SOURCE: OPAP

May 10, 2005 12:41 ET

OPAP S.A. Interim Results for the Three Months Ended March 31, 2005

Revenues up 26.7% to EUR 880.8m (Q1 04: EUR 695.2m)

Adjusted EBITDA up 26.1% to EUR 182.3m (Q1 04: EUR 144.5m)

Adjusted Net Profit up 38.2% to EUR 120.9m (Q1 04: EUR 87.5m)

ATHENS, GREECE -- (MARKET WIRE) -- May 10, 2005 -- OPAP S.A. (OTC: OPAPF) (OPAr.AT), the leading gaming company in Greece, today announces its interim financial results for the three-month period ended March 31, 2005, prepared in accordance with International Financial Reporting Standards.

1. OVERVIEW

(EUR'm)                    Q1 05   Q1 04      %
Operating Revenues         880.8   695.2   +26.7
Adjusted EBITDA *          182.3   144.5   +26.1
Adjusted EBITDA Margin      20.7%   20.8%    0.0pt
Adjusted Net Profit        120.9    87.5   +38.2
* Excluding income from release of provisions of EUR 148.0m in Q1 04 relating to potential damage claims of Intralot S.A. Net profit also reflects tax implications of the above-mentioned adjustments.

OPAP reports another strong set of financial results for the three-month period ended March 31, 2005. Revenues for the period grew to EUR 880.8m, up 26.7% on 2004. Revenues from OPAP's numerical games amounted to EUR 554.4m (Q1 04: EUR 252.0m), up 120.0%, due to the strong performance of our new game KINO. However, Stihima, the Company's largest sports betting game was down 27.8% to EUR 300.5m (Q1 04: EUR 416.4m) mainly due to the introduction of KINO in the greater Athens area in October 2004, increased competition from illegal betting, fewer football matches played and to a lesser extent a lower pay-out ratio in the quarter.

Adjusted EBITDA for the period amounted to EUR 182.3m, up 26.1% on 2004, excluding income from the release of provisions of EUR 148.0m in Q1 04 relating to potential damage claims of Intralot. Adjusted EBITDA margin virtually remained flat at 20.7%. Adjusted Net Profit for the three-month period amounted to EUR 120.9m, 38.2% up on 2004, after reflecting the tax implications of the above-mentioned adjustments.

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

www.capitallink.com/press/OPAP051005PR.pdf

www.capitallink.com/press/OPAP051005QF.pdf

Contact Information

  • Company Contact:
    Christos Melas
    OPAP SA (Greece)
    Tel. 011-30-210-579-8206
    E-mail: melas@opap.gr

    Distributed by Capital Link:
    Nicolas Bornozis
    Capital Link, Inc. (New York)
    Tel. 212-661-7566
    E-mail: nbornozis@capitallink.com