Opap S.A.

Annual / Quarterly Financial Statement • Sep 11, 2019

The following financial data provide summary information about the financial positiion and the results of operations of OPAP S.A. (the Company) and its subsidiaries (collectively the Group). We advise the reader, before making any investment decision or other transaction with the Group or the
Company, to visit the Company's website, where the consolidated and separate financial statements, according to the IFRS, together with review report of the external auditors are presented. Website: www.opap.gr Approval date of the financial report from the BoD: 10 September 2019 Certified Auditors: Konstantinos Michalatos (SOEL REG No. 17701)					Responsible Supervisory Authority: Ministry of Development and Investments Board of Directors: Kamil Ziegler, Damian Cope, Spyros Fokas, Pavel Horak, Michal Houst, Pavel Saroch, Robert Chvátal, Christos Kopelouzos, Nikolaos Iatrou,
Review report:	Conclusion without qualification		PricewaterhouseCoopers S.A. Certified Auditors - Accountants (SOEL REG No 113)				Stylianos Kostopoulos, Igor Rusek, Rudolf Jurcik, Dimitrakis Potamitis
	STATEMENT INFORMATION OF FINANCIAL POSITION (Amounts in thousand euro)						STATEMENT INFORMATION OF COMPREHENSIVE INCOME (Amounts in thousand euro except earnings per share)
	GROUP 30.06.2019	31.12.2018	COMPANY 30.06.2019	31.12.2018			01.01-30.06.2019	01.01-30.06.2018	GROUP 01.04-30.06.2019	01.04-30.06.2018
ASSETS					Revenue (GGR)		779,592	737,457	383,562	360,197
Intangible assets Property, plant & equipment	1,091,966 103,765	1,122,920 111,467	951,047 82,991	972,679 88,421	Net gaming revenue (NGR) Results from operating activities		525,596 141,932	495,459 111,034	258,761 57,660	242,316 46,744
Right of use asset	66,389	-	33,914	-	Profit before tax		132,545	98,630	53,254	40,812
Investment property Other non-current assets	1,140 156,488	903 148,876	1,140 317,292	903 315,436	Profit for the period (A) -Owners of the Company		91,746 91,797	66,268 66,026	35,054 34,620	26,393 26,194
Inventories	14,807	10,662	1,610	1,053	-Non-controlling interests		(51)	242	434	199
Trade receivables	118,325	138,293	39,756	43,512	Other comprehensive income, net of tax (B)		(1,499)	(336)	(788)	(466)
Other current assets TOTAL ASSETS	338,277 1,891,156	236,573 1,769,694	239,425 1,667,176	122,216 1,544,220	Total comprehensive income (A)+(B)		90,247	65,932	34,267	25,926
LIABILITIES & EQUITY					-Owners of the Company		90,298	65,690	33,832	25,727
Share capital	95,700	95,700	95,700	95,700	-Non-controlling interests		(51)	242	434	199
Other items of equity holders' equity Equity attributable to owners of the Company (a)	526,995 622,695	627,054 722,754	526,332 622,032	621,529 717,229	Earnings per share - basic (in € ) Profit before interest, tax, depreciation		0.2894	0.2077	0.1092	0.0824
Non controlling interests (b)	33,427	36,782	-	-	and amortization (EBITDA)		198,662	157,423	87,041	70,205
Total equity (c)=(a)+(b)	656,122	759,536	622,032	717,229
Provisions / Other non-current liabilities Long term loans	111,284 651,118	60,563 650,260	72,923 596,007	53,303 601,351			01.01-30.06.2019	01.01-30.06.2018	COMPANY 01.04-30.06.2019	01.04-30.06.2018
Short term loans	180	191	20,000	20,011	Revenue (GGR)		661,537	614,638	324,427	299,581
Other current liabilities	472,452	299,144	356,213	152,327	Net gaming revenue (NGR)		436,913	403,851	214,465	197,152
Total liabilities (d) TOTAL LIABILITIES & EQUITY (c)+(d)	1,235,034 1,891,156	1,010,157 1,769,694	1,045,144 1,667,176	826,991 1,544,220	Results from operating activities Profit before tax		144,815 134,962	107,650 96,907	61,609 57,666	44,972 39,489
					Profit for the period (A)		96,604	66,535	40,798	25,878
STATEMENT INFORMATION OF CHANGES IN EQUITY (Amounts in thousand euro)					-Owners of the Company		96,604	66,535	40,798	25,878
	GROUP 30.06.2019	30.06.2018	COMPANY 30.06.2019	30.06.2018	Other comprehensive income, net of tax (B) Total comprehensive income (A)+(B)		(1,499) 95,106	(336) 66,199	(788) 40,010	(466) 25,412
Equity balance as of January 1st, 2019 and 2018					-Owners of the Company		95,106	66,199	40,010	25,412
respectively	759,536	759,463	717,229	717,023	Basic and diluted earnings (after tax) per share in €		0.3046	0.2094	0.1286	0.0814
Total comprehensive income Dividends paid	90,247 (193,607)	65,932 (98,977)	95,106 (190,302)	66,199 (95,345)	Profit before interest, tax, depreciation and amortization (EBITDA)		187,593	141,343	84,077	62,004
Other movements	-	(1,523)	-	(1,523)
Share capital increase expenses of subsidiaries	(55)	(275)	-	-
Share capital return of subsidiaries Equity balance as of June 30th, 2019 and 2018	-	(6,261)	-	-
respectively	656,122	718,359	622,032	686,354
	CASH FLOW STATEMENT INFORMATION (Amounts in thousand euro) GROUP		COMPANY				ADDITIONAL INFORMATION
			01.01-30.06.2019 01.01-30.06.2018 01.01-30.06.2019 01.01-30.06.2018
