments. The accounting policies for recognition and measurement of financial assets and financial liabilities are detailed in the corresponding paragraphs of this Note.

Cash and cash equivalents, receivables, other short term liabilities:

The financial instruments are presented as assets, liabilities or Equity items based on their substance and content of the related contracts from which they derive. Interest, dividends, gains and losses arising from financial instruments characterized as assets or liabilities are recognized as expense or income in the income statement. The payment of dividends to equity holders is deducted directly from equity. The financial instruments are offset when the Company, has a legally enforceable right to set off the recognized amounts and intends to settle them on a net basis or to realize the asset and settle the liability simultaneously.

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INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Derivative Financial Instruments and Hedging:

The Group uses derivative financial instruments such as forward currency contracts and Interest Rate Swaps to hedge its risks associated with interest rate and foreign currency fluctuations. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as assets when the fair value is positive and as liabilities when the fair value is negative. Any gains or losses arising from changes in fair value on derivatives that do not qualify for hedge accounting are taken directly to net profit or loss for the year.

The fair value of forward currency contracts is calculated by reference of the market value and is verified by the financial institutions. For the purpose of hedge accounting, hedges are classified as: fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability; cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a forecast transaction; or hedges of a net investment in a foreign operation.

A hedge of the foreign currency risk of a firm commitment is accounted for as a cash flow hedge. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument's effectiveness in offsetting the exposure to changes in the hedged item's fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.

Hedges which meet the strict criteria for hedge accounting are accounted for as follows:

Fair value hedges :

Fair value hedges are hedges of the Group's exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, or an identified portion of such an asset, liability or firm commitment, that is attributable to a particular risk and could affect profit or loss. For fair value hedges, the carrying amount of the hedged item is adjusted for gains and losses attributable to the risk being hedged, the derivative is remeasured at fair value and gains and losses from both are taken to profit and loss. For fair value hedges relating to items carried at amortized cost, the adjustment to carrying value is amortized through profit and loss over the remaining term to maturity. Any adjustment to the carrying amount of a hedged financial

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instrument for which the effective interest method is used is amortized to profit and loss. Amortization may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged. When an unrecognized firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit and loss. The changes in the fair value of the hedging instrument are also Recognized in profit and loss. The Group discontinues fair value hedge accounting if the hedging instrument expires or is sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or the Group revokes the designation. Any adjustment to the carrying amount of a hedged financial instrument for which the effective interest method is used is amortized to profit and loss. Amortization may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged.

Cash flow hedges

Cash flow hedges are a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction and could affect profit and loss. The effective portion of the gain or loss on the hedging instrument is recognized directly in equity, while the ineffective portion is recognized in profit and loss. Amounts taken to equity are transferred to the income statement when the hedged transaction affects profit or loss, such as when hedged financial income or financial expense is recognized or when a forecast sale or purchase occurs. Where the hedged item is the cost of a non-financial asset or liability, the amounts taken to equity are transferred to the initial carrying amount of the non-financial asset or liability. If the forecast transaction is no longer expected to occur, amounts previously recognized in equity are transferred to profit and loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction occurs. If the related transaction is not expected to occur, the amount is taken to profit and loss.

Certain derivatives, although characterized as effective hedges based on Group policies, do not meet the criteria for hedge accounting in accordance with the provisions of IAS 39 and, therefore, gains or losses are recognized in the statements of income.

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1. Market risk

i) Interest Rate

The Group's exposure to market risk for changes in interest rates relates to the long and short term borrowings. The Group partially hedged against its interest rate risk in the period ended 30 September 2009 since management assessed that any change in historically low interest rates in conjunction with the low borrowing levels would give the chance to keep funding costs at a low level.

ii) Foreign exchange risk

The Group sells goods and provides services in various currencies including the Euro. Therefore, it is exposed to movements in foreign currency exchange rates against its reporting currency, the Euro. The Group in assessing the related risk used derivative financial instruments in the period ended 30 September 2009 in order to reduce its exposure to foreign currency change risk. At 30 September 2009 there were open positions in derivative financial instruments.

The management has decided to hedge foreign exchange risk for changes in forward rates and not in spot rates. The hedging designation was decided at the inception of the hedging instrument and is followed till the maturity. The effect of the forward points goes to equity reserves.

2. Credit risk

The Group does not have significant credit risk concentration because of the wide dispersion of its customers and the fact that credit limits are set through signed contracts. The maximum exposure to credit risk amounts to the aggregate values presented in the balance sheet.

3. Fair Value

The carrying amounts of cash and cash equivalents, short term receivables and short term liabilities in the balance sheet approximate their fair values due to their short term nature. The fair value of short term loans is not significantly different from their carrying values due to the use of variable interest rates.

4. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through and adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Group Treasury aims to maintain flexibility in funding by keeping committed credit lines available.

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De-recognition of Financial Instruments

A financial instrument is derecognized when the Group no longer controls the contractual rights that comprise the financial instrument, which is normally the case when the instrument is sold, or all the cash flows attributable to the instrument are passed through to an independent third party.

1.7 DISCLOSURE OF COMPLIANCE WITH IFRS's

The interim consolidated financial statements for the interim six months period ended September 30, 2009 have been prepared in accordance to IAS 34-Interim Financial Reporting. These interim financial statements should be reviewed along with the annual financial statements of the year ended at December 31, 2008.

1.8 NEW STANDARDS, INTERPRETATIONS AND AMENDMENTS OF PUBLISHED STANDARDS

Specific new standards, amendments of standards and interpretations have been published, which are mandatory for accounting periods beginning during the present year or later periods. The Group's assessment of the impact of these new standards and interpretations is set out below.

Standards and Interpretations compulsory in 2009

IAS 39 (Amendment) "Financial instruments: Recognition and Measurement" and IFRS 7 (Amendment) "Financial instruments: Disclosures"

Reclassification of financial instruments

(COMMISSION REGULATION (EC) No 1004/2008 of 15 October 2008, L 275-16.10.2008)

The amendment allows a financial entity to reclassify non-derivative financial assets (except for those classified by the company at fair value through the results at their initial recognition) out of the "fair value through profit or loss" category in specific cases. The amendment also allows a financial entity to transfer a financial asset which could be defined under "Loans and Receivables" (if this had not been classified as available for sale) from the "Available for Sale" category to the "Loans and Receivables" category, provided that such financial entity was willing and able to hold said financial item in the near future. The above amendment will not affect the Group's financial statements.

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IAS 1 (revised in 2007) "Presentation of Financial Statements"

(COMMISSION REGULATION (EC) No 1274/2008 of 17 December 2008, L 339-18.12.2008) IAS 1 has been revised to upgrade the usefulness of the information presented in financial statements. The most important changes are: (a) The statement of changes in equity must only include transactions with shareholders; (b) The introduction of a new statement of comprehensive income combining all items of income and expenses, which are recorded in the income statement under "other income"; and (c) Restatements in the financial statements or retroactive application of new accounting principles and methods must be presented from the start of the earliest comparative period. The Regulation is accompanied by an addendum of similar limited amendments of a number of IASs, IFRSs, IFRICs and SICs which also apply to the periods starting on or after 1.1.2009. The Group decided to present one statement. The interim financial statements are presented according to revised IAS1.

IAS 23 "Borrowing Costs" (revised in 2007)

(COMMISSION REGULATION (EC) No 1260/2008 of 10 December 2008, L 338-17.12.2008).

The Standard replaces the previous version of IAS 23. The main difference to the previous version is the abolition of the option to recognize as an expense of borrowing costs related to assets which require a substantial period before they can operate or be sold. Also, certain amendments have been made to IFRS 1, IAS 1, IAS 7, IAS 11, IAS 16, IAS 38 and IFRIC 1, which apply on or after 1.1.2009. The revised Standard does not affect the interim financial statements and no adjustment will be done concerning borrowing costs accounted for before 1st January 2009, which is IAS's effective date.

IAS 32 (Amendment) "Financial Instruments: Presentation" and

IAS 1 (Amendment) "Presentation of Financial Statements" –

Financial instruments available by the holder

(COMMISSION REGULATION (EC) No 53/2009 of 21 January 2009, L 17- 22.1.2009)

The amendment of IAS 32 requires that certain financial instruments available by the holder and liabilities arising during liquidation be classified as Equity if certain criteria are met. The amendment of IAS 1 requires the disclosure of certain information on such instruments which are classified as Equity. Amendments have also been made to IFRS 7, IAS 39 and IFRIC 2, which apply to periods starting on or after 1.1.2009. Given that the Group does not hold any such instruments, the amendments will not affect the financial statements of the Group.

