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

News Release

FY 2020 FINANCIAL PERFORMANCE

Sustainable financial performance amid challenging times

ATHENS, Greece - March 31, 2021 - OPAP S.A. (OPAr.AT, OPAP:GA), the leading gaming operator in Greece,

announces its consolidated financial results for the period ended December 31st, 2020, prepared in accordance with International Financial Reporting Standards (IFRS).

• Gross Gaming Revenues (GGR) in FY 2020 stood at €1,129.8m lower by 30.3% y-o-y.Q4'20 GGR came in at €230.9m decreased by 48.3% y-o-y as a result of the imposed lockdowns on retail venues for almost 2/3 of the quarter, with a nationwide lockdown in place since 7th of November and local lockdowns as early as mid-October.
• Gross Profit (from gaming operations) in FY'20 down by 32.3% at €421.2m (FY 2019: €622.1m). Q4 2020
  gross profit (from gaming operations) stood at €83.0m (Q4 2019: €165.6m) lower by 49.9% y-o-y due to revenues' drop and Hellenic Lotteries' disproportional GGR contribution so as to meet the minimum €50m contractual threshold.
• EBITDA in FY 2020 lower by 36.9% at €260.3m (FY 2019: €412.6m) or -32.4%l-f-l after excluding one-off
  items in both years. Q4 2020 EBITDA came in at €52.7m (Q4 2019: €107.6m) decreased by 51.0% or - 43.0% on a l-f-l basis.
• Operating Expenses in FY 2020 at €267.7m, decreased by 0.5% y-o-y or 9.7% drop y-o-y on a l-f-l basis, excluding one-off items and Kaizen Gaming's full consolidation effect since Dec.'20. Operating expenses in Q4 2020 came in at €85.2m higher by 13.7% y-o-y. Q4 operating expenses decreased by 6.0% on a l-f-l basis, reflecting significant cost mitigation actions.
• Net Profit in FY 2020 higher by 1.5% to €205.3m (FY 2019: €202.4m) or -51.4% on a l-f-l basis. Q4 2020
  Net Profit came in at €132.1m (Q4 2019: €61.8m), while on a l-f-l basis Q4 2020 Net Profit recorded a - 74.3% drop. Q4'20 net profit has been positively affected by €142.7m related to gain from re-measurement of the 36.75% stake held in Kaizen Gaming's Greek and Cypriot operations.
• Strong cash position, with Net Debt at €529.4m, and Net Debt / EBITDA at 2.0x (2.3x incl. leases).
• Online solid contribution coupled with Kaizen Gaming full consolidation as of Dec'2020.
• Immediate response with a full supportive measures' package for our network
• FY 2020 DPS proposal to the upcoming AGM on June 17th at €0.45 gross. Ex-dividend date on July 13th

1. OVERVIEW

	(€ 'm)			Q4 2020			Q4 2019				FY 2020			FY 2019
	Amounts wagered1		863.7		1,254.7		-31.2%	3,385.3		4,468.3		-24.2%
	GGR (Gross Gaming Revenue)		230.9		446.7		-48.3%	1,129.8		1,619.9		-30.3%
	Payout (%)1			79.2%			71.2%				73.3%			70.4%
	NGR (Net Gaming Revenue) 2		142.4		295.5		-51.8%	737.3		1,086.2		-32.1%
	Gross Profit (from gaming operations) 3		83.0		165.6		-49.9%	421.2		622.1		-32.3%
	Operating Expenses		85.2		74.9		13.7%	267.7		268.9		-0.5%
	EBITDA		52.7		107.6		-51.0%	260.3		412.6		-36.9%
	EBITDA margin			22.8%			24.1%				23.0%			25.5%
	Net profit			132.1		61.8		113.7%		205.3		202.4		1.5%
	Net profit margin			57.2%			13.8%				18.2%			12.5%
	EPS (in €)			0.3917			0.1935		102.4%		0.6143			0.6356		-3.4%
	1 excl. VLTs and online casino
	2 GGR-GGR contribution

• NGR-Agents'commission-other NGR related commission

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	1

News Release

FY 2020 FINANCIAL PERFORMANCE

Revenues OPAP's revenues (GGR) in FY

(GGR) 2020 stood lower by 30.3% y-o-y to €1,130.0m, on the back of the imposed lockdowns and social distancing mandates throughout 2020. GGR in Q4 2020 decreased by a 48.3% y-o-y at €230.9m (Q4 2019 €446.7m) due to retail closure brought by local lockdowns in position since mid Oct. and nationwide lockdown since Nov 7th. At the same time, online posted significant growth with Q4'20 stream also boosted by Kaizen Gaming full consolidation in Dec'20.

