OPAP 
OPAP S.A. - Three-month interim management | |
statement 2021 | |
1 | |
TABLE OF CONTENTS | |
B. Main developments during the first quarter of 2021 and their effect on the interim management | |
C. Alternative Performance Indicators (API) ......................................................................................... | 5 |
D. Interim Management Statement ...................................................................................................... | 7 |
1. Statement of Financial Position..................................................................................................... | 8 |
2. Income Statement ....................................................................................................................... | 10 |
3. Statement of Comprehensive Income......................................................................................... | 11 |
4. Statement of Changes in Equity .................................................................................................. | 12 |
4.1. Consolidated Statement of Changes in Equity ..................................................................... | 12 |
4.2. Separate Statement of Changes in Equity............................................................................ | 13 |
5. Cash Flow Statement................................................................................................................... | 14 |
Notes on the interim management statement ............................................................................... | 16 |
1. Borrowings .............................................................................................................................. | 16 |
2. Other operating income .......................................................................................................... | 16 |
3. Other operating income related to the extension of the concession of the exclusive right .. | 17 |
4. Payroll expenses...................................................................................................................... | 17 |
5. Marketing expenses ................................................................................................................ | 17 |
6. Other operating expenses ....................................................................................................... | 18 |
7. Subsequent events .................................................................................................................. | 18 |
[Business/Internal Use]
OPAP S.A. - Three-month interim management statement 2021
2
A. Financial progress and performance of reporting period
Financial Performance
Basic Group financials are presented below: | |||||||||
(Amounts in thousands of euro) | 01.01- | 01.01- | % | ||||||
31.03.2021 | 31.03.2020 | ||||||||
Revenue (GGR) | 174,189 | 328,312 | (46.9%) | ||||||
GGR contribution and other levies and duties | (68,559) | (110,943) | (38.2%) | ||||||
Net gaming revenue (NGR) | 105,630 | 217,369 | (51.4%) | ||||||
Profit before interest, tax, depreciation and | 61,344 | 86,385 | (29.0%) | ||||||
amortization (EBITDA) | |||||||||
Profit before tax | 17,079 | 48,805 | (65.0%) | ||||||
Profit for the period | 11,110 | 33,824 | (67.2%) | ||||||
Net increase/(decrease) in cash and cash equivalents | |||||||||
Net cash inflow/(outflow) from operating | (20,228) | 33,390 | (160.6%) | ||||||
activities | |||||||||
Net cash inflow from investing activities | 383 | 3,621 | (89.4%) | ||||||
Net cash outflow from financing activities | (867) | (248,865) | (99.7%) | ||||||
Basic Company financials are presented below: | |||||||||
(Amounts in thousands of euro) | 01.01- | 01.01- | % | ||||||
31.03.2021 | 31.03.2020 | ||||||||
Revenue (GGR) | 48,726 | 285,825 | (83.0%) | ||||||
GGR contribution and other levies and duties | (15,539) | (96,687) | (83.9%) | ||||||
Net gaming revenue (NGR) | 33,187 | 189,138 | (82.5%) | ||||||
Profit before interest, tax, depreciation and | 41,417 | 77,946 | (46.9%) | ||||||
amortization (EBITDA) | |||||||||
Profit before tax | 3,568 | 46,932 | (92.4%) | ||||||
Profit for the period | 4,857 | 35,150 | (86.2%) | ||||||
Net increase/(decrease) in cash and cash equivalents | |||||||||
Net cash inflow/(outflow) from operating | (16,905) | 38,399 | (144.0%) | ||||||
activities | |||||||||
Net cash outflow from investing activities | (13,618) | (13,006) | 4.7% | ||||||
Net cash outflow from financing activities | (430) | (249,529) | (99.8%) | ||||||
OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800
OPAP S.A. - Three-month interim management statement 2021
3
B. Main developments during the first quarter of 2021 and their effect on the
interim management statement
Online betting - OPAP SPORTS LTD
On 01.01.2021, OPAP SPORTS LTD was granted a Class "B" license from the National Betting Authority of Cyprus and now can provide electronic (online) betting services. The provision of such services is temporarily suspended.
Request for Arbitration of HELLENIC LOTTERIES S.A.
HELLENIC LOTTERIES S.A. has formally contested that it owes anything more than € 12,279 th. to the Hellenic Republic for the fiscal year 2020 under the Concession Agreement. That amount represents 30% of the annual GGR of HELLENIC LOTTERIES S.A. and it has already been remitted by HELLENIC LOTTERIES S.A. to the Hellenic Republic, pursuant to the Concession Agreement. HELLENIC LOTTERIES S.A. has formally taken the position vis-à-vis the Hellenic Republic, supported by advice by external counsel, that no additional amount is due to reach the € 50,000 th. Minimum Annual Fee provided for in Clause 11.2 of the Concession Agreement, given the impact of pandemic-related restrictions imposed by the State on the operation of HELLENIC LOTTERIES S.A.. This position is based on the Force Majeure clause of the Concession Agreement and applicable provisions of Greek law regarding impossibility of performance and unforeseeable changes in circumstances. For these reasons HELLENIC LOTTERIES S.A. has filed a Request for Arbitration against the Hellenic Republic and the Hellenic Asset Development Fund under the LCIA Arbitration Rules, pursuant to Clause 32 of the Concession Agreement. HELLENIC LOTTERIES S.A.'s principal claim seeks declarations that the Minimum Annual Fee is not due; and also an extension of the term of the Concession Agreement and/or a refund of part of the upfront € 190,000 th. Financial Consideration (both to be quantified at a later stage). The matter is therefore pending before the competent tribunal, which has exclusive jurisdiction to pronounce in a final and binding manner. On prudential grounds, however, HELLENIC LOTTERIES S.A. has formed a provision, notably in the light of collateral undertakings per Clause 26.3 of the Concession Agreement.
OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800
OPAP S.A. - Three-month interim management statement 2021
4
Coronavirus (COVID-19) impact
Since the coronavirus (COVID-19) outbreak, OPAP has been closely monitoring and adopting all necessary measures in order to protect customers, employees and partners and also, to assure its business activities continuity in Greece and Cyprus, that will also safeguard a quick ramp-up of the business once limitations will be released.
OPAP's retail network remained closed for almost entire first quarter 2021 resulting to notable revenues drop versus prior year, with profitability being also significantly affected. At the same time online demonstrated significant growth that came along with the increased contribution of STOIXIMAN business (Greek and Cypriot operations).
Following a relevant decision of the Greek government, and as part of the gradual lifting of restrictive measures, OPAP stores resumed operations as of 12.04.2021. Street vendors also restarted the distribution of Hellenic Lotteries' products (Scratch & Passive lotteries) as of the same date. Horseracing facility in Markopoulo Park re-started on 17.05.2021, while VLTs operations will restart on 24.05.2021.
Ease of the lockdown restrictions and stores re-opening, accompanied by revenues gradual recovery, albeit activity still remains below pre- coronavirus (COVID-19) levels.
OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800
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OPAP SA - Greek Organisation of Football Prognostics published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 14:37:08 UTC.
