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OFFON

GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.

(OPAP)
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Greek Organisation of Football Prognostics S A : OPAP SA - FY 2020 Financial Results - Press Release

03/31/2021 | 11:59am EDT

News Release

FY 2020 FINANCIAL PERFORMANCE

Sustainable financial performance amid challenging times

ATHENS, Greece - March 31, 2021 - OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece,

announces its consolidated financial results for the period ended December 31st, 2020, prepared in accordance with International Financial Reporting Standards (IFRS).

  • Gross Gaming Revenues (GGR) in FY 2020 stood at €1,129.8m lower by 30.3% y-o-y.Q4'20 GGR came in at €230.9m decreased by 48.3% y-o-y as a result of the imposed lockdowns on retail venues for almost 2/3 of the quarter, with a nationwide lockdown in place since 7th of November and local lockdowns as early as mid-October.
  • Gross Profit (from gaming operations) in FY'20 down by 32.3% at €421.2m (FY 2019: €622.1m). Q4 2020
    gross profit (from gaming operations) stood at €83.0m (Q4 2019: €165.6m) lower by 49.9% y-o-y due to revenues' drop and Hellenic Lotteries' disproportional GGR contribution so as to meet the minimum €50m contractual threshold.
  • EBITDA in FY 2020 lower by 36.9% at €260.3m (FY 2019: €412.6m) or -32.4%l-f-l after excluding one-off
    items in both years. Q4 2020 EBITDA came in at €52.7m (Q4 2019: €107.6m) decreased by 51.0% or - 43.0% on a l-f-l basis.
  • Operating Expenses in FY 2020 at €267.7m, decreased by 0.5% y-o-y or 9.7% drop y-o-y on a l-f-l basis, excluding one-off items and Kaizen Gaming's full consolidation effect since Dec.'20. Operating expenses in Q4 2020 came in at €85.2m higher by 13.7% y-o-y. Q4 operating expenses decreased by 6.0% on a l-f-l basis, reflecting significant cost mitigation actions.
  • Net Profit in FY 2020 higher by 1.5% to €205.3m (FY 2019: €202.4m) or -51.4% on a l-f-l basis. Q4 2020
    Net Profit came in at €132.1m (Q4 2019: €61.8m), while on a l-f-l basis Q4 2020 Net Profit recorded a - 74.3% drop. Q4'20 net profit has been positively affected by €142.7m related to gain from re-measurement of the 36.75% stake held in Kaizen Gaming's Greek and Cypriot operations.
  • Strong cash position, with Net Debt at €529.4m, and Net Debt / EBITDA at 2.0x (2.3x incl. leases).
  • Online solid contribution coupled with Kaizen Gaming full consolidation as of Dec'2020.
  • Immediate response with a full supportive measures' package for our network
  • FY 2020 DPS proposal to the upcoming AGM on June 17th at €0.45 gross. Ex-dividend date on July 13th

1. OVERVIEW

(€ 'm)

Q4 2020

Q4 2019

FY 2020

FY 2019

Amounts wagered1

863.7

1,254.7

-31.2%

3,385.3

4,468.3

-24.2%

GGR (Gross Gaming Revenue)

230.9

446.7

-48.3%

1,129.8

1,619.9

-30.3%

Payout (%)1

79.2%

71.2%

73.3%

70.4%

NGR (Net Gaming Revenue) 2

142.4

295.5

-51.8%

737.3

1,086.2

-32.1%

Gross Profit (from gaming operations) 3

83.0

165.6

-49.9%

421.2

622.1

-32.3%

Operating Expenses

85.2

74.9

13.7%

267.7

268.9

-0.5%

EBITDA

52.7

107.6

-51.0%

260.3

412.6

-36.9%

EBITDA margin

22.8%

24.1%

23.0%

25.5%

Net profit

132.1

61.8

113.7%

205.3

202.4

1.5%

Net profit margin

57.2%

13.8%

18.2%

12.5%

EPS (in €)

0.3917

0.1935

102.4%

0.6143

0.6356

-3.4%

1 excl. VLTs and online casino

2 GGR-GGR contribution

  • NGR-Agents'commission-other NGR related commission

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

1

News Release

FY 2020 FINANCIAL PERFORMANCE

Revenues OPAP's revenues (GGR) in FY

(GGR) 2020 stood lower by 30.3% y-o-y to €1,130.0m, on the back of the imposed lockdowns and social distancing mandates throughout 2020. GGR in Q4 2020 decreased by a 48.3% y-o-y at €230.9m (Q4 2019 €446.7m) due to retail closure brought by local lockdowns in position since mid Oct. and nationwide lockdown since Nov 7th. At the same time, online posted significant growth with Q4'20 stream also boosted by Kaizen Gaming full consolidation in Dec'20.

