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GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.

(OPAP)
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Greek Organisation of Football Prognostics S A : OPAP SA - H1 2021 Financial Results - Press Release

09/08/2021 | 11:02am EDT

News Release

H1 2021 FINANCIAL PERFORMANCE

Hefty online growth & solid retail recovery lead to strong first half

profitability despite fewer operating days

ATHENS, Greece - September 8, 2021 - OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in

Greece, announces its consolidated financial results for the period ended June 30th, 2021, prepared in accordance with International Financial Reporting Standards (IFRS).

  • H1 Gross Gaming Revenues (GGR) stood at €570.1m higher by 12.2% y-o-y despite c.40% fewer operating days. Q2'21 GGR at €395.9m, up by 120.4% assisted by retail reopening, increased online contribution and Stoiximan full consolidation.
  • Gross Profit (from gaming operations) in H1'21 up by 30.2% at €248.8m (H1 2020: €191.1m). Q2 2021 gross
    profit (from gaming operations) increased by 151.9% at €173.2m (Q2 2020: €68.8m) due to revenue growth along with higher profitability margins despite Hellenic Lotteries' disproportional GGR contribution so as to meet the minimum annual €50m contractual threshold.
  • EBITDA in H1 2021 higher by 99.8% at €204.8m (H1 2020: €102.5m) or +74.4% l-f-l after excluding one-off items in both years, also aided by the income related to the extension of the concession agreement. Q2
    2021 EBITDA came in at €143.5m (Q2 2020: €16.2m) up by €127.3m or up by €119.2m on a l-f-l basis after excluding one-off items in both years.
  • Operating Expenses in H1 2021 at €175.1m vs €124.8m in H1 2020, higher by 40.3% y-o-y while Q2 2021 Opex reached €99.1m higher by 47.6% y-o-y. On a comparable basis, excluding Stoiximan's full consolidation impact and one-off items, H1 2021 Opex decreased by 12.4% y-o-y and Q2 2021 Opex decreased by 6.2% y-o-y.
  • Net Profit in H1 2021 stood at €82.1m (H1 2020: €20.4m) or +125.1% l-f-l. Q2 2021 Net Profit stood at
    €71.9m (Q2 2020: Losses of €15.1m) marking a strong return to profitability.
  • Strong cash position, with Net Debt at €423.4m, and improved Net Debt / LTM EBITDA at 1.2x (1.3x incl. leases).
  • VLTs and online continue to be key growth drivers.
  • BoD decides to distribute a 2021 interim DPS of €0.10 with scrip optionality. Ex-div. date on October 20th.

1. OVERVIEW

(€ 'm)

Q2 2021

Q2 2020

H1 2021

H1 2020

GGR (Gross Gaming

395.9

179.6

120.4%

570.1

507.9

12.2%

Revenue)

NGR (Net Gaming

268.0

117.9

127.4%

373.7

335.2

11.5%

Revenue)1

Gross Profit (from gaming

173.2

68.8

151.9%

248.8

191.1

30.2%

operations) 2

Operating Expenses

99.1

67.1

47.6%

175.1

124.8

40.3%

EBITDA

143.5

16.2

787.8%

204.8

102.5

99.8%

EBITDA margin

36.2%

9.0%

35.9%

20.2%

Net profit

71.9

(15.1)

-

82.1

20.4

301.8%

Net profit margin

18.2%

-8.4%

14.4%

4.0%

EPS (in €)

0.2111

-0.0454

-

0.2419

0.0652

270.7%

1 GGR-GGR contribution

2 NGR-Agents'commission-other NGR related commission

OPAP S.A. Interim Consolidated Financial Statements

for the six-month period ended June 30th, 2021

1

[Public]

News Release

H1 2021 FINANCIAL PERFORMANCE

Revenues OPAP's revenues (GGR) in H1

(GGR) 2021 increased by 12.2% y-o-y reaching €570.1m despite the fact that stores in H1'21 had c.40% fewer operating days compared to H1'20. Q2 2021 stood higher by 120.4% y-o-y to €395.9m, as a result of retail recovery following the ease of lockdown restrictions on April 12th also aided by Stoiximan's full consolidation.

Gross Profit Gross Profit from gaming

(from operations in H1 2021 stood at

gaming €248.8m compared to €191.1m in operations)1 H1 2020 higher by 30.2% as a result of revenues' recovery. Q2 2021 Gross Profit increased by 2.5x y-o-y reaching €173.2m vs €68.8m in Q2 2020. Gross profit was also burdened by Hellenic Lotteries' disproportional GGR contribution so as to meet the annual contractual threshold of

€50m.

EBITDA EBITDA in H1 2021 stood at €204.8m versus €102.5m in H1 2020 higher by 99.8% or 74.4% l-f-l aided by the recognition of €100.1m income related to the extension of the concession agreement, along with Stoiximan contribution following its full consolidation. Q2 2021 EBITDA reached at €143.5m versus €16.2m in Q2 2020.

Reported figures

Recurring figures

* Excl. one-off income of €14.0m in H1'21 and one-off income of

€1.2m in Q2 2021 (expenses of €6.9m in H1 2020 and Q2 2020)

Net Profit

Net profit in H1

2021 stood

at

Reported figures

€82.1m versus €20.4m in H1 2020

up by 4.0x.

On a l-f-l basis, excluding one-off

items, H1 2021 net profit stood at

€69.0m vs €30.7m in H1 2020

while Q2 2021 net profits reached

€70.9m versus

net losses

of

€4.9m in Q2 2020, also aided by the decreased nominal corporate tax rate now standing at 22%.

1 GGR - GGR contribution - Agents' commission - Other NGR related commission

OPAP S.A. Interim Consolidated Financial Statements

for the six-month period ended June 30th, 2021

2

[Public]

News Release

H1 2021 FINANCIAL PERFORMANCE

Recurring figures

* Excl. one-off income of €13.1m in H1'21 and income of €0.9m in Q2 2021 (expenses of €10.2m in H1 2020 and Q2 2020).

Comment of OPAP's CEO, Mr. Jan Karas, on the H1 2021 results:

"We are delighted to announce our Q2'21 set of results that demonstrate a strong return to normality. Our performance was clearly aided by solid retail recovery while online revenues retained a strong growth momentum.

Despite the COVID-19 restrictions still in place, we have successfully managed to attract customers back to our stores, thanks to our comprehensive commercial plan and constant focus on providing world-class gaming entertainment. This approach supports the recovery and sustainability of our partners' business. At the same time, we continue to lead the online market on the back of our long-term dual strategy with our investment in Kaizen Gaming continuing to pay off, while further enhancing and differentiating our OPAP branded online offering.

Overall, OPAP deploys a unique business model constantly developing and delivering services to better meet our customers' expectations. Looking forward, we remain committed to expand our online presence, digitalize the retail experience and evolve the brand and product portfolio so as to attract new audiences and further reactivate existing ones."

2. FINANCIAL REVIEW

Revenues (GGR) per game

(€ '000)

Q2 2021

Q2 2020

Δ%

H1 2021

H1 2020

Δ%

Lottery

150,334

102,992

46.0

186,942

257,525

(27.4)

% total revenues

38.0

57.3

-

32.8

50.7

-

Betting

131,603

38,757

239.6

213,964

126,742

68.8

% total revenues

33.2

21.6

-

37.5

25.0

-

VLTs

36,130

21,786

65.8

36,133

88,401

(59.1)

% total revenues

9.1

12.1

-

6.3

17.4

-

Instant & Passives

29,220

14,401

102.9

37,092

33,579

10.5

% total revenues

7.4

8.0

-

6.5

6.6

-

Online Casino

48,607

1,680

2,794.2

95,951

1,680

5,613.1

% total revenues

12.3

0.001

-

16.8

.0

-

TOTAL REVENUES

395,893

179,615

120.4

570,082

507,927

12.2

OPAP S.A. Interim Consolidated Financial Statements

for the six-month period ended June 30th, 2021

3

[Public]

News Release

H1 2021 FINANCIAL PERFORMANCE

Lottery Revenues from lottery reached €186.9m in H1 2021 versus €257.5m in H1 2020, lower by 27.4% y-o-y on the back of stores' closure for almost double days in H1 2021 compared to H1 2020. Online Joker continued its growth in H1 2021 both in terms of performance and customer acquisition. Lottery GGR in Q2 2021 increased by 46.0% standing at €150.3m on the back of retail reopening on April 12th, compared to Q2 2020, when stores remained closed for almost half of the quarter.

