OPAP - Positive momentum of 2018 continues into Q1 2019
ATHENS, Greece – June 05, 2019 – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the period ended March 31st, 2019, prepared in accordance with International Financial Reporting Standards (IFRS).
Revenues (GGR) higher by 5.0% at €396.0m in Q1 2019 (Q1 2018: €377.3m) due to increased VLTs contribution along with solid lottery performance & Pame Stoixima reverting to positive y-o-y growth.
Overall Q1 GGR delivered the strongest 1st quarter performance since 2010.
Gross Profit (from gaming operations) up by 5.5% at €156.1m (Q1 2018: €147.9m) in line with revenue run rate.
EBITDA in Q1 2019 increased by 28.0% to €111.6m (Q1 2018: €87.2m), or 15.7% on a LFL basis after excluding one-off items primarily related to a legal provision reversal.
Operating Expenses at €64.1m, lower by 4.9% y-o-y on the back of sustained cost efficiencies mostly stemming from our IT transformation.
Net Profit increased by 43.5% at €57.2m (Q1 2018: €39.8m) or higher by 13.7% on a recurring basis.
Strong financial position, with Net Debt at €410.5m, and Net Debt/LTM EBITDA ratio of 1.1x.
19,965 VLTs in Greece and 6,328 SSBTs in Greece/Cyprus installed as of 31st March 2019.
- Remaining gross DPS €0.60, with a scrip option. Cut-off date on 26th June 2019.
|(€ ‘m)||Q1 2019||Q1 2018||%Δ|
|GGR (Gross Gaming Revenue)||396.0||377.3||5.0%|
|NGR (Net Gaming Revenue)2||266.8||253.1||5.4%|
|Gross Profit (from gaming operations)3||156.1||147.9||5.5%|
|Net profit margin||14.4%||10.6%|
1 excl. VLTs
2 GGR-GGR contribution
3 NGR-Agents’ commission-other NGR related commission
For further information regarding OPAP’s consolidated financial results for the fiscal year ended December 31st, 2018, please see here: