Greek Organisation of Football Prognostics S A : OPAP SA - H1 2020 Financial Results - Press Release

News Release

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 one-
  off 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.

1. OVERVIEW

	(€ 'm)			Q2 2020			Q2 2019						H1 2020			H1 2019
	Amounts wagered1		527.6		1,048.9			-49.7%		1,412.7		2,131.7			-33.7%
	GGR (Gross Gaming Revenue)		179.6		383.6			-53.2%		507.9		779.6			-34.8%
	Payout (%)1			70.1%			70.2%						70.3%			70.0%
	NGR (Net Gaming Revenue) 2		117.9		258.8			-54.4%		335.2		525.6			-36.2%
	Gross Profit (from gaming		68.8		150.1			-54.2%		191.1		304.0			-37.1%
	operations) 3
	Operating Expenses		67.1		72.1			-6.8%		124.8		134.0			-6.9%
	EBITDA		16.2		88.4			-81.7%		102.5		201.4			-49.1%
	EBITDA margin			9.0%			23.0%						20.2%			25.8%
	Net profit		(15.1)		34.6			-		20.4		91.8			-77.7%
	Net profit margin			-			9.0%						4.0%			11.8%
	EPS (in €)		-0.0454		0.1092			-		0.0619		0.2894			-78.6%

1. excl. VLTs
2. GGR-GGRcontribution
3. NGR-Agents'commission-other NGR related commission

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	1

News Release

H1 2020 FINANCIAL PERFORMANCE

Revenues OPAP's revenues (GGR) in H1 2020

(GGR) 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 y- o-y growth.

Gross Profit	Gross Profit from gaming operations in
(from gaming	H1 2020 stood at €191.1m compared to
operations)1	€304.0m in H1 2019 lower by 37.1%. Q2
	2020 gross profit decreased by 54.2% y-
	o-y reaching €68.8m vs. €150.1m in Q2
	2019, returning to growth in the post full
	reopening period.

EBITDA 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% y- o-y and Q2 2020 decreased by 74.7% y- o-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.

Reported figures

Recurring fugures

• Excl. one-off expenses of €6.9m in Q2'20 and H1'20 & expenses of €2.8m in Q2'19 and income of €7.9m in H1'19.

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% y- o-y while Q2 2020 net loss reached at €4.9m vs net profit of €36.6m in the respective period last year.

Reported figures

Recurring fugures

* Excl. one-off expenses of €10.2m in Q2'20 and H1'20 & expenses of €2.0m in Q2'19 and income of €5.4m in H1'19.

1 GGR - GGR contribution - Agents' commission - Other NGR related commission

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	2

News Release

H1 2020 FINANCIAL PERFORMANCE

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."

2. FINANCIAL REVIEW

	Revenues (GGR) per game
	(€ '000)					Q2 2020			Q2 2019			Δ%			H1 2020			H1 2019			Δ%
	Lottery					102,992		187,669			(45.1)		257,525		379,348			(32.1)
	% total revenues				57.3		48.9			-		50.7		48.7			-
	Betting					40,437		90,113			(55.1)		128,422		191,854			(33.1)
	% total revenues				22.5		23.5			-		25.3		24.6			-
	VLTs					21,786		70,942			(69.3)		88,401		139,888			(36.8)
	% total revenues				12.1		18.5			-		17.4		17.9			-
	Instant & Passives				14,401		34,838			(58.7)		33,579		68,502			(51.0)
	% total revenues				8.0		9.1			-		6.6		8.8			-
	TOTAL REVENUES				179,615			383,562			(53.2)			507,927			779,592			(34.8)
	Lottery	Revenues	from	lottery	reached
		€257.5m	in	Η1	2020	versus
		€379.3m in Η1 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 re-
		opening 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 re-
		opening period.
OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020														3

News Release

H1 2020 FINANCIAL PERFORMANCE

Betting

Total

betting

revenues

reached

€128.4m in

H1

2020

versus

€191.8m in H1 2019 lower by 33.1%

y-o-y.

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

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.

Instant &

Revenues from Instant & Passives

Passives

stood at €33.6m in H1 2020

compared to €68.5m in H1 2019,

lower by 51.0% y-o-y. Q2 2020

Instants and passives GGR reached

€14.4m decreased by 58.7% y-o-y.