Gross Profit Gross Profit from gaming

(from operations in FY 2020 stood at

gaming €421.2m compared to €622.1m in operations)1 FY 2019 lower by 32.3%. Q4 2020 gross profit decreased by 49.9% y-o-y reaching €83.0m vs. €165.6m in Q4 2019 due to revenues' drop and Hellenic

Lotteries' increased GGR contribution so as to meet the contractual threshold of €50m.

EBITDA EBITDA in FY 2020 stood at €260.3m versus €412.6m in FY 2019 lower by 36.9%. On a l-f-l basis, excluding one-off items, FY 2020 EBITDA dropped by 32.4% y-o-y aided by Kaizen Gaming contribution of €28.1m with full consolidation taking place in Dec' 2020.

Q4 2020 EBITDA reached €52.7m versus €107.6m in Q4 2019, aided

by Kaizen Gaming's Greek/Cypriot operations full consolidation as well as by the recognition of €42.5m income related to the extension of the Concession agreement.

On a l-f-l basis, excluding one-off items, Q4 2020 EBITDA dropped by a lower 43.0% y-o-y assisted by cost efficiencies implemented during lockdown.

Reported figures

Recurring fugures

• Excl. one-off expenses of €14.1m in FY20 & income of €6.6m in FY19 (expenses of €7.2m in Q4'20 & income of €2.5m in Q4'19).

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

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	2

Net Profit Net profit in FY 2020 stood at €205.3m versus €202.4m in FY 2019 up by 1.5%. On a l-f-l basis, excluding one-off items in both years, FY 2020 Net Profit dropped by 51.4% y-o-y.

Q4 2020 net profit reached €132.1m versus net profit of €61.8m in Q4 2019, while on a l-f-l basis Q4 2020 net profit dropped by 74.3%.

Net profit has been positively affected by the recognition in Q4 of a €142.7m gain related to the re-measurement of the 36.75% stake held by Kaizen Gaming's Greek and Cypriot operations.

News Release

FY 2020 FINANCIAL PERFORMANCE

Reported figures

Recurring fugures

• Excl. one-off income of €105.3m in FY20 & expenses of €3.3m in FY19.

Comment of OPAP's CEO, Mr. Jan Karas, on the Q4 2020 results:

"Although Q4 was yet another quarter disrupted by Covid-19, with retail closure and restrictions imposed for tackling the pandemic, OPAP has once again demonstrated substantial operational and financial readiness to mitigate the impact, through its diversified portfolio.

On the operational front, online growth contributed significantly to our topline, with both our revenues and our customer base reaching all-time high levels. At the same time, our investment in Kaizen Gaming, which operates the leading Stoiximan brand, has been concluded, our games portfolio has been further enhanced and our retail network partners have been supported efficiently.

Looking forward and having successfully preserved our solid financial position and cash reserves, we continue - despite the still prevailing exceptional conditions - to build on what we have already accomplished. With confidence, we are pursuing the successful execution of OPAP's new business strategy, the Fast Forward strategy, in order to deliver even better Gaming Entertainment to our customers."

2. FINANCIAL REVIEW

Revenues (GGR) per game

	(€ '000)	Q4 2020	Q4 2019	Δ%	FY 2020	FY 2019	Δ%
	Lottery	82,001	201,845	(59.4)	518,607	778,558	(33.4)
	% total revenues	35.5	45.2	-	45.9	48.1	-
	Betting	81,977	112,461	(27.1)	310,362	396,203	(21.7)
	% total revenues	35.5	25.2	-	27.5	24.5	-
	VLTs	32,026	84,976	(62.3)	200,522	297,658	(32.6)
	% total revenues	13.9	19.0	-	17.7	18.4	-
	Instant & Passives	15,627	47,391	(67.0)	76,349	147,478	(48.2)
	% total revenues	6.8	10.6	-	6.8	9.1	-
	Online Casino	19,260	-	-	23,944	-	-
	% total revenues	8.3	-	-	2.1	-	-
	TOTAL REVENUES	230,892	446,674	(48.3)	1,129,783	1,619,896	(30.3)
	OPAP S.A. Consolidated Financial Results
	for the Fiscal Year ended December 31st, 2020					3

News Release

FY 2020 FINANCIAL PERFORMANCE

Lottery Revenues from lottery reached €518.6m in FY 2020 versus €778.6m in FY 2019, lower by 33.4% y-o-y. Lottery GGR in Q4 2020 decreased by 59.4% y-o-y standing at €82.0m on the back of local lockdowns imposed as early as mid October and nationwide lockdown imposed on November 7th. Tzoker online continued its upward trend in performance and customer acquisition terms.

