- Gross Gaming Revenues (GGR) in Q1 2021 stood at €174.2m lower by 46.9% y-o-y on the back of retail closure, with only c.40% of the network having reopened in February. Online delivered a record quarter aided by Kaizen Gaming’s full consolidation.
- Gross Profit (from gaming operations) in Q1’21 down by 38.2% at €75.6m (Q1 2020: €122.4m) due to revenues’ drop and Hellenic Lotteries’ disproportional GGR contribution so as to meet the minimum annual €50m contractual threshold.
- EBITDA in Q1 2021 lower by 29.0% at €61.3m (Q1 2020: €86.4m) or -43.8% l-f-l after excluding one-off income in Q1 2021.
- Operating Expenses in Q1 2021 at €76.1m vs €57.7m in Q1 2020, albeit lower by 14.8% y-o-y on a l-f-l basis, excluding one-off items and Kaizen Gaming’s full consolidation effect.
- Net Profit in Q1 2021 down by 71.1% to €10.3m (Q1 2020: €35.5m) or €-1.9m on a l-f-l basis after excluding one-off income.
- Strong cash position, with Net Debt at €552.8m, and Net Debt / LTM EBITDA at 2.4x (2.6x incl. leases).
- Strong & lasting online momentum coupled with Kaizen Gaming full revenue stream.
- All OPAP shops in Greece fully open since April 12th under social distancing measures, while VLTs activity is expected to resume operations on May 24th.
- Following stores reopening BoD revised upwards its proposal to the AGM for the 2020 DPS at €0.55 vs €0.45 initially.
For further information on OPAP’s consolidated financial results for the period ended March 31st, 2021, please download the comprehensive report listed below.