Operating activities Profit before tax	132,545	98,630	134,962	96,907	1. For unaudited tax years, a cumulative provision has been made concerning tax differences amounting to € 1,258 th. for the Group. 2. The assets of the Company and the Group have not been pledged.
Plus / (minus) adjustments for:					3a. According to Management estimations, there are lawsuits from third parties concerning claims against the Company and Group for
Depreciation & Amortization	56,730	46,389	42,778	33,693	which a negative outcome of € 10,872 th. and € 10,960 th. respectively is estimated and recognized while the total sum of these claims reaches € 15,007 th. for the Company and € 15,947 th. for the Group.
Net finance costs Employee benefit plans	12,161 840	12,386 809	9,849 775	10,741 740	3b. The most important cumulative provision per category is analyzed as follows:
Provisions for bad debts	2,854	1,827	614	1,066	i) for legal issues € 10,872 th. for the Company and € 10,960 th. for the Group,
Other provisions	(15,099)	444	(15,099)	444	ii) for unaudited fiscal years by tax authorities € 1,258 th. for the Group, iii) for employee benefit plans € 5,047 th. for both the Company and € 5,505 th. for the Group.
Foreign exchange differences Share of profit from associates	8 (2,781)	18 -	4 -	2 -	3c. Furthermore, third party lawsuits have been filed of a total claim € 256,018 th. for the Group which the outcome is estimated as
Results from investing activities					positive and consequently, no provisions were required. 4. The number of the employees on 30.06.2019 and 30.06.2018 for the Company were 1,138 and 1,086 respectively (1,524 and 1,459
(income, expense, profit and loss) Other non-cash items	15 117	- -	1,377	- 1,377	respectively for the Group).
Plus / (minus) adjustments for changes					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:
in working capital or connected								GROUP	COMPANY
to operating activities: (Inrease) / decrease in inventories	(4,145)	45	(558)	269	Inflow			(amounts in thousand euro) -	17,133
(Increase) / decrease in receivables	16,100	29,450	3,552	18,973	Outflow			1,217	7,387
Increase / (decrease) in payables (except banks) Increase / (decrease) in taxes payable	(57,551) (47)	(74,708) 3,613	(26,340) (2)	(55,090) 3,613	Receivables Payables			94 28	28,360 23,049
Minus:					Transactions and salaries of executive and administration members			2,361	2,096
Interest paid	(11,491)	(13,889)	(10,656)	(13,114)	Liabilities from executive and administration members			251	205
Income tax paid Net cash inflow from operating activities (a)	(477) 129,776	(898) 104,118	- 141,257	(898) 98,723	From the above transactions, the transactions and balances with the subsidiaries have been removed from the consolidated
Investing activities					financial statements of the Group.
Proceeds from sale of tangible & intangible assets	45	16	35	16	6. Τhe Company's share capital amounts to 95,700,000.00 euro, divided into 319,000,000 shares with voting rights, par value of 0.30 euro each.
Additional consideration for the acquisition of associate Loan repayments from third parties	(2,000) 1,998	- 3,384	- 223	- 3,000	7a. There was no modification in the method of consolidation compared to the year ended on 31.12.2018.
Loan repayments from subsidiaries	-	-	100	-	8.There were no changes in the structure of the Group as at 30.06.2019.
Share capital (increase) / decrease of subsidiaries Loans granted to third parties	- (1,366)	- -	(5,000) -	19,018 -	9. The accounting principles applied in preparing these interim condensed financial statements are the same as those applied for preparing the financial statements for the fiscal year 2018 considering the changes to Standards and Interpretations applicable
Loans granted to Group companies	-	-	(200)	-	from 01.01.2019.
Purchase of intangible assets	(11,602)	(9,339)	(10,875)	(9,065)	10. The fixed assets purchases concerning the period 01.01-30.06.2019 reached € 13,362 th. (€ 14,526 th. for the Group). 11. There has not been any cease of operations in any of the Group's segments or companies.
Purchase of property, plant and equipment Dividends received	(2,924) -	(13,814) -	(2,486) 1,500	(8,083) 836	12. The amounts are presented in thousand euro as in the six month financial report.
Interest received	1,031	887	580	454	13. Any differences in sums are due to roundings.
Net change in short-term & long-term investments	(39)	-	-	-	14. The nineteenth (19th) Ordinary Shareholders General Meeting of OPAP S.A. that took place on Wednesday, 22.05.2019 at its headquarters, approved the distribution of earnings and decided upon the distribution of a total gross dividend of 0.70 euro per
Net cash (outflow)/inflow from investing activities (b) Financing activities	(14,857)	(18,866)	(16,123)	6,177	share prior to the tax withhold for the fiscal year 2019. Since the amount of 0.10 euro per share had already been distributed to the shareholders as interim dividend pursuant to the respective decision of the Company's Board of Directors, the remaining dividend