Betting Total betting revenues reached €310.4m in FY 2020 versus €396.2m in FY 2019 lower by 21.7% y-o-y.

Betting GGR in Q4 2020 decreased by 27.1% y-o-y standing at €82.0m reflecting the impact of stores' closure. On the positive side, Online stream in Q4 was boosted by increased performance levels incorporating also Kaizen Gaming revenues following its full consolidation since Dec' 20.

VLTs VLTs revenues in FY 2020 stood lower by 32.6% y-o-y, reaching €200.5m vs. €297.7m in FY 2019.

In Q4 2020 VLTs GGR decreased by 62.3% y-o-y with VLTs activity remaining closed for almost 2/3 of the quarter.

Instant & Revenues from Instant & Passives stood Passives at €76.4m in FY 2020 compared to €147.5m in FY 2019, lower by 48.2% y- o-y. Q4 2020 Instants and passives GGR reached €15.6m, significantly decreased by 67.0% y-o-y heavily impacted by the lockdowns and the

social distancing mandates.

Online Following the kick-off of Online Casino

Casino operation in Q2'20, revenues from Online Casino stood at €23.9m in FY 2020. Online Casino GGR in Q4 2020 reached €19.3m also due to Kaizen Gaming full consolidation since Dec' 20.

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	4

News Release

FY 2020 FINANCIAL PERFORMANCE

Gaming revenue related expense

(€ '000)			Q4 2020	Q4 2019	%	FY 2020	FY 2019	%
Agents' commission		44,660	108,439	(58.8)	255,869	387,341	(33.9)
Other NGR related commission		14,772	21,426	(31.1)	60,233	76,738	(21.5)
Total			59,433	129,865	(54.2)	316,102	464,079	(31.9)
% of total revenues (GGR)		25.7	29.1		28.0	28.6
Gaming	Gaming revenue related expense in FY
revenue	2020 dropped by 31.9% y-o-y reaching
related	€316.1m versus €464.1m in FY 2019 in
expense	line with revenue drop. In Q4 2020,
	gaming revenue	related expense

decreased by 54.2% y-o-y at €59.4m on the back of stores closure for almost 2/3 of the quarter.

Payroll expense

(€ '000)			Q4 2020	Q4 2019	%	FY 2020	FY 2019	%
Wages and salaries		14,341	14,922	(3.9)	61,545	60,603	1.6
Social security costs		3,462	3,633	(4.7)	13,081	13,390	(2.3)
Other staff costs		1,122	1,658	(32.3)	4,017	8,313	(51.7)
Total cost			18,926	20,212	(6.4)	78,643	82,306	(4.5)
% of total revenues (GGR)		8.2	4.5		7.0	5.1
Payroll	Payroll expense in FY 2020 stood at
expense	€78.6m compared to €82.3m in FY 2019,
	decreased by 4.5%. Q4 2020 payroll
	dropped by 6.4%	at €18.9m	versus
	€20.2m in Q4 2019.

Marketing expense

(€ '000)	Q4 2020	Q4 2019	%	FY 2020	FY 2019	%
CSR & sponsorship expense	6,167	4,999	23.4	17,940	19,255	(6.8)
Advertising expense	13,667	11,700	16.8	36,913	41,684	(11.4)
Total	19,834	16,699	18.8	54,853	60,939	(10.0)

Marketing Marketing expense in FY 2020

expense decreased by 10.0% at €54.9m vs €60.9m in FY 2019. Q4 2020 marketing expenses increased by 18.8% y-o-y standing at €19.8m compared to €16.7m in Q4 2019. On a comparable basis and excluding Kaizen Gaming December consolidation, Q4'20 marketing expenses dropped by 7.7% y- o-y reflecting the company's cost efficiency actions following the 2nd lockdown imposition.

