OPAP maintains momentum aided by new projects’ rollout
ATHENS, Greece – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the six month period ended June 30 th, 2017, prepared in accordance with International Financial Reporting Standards (IFRS).
- Revenues (GGR) increased by 1.4% at €688.5m (H1 2016: €678.8m). Q2 2017 GGR declined mildly by 2.5% at €329.6m (Q2 2016: €338.1m) due in the most part to tough comparables linked with the Euro Cup event in June 2016 and jackpot rollovers in Joker. Excluding Stihima, OPAP’s remaining games marked a meaningful y-o-y increase in Q2 2017, aided by new products’ introduction.
- EBITDA at €130.7m (H1 2016: €161.5m) & Q2 2017 EBITDA at €52.2m. Adjusted for one-off litigation provisions of €12.1m, Q2 2017 EBITDA came in at €64.3m lower by 15.6% vs. adjusted Q2 2016 EBITDA of €76.2m (that included a Q1'16 retroactive GGR contribution hike to 35% and one-off income of €6.5m) on the back of development expenses linked with new projects’ implementation.
- Net Profit at €60.9m (H1 2016: €85.8m) lower by 29.0% & Q2 2017 net profit at €21.9m. Adjusted Net profit in Q2 2017 reached €30.5m (adjusted Q2 2016 at €38.4m)
- Strong financial position, with net debt shaping at €217.0m
- 3.031 installed VLTs at the end of H1 along with faster than expected delivery of virtual games across the OPAP’s estate
- Smooth ongoing implementation of SSBTs, central system transition & brand new online platform development.
- Interim DPS of €0.10
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