Post full reopening Instant &

Passives performed well, albeit still

stayed deeply negative.

Gaming revenue related expense

(€ '000)

Q2 2020

Q2 2019

%

H1 2020

H1 2019

%

Agents' commission

40,517

90,447

(55.2)

119,513

185,330

(35.5)

Other NGR related commission

8,583

18,231

(52.9)

24,606

36,307

(32.2)

Total

49,100

108,678

(54.8)

144,119

221,637

(35.0)

% of total revenues (GGR)

27.3

28.3

28.4

28.4

Gaming Gaming revenue related expense in

revenue H1 2020 reached €144.1m versus

related €221.6m in H1 2019 lower by 35.0%

expense y-o-y in line with decreased revenue. In Q2 2020, gaming revenue related expense stood at €49.1m versus €108.7m in the respective period in 2019.

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	4

News Release

H1 2020 FINANCIAL PERFORMANCE

Payroll expense

	(€ '000)			Q2 2020			Q2 2019			%			H1 2020			H1 2019			%
	Wages and salaries		15,691		14,538			7.9		31,843		30,091			5.8
	Social security costs		3,551		4,255			( 16.6)		6,321		6,945			( 9.0)
	Termination compensations		81		3,116			( 97.4)		187		3,865			( 95.2)
	Other staff costs		802		761			5.5		1,565		1,517			3.2
	Total cost			20,125			22,670			( 11.2)			39,917			42,418			( 5.9)
	% of total revenues (GGR)		11.2		5.9					7.9		5.4

Payroll Payroll expense in H1 2020 stood at

expense €39.9m compared to €42.4m in H1 2019, down by 5.9%. Q2 2020 payroll expense decreased by 11.2% y-o-y at €20.1m versus €22.6m in Q2 2019 that was burdened by a one-off & small-scale voluntary departure scheme.

Marketing expense

	(€ '000)			Q2 2020			Q2 2019			%			Η1 2020			Η1 2019			%
	CSR & sponsorship		3,838		5,046			( 23.9)		8,925		10,257			( 13.0)
	expense
	Advertising expense		6,960		11,504			( 39.5)		14,479		21,120			( 31.4)
	Total			10,798			16,550			( 34.8)			23,404			31,376			( 25.4)

Marketing Marketing expense in H1 2020

expense decreased by 25.4% at €23.4m vs €31.4m in H1 2019. Q2 2020 marketing expenses reached €10.8m compared to €16.6m in Q2 2019, down by 34.8% y-

o-y reflecting the company's commitment on cost control while continually supporting the high online activity.

	Other operating expense
		(€ '000)			Q2 2020			Q2 2019			%			Η1 2020			Η1 2019			%
		IT related costs		5,812		5,303			9.6		10,852		10,467			3.7
		Utilities & Telco		2,677		3,340			( 19.9)		5,731		6,928			( 17.3)
		costs
		Rentals		352		350			0.5		828		1,002			( 17.3)
		Inventory		517		1,454			( 64.4)		1,892		2,839			( 33.4)
		consumption
		Other		26,855		22,393			19.9		42,194		38,976			8.3
		Total			36,213			32,840			10.3			61,498			60,212			2.1
OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020									5

News Release

H1 2020 FINANCIAL PERFORMANCE

Other Other operating expense in H1 2020

operating increased by 2.1% y-o-y standing at

expense €61.5m versus €60.2m in H1 2019. Q2 2020 other operating expenses reached €36.2m, while on a l-f-l level (excl. various items related to network support and several impairments), other OPEX came in at €23.8m down by 27.7% y-o- y

Cash Flows

	(€' .000)			H2 2020			H2 2019			Δ%
	Cash Flow from Operating Activities		70,221		129,776		( 45.9)
	Cash Flow from Investing Activities		( 393)		( 14,857)		-
	Cash Flow from Financing Activities		( 75,394)		( 8,119)		-

Cash Flow Cash inflow from operating activities in

from H1 2020 stood at €70.2m from Operating €129.8m in H1 2019 demonstrating the

Activities company's superior cash generation ability despite the lockdown.

Cash Flow Cash flow from investing activities in

from H1 2020 amounted to an outflow of

Investing €0.4m on the back of investments'

Activities containment during the lockdown period.