Proceeds from loans & borrowings - 260,477 - 250,005 Payments of loans & borrowings (56) (290,611) (6,052) (290,500) Transaction costs related to loans & borrowings - (1,250) - (1,250) Share capital increase expenses of subsidiaries (55) (275) - - Share capital return of subsidiaries - (6,261) - - Payment of lease liabilities (4,465) - (2,889) - Dividends paid (3,542) (113,609) (238) (109,978) Net cash outflow from financing activities (c) (8,119) (151,529) (9,179) (151,723)

In accordance with the Decision 4/507/28.4.2009 of the Hellenic Capital Market Commission

FOR THE PERIOD JANUARY 1 TO JUNE 30, 2019 SUMMARY FINANCIAL INFORMATION

OPAP S.A.

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

Net increase / (decrease) in cash and cash equivalents (a)+(b)+(c) Cash and cash equivalents at the beginning of the period	106,800 182,596	(66,277) 237,244	115,956 101,563	(46,824) 94,270
Cash and cash equivalents at the end of the period	289,396	170,966	217,519	47,447
					Kamil Ziegler	Damian Cope	Michal Houst	Petros Xarchakos

for the fiscal year 2018 amounted to 0.60 euro per share prior to the relevant tax withhold. Eligible to receive the dividend were OPAP's registered shareholders on Thursday, 27.06.2019 (record-date). 15. The six month financial report of 2019 was approved with the 10.09.2019 BoD resolution.

Athens, 10 September 2019

Accounting and Consolidation Director Board Member and Chief Financial Officer

Chairman of the Board Board Member and Chief Executive Officer