Betting Total betting revenues reached €213.9m in H1 2021 versus €126.7m in H1 2020 higher by 68.8% y-o-y mostly due to Stoiximan full consolidation. Betting GGR in Q2 2021 increased by 3.4x y-o- y standing at €131.6m on the back of retail outlets' reopening in early April and online increased contribution.

VLTs VLTs revenues in H1 2021 stood lower by 59.1% reaching €36.1m versus €88.4m in H1 2020 on the back of stores' closure for almost 5 out of 6 months in the 1st semester of 2021. In Q2 2021 VLTs remained suspended for 54 days vs 69 days in Q2'20 and GGR increased by 65.8% reaching €36.1m versus €21.8m in Q2 2020.

Instant & Revenues from Instant & Passives stood

Passives at €37.1m in H1 2021 compared to €33.6m in H1 2020, higher by 10.5% y- o-y. Q2 2021 GGR stood at €29.2m double on a y-o-y basis, on the back of new Scratch variants and market reopening.

Online Revenues from Online Casino stood at

Casino €95.9m in H1 2021 and €48.6m in Q2 2021, continuing an exceptional performance also including the relevant Stoiximan stream since December 2020.

OPAP S.A. Interim Consolidated Financial Statements

for the six-month period ended June 30th, 2021

4

[Public]

News Release

H1 2021 FINANCIAL PERFORMANCE

Gaming revenue related expense

(€ '000)

Q2 2021

Q2 2020

%

H1 2021

H1 2020

%

Agents' commission

71,258

40,517

75.9

85,468

119,513

(28.5)

Other NGR related commission

23,548

8,583

174.3

39,387

24,606

60.1

Total

94,806

49,100

93.1

124,855

144,119

(13.4)

% of total revenues (GGR)

23.9

27.3

21.9

28.4

Gaming

Gaming revenue related expense in H1

revenue

2021 dropped by 13.4% y-o-y reaching

related

€124.9m versus €144.1m in H1 2020

expense

mainly due to increased online that

comes with a higher gross profit margin.

Q2 2021 gaming

revenue

related

expense reached €94.8m vs. €49.1m in Q2 2021 due to the retail reopening in the beginning of Q2'21.

Payroll expense

(€ '000)

Q2 2021

Q2 2020

%

H1 2021

H1 2020

%

Wages and salaries

12,880

15,518

(17.0)

28,131

31,843

(11.7)

Social security costs

3,022

3,551

(14.9)

5,336

6,321

(15.6)

Other staff costs

1,850

884

109.3

2,722

1,753

55.3

Sub Total

17,751

19,952

(11.0)

36,190

39,917

(9.3)

Stoiximan (GR/CY)

2,501

-

-

2,662

-

-

Total cost

20,252

19,952

1.5

38,852

39,917

(2.7)

% of total revenues (GGR)

5.1

11.1

6.8

7.9

Payroll Payroll expense in Η1 2021 stood at

expense €38.9m compared to €39.9m in Η1 2020, decreased by 2.7%. On a comparable basis and after excluding Stoiximan impact, H1'21 payroll expenses decreased by 9.3% y-o-y, reflecting headcount optimization. Q2 2021 payroll expense increased by 1.5% y-o-y at €20.3m but came in lower by 11% y-o-y on a comparable basis.

Marketing expense

(€ '000)

Q2 2021

Q2 2020

%

H1 2021

H1 2020

%

CSR & sponsorship expense

4,523

3,838

17.9

8,494

8,925

(4.8)

Advertising expense

13,909

6,960

99.9

20,651

14,479

42.6

Sub Total

18,432

10,798

70.7

29,146

23,404

24.5

Stoiximan (GR/CY)

9,890

0

-

15,213

-

Total

28,323

10,798

162.3

44,359

23,404

89.5

OPAP S.A. Interim Consolidated Financial Statements

for the six-month period ended June 30th, 2021

5

[Public]

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

OPAP SA - Greek Organisation of Football Prognostics published this content on 08 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 September 2021 15:01:06 UTC.


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Net income 2021 279 M 324 M 324 M
Net Debt 2021 374 M 435 M 435 M
P/E ratio 2021 15,9x
Yield 2021 7,50%
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Nbr of Employees 1 470
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Chart GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.
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Greek Organisation of Football Prognostics S.A. Technical Analysis Chart | OPAP | GRS419003009 | MarketScreener
Technical analysis trends GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 8
Last Close Price 13,66 €
Average target price 15,55 €
Spread / Average Target 13,8%
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