Gross Profit Gross Profit from gaming

(from operations in FY 2020 stood at

gaming €421.2m compared to €622.1m in operations)1 FY 2019 lower by 32.3%. Q4 2020 gross profit decreased by 49.9% y-o-y reaching €83.0m vs. €165.6m in Q4 2019 due to revenues' drop and Hellenic

Lotteries' increased GGR contribution so as to meet the contractual threshold of €50m.

EBITDA EBITDA in FY 2020 stood at €260.3m versus €412.6m in FY 2019 lower by 36.9%. On a l-f-l basis, excluding one-off items, FY 2020 EBITDA dropped by 32.4% y-o-y aided by Kaizen Gaming contribution of €28.1m with full consolidation taking place in Dec' 2020.

Q4 2020 EBITDA reached €52.7m versus €107.6m in Q4 2019, aided

by Kaizen Gaming's Greek/Cypriot operations full consolidation as well as by the recognition of €42.5m income related to the extension of the Concession agreement.

On a l-f-l basis, excluding one-off items, Q4 2020 EBITDA dropped by a lower 43.0% y-o-y assisted by cost efficiencies implemented during lockdown.

Reported figures

Recurring fugures

  • Excl. one-off expenses of €14.1m in FY20 & income of €6.6m in FY19 (expenses of €7.2m in Q4'20 & income of €2.5m in Q4'19).
  • GGR - GGR contribution - Agents' commission - Other NGR related commission

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

2

Net Profit Net profit in FY 2020 stood at €205.3m versus €202.4m in FY 2019 up by 1.5%. On a l-f-l basis, excluding one-off items in both years, FY 2020 Net Profit dropped by 51.4% y-o-y.

Q4 2020 net profit reached €132.1m versus net profit of €61.8m in Q4 2019, while on a l-f-l basis Q4 2020 net profit dropped by 74.3%.

Net profit has been positively affected by the recognition in Q4 of a €142.7m gain related to the re-measurement of the 36.75% stake held by Kaizen Gaming's Greek and Cypriot operations.

News Release

FY 2020 FINANCIAL PERFORMANCE

Reported figures

Recurring fugures

  • Excl. one-off income of €105.3m in FY20 & expenses of €3.3m in FY19.

Comment of OPAP's CEO, Mr. Jan Karas, on the Q4 2020 results:

"Although Q4 was yet another quarter disrupted by Covid-19, with retail closure and restrictions imposed for tackling the pandemic, OPAP has once again demonstrated substantial operational and financial readiness to mitigate the impact, through its diversified portfolio.

On the operational front, online growth contributed significantly to our topline, with both our revenues and our customer base reaching all-time high levels. At the same time, our investment in Kaizen Gaming, which operates the leading Stoiximan brand, has been concluded, our games portfolio has been further enhanced and our retail network partners have been supported efficiently.

Looking forward and having successfully preserved our solid financial position and cash reserves, we continue - despite the still prevailing exceptional conditions - to build on what we have already accomplished. With confidence, we are pursuing the successful execution of OPAP's new business strategy, the Fast Forward strategy, in order to deliver even better Gaming Entertainment to our customers."

2. FINANCIAL REVIEW

Revenues (GGR) per game

(€ '000)

Q4 2020

Q4 2019

Δ%

FY 2020

FY 2019

Δ%

Lottery

82,001

201,845

(59.4)

518,607

778,558

(33.4)

% total revenues

35.5

45.2

-

45.9

48.1

-

Betting

81,977

112,461

(27.1)

310,362

396,203

(21.7)

% total revenues

35.5

25.2

-

27.5

24.5

-

VLTs

32,026

84,976

(62.3)

200,522

297,658

(32.6)

% total revenues

13.9

19.0

-

17.7

18.4

-

Instant & Passives

15,627

47,391

(67.0)

76,349

147,478

(48.2)

% total revenues

6.8

10.6

-

6.8

9.1

-

Online Casino

19,260

-

-

23,944

-

-

% total revenues

8.3

-

-

2.1

-

-

TOTAL REVENUES

230,892

446,674

(48.3)

1,129,783

1,619,896

(30.3)

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

3

News Release

FY 2020 FINANCIAL PERFORMANCE

Lottery Revenues from lottery reached €518.6m in FY 2020 versus €778.6m in FY 2019, lower by 33.4% y-o-y. Lottery GGR in Q4 2020 decreased by 59.4% y-o-y standing at €82.0m on the back of local lockdowns imposed as early as mid October and nationwide lockdown imposed on November 7th. Tzoker online continued its upward trend in performance and customer acquisition terms.