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IFRS 1 (Amendment) "First-Time Adoption of IFRSs" and

IAS 27 (Amendment) "Consolidated and Separate Financial Statements"

(COMMISSION REGULATION (EC) No 69/2009 of 23 January 2009, L 21-24.1.2009)

The amendment of IFRS 1 allows the financial entities which are implementing the IFRSs for the first time to use, as the deemed cost, either the fair value or the previous GAAP carrying amount for the evaluation of the initial cost of investments in subsidiaries, in jointly controlled entities or in associates. Also, the amendment abolishes the definition of the cost method from IAS 27 and replaces it with the requirement that the dividends be presented as earnings in the investor's separate financial statements. Amendments have also been made to IAS 18, IAS 21 and IAS 36, which also apply to the periods starting on or after 1.1.2009. Given that the parent company and all of its subsidiaries have already migrated to IFRS, this amendment will not affect the financial statements of the Group.

IFRS 2 (Amendment) "Share-based payment" – Vesting Conditions and Cancellations

(COMMISSION REGULATION (EC) No 1261/2008 of 16 December 2008, L 338- 17.12.2008) It applies to the annual accounting periods starting on or after 1 January 2009.

The amendment clarifies the definition of the "vesting conditions" by introducing the term "nonvesting conditions" for terms which are not service terms or performance terms. It also clarifies that all cancellations, whether originating from the entity itself or from the contracting parties, must be accounted for in the same way. This amendment does not affect the financial statements of the Group.

IFRS 3 (Revised) "Business Combinations" and

IAS 27 (Amended) "Consolidated and Separate Financial Statements"

The revised IFRS 3 introduces a series of changes in the accounting method of business combinations which will affect the amount of recognized goodwill, the results of the reported period during which the companies are acquired and the future results. These changes include the recognition under profit or loss of expenses related to the acquisition and recognition of subsequent adjustments in the fair value of the contingent consideration in the results. The amended IAS 27 requires that transactions leading to changes in the shares of participation in a subsidiary be recognized in equity. Also, the amended Standard changes the accounting method of losses incurred by the subsidiary and of the loss of control over a subsidiary. All the changes made by the above standards apply after their implementation date and will affect any future acquisitions and transactions with minority shareholders.

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IAS 39 "Financial Instruments: Recognition and Measurement" – Eligible Hedged Items:

the amendment has no impact on the financial statements as the Group has not entered into any related hedges.

IFRS 8 "Operating Segments"

(COMMISSION REGULATION (EC) No 1358/2007 of 21 November 2007, L 304- 22.11.2007)

This Standard replaces IAS 14, according to which the segments were recognised and presented based on a performance and risk analysis. According to IFRS 8, the segments are elements of a financial entity which are regularly examined by the Managing Director / Board of Directors of such financial entity and are presented in the financial statements based on this internal categorization. The amendment does not affect the number of segments that are presented in the financial statements, as the Group concluded that no changes are required in the previous operating segments used.

IFRIC 13 "Customer Loyalty Programs"

(COMMISSION REGULATION (EC) 1262/2008 of 16 December 2008, L 338- 17.12.2008)

The Interpretation clarifies the method to be employed by the companies providing a form of loyalty reward, such as "points" or "air miles", to customers purchasing goods or services. The Interpretation does not apply to the Group.

IFRIC 15 "Agreements on the Construction of Real Estate"

The Interpretation refers to the existing different accounting methods for the sale of real estate. Some financial entities recognize the income according to IAS 18 (i.e. when the ownership risks and benefits of real estate are transferred) and others recognize the income depending on the real estate property's completion stage according to IAS 11. The Interpretation clarifies which standard should be applied in each case. The Interpretation does not apply to the Group.

IFRIC 16 "Hedges of a Net Investment in a Foreign Operation"

The Interpretation applies to a financial entity which hedges the currency risk resulting from a net investment in a foreign operation and meets the conditions for hedge accounting according to IAS 39. The Interpretation provides instructions on the way in which a financial entity should determine the amounts reclassified from equity in the results, both for the hedging instrument and for the hedged item. The Interpretation does not affect the financial statements of the Group.

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IFRIC 17 "Distributions of Non-Cash Assets to Owners"

This Interpretation clarifies how an entity should measure the appropriation of assets, excluding cash, when it pays dividends to its owners. Interpretation 17 does not apply to the Group.

IFRIC 18 "Transfers of Assets from Customers"

This Interpretation clarifies the IFRS requirements on agreements where a company receives a tangible asset from a customer and must then use such asset either to connect the customer to a commercial network or to provide the client with continuous access to the supply of goods or services (such as electricity, fuel or water). This Interpretation also provides instructions on the accounting method for transfers of cash from clients. Interpretation 18 does not apply to the Group.

1.9 INFORMATION PER SEGMENT

Geographical Sales Breakdown
Third parties Inter-segment Total
(in million €) 9M09 9M08 Diff % 9M09 1Η08 Diff
%		 9M09 9M08 Diff %
European
Union		 564,46 655,75 -13,92% 66,83 61,42 8,81% 631,28 717,17 -11,98%
Rest of
Europe*		 6,28 3,56 76,40% 0,00 0,00 - 6,28 3,56 76,40%
America * 56,00 33,65 66,42% 7,30 4,67 56,32% 63,30 38,32 65,19%
Other
countries		 53,84 111,52 -51,72% 5,24 -2,20 - 59,07 109,32 -45,97%
Eliminations - - -79,36 -63,89 - -79,36 -63,89 -
Total 680,57 804,48 -15,40% 0,00 0,00 680,57 804,48 -15,40%
Geographical Profits Breakdown before taxes Geographical Profits
Breakdown after taxes
(in million €) 9M09 9M08 Diff % 9M09 9M08 Diff %
European Union 122,73 168,31 -27,08% 111,05 150,75 -26,34%
Rest of Europe* -1,77 -0,98 - -1,84 -0,75 -
America * 3,38 -2,47 - 1,82 -3,86 -
Other countries 15,73 59,31 -73,48% 12,48 47,42 -73,68%
Eliminations -42,73 -79,28 - -42,73 -79,28 -
Total 97,33 144,89 -32,82% 80,78 114,29 -29,32%
Geographical Profits
Breakdown after taxes

* Segments outside reportable limits/disclosure criteria.

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1.10 CONTINGENT LIABILITIES

A. LEGAL ISSUES PENDING

a. On 05.09.05 an action was served to the company, filed by the company "IPPOTOUR S.A.", against the company and the company "OPAP S.A.". Τhe plaintiff "IPPOTOUR S.A." requested to be acknowledged that the contract signed between OPAP S.A. and the company should not grant to the latter the right to operate any kind of wagering game on Greek or foreign horse racing, that "OPAP S.A" should not have the right to operate any kind of wagering game on horse racing and that "OPAP S.A." and the company should be excluded from the operation and organization of betting games on horse racing. The hearing of the case had been set for 14 February 2008 when the hearing was postponed for 08 October 2009; at that date the hearing was cancelled due to the national elections. No summons for the schedule of a new hearing date has been served to the company until now. By virtue of the above mentioned action the plaintiff withdrew of the action filed against the Company on 10 January 2003 with the same content, which was set to be heard on 18 May 2005, on which date the said hearing was cancelled.

b. On 4 January 2005 OPAP S.A. submitted a notice of proceedings to "Betting Company S.A." regarding a lawsuit that was filed against OPAP S.A. before the Multi Member First Instance Court of Athens, with which the plaintiff claims the payment of the amount of €3.668.378,60 plus accrued interests from OPAP S.A., pleading that OPAP S.A. should pay this amount to him as profit, in addition to the amount already paid to him. Since "Betting Company S.A." has a legitimate interest in OPAP S.A. winning the lawsuit, "Betting Company S.A.", the companies INTRALOT S.A., INTRALOT INTERNATIONAL LTD and the joint venture "INTRALOT S.A.-Intralot International Ltd" proceeded to an additional joint intervention in favor of OPAP S.A.; this was scheduled for hearing on 3 May 2005 but following a petition of the plaintiff the case was heard on 1 December 2005. By its decision No 2412/2006 the Multi Member First Instance Court of Athens ruled in favour of the lawsuit of the plaintiff and, following the restriction by the plaintiff of his petition to a lawsuit for acknowledgement of the debt, the Court acknowledged the obligation of OPAP S.A to pay to the plaintiff the amount of € 3.668.378,60. OPAP S.A and the aforementioned companies filed an appeal which had been rejected by the Athens Court of Appeals with its decision no. 6377/2007. The defendants filed an appeal before the Supreme Court which was heard on 9 November 2009 and the issue of the decision is pending. For the above case a provision has been made.

