Opap S.A.

Annual / Quarterly Financial Statement • Mar 29, 2017

International Financial Reporting Standards as adopted by the E.U., are available, together with the auditors' report.
Responsible Supervisory Authority:	Ministry of Economy, Development and Tourism				Approval date of the financial statements:	28 March 2017
Company's Website:	www.opap.gr				Certified Auditor:		Nikolaos Vouniseas (Registry No SOEL 18701)
Board of Directors:	Kamil Ziegler, Damian Cope, Spyros Fokas, Pavel Saroch, Michal Houst,			Auditing Company:	KPMG Certified Auditors S.A. (Registry No SOEL 114)
Georgios Melisanidis, Christos Kopelouzos, Pavel Horak, Robert Chvátal,			Type of Auditors' Opinion: Unqualified
	Marco Sala, Igor Rusek, Rudolf Jurcik, Dimitrakis Potamitis
	FINANCIAL POSITION STATEMENT INFORMATION					CASH FLOW STATEMENT INFORMATION
	(Amounts in thousands of euro)					(Amounts in thousands of euro)
	GROUP		COMPANY			GROUP		COMPANY
	31.12.2016	31.12.2015	31.12.2016	31.12.2015		1.1-31.12.2016	1.1-31.12.2015	1.1-31.12.2016	1.1-31.12.2015
ASSETS					Operating activities
Intangible assets	1.216.858	1.222.987	1.041.090		1.063.227 Profit before tax	236.916	299.592	233.914	301.661
Property, plant & equipment	67.583	56.238	45.196		32.861 Adjustments for:
Investment property	940	1.398	940		1.398 Depreciation and amortization	58.286	59.310	36.684	39.995
Other non - current assets	44.909	38.297	301.880		172.628 Net finance costs	13.199	4.666	3.206	(2.245)
Inventories	12.469	13.265	2.350		280 Employee benefit plans	3.112	1.174	2.807	1.114
Trade receivables	80.634	55.234	33.667		23.391 Provisions for bad debts	72	220	(149)	-
Other current assets	344.280	321.414	115.631		248.745 Other provisions	(11.788)	9.128	(11.692)	9.100
TOTAL ASSETS	1.767.675	1.708.833	1.540.755		1.542.530 Impairment losses on tangible & intangible assets	29	15.021	-	-
LIABILITIES & EQUITY					Exchange differences	88	2	88	2
Share capital	95.700	95.700	95.700		95.700 Impairment of investment in subsidiary	-	-	12.000	-
Other equity items	939.577	1.066.122	942.421		1.066.582 Reversal of impairment loss on remeasurement
Equity attributable to owners of the Company (a)	1.035.277	1.161.822	1.038.121		1.162.282 of associates	(350)	(893)	-	-
Non-controlling interests (b)	36.954	41.005	-		- Share of profit from associates	(600)	(600)	-	-
Total equity (c)=(a)+(b)	1.072.231	1.202.827	1.038.121		1.162.282 (Gain) / loss from investing activities	(705)	(202)	(642)	5
Provisions / Other non-current liabilities	42.254	66.022	43.296		67.425 Other non-cash items	-	-	2.869	1.973
Long-term loans	263.000	115.000	208.000	115.000
Short-term loans	118.689	32.097	118.689		2.097 Changes in Working capital 195.727 (Increase) / decrease in inventories
Other current liabilities	271.500	292.887	132.649			789	(10.289)	(2.071)	(280)
Total liabilities (d) TOTAL LIABILITIES & EQUITY (c)+(d)	695.443 1.767.675	506.006 1.708.833	502.634 1.540.755		380.248 (Increase) / decrease in receivables 1.542.530 Increase / (decrease) in payables (except banks)	(66.996) 22.060	35.707 (59.424)	(41.746) (3.505)	48.194 (83.503)
					Decrease in taxes payable Minus:	(27.735)	(6.999)	(29.018)	(4.172)
	COMPREHENSIVE INCOME STATEMENT INFORMATION				Interest paid Income tax paid	(15.140)	(5.524)	(11.469)	(3.467)
	(Amounts in thousands of euro) GROUP		COMPANY			(116.937)	(142.454)	(107.801)	(135.743)
	1.1-31.12.2016	1.1-31.12.2015	1.1-31.12.2016	1.1-31.12.2015	Net cash flows from operating activities (a)	94.301	198.436	83.475	172.634
Revenue (GGR)	1.397.565	1.399.671	1.152.655		1.167.601 Investing activities
Net gaming revenue (NGR)	573.047	625.339	457.006		516.197 Proceeds from sale of tangible and intangible assets	684	321	677	32
Results from operating activities	249.254	302.770	237.208		299.418 Purchase of tangible and intangible assets	(42.865)	(39.649)	(26.460)	(21.319)
Profit before tax	236.916	299.592	233.914		301.661 Extra charge for the acquisition of subsidiary	(695)	(1.090)	-	-
Profit (A)	172.856	209.901	172.088		211.091 Loans granted	(12.700)	-	-	-
-Owners of the Company	170.236	210.719	172.088		211.091 Share capital (increase) / decrease in subsidiaries	-	-	(145.000)	34.500
-Non-controlling interests	2.620	(819)	-		- Interest received	3.261	1.350	485	532
Other comprehensive income, net of tax (B)	(179)	37	(175)		26 Dividends received	-	-	9.103	5.640
Total comprehensive income (A)+(B)	172.677	209.937	171.913		211.116 Net cash flows (used in) / from investing activities (b)	(52.315)	(39.067)	(161.196)	19.385