Betting Total betting revenues reached €310.4m in FY 2020 versus €396.2m in FY 2019 lower by 21.7% y-o-y.

Betting GGR in Q4 2020 decreased by 27.1% y-o-y standing at €82.0m reflecting the impact of stores' closure. On the positive side, Online stream in Q4 was boosted by increased performance levels incorporating also Kaizen Gaming revenues following its full consolidation since Dec' 20.

VLTs VLTs revenues in FY 2020 stood lower by 32.6% y-o-y, reaching €200.5m vs. €297.7m in FY 2019.

In Q4 2020 VLTs GGR decreased by 62.3% y-o-y with VLTs activity remaining closed for almost 2/3 of the quarter.

Instant & Revenues from Instant & Passives stood Passives at €76.4m in FY 2020 compared to €147.5m in FY 2019, lower by 48.2% y- o-y. Q4 2020 Instants and passives GGR reached €15.6m, significantly decreased by 67.0% y-o-y heavily impacted by the lockdowns and the

social distancing mandates.

Online Following the kick-off of Online Casino

Casino operation in Q2'20, revenues from Online Casino stood at €23.9m in FY 2020. Online Casino GGR in Q4 2020 reached €19.3m also due to Kaizen Gaming full consolidation since Dec' 20.

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

4

News Release

FY 2020 FINANCIAL PERFORMANCE

Gaming revenue related expense

(€ '000)

Q4 2020

Q4 2019

%

FY 2020

FY 2019

%

Agents' commission

44,660

108,439

(58.8)

255,869

387,341

(33.9)

Other NGR related commission

14,772

21,426

(31.1)

60,233

76,738

(21.5)

Total

59,433

129,865

(54.2)

316,102

464,079

(31.9)

% of total revenues (GGR)

25.7

29.1

28.0

28.6

Gaming

Gaming revenue related expense in FY

revenue

2020 dropped by 31.9% y-o-y reaching

related

€316.1m versus €464.1m in FY 2019 in

expense

line with revenue drop. In Q4 2020,

gaming revenue

related expense

decreased by 54.2% y-o-y at €59.4m on the back of stores closure for almost 2/3 of the quarter.

Payroll expense

(€ '000)

Q4 2020

Q4 2019

%

FY 2020

FY 2019

%

Wages and salaries

14,341

14,922

(3.9)

61,545

60,603

1.6

Social security costs

3,462

3,633

(4.7)

13,081

13,390

(2.3)

Other staff costs

1,122

1,658

(32.3)

4,017

8,313

(51.7)

Total cost

18,926

20,212

(6.4)

78,643

82,306

(4.5)

% of total revenues (GGR)

8.2

4.5

7.0

5.1

Payroll

Payroll expense in FY 2020 stood at

expense

€78.6m compared to €82.3m in FY 2019,

decreased by 4.5%. Q4 2020 payroll

dropped by 6.4%

at €18.9m

versus

€20.2m in Q4 2019.

Marketing expense

(€ '000)

Q4 2020

Q4 2019

%

FY 2020

FY 2019

%

CSR & sponsorship expense

6,167

4,999

23.4

17,940

19,255

(6.8)

Advertising expense

13,667

11,700

16.8

36,913

41,684

(11.4)

Total

19,834

16,699

18.8

54,853

60,939

(10.0)

Marketing Marketing expense in FY 2020

expense decreased by 10.0% at €54.9m vs €60.9m in FY 2019. Q4 2020 marketing expenses increased by 18.8% y-o-y standing at €19.8m compared to €16.7m in Q4 2019. On a comparable basis and excluding Kaizen Gaming December consolidation, Q4'20 marketing expenses dropped by 7.7% y- o-y reflecting the company's cost efficiency actions following the 2nd lockdown imposition.

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

5

News Release

FY 2020 FINANCIAL PERFORMANCE

Other operating expense

(€ '000)

Q4 2020

Q4 2019

%

FY 2020

FY 2019

%

IT related costs

5,898

5,325

10.8

22,770

20,919

8.8

Utilities & Telco costs

2,219

3,828

(42.0)

11,373

14,398

(21.0)

Rentals

-195

725

(126.8)

1,070

2,142

(50.0)

Inventory consumption

880

1,275

(30.9)

3,691

5,509

(33.0)

Other

30,538

26,845

13.8

88,217

82,701

6.7

Sub Total

39,342

37,997

3.5

127,120

125,669

1.2

Kaizen Gaming (GR/CY)

7,057

-

-

7,057

-

-

Total

46,398

37,997

22.1

134,177

125,669

6.8

Other Other operating expense in FY 2020 operating increased by 6.8% y-o-y standing at

expense €134.2m versus €125.7m in FY 2019. Q4 2020 other operating expenses reached €46.4m, increased by 22.1% y-o-y, while on a l-f-l level (excl. various one-off items in both years and Kaizen Gaming GR/CY December 2020 consolidation) other Opex decreased by 17.3% reaffirming company's focus on cost optimization.

