Annual Report (ESEF) • Mar 22, 2022
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Financial progress and performances of year 2021 ................................................................. 7 2. Significant events during the year 2021 and their effect on the Financial Statements ................. 9 3. Main risks and uncertainties................................................................................................ 15 4. Company’s strategy and Group’s future prospects ................................................................ 22 5. Related Parties significant transactions ................................................................................ 27 6. Corporate Governance Statement ....................................................................................... 29 7. Dividend policy – Distribution of net profit ........................................................................... 82 8. Number and par value of shares ......................................................................................... 82 9. EU Taxonomy regulation .................................................................................................... 82 10. Other .............................................................................................................................. 84 11. Subsequent events after the end of fiscal year 2021 and until the announcement of the annual financial report ...................................................................................................................... 85 12. Alternative Performance Indicators (API) ........................................................................... 86 ANNEX..................................................................................................................88 III.AnnualFinancialStatements..........................................................................92 Independent auditor’s report......................................................................93 1.StatementofFinancialPosition.....................................................................105 2.IncomeStatement.........................................................................................106 3.StatementofComprehensiveIncome...........................................................107 4.StatementofChangesinEquity.....................................................................108 4.1. Consolidated Statement of Changes in Equity ................................................................... 108 4.2. Separate Statement of Changes in Equity ......................................................................... 109 5.CashFlowStatement.....................................................................................110 NotesontheFinancialStatements....................................................................111 1.InformationabouttheCompanyandtheGroup...........................................111 1.1. General information ....................................................................................................... 111 1.2. Nature of operations ...................................................................................................... 111 2.Basisofpreparation.......................................................................................116 2.1. New Standards, amendments to standards and interpretations .......................................... 117 2.2. Important accounting estimates and judgements .............................................................. 120 3.Summaryofaccountingpolicies....................................................................125 3.1. Basis of consolidation and investments in associates ......................................................... 125 3.2. Foreign currency translation ............................................................................................ 127 3.3. Operating segments ....................................................................................................... 127 3.4. Revenue recognition, accounting for Payout to the winners and other Operating Income ..... 128 3.5. Interest income ............................................................................................................. 130 3.6. Dividend income ............................................................................................................ 130 3.7. Expenses ...................................................................................................................... 130 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 3 3.8. Property, plant and equipment ........................................................................................ 130 3.9. Intangible assets ........................................................................................................... 131 3.10. Goodwill ...................................................................................................................... 133 3.11. Impairment of non-financial assets ................................................................................ 133 3.12. Leases ........................................................................................................................ 134 3.13. Financial assets ............................................................................................................ 135 3.14. Inventories .................................................................................................................. 137 3.15. Cash and cash equivalents ............................................................................................ 137 3.16. Equity ......................................................................................................................... 137 3.17. Current and deferred income tax ................................................................................... 138 3.18. Provisions, contingent liabilities and contingent assets ..................................................... 139 3.19. Financial liabilities ........................................................................................................ 140 3.20. Retirement benefits costs ............................................................................................. 141 3.21. Investment property ..................................................................................................... 142 3.22. Dividends payable ........................................................................................................ 142 3.23. Restatement of comparative financial information ........................................................... 142 4.StructureoftheGroup..................................................................................148 5.Operatingsegments.......................................................................................149 6.Intangibleassets............................................................................................153 7.Property,plantandequipment.....................................................................156 8.Right‐of‐UseassetsandLeaseliabilities........................................................158 9.Investmentproperties...................................................................................161 10.Goodwill.......................................................................................................161 11.Investmentsinsubsidiaries..........................................................................165 12.Investmentsinassociates............................................................................165 13.Othernon‐currentassets.............................................................................167 14.Incometaxes–Deferredtaxes....................................................................168 15.Inventories...................................................................................................171 16.Tradereceivables.........................................................................................172 17.Othercurrentassets....................................................................................173 18.Cashandcashequivalents...........................................................................174 19.SharecapitalandSharePremium................................................................174 20.Reserves.......................................................................................................175 21.Treasuryshares............................................................................................176 22.Non‐controllinginterests.............................................................................177 23.Borrowings...................................................................................................179 24.Employeebenefitplans...............................................................................181 25.Provisions.....................................................................................................183 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 4 26.Othernon‐currentliabilities........................................................................184 27.Tradepayables.............................................................................................185 28.Othercurrentliabilities................................................................................186 29.Dividends.....................................................................................................187 30.GGRcontributionandotherleviesandduties............................................187 31.Agents’commission.....................................................................................188 32.Otherdirectcosts........................................................................................188 33.Otheroperatingincome..............................................................................189 34.Otheroperatingincomerelatedtotheextensionoftheconcessionofthe exclusiveright2020‐2030..................................................................................190 35.Otheroperatingcost....................................................................................190 36.Payrollexpenses..........................................................................................191 37.Marketingexpenses.....................................................................................191 38.Otheroperatingexpenses...........................................................................192 39.Financeincome/(costs)..............................................................................193 40.Dividendincome..........................................................................................193 41.Incometaxexpense.....................................................................................194 42.Earningspershare.......................................................................................196 43.Relatedpartydisclosures.............................................................................196 44.Otherdisclosures.........................................................................................199 45.Financialinstrumentsandfinancialriskfactors..........................................201 46.Auditandotherfees....................................................................................211 47.Reclassifications...........................................................................................211 48.Subsequentevents......................................................................................211 IV.ReportonUseofFundsRaisedfromtheissuanceofNon‐ConvertibleBond Loanthroughpaymentincashfortheperiodfrom01.01.2021to31.12.2021213 Report of factual findings in connection with the “Report on Use of Funds Raised from the issuance of Non-Convertible Bond Loan through payment in cash for the period from 01.01.2021 to 31.12.2021”.......................................................................214 OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 5 I. Representation of the Members of the Board of Directors (according to article 4, par. 2 of L. 3556/2007) The members of the Board of Directors of ORGANIZATION OF FOOTBALL PROGNOSTICS S.A., of parent company (the “Company”): 1. Kamil Ziegler, Chairman, 2. Jan Karas, Board Member and Chief Executive Officer, 3. Pavel Mucha, Board Member and Chief Financial Officer notify and certify that as far as we know: a) the attached Financial Statements (consolidated and separate) of the Group of OPAP S.A. (the “Group”) for the period 01.01.2021 to 31.12.2021, which have been prepared in accordance with the applicable International Financial Reporting Standards, provide a true and fair view of the assets and liabilities, the equity and the results of the Group and the Company, as defined on paragraphs 3 to 6 of article 4 of the L. 3556/30.4.2007 and from authorization decisions by the Board of Directors of the Hellenic Capital Market Commission. b) the Board of Directors’ report provides a true and fair view of the financial position and the performance of the Group and the Company, including a description of the main risks and uncertainties, as defined in paragraph 3 to 6 of article 4 of the L. 3556/30.4.2007 and from authorization decisions by the Board of Directors of the Hellenic Capital Market Commission. Athens, 22 March 2022 Chairman Board Member and Chief Executive Officer Board Member and Chief Financial Officer Kamil Ziegler Jan Karas Pavel Mucha OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 6 II. Board of Directors’ Report for the period 1.1.2021 ‐ 31.12.2021 (according to article 4 of L. 3556/2007) The report of the Board of Directors of the Company concerns the year 2021 and was prepared in accordance with the articles 150‐154 of L.4548/2018. According to the article 4 of Law 3556/2007 and the Hellenic Capital Market Commission Decision 8/754/14.04.2016 article 2 and the Company’s Articles of Association, we submit you for the period 01.01.2021 to 31.12.2021, the annual Board of Directors report, which includes the audited Consolidated and Separate Financial Statements, the notes to the Financial Statements and the audit report by the certified auditor. The report describes the financial results of the Group for the period 01.01.2021 to 31.12.2021, as well as the significant events which took place in 2021 and the most significant events after the year end. The report also contains, a description of the main risks and uncertainties and the expected course and development of the Group, the corporate governance, the dividend policy, the number and the nominal value of shares and finally, the material transactions wi th the Company’s and the Group’s related parties are also mentioned. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 7 1. Financial progress and performances of year 2021 Financial Performance The basic Group financials are presented below: (Amounts in thousands of euro) 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated () Δ % Revenue (GGR) 1,538,843 1,129,783 36.2% GGR contribution and other levies and duties (494,986) (392,518) 26.1% Net gaming revenue (NGR) 1,043,857 737,265 41.6% Profit before interest, tax, depreciation and amortization (EBITDA) 550,296 260,715 111.1% Profit before tax 357,265 216,407 65.1% Profit for the period 260,872 199,107 31.0% Net increase/(decrease) in cash and cash equivalents Net cash inflow from operating activities 493,381 186,388 164.7% Net cash outflow from investing activities (39,096) (78,507) (50.2%) Net cash outflow from financing activities (100,797) (234,823) (57.1%) () The comparative amounts have been adjusted due to the change in accounting policy for retirement benefit obligations under IAS 19 and finalization of the purchase price allocation on the acquisition of STOIXIMAN LTD (see Note 3.23 of the Annual Financial Statements). 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. 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. The following table includes a comparison of the Group’s results excluding the contribution of STOIXIMAN LTD for both periods. The financials excluding STOIXIMAN LTD were calculated by deducting, per line item, the contribution of STOIXIMAN LTD from the consolidated results. The share of profit of associate for the comparative period was also excluded. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 8 (Amounts in thousands of euro) 01.01‐ 31.12.2021 excluding STOIXIMAN LTD 01.01‐ 31.12.2020 excluding STOIXIMAN LTD Restated () Δ % Revenue (GGR) 1,164,034 1,089,596 6.8% GGR contribution and other levies and duties (363,881) (376,733) (3.4%) Net gaming revenue (NGR) 800,152 712,863 12.2% Profit before interest, tax, depreciation and amortization (EBITDA) 478,671 238,163 101.0% Profit before tax 297,594 194,782 52.8% Profit for the period 221,245 181,362 22.0% Net increase/(decrease) in cash and cash equivalents Net cash inflow from operating activities 446,887 168,440 165.3% Net cash inflow/(outflow) from investing activities (34,122) (78,562) (56.6%) Net cash outflow from financing activities (96,690) (234,823) (58.8%) () The comparative amounts have been adjusted due to the change in accounting policy for retirement benefit obligations under IAS 19 (see Note 3.23 of the Annual Financial Statements). The basic Company financials are presented below: (Amounts in thousands of euro) 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated () Δ % Revenue (GGR) 985,327 930,219 5.9% GGR contribution and other levies and duties (298,148) (311,640) (4.3%) Net gaming revenue (NGR) 687,179 618,579 11.1% Profit before interest, tax, depreciation and amortization (EBITDA) 479,959 246,941 94.4% Profit before tax 335,288 129,652 158.6% Profit for the period 264,961 101,370 161.4% Net increase/(decrease) in cash and cash equivalents Net cash inflow from operating activities 415,379 147,410 181.8% Net cash outflow from investing activities (153) (92,453) (99.8%) Net cash outflow from financing activities (85,629) (225,763) (62.1%) () The comparative amounts have been adjusted due to the change in accounting policy for retirement benefit obligations under IAS 19 (see Note 3.23 of the Annual Financial Statements). OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 9 2. Significant events during the year 2021 and their effect on the Financial Statements Online betting – OPAP SPORTS LTD On 01.01.2021, OPAP SPORTS LTD was granted a Class “B” license from the National Betting Authority of Cyprus and now can provide electronic (online) betting services. The provision of such services is temporarily suspended. Request for Arbitration of HELLENIC LOTTERIES S.A. HELLENIC LOTTERIES S.A. has formally contested its obligation to pay the € 50,000 th. Minimum Annual Fee provided for in Clause 11.2 of the Concession Agreement for financial years 2020 and 2021 due to the adverse impact that the Greek Government coronavirus (COVID‐19) measures had on the company’s operations. Specifically, HELLENIC LOTTERIES S.A is proposing that Minimum Annual Fee for 2020 amounts to € 12,279 th. to the Hellenic Republic, which is an amount representing 30% of the annual GGR. This amount has already been remitted by HELLENIC LOTTERIES S.A. to the Hellenic Republic, pursuant to the Concession Agreement. A respective formal contestation has been made for the fiscal year 2021 as well (see below). HELLENIC LOTTERIES S.A. has formally taken the position vis‐à‐vis the Hellenic Republic, supported by advice by external counsel, that no additional amount is due to reach the € 50,000 th. Minimum Annual Fee provided for in Clause 11.2 of the Concession Agreement, given the impact of pandemic‐related restrictions imposed by the State during the years 2020 and 2021 on the operation of HELLENIC LOTTERIES S.A.. This position is based on the Force Majeure clause of the Concession Agreement and applicable provisions of Greek law regarding impossibility of performance and unforeseeable changes in circumstances. For these reasons HELLENIC LOTTERIES S.A. has filed a Request for Arbitration against the Hellenic Republic and the Hellenic Asset Development Fund under the LCIA Arbitration Rules, pursuant to Clause 32 of the Concession Agreement, as well as its Statement of Claim dated 02.12.2021. HELLENIC LOTTERIES S.A.’s principal claim seeks declarations that the Minimum Annual Fee is not due for the part of the years 2020 and 2021 that the pandemic‐related restrictions, imposed by the State on the operation of HELLENIC LOTTERIES S.A., and also an extension of the term of the Concession Agreement or a refund of part of the upfront € 190,000 th. Financial Consideration (both to be fully quantified at a later stage but are not less than 17.6 months/€ 28,400 th. respectively according to the Statement of Claim submitted by HELLENIC LOTTERIES S.A. on 02.12.2021). This matter is currently pending before the competent tribunal, which has exclusive jurisdiction to pronounce in a final and binding manner. On prudential grounds, however, HELLENIC LOTTERIES S.A. formed a provision, notably in the light of collateral undertakings per Clause 26.03 of the Concession Agreement.. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 10 Dividends Dividend distribution for the year 2020 The 21st Annual Ordinary Shareholders General Meeting, held on 17.06.2021, approved a gross dividend of € 0.55 per share for the fiscal year 2020. The total approved gross dividend amounted to € 186,778 th.. The distribution was subject to the five‐year dividend reinvestment program as approved by the Ordinary General Meeting of the Shareholders of the Company, dated 22.05.2019, resulting in the issuance of 9,729,566 new common, registered, voting shares, of nominal value of € 0.30 equivalent to € 108,387 th. of the total gross dividend amount declared. Interim dividend for the fiscal year 2021 The Company's Board of Directors decided during its meeting on 07.09.2021 to distribute a gross amount of € 34,933 th. or € 0.10 per share as interim dividend for the fiscal year 2021. The distribution was subject to the five‐year dividend reinvestment program as approved by the Ordinary General Meeting of the Shareholders of the Company, dated 22.05.2019, resulting in the issuance of 1,700,334 new common, registered, voting shares, of nominal value of € 0.30 equivalent to € 22,444 th. of the total gross interim dividend amount declared. Financing Issuance of bond loan of TORA DIRECT SINGLE MEMBER S.A. TORA DIRECT SINGLE MEMBER S.A., according to the meeting of its Board of Directors dated 26.03.2021, resolved on the issuance of a common bond loan of € 11,000 th., divided to 11,000 bonds of € 1,000 each. OPAP S.A. subscribed for the whole amount of € 11,000 th.. The bond loan was repaid during fiscal year 2021. Repayment and issuance of bond loan of OPAP S.A. The Company, on 29.09.2021, repaid a bond loan of € 100,000 th. through refinancing by issuing a new bond loan of € 200,000 th. with a maturity date on 29.09.2024 which may be extended for 2 years. Up to 31.12.2021, only € 100,000 th. of the total bond loan was drawn down. Provision and amendment of loans from OPAP CYPRUS LTD to OPAP S.A. On 07.10.2021, OPAP S.A. collected € 10,000 th. from OPAP CYPRUS LTD as a result of a new loan agreement of € 10,000 th. with a maturity date on 07.10.2022 that both parties signed on 05.10.2021. Additionally, on 07.10.2021 OPAP CYPRUS LTD and OPAP S.A. signed an amendment agreement of a loan of € 20,000 th. by extending the maturity date for one year, i.e. up to 07.10.2022. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 11 Early repayment of HORSE RACES SINGLE MEMBER S.A. bond loans On 13.10.2021, HORSE RACES SINGLE MEMBER S.A. repaid earlier and without extra cost three bond loans subscribed by OPAP S.A. and OPAP INVESTMENT LTD of total amount of € 35,000 th. clearing all its long and short‐term borrowings. Repayment and issuance of bond loan of HELLENIC LOTTERIES S.A. On 27.10.2021, HELLENIC LOTTERIES S.A. repaid a bond loan of € 50,000 th. through refinancing by issuing a new bond loan of € 50,000 th. with maturity date on 27.10.2024 which may be extended for 2 years. Repayment and issuance of bond loan of OPAP S.A. The Company, on 12.11.2021, repaid a bond loan of € 300,000 th. through refinancing by issuing a new bond loan of € 300,000 th. payable in installments up to May 2027. Online betting and Online Casino Games & Poker Following the publication of Law 4635/2019 regarding the licensing and operating of certain online games of chance in Greece namely Online Betting (including virtual games) and Other Online Games (online casino‐ type games and Poker conducted live or with the use of a random number generator), on 26.02.2020, Hellenic Gaming Commission (the “HGC”) invited all the transitional licensed gaming operators (including OPAP S.A. and STOIXIMAN LTD) to submit their applications for the granting of Type 1 License (Online Betting) and/or Type 2 License (Other Online Games) until 31.03.2020. The License Fee for the Type 1 License was set at € 3.000 th. and for the Type 2 License was set at € 2.000 th.. The duration of each license is for seven (7) years and can be renewed. Before the lapse of the above‐mentioned deadline, each company submitted two separate applications to HGC for the awarding of both licenses. Then, on 05.08.2020 the new Online Regulation was published (Ministerial Decision no. 79835 EX 2020/24.07.2020), which contains an extensive set of regulatory, supervisory and control provisions aimed at ensuring the highest possible level of compliance with the requirements of the Law and the rules of responsible gaming for all licensed online games of chance providers in Greece. A Type 1 License and a Type 2 License were granted to OPAP S.A. on 25.05.2021 and to STOIXIMAN LTD on 28.05.2021. The Go‐Live took place on 10.08.2021 and 05.08.2021, respectively. Corporate Governance In view of the provisions of L. 4706/2020 on corporate governance, coming into force as of 17.07.2021, and the issuance of the New Hellenic Corporate Governance Code by the Hellenic Council of Corporate Governance (ESED) in June 2021, the Company implemented a structured action plan in order to comply with the legal requirements and adopted best practices so as to maintain high governance standards. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 12 Process and schedule for the conclusion of the Concession Agreement of OPAP CYPRUS LTD After the approval of the Codes of Practice of OPAP CYPRUS LTD by the National Betting Authority and the Minister of Finance, the Coordinating Committee, by virtue of its letter dated on 20.07.2021, sent to OPAP CYPRUS LTD, according to the provision of art. 5(c) Law 52(I), a draft contract (Concession Agreement) to be concluded by the parties. The negotiations of the draft Concession Agreement between OPAP CYPRUS LTD and the Coordinating Committee, which commenced on 16.09.2021, have reached a mature stage, and following their completion the Concession Agreement shall be submitted to the Council of Ministers for approval and then shall be signed by both parties. In accordance with Law 52(I) the Intergovernmental Agreement of 2003 shall be terminated upon the entry into force of the above Concession Agreement. Share capital increase of OPAP S.A. By virtue of the decision of the 21th Annual Ordinary Shareholders General Meeting, held on 17.06.2021, it was agreed the share capital of the Company would be increased for an amount up to € 7,800 th. upon issuance of up to 26,000,000 new ordinary, registered, voting shares, for the implementation of the dividend reinvestment program. The share capital increase was partially subscribed resulting in a final share capital increase of € 2,919 th. through the issuance of 9,729,566 new ordinary, registered, voting shares of nominal value of € 0.30 each. As a result thereof, the share capital of the Company amounted to € 105,347 th., divided to 351,155,953 shares, of nominal value of € 0.30 each. As the issue price of the Company’s new shares amounted to € 11.14, the total above par value of the new shares, amounting to € 105,468 th., was transferred to the account “Share premium”. Additionally, a share capital increase that was decided on 07.09.2021 by the Board of Directors of the Company was partially subscribed resulting at a final share capital increase of € 510 th. through the issuance of 1,700,334 new, common, registered, voting shares of nominal value of € 0.30 each. As a result thereof, the share capital of the Company amounted to € 105,857 th., divided to 352,856,287 shares, of nominal value of € 0.30 each. As the issue price of the Company’s new shares amounted to € 13.20, the total above par value of the new shares, amounting to € 21,934 th., was transferred to the account “Share premium”. Admission of new common shares to trading On 03.08.2021, 9,729,566 new ordinary, registered, voting shares were admitted to trading on Athens Stock Exchange as a result of the reinvestment of the dividend for the financial year 2020 by 2,788 beneficiaries at an issue price of € 11.14. Additionally, on 10.11.2021 1,700,334 new, common, registered, voting shares were admitted to trading on Athens Stock Exchange as a result of the reinvestment of the interim dividend of the financial year 2021 by 2,110 beneficiaries at an issue price of € 13.20. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 13 Share capital increase of HORSE RACES SINGLE MEMBER S.A. On 06.10.2021 the extraordinary General Meeting of HORSE RACES SINGLE MEMBER S.A. approved a share capital increase by € 40,000 th. through the issuance of 4,000,000 new ordinary shares of nominal value of € 10.00 each. The share capital increase was paid up on 12.10.2021. Nominal share capital decrease of HORSE RACES SINGLE MEMBER S.A. The extraordinary General Meeting of HORSE RACES SINGLE MEMBER S.A. held on 06.10.2021 approved a nominal share capital decrease by € 71,972 th. through decreasing the nominal value of the ordinary shares by € 9.95 via capitalizing accumulated losses of total amount of € 71,972 th.. The new nominal value of the ordinary shares amounts to € 0.05 each. Nominal share capital decrease of TORA WALLET SINGE MEMBER S.A. The extraordinary General Meeting of TORA WALLET SINGE MEMBER S.A. held on 10.11.2021 approved a nominal share capital decrease by € 9,840 th. through decreasing the nominal value of the ordinary shares by € 0.82 via capitalizing accumulated losses equally. The new nominal value of the ordinary shares amounts to € 0.18 each. Transfer of STOIXIMAN business (Greek and Cypriot operations) to a new legal entity By virtue of a capital contribution agreement dated 04.08.2021, the Stoiximan Business (i.e. Kaizen Gaming International Limited’s business operations in Greece and Cyprus) was transferred on 05.08.2021, by means of a gratuitous capital contribution, to the newly established Maltese entity under the name STOIXIMAN LTD, which has been duly licensed by the competent Regulatory Authorities of Greece and Cyprus. and in which OPAP holds a combined (direct and indirect) stake of 84,49%. Coronavirus (COVID‐19) impact Since the coronavirus (COVID‐19) outbreak, OPAP has been closely monitoring and adopting all necessary measures in order to protect customers, employees and partners and also, to assure its business activities continuity in Greece and Cyprus, safeguarding the ramp‐up of the business along with the gradual ease of the limitations. In Greece, the OPAP’s retail network remained closed since the beginning of 2021 up until 12.04.2021 when the OPAP stores resumed operations and street vendors also restarted the distribution of HELLENIC LOTTERIES S.A. products (Scratch & Passive lotteries) as of the same date. Moreover, on 24.05.2021 the VLTs operations restarted in OPAP stores and PLAY stores resumed operations, while the horseracing facility in Markopoulo Park reopened on 17.05.2021. Finally, OPAP stores in Cyprus remained closed with local lockdowns in total for 41 days. Despite the fact that both the revenues OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 14 and the profitability of the OPAP Group were notably affected by the aforementioned retail network suspension, the overall financial performance was supported by the significant growth of online gaming along with the increased contribution of STOIXIMAN LTD. Following stores’ re‐opening post lockdown lifting, all retail activities operate continuously albeit with in place restrictions varying from time to time. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 15 3. Main risks and uncertainties We present the main risks and uncertainties to which Group may be exposed. Risk related to political and economic conditions, as well as market conditions and developments in Greece On a macroeconomic level, the in‐place restrictions to tackle the coronavirus (COVID‐19) pandemic, the geopolitical tension in Europe and the inflationary pressures driven by energy prices, impose some caution for the short‐term economic outlook in Europe as well as in Greece. However, globally, there is gradual relaxation to the coronavirus (COVID‐19) restrictions as the crucial immunity level has been achieved. Moreover, Greece’s early repayment of the Greek Loan Facility to IMF signals some confidence to the financial markets, reflecting the successful implementation of reform commitments. Additionally, positive prospects are reinforced by the funds of the EU Resilience and Recovery Fund that are expected to foster economic growth through structural investments. The Group’s activity is significantly affected by the disposable income and private consumption, which in turn are affected by the current economic conditions in Greece, such as the GDP, unemployment, inflation and taxation levels. As such, a potential deterioration of the aforementioned indicators together with a decline in economic sentiment and/or consumer confidence, could result in a decrease of the gaming related frequency and spending of our customers. Change in regulatory requirements The gaming sector in Greece is intensively regulated by the Hellenic Gaming Commission. The Greek authorities may unilaterally alter the legislative and regulatory framework that governs the provision of the games offered by the Group, whilst respecting obligations coming from valid concession agreements. Modifications of the Greek regulatory framework, drive evolving challenges for the Group and may have a substantial impact, due to the restrictions of betting activities or the increase of compliance costs. OPAP consistently complies with regulatory standards, while understands and addresses changing regulatory requirements in an efficient and effective manner. Additionally, a potential inability on the Group’s part to comply with the regulatory and legal framework, as in force from time to time, could have a negative impact on the Group’s business activities. Additionally, potential restrictions on advertising can reduce the ability to reach new customers, thus impacting the implementation of the strategic objectives to focus on sustainable value increase of the Group’s business activities. OPAP participates in the public consultations of laws and regulations proposals and drafts, related to the business activities of the Group which are submitted by the competent authorities (Hellenic Gaming Commission, Ministry of Finance etc). Furthermore, OPAP continually adapts to the changing OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 16 regulatory/legal framework, while through appropriate policies, processes and controls a rational and balanced gaming regulation has been achieved. Tax Change risk The Group’s business activities and the sector in which it operates are subject to various taxes and charges, such as the special contribution regarding the games which is calculated based on the Gross Gaming Revenue (GGR), the tax on players’ winnings and the income tax of legal entities. The Company is exposed to the risk of changes to the existing gaming taxation status or the gaming tax rates, creating unexpected increased costs for the business and impacting the implementation of Group’s strategic objectives for sustainable revenues and additional investments. The Company is seeking to promptly respond to any potential tax changes, by maintaining the required tax planning resources and developing contingency plans so as to implement the required mitigating actions and to minimize the overall impact. Market risk Market risk arises from the possibility that changes in market prices such as exchange rates and interest rates affect the results of the Group and the Company or the value of financial instruments held. The management of market risk consists in the effort of the Group and the Company to control their exposure to acceptable limits. Currency risk Currency risk is the risk that the fair values of the cash flows of a financial instrument fluctuate due to foreign currency changes. Group operates in Greece and Cyprus, and there are not any agreements with suppliers in place in currencies other than in euro. All revenues from games are in euro, transactions and costs are denominated or based in euro, subsequently, there is no substantial foreign exchange risk. Additionally, the vast majority of Group’s cost base is, either proportional to our revenues (i.e. payout to winners, agents commission, vendors revenue‐based fees’) or to transactions with domestic companies (i.e. IT, marketing). Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in the interest rates. The Group is exposed to interest rate risk due to the unhedged portion of its outstanding debt. The existing debt facilities, as of 31.12.2021, stand at € 1,046,638 th. and € 1,024,193 th. for the Group and the Company, respectively. On 31.12.2021, the floating‐rate loans of the Group which are exposed to interest rate risk are € 400,154 th. of debt or 38% of total debt. The remaining € 646,484 th. (62% of total debt) are fixed rate borrowings. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 17 Part of the risk, specifically € 97,820 th. or the 24% of the floating rate borrowing, is hedged via an interest rate swap. The Group follows all market developments and acts in a timely manner when needed. Capital Management The primary objective of the Group and the Company, relating to capital management is to ensure and maintain strong credit ability and healthy capital ratios to support the business plans and maximize value for the benefit of shareholders. The Group maintains a solid capital structure as depicted in the Net Debt/EBITDA ratio of 0.4x as of 31.12.2021. In addition, it retains an efficient cash conversion cycle thus optimizing the operating cash required in order to secure its daily operations, while diversifying its cash reserves so as to achieve flexible working capital management. The Group manages the capital structure and makes the necessary adjustments to conform to changes in business and economic environment in which they operate. The Group and the Company in order to optimize the capital structure, may adjust the dividend paid to shareholders, return capital to shareholders or issue new shares. Credit risk The Group’s exposure to credit risk arises from its operating activities and more specifically on the collection process of its franchise‐like model of operation. The above mentioned process leaves the Group exposed to the risk of financial loss if one of its counterparties fails to meet its financial obligations. The carrying value of financial assets at each reporting date is the maximum credit risk to which the Group is exposed. In order to mitigate the aforementioned risk, OPAP established and implements a credit risk management policy. The main characteristics of the policy are: The establishment of a Credit Committee responsible to approve and/or to make recommendations to the BoD for credit risk related matters. The classification of agents based on a credit risk scoring model which is continuously updated. The establishment of credit limits per agent based on their individual credit ratings. The immediate suspension of operation in case of overdue amounts. Impairment of financial assets The Group and the Company have the following types of financial assets that are subject to the expected credit loss model: Trade receivables Loans to third parties Short‐term & long‐term investments Guarantee deposits Other financial assets. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 18 While cash and cash equivalents are also subject to the impairment under IFRS 9, the identified impairment loss was not significant due to the fact that the cash and cash equivalents of the Group and the Company are held at reputable European financial institutions. The Group applies the IFRS 9 simplified approach to measure expected credit losses using a lifetime expected loss allowance for all trade receivables. It is mentioned that the expected credit losses are based on the difference between the cash inflows, which are receivable, and the actual cash inflows that the Group expects to receive. All cash inflows in delay are discounted. The remaining financial assets are considered to have low credit risk, therefore the Group applies the IFRS 9 general approach and the loss allowance was limited to 12 months expected losses. Liquidity risk The Group manages liquidity risk by performing a detailed forecasting analysis of the inflows and outflows of the Group on a yearly basis. The aforementioned exercise takes into account: Revenues forecast based on expected payout ratios of the games Tax obligations and other financial commitment towards the government Financial obligations arising from the Group’s loan portfolio Operating Expenses Capital Expenditure Extraordinary inflows and outflows The Group liquidity position is monitored on a daily basis from the Treasury Department and if needed makes recommendations to the CFO and the Board of Directors to assure no cash shortfalls. Security risk Reliability and transparency in relation to the operation of the Group games are ensured through the adoption and implementation of effective technical and organizational security controls, which are designed to ensure the integrity, availability and confidentiality of information systems and data. The above, ensures smooth operation and protection against any security breaches, such as data leakage and theft, as well as data corruption. The applied and enforced security controls protect data processing systems, software applications, data integrity and availability as well as the operation of online services. All operationally critical applications related to the conduct and disposal of games are hosted in infrastructure which ensures high availability and smooth operational transition to Secondary Infrastructure and Services. Furthermore, system criticality is continuously evaluated whether they are directly related to the availability of the games or not, in order to be included in the existing disaster recovery plan (Disaster Recovery Plan) if necessary. Finally, applications are part of a backup program following policies and procedures according to their criticality. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 19 Risk of additional charges for OPAP CYPRUS LTD In October 2017, the Attorney General delivered to the Auditor General and following his request, an opinion by which OPAP CYPRUS LTD supposedly does not pay to the Republic of Cyprus the amounts due under the 2003 Bilateral Intergovernmental Agreement between the Hellenic Republic and the Republic of Cyprus by making a new interpretation of the Intergovernmental Agreement , totally different from the interpretation given by the Republic of Cyprus throughout the duration of the Intergovernmental Agreement since 2003. The General Accountant of the Republic of Cyprus, who is authorized under the Bilateral Treaty to audit the accounts of OPAP CYPRUS LTD, took a different position from the Attorney General supporting the way OPAP CYPRUS LTD calculated its contributions to the Republic of Cyprus. No claim has been made to‐date against OPAP CYPRUS LTD and OPAP S.A. is convinced that the interpretation of the Attorney General is unfounded. New draft law for licensing of games of chance in Cyprus OPAP CYPRUS LTD currently operates in Cyprus on the basis of the 2003 Bilateral Agreement (“BA”) between the Republic of Cyprus and the Hellenic Republic. However, according to a new law 52(Ι) 2018, the 2003 BA will be terminated upon the entry into force of a new Concession Agreement to be signed with OPAP CYPRUS LTD. The Law 52(Ι) 2018 entitled “The Law on Specific Games of Chance of 2018” was published in the Government Gazette on 13.06.2018. According to said Law, the Coordinating Committee carried out due diligence and recommended OPAP CYPRUS as the suitable operator. On 06.11.2019 the Council of Ministers validated OPAP CYPRUS as the suitable operator to be granted with an exclusive license to operate and offer specific games of chance, in particular games falling into one of the following categories: (a) numeric lotteries, which refer to correctly predicting random numbers which are chosen by a draw using a gaming system; and (b) games based on correctly predicting a combination of the results of sports events with variable odds. The Codes of Practice of OPAP CYPRUS have been approved by the National Betting Authority and the Minister of Finance. Following the approval of all Codes of Practice the Coordinating Committee prepared a draft contract (Concession Agreement) and invited OPAP Cyprus to negotiate the contract. As of today, the negotiations between the parties are still ongoing, whereas following their completion the Concession Agreement shall be signed by both parties and submitted to the Ministerial Council for approval upon which the 2003 BA will be terminated. Coronavirus (COVID‐19) potential effects The outbreak of coronavirus (COVID‐19) has affected business and economic activity around the world, including Greece and Cyprus. The rapid evolution of the virus and the subsequent Governments’ interventions along with the related restrictions have resulted in the suspension of the Company’s and the OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 20 Group’s retail operations and significantly impacted the Group’s financial results and operational performance in the current reporting period since OPAP’s business is heavily weighted towards retail. In Greece, OPAP’s retail network remained closed since the beginning of the year up until 12.04.2021 when the OPAP stores resumed operations and street vendors restarted the distribution of HELLENIC LOTTERIES SA products (Scratch & Passive lotteries) as of the same date. Moreover, on 24.05.2021 the VLTs operations restarted while, the horseracing facility in Markopoulo Park reopened on 17.05.2021. Finally, OPAP stores in Cyprus remained closed with local lockdowns for a total of 41 days. Despite the fact that both, the revenues and the profitability of the OPAP Group were notably affected by the aforementioned retail network suspension, the overall financial performance was supported by the significant growth of online games along with the increased contribution of STOIXIMAN LTD. Following the stores’ re‐opening after the lifting of the lockdown, all retail activities operated continuously albeit with in place restrictions varying from time to time. It is noted though, that having reached crucial immunity levels alongside the decreased mortality of the latest Omicron variant, likewise other countries around the globe, Greece is gradually easing restrictions as well. In this environment, OPAP proceeded with the implementation of a set of decisive actions following Government guidelines in response to coronavirus (COVID‐19) to proactively protect its employees and support its network while at the same time assuring its business continuation. The Group Management implemented work from home for employees. At the same time, business trips were limited to those absolutely necessary and trainings and meetings were carried out remotely. Moreover, the cleaning and disinfection of the facilities, as well as the guidance of the human resources in the field of personal hygiene was intensified. On top of the above mentioned actions, the Group has considered the impact of coronavirus (COVID‐19) on the measurement of non‐financial and financial assets and the related disclosures. In measurement of non‐financial assets, the Group used adjusted cash flows projections based on the revised financial budgets to calculate the Value in Use (VIU), ie. the recoverable amount of the cash generating units. The impairment testing resulted in an impairment of € 4,315 th. in the license of HELLENIC LOTTERIES S.A. and impairments of the investments in HELLENIC LOTTERIES S.A., HORSE RACES SINGLE MEMBER S.A. and TORA WALLET SINGLE MEMBER S.A. of € 65,098 th., € 32,206 th. and € 231 th. respectively by OPAP INVESTMENT LTD. No impairment arose from our testing of goodwill and Right‐of‐use assets. Management also reassessed the recoverability of cash and cash equivalents, trade and other receivables, including intergroup receivables, taking into account the future economic conditions and proceeded recording respective impairments where considered those assets are not fully recoverable. Management is closely monitoring the developments around the coronavirus (COVID‐19) and is constantly assessing its implications on the Group’s performance. It is also taking pre‐emptive actions to ensure the health and safety of its employees and partners, as well as the continuity of its business as mentioned OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 21 above. Having strong cash reserves, the Management expects that the Group will be enabled to meet the financing costs and working capital needs, and its ability to continue as a going concern will not be affected. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 22 4. Company’s strategy and Group’s future prospects With customer centric mindset we continue to be committed to our vision to deliver the best‐in‐class entertainment in safe and responsible way, generate sustainable value to all stakeholders and give back to society. Our Fast Forward Strategy moves us ahead in 2022 and sets clear direction for ensuring OPAP’s long‐term success with focus in the following six areas: Put Customer at the center We put customer at the center of our focus, applying customer centric mindset in everything we do. Changes are driven by the customers, so we need to affirm that we understand them well before anything else, since better customer understanding will lead to better gaming entertainment across all our channels. Customers orientation includes the collection of the right data of online, VLTs and retail activities, so as to get closer to our customer and achieve to understand well who they are and what they want. The customer OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 23 approach is being completed with the implementation of these deep customer insights and their reflection in our actions, along with the measurement of the impact on performance and customer satisfaction. This experience will be reflected through delivering the following attributes which are tightly connected with our Brand: more of social interaction through sharing experiences with others, more fun, content and entertainment by offering an experience that goes beyond bet placement, more of personalized experience by making the experience personal and by growing loyalty, more of digitalization through the enhancement of digital customer journeys both in retail and online, more of safety and responsibility by ensuring safe environment and promoting responsible gaming. Furthermore, we keep in mind the key new customer trends we need to embrace, as well as search for more when designing and executing the plans for all our customer segments: smartphones as part of ourselves, play across retail and online channels with digital setting new standards for experience, smaller customers’ expectations and dreams on the back of financial struggle, rewards expected by the customers who are becoming more and more demanding. Enhance and strengthen our BRAND OPAP and the individual game brands, which constantly evolve, are our strong asset and we aim to continue keeping them relevant to our customers, as well as expand them into the digital world to address new audiences. Our goal is to further strengthen the emotional bond with the brand and focus on building entertainment, along with expanding our brand identity in the digital world across all touchpoints that the customer interacts: TV, online, shop, communication, public relations, social networks, even friends. The key attributes we intend to keep developing are the following: a. Fun and social: we target to establish and strengthen the positioning of our stores and our online as the entertainment destination, as well as redefine and deliver our new digital brand identity. b. Engaging: we focus on Digital and Social Media to deliver personalized content and communication to engage with a multigenerational consumer base. c. Rewarding: we enhance loyalty to reward every interaction with us and further strengthen a positive emotional connection between customer and the company. d. Responsibility: we expect to be a responsible corporate citizen, help our customers enjoy the fun of gaming safely and always in compliance with the regulations. We continue focusing on existing customers, employees and partners, as well as further embrace younger audiences and women as an opportunity for growth. 