Cash Flow Cash flow from financing activities in

from H1 2020 amounted to an outflow of Financing €75.4m on the back of the

Activities extraordinary dividend distribution of €169.5m and net borrowings of €97.7m.

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	6

News Release

H1 2020 FINANCIAL PERFORMANCE

3. MAIN DEVELOPMENTS

Coronavirus update

Operational performance

Since the coronavirus (COVID-19) outbreak, OPAP proceeded with the implementation of a set of decisive actions in response to coronavirus (COVID-19) to proactively protect its employees and support its network in the same time with the balanced assurance of its business continuation through a series of initiatives. However, since OPAP's business is heavily weighted towards retail, the pandemic severely impacted the Group's financial results and operational performance with OPAP stores remaining closed for almost two months, and VLTs only restarting operations as of early June.

Following the ease of the lockdown restrictions and stores re-opening, along with the restart of major sports leagues

• events, revenues have gradually recovered, albeit activity remains below pre-Covid levels. Within this period,
  OPAP's online product portfolio was enhanced with new games that along with the increased penetration of Tzoker, resulted to a significant increase of online revenues.
  At the same time, the low fixed cost base of the business, the encouraging performance rump-up post stores re- opening, as well as a set of important cost mitigation actions, allowed OPAP to declare positive operating results in
  Q2'20.

Statement of Financial Position & liquidity

Given the circumstances related to coronavirus (COVID-19), the Group successfully secured additional liquidity through new credit facilitations, concluded the second part of Kaizen Gaming (Stoiximan/Betano brands) transaction with the equivalent payment, and safeguarded the proper operations of the business supporting its partners wherever needed. On top, the Group managed to secure necessary waivers meeting mid-year covenants tests where necessary.

As a result, the timely implementation of the aforementioned actions together with the generation of positive cash flows on a YTD level led the Group's cash reserves at €539m as of September 7th 2020.

Business Continuity

OPAP has taken all necessary actions so as to protect its employees, partners & customers, strictly abiding by the Government's guidelines and best business practices, at the same time causing the minimum possible disruption to the business.

Outlook - Potential Impact

OPAP is constantly assessing implications of coronavirus (COVID-19) on the Group's performance. While the performance rump-up following stores re-opening has been encouraging, any potential local lockdowns, lower than expected tourism contribution, further limitations on retail business operations and an overall deterioration of GDP and private consumption would result to lower footfall and customer activity and subsequently to a further decrease in OPAP's revenues.

2019 Dividend - Scrip dividend optionality

The Company distributed in Aug '20 a dividend for the fiscal year 2019 of €0.30 per share before the tax deduction, on top of the extraordinary dividend of €1.00 per share distributed in Feb '20 offering a scrip dividend optionality as well. The scrip dividend was welcomed by 1,455 shareholders that selected to reinvest to the company, resulting to a take up of c. 56.02% of total outstanding share capital, excluding own shares.

Kaizen Gaming (Stoiximan/Betano brands)

In August 2020 OPAP concluded the acquisition from TCB Holdings Ltd ('TCB') (now under corporate name 'Kaizen Gaming Limited') of the pre-agreed 51% direct stake in Stoiximan Group's Greek and Cypriot business ('SMGC') currently operated by GML Interactive Ltd (now under corporate name 'Kaizen International Gaming Limited'), for an aggregate net consideration (i.e. after subtracting OPAP's 36.75% stake in TCB) of €90.2m plus net cash of €3.0m.

Additionally, as previously announced, OPAP will pay earnouts for 2020 and 2021 subject to the performance criteria set for SMGC.

Following the completion of the aforementioned transaction, OPAP effectively holds 69% stake in SMGC, while it retains its 36.75% stake in Stoiximan Group's operations outside of Greece and Cyprus under the BETANO brand. Finally, OPAP will proceed with (i) the acquisition of an additional 15.48% indirect stake in SMGC for an aggregate net consideration of €43.2m plus net cash (plus earnout payments for 2020 and 2021), resulting in a 84.49% combined stake, and (ii) acquisition of sole control over SMGC for a net consideration of €30m, upon receipt of the requisite regulatory and competition approvals. It is envisaged that SMGC will operate under the 'Stoiximan' brand through a separate legal entity.

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	7

News Release

H1 2020 FINANCIAL PERFORMANCE

As previously announced, the aggregate net consideration for all the aforementioned transactions planned to be paid for in the course of 2020 is €163.4m.

Power Spin launch

In the context of enhancing customers' gaming experience and further developing the product portfolio, OPAP launched in late June the new product Powerspin in OPAP stores.

Powerspin is a modern version of the famous wheel of fortune, and is designed to refresh customers' interest for those who seek a fast and easy way of betting. The wheel is comprised of 27 blocks where one outcome is drawn every 4 minutes. The draw is held in OPAP stores' monitors.

Online licensing update

On 05.08.2020 the Gaming Regulation for the Organization and Running of Online Games of Chance was published in the Government Gazette. In accordance to the regulation and within the relevant deadline Kaizen Gaming (currently operating the Stoiximan brand) and OPAP submitted all supplementary data to HGC on 03.09.2020 and 04.09.2020, respectively, concluding the application process for the new online licenses. HGC will award the licenses within two months upon the submission of the supplementary data.

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	8

News Release

H1 2020 FINANCIAL PERFORMANCE

Conference Call Invitation

H1 2020 Financial Results Conference Call

Thursday, September 10th, 2020

04:00 PM (Athens) / 02:00 PM (London) / 09:00 AM (New York)

H1 2019 Financial Results Presentation will be available at Company's website

one (1) hour prior to the Conference Call kick off.

Dial-in Numbers:
UK participants please dial	+44	(0) 800 368 1063
Greek participants please dial	+30	211 180 2000
US participants please dial	+ 1 516 447 5632
Other International please dial	+44	(0) 203 0595 872

Live Webcast:

The conference call will be webcasted in real time over the Internet and you may join by linking at the internet site: www.opap.gr/Q220or https://87399.themediaframe.eu/links/opapQ220.html

If you experience any difficulty, please call + 30 210 9460803.

CONTACTS

OPAP S.A. - 112, Athinon Ave., 104 42 Athens, Greece

Nikos Polymenakos - IR Director - Tel : [phone] - [e-mail]

George Vitorakis - Business Development & Strategic Analysis Director - Tel : [phone] - [e-mail]

ATTACHMENTS

1. Statement of Financial Position as of the six-month period ended 30 June 2020
2. Income Statement as of the six-month period ended 30 June 2020
3. Statement of Profit or Loss and Other Comprehensive Income as of the six-month period ended 30 June 2020
4. Statement of Changes in Equity as of the six-month period ended 30 June 2020
5. 1. Consolidated Statement of Changes in Equity
   2. Statement of Changes in Equity of the Company
6. Cash Flow Statement As of the six-month period ended 30 June 2020

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	9

News Release

H1 2020 FINANCIAL PERFORMANCE

1. Statement of Financial Position

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro)

