On February 22 the presentation of OPAP S.A. at the Association of Members Listed to the Athens Exchange took place. Mr B. Neiadas, Chief Executive Officer, Mr I. Saraintaris, General Manager of Finance and Development, Mr E. Magganas, Manager of Shareholder Relations, Mr N. Polymenakos Investor Relations Consultant, were present on behalf of the company while reference was made on the latest corporate developments and the nine month 2006 financial results.
More specifically, detailed reference was made on the in house organization, operation and management of the STIHIMA game as of 30/01/2007. As noted by the Chief Executive Officer for a six month period the operation and management of the game will be conducted by the Betting Division while INTRALOT will provide consulting services. Within this period the transfer of know-how to OPAP executives will be concluded.
Thereafter the Chief Executive Officer commented on the course of the company''s two main games, STIHIMA and KINO, contributing approximately 90% to total turnover. As of August 2006 the STIHIMA game incorporates clubs of the Greek leagues with satisfactory results. As regards KINO, the revenues of which in the third quarter of 2006 noted significant improvement (13% increase), the expansion of the playing hours as of 22/09/2006 contributed to the games optimal course in the fourth quarter.
Regarding the international tender for the supply of the technological equipment currently under way, the Chief Executive Officer noted that the Committee is at the final evaluation stage of the technical offers submitted by the three participating companies, assessing that the process will be shortly concluded.
Also, the new business plan will be announced following approval by the ministers of Finance and Sport.
Lastly, with respect to the financial results the Chief Executive Officer referred to their on-going positive course and extensively analysed the nine month 2006 results with reported revenues of euro 3.374m, versus euro 2.599m in the respective period of 2005 (30% increase), EBITDA at euro 514.0m, up 6.0% on 2005 and net profit at euro 355.4m, 12.4% up with respect to the nine month period of 2005. The significant increase in turnover was primarily due to the ongoing success of the Stihima game following implementation of the rejuvenation measures in the second half of 2005 coupled with the improvement in the performance of KINO in the third quarter of the year.