© OPAP1 OPAP Corporate Presentation June / July 2008.

© OPAP1

OPAPOPAPCorporate PresentationCorporate Presentation

June / July 2008June / July 2008

© OPAP2

AgendaAgenda

Company Overview

Recent Developments

Financials

Stock Info

Investment Perspectives

© OPAP3

Company OverviewCompany Overview

© OPAP4

Company SnapshotCompany Snapshot

The leading Greek gaming company

Presence in Cyprus

Market cap on Athens Exchange c. €7,5 bn (June 2008)

20-year exclusive Concession

56% of the total Greek gaming market

Largest on-line retail network in Greece

2007 revenues of €5,066m and adjusted EBITDA of €860m

High dividend pay-out policy

Current free-float: 66%

Hellenic Republic ownership: 34%

© OPAP5

€m

Source: 1998-2003 OPAP; 2004-2007 Greek National Statistics Services

The Greek gaming market: 1998 – 2007

Industry BackgroundIndustry Background

12.3%6.3%11.0%22.0%

48.5%

9.3%4.5%8.0%

37.9%

40.3%

8.2%4.2%7.4%

41.3%

38.9%

7.3%4.0%6.9%

42.0%

39.7%

7.6%2.7%7.5%

49.0%

33.2%

5.6%

2.7%

6.5%

52.6%

35.3%

4.7%6.0%

52.0%

37.3%

4.2%5.1%

55.7%

35.0%

3.2%4.6%

55.5%

36.7%

0

500

1.000

1.500

2.000

2.5003.000

3.500

4.000

4.500

5.000

5.5006.000

6.500

7.000

7.500

8.0008.500

9.000

1999 2000 2001 2002 2003 2004 2005 2006 2007

Horse Racing Instant Lotteries State Lotteries OPAP Casinos

© OPAP6

1958 • OPAP established• Subsidies sports and cultural events

1999• Converted into a Société Anonyme

2000• OPAP acquires 20 year exclusive license for € 323m

2001• OPAP listed on the Athens Stock Exchange

2003• New agreement with Cyprus Republic• Acquisition of fixed odds betting company in Cyprus

2004• Establishment of subsidiary “OPAP Services SA”

2005-2006• Additional forms of betting in “STIHIMA” – Introduction

of non sport events and Greek sport events

2007• In house operation and management of “STIHIMA”

1959

1990

1992

1996

1997

2000

2002

2002

2003

-

Introduction of Games

Company EvolutionCompany Evolution

© OPAP7

0

1.000

2.000

3.000

4.000

5.000

6.000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

PROPO LOTTO PROTO PROPOGOAL JOKER STIHIMA SUPER 3 EXTRA 5 KINO

Revenues per game: 1995 - 2007

€m

Evolution of Games 1995-2007Evolution of Games 1995-2007

Joker

StihimaProtoProPo (Toto)

Lotto

ProPo-Goal

© OPAP8

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

2007 Revenues(1)

€2,145m €256.5m €54.9m €63.7m €50.2m €60.5m €13.9m €1.6m €2,418.0m

2007

Gross Profit €384.8m €88.4m €24.6m €20.6m €16.0m €17.7m €4.3m €0.3m €463.2m

OPAP

Share of Revenues (2)

20.7% (3) 38.0% 48.4% 36.0% 35.2% 32.0% 32.0% 37.8% 22.0 (4)

Year of Introduction

2000 1997 1990 1959 1992 2002 2002 1996 2003

Agent Commission

8% 12% 12% 12% 12% 8% 12% 12% 8%

Frequency of play

Daily Twice weekly

Twice weekly

Three times weekly

Twice weekly Three draws daily

One draw daily

Once a week

108 draws daily / 132

draws weekend

(1) Group revenues

(2) Sales minus pay out ratio and the agents’ commission

(3) Depending on the pay out ratio

(4) As of 01.01.2008

Overview of Existing GamesOverview of Existing Games

© OPAP9 © OPAP9

OPAP Games Product MatrixOPAP Games Product Matrix

CHANCE

MUTUAL

SKILL

FIXEDODDS

Num

ber

Gam

esB

ettin

g G

ames

ProPo (Toto)

Stihima

Lotto

Proto

Joker

ProPo-Goal

© OPAP10

OPAP Retail NetworkOPAP Retail Network

Approx. 5300 on-line points of sales (agency outlets)

Largest (by far) retail network in Greece

Source: OPAP GIS (2005)

© OPAP11

Drive Value Through Sustainable Earnings Growth and Dividend Distributions Within Framework of Social Acceptance

Strengthening and Enrichment of Stihima

Contractual Agreement with Agency Network

Continue to Combat Illegal Gaming

Reorganisation of Internal Operations to improve

Efficiency

Diversify Operations Outside of Our Core

Concession

Continue to Strengthen Our Brand

OPAP’s StrategyOPAP’s StrategySHORT TERMSHORT TERM ON GOINGON GOING

© OPAP12

Recent DevelopmentsRecent Developments

© OPAP13

January 1, 2008: OPAP has suspended the payment of 1% of KINO’s revenues to our subsidiary OPAP Services.