Cash Flows

(€' .000)

FY 2020

FY 2019

Δ%

Cash Flow from Operating Activities

186,388

279,330

-33.3%

Cash Flow from Investing Activities

-78,507

-49,030

-

Cash Flow from Financing Activities

-234,823

221,519

-

Cash Flow Cash inflow from operating activities in

from FY 2020 stood at €186.4m from Operating €279.3m in FY 2019 preserving high Activities levels of cash generation and reserves

despite lockdowns.

Cash Flow Cash outflow from investing activities

from in FY 2020 amounted to €78.5m as a Investing result of an €154.7m outflow for the Activities acquisition of an additional stake in Kaizen Gaming Greek and Cypriot operations partially counterbalanced by a respective cash contribution of €64.6m from Kaizen Gaming following

full consolidation.

Cash Flow Cash flow from financing activities in

from FY 2020 amounted to an outflow of Financing €234.8m on the back of dividend Activities distribution of €214.7m.

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

6

News Release

FY 2020 FINANCIAL PERFORMANCE

3. MAIN DEVELOPMENTS

Coronavirus impact and update

Since the coronavirus (COVID-19) outbreak, OPAP proceeded with the implementation of a set of decisive actions in response to COVID-19 to proactively protect its employees and support its network while at the same time preserving its business continuation through a series of initiatives. However, since OPAP's business is heavily weighted towards retail, the pandemic severely impacted the Group's financial results and operational performance with OPAP stores remaining closed for almost four months, and VLTs for approximately five moths throughout 2020. Stores closure resulted to revenues drop in 2020 by 32.7% compared to 2019, with profitability being also significantly affected.

During the lockdown periods, the OPAP's online product portfolio was enhanced with new games, such as Virtual games and Casino, along with increased penetration of online Tzoker. On top, OPAP increased its participation in Kaizen Gaming's Greek and Cypriot operations with its stake standing now at 84.49%. At this stage, despite the COVID-19 impact, the Group maintains a strong financial position.

OPAP has implemented a number of measures to ensure normal operations, invoking business continuity plans where appropriate, that will also safeguard a quick ramp-up of the business once limitations will be released. Nevertheless, as the lockdown remains still in effect, 2021 carries a material degree of uncertainty, primarily as to the stores' reopening timing of and the restrictive measures under which our stores will operate once open.

Kaizen Gaming (Stoiximan/Betano) investment update / Sole Control Clearance

In March 2021, OPAP announced that the Hellenic Competition Commission and the Commission for the Protection of Competition of the Republic of Cyprus have granted clearance on the acquisition of sole control over Stoiximan Group's Greek and Cypriot business ("SMGC").

Following the above and given that there is no other approval pending, OPAP's fully-owned subsidiary, OPAP Investment Limited, will proceed with the implementation of sole control over SMGC, where it will own 84.49%.

Annual General Meeting (AGM) & Dividend Payment

On March 30th 2021, the Board of Directors of OPAP resolved upon proposing to the AGM to be held on 17 June 2021, the distribution of a €0.45 gross dividend for the fiscal year 2020. Subject to AGM approval, the ex-dividend date is set on 13 July 2021. Dividend payment to the entitled shareholders commences on 03 August 2021. OPAP's management welcomes the proactive dialogue with investors and would like to invite its shareholders to participate in the AGM.

Hellenic Lotteries Request for Arbitration

Hellenic Lotteries has formally contested that it owes anything more than €12.3m to the Hellenic Republic under the Concession Agreement. That amount represents 30% of the annual actual GGR of the Company, and it has already been remitted by the Company to the Hellenic Republic, pursuant to the Concession Agreement. The Company has formally taken the position vis-à-vis the Hellenic Republic, supported by advice by external counsel, that no additional amount is due to reach the €50m Minimum Annual Fee according to the Concession Agreement, given the impact of pandemic-related restrictions imposed by the State on the operation of the Company. This position is based on the Force Majeure clause of the Concession Agreement and applicable provisions of Greek law regarding impossibility of performance and unforeseeable changes in circumstances. For these reasons the Company has filed a Request for Arbitration against the Hellenic Republic and the Hellenic Asset Development Fund under the LCIA Arbitration Rules. The Company's principal claim seeks declarations that the Minimum Annual Fee is not due; and also an extension of the term of the Concession Agreement and/or a refund of part of the upfront of the Financial Consideration (both to be quantified at a later stage). The matter is therefore pending before the competent tribunal, which has exclusive jurisdiction to pronounce in a final and binding manner. On prudential grounds, however, the Company has formed a provision, notably in the light of collateral undertakings according to the Concession Agreement. It is reminded that Scientific Games is a shareholder of Hellenic Lotteries with a 16.5% stake.