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	5

News Release

FY 2020 FINANCIAL PERFORMANCE

Other operating expense

(€ '000)	Q4 2020	Q4 2019	%	FY 2020	FY 2019	%
IT related costs	5,898	5,325	10.8	22,770	20,919	8.8
Utilities & Telco costs	2,219	3,828	(42.0)	11,373	14,398	(21.0)
Rentals	-195	725	(126.8)	1,070	2,142	(50.0)
Inventory consumption	880	1,275	(30.9)	3,691	5,509	(33.0)
Other	30,538	26,845	13.8	88,217	82,701	6.7
Sub Total	39,342	37,997	3.5	127,120	125,669	1.2
Kaizen Gaming (GR/CY)	7,057	-	-	7,057	-	-
Total	46,398	37,997	22.1	134,177	125,669	6.8

Other Other operating expense in FY 2020 operating increased by 6.8% y-o-y standing at

expense €134.2m versus €125.7m in FY 2019. Q4 2020 other operating expenses reached €46.4m, increased by 22.1% y-o-y, while on a l-f-l level (excl. various one-off items in both years and Kaizen Gaming GR/CY December 2020 consolidation) other Opex decreased by 17.3% reaffirming company's focus on cost optimization.

Cash Flows

(€' .000)	FY 2020	FY 2019	Δ%
Cash Flow from Operating Activities	186,388	279,330	-33.3%
Cash Flow from Investing Activities	-78,507	-49,030	-
Cash Flow from Financing Activities	-234,823	221,519	-

Cash Flow Cash inflow from operating activities in

from FY 2020 stood at €186.4m from Operating €279.3m in FY 2019 preserving high Activities levels of cash generation and reserves

despite lockdowns.

Cash Flow Cash outflow from investing activities

from in FY 2020 amounted to €78.5m as a Investing result of an €154.7m outflow for the Activities acquisition of an additional stake in Kaizen Gaming Greek and Cypriot operations partially counterbalanced by a respective cash contribution of €64.6m from Kaizen Gaming following

full consolidation.

Cash Flow Cash flow from financing activities in

from FY 2020 amounted to an outflow of Financing €234.8m on the back of dividend Activities distribution of €214.7m.

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	6

News Release

FY 2020 FINANCIAL PERFORMANCE

3. MAIN DEVELOPMENTS

Coronavirus impact and update

Since the coronavirus (COVID-19) outbreak, OPAP proceeded with the implementation of a set of decisive actions in response to COVID-19 to proactively protect its employees and support its network while at the same time preserving 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 four months, and VLTs for approximately five moths throughout 2020. Stores closure resulted to revenues drop in 2020 by 32.7% compared to 2019, with profitability being also significantly affected.

During the lockdown periods, the OPAP's online product portfolio was enhanced with new games, such as Virtual games and Casino, along with increased penetration of online Tzoker. On top, OPAP increased its participation in Kaizen Gaming's Greek and Cypriot operations with its stake standing now at 84.49%. At this stage, despite the COVID-19 impact, the Group maintains a strong financial position.

OPAP has implemented a number of measures to ensure normal operations, invoking business continuity plans where appropriate, that will also safeguard a quick ramp-up of the business once limitations will be released. Nevertheless, as the lockdown remains still in effect, 2021 carries a material degree of uncertainty, primarily as to the stores' reopening timing of and the restrictive measures under which our stores will operate once open.

Kaizen Gaming (Stoiximan/Betano) investment update / Sole Control Clearance

In March 2021, OPAP announced that the Hellenic Competition Commission and the Commission for the Protection of Competition of the Republic of Cyprus have granted clearance on the acquisition of sole control over Stoiximan Group's Greek and Cypriot business ("SMGC").

Following the above and given that there is no other approval pending, OPAP's fully-owned subsidiary, OPAP Investment Limited, will proceed with the implementation of sole control over SMGC, where it will own 84.49%.

Annual General Meeting (AGM) & Dividend Payment

On March 30th 2021, the Board of Directors of OPAP resolved upon proposing to the AGM to be held on 17 June 2021, the distribution of a €0.45 gross dividend for the fiscal year 2020. Subject to AGM approval, the ex-dividend date is set on 13 July 2021. Dividend payment to the entitled shareholders commences on 03 August 2021. OPAP's management welcomes the proactive dialogue with investors and would like to invite its shareholders to participate in the AGM.

