OPAP – H1 2020 financial performance
Encouraging recovery post lockdown with strong financial position preserved
ATHENS, Greece – September 9, 2020 – OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece, announces its consolidated financial results for the period ended June 30th, 2020, prepared in accordance with International Financial Reporting Standards (IFRS).
- H1 Gross Gaming Revenues (GGR) at €507.9m lower by 34.8% y-o-y and Q2’20 GGR at €179.6m decreased by 53.2% y-o-y due to the imposed Covid-19 related lockdown and the accompanying stores closure. Performance post full reopening (June 8th - June 30th) returned to positive ground.
- Gross Profit (from gaming operations) in H1’20 down by 37.1% at €191.1m (H1 2019: €304.0m). Q2 2020 gross profit (from gaming operations) stood at €68.8m (Q2 2019: €150.1m) lower by 54.2% y-o-y as a result of revenues drop, with post full reopening figures, returning to growth.
- EBITDA in H1 2020 lower by 49.1% to €102.5m (H1 2019: €201.4m) or -43.4% on l-f-l after excluding oneoff items in both years. Q2 2020 EBITDA came in at €16.2m (Q2 2019: €88.4m) decreased by 81.7%, or - 74.7% on l-f-l basis.
- Operating Expenses in H1 2020 at €124.8m, contained by 6.9% y-o-y in accordance with company’s commitments.
- Net Profit in H1 2020 lower by 77.7% to €20.4m (H1 2019: €91.8m) or -64.5% on a l-f-l basis after excluding one-off items in both years. Q2 2020 Net Loss came in at €15.1m (Q2 2019: profit of €34.6m) or €-4.9m vs. Q2 2019 profit of 36.6m when excluding one-off items.
- Material quarterly cash generation thus maintaining a strong financial position, with Net Debt at €517.4m, and Net Debt/LTM EBITDA at 1.6x.
- FY 2019 dividend distribution of €0.30 per share in August reflecting OPAP’s strong foundations and commitment to distribute economic value to all stakeholders.
- Strong Kaizen Gaming (Stoiximan/Betano brands) contribution combined with OPAP’s online double-digit growth during and post the lockdown period.
- Social distancing measures, local lockdowns and limited visibility call for prudent management and constant operational focus.
For further information on OPAP’s Interim Consolidated Financial Statements for the six month period ended June 30st, 2020, please download the comprehensive report listed below.