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Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace...

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Third Quarter Results Presentation 19 November 2007 The emerging markets casino developer and operator
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Page 1: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

Third Quarter Results Presentation19 November 2007

The emerging markets casino developer and operator

Page 2: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

2

Q3 Highlights

♠ Strong third quarter financial performance♠ Gross revenues up 25.8% to €56.3m♠ EBITDA up 28.9% to €17.4m

♠ Finalising of concession rights in Constanta♠ Increased QLI’s holding in Club Hotel Loutraki S.A. to 40.3% through buyout of

minority interests♠ Agreed to acquire a 50% holding in Greek Company to build and operate new

luxury marina and leisure complex adjacent to Casino Rodos

3.74.81.92.5EPS ¢37481925Earnings per GDR ¢ *

37.344.3

103.7149.4

€m

Nine months ended 30 September 2007

* Each GDR representing 10 ordinary shares

€m€m€m

11.113.531.044.8

Three months ended 30 September 2006

28.816.4Profit Before Tax36.417.4EBITDA87.039.6Net Revenues

125.656.3Gross Revenues

Nine months ended 30 September 2006

Three months ended 30 September 2007

Page 3: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

Financial ReviewEffy Aboudy, Chief Financial Officer

Page 4: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

4

Summary IFRS Profit and Loss Account

269.2

16.8

26(11.3)

37.3

0.2

37.1(7.2)44.3(0.7)

(58.7)

103.7€m

Nine months

ended 30 September

2007

(6.6)(2.0)(2.2)Depreciation and Amortization(8.9)36.413.517.4EBITDA51.5

(1.0)(0.4)1.2Net Finance income (costs)(1.1)

26.49.2

17.2

26.4(14.8)

41.2

42.6

0.1

(68.5)

119.9€m

Year ended 31 December

2006

18.48.212.36.82.33.4Minority interests

€m€m€m

11.65.98.9Equity holders of the parent

--(0.3)Share of results of associates

29.811.515.2Operating profit

28.811.116.4Profit before tax(10.4)(2.9)(4.1)Tax

18.48.212.3Net profitAttributable to:

(17.5)

31.0

Three months

ended 30 September

2006

(50.6)(21.8)Operating, Selling and Administrative expenses

87.039.5Net revenues

Nine months

ended 30 September

2006

Three months

ended 30 September

2007

Page 5: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

5

Summary IFRS Balance Sheet

30.271.1Cash & cash equivalents35.2

212.5136.3

26.4

49.8

212.5

13.6

127.8

€m

As at 30 September 2007

143.3Total liabilities and equity149.5

€m€m

48.933.8

60.6

143.3

3.2

109.9

As at 30 September 2006

57.029.363.2

149.5

4.4

109.9

Year ended 31 December

2006

Equity / (deficit)Non-current liabilitiesCurrent liabilities

Total assets

Other current assets

Non-current assets

Page 6: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

6

Summary IFRS Cash Flow Statement

(0.5)(11.0)

71.135.2

0.2

35.728.4

(23.3)30.6€m

Nine months

ended 30 September

2007

-(5.2)71.142.2

0.6

28.330.0

(14.3)12.6€m

Three months

ended 30 September

2007€m€m€m

(9.2)(4.5)Tax cash flow(11.9)(3.8)

30.239.2

0.2

(9.2)(21.1)

(11.5)23.4

Nine months

ended 30 September

2006

(4.1)

35.239.2

0.6

(4.6)(24.3)

(16.2)35.9

Year ended 31

December 2006

Three months

ended 30 September

2006

-

30.232.4

0.1

(2.3)(3.7)

(7.2)8.6

Interest paid

Cash and cash equivalents at end of periodCash and cash equivalents at beginning of periodEffect of foreign exchange rate changes