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c. INTRALOT filed before Multi Member First Instance Court of Athens its civil lawsuit dated 12 May.2005 against Mr. K. Thomaidis, claiming the payment of sum of €300.000 as pecuniary compensation for moral damage. The case was scheduled for hearing on 26 January 2006. On 18 January 2006 the company was served with an action filed by Mr. K. Thomaidis on 9 January 2006, before the Multi Member First Instance Court of Athens with which the plaintiff claims the payment of sum of €300.000 as pecuniary compensation for moral damage. The case is scheduled for hearing on 14 December 2006. The suit of INTRALOT against Mr. K. Thomaidis was postponed to be heard on 14 December 2006. The two lawsuits have been heard together and the decision no 7936/2007 was issued declaring the lawsuit dated 9 January 2006 of Mr. Thomaidis as cancelled and accepting partially Intralot's lawsuit dated 12 May 2005. Until now, no appeal against this decision has been served to the company.

d. On 6 August, 2007 a recourse (Law 2522/2007) dated 6 August 2007 filed by the Union of the Companies "G-TECH Corporation" and "G-TECH Global Services Corporation Ltd" before the Board of Directors of OPAP SA against the resolution of the BoD of OPAP SA dated 31 July 2007 (which had resolved for the conclusion of an agreement with INTRALOT), was served to INTRALOT; with the said recourse it is requested that the above resolution of the BoD of OPAP SA as well as any other relevant act are eliminated. On 27 August 2007 an application for interim measures (injunctions) filed by the above mentioned Union of Companies against OPAP SA was served to INTRALOT; with this application it was requested that the execution of the above mentioned resolution of the BoD of OPAP SA and of the contract signed between OPAP SA and INTRALOT, to be suspended. The date of the hearing has been scheduled for 11 September 2007; INTRALOT intervened in this case in favor of OPAP SA. The Court by its decision no. 7597/2007 rejected the application of the Union of the Companies "G-TECH Corporation" and "G-TECH Global Services Corporation Ltd".

e. Against (a) publishing company "I. Sideris – Andreas Sideris Sons O.E.", (b) the Foundation of Economic and Industrial Researches (IOBE), (c) Mr. Theodosios Palaskas, Director of Research of IOBE, (d) the Kokkalis Foundation, and (e)INTRALOT a lawsuit of Mr. Charalambos Kolymbalis resident of Neos Skopos Serron, was filed on 8/3/2007 before the Multi Member Athens First Instance Court; date of the hearing was set the 20 February 2008 when it was postponed for 4 March 2009 and then again for 24 February 2010. With his lawsuit, the plaintiff requests to be recognized as the sole creator of the project entitled "The

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financial consequences of sports in Greece" and his intellectual property right on this, and that the amount of €300.000 to be paid to him as monetary compensation for moral damages.

f. In Turkey, the tender on fixed odds betting tender related to establishment and operation of risk management center head agency held by Spor Toto (Genclik ve Spor Genel Mudurlugu -GSGM) and the Fixed Odds Betting contract dated 2 October 2003 singed as a result of the said tender between GSGM and Inteltek Internet Teknoloji Yatırım ve Danışmanlık Ticaret A.Ş» (Inteltek) (which is a 45% subsidiary company) were challenged by Reklam Departmani Basin Yayin Produksiyon Yapimcilik Danismanlik ve Ticaret Limited Sirketi ("Reklam Departmani") and Gtech Avrasya Teknik Hizmet ve Musanirlik AS ("Gtech") with the claim of suspension of execution and annulment.

For the lawsuit initiated by Gtech, Council of State (Danistay) decided for the suspension of the tender. Following this decision, the Fixed Odds Betting contract dated 2 October 2003 between GSGM and Inteltek was terminated by GSGM based on the said decision of Council of State and the L. 5583/2007 came into effect which allowed GSGM to hold a new tender and sign a new contract which would be valid until 1 March 2008. On 15 March 2007, GSGM held a new tender, at which Inteltek became the preferred bidder and reacquired the right to operate until 1 March 2008. On the other hand, Inteltek initiated two lawsuits against GSGM on the ground that the termination of the Fixed Odds Betting Contract dated 2 October 2003 was unjustified and to determine that the aforementioned contract is valid under law and is in force. The lawsuit was rejected as well as the legal means filed against the respective decision.

On 27 February 2008, the Turkish parliament passed a new law that allowed GSGM to sign a new Fixed Odds Betting contract with Inteltek, having the same terms and conditions with the latest contracts signed with GSGM and to be valid for up to one year, until operations start under the new tender which GSGM is allowed to hold in accordance with the same law. Inteltek signed a new Fixed Odds Betting contract with GSGM, which took effect on 1 March 2008.

GSGM proclaimed a new tender on 8 July 2008 having a deadline for the submission of the offers the 12th August 2008. On 28 August 2008, the financial offers for that tender were submitted. Inteltek made the best offer and on 29 August 2008 signed with GSGM a new contract acquiring the right to operate fixed odds betting games in Turkey for ten (10) years starting from March 2009.

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g. In Turkey, GSGM filed on 23 January 2006 before the First Instance Court of Ankara a declaratory action against the 45% subsidiary company Inteltek requesting to be recognized that the calculation of the player's excess payout of the fixed odds betting games, as per their contract, is effected at the end of each separate semester (as opposed to on a cumulative basis for all semesters at the end of the contract). Next hearing following the appointment of experts had been set for November 16, 2006 when the hearing was postponed for January 30, 2007 when it has been heard. The decision issued by the First Instance Court of Ankara vindicated Inteltek. GSGM filed an appeal. On 18 October 2007, Inteltek was notified that the appeal was rejected and, consequently, the decision of the First Instance Court of Ankara is final. GSGM filed an appeal against this decision which was rejected and the case file was sent back to the First Instance Court and the decision was finalized. Inteltek had made a provision of 3,3 million TRY (€ 1,54m) (plus 1,89 million TRY (€ 879.571) relating to interest) in its financial statements due to the probability of a negative outcome of the case which henceforth has been removed following the First Instance Court of Ankara decision. Moreover, Inteltek claimed the amount of TRY 2,34 million (€1,09m) (plus interest) which was paid in the 1st and 3rd reconciliation periods. Inteltek has initiated a lawsuit on 21 February 2008 to collect this amount and the date of the hearing was scheduled to be 22 April 2008; at that date the case was rescheduled to be heard on 24 June 2008 and on that date was rescheduled for 6 November 2008 and on that date for 3 December 2008 in order that further evidences to be collected. On 3 December 2008, the court decided to request an expert's report and on the hearing of 19 March 2009 the court vindicated Inteltek. GSGM filed an appeal against this decision and the case is pending. Inteltek has not made any provisions for income regarding this case in its financial statements relating to the period ending on 30 September 2009.

h. In Turkey, the court Sayistay inspecting the accounts of GSGM of 2005, ruled that there were exceeding payments to Inteltek for specific operational expenses of one thousand terminals of the system, under the terms of the contracts dated 30 July 2002 and 2 October 2003, of an amount of TRY 10.670.528,78 (€ 4.965.870,65) For this reason it sent to GSGM a letter dated 19 January 2007 which was served to GSGM on 26 January 2007. Beginning 2007, GSGM started to withhold (and to keep in escrow) this amount from the amount Inteltek is entitled to under the contract dated 30 July 2002. Inteltek filed a declaratory action before the civil courts of Ankara requesting to be recognized that there is charge for same services under the two contracts and to return to itself the amounts withheld. Sayistay's investigation file has resulted in favor of Inteltek and whereon GSGM released to Inteltek the withheld in escrow amount of 2,494 million TRY (€ 1,161m) corresponding the period until 26.3.2007. Following the above, at the hearing date 29 April 2008, the Court decided that there is no reason to issue

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a decision regarding this case. This decision, following rejection of the legal means against it, has become final.

i. In Turkey, GSGM filed before the Ankara Tax Court a lawsuit against the local Tax Authority requesting the annulment of a penalty of an amount of TRY 5.075.465 (€ 2.362.029) imposed on GSGM, since the Tax Authority considers that stamp duty should have been paid by GSGM for the second copy of the contract dated 29 August 2008 with Inteltek as well as for the letter of guarantee securing the minimum turnover of GSGM games. Inteltek intervened in the case before the abovementioned court in favor of GSGM because, according to the contract dated 29 August 2008, GSGM may request from Inteltek the amount that will be finally obliged to pay, if any. The case is pending.

j. In Turkey, Intralot filed on 21 May 2009, before the Istanbul Court of First Instance a lawsuit against the company Teknoloji Holding A.Ş. ("Teknoloji") requesting from Teknoloji the amount of TRY 1.415.000 (€658.515,35) on the ground of unjust enrichment, since Intralot unjustly paid taxes which Teknoloji had to pay on dividends distributed by Inteltek. The hearing of the case begun on 14 September 2009 and the court ordered that it will continue on 11 December 2009.

k. - In Poland an ex-employee of the subsidiary TotolotekSA has requested the payment of the amount of 11.200.000 PLN (€ 2.557.570) for creation of a software that the company utilizes. The lawsuit has been rejected.

