Public Financial Report

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© ATHOC/N. Tassoulas

The purpose and mission of the ATHENS 2004Organising Committee for the Olympic GamesS.A. (ATHOC) was the organisation and hostingof the 2004 Olympic Games in Athens, as perthe "Host City Contract" of the Games of theXXVIII Olympiad, which was agreed betweenthe Greek side underwritten by the GreekGovernment, and the International OlympicCommittee (IOC), and in accordance withrelevant legislation (L.2598/1998, as in force).

By legislative regulation and contract with theInternational Paralympic Committee, ATHOCalso assumed responsibility for the preparationand hosting of the Paralympic Games. It shouldbe noted that this was the first time in historythat an Olympic Games Organising Committeewas responsible for both Games.

The information and notes that follow constitutethe public financial report of ATHOC, as thiswas made public on 12 May 2005.

This report pertains exclusively to the institutionallyand contractually defined competences ofATHOC, as these stem from the aforementionedrelevant legislation, the Bid File and the Host CityContract and are limited to the preparation andhosting of the Games. It should be noted that thestudies and construction of infrastructure publicworks and of the necessary sports venues wasthe responsibility of the Greek State.

ATHOC was in a position, only eight monthsafter the conclusion of the Games, to publish itsfinancial report, having effectively completed intheir entirety its financial transactions, that is, itsown obligations toward third parties and theobligations of third parties to itself.

This completion was made possible thanks tothe cooperation of ATHOC with the lOC, theGreek State, the international and nationalsponsors, as well as its suppliers andcontractors.

The information and notes that follow do notconstitute statutory financial statements.ATHOC's audited financial statements wereapproved and published as provided by relevantlegislation. They constitute a precise summaryof the material information that composes thepublic report and the results of the financialmanagement of ATHOC.

Report of Revenues andExpenditures of ATHOC

Revenues

Broadcasting Rights

International and NationalSponsorships

Contractual Participationof the Greek State

Financial Revenues

Ticketing

Licensing

Provision of AccommodationServices

Other Revenues

TOTAL

Euro(million)

578,7

536,7

282,5

226,0

194,1

119,7

113,7

47,0

2.098,4

%

27,6%

25,6%

13,5%

10,8%

9,2%

5,7%

5,4%

2,2%

100%

Official Report of the XXVIII Olympiad 517

I. The final revenues of ATHOC, as depicted in thetable, are greater than the revenues forecast inthe "Bid File for the Olympic Games" which wassubmitted on 14/08/1996 at the IOC Headquartersin Lausanne. The projected revenues in the Bid Filewere $1,607 million US Dollars.

2. The largest percentage (38,3%) of therevenues came to ATHOC from the IOCthrough broadcasting rights and the rights fromthe International Sponsors.

3. The financial participation of the Greek Stateto the budget of ATHOC was in absoluteconformity with the original amount included inthe Bid File and was not increased. Thus, theGreek State paid ATHOC a total amount of$235 million US Dollars for the preparation andhosting of the Olympic Games, and a totalamount of €45,5 million euro as itsparticipation in the organisation and hosting ofthe Paralympic Games, as originally forecast(total percentage 13,5%).

4. ATHOC's revenue targets for broadcastingrights, sponsoring and ticketing were surpassed,despite the unfavourable internationalcircumstances that followed in the criticaltimeframe after the attacks of 9/11.

5. ATHOC, upon completion of its work, hasensured a surplus from the delivery of its Olympicbudget. This surplus derived primarily from:

• the limitation of expenditures during the finalstage of preparations and hosting of the Games,

Notes

• the complete and analytical planning of itsactivities,• the surplus achieved over the expectedrevenues from broadcasting rights, sponsoringand ticketing,• the discounts achieved in tenders, and• the successful "Management of ExchangeRisk", that is, revenues forecast in US Dollars($1 billion US Dollars) were converted intoeuros in time, before the devaluation of thedollar against the euro during 2002-2004.

In conclusion, not only was the strategicobjective of the balanced budget achieved byATHOC, but also at the same time a surplus of€130,6 million was secured.

Report on actions carried out byATHOC for and on behalf of theGreek State

By virtue of decisions by the InterministerialCommittee for Coordination of OlympicPreparation (DESOP), ATHOC was assignedthe tendering for provision of services andsupply of goods for and on behalf of the GreekState and involved public agencies, such asactions, works and procurements with post-Olympic use (sports equipment, furniture,venue equipment), as well as a series of otheractions, such as covering expropriationexpenditures, which were deemed necessaryfor the hosting of the Games, and always oninstructions of the Greek State.

The Greek State undertook the obligation tosubsidise ATHOC correspondingly to cover thecost of these actions, according to the relevantdecisions of the Interministerial Committee.

The purpose of these decisions was the bestpossible coordination between the Greek Stateand ATHOC and the most expedient possiblecompletion of the related procedures for thetimely completion of the entire project.

These expenditures, amounting in total to€303,8 million, remained within their approvedbudget, as per the relevant decisions of theInterministerial Committee (DESOP).

For the aforementioned actions, which wereapproved by the Interministerial Committee(DESOP) and were assigned forimplementation to ATHOC, the Greek Statesubsidised ATHOC with a total amount of€180,2 million, while the related expendituresamounted to €303,8 million.

The remaining cost of these actions, amountingto €123,6 million, was covered by the surplus ofATHOCs Olympic Budget.

Final Financial Result

The surplus in the financial statementspublished by ATHOC amounted to sevenmillion twenty one thousand and a hundred andsixteen euros (€7.021.116).