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

7

News Release

FY 2020 FINANCIAL PERFORMANCE

Conference Call Invitation

FY 2020 Financial Results Conference Call

Thursday, April 1st, 2021

04:00 PM (Athens) / 02:00 PM (London) / 09:00 AM (New York)

FY 2020 Financial Results Presentation will be available at Company's website

one (1) hour prior to the Conference Call kick off.

Dial-in Numbers:

UK participants please dial

+44 (0)

800 368 1063

Greek participants please dial

+30

211 180 2000

US participants please dial

+ 1 516 447 5632

Other International please dial

+44

(0)

203 0595 872

Live Webcast:

The conference call will be webcasted in real time over the Internet and you may join by linking at the internet site: www.opap.gr/4Q20 or https://87399.themediaframe.eu/links/opap4Q20.html

If you experience any difficulty, please call + 30 210 9460803.

CONTACTS

OPAP S.A. - 112, Athinon Ave., 104 42 Athens, Greece

Nikos Polymenakos - IR Director - Tel : +30 (210) 5798929 - polymenakos@opap.gr

George Vitorakis - Business Development & Strategic Analysis Director - Tel : +30 (210) 5798976 - vitorakis@opap.gr

ATTACHMENTS

  1. Statement of Financial Position for the year ended 31 December 2020
  2. Income Statement for the year ended 31 December 2020
  3. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020
  4. Statement of Changes in Equity for the year ended 31 December 2020
    1. Consolidated Statement of Changes in Equity
    2. Statement of Changes in Equity of the Company
  5. Cash Flow Statement As for the year ended 31 December 2020

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

8

News Release

FY 2020 FINANCIAL PERFORMANCE

1. Statement of Financial Position

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

GROUP

COMPANY

31.12.2020

31.12.2019

31.12.2020

31.12.2019

ASSETS

Non - current assets

Intangible assets

980,228

1,065,733

874,308

933,089

Property, plant and equipment

85,623

98,308

82,813

95,138

Right-of-use assets

41,864

64,036

26,155

32,627

Investment properties

1,606

1,703

1,606

1,703

Goodwill

483,846

30,275

-

-

Investments in subsidiaries

-

-

425,412

362,987

Investments in associates

8,079

54,158

-

-

Trade receivables

7,249

5,795

7,249

4,328

Other non - current assets

47,117

27,855

55,334

29,290

Deferred tax assets

35,467

19,894

-

-

Long - term investments

-

1,000

-

-

Total non - current assets

1,691,078

1,368,757

1,472,878

1,459,163

Current assets

Inventories

6,169

6,962

4,011

2,745

Trade receivables

68,480

154,042

26,846

64,071

Current income tax assets

2,359

4,436

-

4,429

Other current assets

40,618

60,204

38,370

33,259

Cash and cash equivalents

506,873

633,815

279,491

450,297

Short - term investments

4,629

8,915

-

-

Total current assets

629,128

868,374

348,718

554,802

Total Assets

2,320,206

2,237,131

1,821,596

2,013,966

EQUITY & LIABILITIES

Equity

Share capital

102,428

96,487

102,428

96,487

Share premium

218,826

24,294

218,826

24,294

Reserves

33,329

31,522

32,075

30,266

Treasury shares

(14,497)

(14,497)

(14,497)

(14,497)

Retained earnings

399,520

615,982

299,436

620,030

Equity attributable to owners of the Company

739,606

753,788

638,267

756,579

Non-controlling interests

15,281

18,104

-

-

Total equity

754,886

771,892

638,267

756,579

Non-current liabilities

Borrowings

1,007,830

1,045,580

957,440

995,301

Lease liabilities

50,112

57,649

22,011

27,663

Deferred tax liability

26,642

23,528

24,833

21,015

Employee benefit plans

4,685

2,989

4,194

2,570

Provisions

10,214

8,517

10,212

8,515

Other non-current liabilities

99,776

3,361

2,748

2,524

Total non-current liabilities

1,199,259

1,141,624

1,021,438

1,057,588

Current liabilities

Borrowings

33,036

10,780

52,692

23,987

Lease liabilities

7,631

7,130

5,068

5,157

Employee benefit plans

-

3,578

-

3,578

Trade payables

149,444

181,267

52,400

74,362

Current income tax liabilities

27,755

1,755

13,119

-

Other current liabilities

148,194

119,105

38,611

92,714

Total current liabilities

366,061

323,616

161,890

199,798

Total liabilities

1,565,320

1,465,239

1,183,328

1,257,387

Total Equity & Liabilities

2,320,206

2,237,131

1,821,596

2,013,966

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

9

News Release

FY 2020 FINANCIAL PERFORMANCE

2. Income Statement

For the year ended 31 December 2020

(Amounts in thousands of euro except for per share amounts)

