Opap S.A.

Annual / Quarterly Financial Statement • Mar 22, 2022

Responsible Supervisory Authority:	Ministry of Development and Investment				Approval date of the financial statements:	22 March 2022
Company's Website: www.opap.gr			Certified Auditor: Konstantinos Michalatos (Registry No SOEL 17701)
Board of Directors: Kamil Ziegler, Jan Karas, Spyridon Fokas, Pavel Saroch, Pavel Mucha,			Auditing Company: PricewaterhouseCoopers SA (SOEL REG. No 113)
Katarina Kohlmayer, Robert Chvátal, Christos Kopelouzos, Stylianos Kostopoulos,				Type of Auditors' Opinion:	Unqualified
	Nikolaos Iatrou, Rudolf Jurcik, Nicole Conrad-Forker, Vasiliki Karagianni
	FINANCIAL POSITION STATEMENT INFORMATION					CASH FLOW STATEMENT INFORMATION
	(Amounts in thousands of euro)					(Amounts in thousands of euro)
	GROUP		COMPANY			GROUP		COMPANY
	31.12.2021	31.12.2020	31.12.2021	31.12.2020		1.1-31.12.2021	1.1-31.12.2020	1.1-31.12.2021	1.1-31.12.2020
ASSETS					Operating activities
Intangible assets	1,133,295	1,236,054	801,942		874,308 Profit before tax	357,265	216,407	335,288	129,652
Property, plant & equipment	70,383	85,623	68,101		82,813 Adjustments for:
Right-of-use assets	35,222	41,864	21,002		26,155 Depreciation and amortization	144,804	116,687	110,961	91,896
Investment property	1,521	1,606	1,521		1,606 Net finance costs	43,564	33,454	37,711	30,432
Other non - current assets	454,560	441,212	500,311		487,995 Employee benefit plans	2,173	532	2,130	494
Inventories	4,682	6,169	2,689		4,011 Loss allowance for trade receivables	(1,262)	5,383	(906)	2,044
Trade receivables	90,881	68,480	49,216		26,846 Write-off of trade receivables	1,764	691	1,764	628
Other current assets	911,954	554,480	640,137		317,861 Other provisions	(616)	5,359	(616)	5,359
					1,821,596 Provision for obsolete inventories
TOTAL ASSETS	2,702,497	2,435,488	2,084,919			195	552	195	-
LIABILITIES & EQUITY					Impairment losses on PPE, intangible assets, Right-of-use assets & goodwill	4,663	36,833	-	460
Share capital	105,857	102,428	105,857		102,428 Dividend income	-	-	(4,000)	(5,500)
Other equity items	805,003	639,156	709,165		537,617 Impairment of investment in subsidiary	-	-	-	5,500
Equity attributable to owners of the Company (a)	910,860	741,584	815,022		640,045 Gain from disposal of subsidiary	(395)	-	-	(8,336)
Non-controlling interests (b)	38,513	41,126	-		- Loss allowance/(Reversal of loss allowance) of other current & non-current assets	-	15,399	(10,000)	11,857
Total equity (c)=(a)+(b)	949,372	782,710	815,022		640,045 Gain from remeasurement of previously held equity interest	-	(142,666)	-	-
Provisions / Other non-current liabilities	146,477	228,776	55,241		40,209 Share of (profit)/loss from associates	443	(18,296)	-	-
Long-term loans	991,673	1,007,830	941,517		957,440 Profit from the sale of PPE and intangible assets	(16)	29	(18)	(4)
Lease liabilities (long-term)	43,507	50,112	16,989		22,011 Rent concessions	(3,690)	(1,988)	(2,761)	(995)
Short-term loans	54,965	33,036	82,677	52,692
Lease liabilities (short-term)	7,500	7,631	5,365		5,068 Changes in Working capital
Other current liabilities	509,004	325,393	168,108		104,130 (Increase) / decrease in inventories	1,292	241	1,128	(1,266)
Total liabilities (d)	1,753,125	1,652,778	1,269,897		1,181,550 (Increase) / decrease in receivables	(53,132)	37,938	(35,211)	1,367
TOTAL LIABILITIES & EQUITY (c)+(d)	2,702,497	2,435,488	2,084,919		1,821,596 Increase / (decrease) in payables (except banks)	72,955	(72,971)	27,942	(76,960)
					Minus:
					Interest paid	(30,542)	(35,051)	(28,441)	(32,500)
	COMPREHENSIVE INCOME STATEMENT INFORMATION				Income tax paid	(46,084)	(12,146)	(19,785)	(6,720)
	(Amounts in thousands of euro)				Net cash flows from operating activities (a)	493,381	186,388	415,379	147,410
	GROUP		COMPANY
	1.1-31.12.2021	1.1-31.12.2020	1.1-31.12.2021		1.1-31.12.2020 Investing activities
Revenue (GGR)	1,538,843	1,129,783	985,327		930,219 Proceeds from sale of tangible and intangible assets	18	7	18	7
Net gaming revenue (NGR)	1,043,857	737,265	687,179		618,579 Purchase of tangible and intangible assets	(24,217)	(18,880)	(18,088)	(15,002)
Results from operating activities	400,829	249,861	368,998		154,585 Acquisition of subsidiary/associate, net of cash acquired	(19,007)	(154,735)	-	-
Profit before tax	357,265	216,407	335,288		129,652 Loan repayments from third parties	3,426	18,185	2,436	1,135