Revenues

Technology (informationtechnology, telecoms, energy)

Games Operations (transport,food services, accreditation,waste, management, venueoperations, etc)

Games Support(volunteerism, training,accommodation, sports, etc)

Olympic and ParalympicOverlay expenditures

Production and transmissionof Games Broadcasting Signal

Torch Relay - Opening andClosing Ceremonies - Culture

Administration Services

Euro(million)

338,8

309,6

298,0

190,2

171,7

133,4

101,4

Paralympic Games (cost of hosting) 99,4

Financial Services & Logistics

Support of Promotion& Marketing Programmes(ticketing, sponsoring,licensing, website)

Image and Promotion

IOC and HOC rights

TOTAL

93,5

92,4

69,8

69,6

1.967,8

%

17,2%

15,7%

15,1%

9,7%

8,7%

6,8%

5,2%

5,1%

4,8%

4,7%

3,5%

3,5%

100%

ATHOC Olympic BudgetSurplus 130,6

Official Report of the XXVIII Olympiad518

Chief Operating Officer: Marton SimitsekChief Technical Officer: Yannis PyrgiotisChief Financial Officer: Theodore Papapetropoulos

Head of Sports Command Centre: Makis AssimakopoulosHead of Communications Centre: Michalis ZacharatosHead of Region Operations Management Centre: Thanasis KantartzisHead of Technology Operations Centre: Dimitris BeisHead of Olympic Transport Operations Centre: Panos ProtopsaltisSecurity Liaison at the MOC, OGSD Director: Major-General Vassilios KonstantinidesHead of Main Operations Centre Operating Team: Efharis Skarveli

Head of Accreditation Central Team: Stratis Telloglou*Head of Risk Management Central Team: Apostolos Nathanail*Head of Games Workforce Planning: Yannis Sidiropoulos*Head of Volunteers Central Team: Dimitrios Caramitsos-Tziras*Head of Image & Identity Central Team: Theodora Mantzaris*Head of Ticketing Central Team: Stephanos Kakarantzas*Head of Doping Control Services Central Team: Christina Tsitsibikou*Head of Medical Services Central Team: Constantinos Parissis*Head of Venue Operations Central Team: Andreas Tsochantaris*Head of Legal Services Central Team: Nicolaos Papadimitriou (representative at MOC: Dimitris Filis*)Head of Olympic Family & Protocol Services Central Team: Dionyssis Gangas*Head of Environmental Operations & Waste Management Central Team: George Kazantzopoulos*Head of National Olympic Committee Services Central Team: Laszlo Vajda*Head of Broadcasting Coordination Unit: Dimitra Kitsiou*Head of Medal Ceremonies & Sport Presentation Central Teams: Anton is Zaglakoutis*Head of Press & Media Office: Serafim Kotrotsos*Head of Food Services Central Team: Makis Fokas*Head of Press Operations Central Team: Costas Vernikos*Head of Logistics Central Team & Support Venues: Apostolos Tzimourtas*Head of Accommodation Central Team: Basile Niadas*Head of Sponsors &Torch Relay Central Teams: George Bolos*

*The above General Managers and Managers were MOC members representing the Central Team(s) oftheir responsibility, including those mentioned below:

Head of Tendering Procedures Central Team: Charalambos KallisHead of Internet & Interactive Media Central Team: Dimitris PanerasHead of Personnel Central Team: Diamantis NikolaouHead of International Sponsors Central Team: Catherine Anne CouchHead of Administration Services: Thanasis PapageorgiouHead of Greek Torch Relay Central Team: Penny MikelopoulouHead of Education & Training Central Team: Costas PolitisHead of Licensing Central Team: Theocharis DiamantidisHead of Energy Central Team: John KarangelosHead of Ambush Marketing Central Team: Giannis ZourdosHead of Transfer of Knowledge Central Team: Constantinos ZaharopoulosCoordinator of Venue Operations & Sports Equipment Central Team: Giannis GiannourisHead of Accounting Central Team: Christos MademlisHead of Information Technology Central Team: Alexios ArgyrisHead of Culture & Public Relations Central Team: Evelyn KanelleaHead of Procurement Central Team: Panagiotis DaverosCoordinator of Opening Ceremony: Tito KomninosHead of Opening & Closing Ceremonies Central Team: Loukia AntoniadesCoordinator of Venue Site Management Central Team: Theodore AzasHead of Site Management of OAKA Venues: Haris BatsiosHead of Site Management of Helliniko & Faliro Venues: Spyros KapeletzisHead of Site Management of Olympic Villages: Chloe PatrineliHead of Site Management of Accommodation Facilities: Constantinos BaklessisHead of Telecommunications Central Team: Alexis IliadisHead of Language & Interpretation Services: Anna KyrtsouHead of Internal Audit Services Central Team: Nikolaos ThemelisHead of Spectator Services Central Team: Vassilis VavakosHead of Rate Card Services Central Team: Antonis GravanisHead of Translation Services: loannis Dimolitsas

Head of President's Office: Evgenia PapathanassopoulouHead of Board of Directors Secretariat: Katia ApostolopoulouManager of Managing Director's (I. Spanudakis) Office: Nota TsouniManager of Executive Director's (Th. Papapetropoulos) Office: Maria RantouManager of Executive Director's (Y. Pyrgiotis) Office: Chryssoula MendrinouManager of Executive Director's (M. Simitsek) Office: Natalia Hadji

ATHOC GAMES OPERATIONS: Command Centres and Central Teams

Official Report of the XXVIII Olympiad530