-Owners of the Company	2.620	(817)	-	-
-Non-controlling interests	1	1	1		1 Financing activities
Basic and diluted earnings (after tax) per share (in € )	0,5344	0,6609	0,5403		0,6621 Proceeds from loans & borrowings	276.689	147.096	221.689	117.097
Dividend proposed per share (in €)	0,7200	0,4000	0,7200		0,4000 Payments of loans & borrowings	(42.097)	-	(12.097)	-
Profit before interest, tax, depreciation					Αcquisition of treasury shares	(4.735)	(2.719)	(4.735)	(2.719)
and amortization (EBITDA)	307.540	377.103	273.892		339.413 Payment of finance lease interest	-	(1)	-	-
					Payment of finance lease principal	-	(4)	-	-
	CHANGES IN EQUITY STATEMENT INFORMATION				Share capital increase expenses of subsidiaries	(599)	(715)	-	-
	(Amounts in thousands of euro)				Return of share capital of subsidiary	(6.598)	(21.452)	-	-
	GROUP		COMPANY		Dividends paid	(292.819)	(277.298)	(292.819)	(273.738)
	31.12.2016	31.12.2015	31.12.2016		31.12.2015 Net cash flows used in financing activities (c)	(70.158)	(155.093)	(87.961)	(159.359)
Balance as of January 1st, 2016 and 2015 respectively	1.202.827	1.235.064	1.162.282		1.166.661 Net (decrease) / increase in cash and
Total comprehensive income	172.677	209.937	171.913		211.116 cash equivalents (a)+(b)+(c)	(28.172)	4.276	(165.682)	32.660
Dividends paid	(293.106)	(217.222)	(293.106)		(213.661) Cash and cash equivalents at the beginning of the year	301.695	297.418	231.115	198.455
Αcquisition of non-controlling interests of subsidiaries	-	(950)	-		- Cash and cash equivalents at the end of the year	273.523	301.695	65.433	231.115
Αcquisition of treasury shares	(4.735)	(2.719)	(4.735)	(2.719)
Share capital increase expenses of subsidiaries	(601)	(715)	-	-
Share capital decrease of subsidiaries	(6.598)	(21.452)	-	-
Long-term bonus incentive scheme Balance as of December 31st, 2016 and 2015	1.768 1.072.231	884 1.202.827	1.768 1.038.121	884 1.162.282
					ADDITIONAL INFORMATION
1a. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in note 11.36 of					9. There have not been any errors or changes in the accounting policies or in the accounting estimates applied in the financial
the annual financial statements.					report.
1b. For unaudited fiscal years, a cumulative provision has been made concerning tax differences amounting to € 1,258 thousand 10. The accounting principles according to which the financial report was prepared are in accordance with those used in the for the Group.
2. The assets of the Group and the Company have not been pledged.	annual financial report for the fiscal year 2015. 11. The fixed assets purchases concerning the period 1.1-31.12.2016 reached € 26,460 thousand for the Company and € 39,649
3a. According to the Company's Legal Counsel, there are lawsuits from third parties concerning claims against the Company amounting to € 32,078 thousand and € 32,195 thousand for the Group for which a provision has been recognized, while the total		thousand for the Group.
sum of these claims reaches € 29,989 thousand for the Company and € 30,179 th. for the Group.	12. There has not been any cease of operations in any of the Group's segments or companies.
3b. Total cumulative provision per category is analyzed as follows:				13. Any chance differences in sums are due to approximations.
i) for legal issues € 32,078 thousand for the Company and € 32,195 thousand for the Group, ii) for unaudited fiscal years by tax authorities € 1,258 thousand for the Group and				14. The Sixteenth (16th) Annual Ordinary Shareholders General Meeting of OPAP S.A. that took place on Monday, 25.04.2016 at
iii) for employee benefit plans € 1,355 thousand for the Company and € 1,507 thousand for the Group.		its headquarters, approved the distribution of earnings and decided upon the distribution of a total gross dividend of 0.40 euro
3c. Furthermore, according to the Legal Counsel, third party lawsuits have been filed, of a total claim of € 229,378 thousand for the Group, for which the outcome is estimated as positive and consequently, no provisions were required.					per share for the fiscal year 2015. Since the amount of 0.17 euro per share had already been distributed to the shareholders in the form of interim dividend in August 2015, the remaining dividend for the fiscal year 2015 amounted to 0.23 euro per share.
4. The number of thr employees on 31.12.2016 and 31.12.2015 for the Company was 843 and 738, respectively (1,005 and 860,