			GROUP		COMPANY
			30.06.2020	31.12.2019	30.06.2020	31.12.2019
Non - current assets
Intangible assets		1,028,524	1,065,733	906,120	933,089
Property, plant and equipment		93,428	98,308	90,433	95,138
Right-of-use assets		52,580	64,036	29,721	32,627
Investment properties		1,655	1,703	1,655	1,703
Goodwill		27,353	30,275	-	-
Investments in subsidiaries		-	-	429,187	362,987
Investments in associates		53,719	54,158	-	-
Long - term receivables		1,357	1,467	-	-
Other non - current assets		25,809	27,855	24,792	29,290
Deferred tax assets		25,126	19,894	-	-
Long - term investments		-	1,000	-	-
Total non - current assets		1,309,551	1,364,429	1,481,908	1,454,835
Current assets
Cash and cash equivalents		628,248	633,815	363,151	450,297
Inventories		13,027	6,962	5,135	2,745
Trade receivables		104,904	161,158	51,867	70,905
Current income tax assets		5	4,436	-	4,429
Other current assets		59,793	60,204	44,313	33,259
Short - term investments		9,915	8,915	-	-
Total current assets		815,891	875,489	464,467	561,636
Total Assets		2,125,443	2,239,918	1,946,375	2,016,471
EQUITY & LIABILITIES
Equity
Share capital		100,412	96,487	100,412	96,487
Share premium		167,698	24,294	167,698	24,294
Reserves		31,213	31,522	29,958	30,266
Treasury shares		(14,497)	(14,497)	(14,497)	(14,497)
Retained earnings		216,721	615,982	233,771	620,030
Equity attributable to owners of the Company		501,546	753,788	517,341	756,579
Non-controlling interests		15,721	18,104	-	-
Total equity		517,267	771,892	517,341	756,579
Non-current liabilities
Loans		840,876	1,045,580	790,432	995,301
Lease liabilities		54,061	57,649	25,022	27,663
Deferred tax liability		26,647	23,528	24,564	21,015
Employee benefit plans		3,828	2,989	3,339	2,570
Provisions		8,697	8,517	8,695	8,515
Other non-current liabilities		3,814	3,361	2,929	2,524
Total non-current liabilities		937,924	1,141,624	854,980	1,057,588
Current liabilities
Loans		304,809	6,784	319,529	20,004
Lease liabilities		7,334	7,130	5,361	5,157
Employee benefit plans		2,772	3,578	2,772	3,578
Trade payables		120,298	184,054	40,724	76,867
Current income tax liabilities		5,325	1,755	3,576	-
Other current liabilities		229,713	123,101	202,092	96,697
Total current liabilities		670,251	326,403	574,053	202,304
Total liabilities		1,608,175	1,468,027	1,429,034	1,259,892
Total Equity & Liabilities		2,125,443	2,239,918	1,946,375	2,016,471
	OPAP S.A. Interim Consolidated Financial Statements
	for the six month period ended June 30st, 2020				10

News Release

H1 2020 FINANCIAL PERFORMANCE

2. Income Statement

2.1. Consolidated Income Statement

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro except earnings per share)

				2020		2019
	GROUP
			01.01-		01.04-		01.01-		01.04-
				30.06.2020		30.06.2020		30.06.2019		30.06.2019
	Amounts wagered			1,412,651		527,586		2,131,678		1,048,873
	Income Statement is as follows:
	Revenue (GGR)			507,927		179,615		779,592		383,562
	GGR contribution and other levies and duties			(172,691)		(61,748)		(253,996)		(124,801)
	Net gaming revenue (NGR)			335,236		117,867		525,596		258,761
	Agents' commissions			(119,513)		(40,517)		(185,330)		(90,447)
	Other NGR related commissions			(24,606)		(8,583)		(36,307)		(18,231)
	Other operating income			66,960		30,959		72,339		31,937
	Other operating cost			(37,070)		(18,217)		(43,629)		(22,919)
	Share of profit of associates			6,359		1,790		2,781		1,364
				227,366		83,299		335,450		160,465
	Operating expenses			(124,819)		(67,136)		(134,007)		(72,060)
	Payroll expenses			(39,917)		(20,125)		(42,418)		(22,670)
	Marketing expenses			(23,404)		(10,798)		(31,376)		(16,550)
	Other operating expenses			(53,936)		(28,751)		(57,246)		(32,492)
	Net impairment losses on financial assets			(7,562)		(7,462)		(2,967)		(348)
	Profit before interest, tax, depreciation and			102,547		16,162		201,443		88,405
	amortization (EBITDA)
	Depreciation, amortization and impairment			(65,658)		(38,558)		(56,730)		(29,381)
	Results from operating activities			36,889		(22,396)		144,714		59,024
	Finance income			9,521		8,584		1,575		910
	Finance costs			(21,595)		(10,178)		(13,744)		(6,680)
	Profit before tax			24,815		(23,990)		132,545		53,254
	Income tax expense			(6,754)		8,226		(40,799)		(18,200)
	Profit for the period			18,060		(15,764)		91,746		35,054
	Profit attributable to:
	Owners of the Company			20,443		(15,103)		91,797		34,620
	Non-controlling interests			(2,383)		(660)		(51)		434
	Profit after tax			18,060		(15,764)		91,746		35,054
	Basic and diluted earnings per share in €			0.0619		(0.0454)		0.2894		0.1092

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	11

News Release

H1 2020 FINANCIAL PERFORMANCE

2.2. Income Statement of the Company

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro except earnings per share)

