OPAP information on the effects of coronavirus

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In full information about all the effects it has on the work of the organization, on the operation, on the revenues and the profits from the lockdown that has been imposed, proceeded. OPAP, noting that the economic impact on a monthly basis is estimated at 130-140 million euros in revenue and about 50-53 million euros in profit.

At the same time, the company has set three clear goals and priorities for this extraordinary period:
1. Protecting the health and safety of workers, agents and communities in which they operate

2. Taking measures to reduce the impact in view of the imminent resumption of the company's activities under normal circumstances

3. Protection of the financial position of the Group

The agency's management says it has recently secured additional funding of 325m euros (including overdrafts), bringing the total available liquidity to 623m euros today.

She also said that she had assessed the cash situation and analyzed the sensitivity of its future cash flow, so it was ensured that the company had sufficient cash flow to repay its creditors and meet future payment obligations.

He also notes that the group's online activity, although still making a small contribution to total revenue, has nevertheless strengthened in the area of ​​number diaries in recent days. Added to this was the addition of a third weekly raffle to the Joker, which takes place every Tuesday from March 31, 2020.

Detailed information OPAP in terms of the impact due to the closure of stores

Branch Network

On 13.03.2020, the Greek Government issued its decision to impose a temporary suspension of the operation of a series of retail stores, shopping malls and other public gathering places, with the aim of limiting the spread of coronavirus. As a result, the operation of the stores was suspended OPAP and PLAY for two weeks, from 14.03.2020 to 31.03.2020, which was extended until 11.04.2020.

In addition, the racetrack at Markopoulo Park remains closed. The operation of the stores was also suspended OPAP in Cyprus, from 16.03.2020 to 15.04.2020. Finally, the measures to restrict the movement of citizens, imposed on Greece until 06.04.2020, affect the distribution of products of Hellenic Lotteries (Scratches & Lotteries) by street vendors in.

Online activity

Its online activity OPAP, although it still has a small contribution to the total revenue of the Group, has been strengthened in the field of numbers, in the last days after the suspension of the operation of our network of stores. Added to this was the addition of a third weekly raffle to the Joker, which takes place every Tuesday from March 31, 2020.

Similarly to other betting companies, the sports betting sector has been significantly affected by the postponement and / or cancellation of major sporting events worldwide. Overall, o OPAP promotes the further expansion of its online presence, by adding new games to its online product portfolio.

Effects on financial results

Recent developments are expected to significantly affect the company's financial performance for the financial year 2020. The range of effects will depend on factors such as the duration of the epidemic, the duration of the applicable restrictive measures, any additional measures taken by governments, and size of the subsequent economic disorganization.

Regarding the store network, its business model OPAP is based solely on commercial agents (agents), who are reimbursed on the basis of a commission associated with the revenue from games created. There are also corresponding compensation agreements based on revenue with providers, for some of our largest products, especially for VLTs and Sports Betting. This business model helps maintain stable costs at a relatively low level, allowing OPAP to better manage the impact on its profitability.

The economic impact on a monthly basis, assuming an extension of existing restrictions, is estimated at € 130-140 million at GFR and € 50-53 million at Profits before interest, taxes and depreciation (EBITDA). . The company is already taking all the necessary steps to reduce this potential impact.

Balance sheet

Given the current conditions, uncertainty and rapidly changing environment, OPAP aims to maximize the liquidity of the Group. THE OPAP It is already safeguarding its cash flows by reviewing its investment plan, maintaining adequate working capital, and identifying cost-saving opportunities that will not affect the Group's successful long-term operations. In addition, the OPAP recently secured additional funding of 325m euros (including overdrafts), bringing its total available liquidity, on 1 April 2020, to 623m euros.

The management assessed the company's cash situation and analyzed the sensitivity of its future cash flows. It is also certain that the Company has sufficient cash liquidity to repay its creditors and fulfill future payment obligations.

Business Continuity

Ο OPAP has implemented a series of measures to ensure its smooth business operation (to the extent that its products are currently available), implementing business continuity plans where necessary to ensure the rapid resumption of the company's operations once they are lifted. the restrictions. In addition, many parts of the Group continue to operate normally, although a remote work model is applied.

source: liberal.gr

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