(Published in accordance with L. 2190/1920, article 135 for companies preparing annual consolidated and separate financial statements, in accordance with the I.F.R.S.)

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

GREEK ORGANIZATION OF FOOTBALL PROGNOSTICS S.A.

OPAP S.A.

General Electronic Commercial Registry-G.Ε.ΜI. Number: 3823201000

FOR THE PERIOD FROM JANUARY 1,2016 TO DECEMBER 31, 2016

112, Athinon Ave, 104 42 Athens FINANCIAL DATA AND INFORMATION

Register Number: 46329/06/Β/00/15

respectively for the Group).

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

Eligible to receive the dividend were OPAP's registered shareholders on Thursday, 05.05.2016 (record-date). 15. The Tenth (10th) Shareholders Extra-Ordinary General Meeting of OPAP S.A. that took place on Tuesday, 21.06.2016 at its headquarters, approved the change of the Company's registered office, from Peristeri Attica to the Municipality of Athens. It also approved the increase of the number of the members of the Company's Board of Directors from 12 to 13 and elected Mr. Damian Cope as the new member of the Company's Board of Directors. Finally, it approved the distribution of part of the past years undistributed earnings which represented a dividend of 0.57 Euro per share. Eligible to receive the past years' undistributed earnings' dividend were OPAP's registered shareholders on Friday, 24.06.2016 (record-date). 16. The financial report of 2016 was approved by OPAP S.A.'s BoD, on 28.03.2017 which will propose the approval of a 0.72 euro per share (before tax) dividend distribution (total sum of € 228,829 thousand), at the Annual General Shareholder Meeting (see note 8 of the BoD's Annual Report). It is noted that in the Company's Board of Directors Meeting that was held on 30.08.2016 has decided to distribute a gross amount of € 38,231 thousand or 0.12 euro per share excluding own shares. The remaining proposed dividend is € 190,597 thousand or 0.60 euro per share.

(Amounts in thousands of euro)		GROUP COMPANY
Inflow	1,924	36,950
Outflow	8,303	9,152
Receivables	0	31,271
Payables	1,092	2,188
Transactions and salaries of executive and administration members	10,674	8,271
Receivables from executive and administration members	0	0
Liabilities from executive and administration members	302	246

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 € 95,700 thousand, divided into 319,000,000 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 31.12.2016 is 987,805 of total value € 7,454 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 8 of the financial report and more specifically the following: the Group's participating interest, country of incorporation, method of consolidation and principal activity.

Athens, 28 March 2017

Chairman of the Board	Chief Executive Officer	Member of the BoD and Chief Financial Officer	Accounting and Consolidation Director
Kamil Ziegler	Damian Cope	Michal Houst	Petros Xarchakos
Passport No. 40412133	Passport No. 801407564	Passport No. 39893691	ID. Νo ΑΚ 161998