GROUP

COMPANY

01.01-

01.01-

01.01-

01.01-

31.12.2020

31.12.2019

31.12.2020

31.12.2019

Revenue (GGR)

1,129,783

1,619,896

930,219

1,369,923

GGR contribution and other levies and duties

(392,518)

(533,718)

(311,640)

(464,716)

Net gaming revenue (NGR)

737,265

1,086,178

618,579

905,207

Agents' commissions

(255,869)

(387,341)

(212,529)

(319,878)

Other NGR related commissions

(60,233)

(76,738)

(50,463)

(61,641)

Other operating income

123,811

149,361

58,545

64,754

Other operating income related to the extension

42,465

-

42,465

-

of the concession of the exclusive right

Other operating cost

(77,610)

(98,437)

(1,559)

(8,049)

Share of profit of associates

18,156

8,470

-

-

527,986

681,493

455,039

580,394

Operating expenses

(267,673)

(268,914)

(208,343)

(215,362)

Payroll expenses

(78,643)

(82,306)

(64,676)

(67,974)

Marketing expenses

(54,853)

(60,939)

(39,677)

(46,350)

Other operating expenses

(112,722)

(117,405)

(89,460)

(95,702)

Net impairment losses on financial assets

(21,455)

(8,264)

(14,529)

(5,337)

Profit before interest, tax, depreciation and

260,313

412,579

246,696

365,032

amortization (EBITDA)

Gain from remeasurement of previously held

142,666

-

-

-

equity interest

Depreciation, amortization and impairment

(152,551)

(116,315)

(92,356)

(79,717)

Results from operating activities

250,428

296,264

154,340

285,314

Finance income

10,286

3,108

9,527

1,276

Finance costs

(43,766)

(30,190)

(39,983)

(25,776)

Dividend income

-

-

5,500

7,500

Profit before income tax

216,948

269,181

129,384

268,315

Income tax expense

(17,570)

(67,083)

(28,218)

(62,702)

Profit for the period

199,378

202,098

101,166

205,612

Profit is attributable to:

Owners of the Company

205,346

202,381

101,166

205,612

Non-controlling interests

(5,968)

(283)

-

-

Profit after tax

199,378

202,098

101,166

205,612

Basic and diluted earnings per share in €

0.6143

0.6356

0.3026

0.6457

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

3. Statement of Comprehensive Income

For the year ended 31 December 2020

(Amounts in thousands of euro except for per share amounts)

GROUP

COMPANY

01.01-

01.01-

01.01-

01.01-

31.12.2020

31.12.2019

31.12.2020

31.12.2019

Profit for the period

199.378

202.098

101.166

205.612

Other comprehensive income - items that will not be reclassified to profit or loss

Actuarial gains/(losses)

(112)

(221)

(76)

(218)

Related tax

27

53

18

52

Total items that will not be reclassified to profit

(85)

(168)

(58)

(166)

or loss

Other comprehensive income - items that are or may be reclassified subsequently to profit or loss

Loss from valuation of hedging derivatives

(224)

(1.253)

(224)

(1.253)

Related tax

54

301

54

301

Exchange differences on translation of foreign

(4)

-

-

-

operations

Total items that may be reclassified to profit or

(175)

(952)

(171)

(952)

loss

Other comprehensive loss for the period, net of

(260)

(1.120)

(229)

(1.118)

tax

Total comprehensive income for the period

199.118

200.978

100.938

204.495

Total comprehensive income is attributable to:

Owners of the Company

205.095

201.258

100.938

204.495

Non-controlling interests

(5.977)

(280)

-

-

Total comprehensive income, net of tax

199.118

200.978

100.938

204.495

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

4. Statement of Changes in Equity

4.1. Consolidated Statement of Changes in Equity

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

Attributable to owners of the Company

GROUP

Share

Share

Reserves

Treasury

Retained

Total

Non-controlling

Total equity

capital

premium

shares

earnings

interests

Balance at 1 January 2019

95,700

-

32,212

(14,497)

609,339

722,754

36,782

759,536

Profit for the period

-

-

-

-

202,381

202,381

(283)

202,098

Other comprehensive loss

-

-

(952)

-

(171)

(1,123)

3

(1,120)

Total comprehensive income/(loss) for the period

-

-

(952)