Profit (A)	260,872	199,107	264,961		101,370 Loan repayments from subsidiaries	-	-	31,250	9,500
-Owners of the Company	259,427	205,167	264,961		101,370 Loans granted to third parties	(1,553)	(2,317)	(1,553)	(2,317)
-Non-controlling interests	1,445	(6,059)	-		- Loans granted to Group companies	-	-	(16,000)	(24,500)
Other comprehensive income, net of tax (B)	975	(186)	933		(179) Increase of cash due to acquisition of STOIXIMAN LTD	-	64,562	-	-
Total comprehensive income (A)+(B)	261,846	198,921	265,894		101,192 Share capital increase in subsidiaries	-	-	-	(70,000)
-Owners of the Company	260,393	204,982	265,894		101,192 Proceeds from sale of subsidiary	802	-	-	-
-Non-controlling interests	1,453	(6,061)	-		- Net change in short-term & long-term investments	997	5,285	-	-
Basic and diluted earnings (after tax) per share (in € )	0.7544	0.6137	0.7705		0.3032 Interest received	439	2,586	784	1,225
Dividend proposed per share (in €)	0.6000	0.5500	0.6000		0.5500 Dividends received	-	6,799	1,000	7,500
Profit before interest, tax, depreciation					Net cash flows used in investing activities (b)	(39,096)	(78,507)	(153)	(92,453)
and amortization (EBITDA)	550,296	260,715	479,959	246,941
					Financing activities
					Proceeds from loans & borrowings	452,101	501,500	410,000	500,000
					Payments of loans & borrowings	(450,273)	(508,094)	(400,002)	(500,002)
	CHANGES IN EQUITY STATEMENT INFORMATION				Transaction costs related to loans & borrowings	(1,350)	(5,485)	(1,200)	(5,485)
(Amounts in thousands of euro)					Share capital increase expenses	(238)	(93)	(38)	(65)
	GROUP		COMPANY		Payment of lease liabilities	(5,935)	(8,068)	(3,354)	(5,476)
	31.12.2021	31.12.2020	31.12.2021		31.12.2020 Receipt of repayable state cash advance	-	151	-	-
Balance as of January 1st, 2021 and 2020 respectively	782,710	771,892	640,045		756,579 Dividends paid	(91,035)	(214,735)	(91,035)	(214,735)
Change in accounting policy of IAS 19	-	2,138	-		1,524 Dividends paid to non-controlling interests	(4,067)	-	-	-
Total comprehensive income	261,846	198,921	265,894		101,192 Net cash flows used in financing activities (c)	(100,797)	(234,823)	(85,629)	(225,763)
Dividends paid	(225,778)	(419,657)	(221,711)		(419,657) Net (decrease) / increase in cash and
Non-controlling interests on acquisition of subsidiary	-	29,036	-		- cash equivalents (a)+(b)+(c)	353,488	(126,943)	329,597	(170,806)
Share capital increase expenses Share capital increase	(238)	(93)	(38)		(65) Cash and cash equivalents at the beginning of the year	506,873	633,815	279,491	450,297
Balance as of December 31st, 2021 and 2020	130,831	200,473	130,831		200,473 Cash and cash equivalents at the end of the year	860,361	506,873	609,088	279,491
respectively
	949,372	782,710	815,022	640,045
					ADDITIONAL INFORMATION
1. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in note 44 of the					9. The fixed assets purchases concerning the period 1.1-31.12.2021 reached € 18,088 thousand for the Company and € 24,217 thousand for
annual financial statements.					the Group.
2. The assets of the Group and the Company have not been pledged.					10. There has not been any cease of operations in any of the Group's segments or companies.
3a. According to the Company's Legal Counsel, there are lawsuits from third parties concerning claims against the Company amounting to € 9,081 thousand and € 9,084 thousand for the Group for which a provision has been recognized, while the total sum					11. Any chance differences in sums are due to approximations.
of these claims reaches € 22,951 thousand for the Company and € 23,049 thousand for the Group.					12. The 21st Annual Ordinary Shareholders General Meeting, held on 17.06.2021, approved a gross dividend of € 0.55 per share for the fiscal
3b. Total cumulative provision per category is analyzed as follows:					year 2020. The total approved gross dividend amounted to € 186,778 th The distribution was proceeded through the implementation of the
i) for legal issues € 9,081 thousand for the Company and € 9,084 thousand for the Group, and ii) for employee benefit plans € 3,955 thousand for the Company and € 4,058 thousand for the Group.					general terms of the five-year dividend reinvestment program as approved by the Ordinary General Meeting of the Shareholders of the
					Company, dated 22.05.2019.