Hellenic Lotteries Request for Arbitration

Hellenic Lotteries has formally contested that it owes anything more than €12.3m to the Hellenic Republic under the Concession Agreement. That amount represents 30% of the annual actual GGR of the Company, and it has already been remitted by the Company to the Hellenic Republic, pursuant to the Concession Agreement. The Company 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 €50m Minimum Annual Fee according to the Concession Agreement, given the impact of pandemic-related restrictions imposed by the State on the operation of the Company. 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 the Company has filed a Request for Arbitration against the Hellenic Republic and the Hellenic Asset Development Fund under the LCIA Arbitration Rules. The Company'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 of the 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, the Company has formed a provision, notably in the light of collateral undertakings according to the Concession Agreement. It is reminded that Scientific Games is a shareholder of Hellenic Lotteries with a 16.5% stake.

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	7

News Release

FY 2020 FINANCIAL PERFORMANCE

Conference Call Invitation

FY 2020 Financial Results Conference Call

Thursday, April 1st, 2021

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

FY 2020 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/4Q20 orhttps://87399.themediaframe.eu/links/opap4Q20.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 for the year ended 31 December 2020
2. Income Statement for the year ended 31 December 2020
3. Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 December 2020
4. Statement of Changes in Equity for the year ended 31 December 2020
5. 1. Consolidated Statement of Changes in Equity
   2. Statement of Changes in Equity of the Company
6. Cash Flow Statement As for the year ended 31 December 2020

OPAP S.A. Consolidated Financial Results
for the Fiscal Year ended December 31st, 2020	8

News Release

FY 2020 FINANCIAL PERFORMANCE

1. Statement of Financial Position

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

					GROUP		COMPANY
			31.12.2020	31.12.2019	31.12.2020	31.12.2019
	ASSETS
	Non - current assets
	Intangible assets				980,228		1,065,733		874,308		933,089
	Property, plant and equipment				85,623		98,308		82,813		95,138
	Right-of-use assets				41,864		64,036		26,155		32,627
	Investment properties				1,606		1,703		1,606		1,703
	Goodwill				483,846		30,275		-		-
	Investments in subsidiaries		-	-	425,412	362,987
	Investments in associates		8,079	54,158	-	-
	Trade receivables		7,249	5,795	7,249	4,328
	Other non - current assets		47,117	27,855	55,334	29,290
	Deferred tax assets				35,467		19,894		-		-
	Long - term investments				-		1,000		-		-
	Total non - current assets				1,691,078		1,368,757		1,472,878		1,459,163
	Current assets
	Inventories				6,169		6,962		4,011		2,745
	Trade receivables		68,480	154,042	26,846	64,071
	Current income tax assets		2,359	4,436	-	4,429
	Other current assets		40,618	60,204	38,370	33,259
	Cash and cash equivalents		506,873	633,815	279,491	450,297
	Short - term investments				4,629		8,915		-		-
	Total current assets				629,128		868,374		348,718		554,802
	Total Assets				2,320,206		2,237,131		1,821,596		2,013,966
	EQUITY & LIABILITIES
	Equity
	Share capital				102,428		96,487		102,428		96,487
	Share premium		218,826	24,294	218,826	24,294
	Reserves		33,329	31,522	32,075	30,266
	Treasury shares		(14,497)	(14,497)	(14,497)	(14,497)
	Retained earnings				399,520		615,982		299,436		620,030
	Equity attributable to owners of the Company				739,606		753,788		638,267		756,579
	Non-controlling interests				15,281		18,104		-		-
	Total equity				754,886		771,892		638,267		756,579
	Non-current liabilities
	Borrowings				1,007,830		1,045,580		957,440		995,301
	Lease liabilities		50,112	57,649	22,011	27,663
	Deferred tax liability		26,642	23,528	24,833	21,015
	Employee benefit plans		4,685	2,989	4,194	2,570
	Provisions				10,214		8,517		10,212		8,515
	Other non-current liabilities				99,776		3,361		2,748		2,524
	Total non-current liabilities				1,199,259		1,141,624		1,021,438		1,057,588
	Current liabilities
	Borrowings				33,036		10,780		52,692		23,987
	Lease liabilities		7,631	7,130	5,068	5,157
	Employee benefit plans		-	3,578	-	3,578
	Trade payables		149,444	181,267	52,400	74,362
	Current income tax liabilities				27,755		1,755		13,119		-
	Other current liabilities				148,194		119,105		38,611		92,714
	Total current liabilities				366,061		323,616		161,890		199,798
	Total liabilities				1,565,320		1,465,239		1,183,328		1,257,387
	Total Equity & Liabilities				2,320,206		2,237,131		1,821,596		2,013,966
	OPAP S.A. Consolidated Financial Results
	for the Fiscal Year ended December 31st, 2020									9