-

202,210

201,258

(280)

200,978

Transactions with owners of the Company

Share capital increase

787

24,294

-

-

-

25,081

-

25,081

Share capital increase expenses

-

-

-

-

(97)

(97)

-

(97)

Statutory reserve (Note 20)

-

-

262

-

(262)

-

-

-

Dividends provided for or paid

-

-

-

-

(190,302)

(190,302)

(3,304)

(193,607)

Total transactions with owners of the Company

787

24,294

262

-

(190,661)

(165,318)

(3,304)

(168,623)

Changes in ownership interests

Acquisition of NCI without a change in control (Note 22)

-

-

-

-

(4,906)

(4,906)

(15,094)

(20,000)

Total changes in ownership interests

-

-

-

(4,906)

(4,906)

(15,094)

(20,000)

Balance at 31 December 2019

96,487

24,294

31,522

(14,497)

615,982

753,787

18,104

771,892

Balance at 1 January 2020

96,487

24,294

31,522

(14,497)

615,982

753,787

18,104

771,892

Profit/(Loss) for the period

-

-

-

-

205,346

205,346

(5,968)

199,378

Other comprehensive loss

-

-

(174)

-

(78)

(251)

(9)

(260)

Total comprehensive income/(loss) for the period

-

-

(174)

-

205,269

205,095

(5,977)

199,118

Transactions with owners of the Company

Share capital increase (Note 19)

5,941

194,532

-

-

-

200,473

-

200,473

Share capital increase expenses

-

-

-

-

(93)

(93)

-

(93)

Statutory reserve (Note 20)

-

-

1,980

-

(1,980)

-

-

-

Dividends provided for or paid (Note 29)

-

-

-

-

(419,657)

(419,657)

-

(419,657)

Non-controlling interests on acquisition of subsidiary (Note 22)

-

-

-

-

-

-

3,154

3,154

Total transactions with owners of the Company

5,941

194,532

1,980

-

(421,730)

(219,277)

3,154

(216,123)

Balance at 31 December 2020

102,428

218,826

33,329

(14,497)

399,520

739,606

15,281

754,886

OPAP S.A. Consolidated Financial Results

for the Fiscal Year ended December 31st, 2020

12

News Release

FY 2020 FINANCIAL PERFORMANCE

4.2. Separate Statement of Changes in Equity

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

COMPANY

Share

Share

Reserves

Treasury

Retained

Total

capital

premium

shares

earnings

equity

Balance at 1 January 2019

95,700

-

30,955

(14,497)

605,071

717,229

Profit for the period

-

-

-

-

205,612

205,612

Other comprehensive loss

-

-

(952)

-

(166)

(1,118)

Total comprehensive income/(loss) for

-

-

(952)

-

205,447

204,495

the period

Share capital increase

787

24,294

-

-

-

25,081

Merger with OPAP SERVICES S.A.

-

-

-

-

86

86

Statutory reserve (Note 20)

-

-

262

-

(262)

-

Share capital increase expenses

-

-

-

-

(9)

(9)

Dividends provided for or paid

-

-

-

-

(190,302)

(190,302)

Balance at 31 December 2019

96,487

24,294

30,266

(14,497)

620,030

756,579

Balance at 1 January 2020

96,487

24,294

30,266

(14,497)

620,030

756,579

Profit for the period 01.01-31.12.2020

-

-

-

-

101,166

101,166

Other comprehensive loss

-

-

(171)

-

(58)

(229)

Total comprehensive income/(loss) for

-

-

(171)

-

101,108

100,938

the period

Share capital increase (Note 19)

5,941

194,532

-

-

-

200,473

Statutory reserve (Note 20)

-

-

1,980

-

(1,980)

-

Share capital increase expenses

-

-

-

-

(65)

(65)

Dividends provided for or paid (Note 29)

-

-

-

-

(419,657)

(419,657)

Balance at 31 December 2020

102,428

218,826

32,075

(14,497)

299,436

638,267

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

5. Cash Flow Statement

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

GROUP

COMPANY

01.01-

01.01-

01.01-

01.01-

31.12.2020

31.12.2019

31.12.2020

31.12.2019

OPERATING ACTIVITIES

Profit before tax

216,948

269,181

129,384

268,315

Adjustments for:

Depreciation & amortization

115,718

107,666

91,896

79,717

Net finance costs

33,475

27,054

30,450

24,487

Employee benefit plans

834

1,649

766

1,594

Provisions for doubtful trade receivables

5,383

2,299

2,044

2,024

Write-off of trade receivables

691

1,136

628

1,068

Other provisions

5,359

(16,079)

5,359

(16,082)