OPAP S.A.

FINANCIAL DATA AND INFORMATION GREEK ORGANIZATION OF FOOTBALL PROGNOSTICS S.A. Register Number: 46329/06/Β/00/15 General Electronic Commercial Registry-G.Ε.ΜI. Number: 3823201000 112, Athinon Ave, 104 42 Athens FOR THE PERIOD FROM JANUARY 1, 2021 TO DECEMBER 31, 2021

The purpose of the following information and financial data is to provide users wuth general information about the results of operations of OPAP S.A. ("Company") and OPAP Group ("Group"). Therefore, we recommend the users of the financial data and information, before making any investment decision or proceeding to any transaction with the Group or the Company, to obtain the necessary information from the website, where the consolidated and separate financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the E.U., are available, together with the auditors' report.

3c. Furthermore, according to the Legal Counsel, third party lawsuits have been filed, of a total claim of € 341,883 thousand for the Group, for which the outcome is estimated as positive and consequently, no provisions were required. 4. The number of the employees on 31.12.2021 and 31.12.2020 for the Company was 1,127 and 1,158 respectively (1,612 and 1,503, respectively for the Group).

5. The Group's and Company's total inflow, outflow, receivables and payables to related companies and related parties, accord ing to IAS 24, are as follows:

(Amounts in thousands of euro)		GROUP COMPANY
Inflow	-	31,701
Outflow	48,135	9,402
Receivables	3,495	23,425
Payables	9,979	34,661
Transactions and balances with BoD and Key management personnel	4,782	4,283
Receivables from BoD and Key management personnel	-	-
Liabilities from BoD and Key management personnel	170	169

13. The Group's and the Company's financial information for the year ended 31.12.2020 were restated due to following reasons: a) a change in accounting policy - IAS 19 Employee benefits which was applied retrospectively and b) the finalization of the business acquisition of STOIXIMAN LTD. The restatement is presented in Note 3.23 of the financial statements. 14. Reclassifications have been made for better presentation with no impact on the equity or the results of operations of the Group and the Company. These reclassifications are presented in Note 47 of the financial statements. Athens, 22 March 2022 Operational Finance Director Petros Xarchakos Chairman of the Board Kamil Ziegler Member of the BoD and Chief Financial Officer Pavel Mucha Member of the BoD and Chief Executive Officer Jan Karas

From the above transactions, the transactions and balances with the subsidiaries have been removed from the consolidated financial statements.

6. Τhe Company's share capital amounts to € 105,857 thousand, divided into 352,856,287 shares with voting rights, par value of 0.30 euros each.

7. The total number of its treasury shares that the Company holds as at 31.12.2021 is 1,829,624 of total value € 14,497 thousand and they have been deducted from the Shareholders Equity of the Group and the Company.

8. The Group's structure is described in note 4 of the financial report and more specifically the following: the Group's participating interest, country of incorporation, method of consolidation and principal activity.