OPAP – FY 2020 financial performance

• 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 7^th 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 17^th at €0.45 gross. Ex-dividend date on July 13^th

For further information on OPAP’s Consolidated Financial Results for the period ended December 31^st, 2020, please download the comprehensive report listed below.