  • Also in Poland, on 10 April 2008, a decision of the competent arbitration court was issued regarding a) the claim for loss of profit of Telenor Software (TTCOMM) against Totolotek SA for the amount of PLN 85.526.710 (€19.530.409) and the claim for an amount of 4.445.480,83 PLN (€ 1.015.145,57) for issued invoices after their agreement since 26.4.2000 and b) the counter claim of the company Totolotek SA against Telenor Software (TTCOMM) for restitution of damages (loss or profit) for the amount of 93.552.601,74 PLN (€ 21.363.158,05). The arbitration court partially accepted the claim of Telenor Software (TTCOMM) awarding in its favor the amount of 6.778.852,87 PLN (€1.547.981,59) plus interest calculated as from 18.2.2006, while it rejected the claim of Totolotek SA against Telenor Software (TTCOMM).

l. In Cyprus, against indirectly subsidiary, thirteen plaintiffs have filed a lawsuit requesting the payment to them of the total amount of 283.000 CYP (€483.534) as profit of a

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bet relating to the non-classification of Formula 1 cars at the race of Indianapolis, USA held on 19.6.2005. Since for this race there was the information that some racing teams would not start the race because there were problems with their tyres (which actually happened) and since the plaintiffs knew this before placing their bets, the company refuses the payment of the above amount. Due to dispute on the matter of the arbitrator's appointment, the matter will be resolved by the Cypriot Courts. Dates for the hearing of the case have been scheduled the 24th & 25th September 2009 when the hearing was postponed for the 18th, 20th, 24th & 25th May 2010. The Board of Directors of the company decided, following the relevant legal advise of the local lawyers, that no reason exists in order to proceed to a provision for the above lawsuit or for the remaining lawsuits which have been filed against companies belonging to the indirect subsidiary (which are of a total amount of 144.904 CYP (€247.583)).

m. In Argentina, the subsidiary company "Tecno Acción S.A." filed before the Tax Court recourses against penalties of a total amount (including interest) of 4.640.234.53 Argentinean Pesos (€ 917.031,16) which the tax authority imposed because of alleged, by the tax authority, breach of the tax legislation. According to compromise made by virtue of a local law, the company will pay the amount of 1.658.375,31 Argentinean Pesos (€327.738) in 120 monthly instalments and the amount of 125.287,97 Argentinean Pesos (€24.760,16) in 12 monthly instalments. According to the terms of the Share Purchase Agreement relating to the shares of "Tecno Acción S.A." dated 30 December 2006, an amount of 3.250.000 US dollars (€ 2.379.193,69) has been deposited to an escrow account and part of this amount will cover the abovementioned tax obligations.

n. In Colombia, Intralot, on 22 July 2004, entered into an agreement with an entity called Empresa Territorial para la salud ("Etesa"), under which it was granted with the right to operate games of chance in Colombia. In accordance with terms of the abovementioned agreement, Intralot has submitted an application to initiate arbitration proceedings against Etesa requesting to be recognized that there has been a disruption to the economic balance of abovementioned agreement to the detriment of Intralot (and for reasons not attributable to Intralot) and that Etesa to be compelled to the modification of the financial terms of the agreement in the manner specified by Intralot as well as to pay damages to Intralot (including damages for loss of profit); or alternatively to terminate now the agreement with no liability to Intralot. The arbitration panel has been formed and the arbitration procedure begun and is pending. The company has made a provision and the financial statements have been encumbered with the amount of 13.275.883.438 Colombian pesos (€ 4.397.513) which

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correspond to the minimum guaranteed amounts as per the abovementioned agreement with Etesa.

o. In Australia, a lawsuit was filed against the subsidiary Intralot Australia Pty Ltd, before the Victorian Civil and Administrative Tribunal by a player of a scratch ticker claiming that his ticket is a 200.000 Australian dollars (€109.628) winning ticket, while in reality the ticket is not winning. The case has been heard on 11 May 2009 and the lawsuit has been rejected. Furthermore, on the same grounds, a lawsuit was filed before the County Court of Victoria in Melbourne against the subsidiary Intralot Australia Pty Ltd. by another scratch ticket player who also claims that his ticket wins 200.000 Australian dollars (€109.628), while in reality the ticket is not winning. Date for the hearing has been scheduled the 6th July 2009 when the hearing was postponed for the 16th and 19th October 2009; the case was heard and the issue of the decision is pending.

p. In Romania, on 3 July 2009, the Tax Authority examined the transactions relating to imports of the indirectly subsidiary LOTROM SA, for the period from July 2004 to April 2006 and concluded that imports of IT equipment containing software were not included in the value of the declared goods in the customs and imposed to LOTROM SA the amount of 13.064.620 Romanian lei (€ 3.089.858) (for tax and penalties). LOTROM SA has initiated procedures for the annulment of the abovementioned amount before the competent authorities, while it requested the suspension of the execution by the competent court which was accepted. The case is pending. LOTROM SA believes that has strong arguments to expect that the final outcome will not be unfavorable and it didn't make any provision for this case in its financial statements.

q. Against the subsidiary Intralot Holdings International Ltd., a shareholder of LOTROM SA and against LOTROM SA, another shareholders of LOTROM SA, Mr. Petre Ion filed a lawsuit before the competent court of Bucharest requesting that Intralot Holdings International Ltd to be obliged to purchase his shares in LOTROM SA for €2.500.000 and that LOTROM SA to be obliged to register in the shareholders book such transfer. Date for the hearing has been scheduled the 19th January 2010.

Until 23 November 2009, apart from the above, any other legal issues do not have a material effect on the financial position of the Group.

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B. FISCAL YEARS UNAUDITED BY THE TAX AUTHORITIES

COMPANY UNAUDITED YEAR COMPANY UNAUDITED YEAR
ΙΝTRALOT SA 2008 ΙNTRALOT EGYPT LTD ‐
BETTING COMPANY SA 2007‐2008 E.C.E.S. SAE ‐
BETTING CYPRUS LTD ‐ INTRALOT OOO 2007‐2008
INTRALOT DE CHILE SA ‐ POLDIN LTD 2001‐2008
INTRALOT DE PERU SAC 2006‐2008 INTRALOT ASIA PACIFIC LTD 2007‐2008
INTRALOT INC. 2001‐2008 INTRALOT AUSTRALIA PTY LTD 2005‐2008
INTRALOT BETTING OPERATIONS
(CYPRUS) LTD		 ‐ INTRALOT SOUTH AFRICA LTD 2003‐2008
ROYAL HIGHGATE LTD ‐ INTRALOT LUXEMBOURG SA 2006‐2008
POLLOT Sp.zo.o 2001‐2008 INTRALOT ITALIA SRL 2007‐2008
ΜALTCO LOTTERIES LTD 2003‐2008 SERVICIOS TRANSDATA SA 2006‐2008
ΙΝTRALOT HOLDINGS INTERNATIONAL
LTD		 ‐ INTRALOT IBERIA SAU 2007‐2008
LOTROM SA ‐ INTRALOT IBERIA HOLDINGS SA 2007‐2008
YUGOLOT LTD 2000‐2008 TECNO ACCION S.A. 2003‐2008
YUGOBET LTD ‐ GAMING SOLUTIONS INTERNATIONAL
SAC		 2006‐2008
BILOT EOOD 2003‐2008 GAMING SOLUTIONS INTERNATIONAL
LTD		 ‐
EUROFOOTBALL LTD 2005‐2008 INTRALOT BEIJING Co LTD ‐
EUROFOOTBALL PRINT LTD 2004‐2008 NAFIROL S.A. ‐
INTRALOT INTERNATIONAL LTD ‐ INTRALOT ARGENTINA S.A 2007‐2008
INTRALOT OPERATIONS LTD ‐ LEBANESE GAMES S.A.L ‐
INTRALOT BUSINESS DEVELOPMENT
LTD		 ‐ VENETA SERVIZI S.R.L. 2007‐2008
INTRALOT TECHNOLOGIES LTD ‐ INTRALOT SOUTH KOREA 2008
INTELTEK INTERNET AS 2003‐2008 INTRALOT FINANCE UK PLC 2008
LOTERIA MOLDOVEI SA ‐ SLOVENSKE LOTERIE AS 2008
TOTOLOTEK SA 2001‐2008 TORSYS AS ‐
WHITE EAGLE INVESTMENTS LTD ‐ INTRALOT DO BRAZIL LTDA 2008
BETA RIAL Sp.Zoo 2001‐2008 OLTP LTDA 2008
YUVENGA CJSC ‐ BILYONER INTERAKTIF HIZMELTER AS
(former LIBERO INTERAKTIF AS)		 ‐
UNICLIC LTD ‐ LOTRICH INFORMATION Co. LTD ‐
DOWA LTD ‐ GIDANI LTD 2003‐2008
INTRALOT NEW ZEALAND LTD 2005‐2008
ΑΤROPOS SA 2007‐2008

