OPAP, the Greek state-controlled football pools and gaming company, acquired 90 percent stake in Cyprus-based sports betting firm Glory Leisure Holdings and a 20 percent in betting equipment and software company Glory Technology. The company spent 16 million euro and 10 million euro respectively on the two aquisitions and additionally aquired lottery interests in the Republic of Srpska in Bosnia-Herzegovina and Moldavia.
The Football Match Predictions Organisation (OPAP) was established in December 1958 as a juridical person of private law. After 41 years of uninterrupted operations under this regime, it was converted in 1999 into a public limited company.
OPAP's shareholders are after the new distribution of shares (in July 2003) owned by the Greek state and the Public Securities Corporation S.A. The Greek state's holding now amounts to 51.15 percent while the investing public holds a 48.85 percent share.
The Members of OPAP S.A.'s goard of directors hold a total share of 0.002 percnet (5/25/2003) and the company's management holds a total of 0.007 percent (5/25/2003).
It is worth pointing out that the company does not know whether any shareholders, apart from the Greek state, have a direct or indirect holding greater than or equal to 3 percent of the company's share capital.
OPAP S.A., awarded in recognition of its successful performance with the first prize for "Leading Company of the Year 2002," said in a statement the acquisitions are part of its strategy for selective expansion abroad, noting that the betting market is especially well developed in Cyprus and that it also stands to gain in terms of know-how. Glory Leisure Holdings, which reported operating profits of 1.9 million euro in 2002, has a network of 91 agents, 32 of which also serve OPAP Cyprus itself.
OPAP S.A., quoted on the the Athens Stock Exchange (OPAr.AT), announced its revenues for the three-month period ended June 30, 2003, prepared in accordance with International Financial Reporting Standards.
The following table sets forth the revenues for the periods indicated:
The revenues increased by 15.2 percent from 468.9 million euros in the second quarter of 2002 to 540.0 million euros in the second quarter of 2003. This increase primarily reflected (i) increased revenues from Stihima; (ii) revenues from our two new games, Super 3 and Extra 5 (which were introduced on November 25, 2002); and (iii) to a lesser extent, increased revenues from Propo. Revenues from Joker, Lotto and Proto decreased in the second quarter of 2003 compared to the same period last year.
The overall solid performance of our games in the second quarter resulted in revenues of 1,176.3 million eruos for the first half of 2003 compared to 936.6 million euros in the same period last year, an increase of 25.6 percent.