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Published on April 18, 2008

Author: Rainero


Slide1:  7 May 2001 Hellenic Tourist Properties (ETA) S.A Economic and Investment Environment On the Way to the 2004 Olympic Games VOULIS 7 Str. GR-10562 Athens, GREECE Slide2:  CONTENTS Slide4:  Greece has a favorable tourism environment due to: the natural beauty of the country the combination of sea and mountain and the variety and uniqueness of the landscape the culture, history, monuments, and general reputation of Greece the possibilities for entertainment and activities, which can satisfy all tastes, preferences and ages the fact that rural areas retain traditional character, being yet untouched by progress and technology There is sound change in structural tourism problems taking place rapidly, e.g. in the fields of quality and prices Investment in facilities and infrastructure is still essential for further development Advertisement and promotion have not yet been fully exploited New competition is entering the global market-New principles are rising: quality, competitiveness, sustainability and environmental friendly The tourism activity is highly seasonal in summer since tourism in Greece is primarily promoted as a summer product. There is still a lack of infrastructure and promotion for winter vacations, although there are peak tourist periods also during the Christmas and Easter Holidays Greece seeks to vary its Tourism product with the goal of making the country identifiable and non-interchangeable destination THE GREEK TOURISM INDUSTRY 1 CURRENT SITUATION AND MAIN CHARACTERISTICS Slide5:  The trend globally is definitely upward and future estimates are positive Global tourism sales were estimated to reach USD 455 billion with around 660 million individuals staying overnight in another country Greece globally was the 15th most favorable tourism destination 8,8 billion USD was consumed in Greece for tourism products, an annually increase of 4.2% compared to 1998 12.6 million people visit Greece, an annual increase of 10.9% compared to 1998 Greek tourism potential is very favorable, since the product is traditional and only lately has there been an investment effort in diversified vacation options New tourist products will achieve the following aims attract high-spending visitors extent tourist activities-period balance tourism development all over the country foster weekend tourism 1 THE GREEK TOURISM INDUSTRY 1999 STATISTICS Slide7:  The managing arm of the State Tourist Property Privatization Aim is to utilize the assets of the Greek National Tourist Organization (EOT) in the most productive, favorable and profitable way, as a lever towards tourist industry development. The ownership of the assets belongs to the public. Large assets include: Managing and operating 40 tourism businesses organized beaches marinas two Casinos, in Athens and Corfu ski center in mountain Parnassus, above Delphi Healing / hot springs other utilities like hotels, campings, etc. Operating 250 underleases business premises or concessions Managing of 300 sites of more than 30,000 Acres from which 50 are of more than 80 Acres each Most of the assets are located in privileged areas with development potential ETA’s assets have sound impact on local economies The Greek tourism product is not yet fully developed and in some cases is still at a primarily stage of development In order to fulfill its objectives, ETA has retained the business and financial consulting services of a consortium lead by FUJI BANK The company intends to transform itself into a holding company by utilizing its assets HELLENIC TOURIST PROPERTIES S.A. 2 COMPANY PROFILE Slide8:  The company is determined to take all necessary moves in order to result in full value of its assets portfolio,e.g. invest divest align with other investor, interested in the assets, who are willing to offer their management resources privatize all assets through IPO’s customize the offered product Legal obstacles are not unattainable and the Greek Government is strongly committed to the commercial development ETA estimates for 2001 a gross income of approximately USD 76 millions and gross profits of approximately USD 40 millions despite the low degree of exploitation HELLENIC TOURIST PROPERTIES S.A. 2 STRATEGY Slide10:  The general environment is in favor of investing in tourism, since Greece has all the potential to further develop Tourism is underdeveloped and out fashioned in some cases. The product is seasonal, but the season can become a full year with moderate effort Alternative or modern tourism products (like sports oriented, congresses, SPA, religious, entertainment and amusement tourism), are not fully utilized, however there is a great potential for development The Government is in favor of investments. It is also willing to support them through lower tax rates and project co - financing in regional areas. Part of the 3rd European Community Support Framework also supports tourism development. Public Tourist Property will be one of the main development arms. Besides family