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1.11 OTHER SELECTED EXPLANATORY NOTES

  • a) There is no significant effect due to seasonality and cyclicality of interim operations as these are expressed through the current interim financial statements.
  • b) Τhere are no items affecting assets, liabilities, equity, net income or cash flows that are unusual because of their nature, size or incidence.

ci) Changes in estimates of amounts reported in prior interim periods of the current financial year, if those changes have a material effect in the current interim period:

No such.

cii) Changes in estimates of amounts reported in prior financial years, if those changes have a material effect in the current interim period:

No such.

  • d) Issuances, repurchases and repayments of debt and equity securities:
  • Ι. Share Option:

According to the decision of the General Assembly of Shareholders on October 24th, 2007, the share capital (Ministry of Development Decision K2-15700/31-10-2007) was increased by € 18.122.611,03 through the capitalization of reserves and the increase of the nominal value of the share of the company by € 0,23 and by the same aforementioned resolution , it was resolved to decrease the nominal value of each share from € 0,60 to € 0,30 and to issue 78.793.961 new shares with a nominal value of € 0,30 each ,which were distributed freely to the old shareholders, at a ratio of one new share for each existing one respectively.

Following the partial exercise of the share option, during 2007, the share capital was increased by A) €1.242 with the issue of 4.140 nominal shares at a nominal value of € 0,30 each. Payment of this amount was confirmed by the Board of Directors on 19/12/2007 while the share capital increase and confirmation of this amount were

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approved by decisions K2-18339/11-1-2008 and K2-18338/11-1-2008 of the Ministry of Development and B) € 405.009,30 with the issue of 1.350.031 nominal shares with a nominal value of € 0,30 each. Payment of this amount was confirmed by the Board of Directors on 19/12/2007 while the share capital increase and confirmation of this amount were approved by decisions K2-18340/11-1-2008 and K2-18337/11-1-2008 of the Ministry of Development.

Following the exercise of the share option during 2008, the share capital was increased by 5.888,40 € with the issue of 19.628 nominal shares at a nominal value of € 0,30 each. Payment of this amount was confirmed by the Board of Directors on 19/12/2008 while the share capital increase and confirmation of this amount were approved by decisions K2- 15716/30-12-2008 and K2-15717/30-12-2008 of the Ministry of Development.

II. New Companies of the Group:

Investment in:

ATROPOS SA, increased participation from 3% to 100% (direct) Intralot Italia SRL, increased participation from 85% to 90% (indirect) E.C.E.S. SAE, increased participation from 75,01% to 88,25% (indirect)

Investment in:

Intralot Interactive SA with percentage 100% (51% direct and 49% indirect) Intralot Jamaica LTD with percentage 100% (direct) Intralot Guatemala SA with percentage 100% (indirect) Loterias y Apuestas de Guatemala SA with percentage 51% (indirect) Intralot Nederland BV with percentage 100% (direct) Intralot St.Lucia LTD with percentage 100% (indirect) Intralot Latam Inc with percentage 100% (indirect) Intralot Dominicana SA with percentage 100% (indirect) Tactus SRO with percentage 51% (indirect)

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III. Subsidiaries Share Capital Increase:

Increase in Intralot Inc Share Capital by € 59,07 million, in Pollot Sp.zo.o by € 1,33 million, in Intralot Do Brazil by € 4,04 million, and in Intralot Finance UK plc by € 41 k, in White Eagle by 1,19 million, in Totolotek by 3,67 million, in OLTP by 239,9 k, in Beta Rial by 1,26 million, in Intralot Italia by 6,1 million.

e. Dividends paid (aggregate or per share):

Ordinary shares dividend paid of € 57.117 thous (€ 79.877 thous. 30/09/08)

f. The effect of changes in the composition of the enterprise during the interim period, including business combinations, acquisition or disposal of subsidiaries and long term investments, restructurings and discontinuing operations:

Such changes have not a significant effect on the consolidated total assets, on the consolidated revenues and on the consolidated earnings after tax.

g. Acquisitions and disposals of tangible and intangible assets:

Net addition for the Group, due to acquisitions and disposals of tangible and intangible assets as at September 30, 2009 amounts to € 129.172 thousands, while the respective proceeds were approximately € 739 thousands.

h. The amounts of expense/income included in the Group's and Company's Comprehensive Income statement on 30/09/09 concern: foreign exchange differences of € -9,9 mio , derivative valuation of €-1,109 k , amount of € -85 k , concern the valuation of available for sale financial assets, while amount of € -133 k regards revaluation of assets. The respective figures for the Company amount to € -1,150 k concern the valuation of derivative.

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1.12 SUPPLEMENTARY INFORMATION

A.BUSINESS COMBINATION (TABLE OF COMPANIES CONSOLIDATED)

The companies included in the consolidation, with the relevant addresses and the relevant participation percentages are the following:

I. Full Consolidation:

COMPANY BASE DIRECT
PARTICIPATION
PERCENTAGE		 INDIRECT
PARTICIPATION
PERCENTAGE		 TOTAL
INTRALOT SA Maroussi, Attica Parent Parent
5. BETTING COMPANY SA N. Iraklion, Attica 95% 5% 100%
10. BETTING CYPRUS LTD Nicosia, Cyprus 100% 100%
INTRALOT DE CHILE SA Santiago, Chile 99,99% 99,99%
INTRALOT DE PERU SAC Lima, Peru 99,98% 99,98%
2,5,13 INTRALOT INC. Atlanta, USA 10,56% 74,44% 85%
INTRALOT BETTING
OPERATIONS (CYPRUS)
LTD		 Nicosia, Cyprus 54,95% 54,95%
1. ROYAL HIGHGATE LTD Paralimni, Cyprus 3,82% 29,39% 33,21%
POLLOT Sp.zo.o Warsaw, Poland 100% 100%
ΜALTCO LOTTERIES LTD Valetta, Malta 73% 73%
ΙΝTRALOT HOLDINGS
INTERNATIONAL LTD		 Nicosia, Cyprus 100% 100%
2. LOTROM SA Bucharest,
Romania		 60% 60%
2. YUGOLOT LTD Belgrade, Serbia &
Montenegro		 100% 100%
2. YUGOBET LTD Belgrade, Serbia &
Montenegro		 100% 100%
2. BILOT EOOD Sofia, Bulgaria 100% 100%
3. EUROFOOTBALL LTD Sofia, Bulgaria 49% 49%
4. EUROFOOTBALL PRINT LTD Sofia, Bulgaria 49% 49%
2. INTRALOT
INTERNATIONAL LTD		 Nicosia, Cyprus 100% 100%
5. INTRALOT OPERATIONS
LTD		 Nicosia, Cyprus 100% 100%
2. INTRALOT BUSINESS
DEVELOPMENT LTD		 Nicosia, Cyprus 100% 100%
2. INTRALOT TECHNOLOGIES
LTD		 Nicosia, Cyprus 100% 100%
14. INTELTEK INTERNET AS Istanbul, Turkey 20% 25% 45%
LOTERIA MOLDOVEI SA Chisinau, Moldova 47,90% 47,90%
6,7,8 TOTOLOTEK SA Warsaw, Poland 92,45% 92,45%

