SOURCE: OPAP

November 21, 2005 19:26 ET

OPAP S.A. Interim Results for the Three and Nine Month Periods Ended September 30, 2005

ATHENS, GREECE -- (MARKET WIRE) -- November 21, 2005 --


--  Nine-month Revenues up 17.7% to EUR 2,599.4m (2004: EUR 2,209.4m)
--  Nine-month Adjusted EBITDA up 6.5% to EUR 484.8m (2004: EUR 455.3m)
--  Nine-month Adjusted Net profit up 13.2% to EUR 316.2m (2004: EUR
    279.3m)
--  Interim Dividend of EUR 0.48 per share.
    
OPAP S.A. (OTC: OPAPF) (OPAr.AT), the leading gaming company in Greece, today announces its interim financial results for the three-month and nine-month periods ended September 30, 2005, prepared in accordance with International Financial Reporting Standards.

1. OVERVIEW

(Euro'm)                Q3 05     Q3 04      %      9M 05     9M 04      %
Operating Revenues      890.4     699.4    27.3   2,599.4   2,209.4    17.7
EBITDA                  169.7     141.9    19.6     484.8     603.3   -19.6
Adjusted EBITDA*        169.7     141.9    19.6     484.8     455.3     6.5
Adjusted EBITDA Margin  19.1%     20.3%  -1.2pt     18.7%     20.6%  -1.9pt
Net Profit              113.4      87.0    30.3     316.2     375.5   -15.8
Adjusted Net Profit*    113.4      87.0    30.3     316.2     279.3    13.2
* Excluding income from release of provisions of EUR 148.0m in 9M 04. Net profit also reflects tax implications of the abovementioned adjustments.

OPAP reports strong financial results for the nine-month period ended September 30, 2005. Revenues for the period grew to EUR 2,599.4m, up 17.7% on 2004. Revenues from OPAP's numerical games amounted to EUR 1,594.7m (2004: EUR 919.0m), up 73.5%, largely driven by our new game KINO (EUR 1,249.7m) and the good performance of JOKER, which is up 8.4% to EUR 200.9m (2003: EUR 185.3m). Stihima, the Company's largest sports betting game was down 23.3% in the period to EUR 946.6m (2004: EUR 1,234.5m).

Adjusted EBITDA for the period amounted to EUR 484.8m, up 6.5% on 2004 excluding income from the release of provisions of EUR 148.0m. Adjusted EBITDA margin in the nine months decreased to 18.7% from 20.6% last year, mainly due to the increase in the payout ratio of Stihima and higher distribution costs in the period. Adjusted Net Profit for the nine-month period amounted to EUR 316.2m, 13.2% up on 2004, after reflecting the tax implications of the abovementioned adjustments.

Please click on the link below for full access of the press release and the consolidated financial statements:

http://www.capitallink.com/press/OPAP112105PR.pdf

Contact Information

  • Company Contact:
    Konstantinos Tsaoussis
    OPAP SA (Greece)
    Tel. 011-30-210-579-8206
    E-mail: Email Contact

    Distributed by Capital Link:
    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: Email Contact