OPAP published its financial results for the first half of 2020 and reports a 37.1% reduction in gross profit from gaming operations

OPAP, 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).
Next, we share with our readers the highlights of OPAP's financial report

Revenues (GGR)
OPAP’s revenues (GGR) in H1 2020 lower by 34.8% y-o-y to €507.9m, due to stores closure for most of the semester and the overall Covid-19 related restrictions in place. GGR in Q2 2020 declined by 53.2% y-o-y at €179.6m, while post full reopening (June 8th –June 30th) revenues demonstrated positive yo-y growth.

Revenues from lottery reached
€257.5m in H1 2020 versus €379.3m in H1 2019, lower by 32.1% y-o-y.

Lottery GGR in Q2 2020 decreased by 45.1% y-o-y standing at €103.0m on the back of stores closure up to May 11th 2020. Post stores full reopening lottery GGR demonstrated an encouraging recovery rate despite the social distancing measures still in place.

Online Joker has since the lockdown posted a strong growth that is persisting in the post stores reopening period.

Total betting revenues reached €128.4m in H1 2020 versus €191.8m in H1 2019 lower by 33.1%
Betting GGR in Q2 2020 decreased by 55.1% y-o-y standing at €40.4m on the back of stores closure and sports events cancellation that resulted to a significant disruption to the normal sports calendar and
content. Betting GGR demonstrated strong recovery signs and y-o-y growth post the restart of major
leagues and events.

VLTs revenues in H1’20 stood lower by 36.8% y-o-y, reaching €88.4m in H1 2020 vs. €139.9m in H1 2019.
In Q2 2020 VLTs GGR decreased by 69.3% with VLTs shut down up until June 8th.

VLTs re-start was accompanied by double digit GGR growth rates and higher y-o-y performance of the
mature machines.

Gross Profit (gaming operations)
Gross Profit from gaming operations in H1 2020 stood at €191.1m compared to €304.0m in H1 2019 lower by 37.1%. Q2 2020 gross profit decreased by 54.2% yo-y reaching €68.8m vs. €150.1m in Q2 2019, returning to growth in the post full reopening period.

EBITDA (Earnings Before Interests, Taxes, Depreciations and Amortizations)
EBITDA in H1 2020 stood at €102.5m versus €201.4m in H1 2019 lower by 49.1%. Q2 2020 EBITDA reached at €16.2m versus €88.4m in Q2 2019 decreased by 81.7%.
On a l-f-l basis, excluding one-off items, H1 2020 EBITDA dropped by 43.4% yo-y and Q2 2020 decreased by 74.7% yo-y, reflecting prompt cost containment actions applied throughout the lockdown
period. Kaizen Gaming (Stoiximan/Betano brands) contribution in H1 2020 EBITDA came in at €6.4m.

Net Profit
Net profit in H1 2020 stood at €20.4m versus €91.8m in H1 2019 lower by 77.7%. Q2 2020 net loss reached at €15.1m versus net profit of €34.6m in Q2 2019.
On a l-f-l basis, excluding one-off items, H1 2020 Net Profit dropped by 64.5% yo-y while Q2 2020 net loss reached at €4.9m vs net profit of €36.6m in the respective period last year

Comment of OPAP’s Acting CEO, Mr. Jan Karas, on the H1 2020 results:
“2020 has been an extremely demanding year so far, with the coronavirus pandemic leading to unprecedented challenges for both businesses and society. The decisive and prompt actions taken by OPAP to mitigate the pandemic’s impact for all of its stakeholders have been reflected in the company’s financial results, which were once more sound, as well as in its evolving socioeconomic footprint."

"When it comes to the financials, Q2 moved alongside our demanding expectations, leading to cash generation even during the harshest of times. Going forward, initiatives such as the constant enhancement of our online offering, prompt cost control actions, the swift adaptation to a new working norm, and the ongoing support of our network and our social stakeholders remain at the forefront of our attention. Undoubtedly, there will be additional hurdles on the road to recovery, but we are confident that we are well positioned to face any challenges."

OPAP Financial Results (First Half 2020)
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