OPAP – 9M 2020 financial performance
Convincing quarterly recovery & solid capability
ATHENS, Greece – November 25, 2020 – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the period ended September 30th, 2020, prepared in accordance with International Financial Reporting Standards (IFRS).
- Gross Gaming Revenues (GGR) in 9M 2020 stood at €898.9m lower by 23.4% y-o-y and Q3’20 GGR at €391.0m marginally decreased by 0.7% y-o-y demonstrating a convincing, gradual recovery towards business normality.
- Gross Profit (from gaming operations) in 9M’20 down by 25.9% at €338.2m (9M 2019: €456.5m). Q3 2020 gross profit (from gaming operations) stood at €147.1m (Q3 2019: €152.5m) lower by 3.6% y-o-y
- EBITDA in 9M 2020 lower by 31.9% at €207.6m (9M 2019: €304.9m) or -27.8% l-f-l after excluding one-off items in both years. Q3 2020 EBITDA came in at €105.0m (Q3 2019: €103.5m) increased by 1.5%, as a result of cost efficiencies and increased Kaizen Gaming contribution.
- Operating Expenses in 9M 2020 at €182.5m, decreased by 5.9% y-o-y as a result of well-timed cost containment actions during the lockdown. Operating expenses in Q3 2020 came in at €57.7m lower by 3.8% y-o-y demonstrating persistent focus on cost optimization.
- Net Profit in 9M 2020 lower by 47.9% to €73.2m (9M 2019: €140.6m) or -38.3% on a l-f-l basis after excluding one-off items in both years. Q3 2020 Net Profit came in at €52.8m (Q3 2019: €48.8m) increased by 8.3%.
- Solid cash position, with Net Debt at €555.7m, and Net Debt/LTM EBITDA at 1.7x.
- Issuance of €200m 7-year bond loan at a low 2.1% interest rate.
- Growing contribution of Kaizen Gaming coupled with OPAP’s improving online offering.
- Well positioned to address the impact of lockdown measures and sustain business continuity.
For further information on OPAP’s Interim Consolidated Financial Results for the period ended September 30th, 2020, please download the comprehensive report listed below.