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2. WHITE EAGLE
INVESTMENTS LTD		 Hertfordshire,
United Kingdom		 100% 100,00%
2. BETA RIAL Sp.zo.o Warsaw, Poland 100% 100,00%
2. UNICLIC LTD Nicosia, Cyprus 50% 50,00%
9. DOWA LTD Nicosia, Cyprus 30% 30,00%
INTRALOT NEW ZEALAND
LTD		 Wellington, New
Zealand		 100% 100%
2. INTRALOT EGYPT LTD Nicosia, Cyprus 88,24% 88,24%
11,13,2. E.C.E.S SAE Cairo, Egypt 90,03% 90,03%
2. INTRALOT OOO Moscow, Russia 100% 100,00%
POLDIN LTD Warsaw, Poland 100% 100%
INTRALOT ASIA PACIFIC
LTD		 Hong Kong, China 100% 100%
INTRALOT AUSTRALIA PTY
LTD		 Melbourne,
Australia		 100% 100%
INTRALOT LUXEMBOURG
S.A		 Luxembourg,
Luxembourg		 100% 100%
2. INTRALOT ITALIA SRL Rome, Italy 90% 90%
13. SERVICIOS TRASDATA SA Lima, Peru 100% 100%
INTRALOT IBERIA SAU Madrid, Spain 100% 100%
INTRALOT IBERIA
HOLDINGS S.A.		 Madrid, Spain 100% 100%
TECNO ACCION S.A Buenos Aires,
Argentina		 50,01% 50,01%
GAMING SOLUTIONS
INTERNATIONAL SAC		 Lima, Peru 100% 100%
2. GAMING SOLUTIONS
INTERNATIONAL LTD		 Bogota, Colombia 99% 1% 100%
INTRALOT BEIJING Co LT Beijing, China 100% 100%
2. NAFIROL S.A. Montevideo,
Uruguay		 100% 100%
15. INTRALOT ARGENTINA S.A Buenos Aires,
Argentina		 89,79% 10,21% 100%
2. LEBANESE GAMES S.A.L Beirut, Lebanon 99,99% 99,99%
16. VENETTA SERVIZI S.R.L. Mogliano Veneto,
Italia		 90% 90%
INTRALOT SOUTH KOREA
LTD		 Seoul, S. Korea 100% 100%
INTRALOT FINANCE UK PLC London, United
Kingdom		 100% 100%
ATROPOS SA Maroussi, Attica 100% 100%
2. SLOVENSKE LOTERIE AS Bratislava, Slovakia 51% 51%
17. TORSYS SRO Bratislava, Slovakia 51% 51%
17. TACTUS SRO Bratislava, Slovakia 51% 51%
INTRALOT DO BRAZIL
LTDA		 Sao Paolo, Brazil 99,97% 99,97%

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18. OLTP LTDA Rio de Janeiro,
Brazil		 93% 93%
INTRALOT INTERACTIVE
SA		 Maroussi, Attica 51% 49% 100%
INTRALOT JAMAICA LTD Kingston, Jamaica 100% 100%
19. INTRALOT GUATEMALA Guatemala City,
Guatemala		 100% 100%
20. LOTERIAS Y APUESTAS DE
GUATEMALA SA		 Guatemala City,
Guatemala		 51% 51%
2. INTRALOT ST.LUCIA LTD Castries, St.Lucia 100% 100%
19. INTRALOT DIMINICANA SA Saint Dominic 100% 100%
19. INTRALOT LATAM INC Miami, USA 100% 100%
INTRALOT NEDERLAND BV Amsterdam,
Holland		 100% 100%

II. Equity Method:

COMPANY BASE DIRECT
PARTICIPATION
PERCENTAGE		 INDIRECT
PARTICIPATION
PERCENTAGE
BILYONER
INTERAKTIF
HIZMELTER AS		 Istanbul, Turkey 25%
LOTRICH
INFORMATION CO.
LTD		 Taipei, Taiwan 40%
INTRALOT SOUTH
AFRICA LTD		 Johannesburg,
S.Africa		 45%
12. GIDANI LTD Johannesburg,
S.Africa		 10,13%

Subsidiary of:

  • 1: Intralot Betting Operations(Cyprus)Ltd 11: Intralot Egypt Ltd

  • 2: Intralot Holdings International Ltd 12: Intralot South Africa Ltd

  • 5: Intralot International Ltd 15: Intralot de Chile S.A.

  • 7: White Eagle Investments Ltd 17: Slovenske Loterie AS

  • 3: Bilot EOOD 13: Intralot Operations Ltd

  • 4: Eurofootball Ltd 14: Intralot Iberia Holdings S.A.
  • 6: Pollot Sp.zo.o 16: Intralot Italia SRL.
  • 8: Beta Rial Sp.Zoo. 18: Intralot do Brasil LTDA
  • 9: Uniclic Ltd 19:Intralot St. Lucia Limited
  • 10: Betting Company S.A. 20: Intralot Guatemala S.A.

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The companies Loteria Moldovei and Inteltek Internet AS are consolidated using the full consolidation method since the requirements of IAS 27 "Consolidated and Separate Financial Statements" are met.

INTRALOT SOUTH AFRICA LTD is consolidated from 30/06/2009 with the Equity method (the previous periods was consolidated with the full consolidation method), since the requirements of IAS27 are not fulfilled any longer. The company's percentage from 30/06/2009 is 45%. Because of the change in the percentage owned, the Group has accounted for a loss of 526 thous. euro in the current period results.

Yuvenga is not consolidated from 01/07/2009 since the requirements of IAS27 are not fulfilled any longer. The company's percentage from 01/07/2009 turned to 0,49%.Because of the change in the percentage owned, the Group has accounted for a profit of 6,6 mio euro in the current period results.

III. Acquisitions

Investment in ATROPOS S.A.

During the first quarter of 2009 the Group acquired 97% of the company Atropos S.A., increasing the Group's participation to Atropos SA at 100%.

The carrying and fair value of the company's assets, the dates of the acquisition were:

Fair
value		 Carrying
value
€ 000 € 000
Non-Current Assets 2 2
Cash and cash equivalents 19 19
Total Assets 21 21
Current liabilities 35 35
Value of Net Assets -14 -14
Group 100% participation -14
Consideration 7
Goodwill on Acquisition 21
The net cash outflow is analysed as follows :
Cash and cash equivalents acquired 19
Cash consideration given -7
Group Cash inflow 12

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Investment in Tactus S.R.O.

During the first semester of 2009 the Group acquired 100% of the Slovak company Tactus s.r.o through the subsidiary of Slovenske Loterie A.S., in which Intralot Holdings International LTD owns 51%.

The carrying and fair value of the company's assets, the date of the acquisition were:

Fair value Carrying value
€000 €000
Tangible fixed assets 87 87
Deferred Tax assets 1 1
Inventories 5 5
Short term receivables 91 91
Cash and cash equivalents 37 37
Total Assets 221 221
Non current liabilities 241 241
Current liabilities 75 75
Value of Net Assets -95 -95
Group 100% participation -95
Consideration 7
Goodwill on Acquisition 102
The net cash outflow is analysed as follows
:
Cash and cash equivalents acquired 37
Cash consideration given -7
Group Cash inflow 31

Also, Group acquired 10,27% of the Jamaican company Supreme Ventures Limited, operating in the gaming sector.

B. REAL LIENS

A preliminary mortgage exists on the real estate of a subsidiary covering a bank loan of € 6,5 million.

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C. PROVISIONS

The Group´s and the Company´s provision that refer to legal issues at 30/9/2009 amounts to € 4,4 mio. The Group's provisions amounts stated up to 30/09/09 that refer to unaudited tax periods amount to € 820 thousand and the rest € 19,11 mio to other provisions. Respectively the Company stated € 450 thousand for Provisions for unaudited tax periods and € 9,4 mio for other provisions.

D. PERSONNEL EMPLOYED

The personnel employed by the Company and the Group as at the end of the first nine months of 2009 were 643 and 4.733 respectively. For the first nine months of 2008, the personnel employed by the Company and the Group were 551 and 4.506 respectively.

