Group’s results for the year 2021 were impacted by the full consolidation of STOIXIMAN LTD following the acquisition of control from 01.12.2020.
According to the company's financial reports in the comparative period, up to November 2020 STOIXIMAN LTD was accounted for as an associate company while from 01.12.2020 onwards has been fully consolidated to OPAP Group. Given the substantial contribution of STOIXIMAN LTD, the consolidated figures of the current period are not comparable to the previous period ones.
In particular OPAP reported €1,538.8m Gross Gaming Revenues (GGR), higher by 36.2% y-o-y driven by solid online contribution as well as retail recovery with OPAP stores operating for more days compared to 2020.
Q4’21 GGR came in at €498.5m, up by 115.9% y-o-y reflecting solid retail performance and strong online contribution.
Gross Profit (from gaming operations) in FY’21 up by 47.5% at €605.8m (FY 2020: €410.8m). Q4 2021 gross profit (from gaming operations) rose by 151.4% at €195.3m (Q4 2020: €77.7m) due to increased top line, partially offset by Hellenic Lotteries’ disproportional GGR contribution so as to meet the minimum annual €50m contractual threshold.
FY 2021 EBITDA higher by 111.1% at €550.3m (FY 2020: €260.7m) or +96.0% l-f-l, also reflecting income related to the extension of the concession agreement of €217.4m. Q4 2021 EBITDA came in at €170.4m (Q4 2020: €53.1m) up by +220.7% or up by +187.2% on a l-f-l basis after excluding one-off items in both years.
Operating Expenses in FY 2021 at €321.8m, higher by 25.2% y-o-y while Q4 2021 Opex reached €93.2m higher by 17.0% y-o-y. After excluding Stoiximan’s full consolidation impact and one-off items, FY & Q4 2021 Opex increased by 2.0% and 14.6% y-o-y respectively, in order to support our expanded operations.
Net Profit in FY 2021 stood at €259.4m (FY 2020: €205.2m) up by 26.4% or up by 151.3% l-f-l on the back of increased operating profitability and a lower corporate tax rate. Q4 2021 recurring Net Profit stood at €86.2m (Q4 2020: €18m), 5x higher.
Remaining gross DPS at €0.50 to be proposed to the upcoming AGM scheduled on June 9th that together with the already paid €0.10 interim dividend leads to a total DPS of €0.60. Ex-div. date on July 18th. Additional capital return to be proposed to AGM at €0.90 per share. Ex-div. date on July 29th.