						2020			2019
	COMPANY
					01.01-		01.04-		01.01-		01.04-
						30.06.2020		30.06.2020		30.06.2019		30.06.2019
	Amounts wagered					1,211,765		452,722		1,780,201		872,801
	Income Statement is as follows:
	Revenue (GGR)					439,728		153,903		661,537		324,427
	GGR contribution and other levies and duties					(149,334)		(52,647)		(224,624)		(109,962)
	Net gaming revenue (NGR)					290,394		101,256		436,913		214,465
	Agents' commission					(100,460)		(33,098)		(154,074)		(74,848)
	Other NGR related commission					(21,196)		(7,345)		(29,161)		(14,405)
	Other operating income					27,165		11,215		33,917		11,249
	Other operating cost					(49)		(5)		-		-
						195,854		72,024		287,594		136,461
	Operating expenses					(102,666)		(56,782)		(100,001)		(52,384)
	Payroll expenses					(32,821)		(16,564)		(35,205)		(18,877)
	Marketing expenses					(18,589)		(8,774)		(24,669)		(13,167)
	Other operating expenses					(47,830)		(28,019)		(39,513)		(20,015)
	Net impairment losses on financial assets					(3,425)		(3,425)		(614)		(326)
	Profit before interest, tax, depreciation and					93,188		15,242		187,593		84,077
	amortization (EBITDA)
	Depreciation and amortization					(42,782)		(21,630)		(42,778)		(22,467)
	Results from operating activities					50,406		(6,389)		144,815		61,609
	Finance income					8,971		8,528		696		440
	Finance costs					(19,649)		(9,342)		(12,049)		(5,883)
	Dividend income					5,500		5,500		1,500		1,500
	Profit before tax					45,229		(1,703)		134,962		57,666
	Income tax expense					(11,782)		()		(38,358)		(16,868)
	Profit for the period					33,447		(1,703)		96,604		40,798
	Profit attributable to:
	Owners of the Company					33,447		(1,703)		96,604		40,798
	Profit after tax					33,447		(1,703)		96,604		40,798
	Basic and diluted earnings per share in €					0.1013		(0.0051)		0.3046		0.1286

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	12

News Release

H1 2020 FINANCIAL PERFORMANCE

3. Statement of Profit or Loss and Other Comprehensive

Income

3.1. Consolidated Statement of Profit or Loss and Other Comprehensive Income

As at the six-month period ended 30 June 2020

	(Amounts in thousands of euro)
				2020		2019
	GROUP
			01.01-		01.04-		01.01-		01.04-
				30.06.2020		30.06.2020		30.06.2019		30.06.2019
	Profit for the period			18,060		(15,764)		91,746		35,054
	Other comprehensive income - items that may be reclassified to profit or loss
	Gain/(loss) from valuation of hedging			(405)		(165)		(1,998)		(1,050)
	derivatives
	Attributable income tax			97		39		500		263
	Exchange differences on translation of foreign			(2)		(2)		-		-
	operations
	Total items that may be reclassified to profit			(310)		(127)		(1,499)		(788)
	or loss
	Other comprehensive income net of tax			(310)		(127)		(1,499)		(788)
	Total comprehensive income net of tax			17,750		(15,891)		90,247		34,267
	Total comprehensive income attributable to:
	Owners of the Company			20,134		(15,230)		90,298		33,832
	Non-controlling interests			(2,383)		(661)		(51)		434
	Total comprehensive income net of tax			17,750		(15,891)		90,247		34,267

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	13

News Release

H1 2020 FINANCIAL PERFORMANCE

3.2. Statement of Profit or Loss and Other Comprehensive Income of the Company

As at the six-month period ended 30 June 2020

		(Amounts in thousands of euro)
			2020		2019
	COMPANY
		01.01-		01.04-		01.01-		01.04-
			30.06.2020		30.06.2020		30.06.2019		30.06.2019
	Profit for the period		33,447		(1,703)		96,604		40,798
	Other comprehensive income - items that are or may be reclassified subsequently to profit or loss
	Gain/(loss) from valuation of hedging		(405)		(165)		(1,998)		(1,050)
	derivatives
	Attributable income tax		97		39		500		263
	Total items that may be reclassified to profit		(308)		(125)		(1,499)		(788)
	or loss
	Other comprehensive income net of tax		(308)		(125)		(1,499)		(788)
	Total comprehensive income net of tax		33,139		(1,828)		95,106		40,010
	Total comprehensive income attributable to:
	Owners of the Company		33,139		(1,828)		95,106		40,010
	Total comprehensive income net of tax		33,139		(1,828)		95,106		40,010