E. RELATED PARTY DISCLOSURES

The most important transactions between the Company and its related parties as per IAS 24 are presented in the table below:

Group Income Expenses
01/01‐30/09/2009 01/01/‐30/09/2008 01/01‐30/09/2009 01/01/‐30/09/2008
Instant Lottery SA 20 50 0 0
Intracom Group 5.883 3.079 40.354 32.456
Eurosadruzie LTD 0 0 0 0
Gidani LTD 6.581 2.991 5.022 0
Intrarom SA 2.654 2.211 1.825 1.122
Turkcell Group 112 112 4.364 7.061
Lotrich Info Co LTD 713 839 0 0
Intralot South Africa LTD 262 0 0 0
Bilyoner AS 1.072 0 0 11
Other Related parties 486 23 728 501
Executives and members of the board 0 0 7.551 7.236
17.783 9.305 59.844 48.387

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Group Receivable Payable
30 September 2009 31 December
2008		 30 September 2009 31 December
2008
Instant Lottery SA 1.364 1.344 0 0
Uniclic LTD 3.897 3.987 0 0
Intracom Group 8.552 8.233 23.912 11.129
Eurosadruzie LTD 6.474 9.902 0 0
Gidani LTD 210 50.291 0 0
Intrarom SA 2.694 0 1.552 3
Turkcell Group 52 22 423 1.377
Intralot South Africa LTD 1.570 0 1 0
Ilot St.Lucia LTD 0 3.496 0 0
Other Related parties 1.122 2.356 89 918
Executives and members of the board 449 398 1.917 1.108
26.384 80.029 27.894 14.535

Group Income Expenses

01/01‐
30/09/2009		 01/01/‐
30/09/2008		 01/01‐
30/09/2009		 01/01/‐
30/09/2008
Intralot Operations LTD 37.092 13.718 0 0
Inteltek Internet AS 13.436 14.022 643 0
Intracom Group 1.590 3.079 37.423 32.421
Gaming Solutions Int. SAC 191 4.348 13 0
Intralot INC 2.156 1.195 147 0
Betting Company SA 0 19.000 147 6.928
Βetting Cyprus LTD 0 0 1.052 1.154
Lotrom SA 8.221 4.351 2.605 2.671
Lotrich Info.Co LTD 713 839 0 0
Intralot South Africa LTD 670 6.534 0 107
Intralot New Zealand 188 188 0 7
Yugobet LTD 66 569 0 0
Gaming Solutions Int. LTD 91 46 0 0
Pollot SPZOO 449 847 0 0
Intralot de Peru SAC 0 6 0 0
Intralot Holdings International LTD 990 3.110 0 0
Intralot Iberia SA Unipersona 191 334 0 0
Intralot de Chile SA 34 149 0 0
Instant Lottery SA 20 50 0 0

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Loteria Moldovei LTD 12 186 0 0
Intralot Finance UK LTD 38 0 0 0
Maltco LTD 3.179 2.675 1 0
Royal Highgate LTD 53 51 0 0
Tecno Accion LTD 1.734 86 10 70
Other Related parties 8.398 9.646 3.068 4.234
Executives and members of the board 0 0 4.863
79.512 85.029 49.972 47.592

Group Receivable Payable

30 September
2009		 31 December
2008		 30 September
2009		 31 December
2008
Intralot Operations LTD 53.444 25.852 0 0
Inteltek Internet AS 1.066 1.969 0 0
Intracom Group 4.275 10.477 19.663 3.217
Gaming Solutions Int. SAC 11.151 11.005 12 0
Intralot INC 5.409 8.062 116 2
Betting Company SA 0 0 3.663 3.653
Βetting Cyprus LTD 0 0 6.103 5.051
Intralot South Africa LTD 1.570 3.663 1 1
Uniclic LTD 4.344 4.345 0 0
Intralot New Zealand LTD 1.751 3.797 0 0
Yugobet LTD 2.900 2.834 1 1
Intralot International LTD 2.000 2.000 0 0
Gaming Solutions Int. LTD 1.425 1.666 0 0
Pollot SPZOO 6.126 5.551 0 0
Intralot de Peru SAC 5.009 3.516 22 23
Intralot Holdings International LTD 10.095 54.105 0 0
Intralot Iberia SA Unipersona 11.829 7.878 0 0
Intralot Australia LTD 723 5.036 0 0
Instant Lottery SA 1.364 1.344 0 0
Loteria Moldovei LTD 1.929 1.874 0 0
Intralot Italia SRL 1.300 1.300 0 0
Lotrom SA 0 0 3.572 325
Business Development LTD 11.104 11.511 0 0
Intrarom SA 2.692 42 1.549 338
Intralot Dominicana LTD 1.875 0 0 0
Other Related parties 13.125 1.236 830 859
Executives and members of the board 0 0 0 0
156.506 169.063 35.532 13.470

Page 50 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

F. OTHER INFORMATION

  • i) Effect of changes in the composition of the enterprise during the interim period, including Acquisition or disposal of subsidiaries and long term investments, restructurings and discontinuing operations (by extension of the paragraph 1.11.f and d, as above):
  • i. See above paragraph 1.11.f and d and 1.12. A.III as above.
  • ii) Previous paragraph (1.12.F.ι.) events effect, if this is higher than 25%, in respect of the consolidated revenues, results, net equity (by extension of the paragraph 1.11.f and d., as above):
  • i. No such cases.
  • iii) Change of the fiscal year or period:
  • i. No such.
  • iv) Material events subsequent to the end of the interim period that have not been reflected in the financial statements for the interim period:
  • i. See bellow, paragraph 1.13.
  • v) Effect of changes in the composition of the enterprise during the interim period, regarding business combinations if this is higher than 25%, in respect of the consolidated revenues, results, net equity (by extension of the paragraph 1.11.f and d, as above):
  • i. No such effect
  • vi) Reclassification of previous year amounts.
  • i No such effect

1.13 SUBSEQUENT EVENTS

A) INTRALOT was granted a lottery contract by the Lotería de Concepción in Chile for the supply of technological solutions and management of lottery games in the country. The contract has an initial term of 7 years with an option of 3 annual renewals. Lotería de Concepción, offers lottery games, such as KINO, IMÁN, Kino5, Raspes, BOLETO, etc, under a license granted by the Chilean Ministry of Finance.

Page 51 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009 Public Companies (S.A.) Reg. No. 27074/06/B/92/9

B) INTRALOT enters the newly established Italian VLTs' market through a joint venture with Cogetech S.p.A., a leading licensed VLT operator in Italy. INTRALOT owns a 51% stake of the newly incorporated joint venture. The operation of the VLTs is expected to commence in the 1st semester of 2010.The biggest part of the machines will initially be incorporated in INTRALOT's network of dedicated betting shops, the second biggest in Italy. This synergy between betting and VLTs is expected to drive both the sales increase, based on the global experience, as well as economies of scale through the utilization of common infrastructure.

Maroussi, November 26th, 2009

THE CHAIRMAN OF THE BOARD THE VICE CHAIRMAN OF DIRECTORS OF THE BoD AND CEO

S.P. KOKKALIS C.G. ANTONOPOULOS ID. No. Π 695792 ID. No. M 102737

FINANCE AND BUSINESS DEVELOPMENT

THE GENERAL DIRECTOR OF THE ACCOUNTING DIRECTOR

Ι.Ο. PANTOLEON Ν. G.PAVLAKIS ID. No. Σ 637090 ID. No. AZ012557 H.E.C. License No. 15230/ A' Class

Page 52 of 53

INTEGRATED LOTTERY SYSTEMS AND SERVICES

Interim Condensed Financial Statements (Group and Company) for the period 1 January until 30 September 2009