Provision for obsolete inventories

552

1,160

-

1,160

Impairment losses on PPE, intangible assets, Right-of-use

36,833

8,650

460

-

assets & goodwill

Exchange differences

6

29

6

12

Dividend income

-

-

(5,500)

(7,500)

Impairment of investment in subsidiaries

-

-

5,500

8,336

Gain from disposal of subsidiary

-

-

(8,336)

-

Impairment of other current & non-current assets

15,399

4,712

11,857

2,245

Gain from remeasurement of previously held equity interest

(142,666)

-

-

-

Share of profit from associates

(18,156)

(8,470)

-

-

(Profit)/loss from investing activities

29

25

(4)

(2)

Rent concessions

(1,988)

-

(995)

-

Other non-cash items

-

65

-

2,755

Total

268,417

399,077

263,515

368,129

Changes in Working capital

(Increase) / decrease in inventories

241

2,540

(1,266)

8,199

(Increase) / decrease in receivables

37,938

(34,162)

1,367

(18,412)

Increase / (decrease) in payables (except banks)

(73,011)

15,098

(76,987)

4,938

Total

233,584

382,552

186,630

362,854

Interest paid

(35,051)

(24,273)

(32,500)

(21,754)

Income taxes paid

(12,146)

(78,949)

(6,720)

(69,966)

Net cash inflow from operating activities

186,388

279,330

147,410

271,133

INVESTING ACTIVITIES

Proceeds from sale of tangible & intangible assets

7

61

7

41

Additional consideration for the acquisition of

(154,735)

(22,000)

-

-

subsidiary/associate

Loan repayments from third parties

18,185

3,956

1,135

651

Loan repayments from subsidiaries

-

-

9,500

6,000

Share capital increase of subsidiaries

-

-

(70,000)

(123,000)

Loans granted to third parties

(2,317)

(2,191)

(2,317)

-

Loans granted to Group companies

-

-

(24,500)

(6,100)

Increase of cash due to acquisition of STOIXIMAN business

64,562

-

-

-

(Greek and Cypriot operations)

Increase of cash due to merger with OPAP SERVICES S.A.

-

-

-

3,268

Purchase of intangible assets

(10,011)

(25,482)

(6,782)

(18,206)

Purchase of property, plant and equipment

(8,868)

(9,297)

(8,221)

(8,144)

Dividends received

6,799

4,400

7,500

1,500

Interest received

2,586

1,978

1,225

1,026

Net change in short-term & long-term investments

5,285

(456)

-

-

Net cash outflow from investing activities

(78,507)

(49,030)

(92,453)

(142,964)

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

GROUP

COMPANY

01.01-

01.01-

01.01-

01.01-

31.12.2020

31.12.2019

31.12.2020

31.12.2019

FINANCING ACTIVITIES

Proceeds from borrowings

501,500

451,600

500,000

450,000

Payments of borrowings

(508,094)

(50,098)

(500,002)

(56,048)

Transaction costs related to borrowings

(5,485)

(1,765)

(5,485)

(1,765)

Share capital increase expenses

(93)

(97)

(65)

(9)

Payment of lease liabilities

(8,068)

(9,681)

(5,476)

(6,478)

Dividends paid

(214,735)

(168,440)

(214,735)

(165,136)

Receipt of repayable state cash advance

151

-

-

-

Net cash inflow/(outflow) from financing activities

(234,823)

221,519

(225,763)

220,565

Net increase/(decrease) in cash and cash equivalents

(126,943)

451,819

(170,806)

348,734

Cash and cash equivalents at the beginning of the

633,815

181,996

450,297

101,563

period

Cash and cash equivalents at the end of the period

506,873

633,815

279,491

450,297

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

Disclaimer

OPAP SA - Greek Organisation of Football Prognostics published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2021 15:58:04 UTC.


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Financials
Sales 2021 1 622 M 1 926 M 1 926 M
Net income 2021 294 M 349 M 349 M
Net Debt 2021 410 M 487 M 487 M
P/E ratio 2021 13,2x
Yield 2021 7,68%
Capitalization 4 085 M 4 857 M 4 853 M
EV / Sales 2021 2,77x
EV / Sales 2022 2,29x
Nbr of Employees 1 497
Free-Float 55,4%
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Technical analysis trends GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.
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Mean consensus BUY
Number of Analysts 10
Last Close Price 12,03 €
Average target price 15,44 €
Spread / Average Target 28,3%
EPS Revisions
Managers and Directors
Jan Karas Chief Executive Officer & COO-Retail
Pavel Mucha Chief Financial Officer & Executive Director
Kamil Ziegler Executive Chairman
Michele Fusella Chief Technology Officer
Igor Milos Rusek Independent Non-Executive Director
Sector and Competitors