owned travel agencies, there are some big tour operators who offer tourist packages (e.g. air transport, accommodation & other services). Thus, there is space for medium sized tourism operators. Education in the field of tourism services exists at technically oriented Institutions (of University level). Tourism industry professionals know sometime two or more foreign languages, even when they are working at lower levels INVESTMENTS OPPORTUNITIES IN THE GREEK TOURISM INDUSTRY 3 ENVIRONMENT Slide11:  The Olympic Games of 2004 are a great challenge for the business community and for the Greek society in general Due to the upcoming Olympic Games, one of the best airports worldwide operates in Athens since March 2001 Infrastructure is being modernized to meet international standards. This includes highways, public transportation and other facilities Highway projects aiming to support the new airport and efficiently interconnect Greece, along with port and railway modernization are in progress Existing Tourism accommodation facilities are to be expanded so as to meet the needs of the Olympic Games Land usage and permission procedures have been tremendously facilitated, in view of the Greek State commitments to the Olympic Games OLYMPIC GAMES Slide12:  A major Government investment plan is the “Olympic Tourism Portfolio”. The plan’s financing is expected to be partially or totally undertaken by private investors Its primary aim is to cover the accommodation and recreation needs during the Olympic Games and transform Greece’s perceived identity in order to create the after Olympic new Tourism Industry Investment requirements must also take into consideration job openings, long term planning, impact on local economy, environmental issues and economic development issues The Olympic Tourism Portfolio has put forward a set of priorities in the Athens area and throughout the country It aims to create infrastructures for New Tourist products INVESTMENTS OPPORTUNITIES IN THE GREEK TOURISM INDUSTRY 3 OLYMPIC TOURISM PORTFOLIO Slide14:  Upgrading and modernization of the Coastal Area of Athens (Barcelona model), including: Anavisos (Sounion) theme park, with hotel complex and recreation site featuring Greek mythology. An investment of USD 500-1,000 million is sought for the 2,160 square feet area Modernization of 5 beaches at Varkiza, Voula (2), Vouliagmeni and Alimos, and creation of environmentally friendly open space activities for day and night Upgrading of 4 marinas in Vouliagmeni, Zea, Alimos, Floisvos and development of a new entertainment destination (Fisherman Wharf model). An investment of USD 100 million is sought Development and regeneration of Faliron coastal area, including a VIP marina, aquarium and sea science, technology park, open space and athletic infrastructure. Tourism oriented investments of approximately USD 150 million are sought Selected investment targets throughout Greece, including luxury resorts and multiactivity centers (golf, waterland, spas, e.t.c.). Investments between USD 100 - 150 million are sought for each of the following areas: Rhodes, Crete, Halkidiki, Peloponese, Central Greece, such as: Golf course with 18+9 holes in Rhodes island, a place for VIP residence and recreation. This kind of recreational activity is still rare in the Greek Tourism Market. Networked spa and hotel facilities, including amusement infrastructure (water park) Group of luxury resorts for encouraging high spending tourism PRIORITY INVESTMENTS UNDER OLYMPIC TOURISM PORTOFOLIO Slide15:  The most profitable activity of ETA is the ‘Mont Parnes’ Casino located on mountain Parnitha, a national park in the outskirts of Athens The Casino’s current market value is estimated to be around USD 700-900 millions. The Casino covers 20% of the total market, and has a turnover of approximately USD 62.5 million and a profit of approximately USD 32,5 million An intensive investment effort is planned, estimated around USD 100 million, in order to: upgrade and modernize Casino’s operation, infrastructure and potentials further develop, upgrade and expand its hotel operation capabilities upgrade the road access infrastructure The business plan for these investments includes partnerships with strategic investors who have the necessary management resources to efficiently run and further develop the Casino. The upgrading the Casino will provide the opportunity to effectively attract weekend vacationers INVESTMENTS OPPORTUNITIES IN THE GREEK TOURISM INDUSTRY 4 INVESTMENT OPPORTUNITIES FOR THE CASINO OF PARNITHA Slide16:  Premarketing: June 2001 Expression of Interest: September 2001 Negotiation procedures: December 2001 Construction works: 2 years Operation of the first investment stage: 2004 ETA aims to establish the following financial equity partnerships: ETA Capital 0-25% Private Investors 25-50% Institutional Investor or Loans 25% - 50% Specific Roadshow events to promote Hellenic Tourist Property Properties Projects will take place in USA and Europe during the next month. TIME SCHEDULE

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