Net increase / (decrease) in cash and cash equivalents

Net cash used in financing activities

Net cash used in investing activitiesNet cash from operating activities

Page 7: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

7

Portfolio Analysis

1.2

4.4

17.4€m

Three months ended 30

September 2006

EBITDA

2.5

4.5

23.6€m

Three months ended 30

September 2007

3.4

12.0

58.6€m

Three months ended 30

September 2006

Gross Revenues

6.2

12.9

74.3€m

Three months ended 30

September 2007

Casino Palace5.816.7

34.2

242.6

€m

Year ended 31 December

2006

Gross Revenues

9.0

76.3

€m

Year ended 31 December

2006

EBITDA

Casino Rodos

Club Hotel Loutraki S.A. *

* Club Hotel Loutraki S.A. is the Holding Company of Club Hotel Casino Loutraki

4.64.711.614.5Casino Palace

8.7

68.2€m

Nine months ended 30

September 2007

€m€m€m

29.7

210.2

Nine months ended 30

September 2007

Gross Revenues

24.7

178.4

Nine months ended 30

September 2006

Nine months ended 30

September 2006

EBITDA

6.3

54.2

Casino Rodos

Club Hotel Loutraki S.A. *

Page 8: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

Operational ReviewDror Mizeretz, Chief Executive Officer

Page 9: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

9

Markets Overview

♠ Continued positive trading in all core markets ♠ Main drivers for QLI growth in third quarter:

♠ Strong Greek economy following successful tourist season♠ High levels of growth in Romania

Page 10: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

10

Established operations New projects Planned projects

Czech Republic

ConstantaSerbia

Bulgaria

GreeceCambodia

Casino Palace(83.3%)

♠ 97 slots♠ 25 tables

Prague(100%)

♠ Nightclub and gaming hall opening Q1 2008

Club HotelLoutraki S.A.

(35.7%)**

♠ 1,000 slots♠ 70 tables***

Sofia♠ Plans to

add casino to theatreVarna

♠ Plans to add slot hall to cinema

Constanta (83.3%)

♠ Scheduled opening H2 2009

Sihanoukville(50%)

♠ Awaiting issuance of title deeds on land purchase

Casino Beograd(14.3%)*

♠ 60 slots♠ 6 tables

Casino Rodos(91.4%)

♠ 310 slots♠ 34 tables

Operations Overview

♥♥♥

* To be increased to 25 tables and 250 slots by the end of 2007.

** Joint Control – Since the period ended, QLI increased its holding to 40.3%.

*** Increased to 95 tables at the end of 2007.

Romania

Page 11: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

11

Strong Financial Performance

♠ Positive market environment

♠ Expansion of existing facilities

♠ Increase in slot machines from 750 to 1,000

Club Hotel Casino Loutraki Casino Rodos Casino Palace

♠ Increase in VIP numbers

♠ Increasing visitor numbers from mainland Greece

♠ High levels of Romanian growth

♠ Change to gaming in €from US$ reduced exposure to currency fluctuations & attracted more visitors

47.7%

11.6 12.5

44.6%70.9

55.7

50.4%

53.1%

43.1%

28.9%

5.93.3

0

2

4

6

8

10

Q3 2006 Q3 2007

Gro

ss g

amin

g re

venu

es (E

UR

m).

15%

25%

35%

45%

55%

EB

ITD

A m

argi

n (%

)

3.3

5.9

0

3

6

9

12

15

18

21

24

Q3 2006 Q3 2007G

ross

gam

ing

reve

nues

(EU

Rm

).

35%

40%

45%

50%

55%

EB

ITD

A m

argi

n (%

)

25

40

55

70

85

100

Q3 2006 Q3 2007

Gro

ss g

amin

g re

venu

es (E

UR

m).

35%

40%

45%

50%

55%

EB

ITD

A m

argi

n (%

)

Page 12: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

12

Club Hotel Casino Loutraki - Greece

♠ Net revenues grew by 26.8% to €49.4m ♠ Loutraki contributes 62.5% of QLI’s net revenues♠ Total win of €70.9m (2006: €55.7m)

♠ Average win per visit of €251 (2006: €233) ♠ Total drop of €305.3m (2006: €302.7m)

♠ Average drop per visit of €1,080 (2006: €1,265) ♠ No. of visitors increased by 18.3% to 282,717 during the

period♠ Growing number of Greek nationals and foreign visitors in

Q3 expected to continue in Q4 ♠ Increased holding to 40.3% (as from 30 September 2007)