April 29, 2008: In principal contractual agreement between OPAP and Agency Network.

April 29, 2008: The Greek Government replied to the European Commission’s reasoned opinion which earlier requested the amendment of the legislation in Greece, in order to eliminate restrictions on the free movement of gaming services.

June 2, 2008: Approval by the BoD of the new organisational chart.

RecentRecent DevelopmentsDevelopments

© OPAP14

FinancialsFinancials

© OPAP15

1.806 1.974

4.633 5.066

2.2823.6953.177

0

1.000

2.000

3.000

4.000

5.000

6.000

2001 2002 2003 2004 2005 2006 2007

401 406 473

860738

659714

0

200

400

600

800

2001 2002 2003 2004 2005 2006 2007

377 381 449630 691 713 812

0

200

400

600

800

2001 2002 2003 2004 2005 2006 2007

241 249 291458 509 609

409

0

200

400

600

800

2001 2002 2003 2004 2005 2006 2007

Revenue (€m) 2001 - 07 Adjusted EBITDA (€m) 2001 - 07

Adjusted EBIT (€m) 2001 - 07 Adjusted Net Profit (€m) 2001 - 07

Track Record of GrowthTrack Record of Growth

© OPAP16

1,379 1,151

0

500

1.000

1.500

2.000

Q1 08 Q107

221299

0

100

200

300

400

500

Q1 08 Q1 07

208 157

0

100

200

300

400

500

Q1 08 Q1 07

Q1 2008-07Operating Revenues (€m)

Q1 2008-07 Adjusted EBITDA (€m)

Q1 2008-07Adjusted Net Profit (€m)

19.8%

35.2%

32.2%

Q1 Q1 20020088-200-2007 Results7 Results

© OPAP17

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

2002 2003 2004 2005 2006 2007

Stihima Propo Propogoal Joker Lotto Proto Extra 5 Super 3 Kino

(2)

Revenue MixRevenue Mix

Sports Betting Numerical Games

€m

49%

44%

56%

51%

47%

53%

23%

77%

20%

80%

20%

80%

© OPAP18

22,2%20,6% 20,7% 20,7% 19,3%

15,9% 17,0%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

2001 2002 2003 2004 2005 2006 2007

Adjusted EBITDA Margin

Margin increase during Q1 2008

MarginsMargins

21,7%19,2%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

Q1 08 Q1 07

© OPAP19

0,17 0,27 0,300,55 0,48 0,55 0,60

0,40

0,93 0,941,03

1,14

0,430,43

0,00

0,25

0,50

0,75

1,00

1,25

1,50

1,75

2,00

2001 2002 2003 2004 2005 2006 2007

€

Interim Dividend Final Dividend

0,60 0,670,73

1,481,42

Dividend PolicyDividend Policy

1,581,74

© OPAP21

Listing date in ATHEX: 25.4.2001 OASIS: OPAP ISIN: GRS419003009 Bloomberg: OPAP GA Reuters: OPAr.AT Index Participation

FTSE/ATHEX International FTSE/ATHEX Travel – Leisure FTSE/ATHEX 140 FTSE/ATHEX 20 ATHEX General Index ATHEX Composite Index Total Return Index S&P Europe 350 S&P Euro Plus S&P Euro

Stock InfoStock Info

0

100

200

300

400

500

600

700

25-Ap

r-01

30-Jul-01

31-Oct-01

6-Feb

-02

21-May-02

23-Au

g-02

26-No

v-02

4-Mar-03

13-Jun

-03

17-Sep

-03

19-Dec-03

30-Mar-04

5-Jul-04

6-Oct-04

10-Jan-05

15-Ap

r-05

21-Jul-05

24-Oct-05

27-Jan-06

9-May-06

10-Au

g-06

13-No

v-06

16-Feb

-07

24-May-07

28-Au

g-07

28-No

v-07

6-Mar-08

18-Jun

-08

0

10.000.000

20.000.000

30.000.000

40.000.000

50.000.000

60.000.000

70.000.000

ATHEX G.I. OPAP Transaction Volume

Public Offering

Issue Price € 5,5

Stock Chart

Public Offering

Issue Price € 8,44

Public Offering


Public Offering


© OPAP23

61%

5%

34%

Hellenic Republic Retail Inves tors Ins titutional Inves tors

Shareholder StructureShareholder Structure

June 2008June 2008

© OPAP25

Permits OPAP to enjoy the growth of the Greek Gaming Market

Further the potential cross selling opportunities

Secure stable Dividend efficiency and effective Investment Policy

Favourable Market Dynamics, Credibility and Growth

Possesses Experience, Knowledge, and proven successful introduction of new games

Sole Concession for 20 years

Sales Network

Strong Cash Flows

Strong Fundamentals

Strong Management Team

Superiority HighlightsSuperiority Highlights

© OPAP1 OPAP Corporate Presentation June / July 2008.

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Transcript of © OPAP1 OPAP Corporate Presentation June / July 2008.