! The leading Greek gaming company. ! Fixed-odds presence in Cyprus. ! Market cap on Athens Exchange ~ 9 bn (November 2007)

Transcription

1 OPAP S.A. Corporate Presentation 9 th Capital Link Forum November 27 1

2 Company Snapshot! The leading Greek gaming company! Fixed-odds presence in Cyprus! Market cap on Athens Exchange ~ 9 bn (November 27)! 2-year exclusive Concession Agreement with the Hellenic Republic! 56% of the total t Greek gaming market! Largest on-line retail network in Greece! 26 revenues of 4,633m and EBITDA of 738.2m! High dividend pay-out policy! Current free-float: 66%! Hellenic Republic ownership: 34% 2

3 Industry Background m % 26.4% 11.2% 7.5% 1.4% 48.5% 22.% 11.% 6.3% 12.3% The Greek gaming market: % 37.9% 8.% 4.5% 9.3% 38.9% 41.3% 7.4% 4.2% 8.2% 39.7% 42.% 6.9% 4.% 7.3% 33.2% 49.% 7.5% 2.7% 7.6% 35.3% 52.6% 6.5% 5.6% 37.2% 52.% 6.2% 4.6% 35.% 55.7% 5.1% 4.2% Horse Racing Instant Lotteries State Lotteries OPAP Casinos Source: OPAP; Greek National Statistics Services 3

4 Company Evolution Introduction of Games Introduction of Games OPAP established Subsidies sports and cultural events 1999 Converted into a Société Anonyme 2 OPAP acquires 2 year exclusive license paying 323m 21 OPAP listed in the Athens Stock Exchange 23 New agreement with Cyprus Republic Acquisition of fixed odds betting company in Cyprus 24 Establishment of subsidiary OPAP Services SA Additional forms of betting in STIHIMA Introduction of non sport events and Greek sport events 27 In house operation and management of STIHIMA 4

5 Evolution of Games m Revenues per game: PROPO LOTTO PROTO PROPOGOAL JOKER STIHIMA SUPER 3 EXTRA 5 KINO 5

6 Overview of Existing Games Game Stihima Joker Lotto Propo Proto Super 3 Extra 5 Propo- Goal Kino Type of Game Sports Numerical Numerical Sports Numerical Numerical Numerical Sports Numerical Fixed / Mutual Fixed-odds Mutual Mutual Mutual Mutual Fixed-odds Fixed-odds Mutual Fixed-odds 26 2,283m 248.8m 54.2m 64.7m 48.7m 65.7m 16.4m 1.5m 1,85.4m Revenues (1) 26 Gross Profit 282.6m 89.8m. 24.9m. 23.5m 16.m 18.5m 5.4m.5m 397.3m Share of Revenues (2) (3) 38.% 48.4% 36.% 35.2% 32.% 32.% 37.8% 21.% Year of Introduction Agent Commission % 12% 12% 12% 12% 8% 12% 12% 8% (4) Frequency of play Daily Twice weekly Twice weekly Three times weekly Twice weekly Three draws daily One draw daily Once a week 18 draws daily / 132 draws on weekends (1) Group revenues (2) OPAP total revenues (%) minus, pay out ratio (%) & agent commission (%) (3) Depends on the payout ratio, targeting at 69% for 27 (4) 1% is reserved on top (8% + 1%)for the renovation of agencies 6

7 OPAP Games Product Matrix Betting Games ProPo (Toto) ProPo-Goal SKILL Pame Stichima Numerical Games MUTUAL Lotto Proto Joker CHANCE FIXED ODDS 7

8 OPAP S.A. Retail Network! Approx. 53 on-line points of sales! Largest retail network in Greece Source: OPAP GIS (25) 8

9 Availability of new betting features operational use of new risk management IT system for Stihima OPAP s Strategy Launch new and redesign existing games Enhance our distribution network Continue to combat Usage of all capabilities illegal gaming available from the upgrade our technological platform and infrastructure Diversify operations outside of our core concession Continue to strengthen our brand Sustainable earnings growth and dividend distributions within framework of social acceptance 9

10 Financials 1

11 Track Record of Growth Revenue ( m) 21-6 Adjusted EBITDA ( m) Adjusted EBIT ( m) 21-6 Adjusted Net Profit ( m) Note: Financial figures for 24 do not include the provision for Intralot arbitration and also financing liabilities of the insurance deficit.

12 H Results H Operating Revenues (m ) H EBITDA (m ) H Net Profit (m ) 3,7% ,6% ,1% H1 6 H1 7 H1 6 H1 7 Η1 6 Η1 7 12

13 Revenue Mix m % % 59% % 8% 23% 77% 53% 41% 51% Stihima Propo Propogoal Joker Lotto Proto Extra 5 Super 3 Kino Sports Betting (graph down brackets) Numerical Betting (graph up brackets) (2) 13

14 Margins EBITDA Margin 25,% 25,% 2,% 2,% 15,% 15,% 1,% 5,% 22,2% 2,6% 2,7% 2,7% 19,3% 15,9% 1,% 5,% 14,4% 16,7%,% ,% H1 6 H1 7! Margin increase during H

15 Dividend Policy 1,75 1,5 1,48 1,42 1,58 1,25 1, 75,75,5,25,,73 6,6,67,43,4,43,17,27,3,93,94 1,3,55,48, Interim Dividend Final Dividend 15

16 Stock Data 16

17 Stock Info! Listing date in ATHEX: 25/4/21! OASIS: OPAP! ISIN: GRS41939! Bloomberg: OPAP GA! Reuters: OPAr.AT! Index Participation " FTSE/ATHEX International " FTSE/ATHEX Travel Leisure " FTSE/ATHEX 14 " FTSE/ATHEX 2 " ATHEX General Index " ATHEX Composite Index Total Return Index " S&P Europe 35 " S&P Euro Plus " S&P Euro 17

18 Stock Chart Public Offering Issue Price 24, Public Offering Issue Price 9, Public Offering Issue Price 8, Sep-7 24-Jul-7 3-May-7 2-Apr-7 5-Feb-7 7-Dec-6 13-Oct-6 21-Aug-6 26-Jun-6 28-Apr-6 27-Feb-6 2-Jan-6 7-Nov-5 12-Sep-5 18-Jul-5 23-May-5 23-Mar-5 26-Jan-5 1-Dec-4 6-Oct-4 11-Aug-4 17-Jun-4 22-Apr-4 24-Feb-4 24-Dec-3 3-Oct-3 4-Sep-3 1-Jul-3 15-May-3 13-Mar-3 16-Jan-3 18-Nov-2 23-Sep-2 29-Jul-2 Public Offering Issue Price 5,5 3-Jun-2 3-Apr-2 1-Feb-2 4-Dec-1 1-Oct-1 16-Aug-1 21-Jun-1 25-Apr ATHEX G.I. OPAP Transaction Volume

19 Shareholder Structure September 27 34% 6% 6% Hellenic Republic Retail Investors Institutional Investors 19

20 Investment Highlights 2

21 Superiority Highlights Sole Concession for 2 years Permits OPAP S.A. to enjoy the growth of the Greek Gaming Market Extensive Sales Network Potential cross selling opportunities Strong Cash Flows Secures stable Dividend efficiency and effective Investment Policy Strong Fundamentals Favourable Market Dynamics, Credibility and Growth Strong Management Team Possesses Experience, Knowledge, and proven successful introduction of new games 21

22 Thank you 22