News Release

FY 2020 FINANCIAL PERFORMANCE

2. Income Statement

For the year ended 31 December 2020

(Amounts in thousands of euro except for per share amounts)

				GROUP		COMPANY
				01.01-		01.01-		01.01-		01.01-
				31.12.2020		31.12.2019		31.12.2020		31.12.2019
	Revenue (GGR)			1,129,783		1,619,896		930,219		1,369,923
	GGR contribution and other levies and duties			(392,518)		(533,718)		(311,640)		(464,716)
	Net gaming revenue (NGR)			737,265		1,086,178		618,579		905,207
	Agents' commissions			(255,869)		(387,341)		(212,529)		(319,878)
	Other NGR related commissions			(60,233)		(76,738)		(50,463)		(61,641)
	Other operating income			123,811		149,361		58,545		64,754
	Other operating income related to the extension			42,465		-		42,465		-
	of the concession of the exclusive right
	Other operating cost			(77,610)		(98,437)		(1,559)		(8,049)
	Share of profit of associates			18,156		8,470		-		-
				527,986		681,493		455,039		580,394
	Operating expenses			(267,673)		(268,914)		(208,343)		(215,362)
	Payroll expenses			(78,643)		(82,306)		(64,676)		(67,974)
	Marketing expenses			(54,853)		(60,939)		(39,677)		(46,350)
	Other operating expenses			(112,722)		(117,405)		(89,460)		(95,702)
	Net impairment losses on financial assets			(21,455)		(8,264)		(14,529)		(5,337)
	Profit before interest, tax, depreciation and			260,313		412,579		246,696		365,032
	amortization (EBITDA)
	Gain from remeasurement of previously held			142,666		-		-		-
	equity interest
	Depreciation, amortization and impairment			(152,551)		(116,315)		(92,356)		(79,717)
	Results from operating activities			250,428		296,264		154,340		285,314
	Finance income			10,286		3,108		9,527		1,276
	Finance costs			(43,766)		(30,190)		(39,983)		(25,776)
	Dividend income			-		-		5,500		7,500
	Profit before income tax			216,948		269,181		129,384		268,315
	Income tax expense			(17,570)		(67,083)		(28,218)		(62,702)
	Profit for the period			199,378		202,098		101,166		205,612
	Profit is attributable to:
	Owners of the Company			205,346		202,381		101,166		205,612
	Non-controlling interests			(5,968)		(283)		-		-
	Profit after tax			199,378		202,098		101,166		205,612
	Basic and diluted earnings per share in €			0.6143		0.6356		0.3026		0.6457

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

3. Statement of Comprehensive Income

For the year ended 31 December 2020

(Amounts in thousands of euro except for per share amounts)

				GROUP		COMPANY
				01.01-		01.01-		01.01-		01.01-
				31.12.2020		31.12.2019		31.12.2020		31.12.2019
	Profit for the period			199.378		202.098		101.166		205.612
	Other comprehensive income - items that will not be reclassified to profit or loss
	Actuarial gains/(losses)			(112)		(221)		(76)		(218)
	Related tax			27		53		18		52
	Total items that will not be reclassified to profit			(85)		(168)		(58)		(166)
	or loss
	Other comprehensive income - items that are or may be reclassified subsequently to profit or loss
	Loss from valuation of hedging derivatives			(224)		(1.253)		(224)		(1.253)
	Related tax			54		301		54		301
	Exchange differences on translation of foreign			(4)		-		-		-
	operations
	Total items that may be reclassified to profit or			(175)		(952)		(171)		(952)
	loss
	Other comprehensive loss for the period, net of			(260)		(1.120)		(229)		(1.118)
	tax
	Total comprehensive income for the period			199.118		200.978		100.938		204.495
	Total comprehensive income is attributable to:
	Owners of the Company			205.095		201.258		100.938		204.495
	Non-controlling interests			(5.977)		(280)		-		-
	Total comprehensive income, net of tax			199.118		200.978		100.938		204.495

