OPAP – Q1 2020 financial performance
Solid pre-lockdown performance & gradual recovery post reopening
ATHENS, Greece – June 10, 2020 – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the period ended March 31st, 2020, prepared in accordance with International Financial Reporting Standards (IFRS).
- Solid l-f-l revenues (+1.7% y-o-y) up to the lockdown on 13.03; OPAP stores and gaming halls Covid-related closure on March 14th resulted to Q1 revenues (GGR) of €328.3m lower by 17.1% y-o-y.
- Gross Profit (from gaming operations) down by 20.5% at €122.3m (Q1 2019: €153.9m) affected by revenues drop, with l-f-l figures up to March 13th staying positive.
- EBITDA in Q1 2020 lower by 23.6% to €86.4m (Q1 2019: €113.0m).
- Operating Expenses at €57.7m, contained by 6.9% y-o-y on the back of significant mitigation actions right from the start of Covid-19 outbreak.
- Net Profit decreased by 37.8% at €35.5m (Q1 2019: €57.2m).
- Strong financial position, with Net Debt at €555.6m, and Net Debt/LTM EBITDA ratio of 1.4x.
- FY 2019 dividend distribution proposal to the upcoming AGM on June 25th at €0.30 per share on top of €1.00 already paid in February.
- Strong Stoiximan performance coupled with OPAP online picking up pace during the lockdown
- Restrictions measures partially lifted on May 11th with gradual recovery signs across the portfolio. Major football leagues have been restarting and gaming halls reopened on June 8th.
For further information on OPAP’s interim management statements for the period ended March 31st, 2020, please download the comprehensive report listed below.