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	14

News Release

H1 2020 FINANCIAL PERFORMANCE

4. Statement of Changes in Equity

4.1. Consolidated Statement of Changes in Equity

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro)

						Attributable to owners of the Company
				Share		Share				Treasury		Retained					Non-		Total
	GROUP					Reserves				Total			controlling
			capital		premium			shares		earnings					equity
													interests
	Balance at 1 January 2019			95,700		-		32,212		(14,497)		609,340		722,754			36,782		759,536
	Profit/(Loss) for the period 01.01-			-		-		-		-		91,797		91,797			(51)		91,746
	30.06.2019
	Other comprehensive loss 01.01-			-		-		(1,499)		-		-		(1,499)			-		(1,499)
	30.06.2019
	Total comprehensive income/(loss)			-		-		(1,499)		-		91,797		90,298			(51)		90,247
	for the period 01.01-30.06.2019
	Transactions with owners of the
	Company
	Share capital increase expenses of			-		-		-		-		(55)		(55)			-		(55)
	subsidiaries
	Dividends provided for or paid			-		-		-		-		(190,302)		(190,302)			(3,304)		(193,607)
	Total transactions with owners of			-		-		-		-		(190,357)		(190,357)			(3,304)		(193,662)
	the Company
	Balance at 30 June 2019			95,700		-		30,713		(14,497)		510,779		622,695			33,427		656,122
	Balance at 1 January 2020			96,487		24,294		31,522		(14,497)		615,983		753,788			18,104		771,892
	Profit/(Loss) for the period 01.01-			-		-		-		-		20,443		20,443			(2,383)		18,060
	30.06.2020
	Other comprehensive loss 01.01-			-		-		(309)		-		-		(309)			(1)		(310)
	30.06.2020
	Total comprehensive income/(loss)			-		-		(309)		-		20,443		20,134			(2,383)		17,750
	for the period 01.01-30.06.2020
	Transactions with owners of the
	Company
	Share capital increase			3,925		143,404		-		-		-		147,330			-		147,330
	Share capital increase expenses			-		-		-		-		(48)		(48)			-		(48)
	Dividends provided for or paid (Note			-		-		-		-		(419,657)		(419,657)			-		(419,657)
	21)
	Total transactions with owners of			3,925		143,404		-		-		(419,706)		(272,376)			-		(272,376)
	the Company
	Balance at 30 June 2020			100,412		167,698		31,213		(14,497)		216,720		501,545			15,721		517,266

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	15

News Release

H1 2020 FINANCIAL PERFORMANCE

4.2. Statement of Changes in Equity of the Company

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro)

	COMPANY		Share		Share		Reserves		Treasury		Retained		Total
		capital		premium			shares		earnings		equity
	Balance at 1 January 2019		95,700		-		30,955		(14,497)		605,071		717,229
	Profit for the period 01.01-30.06.2019		-		-		-		-		96,604		96,604
	Other comprehensive loss 01.01-30.06.2019		-		-		(1,499)		-		-		(1,499)
	Total comprehensive income/(loss) for the		-		-		(1,499)		-		96,604		95,106
	period 01.01-30.06.2019
	Dividends provided for or paid		-		-		-		-		(190,302)		(190,302)
	Balance at 30 June 2019		95,700		-		29,457		(14,497)		511,373		622,032
	Balance at 1 January 2020		96,487		24,294		30,266		(14,497)		620,030		756,579
	Profit for the period 01.01-30.06.2020		-		-		-		-		33,447		33,447
	Other comprehensive loss 01.01-30.06.2020		-		-		(308)		-		-		(308)
	Total comprehensive income/(loss) for the		-		-		(308)		-		33,447		33,139
	period 01.01-30.06.2020
	Share capital increase		3,925		143,404		-		-		-		147,330
	Share capital increase expenses		-		-		-		-		(48)		(48)
	Dividends provided for or paid (Note 21)		-		-		-		-		(419,657)		(419,657)
	Balance at 30 June 2020		100,412		167,698		29,958		(14,497)		233,771		517,341