Page 13: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

13

Casino Rodos - Greece

♠ Net revenues increased by 7.7% to €8.9m

♠ Total win of €12.5m (2006: €11.6m)

♠ Average win per visit of €217 (2006: € 218)

♠ Total drop of €59.1m (2006: €47.3m)

♠ No. of visitors increased by 8.3% to 57,648 during the period

♠ 41.5% of visitors from Rodos

♠ 31.6% from mainland Greece

♠ Agreed to acquire a 50% holding in a Greek company with rights to build and operate a new luxury marina and leisure apartment

Page 14: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

14

Casino Palace - Romania

♠ Net revenues grew 83.7% to €5.9m

♠ Total win of €5.9m

♠ Average win per visit of €220

♠ No. of visitors increased by 12% to 26,690 during the period

♠ September a record month for Casino Palace

♠ Growing visitor numbers and change in gaming currency to enhance profitability in Q4 and 2008

♠ Strong marketing ability in competitive market

Page 15: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

15

Casino Beograd - Serbia

♠ Soft opening on 30 June 2007

♠ Generated gross revenues of €1.3m during the period

♠ Development remains on track for Grand-opening mid-2008:

♠ Increase slots from 60 to 250

♠ Increase tables from 6 to 25

♠ Marketing focused on business visitors, tourists and expatriates in addition to local population

Page 16: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

16

New Projects

♠ Prague ♠ Development of nightclub and adjacent gaming hall on track to open

in Q1 2008

♠ Constanta ♠ Finalised terms of Concession Agreement over historic building with

Constanta Municipality in October 2007♠ Agreement for an initial period of 49 years with option to extend

for further 24 years♠ Intends to open as “Casino Constanta”♠ Constanta is Romania’s largest port and main tourist destination for

foreigners and locals

Page 17: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

Summary

Page 18: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

18

Outlook

♠ All casinos traded positively during the period♠ Well positioned to benefit in Q4 from Greek economy following Q3 tourist season♠ Excellent set of projects in pipeline

♠ Prague and Belgrade scheduled for completion in 2008♠ Continue with upgrade of existing facilities

Page 19: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

Appendix

Page 20: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

20

1995

♠ Opening ofthe casinos in Loutraki and Bucharest

2001

♠ Take over operations and commencement of turnaround in Rhodes

2002 2004

♠ Purchase of real estate in Varna and Sofia for future development

♠ Buyout of minority in Rhodes

1999

♠ Opening of Casino Rodos

♠ Opening of the hotels in Loutraki and Rhodes

♠ Casinos Austria joins Casino Loutraki project as strategic partner

2005

♠ Opening of a new hall in Loutraki

2006

♠ Secured property in Prague

♠ Won Belgrade bid

2007

♠ Integration of Casino Palace into Queenco Leisure

♠ Purchase of land in Cambodia

♠ Negotiation for minority buyouts

♠ IPO

Timeline

Page 21: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

21

Yigal Zilkha, 42.5%

Other via YZ Queenco and

Shachar, 28.6%

Free float, 20.4%

Fredy Robinson, 7.1%

Muli Hirshberg, 1.5%

Shareholding

Page 22: Third Quarter Results Presentation Pres… · Club Hotel Casino Loutraki Casino Rodos Casino Palace ♠ Increase in VIP numbers ♠ Increasing visitor numbers from mainland Greece

22

Disclaimer

This document has been prepared by the Company solely for use at presentations held in connection with the announcement of its Third Quarter Results for the three months ended 30 September 2007. The information in this document has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein.. None of the Company or any of its affiliates advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this document, or its contents, or otherwise arising in connection with this document.Information in this document relating to the price at which investments have been bought or sold in the past or the yield on investments cannot be relied upon as a guide to future performance.Certain statements in this document are forward looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties or assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties or assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.Except as required by law, the Company is under no obligation to update or keep current the forward-looking statements contained in this document or to correct any inaccuracies which may become apparent in such forward-looking statements.


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