Greek Organisation of Football Prognostics S A : OPAP SA - H1 2021 Financial Results - Press Release
09/08/2021 | 11:02am EDT
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.
GGR (Gross Gaming
NGR (Net Gaming
Gross Profit (from gaming
Net profit margin
EPS (in €)
1 GGR-GGR contribution
2 NGR-Agents'commission-other NGR related commission
(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
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.
* 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 in H1
€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
€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
* 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."
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.
expense reached €94.8m vs. €49.1m in Q2 2021 due to the retail reopening in the beginning of Q2'21.
Wages and salaries
Social security costs
Other staff costs
% of total revenues (GGR)
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.
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.