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

4. Statement of Changes in Equity

4.1. Consolidated Statement of Changes in Equity

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

										Attributable to owners of the Company
	GROUP				Share				Share				Reserves				Treasury				Retained				Total				Non-controlling				Total equity
				capital				premium							shares				earnings							interests
Balance at 1 January 2019	95,700		-		32,212		(14,497)		609,339		722,754		36,782		759,536
Profit for the period	-		-		-		-		202,381		202,381		(283)		202,098
Other comprehensive loss	-		-		(952)		-		(171)		(1,123)		3		(1,120)
Total comprehensive income/(loss) for the period	-		-		(952)		-		202,210		201,258		(280)		200,978
Transactions with owners of the Company
Share capital increase	787		24,294		-		-		-		25,081		-		25,081
Share capital increase expenses	-		-		-		-		(97)		(97)		-		(97)
Statutory reserve (Note 20)	-		-		262		-		(262)		-		-		-
Dividends provided for or paid	-		-		-		-		(190,302)		(190,302)		(3,304)		(193,607)
Total transactions with owners of the Company	787		24,294		262		-		(190,661)		(165,318)		(3,304)		(168,623)
Changes in ownership interests
Acquisition of NCI without a change in control (Note 22)	-		-		-		-		(4,906)		(4,906)		(15,094)		(20,000)
Total changes in ownership interests		-							-			-			(4,906)			(4,906)			(15,094)			(20,000)
Balance at 31 December 2019		96,487			24,294			31,522			(14,497)			615,982			753,787			18,104			771,892
Balance at 1 January 2020		96,487			24,294			31,522			(14,497)			615,982			753,787			18,104			771,892
Profit/(Loss) for the period		-			-			-			-			205,346			205,346			(5,968)			199,378
Other comprehensive loss		-			-			(174)			-			(78)			(251)			(9)			(260)
Total comprehensive income/(loss) for the period		-			-			(174)			-			205,269			205,095			(5,977)			199,118
Transactions with owners of the Company
Share capital increase (Note 19)		5,941			194,532			-			-			-			200,473			-			200,473
Share capital increase expenses		-			-			-			-			(93)			(93)			-			(93)
Statutory reserve (Note 20)		-			-			1,980			-			(1,980)			-			-			-
Dividends provided for or paid (Note 29)		-			-			-			-			(419,657)			(419,657)			-			(419,657)
Non-controlling interests on acquisition of subsidiary (Note 22)		-			-			-			-			-			-			3,154			3,154
Total transactions with owners of the Company		5,941			194,532			1,980			-			(421,730)			(219,277)			3,154			(216,123)
Balance at 31 December 2020		102,428			218,826			33,329			(14,497)			399,520			739,606			15,281			754,886
	OPAP S.A. Consolidated Financial Results
	for the Fiscal Year ended December 31st, 2020																12

News Release

FY 2020 FINANCIAL PERFORMANCE

4.2. Separate Statement of Changes in Equity

As of 31 December 2020 and for the year then ended

(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		-		-		-		-		205,612			205,612
	Other comprehensive loss		-		-		(952)		-		(166)			(1,118)
	Total comprehensive income/(loss) for		-		-		(952)		-		205,447			204,495
	the period
	Share capital increase		787		24,294		-		-		-			25,081
	Merger with OPAP SERVICES S.A.		-		-		-		-		86			86
	Statutory reserve (Note 20)		-		-		262		-		(262)			-
	Share capital increase expenses		-		-		-		-		(9)			(9)
	Dividends provided for or paid		-		-		-		-		(190,302)			(190,302)
	Balance at 31 December 2019		96,487		24,294		30,266		(14,497)		620,030			756,579
	Balance at 1 January 2020		96,487		24,294		30,266		(14,497)		620,030			756,579
	Profit for the period 01.01-31.12.2020		-		-		-		-		101,166			101,166
	Other comprehensive loss		-		-		(171)		-		(58)			(229)
	Total comprehensive income/(loss) for		-		-		(171)		-		101,108			100,938
	the period
	Share capital increase (Note 19)		5,941		194,532		-		-		-			200,473
	Statutory reserve (Note 20)		-		-		1,980		-		(1,980)			-
	Share capital increase expenses		-		-		-		-		(65)			(65)
	Dividends provided for or paid (Note 29)		-		-		-		-		(419,657)			(419,657)
	Balance at 31 December 2020		102,428		218,826		32,075		(14,497)		299,436			638,267

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

5. Cash Flow Statement

As of 31 December 2020 and for the year then ended

(Amounts in thousands of euro)

