greek corporates international exposure & ir practices the example of opap nikos polymenakos...
TRANSCRIPT
Greek Corporates International Greek Corporates International Exposure & IR PracticesExposure & IR PracticesThe example of OPAPThe example of OPAP
Nikos Polymenakos OPAP, IR DirectorSeptember 2015
The example ofOPAP
33
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
OPAP GroupOPAP GroupWho we are
The leading gaming
company in theGreek market Established in 1958
Exclusive operator for numerical lottery and sports betting games in Greece
100% private since October 2013
2014: wagers of €4,259.1m and EBITDA of €346.5m
c. 71% of the total Greek legal gaming market
834 employees (June 2015)
4600 POS: The largest retail network in Greece
44
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
OPAP GroupOPAP GroupWho we are
One of the most extrovert,
from an investing
perspective, companies of
the AthensExchange
Market cap.: €2,7 bil. (Sep. 2015)
More than 30k shareholders
c. 60% foreign institutional investors
Coverage by 16 brokerage houses
Indices participation: GD, DOM, FTSE, SAGD, FTSEA, DTA, GT30P, GT30R, GT30TP, GT30TR, FTSECE, FTSECEU, TR_FTSECE, TR_FTSECEU, FTSENTR, HELMSI
55
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
OPAP GroupOPAP GroupCompany’s gradual privatization process
October 2013 onwards: 100% privateOctober 2013 onwards: 100% privateOctober 2013 onwards: 100% privateOctober 2013 onwards: 100% private
Initial Public Offering (IPO) - 5,36% at €5,5025/04/200125/04/2001
Secondary Offering - 18,90% at €8,4418/07/200218/07/2002
Secondary Offering - 24,45% at €9,4414/07/200314/07/2003
Secondary Offering - 16,44% at €24,1421/07/200521/07/2005
Public Tender - 33,00% at €6,2011/10/201311/10/2013
66
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
OPAP GroupOPAP GroupRoad shows participation
Road showsRoad shows
SectorConsumer / Leisure /
Gaming
SectorConsumer / Leisure /
Gaming
RegionalGreece; SE Europe
RegionalGreece; SE Europe
Athens Exchange road show in New York &
London annually
Athens Exchange road show in New York &
London annually
participation in 10 Road Shows meeting 238 investors20142014
2015(so far)2015(so far) participation in 6 Road Shows meeting 145 investors
77
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
OPAP GroupOPAP GroupIR tools
The Greek Market
99
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeHigh international exposure
2015 Investor Participation2015 Investor Participation2015 Investor Participation2015 Investor Participation
At the highest level since 2005, despite the macro crisis
International ParticipationInternational ParticipationInternational ParticipationInternational Participation
as % of total market cap.
1010
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeAttractive valuations
ATHEX market capitalizationATHEX market capitalizationATHEX market capitalizationATHEX market capitalization
Standing at c. 20% of the GDP
€ bil.; end of period data
1111
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeGreek Equities attractions
Foreign investorsmarket criteria Record high trading volume
Participate in indices such as MSCI and FTSE
Have extended brokerage coverage both international & local
& Proactive management & effective Investor Relations
teams communicating regularly business strategy and financial performance
1212
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeHigh trading volume
Average Daily Traded VolumeAverage Daily Traded VolumeAverage Daily Traded VolumeAverage Daily Traded Volume
mil. shares
2009 2010 2011 2012 2013 2014 2015
46.4 33.3 33.5 49.5 53.6 95.2 182.9
19.7% -28.2% 0.7% 47.7% 8.4% 77.5% 92.2%
1313
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeIndices
Reclassification to Advanced Emerging
Market from Developed Market effective from
March 2016
Classification as Advanced Emerging
Market since 2013
Greek Corporates although now classified in the Advanced Emerging Market still possess Developed market characteristics: Transparency
Adoption of international Corporate Governance Standards
Delivery of attractive financial performance
1414
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
The Athens ExchangeThe Athens ExchangeAnnual Greek Road Shows in London and New York
LocationLocation LondonLondon
OrganizationOrganization Athens Exchange in cooperation with Bloomberg
Athens Exchange in cooperation with Bloomberg
FrequencyFrequency Annually in September for 10 consecutive years now
Annually in September for 10 consecutive years now
ParticipationsParticipations 2014 2013
# of listed companies 31 28
# of investors/analysts >260 >250
# of meetings >1,300 >1,400
Provides Greek Corporates with quality meetings coupled with substantial exposure and media coverage
The London experience
1515
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
Corporate Governance in GreeceCorporate Governance in GreeceApplication of best practices
Greek Corporates are gradually adapting high
Corporate Governance standards
Hellenic Federation of
Enterprises (SEV) issued a set of
Corporate Governance
principles
Hellenic Federation of
Enterprises (SEV) issued a set of
Corporate Governance
principles
Establishment of the Hellenic Corporate
Governance Council that
prepared a Code for listed
companies in 2013
Establishment of the Hellenic Corporate
Governance Council that
prepared a Code for listed
companies in 2013
Most of the companies are
gradually adapting part or the majority of
this Code
Most of the companies are
gradually adapting part or the majority of
this Code
Few companies have also adopted additional policies
based on best international
practices
Few companies have also adopted additional policies
based on best international
practices
1616
Greek Corporates International Exposure & IR PracticesGreek Corporates International Exposure & IR Practices|| The example of OPAPThe example of OPAP
Greek CorporatesGreek CorporatesFields for improvement
01Extensive adoption of the Hellenic Corporate
Governance Code
02Adoption of state-of-the-art IR tools like
mobile apps
03Participation in
sustainability indices
04Planning and
implementation of thorough CSR actions
05Facilitation of foreign investors’ participation to companies’ GM
(for example e-voting)
06Integrated Annual
Reports
Foundation of a Hellenic Investor Relations SocietyFoundation of a Hellenic Investor Relations Society
Greek Corporates International Greek Corporates International Exposure & IR PracticesExposure & IR PracticesThe example of OPAPThe example of OPAP
Thank you!