Public Companies (S.A.) Reg. No. 27074/06/B/92/9

Web Site:
Financial Statements approval date :
GROUP COMPANY
36/66/2009 31/13/3008 30/05/2006 31/12/2008
ASSETS
Tangible Assets 233,382 152,914 48,837 29.725
Intangible Assets 181,829 163,035 13,932 9,846
Other Non-Current Assets 07.469 132.162 163,200 140.723
Inventories 54,567 47,791 45,136 40.784
Trade accounts receivable 233 308 216,415 217,545 344, 444
Other Current Assets 217.945 335.447 23,240 22,004
TOTAL ASSETS 1.018.795 1.022.764 510.780 496.526
LIABILITIES AND EQUITY
Share Capital 47,589 47,589 47,889 47,589
Other figuity fluments 241, 031 214,853 104,704 108,087
Shareholders Equity (a) 288.720 262 542 152.303 155.776
Minority Sidened (b) 56,422 75.203 ٥ $\Omega$
Total Shareholders Equity (c) - (a) + (b) 345 142 337,605 152.593 155.776
Long-term Debt 465,259 419,317 270.410 365, 285
Provisions and Other Long term Liabilities 44.166 39.317 15.730 20.504
Short-term Debt 16,631 44.299 ٥ $\circ$
Other Short-term Unbilities 147,587 152,036 72,247 54,451
Total ListAties (d) 673,653 NAK RAG 358,387 340,750
TOTAL EQUITY AND LEABILITIES (c)+(d) 1.018.795 1.022.764 510.780 496.526
GROUP COMPANY
30/09/2009 30/09/2008 30/09/2009 30/09/2008
Wet equity at the beginning of the period (01/01/2009 and 01/01/2008
ringpoct/volv3		 TEZ NOV 349, 031 155.776 183, 176
Effect on retained earnings from previous years adjustment. $-1.056$ $\circ$
Total comprehensive income for the period after tax (continuing and discontinuing
nnerations's		 69,794 \$6,078 14.112 57,201
Increase / (pequase) in there can tal
Dividends Distributed		 0.22
$-56.617$		 $-0.1$
$-79.939$		 $\Omega$
$-17,495$		 $\alpha$
$-28.324$
Purchases / (Disposals) Treasury Shares $\circ$
Tax from distribution of tax-free resinves. $-233$ $\theta$
Reverse of accountable, tax from income tax return. ö 108 XX
Change of consolidation method from full consolidation to equity method.
Effect due to change in parenthip precentage		 $-9927$
$-2.014$		 $\frac{0}{0}$
68:00P CISMINANT
1/1-3070972009 1/1-30/09/2006 1/1-30/09/2009 1/1-30/09/2006
Operating Activities
Net Profit before Taxation 97.331 144.090 19.926 45.878
Plus/Less adjustments for:
Depredation 35.791 25.684 0.834 7.771
Impairment tangible / intangible assets ు ۵ a o
Provisions -5.453 1.713 $-8,225$ 584
Exchange rate differences $-44$ $-10.103$ ö e
Results from Investing Activities $-2.320$ $-2.530$ $-16.955$ $-34.969$
Debit Interest and similar expenses. 20.987 15, 338 11,543 11.944
Credit Interest $-21.729$ $-23.315$ $-2.964$ $-5.461$
Plus/Less adjustments of working capital to riet cash or related to operating
activities:
Decrease/(Increase) of Inventories $-7.546$ 4.406 $-4.342$ 0.491
Decrease/(Increase) of Receivable Accounts $-20.044$ $-104.800$ 22,067 $-57.530$
(Decrease)/increase of Payable Accounts (except Banks) $-16,414$ 15.079 10.952 1.053
Less:
Interest Paid and similar expenses paid 13.032 14.592 7.316 7.560
Income Tax Paid 10.609 25.893 154 2.554
Net Cash from Operating Activities (a) 56,965 29,940 37,653 $-33.743$
Investing Activities
(Purchases) / Sales of subsidiaries, associates, joint vertures and other
investments		 $-9.036$ 104 $-5.774$ $-2.107$
Purchases of tangible and intengible assets $-129.122$ $-76, 327$ $-33.932$ $-13.151$
Proceeds from sales of tangible and intangible assets. 239 179 a 6
Interest received. 14,216 19,901 2.964 5.461
Dividends received $\circ$ ٥ 15,806 34.954
Net Cash from Investing Activities (b) $-123.243$ $-56.143$ $-18.936$ 25.167
Financing Activities
Cash Inflows from Share Capital Increase ۰ ٥ ٥ ۰
Cash cutflows from Share Capital Decrease $\circ$ C) ö O.
Cash inflows from loans 60.033 211.067 ö e.
Repeyment of Icans $-29.372$ $-56.511$ × e.
Reporment of Leasing Oblications $-3.768$ $-2.735$ b O
Dividends paid $-57.117$ $-70.877$ $-17.481$ $-28.263$
Net Cash from Financing Activities (c) $-21.224$ 71,944 $-17.481$ $-28.263$
Net Increase / (decrease) in cash and cash equivalents for the
period
$(a) + (b) + (c)$ $-87,802$ 45.741 1.236 $-36,839$
Cash and cash equivalents at the beginning of the period 305.447 284.753 22.004 57.618
Cash and cash equivalents at the end of the period 217.945 330.494 23.240 20.779
GROSE GROUP COMPANY COMEANX
1,71-30/09/2009 1,71-30,709/2008 3,77-30/09/2009 6/7-36/69/2008 8/1-36/09/3000 1/1-39/09/2006 1/7-30/09/3909 1/7-38/09/3904
Sale Proceeds 680.572 804,478 192,564 257.017 118.171 136.847 66,733 37.959
Leon: Cost of Sales $-510.438$ $-537.484$ $-147.030$ $-194.174$ $-99.019$ -96,959 $-0.9, 561$ $-26.617$
Gross Profit / (Loss) 170.138 226.994 45.566 62.843 29.122 37,898 17.172 11.342
Other Operating Income 21.659 4.452 10.004 1.421 5.556 45 53 36
Selling Expenses $-36.672$ $-33.495$ $-7.606$ $-14.863$ $-6.134$ $-6.384$ $-1.766$ $-3.519$
Administrative Excerning $-55.407$ 53.578 $-15.478$ $-18.915$ $-8.892$ $-7.903$ $-2.602$ $-3.175$
Research and Development Costs. $-7,804$ $-7,043$ $-3.000$ $-3.426$ $-5.956$ $-6.108$ $-2.456$ $-2.493$
Other Coerating Expenses $-2.724$ $-2.178$ $-1.230$ $-1.390$ $\ddot{\circ}$ $\alpha$ a
FRIT 95.186 136, 152 28.324 25.669 13.706 17,447 10.396 3.186
Interest and similar charges $-20.987$ $-19,308$ $-6.574$ $-5.965$ $-22.943$ $-11.944$ $-3.891$ $-4.093$
Emberson, beds, test based appealent 21.729 23.213 4.226 8.301 18.770 40,424 1.551 1.764
Exchange differences 345 4.195 $-3.671$ \$203 $-707$ $-49$ $-1.423$ 1.301
Profit / (Loss) from equity method consolidations 1.057 638 333 280 o $^{\circ}$ a
Operating Profit / (Loss) before tax 97,331 144,890 22,686 32,488 19,826 45.878 6.643 2.158
Less taxes $-16,547$ $-30.600$ $-2.762$ $-6.370$ $-4.564$ $-0.574$ $-1.943$ $-1.109$
Operating Profit / (Loss) after tax (A) 80.784 114,290 18,924 26.110 15,262 37.304 4.700 1.049
Attributable to:
- Owners of the contown/ 57,791 77.009 15.765 15,810 15,262 37,304 4,700 1.049
- Ninarity Interest 33.992 37.221 3.159 9.300 o a $\alpha$
Other comprehensive income for the period, after tax (B) $-10.990$ $-18.212$ $-4.176$ 3,462 $-1.150$ $-3.018$ -SNS 206
Total comprehensive income (A) + (B) 69.794 96.078 14.748 29.512 14.112 37,201 4.115 1.255
Attributable to:
- Dwners of the company 47,244 18.129 11.937 18,231 14.112 37,201 4.115 1.255
- Ningcity Interest
Profit / (Loss) after taxes per share (in euro)		 22.550 27.949 2.811
. .		 11.261 $\ddot{\circ}$ $^{\circ}$ i di
$-$ Dunche 0,3636 0,4849 0,0992 0,1058 0,0960 0,2387 0,0295 0,0066
$-$ diluted 0,3635 0.4847 0.0992 0.1057 D. OFMAX 0,2345 0,0295 0,0066
ERITOA 130.978 161,838 39.877 35.130 23.539 25.218 14,060 5,984
Amounts reported in thousands of C. Group Cornpany
N) Income
from subsidiaries. $\alpha$ 72,587
-foorn associates R.6.78 2.075
from other related parties 9.155 4.450
b) Exponses
to subsidiaries $\alpha$ 5.455
to associates 5.051 $\alpha$
-to other related parties 47.242 39.643
c) Reperceives w
from subsidiaries $^{\circ}$ 143,244
from essociates. 2.475 2.537
-from other related carties 23,460 10.665
d) Payables
to subsidiaries. $\alpha$ 14,342
-to associates t. $\sim$
-to other related parties 25, 977 21,289
e) GoD and Key Management Personnel transactions and fees 7.551 4,053
f) BoD and Key Nanegement Personnel receivables 449 $\circ$
g) BoD and Key Management Personnel payables. 1.917 $\circ$

Page 53 of 53

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