							GROUP			COMPANY
							01.01-				01.01-				01.01-				01.01-
							31.12.2020				31.12.2019				31.12.2020				31.12.2019
	OPERATING ACTIVITIES
	Profit before tax				216,948			269,181			129,384			268,315
	Adjustments for:
	Depreciation & amortization				115,718			107,666			91,896			79,717
	Net finance costs						33,475				27,054				30,450				24,487
	Employee benefit plans				834			1,649			766			1,594
	Provisions for doubtful trade receivables						5,383				2,299				2,044				2,024
	Write-off of trade receivables				691			1,136			628			1,068
	Other provisions				5,359			(16,079)			5,359			(16,082)
	Provision for obsolete inventories				552			1,160			-			1,160
	Impairment losses on PPE, intangible assets, Right-of-use						36,833				8,650				460				-
	assets & goodwill
	Exchange differences						6				29				6				12
	Dividend income				-			-			(5,500)			(7,500)
	Impairment of investment in subsidiaries						-				-				5,500				8,336
	Gain from disposal of subsidiary				-			-			(8,336)			-
	Impairment of other current & non-current assets				15,399			4,712			11,857			2,245
	Gain from remeasurement of previously held equity interest						(142,666)				-				-				-
	Share of profit from associates				(18,156)			(8,470)			-			-
	(Profit)/loss from investing activities						29				25				(4)				(2)
	Rent concessions				(1,988)			-			(995)			-
	Other non-cash items				-			65			-			2,755
	Total				268,417			399,077			263,515			368,129
	Changes in Working capital
	(Increase) / decrease in inventories						241				2,540				(1,266)				8,199
	(Increase) / decrease in receivables				37,938			(34,162)			1,367			(18,412)
	Increase / (decrease) in payables (except banks)						(73,011)				15,098				(76,987)				4,938
	Total				233,584			382,552			186,630			362,854
	Interest paid				(35,051)			(24,273)			(32,500)			(21,754)
	Income taxes paid						(12,146)				(78,949)				(6,720)				(69,966)
	Net cash inflow from operating activities				186,388			279,330			147,410			271,133
	INVESTING ACTIVITIES
	Proceeds from sale of tangible & intangible assets				7			61			7			41
	Additional consideration for the acquisition of						(154,735)				(22,000)				-				-
	subsidiary/associate
	Loan repayments from third parties				18,185			3,956			1,135			651
	Loan repayments from subsidiaries				-			-			9,500			6,000
	Share capital increase of subsidiaries				-			-			(70,000)			(123,000)
	Loans granted to third parties				(2,317)			(2,191)			(2,317)			-
	Loans granted to Group companies						-				-				(24,500)				(6,100)
	Increase of cash due to acquisition of STOIXIMAN business						64,562				-				-				-
	(Greek and Cypriot operations)
	Increase of cash due to merger with OPAP SERVICES S.A.						-				-				-				3,268
	Purchase of intangible assets				(10,011)			(25,482)			(6,782)			(18,206)
	Purchase of property, plant and equipment						(8,868)				(9,297)				(8,221)				(8,144)
	Dividends received				6,799			4,400			7,500			1,500
	Interest received				2,586			1,978			1,225			1,026
	Net change in short-term & long-term investments				5,285			(456)			-			-
	Net cash outflow from investing activities				(78,507)			(49,030)			(92,453)			(142,964)

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020

News Release

FY 2020 FINANCIAL PERFORMANCE

			GROUP		COMPANY
			01.01-		01.01-		01.01-			01.01-
			31.12.2020		31.12.2019		31.12.2020			31.12.2019
	FINANCING ACTIVITIES
	Proceeds from borrowings		501,500		451,600		500,000			450,000
	Payments of borrowings		(508,094)		(50,098)		(500,002)			(56,048)
	Transaction costs related to borrowings		(5,485)		(1,765)		(5,485)			(1,765)
	Share capital increase expenses		(93)		(97)		(65)			(9)
	Payment of lease liabilities		(8,068)		(9,681)		(5,476)			(6,478)
	Dividends paid		(214,735)		(168,440)		(214,735)			(165,136)
	Receipt of repayable state cash advance		151		-		-			-
	Net cash inflow/(outflow) from financing activities		(234,823)		221,519		(225,763)			220,565
	Net increase/(decrease) in cash and cash equivalents		(126,943)		451,819		(170,806)			348,734
	Cash and cash equivalents at the beginning of the		633,815		181,996		450,297			101,563
	period
	Cash and cash equivalents at the end of the period		506,873		633,815		279,491			450,297

OPAP S.A. Consolidated Financial Results for the Fiscal Year ended December 31st, 2020