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	16

News Release

H1 2020 FINANCIAL PERFORMANCE

5. Cash Flow Statement

As at the six-month period ended 30 June 2020

(Amounts in thousands of euro)

				GROUP		COMPANY
				01.01-		01.01-		01.01-			01.01-
				30.06.2020		30.06.2019		30.06.2020			30.06.2019
		OPERATING ACTIVITIES
	Profit before tax		24,815		132,545		45,229			134,962
	Adjustments for:
	Depreciation & amortization		54,198		56,730		42,322			42,778
	Net finance costs		12,018		12,161		5,174			9,849
	Employee benefit plans		34		840		(34)			775
	Provisions for bad debts		1,108		2,854		707			614
	Write-off of trade receivables		233		-		233			-
	Other provisions		428		(15,099)		428			(15,099)
	Impairment losses on PPE, intangible assets, Right-of-		11,460		-		460			-
	use assets & goodwill
	Exchange differences		57		8		4			4
	Impairment of investment in subsidiaries		-		-		3,800			-
	Impairment of other current & non-current assets		6,185		117		2,485			-
	Share of profit from associates		(6,359)		(2,781)		-			-
	(Profit)/loss from investing activities		1		15		(2)			0
	Rent concessions		(1,136)		-		(540)			-
	Other non-cash items		0.26		-		-			1,377
	Total		103,041		187,388		100,266			175,260
	Changes in Working capital
	Increase in inventories		(6,065)		(4,145)		(2,390)			(558)
	Decrease in receivables		49,361		16,100		16,766			3,552
	Decrease in payables (except banks)		(57,449)		(57,598)		(32,986)			(26,342)
	Total		88,887		141,744		81,655			151,913
	Interest paid		(18,021)		(11,491)		(16,398)			(10,656)
	Income taxes paid		(645)		(477)		-			-
	Net cash inflow from operating activities		70,221		129,776		65,257			141,257
		INVESTING ACTIVITIES
	Proceeds from sale of tangible & intangible assets		4		45		4			35
	Additional consideration for the acquisition of associate		-		(2,000)		-			-
	Loan repayments from third parties		755		1,998		455			223
	Loan repayments from subsidiaries		-		-		5,000			100
	Share capital increase of subsidiaries		-		-		(70,000)			(5,000)
	Loans granted to third parties		(636)		(1,366)		(636)			-
	Loans granted to Group companies		-		-		(14,500)			(200)
	Purchase of intangible assets		(2,680)		(11,602)		(2,136)			(10,875)
	Purchase of property, plant and equipment		(6,146)		(2,924)		(5,827)			(2,486)
	Dividends received		6,799		-		7,500			1,500
	Interest received		1,510		1,031		716			580
	Net change in short-term & long-term investments		-		(39)		-			-
		OPAP S.A. Interim Consolidated Financial Statements
		for the six month period ended June 30st, 2020							17

News Release

H1 2020 FINANCIAL PERFORMANCE

	Net cash outflow from investing activities		(393)		(14,857)		(79,423)		(16,123)
			GROUP		COMPANY
			01.01-		01.01-		01.01-		01.01-
			30.06.2020		30.06.2019		30.06.2020		30.06.2019
	FINANCING ACTIVITIES
	Proceeds from loans & borrowings		301,565		-		300,065		-
	Payments of loans & borrowings		(203,051)		(56)		(200,000)		(6,052)
	Transaction costs related to loans & borrowings		(800)		-		(800)		-
	Share capital increase expenses		(48)		(55)		(48)		-
	Payment of lease liabilities		(3,642)		(4,465)		(2,629)		(2,889)
	Dividends paid		(169,568)		(3,542)		(169,568)		(238)
	Receipt of returnable advance payment		151		-		-		-
	Net cash outflow from financing activities		(75,394)		(8,119)		(72,980)		(9,179)
	Net increase/(decrease) in cash and cash equivalents		(5,565)		106,800		(87,146)		115,956
	Cash and cash equivalents at the beginning of the period		633,815		182,596		450,297		101,563
	Effects of exchange rate changes on cash and cash		(2)		-		-		-
	equivalents
	Cash and cash equivalents at the end of the period		628,248		289,396		363,151		217,519

OPAP S.A. Interim Consolidated Financial Statements
for the six month period ended June 30st, 2020	18