360 CSR campaigns, communication activities fully reflecting our commitment to Responsible Gaming, as well as more emphasis in promoting our successful sponsoring activities consist our priorities. In this context, we envision our brand tone of voice to be conversational, a great story‐teller, contextual, personalized and fun! OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 24 Become top tier Online player Our ambition is to boost our online world presence, become top tier online player and turn our online into the second strong pillar of our business. With the hard work of our high performing team our online priorities and key levers of growth are represented through the following areas: Product proposition: Enhance our exclusive lottery offering with many OPAP games, while improving our competitiveness of Betting & Casino offering Brand and communication: Keep building strong awareness of OPAP’s online and its values through any means possible Operational excellence: Constantly strive for the best possible customer experience across all customer touchpoints all times Customer insights and CRM: Efficient CRM that will allow us to deliver the right offer at the right time leveraging Artificial Intelligence, while keeping relentless focus on activity and development of players High‐performing frontends: Superior high‐performance packaging with key focus on mobile. Entertainment: Explore opportunities beyond existing games portfolio like social networking, community, virtual reality, casual games, infotainment or personalization Key enablers for all the above will be i) technology, choosing the right vendors and technology setup (in house/outsource) for agile delivery and operational excellence, and ii) regulatory, cooperating with relevant authorities on regulatory matters, ensuring equal market conditions and enabling implementation of our “tomorrow”. More specifically, our key commercial priorities for 2022 in Online will be: Leverage the new Casino frontends and OPAP Live Casino Studio for further growth New Casino Games vertical offering traditional content with innovative UX, UI and gamification focused on “beginners” Start of implementation of the new Sports Betting platform to deliver better and faster live betting early 2023 Strengthen our position as the best Virtual games hub on the market targeting millennial customer with largest variety and 24/7 non‐stop action Launch gamified loyalty scheme that rewards customers activity and interactions with special focus to VIPs Develop Lottery online entertainment destination focused on casual & social players with new dedicated mobile app OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 25 MaintainourstrongpositionintheRetailWorld Ouraimistomaintainourstrongpositioninretailandexploreopportunitiesforgrowththrough further upgrade of gaming entertainment experiences and enhancement of digital customer journeys. We will further evolve the local entertainment destination experience with paperless and cashless customer journey,moresocialexperienceswithanewdigitallayer ontopofthis.Ourfocuswillbeonthefollowing threeUniqueSellingPropositionstowardsastepchangeindigital: Digitalcustomerjourney:enhancement of store digital ecosystem, seamless digital transactions andexperiencescomplementingthetraditionalones Gamesportfolio:leverageofthepowerofouruniqueportfolio ofgames&serviceswithvarietyof optionsforallcustomersegments Entertaining and social experience: immersive audiovisual experience with infotainment & gamificationfeatures,liveeventsandlocalcommunityinteractions Inspecific,ourkeycommercialprioritiesfor2022willbeasfollows: IntroduceOPAPSTOREapp,newfullydigitalinstore bettingexperienceoncustomerdevice ContinueSmartdeanonymizationofthecustomerbasewiththeenhancedLoyaltyschemetodrive datamonetizationwithsmartCRMecosystem Majorrefresh&optimizationofourVLTestate Game portfolio enhancements (Powerspin combo, Lotto game rejuvenation, Laiko remodeling, Scratchgifting,newKino features,etc.) New community & gamifications features, content and improved value in Pame Stoixima proposition Revamping“newnormal”entertainmentwithmorein‐storecontent,eventsandsocialinteractions Exploretechnology Technologycontinuestosupportourmissioncomprisinganimportantenablertodeliverbettercustomer solutionsandimprove ourproductivityand efficiency.Infour keystrategic areastechnologywill further evolve: Gaming:replacementorintroductionofplatformsandsystemsintheGamingdomain(Sportsbook platform,HorseRacingplatform)–Internaldevelopment forgamingmodules Digital:forplayersandretailersnewdigitalassetsdevelopment&optimizationforBrand,Retail& Online–forourpeopledigitalworkspaceevolutionandadoptionsupportedbyDigitalAmbassador CRM & Analytics: salesforce CRM evolution in marketing and customer service, advanced data analyticswithdata governance,cloudDW&AI/ML,fullyredesignedexperienceforOPAPRewards onoptimizedinfrastructure OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 26 Operational Excellence: raise customer and agent experience via improvements in monitoring systems & operating procedures, store infrastructure and datacenters upgrades (Equipment & Telecoms) EngageourPeople We move forward in building the agile modern organization, transforming mindset, culture and way of work, with the help of our new leadership model acting as our navigator for all people behaviors and actions.Engagingourpeoplethroughinspiringleadershipandvisionunderlinethefollowingkeypriorities: Talentdevelopmentto buildnewskillsandcapabilitiesleveragingtheOPAPAcademyeLearning Hub Leadershipdevelopmentsupportedby360feedback HRbusinesspartnersandInternalcommunicationrevamp Enablefairnessandcareeradvancementrecognizingbothmanagerialandtechnicalexpertise Ouragentsandbusinesspartnersarealsoourpeopleandanintegral partofourcompanyandculture. Along with the six key areasof our strategy, we continue to strengthen and leverage our #1 Position in CorporateResponsibility,whichconsistsintegralpart ofourDNA, positioningOPAPas theCSR leaderin Greece. Our commitment to sustainable growth and ESG principles is recognized by the investment communityandleadinginstitutions. Specifically,goingthroughEnvironment,SocialandGovernanceweidentifythefollowingguidelines: Environment – mitigating our impact: conscious of environmental issues, we all in OPAP work systematicallytowardsminimizingourpotentialnegativefootprint Social–supportingouremployeesandthe community:OPAPcreatesaworkingenvironmentthat aligns People’s needs with company’s ambitions. Our Corporate Responsibility strategy aims to catersignificantsocialneedsandcreateabetterfutureforyouth.ThekeypillarsofourCSRstrategy are:health,employment,sports,sensitivesocialgroupsandsocialaid. Governance:robust, transparentandfairCorporateGovernanceframework–fair,reliableandsafe gamingexperiencetoallourcustomers,throughourResponsibleGamingStrategy. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 27 5.RelatedPartiessignificanttransactions Theamountsofexpensesandincomeundertakenin2021,andthebalancesofpayablesandreceivables asat31.12.2021fortheGroupandtheCompany whicharisingfromthetransactionsbetweenrelated partiesarepresentedinthefollowingtables: Company’stransactionswithrelatedparties (eliminatedforconsolidationpurposes) Company Expenses Income Assets’ Purchase Payables Receivables (Amountsinthousandseuro) OPAPSPORTSLTD ‐ 1,000 ‐ ‐ ‐ OPAPCYPRUSLTD 784 25,529 ‐ 31,474 13,873 HELLENICLOTTERIESS.A. ‐ 3,796 ‐ 13 4,202 HORSERACESSINGLEMEMBERS.A. ‐ 750 ‐ 10 270 TORADIRECTSINGLEMEMBERS.A. 252 430 ‐ 186 3,655 TORAWALLETSINGLEMEMBERS.A. 654 195 ‐ 311 620 NEUROSOFTS.A. 7,563 ‐ 148 1,788 33 Total 9,254 31,701 148 33,782 22,653 Additionally,theCompany hasgranted total corporateguaranteesof€104,375th.in favorofHELLENIC LOTTERIESS.A..Fromthisamount,€41,750th.isacorporateguaranteefortheloanofHELLENICLOTTERIES S.A. from Alpha bank and € 62,625 th.is aguaranteetoHRADF. Additionally, theCompanyhas granted corporateguaranteesof€1,100infavorofOPAPSPORTSLTDand€1,000infavorofNEUROSOFTS.A.. Finally,theCompanyintendstoprovidefinancialsupporttoanyofitssubsidiaries,ifitisdeemednecessary. Group’scompaniestransactionswithrelatedcompanies (noteliminatedforconsolidationpurposes) Expenses Assets’ Purchase Payables Receivables (Amountsinthousandseuro) Otherrelatedparties 47,568 567 9,979 3,495 TransactionandbalanceswithBoardofDirectorsmembersandmanagementpersonnel (Amountsinthousandseuro) GROUP COMPANY Category Description 01.01‐ 31.12.2021 01.01‐ 31.12.2021 MANAGEMENT PERSONNEL Salaries 3,641 3,641 Othercompensations 20 20 Costofsocialinsurance 195 195 Total 3,855 3,855 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 28 (Amountsinthousandseuro) GROUP COMPANY Category Description 01.01‐ 31.12.2021 01.01‐ 31.12.2021 BOARDOFDIRECTORS Salaries 837 364 Costofsocialinsurance 90 63 Total 927 428 (Amountsinthousandseuro) GROUP COMPANY LiabilitiesfromBod’compensation&remuneration 31.12.2021 31.12.2021 BoDandkeymanagementpersonnel 170 169 Total 170 169 It is mentioned that for the preparation of the consolidated financial statements, the transactions and balanceswiththesubsidiarieshavebeeneliminated. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 29 6.CorporateGovernanceStatement Chairman’sStatementonCorporateGovernance The Company has adopted and applies the Hellenic Corporate Governance Code (HCGC) issued by the HellenicCouncilofCorporateGovernance(ESED)inJune2021(hereinthe“Code”)whichreplacedtheinitial versionoftheCodeissuedin2013andwasadoptedbytheCompanyin2014.TheBoardtakesseriouslyits responsibility for effective corporate governance and delivery of long‐term shareholder and interested partiesrewardanditsdecisionsaretakeninlightoftheseconsiderations.I ampleased toreporttoyou directlyonOPAP’sgovernanceactivities. OPAPandGovernance TheBoardstronglybelievesthatimplementingandmaintaininghighgovernancestandardsunderpinour businessobjectivesandourdrivetocreateandmaximizeshareholdervaluewhilstmanagingthebusiness effectively,responsiblyandwithintegrity,sothatwedemonstrateaccountabilityandmaintainthetrustof all our stakeholders. We are constantly seeking to develop our practices and governance framework to ensurethatcompliance,transparencyandgoodgovernancepermeatethroughtheGroupatalllevels. Followingtheissuanceof theLaw4706/2020theCompanyhasimplementedastructured actionplanin ordertocompletethetransformationandimprovethegovernancesystemwith theaim ofacontinuous achievement of sustainable surplus value for all stakeholders. The purpose of the Company is to continuously comply with the legal and regulatory framework which applies to listed companies, to implementbestandeffectivecorporategovernancepracticesandtostrengthenshareholders’trusttothe Company. Inadditiontocompliance withtheapplicablelegalandregulatoryframework,theBoardwishestoensure thathighethicalstandardsarereflectedinbusinessbehaviorandculturethroughOPAP’sGroupCodeof Conduct, which was approved by the BoD in 2015 and is periodically reviewed and amended, ensuring alignment with strategic Company targets and standards. The updated Code establishes a structured frameworkapplicabletoOPAPS.A.anditssubsidiariesandprovesthatOPAPisatransparentorganization actinginaccordancewiththeprinciplesandrulesoftheCodeofConduct,aswellasitslegalandregulatory obligations. ΤherevisedInternalRulesandRegulations oftheCompany,approvedbytheBoardofDirectorsinFebruary 2021,aimatregulatingtheorganizationandfunctioningoftheCompanytosecure: a)businessintegrity; b)transparencyofbusinessactivity; c)controlovermanagementandhowmanagementdecisionsaremade; d)compliancewiththelegalandregulatoryframework andtheobligationsderivingfromtheConcession Agreement. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 30 The Internal Rules and Regulations are publicly available at the Company’s website https://investors.opap.gr/en/governance/internal‐rules‐and‐regulations Further,theCompanyregularlyupdatesitsArticlesofAssociationandtheCompany'sPoliciesandProcesses to constantly comply with the applicable legal framework. The Company has established a structured frameworkofpolicies,processes,principlesand rolestoensurethatOPAPS.A.anditssubsidiariescomply with the applicable legal, regulatory and contractual framework and take preventive measures to limit possiblerisksbeforetheymaterialize. In this respect, OPAP S.A. issued its Fit and Proper Policy which was approved by the Annual General MeetingofShareholders on17/06/2021.TheFitandProperpolicysetsout: (i) thecoreprinciplesoftheprocessfortheselection,appointment,re‐appointmentandsuccession planningofmembersoftheBoD; (ii) theapplicableinternalprocedurefortheassessmentofthesuitabilityofBoDdirectors,including theinternalfunctionresponsibleforproviding supportfortheassessment; (iii) thecriteriatobeusedinthesuitabilityassessmentoftheBoDandtheBoDmembers(suitability criteria)andhowsuchanassessmentshouldbedocumented; (iv) thediversitypolicyformembersoftheBoDandthetargetfortheunderrepresentedgenderinthe BoD; and (v) theguidelinesfortheinductionandongoingdevelopmentofmembersoftheBoD. The Fit and Proper Policy addresses the issues of individual and collective suitability as required by the CorporateGovernanceLaw4706/2020andCircularno60ofHellenicCapitalMarketCommission. The Fit and Proper Policy is available on the Company’s website (https://investors.opap.gr/en/governance/codes‐and‐policies/fit_and_proper_policy). Further,OPAPS.A.appliesaWhistleblowingComplaintsPolicy,undertheresponsibilityoftheOPAPGroup ChiefLegal,RegulatoryandComplianceOfficer,whichappliesincaseofviolationoftheCodeofConduct orotherseriousviolationoftheapplicableframework,bywhich employeescanandshouldreporttothe Companyvalidallegationsofknownorsuspectedallegedimproperactivities. Furthermore, the Company has established an Audit Committee, which is a BoD Committee and which, among other things, monitors the effectiveness and adequacy of the risk management framework, the policiesandsystemsof theCompanyandtheGroup.Italsomonitorstheeffectivenessofthesystemwhich monitorscompliancewiththelawsandregulationsandtheresultsofad‐hocinvestigationsandfollowsup ondisciplinarymeasuresofnon‐compliancecomplaints. HavingimplementedasaTeamourCompany’s2020Vision,wehaveannouncedand begintoachievenew goalsbyensuringthatournewFASTFORWARDstrategykeepsusaheadandsetscleardirectionforensuring OPAP’s long term success with focus on our Customers, our Brand, the Online and Retail gaming, exploration of Technology potentials and our People. In the interest of continuous monitoring of the OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 31 implementation of strategy, the Company CEO regularly updates the Board about the progress of Fast Forward Strategy and provides annually an overall assessment. The Fast Forward Strategy key achievements,aswellastheopportunitiesforimprovementin2022havebeenpresentedtotheBoardof Directorsandwereeffectivelycommunicatedto allemployees. CompositionoftheBoard ThecompositionoftheBoardremainsanissuetowhichIandtherestoftheBoardgiveourfullattention. Weremainmindfulofthenewlegalprovisionsanditisouraimtocomplywiththemwithoutcompromising theculturethatdrivesthesuccessofourbusiness.Inthis contextwehavestrengthenedgenderdiversity and the number of independent members of the Board of Directors. The above initiatives have complementedourpreviouschoicesregardingthedistinctionoftheroleoftheChairmanfromthatofthe ChiefExecutiveOfficerandtheappointmentoftwonon‐executiveVice‐Chairmen. RiskAssessmentandManagement The Board monitors the level of risk through the Group’s major risk assessment process and remaining committedtobuildingonandimprovingourunderstandingofthekeyrisksfacingtheGroupanditsbusiness operationshasadoptedarelevantframeworkofreference. BoardEvaluation In accordance with new Internal Rules and Regulations, the Board of Directors performs its evaluation internallyonayearlybasis.Detailsinrespecttotheannualevaluationfor2021isavailableinsectionB.3. Diversity OPAP S.A. is an equal opportunities employer who promotes an inclusive and diverse culture and is committedtothepromotionofequalitythroughourworkforce,players,retailersandsociety.TheBoard reiterates its view that facilitating and promoting diversity in its broadest sense has helped propel the Company’s success to date. OPAP S.A. established policies and processes in order to ensure that the Company’sseniormanagementroles,inparticular,areopentofreshthinkingandmustincludepersonnel fromdifferentglobalbackgroundswhobringnewideastothetable.ItisOPAP’spolicytomakedecisions regardingrecruitmentandselection,remuneration, careerdevelopmentandtraining,transfers,promotion andsuccessionplanningbasedsolelyonmerit–beingtheskills,experience,qualificationsandpotentialof theindividualconnected tothejob–withoutregardtogender,age,sexuality,familycircumstances,marital status, disability, religion, political preference, trade unionism or any other classification protected by applicablelaw.ReferencetotheabovepolicyisalsomadeintheCodeofConductofOPAPGroupwhichis accessible in the Company site https://investors.opap.gr/~/media/Files/O/Opap‐IR/documents/code‐of‐ conduct/english/code‐of‐conduct.pdf OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 32 Further,theupdatedDiversityPolicyformspartoftheFitandProperPolicyadoptedbytheCompany.OPAP S.A.DiversityPolicy providesthe frameworkby whichthe Companyanditssubsidiariesactively manage and encourage inclusion and diversity. It aims at creating a safe, respectful and inclusive place to work which shall provide an essential foundation for OPAP people to successfully contribute to meeting the Company’sobjectives,enhancetheCompany’sglobalreputationandachievesustainablebusinessresults. The Diversity Policy is accessible in the Company site https://investors.opap.gr/~/media/Files/O/Opap‐ IR/Fit%20and%20Proper%20Policy2021_eng.pdf Asat31December2021: The Company complies with the quantitative target for the representation of the underrepresented gender in the BoD set by Corporate Governance Law (i.e. 25% of the total membersoftheBoD,fractionisroundeddowntothepreviousinteger)anditsDiversityPolicy. More specifically, the Board of Directors consists of men and three women, while Greek BOD membersrepresent38,46%andnon‐Greeksrepresent61,54%. During2021our%ofwomeninmanagerialpositions(Managerlevel+)was31,5%. Thishasbeenincreasedby2,5%comparedto28,6%during2020.Ourtarget for2021wastoexceed 30%,whichwas achieved.For2022 webelievethat afurther increaseto32,5‐33,0%isfeasible, shouldthecircumstancesallowit. Regarding our Top Executives (Chairman, CEO, Chiefs) the percentage of women reached the percentage of 16,67% in 2021. Greek Top Executives represent 66,67% and non‐ Greeks are 33,33%. The Company’s Board of Directors has not only achieved gender and nationality diversity but also educational, professional and age diversity to ensure variety of views and experiences, to facilitate independentopinionsandsounddecisionmakingwiththeBoD. The Board has instructed me to confirm that, notwithstanding the explanations / disclosures in the respective chapter of Corporate Governance Statement, each Director’s independence of thought and actionsisassuredandalldecisionsweretakentopromoteOPAP’ssuccessasawhole. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 33 StatementofCompliancewiththeCode The Corporate Governance Statement on the following pages contains a summary of the Company’s governancearrangementsandtheregulatoryassurancesrequired underthecurrentlegalandregulatory framework.Exceptas explainedintherespective chapter, theCompanystates that it complieswiththe current legal requirements and additional Special Practices of the Code throughout the year ended 31 December2021. Athens,22March2022 KamilZiegler,ChairmanoftheBoD OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 34 CorporateGovernanceStatement TheCompanypreparesthisCorporateGovernanceStatement(hereinthe“Statement”)sinceitssharesare tradedinthemainmarketofAthensExchange.ThisStatement,whichispreparedinaccordancewithLaw 4548/2018"ReformoftheLawofSociétésAnonymes",asinforce(hereinafterthe"Law"),article18ofLaw 4706/2020 and in line with the requirements and the guidance provided in the Hellenic Corporate GovernanceCode,setsouthowtheCompanyhasappliedthemainprinciplesoftheCodethroughoutthe yearended31December2021andatthedateofthisStatement. A:Leadership A.1:THEROLEOFTHEBOARD The Board of Directors is the supreme administrative body of the Company that mainly formulates the Company’s strategy and growth policy, while supervising and controlling its management and administrationofcorporateaffairsandthepursueofitscorporatepurpose. The Board of Directors is competent to decide on every issue concerning the Company’s assets management,administration,representationanditsoperationsingeneral,takingallappropriatemeasures and decisions that assist the Company in achieving its objectives. Those issues which, according to the provisions of the law or the Articles of Association, fall within the exclusive competence of theGeneral Meetingshall be outside thecompetenceofthe Board of Directors. The Board of Directors ensuresthe integrity of financial statements, of financial reporting and the effectiveness of the systems of internal controls,riskmanagementandofcomplianceprocessoftheCompany. Further,theBoDshallspecificallyhavetheauthoritytodecideon theissuanceofanykindofbonds,with the exception of those that by law fall under the exclusive competence of the General Meeting of shareholders. The Board of Directors can also decide on the issuance of bonds convertible into shares following decision of theGeneralMeetingof the shareholders andtheprovisionof authorization to the BoardofDirectorsinaccordancewiththeprovisionsofapplicablelaw. Thescheduleof2021mattersfortheBoard’sdecisionincludedthefollowing: Significantbusinessprojects Participationsandcapitalexpenditureprojects Approval,asappropriateof annual budgets, business plans, organizational structure advertising andsponsorshipsprogram ApprovalofFinancialStatementsandshareholderscommunication Resolutionsregardingthefinancialposition,banklending,etc. Regulatorycomplianceissuesandrelatedpolicies Significanttransactionswithrelatedparties Reviewandapproval,asappropriate,ofrecommendationsfromtheCommitteesoftheBoard OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 35 ProtectionoflegalinterestsoftheCompany Othermatters. Meetings Boardmeetingsarestructuredtoallowopendiscussion.TheBoardmeetsregularly,inprincipleonceper month(withphysicalpresence,bytelephone,teleconferenceorvideoconference,orcombinationthereof) andcallsadditionalmeetingsortakeswrittenresolutionswithoutholdingameeting,toconsidermatters initscompetencewheneverdeemednecessary.In2021, thereweretwelveBoardmeetings(plustwelve additional resolutions via rotation). There were eight Audit Committee meetings (plus seven additional resolutionsviarotation)andsixRemunerationandNominationCommitteemeetings(plusfiveadditional resolutionsviarotation). The table below sets out the attendance by individual Directors at scheduled Board and Committee meetingsduring2021andprovidesinformationonthenumberofsharesheldbyeachBoardmember. BoDmembername Position BoD Presence BoD Representation Audit Committee Presence Remuneration &Nomination Committee‐ Presence Numberof Company shares KamilZiegler ExecutiveChairman 12 ‐ ‐ ‐ 24,664 JanKaras Member–Executive,Chief ExecutiveOfficer 12 ‐ ‐ ‐ 54,540 SpyridonFokas A’Vice‐Chairman–Non‐ Executive 12‐ ‐ 4 Ø PavelSaroch B’Vice‐Chairman–Non‐ Executive 9 3‐6 1,054,437 PavelMucha Member–Executive,CFO 12‐ ‐ ‐ Ø Katarina Kohlmayer Member–Non‐Executive 8 4‐‐ 3,253 RobertChvátal Member–Non‐Executive 12‐ ‐ 4 Ø Christos Kopelouzos Member–Non‐Executive 10 2‐‐ Ø Stylianos Kostopoulos Member–Non‐Executive 10 2‐‐ Ø RudolfJurcik Member–IndependentNon‐ Executive 12‐ 8‐ 44,871 NikolaosIatrou Member–IndependentNon‐ Executive 12‐ ‐ 2 5 Ø NicoleConrad 3 Member–IndependentNon‐ Executive 7‐ 6 4 2 5 Ø VasilikiKaragianni 3 Member–IndependentNon‐ Executive 7‐ 6 4 ‐ Ø IgorRusek 2 Member–IndependentNon‐ Executive 5‐ 2‐ Ν/Α Dimitrakis Potamitis 2 Member–IndependentNon‐ Executive 5‐ 2‐ Ν/Α OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 36 Notes: 1. Intheyear2021,twelve(12)BoDdecisionsweretakenunanimouslyviarotation. 2. Messrs.DimitrakisPotamitis&IgorRusekwereBoDMembersuntil17.06.2021. 3. Mmes Nicole Conrad & Vasiliki Karagianni are BoD members since 17.06.2021 and were elected in replacement of resignedMessrs.DimitrakisPotamitis&Igor Rusek. 4. MmesNicoleConrad&VasilikiKaragianniwereelectedmembersoftheAuditCommitteeon17.06.2021. 5. MmeNicoleConradandMr.NikolaosIatrouwereelectedmembersoftheRemunerationandNominationCommitteeon 17.06.2021. Directors’InsuranceandIndemnities TheDirectorsreceiveremunerationaspertherelevantprovisionintheCompany’sArticlesofAssociation andtheapprovedRemunerationPolicy.Eachindividual,whoisanexecutiveoftheCompanyand/orofany company within OPAP at any time on or after October 2013, benefits from a deed poll of indemnity in respectofthecostsofdefendingclaimsagainsthimorherandthird‐partyliabilities.Additionally,Directors’ andOfficers’liabilityinsurancecoverwasmaintainedthroughouttheyearattheCompany’sexpense. A.2:THECHAIRMANROLE ThereisacleardivisionofresponsibilitiesbetweentheExecutiveChairmanandtheCEOintheCompany’s ArticlesofAssociationandtheInternalRulesandRegulations. TheChairmanpresidesovermeetingsoftheBoardofDirectors,organizesanddirectsitswork,andreports onittotheordinaryShareholdersAssembly Meeting. TheChairman’scompetencesareindicativelyoutlinedbelow: Chairingandensuring thatBoard meetingsconstituteaforumwhereopendebateandeffective contributionfromindividualDirectorsareencouraged,withsufficienttimeallocatedtokeyissues Encouraging dialogue between the Company and its Shareholders and other stakeholders, and facilitating theBoard’sunderstandingofShareholders’andotherstakeholders’concerns Overseeingtheinduction,informationandsupportprovidedtodirectors;and LeadingtheannualperformanceevaluationoftheBoard Determiningtheitemsofandstructureoftheagenda,schedulingmeetingsinawaythatensures thatthemajorityofBoD membersarepresent,andsendingmembersthenecessarymaterialto assistdebateanddecision‐makinginduetime Ensuring that the BoD complies with its obligations towards Shareholders, the Company, the supervisoryauthorities,thelawandtheArticlesofAssociationoftheCompany Whereapertinentresolutionof theBoDisissued,hemayalsorepresentandbindtheCompany. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 37 TheNon‐ExecutiveVice‐ChairmenstandinfortheChairmanoftheBoardofDirectorsinhisnon‐executive duties,whenthelatterisabsentorunabletoattend.TheCEOstandsinfortheChairmaninhisexecutive duties. A.3:THECEOROLE The CEO is vested with all powers necessary to act in all circumstances on behalf of the Company. He exercisesthesepowerswithinthelimitsofthecorporatepurpose,inaccordancewiththerulessetforthby the law and the Articles of Association of the Company, and subject to the relevant resolutions of the ShareholderAssemblyandtheBoardofDirectors. TheCEO,perhisrole,isalsoinchargeadministrativelyandoperationallyofallCompanydepartments(with the exception of theInternal Audit Team which is supervised only administratively by the CEO,and the CorporateSecretariatTeamwhichis administrativelyandoperationallysupervisedbytheChairmanofthe Board), directs their work, makes the necessary decisions within the context of the current legal and regulatoryframework governingtheCompany’soperations,theArticlesofAssociation,theInternalRule andRegulation,theapprovedprojectsandbudgets,Boarddecisionsaswellasthe BusinessandStrategic Plan. TheCEO’scompetencesindicativelyinclude: SupervisingCompanybusinessandfinancialpolicy MonitoringandassumingresponsibilityfortheCompany’sfinancialresultsandprofitability Monitoringinternalorganizationandtakingappropriatemeasurestopromoteandmakegooduse ofthestaff;proposingthattheBoDapproves thedraftingofnewregulations,organizationalcharts Approvingstaffrecruitment,asappropriate Defining,in cooperation with the BoD and the Senior Management, the strategic targets of the Company SettingthetargetsandtheKeyPerformanceIndicators, andmonitoringthe performanceof the Company’sManagement Havingthepowertodelegatetheday‐to‐daymanagementofthebusinessoftheCompany,either to Deputy Chief Executive Officer or to each of the Officers of the Senior Management, acting individually,jointlyorassub‐committee Having the power to acquire and dispose of businesses and to approve unbudgeted capital expenditureprojects,subject,ineachcase,toalimitpertransactiondefinedbytheBoD; Having the power to represent and bind the Company against third parties for the signing of paymentorders,bankchecks,paymentofsalaries,insurancecontributions,paymentoftaxesand feesofanynatureto theState;and Having the power to represent the Company judicially and extrajudicially, and to sign every document from or addressed to the Company, to instruct advisers and to instigate legal OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 38 proceedingsonbehalfoftheCompanyinrespectofmattersforwhichnofurthercollectiveBoard authorityisrequiredbythelawortheArticlesofAssociation Ingeneral, theCEOchecksthe day‐to‐dayoperationsof the Companyandsupervises how each Teamperformsitstasks TheChairman of theBoardofDirectorsorthe DeputyManagingDirector(DeputyCEO),stand inforthe ManagingDirector(CEO)whenthelatterisabsentorunabletoattend. A.4:COMPOSITIONOFTHEBOARD Duringthereportingfinancialyear,theBoardofDirectorsconsistedoftennon‐executivemembersofwhich fourwereindependent,andthreeexecutivemembers. Specifically,since01.01.2021andonthedateof thisStatement,threeexecutivemembersparticipatein theBoardofDirectors, namely Mr. Kamil Ziegler, Executive Chairman,Jan Karas, CEO andPavelMucha, ChiefFinancialOfficer(CFO). A.5:EXECUTIVEDIRECTORS TheexecutivemembersoftheBoard,amongothers,areresponsiblefortheimplementationofthestrategy determined by the Board and consult with non‐executive members of the Board at regular intervals regardingtheappropriatenessofthestrategyimplemented.Inaddition,insituationsofcrisisorrisk,aswell as whenitisrequiredbythecircumstancestotakemeasuresthat arereasonablyexpectedtosignificantly affecttheCompany,indicativelywhendecisionsaretobemaderegardingthedevelopmentofthebusiness orthe risksassumed,which areexpectedtoaffectthefinancialsituationoftheCompany,theexecutive members immediately inform the Board in writing, either jointly or separately, reporting on their assessmentsandproposals. A.6:NON‐EXECUTIVEDIRECTORS Non‐executivemembersoftheBoD,includingtheindependentnon‐executivememberswhoareelected by the General Meeting of Shareholders, monitor and examine the Company's strategy and its implementation,aswellasthe achievementofitsobjectives andensure theeffectivesupervisionofthe executive members. Non‐executive members do not perform executive or managerial duties, but contributebyhelpingtheBoDasfollows: Constructivelychallengingandhelpingindevelopingstrategyproposals,expressingviewsonthe proposalssubmittedbytheexecutivemembers,basedonexistinginformation If necessary, submitting reports individually or jointly, separately from the BoD reports, to the Shareholders’AssemblyMeetings OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 39 WhenappointedbytheBoD,participatinginBoDCommitteesoranyotherworkinggrouporad hoccommitteesformedfromtime totime, andperforming thedutiesassignedtotheminsuch committees Providinginternational andoperational experience,andknowledge andunderstanding ofglobal financialissues,thesectorsin whichOPAPoperatesandchallengesitfaces. A7:INDEPENDENTNON‐EXECUTIVEDIRECTORS Theindependentnon‐executivemembersareelectedbytheGeneralMeetingofShareholdersorappointed bytheBoardincaseofreplacementofaresignedindependentmember.Theyarenotlessthan1/3ofthe totalnumberof Board membersand,in any case,theyare not lessthan2, while fractionsround to the closestinteger. Duringthereference yearanduntilthedateof thisStatement,theBoDoftheCompany consists of 4 independent non‐executive members, all satisfying the independence criteria set forth in article9ofLaw4706/2020. Inorderforanon‐executivememberto beconsideredasindependent,thecriteriasetoutintheapplicable legislation and depicted in the Internal Rules and Regulations of the Company, must be met during his electionandthroughouthistermofoffice. TheCVsofthemembersoftheBoardofDirectorsandtheCorporateSecretarywhoserve onthedateof thisStatementareavailableinsectionB.5. B:Effectiveness B.1:COMMITMENT AllNon‐ExecutiveDirectorsconfirmthattheyareabletoallocatesufficienttimetomeettheexpectations oftheroleandtherequirementtodiscloseanyactualorpotentialconflictsofinterest. B.2:INFORMATIONANDSUPPORT AllmembersoftheBoardreceivetimelyreportsonitemsarisingatmeetingsoftheBoardtoenabledue considerationoftheitemsinadvanceofmeetings.Directorsunabletoattendaparticularmeetingduring theyearhadtheopportunitytoreviewandraiseanyissuesontherelevantbriefingpapers. EachDirectorhasaccesstotheadviceandservicesoftheCompanySecretaryandaprocedureexistsfor DirectorstotakeindependentprofessionaladviceattheCompany’sexpenseinrespectoftheirduties. CompanySecretary TheCorporateSecretaryensuresthatthecorrectBoardproceduresarefollowedandproperrecordsare maintained.Furthermore,theCorporateSecretaryassistsandadvises,asthecasemaybe,themembersof theBoardofDirectorsonmattersconcerningtheirsaidcapacity. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 40 B.3:EVALUATION PerformanceEvalua tion TheBoardmaintainsanongoingreviewofitsproceduresanditseffectivenessandthoseofitsCommittees throughout the year. The Board of Directors is performing on a yearly basis a self‐assessment of the effective fulfilment of its tasks, in line with the legislative requirements and the provisions of the Fit & ProperPolicy.Theperformanceofeachcommitteeisassessedbythecommitteeitselfandtheresultsare shared with the Board of Directors. The Company has established a process with both qualitative and quantitativecriteriafortheassessmentoftheperformanceoftheBoardofDirectorsandits committees. TheprocessischairedbytheChairman oftheBoardofDirectorsincooperationwiththeRemunerationand Nomination Committee, with the exception of the evaluation of the Chairman’s performance which is chairedbytheRemunerationandNominationCommittee.Theevaluationprocessincludes: •evaluationofcollectivesuitabilityofthe performanceoftheBoardofDirectorsinaccordancewiththeFit andProperPolicyandthecriteriasettherein •individualevaluationsofeachmember,includingtheChiefExecutiveOfficerandtheChairman •successionplanofthemembersoftheBoardofDirectors The evaluation processiscarried out in theformofquestionnaires. The results oftheevaluationofthe BoardofDirectorsareassessedbytheRemunerationandNominationCommitteeandcommunicatedand discussedbytheBoardofDirectors. Τheannualself‐evaluationoftheBoardofDirectorsanditsCommitteesfor2021wasconcludedandthe resultswerediscussedbytheBoardofDirectorsatitsmeetingof03.03.2022.Allratingscalculatedforeach self‐assessmentexercise(BoD,AuditCommitteeandRemuneration&NominationCommittee)arecloseto excellentandconfirmtheBoard’sandCommittees’collectivesuitability. The main areas for improvement, indicated through the annual self‐assessment process, were the difficulties in attendance the BoD meetings in person due to Covid and the lack of a more elaborated succession planning for key Board members. RemNoCo will examine thoroughly the main areas for improvement,especiallythesuccessionplanningforkeyBoardmembersandsubmititsrecommendations for actions to the BoD, ensuring that the composition of the Board is commensurate to the Company’s strategyandinaccordancewiththeCompany’sFit&Properpolicy. B.4:DIRECTORS’RE‐ELECTION In accordance with Articles of Association of the Company, all the Directors are subject to election by shareholdersatintervalsoffouryears.Suchtermofofficeshallbeextendedipsojureuntiltheelectionof newdirectorsfromthenextordinaryGeneralMeetingofshareholdersinaccordancewiththemore specific provisions of the Articles of Association. The members of the Board of Directors areunconditionally re‐ OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 41 eligible and may be freely removed. Members of the Board of Directors are removed by the General Meetingofshareholders.TheGeneralMeetingmayreplaceanyofthemembersoftheBoardofDirectors evenbeforetheirtermofofficeexpires. ThecurrentBoardofDirectorswaselectedforfour(4) years,anditstermofofficeexpireson25.04.2022. Accordingtoarticle11oftheCompany’sArticlesofAssociation(AoA)suchtermofofficeisextendedipso jure until the election of new directors from the next Ordinary Shareholders’ General Meeting, in accordancewiththemorespecificprovisionsofparagraphs 1,2and3ofthesamearticle. B.5:CURRICULAVITAEOFTHEBOARDOFDIRECTORSMEMBERS KamilZiegler ExecutiveChairman Mr.KamilZiegleristheExecutiveChairmanofOPAPS.A. BorninCeskaLipaintheCzechRepublic.In1984Mr.ZieglergraduatedfromtheUniversityofEconomics, FacultyofTrade, in Prague.In1996 hegraduated fromtheSouthern GraduateSchoolofBanking at the Southern Methodist University in Dallas, Texas. He began his professional career at the State Bank of Czechoslovakiawhereheservedindifferentmanagerialpositions:heworkedasanExecutiveDirectorfor FinanceatKomercnibanka,Prague,andthenasadeputyCEOandBoardmemberatCzechSavingsBank. Thereafter,hewasappointedChairmanoftheBoardandCEOintheCzechstate‐ownedConsolidationBank. AfterthatheservedasChairmanoftheBoardandCEOinRaiffeisenbankCzechRepublic.Healsoheldthe position of Executive Director for Finance and Board Member in the PPF Group. His last executive appointmentwasastheCEOandproxyholderinSAZKAA.S.,thelargestCzechlotteryorganisation,where heiscurrentlyservingasa Boardmember.Mr.ZieglerhasbeenalsoamemberoftheBoardofDirectors and member of Supervisory Boards of many companies in the Czech Republic, Netherlands, Cyprus and Austria. JanKaras ChiefExecutiveOfficer,Ex ecutiveMember JanKaraswasappointedOPAP’sChiefExecutiveOfficer(CEO)andexecutivememberoftheBoardDirectors inDecember2020,aftersuccessfullyservingthecompanyfornearlysevenyears,fromvariousseniorroles. He joined OPAP in January 2014 and during his tenure with the company, he has led the operations, developmentandmodernizationofthecompany’sretailandindirectsalesnetworks,overseeingactivities relatedtosales,retailmarketing,customerandpartnersupport.Moreover,hehasalsobeeninchargeof theoperationandmanagementofOPAP’sgamingandnon‐gamingcommercialactivities,acrossallretail and online channels, and contributed significantly to OPAP’s initiatives and response to the coronavirus (COVID‐19)pandemic. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 42 Overall,Janhasaproventrackrecordindeliveringstrongbusinessresults,aswellasbroadprofessional experience in developing solid commercial strategies and implementing successful retail and sales developmentprograms.BeforejoiningOPAP,heheldseveralhigh‐rankingpositionsinMarketing,Salesand ProductDevelopmentintheTelecommunicationssector,intheCzechRepublicandGermany. Throughout his career, Jan has been focused on pursuing and following a customer‐centric mindset, promotingpositivechangeanddevelopinghigh‐performingandcross‐functionalteams. SpyridonFokas A'Vice‐Chairman,Non‐ExecutiveMember BorninPiraeus,wherehecompletedhishighschoolstudiesinIonidiosExemplaryHighSchool. In1977Mr.FokasgraduatedfromtheLawSchooloftheNationalandKapodistrianUniversityofAthens, whilst during 1977‐1978 he undertook post‐graduate studies in shipping law at the University College London. As an Attorney‐At‐Law Mr. Fokas has been a member of the Piraeus Bar Association since 1980 and practiceslawspecializinginthesectorsofmaritimeandcorporatelaw. HeisamemberoftheHellenicUnionofMaritimeLawandamemberoftheHellenicAssociationofMaritime Lawyers.Mr.FokasisalsoamemberoftheGeneralCouncilofHellenicFederationofEnterprises(SEV)as wellasofGreekJockeyClub(FEE). PavelŠaroch B’ViceChairman,Non‐ExecutiveMember Mr.ŠarochgraduatedfromtheUniversityofEconomics,Prague.Havingspecializedininvestmentbanking and economic management of corporations since 1995, he has served in management positions with securitiestradingfirmssuchasBallmaier&SchultzCZandPragueSecurities.From1999to2001,hewas Member of the Board of Directors at I.F.B., which focuses on organizational and economic consultancy, management of private investment projects. In 2001, he was appointed Deputy Chairman of the SupervisoryBoardofATLANTIKfinančnítrhyandsubsequentlybecameamemberofthecompany‘sBoard ofDirectors. Mr.ŠarochisamemberoftheBoardsofDirectorsoftheparentcompanyofKKCGinvestmentgroupKKCG AGandofindividualholdingcompaniesthatbelongtotheGroup.InKKCGa.s.herepresentstheposition oftheChiefInvestmentOfficer. Moreover,heisamemberoftheboardofdirectorsofSAZKAGroupa.s.anditssubsidiaries. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 43 PavelMucha CFO,ExecutiveMember Mr.PavelMuchahasofficiallyassumedhisroleasChiefFinancialOfficeratOPAP,on1October2019.Prior toOPAPhehad26yearsofprofessionalexperience.HavinggraduatedfromUniversityofEconomicsand BusinessinPraguein1992,hestartedhiscareerastaxconsultant(PriceWaterhouse),andlaterheheld variousfinance andCFOpositionsin pharmaceutical(WyethWhitehallinCzechandSlovakia)andFMCG companies(Rothmans/BATintheUK,CyprusandCzechandinStockSpiritsGroupinCzechandSlovakia). BeforejoiningOPAPheheldthepositionofChiefFinancialOfficeratSazka,thenationallotteryoperatorof theCzechRepublic,whichisamemberofSAZKAGroup. KatarinaKohlmayer Non‐ExecutiveMember Mrs.Kohlmayerhad beena seniorinvestment bankerwithexperienceincorporate finance, reporting& accounting, international M&A, equity & debt capital markets and bank financing transactions.Her previousprofessionalrolesincludemanagingdirector’spositionsinLondon&Moscow,atMorganStanley andVTBCapital. Asof2014,sheservesasBoardDirectorandCFOatKKCG,oneofthelargestCzech‐led privateinvestmentgroup,active in4 main investment areas:lotteries& gaming,oil& gas& chemicals, technologyandreal estate.Duringher professional career,shehasspecialized inM&Atransactions and capitalmarketsinCentralandEasternEuropeancountries,RussiaandCIS. Mrs. Kohlmayer has masters’ degree from University of Economics in Bratislava and MBA from Harvard University. RobertChvátal Non‐ExecutiveMember Bornin1968,Mr.ChvátalgraduatedfromPragueSchoolofEconomicsstudyingBusinessAdministration. Hebeganhisprofessionalcareerin1991withProcter&GambleandBenckiserbeforespending15yearsin mobiletelecommunicationsasChiefMarketing OfficerforT‐Mobile Czech,andlater asCEOof T‐Mobile SlovakiaandT‐MobileAustria. Since2013,hejoinedlotterysectorbybeingappointedtheCEO andamemberoftheBoDofSazkaa.s., which,followingaturnaround,hasbecomeoneofthefastestgrowinglotterycompaniesglobally. In2017Mr.ChvátalwasappointedasCEOofSAZKAGroup,whilesincethesameyearheservesasanOPAP Board Director. Mr. Chvátal has also been elected since 2015 as the 1st Vice‐President of theEuropean LotteriesandExecutiveCommitteememberofEurojackpot–panEuropeanjackpotscheme. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 44 ChristosKopelouzos ΝonExecutiveMember BorninAthens,Mr. Kopelouzosiscurrently the CEOofCopelouzos Group with businessactivitiesin the area of Natural Gas, Renewable Energy, Electricity Production and Trading, Real Estate, Concessions, AirportsandGaming.In2002hecompletedhisstudiesattheCityUniversity/City BusinessSchoolin the fieldofInvestment&FinancialRiskManagement. StylianosKostopoulos Non‐ExecutiveMember Mr.KostopouloscompletedhishighschoolstudiesinAnatoliaCollegeofThessalonikiandgraduatedfrom Aristotle University of Thessaloniki, Faculty of Positive Sciences, holding a Bachelor’s Degree in Applied Mathematics.Since1989,hehasheldnumerousmanagerialpositionsintheFinancialandBankingsector, mostlyinBNPParibasandOmega/ProtonBank,beingresponsibleforWealthManagement,Corporate& InvestmentBanking,CreditAnalysis,LoanAdministrationandCustomerServices. Since2006,hehasjoinedAegeanOil, headingtheFamilyOfficeoftheFoundersandbeingBODmember, CFO,FinancialAdvisorandTreasurerinvariouscompanies.Inparallel,since2013,hehasservedasMember oftheBoDofSAZKADELTAVCICanditsaffiliates. RudolfJurcik IndependentNon‐ExecutiveMember BorninPrague,CzechRepublic,Mr.JurcikisaFrenchcitizen.Heismarriedandhastwochildren.Mr.Jurcik studiedAncientandOrientalLanguagesaswellasHistoryatCharlesIVUniversityinPrague.Heiscurrently the Owner and Executive Director of the Prestige Oblige, Private Management & Consultants FZ LLC in Dubai. Previously, he served as the CEO of MAF Hospitality (Property) in Dubai and as President of the OberoiInternationalGroupinNewDelhi.HehasalsoworkedasaSpecialAdvisortotheCEOofAirFrance GroupinParisandasManagingDirectorofForte/MeridienHotelsinParis. Additionally, Mr. Jurcik hasserved as a Senior Vice President of Meridien,based in Athens. He has also workedasaFrenchforeigntradeAdvisorandasaCOOoftheCasinoRoyalEvianinFrance. NikolaosIatrou IndependentNon‐ExecutiveMember Mr. Iatrou with studies in Management & Organizational Behavior has extensive experience in financial services.In1991heco‐foundedHellenicSecuritiesS.A.that11yearslaterwasacquiredbyMarfinS.A.Up until2005hewasholdingthepositionsofChairmanandManagingDirectorofMarfinHellenicSecurities S.A.as wellas severalothermanagerialpositions withinMARFINBANK.In 2007he foundedSILK Capital Partners, a boutique Corporate Finance firm, mainly active in debt restructuring as well as in M&A and OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 45 businessdevelopment.Since2015heisBoDmemberandwasalsoamemberoftheinvestmentcommittee ofNBGPANGEAREIC.HeisamemberoftheHellenicOlympicCommitteeandMentorinENDEAV ORGreece. Prof.DrNicoleConrad‐Forker IndependentNon‐ExecutiveMember Prof.Conrad‐ForkerisanAttorneyatLaw.Shehasexperienceinauditandcorporategovernancerelated issuesasaprofessor,advisorandprojectleader.SheholdsaDoctoratefromtheFacultyofEconomicsof theUniversityofKassel,Germany.Shehasstrongbusinessacumenanddeepunderstandingoffinancial/ accountingrelatedissues,whileherlegalperspectiveisanaddedvalueresultingtoa‘holistic’approachof corporategovernanceaspects.HerprofessionalexperienceincludesbeingBoardMemberandPartnerat ATAG Attorneys Ltd., Basel; Foreign Trade Advisor to the Kassel/Marburg Chamber of Commerce and Industry;Professorat EconomicFacultyatMainzUniversityandZHAWSchoolofManagementandLawin ZurichandRepresentativeoftheCityofZurichasmajorityshareholderontheBoardofDirectorsofaSwiss energysupplycompany. VasilikiKaragianni IndependentNon‐ExecutiveMember Ms. Karagianni is an experienced banking professional with expertise in wholesale banking, credit risk management and monitoring, business transformation and restructuring. She studied Economics at the HigherIndustrialSchoolofThessalonikibeforeembarkinguponacareerinthebankingsector.Havingheld managerialpositionsatvarious Greek banks (ErgasiasBank,CentralBank of Greece,Bankof Macedonia Thrace, EFG Eurobank‐Ergasias, Geniki Bank,) and senior consultant roles at a host of firms, she is experiencedandknowledgeableinfinancialstatementreviews,accountingprinciplesandauditreporting. HerlatestpositionwaswithAriviaSAwheresheheldtheroleofExecutiveVicePresidentandMemberof theBoardofDirectors. Since June 2021, she has also been a member of the Board of Directors and Chairwoman of the Audit CommitteeofELGEKASA. MarieEmmanouil,LL.M CorporateSecretary Marie Emmanouil is an experienced lawyer specialized in Corporate and Company Law and Corporate Governance.PriortojoiningOpapsheworkedasLawyerinTsibanoulis&PartnersLawFirmandtheLegal DepartmentofLavipharmSA,shewasDirectorofLegalandCorporateAffairs,InvestmentandInternational Bankingat PiraeusBank as wellasLegalCounsel,Compliance& AML OfficerandCorporateSecretary at OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 46 Trastor REIC. She holds a Bachelor’s Degree from University of Athens Law School and LL.M. (master’s degree)withdistinctionfromtheUniversityofKent,UK. C:Accountability C.1:FINANCIALANDBUSINESSREPORTING TheBoardisresponsiblefortheintegrityofOPAP’sconsolidatedandtheCompany’sFinancialStatements and recognizes its responsibility to present a fair, balanced and understandable assessment of OPAP’s positionandprospects. TheBoardissatisfiedthattheFinancialStatementsandreportstoregulatorspresentafair,balancedand understandable assessmentofOPAP’spositionandprospects. ToassistwithfinancialreportingandthepreparationofseparateandconsolidatedFinancial Statements, theFinanceTeamhasinplaceaseriesofaccountingandtreasurypolicies,practicesandcontrolswhichare designed to ensure the identification and communication of changes in accounting standards, and reconciliation of core financial systems. The function consists of consolidation and financial accounting teams,andtechnicalsupportwhichcomprisesofSeniorManagersofFinanceTeam thatreviewexternal technicaldevelopmentsandaccountingpolicyissues. Throughout the year OPAP has had in place an ongoing process for evaluating the financial reporting process and the preparation of consolidated accounts. The basis for the preparation of consolidated accountsisassetoutonpage125underAccountingPolicies. FollowingtheAuditCommitteerecommendation,theBoardagreesanengagementletterwiththeAuditors in respect of the full year audit and half‐year review and the Auditors’ statement on their work and reportingresponsibilities. InformationonOPAP’sbusinessmodelandstrategyforgeneratingandpreservinglonger‐termgrowthand delivering on the Company’s stated objectives is set out in the Business Strategy section of the Annual Reportonpage22. Anextrastepinvolving anadditional reviewofthe AnnualReport wasadded tothe approvalprocess of financialstatementssothatthefullBoard,actingtogether,couldconfirmthattheAnnualReportwasfair, balancedandunderstandable. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 47 Furthermore,ananalysisoftheremunerationpaidbyOPAPGrouptoauditorsfortheofferingofauditand otherservicesisincludedonpage210oftheAnnualReport. Allinformationprovidedforinarticle10(1)(c),(d),(f),(h)and(i)ofDirective2004/25/ECoftheEuropean Parliamentand oftheCouncilof21April2004ontakeoverbids,isincludedintheAnnualReportandthe Company'sArticlesofAssociation,towhichwerefer. C.2:SYSTEMOFINTERNALCONTROLS TheBoardofDirectorshastheresponsibilityforestablishingandmaintaininganeffectiveSystemofInternal Controls,thatisasetofprocesseswiththeobjectiveofcontrollingtheoperationsofOPAPanditssignificant subsidiariesinamannerwhichprovidesreasonableassurancethat: •Dataandinformationpublishedeitherinternally orexternallyisaccurate,reliableandtimely • The actions of directors, officers, and employees are in compliance with the organization’s policies, standards,plansandprocesses,andallrelevantlawsandregulations • The organization’s resources (including its people, systems, data/information bases, and customer goodwill)areadequatelyprotected •Resources areacquiredeconomicallyandemployedprofitably;qualitybusinessprocessesandcontinuous improvementareemphasized •Theorganization’splans,programs,goals,andobjectivesareachieved InthisrespectOPAPissuedapolicyandprocessofAssessmentofSystemofInternalControls. TheControlEnvironmentconsistsofalltheorganizationstructures,policiesand processesthatprovidethe basisforthedevelopmentofaneffectiveandadequateSystemofInternalControls. The Board has established a risk and internal control structure designed to manage the achievement of business objectives. It has overall responsibility for OPAP’s system of internal control and for the effectivenessof suchsystem ThemissionofInternalAuditTeamistoenhanceandprotectorganizationalvaluebyprovidingrisk‐based and objective assurance, advice, and insight. The Internal Audit Team helps OPAP Group accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of governance,riskmanagement, andcontrolprocesses. The Internal Audit Team reports functionally to the Audit Committee of OPAP Board of Directors and administrativelytotheCEO.TheHeadoftheInternalAuditFunctionisapersonwithsufficientqualifications andexperienceandisappointedbyOPAPBoardofDirectors. The Internal Audit Team is administratively independent from other OPAP Teams and is staffed by personnelthat: isexclusively,fulltimeemployed,withouthavingexecutiveoroperationaldutiesrelatingwithany otheractivityofOPAPortheGroupand OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 48 isnotmemberoftheBoardoraDirectorwhohasotherresponsibilitiesthanthoseofInternalAudit orrelativesoftheaboveuptotheseconddegreebybloodorbymarriage. InternalAuditTeamoperatesandorganizesitsworksandresponsibilitiesbasedonarisk‐basedauditplan that is annually approved by the Audit Committee. The subsidiaries HELLENICLOTTERIES S.A. and TORA WALLETSINGLEMEMBERS.A.haverespectivelyestablishedastructuredInternalAuditUnit. OPAP’scontrolenvironmentissupportedbytheprinciplesofBusinessConductwhichareincludedinthe OPAP Group Code of Conduct and a range of ISO policies and procedures on corporate, social and environmental responsibility and information security. Other key elements within the internal control structurearesummarizedasfollows: The Board and Management – the Board approves the strategy and performs an advisory and supervisoryrole,withtheday‐to‐daymanagementoftheCompanybeingundertakenbytheCEO supportedbytheDeputyCEO andtheSenior Management.TheCEO andotherExecutiveshave clearly communicated OPAP’s vision, strategy, operating model, values and business objectives acrosstheGroupandconstantlymonitortheirprogress OrganizationalStructure–ThenewstructureoftheSeniorManagement,asdepictedinthenew organizationalchart,isstructuredinawaytobestservetheFASTFORWARDstrategy.Throughout theorganization,theachievementofbusinessobjectivesandtheestablishmentofappropriaterisk managementandinternalcontrolsystemsandprocessesareembeddedintheresponsibilitiesof managersofbusinessteams Budgeting–thereisan annualplanningprocesswherebyoperatingbudgets(opexandcapex)for thefollowingfinancialyeararepreparedandreviewedbytheBoard.Long‐termbusinessplansare alsopreparedandreviewedbytheBoardonanannualbasis Management Reporting – there is a comprehensive system of management reporting. The financialperformanceofoperatingunitsandOPAPasawholearemonitoredagainstbudgetona monthlybasisandareupdatedbyperiodicforecasts Risk Management – as part of the ongoing risk management and control process, the BoD has established a risk management function and approved a risk management framework which describes the fundamental principles for their management and defines a methodology for the assessmentandmanagement ofrisksinOPAP,whiledeterminingtheacceptablelevelofriskinthe Company.Furthermore,theAuditCommitteeandtherelevantstakeholdersareinformedofthose significantriskswhichmightimpacton theachievementofcorporateobjectivesandoftheagreed controlimprovementactions bymanagement.Asummary of themostsignificant risks facedby OPAPisincludedintheBusinessStrategysectiononpage22anddetailsofOPAP’suncertainties andprincipalrisksaresetoutonpages15to21. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 49 BusinessUnits’Controls–eachbusinessunit maintainsasystemofcontrolandriskmanagement whichisappropriatetoitsownbusinessenvironment.Suchcontrolsmustbeinaccordancewith Grouppoliciesandincludemanagementauthorizationprocesses,toensurethatallcommitments onbehalfofOPAPareenteredintoonly afterappropriateapproval. ComplianceControls–OPAPmaintainsacomplianceprogramthataimstodemonstratethatthe Companyhastheorganizationalstructure,adequatepeople,resources,policies,processesinplace andtechnologytocontributetoriskmanagementandcomplianceenforcement.TheCompanyis responsible for the monitoring of compliance of the Company and the OPAP Network with the applicablelegalandregulatoryframeworkandtakesappropriatecorrectivemeasures,ifnecessary. In this respect OPAP established a Compliance Policy which set the overarching principles and commitmenttoaction soas toachievecomplianceanda setofprocessesregardingcompliance framework monitoring, compliance risk assessments and annual Compliance BoD Report. OPAP hassuccessfullycompletedin2021theauditofISO19600ComplianceManagementSystem,with zeronon‐conformitiesraised. The Company monitors compliance with the principles of responsible gaming, with the Games RegulationsandwiththeinternationalsecuritystandardsofGames(WLA/EL‐ SCS/ISO27001),takes actiontocombatillegalgambling,conductsannualreviewsspecificallyforthesubsidiarycompany HELLENICLOTTERIESS.A.andforthecertificationofcompliancewithotherISOsystems.TheCode ofConductofOPAPGroupestablishesapolicyforwhistleblowingcomplaints,throughwhichany violationoftheCodeofConduct canbereportedtotheChiefLegal,RegulatoryandCompliance Officer by formal written or verbal complaint or anonymously. Chief Legal, Regulatory and ComplianceOfficerprovidestheAuditCommitteewithregularupdatesonthecompliancecontrols oftheGroupandrecommendationsforcontinuousimprovement. Monitoring–theeffectivenessof thesystemofinternalcontrolandriskmanagementismonitored regularly through a combination of management review, self‐assessment, independent review through quality assurance, environment, health & safety and regulatory audits, as well as independent internal and external audit. The results of internal and external audit reviews are reported to and considered by the Audit Committee, and actions are taken to address any significant control matters identified. The Audit Committee also approves annual internal and externalauditplansandisresponsibleforperformingtheongoingreviewofthesystemofinternal controlandriskmanagementonbehalfoftheBoard. ConflictsofInterests‐InaccordancewiththeupdatedInternalRulesandRegulations,arevised conflict/potentialconflictofinterestprocessapplies.Conflictofinterestsisasituationinwhicha BoardMemberoroneofhisorherfamilymembershasormayhaveapersonalorfinancialinterest that compromises or could compromise the Board Member’s independence of judgment in OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 50 exercisinghisorherresponsibilitiestoOPAP.Theprocessidentifies,avoidsanddealswithconflicts ofinterestbetweentheinterestsofthecompanyandthoseofitsBoardofDirectors. The Board reviews the appropriateness and effectiveness of the system of internal control and risk management throughout the financial year and up to the date of approval of the Annual Report and confirmsthatthefinancialstatementshavebeensatisfactorilycompleted. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 51 ReportoftheAuditCommittee C.3:AUDITCOMMITTEEANDAUDITORS The Audit Committee of OPAP S.A. Group (hereinafter the “AC” or the “Committee”) presents the Committee’sActivityReportfortheyear2021. The CommitteeisgovernedbyitsCharterwhich was approved by the AC and theBoardofDirectorsof OPAPS.A.on14/10/2020andiscurrentlypubliclyavailableon theCompany’ssite,aspertheprovisionsof Law 4449/2017(art.44 par. 1, indent h), as amended by art. 74 par. 4 of Law 4706/2020 on Corporate Governance of Sociétés Anonymes. The Charter is reviewed annually in order to incorporate the requirementssetforthinlawsandregulations.The CharterguidestheCommitteeintermsofitsobjective anditsresponsibilitiesassignedbytheBoardofDirectors. ThekeyactivitiesoftheCommitteeduring2021aresetoutbelow. ACComposition TheAuditCommitteeiscomprisedofthreeindependent,non‐executiveBoardMembers,accordingtothe followingtable: Name PositionattheAC Type Prof. Dr Nicole Conrad‐Forker Chairwomansince 17.06.2021 IndependentNon‐ExecutiveBoardMember VasilikiKaragianni Membersince 17.06.2021 IndependentNon‐ExecutiveBoardMember RudolfJurcik Member IndependentNon‐ExecutiveBoardMember DimitrisPotamitis Chairmanuntil 17.06.2021 IndependentNon‐ExecutiveBoardMember IgorRusek Memberuntil 17.06.2021 IndependentNon‐ExecutiveBoardMember By virtue of resolution of the Annual General Meeting of Shareholders dated 17/06/2021, following recommendationbytheBoardofDirectors,thecurrentAuditCommitteeisaBoardofDirectorsCommittee, comprising three (3) Independent Non‐executive Board members. The tenure of the audit committee members was resolved to be equal to their tenure as members of the Board of Directors, i.e. until 25.04.2022 and, if the case be, shall be extended ipso jure until the election of new directors from the subsequentAnnualGeneralMeetingofshareholdersinaccordancewiththeprovisionsofarticle11ofthe Company’sArticlesofAssociation. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 52 Allmembersarequalifiedandpossesstherequiredexpertiseforsuchpositions,meetingtherequirements ofLaw4449/2017.Allmembershavebusinessacumenandfinancial/accountingexperience. AuditCommitteeMeetings The Committee met eight (8) times in 2021, while seven (7) additional resolutions were unanimously approved via per rotation signing of minutes, as per the provisions of par. 9.6 of the Audit Committee Charter.BeforeeveryACmeetinganagendaispreparedincludingallitemsfordiscussion.Theagendais communicated to each member at least two working days before the meeting. The Minutes of the AC meetingsarekeptbyalawyer,memberofCorporateSecretariat. ThefollowingpersonsareregularlyinvitedtoattendtheACmeetings: ChairmanoftheBoard ChiefExecutiveOfficer ChiefFinancialOfficer InternalAuditTeamDirector Externalauditors TopManagementTeammembersandManagers/DirectorsofCompany’sdepartments TheareascoveredandthemainitemsdiscussedduringtheACmeetingsheldwithin2021aresummarized below: FinancialStatements 1. Reviewed the annual Standalone andConsolidatedFinancialStatementsfor the year ended December31st,2020andfurtherrecommendedtheirapprovalbytheBoardofDirectors; 2. ReviewedthesemiannualStandaloneandConsolidatedFinancialStatementsasofJune30th, 2021andfurtherrecommendedtheirapprovalbytheBoardofDirectors; 3. Reviewedthequarterlyunauditedfinancialinformation/InterimManagementStatementsas of 31.03.2021 and 30.09.2021 and further recommended their approval by the Board of Directors; ExternalAudit 1. ApprovalofOPAPauditfeesfortheperiod1/1‐31/12/2020; 2. Reviewofnon‐auditservices(NAS) 3. Proposal for the election of Auditing Company for the statutory audit of the Company’s StandaloneandConsolidated FinancialStatementsfortheFY2021andfortheissuanceofthe annualtaxreport OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 53 InternalAudit 1. ReviewedthereportsissuedbytheCompany’sInternalAuditTeamandsubmittedquarterly reports to the Board of Directors on the risks arising from them and suggestions for improvement,theagreedactions,ifany,ortheacceptanceoftherisks 2. Reviewedthelistoflongoutstanding findingsidentifiedbytheInternalAuditTeam,informed theBoardofDirectorsaccordinglyandrecommendedcorrectiveactions 3. ReportedtotheBoardofDirectorsall‐importantmatters’pertainingtotheCompany’sSystem ofInternalControls 4. HeldmeetingswiththeCompany’sDirectorsandTopManagementmembers 5. ApprovedInternalAuditRisk BasedPlan2021 6. ReviewedOPAPIA2020KPI'sandAnnualReport 7. Participated in OPAP IA Self‐Assessment (part of the evaluation of the System of Internal Controls) 8. ReviewedSystemofInternalControls(SIC)evaluationpolicyandprocedure 9. Reviewedandapproved theInternalAuditProcesses 10. Reviewed andsubmittedtheInternalAuditChartertotheBoardofDirectorsforapproval 11. ExaminedtheIAstrategicprioritiesfor2021‐2025 AuditCommitteefunction 1. Approved of theAudit Committee Activity Report for the year ended 31.12.2020and Audit Committee’sself‐assessment 2. AdoptedtheAuditCommitteePlan2021 Under the provision of the Audit Committee Charter (par. 9.5 & 9.11) the Committee reports at least annuallytotheBoardofDirectorstheCommittee'scomposition,responsibilitiesandhowtheCommittee hasfullydischargedallofitsresponsibilitiesfortheperiodbeingreported.Thepresentannualreportcovers theperiod 01.01.2021to31.12.2021. CorporateSustainableDevelopmentPolicy TheAuditCommitteeisinformed oftheimpactof theCompany's activitieson theenvironment andthe wider community based on non‐financial factors related to the environment, social responsibility and governance(Environmental,Social,Governance"ESG"),whichareeconomicallysignificantfortheCompany andthecollectiveinterestsofkeystakeholders, suchasemployees,customers,suppliers,localcommunities andotherimportantstakeholders.InaccordancewiththeprovisionsoftheCode,theCompanyadoptsand implementsapolicyonsustainable developmentandthemostmaterialissuesidentifiedinearly2022are OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 54 listedinsectionH:Non‐financialreport–SustainabledevelopmentofthepresentStatement(pages66‐81). The AC has been informed accordingly and acknowledges the significance of all issues for OPAP’s sustainabledevelopment. Conclusion TheAuditCommitteebelievesthatfulfilleditsdutiesandresponsibilitiesasspecifiedintheupdatedAudit CommitteeCharter. OnbehalfoftheAuditCommittee, Prof.DrNicoleConrad‐Forker Chairwoman OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 55 D:Remuneration D.1:THELEVELANDCOMPONENTSOFREMUNERATION TheCompany’scompensationplanisperformance‐drivenanddesignedtopromoteOPAP’sinnovativeand entrepreneurialculture.SinceOPAPprivatization,theBoardsetouttocreateatrulymultinationalCompany and, as a result of this approach, people of various nationalities, skills and professional backgrounds cooperateineverysectorinwhichOPAP operates. The level and components of remuneration across OPAP is designed to facilitate global mobility and diversity.SalaryrangesarebasedondomesticandsectorialbenchmarkingandOPAP’sannualcashbonus structure,whereaslong‐termincentivesandotherbenefitsareoffered. DetailsontheCompany’sremunerationpolicyandtheBoard ofDirectors’compensationarrangementsare setoutbelow: TheRemunerationandNominationCommittee,isresponsible fordecidingonthebenefitsthatencourage good customer service, are fair to all our employees and are aligned with the interests of all of our shareholders. Our management team is multinational and adaptable and thus the main principles of our philosophy regardingremunerationarethefollowing: Transparency Alignmentofinterestsbetweenshareholdersandmanagement Alignmentofinterestsbetweenemployeesandmanagement Attractionandretentionoftherightpeople Performance‐basedremuneration Remunerationregime Bonusschemes were adopted that build incentives via specific KPIs. Established criteria include quantitativebenchmarkingbasedontheoverallCompany performance,takingintoaccountkey profitabilitymetrics Qualitativecriteriaalsoapply,focusingonmanagerialskills,training&developmentoftheworking teams,projectdeliveries,externalcommunicationetc. Itisworthmentioningthatbonusesandothervariableremunerationarrangementsiscommonpracticefor companieslistedintheFTSE100index.Researchshowsthat99%ofexecutivesworkinginindexFTSE100 companiesattheSeniorManagementlevelandabovehasaratioofvariabletofixedremunerationinexcess of 1:1,whereasthatisnotthecaseinourCompany,wheresuchlevelsispossibleforverylimited number ofpositions(currentlyonlyChairmanandCEO). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 56 The Remuneration Policy of the Company applies to the remuneration of all members of the Board of Directors.ItisdesignedtoreflectfairnessinthecontextofpayconditionstoallemployeesandalignBoard remunerationwiththeinterestsofourshareholders.TheobjectiveoftheRemunerationPolicyistherefore to meet market practice, to serve the Company’s strategic vision, its shareholders, clients and wider stakeholders. Therevisedremuneration policywasapprovedbythe shareholdersofthe Companyatthe2021Annual GeneralMeeting. Long‐termincentivescheme The Board of Directors, following a recommendation of the Company’s Remuneration and Nomination Committee,decidedonthe09.06.2020theenactmentofanewlongtermincentiveschemefortheyears 2020to2022withdistributionofpart oftheCompany’snetprofitstoExecutiveMembersoftheBoardof Directorsand otherKeyManagementPersonneloftheCompany.Theprogram’sdurationis3years,forthe period 2020‐2022. The targets relate to a. the profitability (adjusted Earnings Before Interest Taxes Depreciation and Amortization (EBITDA) for the 3‐year period mentioned above and b. the total shareholdersreturnmeasuredbyincrease ofCompany’sshare priceintheAthensExchange. Finally,the scheme defines that the maximum amount to be distributed to up to 35 beneficiaries is up to 0.6% of achievedEBITDAtargetbasedoncumulativeyearlyplansforperiod2020–2022. Thisremunerationframeworkseekstocreatelong‐term corporatevaluebyconfirmingthattheincentive structurestrikesabalancebetweenthelong‐termandshort‐termperformanceofBoardmembersaswell aspromotingmeritocracy,sothattheCompanyattractstalentswhichwilleffectivelymanageit. BOARDMEMBERS’REMUNERATIONREPORT TheCompany,incompliance with its legalobligations,willsubmittheRemuneration Report of2021for discussion at the Annual Ordinary General Meeting of 2022, ensuring that the Report is prepared and publishedinaccordancewiththerequirementsoftheapplicablelaw. Inparticular,theRemunerationand Nomination Committee prepares a clear and comprehensible remuneration report, which contains a comprehensiveoverviewofremunerationforthelastfinancialyear,withtheminimumcontentspecified byLaw4548/2018. The remuneration report for the last financial year is submitted to the regular General Assembly for discussionasaseparateitemontheagenda.Theshareholders'voteontheremunerationreportisadvisory. TheBoard ofDirectors shouldexplain inthenextremunerationreporthowtheaboveresult ofthevote wastakenintoaccountattheregularGeneralAssembly. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 57 D.2:REMUNERATION&NOMINATIONCOMMITTEE TheRemunerationandNominationCommitteeisgovernedbyitsCharterwhichwasapprovedbytheBoard of Directors on 16/07/2021. The Charter guides the Committee in terms of its objective and its responsibilitiesassignedbytheBoardofDirectors. Dr.NicoleConrad,IndependentNon‐ExecutiveMemberoftheBoardchairsthe RemunerationCommittee which consist of 3 non‐executive members of the Board, in majority Independent (Pavel Saroch, Non‐ ExecutiveMemberandB’ViceChairmanoftheBoardofDirectors,NicoleConradandNikolaosIatrou,both IndependentNon‐ExecutivemembersoftheBoardofDirectors),infullcompliancewiththerequirements ofLaw4706/2020. The recommendations and reports of the Remuneration Committee are submitted to the Board for approval. During 2021, the Remuneration and Nomination Committee addressed issues and submitted recommendationstothe Boardinrespectof bothareasof remit ofthe combined committee.The main issuesaddressedaresummarizedbelow: ReviewedandamendeditsCharter Submittedproposalstothe BoardofDirectorsontheremunerationofpersonsfallingunderthe scopeoftheremunerationpolicy IntroducedproposalstotheBoardofDirectorsregarding theremunerationpolicysubmittedfor approvalbeforetheGeneralMeeting Reviewed the information included in the final draft of the annual remuneration report and submittedrecommendationtotheBoardofDirectorspriortothesubmissionofthereporttothe GeneralMeetingforadvisoryvote ReviewedsuccessionplansofBoardmembersandexecutiveofficerstomaintainanappropriate balance of skills, experience, expertise and diversity in the management of the Company, and provided recommendations to the Board accordingly, assessed candidates and nominated new membersfortheBoard. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 58 E:RelationswithShareholders E.1:RELATIONSWITHSHAREHOLDERS TheBoardiscommittedsoastheCompanytoeffectivelycommunicatewithitsShareholders.TheExecutive DirectorsandexecutivesfromtheInvestorRelationsteammeetregularlywithshareholders,institutional investorsandfinancialanalyststodiscussmattersrelatingtotheCompany’sbusinessstrategyandcurrent performance. The Chairman, the CEO and the CFO receive by the Investor Relations Team monthly and annual updates on share price developm ents, major buyers and sellers of shares, peer group analysis, investors’ views and analysts’ reports on the industry and on the Company specifically. Feedback on presentationsandroadshowmeetingswithinstitutionalinvestorsispresentedtothe ExecutiveDirectors ofthe BoDand anyotherspecificallyinterested Non‐Executivedirectors.Theinvestorrelationsprogram includes: Formal presentations of full year and half year results and quarterly interim management statements Regular meetings between institutional investors and senior management to ensure that the investor community receives a balanced and complete view of OPAP’s performance, the issues facedbyOPAPandanyissuesofconcerntotheinvestors Response to enquiries from institutional and from retail Shareholders through the Company’s investorrelationsteamand AsectiondedicatedtoShareholdersontheCompany’swebsite In2021InvestorRelations TeamissuedtheInvestorRelationsPolicywhichconstitutesanintegralpartof theupdatedInternalRulesandRegulationsoftheCompany. Overall,theInvestorRelationsDivision’smainresponsibilities areto: Develop strategies & implement Investor Relation initiatives to target & attract investors and increaseshareholdersvalue Enable effective two‐way communication between OPAP and financial community; OPAP’s Investor Relations Team promotes dialogue with its shareholders and investors as an essential aspectofcorporatevalue.Theobjectiveistohelpvariousstakeholdersofthecapitalmarketsto beabletoformtimelyatrueandfairpictureoftheCompany’s financialpositionandtosupport fairvaluationoftheCompany CommunicateMarketFeedbacktoManagement Perform its duties to the highest investor relations standards, so as to enhance investors’ and analysts’understandingandstimulateinterestintheCompanyaimingtobuildinvestorloyalty OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 59 In 2021, due to coronavirus (COVID‐19) pandemic, the majority of investors meetings were conducted virtually,withtheCompanyparticipatinginseveninternationalinvestoreventsandroadshowsrelatedto either Gaming, Emerging Markets and/or Greece‐South Eastern Europe. The frequency, duration and locationofroadshowactivityaswellasthelevel ofparticipationisdeterminedatthebeginningoftheyear. The Investor Relation Team is fully dedicated to communicate with the investors community, while the seniormanagementincludingChairman,CEO,CFOandkeydirectors,areavailabletodiscussgovernance andstrategywithmajorShareholdersandInstitutionalInvestorsshouldsucha dialogueisneeded. E.2:THEANNUALGENERALMEETING TheAGMprovidesallShareholderswithanopportunitytovoteontheresolutionsputtothem.TheAGM isusedasthemainopportunityfortheDirectorstomeetdirectlywithprivateinvestors.Itisattendedby theDirectorsandallShareholderspresentaregiventheopportunitytoaskquestionsto theChairman,the ChairsofBoardCommitteesandtheBoard. TheCompanymakesavailabletothepublicallinformationrelatedtotheAGMinawayastoensureeasy andequal accessforall.Morespecifically,the Companyposts timelyon itswebsitetheinvitationof the General Assembly as well as the information and documentation required by the legal framework and finally,informsabouttheminorityrightsoftheshareholders. TheCompany'sArticlesofAssociation explicitlydefinethecompetencesoftheGeneralMeetingandthe wayitisconvened,aswellastheissuesofstandardandexceptional quorumandmajority.Onvoting,each share has one vote. The results of the poll are released to the Stock Exchange and published on the Company’swebsiteimmediatelyafter the AGM.Duringthe last years, a quorum of more than70% was achieved. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 60 F.SeniorManagement OdysseasChristoforou DeputyCEO OdysseasChristoforouholdsaDegreeinPoliticalSciencefromthePanteionUniversityandaMScinPublic Relations & Communication from theUlster University, Belfast.He began his career at accounting firm Arthur Andersen and later became Marketing General Manager at Ernst & Young and worked as CommunicationGeneralManagerat EmporikiBankandtheBankofCyprus. From2008to2014heservedasGeneralManagerattheBankofGreecewherehewasprimarilyincharge ofthe supervisionand coordinationofadministrativeunitsforproviding liquiditytoGreekbanks viathe Eurosystemaswellascommunicationwithrelevant institutionsabroad. HehasbeenatOPAPsince2014,initiallyholdingthepositionofChiefCorporateCommunicationsOfficer . Since1July2019,OdysseasChristoforouisOPAPDeputyCEO.Aspartofhisduties,hecoverstheareasof Corporate & Commercial Communication, Compliance and Regulatory Affairs, Corporate Affairs, Media Relations,Sponsorships andCorporateSocialResponsibility. NancyVerra ChiefLegal,RegulatoryandComplianceOfficer Anastasia(Nancy)VerraistheChiefLegal,RegulatoryandComplianceOfficerofOPAPGroup, whichshe joinedin2015.SheholdsaBAfromtheLawSchooloftheNationalandKapodistrianUniversityofAthens, anLL.M.inInternationalEconomicLawfromtheUniversityofWarwick,aswellasaPhD inLawfromthe UniversityofLondon,havingbeengrantedadoctoralscholarship.ShehasbeenamemberoftheAthens BarAssociationsince2000andisqualifiedtopracticebeforetheSupremeCourtandtheCouncilofState. Nancyboastsmorethan20yearsofprofessionalexperienceinsenior positionsrequiringincreasedlevelof responsibility, with companies listed in the ATHEX (OTE‐COSMOTE‐PIRAEUS BANK), having successfully handledtoplitigation,legalandregulatorycases.ShehasalsoservedasaBoDmemberinERGOSES.A.and the National Regulatory Authority for Railways, as well as a Legal Counsel for the ‘Green Fund’ and the MinisterofCommunicationsofBulgaria. JamesCurwen ChiefOnlineOfficer(asof19/04/2021) JamesjoinedtheOPAPTeaminApril2021toassumethepositionofChiefOnlineOfficer.Beforejoining, throughout his 30 years in the industry both in online and land‐based, he held a number of executive positionsinprestigiouscompaniesintheUKandOverseasincludingWilliamHill,Superbet,Ladbrokes and OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 61 The Ritz Casino. Being widely recognized as an industry influencer, awarded by EGR and Gaming Intelligence,hebringsawealthofonlineexperienceintothecompany. ArgirisDiamantis ChiefTechnologyOfficer ArgyrisjoinedOPAPfamilyinJune2020andhewasappointedasChiefTechnologyOfficeronthe1stofJuly 2020. Priortothisrole,ArgyriswastheCTOofIntracomHoldings,responsiblefordrivingTechnologyStrategyand therepresentationofthecompanyinTechnologyandInnovationForums. Argirios has worked for many years in Technology, with leading positions in Gaming and Telecommunications.HepreviouslywastheGroupCTOofIntralot,andtheCIOofVodafoneandHellasOn Line.HestartedhisprofessionalcareerasaSoftwareDeveloperworkingforEricssondevelopmentcenters inGermany,SpainandIreland. Heholds aMasterofScienceDegree(MSc.)inElectricalEngineeringandaBachelorofScienceDegree(BSc.) inElectricalandComputerEngineeringfromNortheasternUniversityinBoston,USA,aswellasanExecutive MBADegreefromAthensUniversityofEconomicsandBusiness. MaryNikolaidou ActingChiefPeopleOfficer Mary Nikolaidou carries over 40 years of valuable experience in Human Resources under her role as strategic HR professional with extensive knowledge in multiple business sectors.Characterized by her strong leadership and management skills aligning HR vision and strategy to support business goals. Recognized as team builder in diverse work forces and developer of trusted partnerships with key executives and managementleaderstodriveHR initiativesand achievebusinessresults.Proven strong negotiationskillswithUnionsandworkingcommitteesandabilitytoachieveorganizationtransformation indiverseworkingenvironments. Itischaracteristicthatsheundertookthesuccessfulmanagementofhumanresources inlargeorganizations duringtheirtransformationfrompublictoprivatesector. PriortojoiningOPAPSAin2013,Maryhadassumedrelevantrolesin: EMPORIKIBANK–CREDITAGRICOLEGROUP2009–2013 EmporikiBankS.A.GroupHumanResourcesHead–4,850employees GROUPAMAPHOENIX2007–2009 Human ResourcesHead–655employees/MemberoftheExecutiveCommittee PHOENIX–METROLIFEEMPORIKIS.A.2004‐2007 HumanResourcesHeadGreece–655employees/MemberoftheCompany’sBoard AMERICANEXPRESSBANKLtd1995‐2003 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 62 HumanResourcesHeadGreece–360employees/AMEXEuropeanEmployeeForum ATHENSLABORATORYOFBUSINESSADMINISTRATION(ALBA)‐1994 ProjectManager CONTROLDATAGREECEINC(ComputerHardware/Software&ITEducation)1983‐1991 HumanResources&AdministrationManagerGreece–485employees SCHLUMBERGERTECHNICALSERVICESIN(Oil Field)1977‐1982 PersonnelManagerforLaw89Offices–275employees TITANCEMENTS.A.1972‐1976 PersonnelAssistant MatthaiosMatthaiou ChiefOperationsOfficer(asof01/01/2022) OperationsDirector(until31/12/2021) Matthaios Matthaiou joined OPAP in 2015, as Network Development Director. Since then, he has held various leadership roles in the company’s sales operations. In 2021,hewasappointedChiefOperations Officer.HehasworkedinGreeceandabroad,holdingseniorroles,locallyandinternationally,inShell,the BostonConsultingGroupand HellenicPetroleum.Hisprofessionalbackgroundcoverssales,operationsand strategy. During his career, he has led cross‐functional teams, delivering impactful transformational projects.Heis agraduateoftheAthensUniversityof Economics&Businessand holdsanMBAfromthe WarwickBusinessSchool(UK). FotisZisimopoulos ChiefProductOfficer(asof01/01/2022) ProductDirector(until31/12/2021) FotisZisimopouloshasbeenwithOPAPsinceJune2014andcurrentlyservesasChiefProductOfficer.Heis alsoamemberoftheBoardofDirectorsofHellenicLotteriesandOPAPCyprus.Hebeganhiscareerin2001 andhasheldseniormanagementpositionsinthefieldsofconsumerandproduct marketing,inGreekand multinationalcompanies,suchasSaraLeeandForthnet.Overtheyears,hehasledthedevelopmentand managementofnewproductsandservices,aswellas newmarkets,guidedbyconsumertrends.He isa graduateofMarketingandBusinessResearchfromtheAthensUniversityof EconomicsandBusinessand holdsanMBAfromthesameuniversity. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 63 YiannisRokkas ChiefMarketingOfficer(asof01/01/2022) MarketingCommunications,Media&SponsorshipDirector(until31/12/2021) YannisRokkasistheChiefMarketingOfficerofOPAPGroup.HejoinedOPAPin2019,asMarketing,Media andSponsorshipsDirectorwithaviewtodevelopingthecommercialcommunicationstrategy,aswellasto strengtheningOPAPbrandnameandproducts.Heboastsmorethan20yearsofprofessionalexperiencein Greece andabroadinseniorpositionsrequiringincreasedlevelofresponsibility.BeforejoiningOPAP,he wastheDeputyGeneralManagerofMarketing,CustomerExperienceandLoyaltyofPiraeusBankGroup, assumingoverallresponsibilityformarketingprograms,communication,andcustomerexperience.Healso servedasDirectorofDepositsandInvestmentsDivision,as DirectorofConsumerLoansDivisionforPiraeus BankGroupandasBoardMemberoftheCenterofSustainableEntrepreneurship“ExcelixiS.A.’’.Hestarted hisprofessionalcareeratYoungandRubicaminNewYorkandheserved,interalia,asa GeneralManager in Solid Communications. Yannis Rokkas holds a B.Sc. in International Business and Marketing from MarquetteUniversity(USA)andaM.AinGlobalMarketingCommunicationandAdvertisingfromEmerson College,Boston. Inaccordancewitharticle18,par.3ofL.4706/2020,therefollowsatablewiththenumberofsharesheld alsobytheSeniorManagementmembersoftheCompany. SeniorManagement Role NumberofShares OdysseasChristoforou DeputyCEO 6,000 NancyVerra ChiefLegal,Regulatoryand ComplianceOfficer Ø JamesCurwen ChiefOnlineOfficer Ø ArgirisDiamantis ChiefTechnologyOfficer Ø MaryNikolaidou ActingChiefPeopleOfficer Ø MatthaiosMatthaiou ChiefOperationsOfficer 1,334 FotisZisimopoulos ChiefProductOfficer Ø YiannisRokkas ChiefMarketingOfficer 550 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 64 G:ExplanationonDeviationsfromSpecialPracticesoftheCode The Board recognizes that the objective of the Code is to facilitate management’s delivery of business successinatransparentandresponsiblemanner.TheCodedoesnotimposearigidsetofrulesandwithits ‘Comply or Explain’ approach provides the possibility for the Company to carefully assess its specific circumstancesandselectthesuitableruleswithtransparencyandwiththeaimofeffectiveandhigh‐quality goodgovernance.TheBoardprovidesanexplanationforthefollowingareasoftheCodesSpecialPractices (‘ComplyorExplain’principle): • TheRemunerationandNominationCommittee,whichisresponsiblefortheindividual evaluation of the executive board members, consists of non‐executive members in majority independent. WhentheevaluationresultsoftheperformanceoftheexecutivemembersarediscussedatBoard level,thenon‐executivemembersoftheBoardofDirectorsconvenetogetherwiththeexecutive members,however,atthesemeetings,theexecutive membersabstainfromdiscussionandvoting. Thisdeviationisassessedaslowrisk,takingintoaccountthatanyriskismitigatedbythefactthat theevaluationprocessoftheperformanceandthesuitabilityoftheBoDmembersisspecificand transparentandisprimarily performedbytheRemunerationand NominationCommittee.(Clause 1.13.oftheCorporateGovernanceCode). TheBoardofDirectorsrecordeditsprinciplesofoperation,whichhavebeenunceasinglyapplied in practice, by establishing its Charter,whichdescribesthemanner in which it meets and takes decisionsandtheproceduresitfollowsandthedocumentstheysubmit, takingintoaccountthe ArticlesofAssociationandthemandatoryprovisionsofthelaw.TheBoDCharterwasapprovedby theBoDinMarch2022.(Clause1.15ofCorporateGovernanceCode) • Accordingtoclause 8.2 ofLaw4706/2020,incase theBoardofDirectorsappointsan executive Chairman,it obligatorilyappointsaVice‐Chairmanfromthenon‐executivemembers.Althoughan executiveChairmanisappointed,theCompanyfullycomplieswiththeLawasithasappointedtwo non‐executive Vice‐Chairmen. Despite thefact that the Company has not appointed one of the independent non‐executive members as Vice‐Chairman, nor a Senior Independent Director, the Board composition is deemed satisfactory, commensurate totheCompany business and needs. Both non‐executive Vice‐Chairmen are appointed based on their individual professional and personalqualities,theirprofoundexperienceandknowledgeofthemarketinwhichthecompany operates, they are able to constructively challenge the executive members propositions and providestrongsafeguardsofindependenceofmindandjudgement.(Clause2.2.1oftheCorporate GovernanceCode) • TheChairwoman ofthe Remunerationand NominationCommitteeMrs.Nicole Conrad‐Forkeris anindependentnon‐executivememberoftheBoD.TheChairoftheCommitteewas appointedin OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 65 17.06.2021, following her election as Independent Non‐Executive Board Member and has experienceincorporategovernancerelatedissuesbothintheoreticalandpracticalapproachasa professor, advisor and project leader. When the Chairwoman was appointed, the Corporate Governance Code had not been issued yet, therefore the criterion of having served the Remunerationand NominationCommittee asa memberforat leastoneyearwasnot knownat that point.Mrs. Nicole Conrad‐Forker is a valuable member of the Committee as her legal perspectiveisanadded valueresulting toa ‘holistic’ approachof corporategovernanceaspects andtheresponsibilities andoperationsoftheRemunerationandNominationCommittee(Clause 2.4.7oftheCorporateGovernanceCode) • ExecutivemembersoftheBoardofDirectorscontractsdonotincludeprovisionsthat theBoard mayrequirea refundofall,orpartofthebonusawarded,onthebasisofbreach ofcontractual terms or incorrectfinancialstatementsofpreviousyearsor incorrectfinancial dataused forthe calculation of this bonus. Instead, the Company has established and applies targeted control mechanismsto ensureintegrityof financialinformation.Financial Statements(consolidatedand separate)oftheOPAPGrouparebeingpreparedinaccordancewiththe applicableInternational Financial Reporting Standards and provide a true and fair view of the assets and liabilities, the equityandtheresultsoftheGroupandtheCompany,asperprovisionsofapplicableframework, theCompany’sArticlesofAssociation anddecisionsof theHellenicCapital Market Commission. Thefinancialstatementsprocess controls,implementedbytheCompany,areregularlyauditedby theInternalAuditteamandexternalauditors.Bonusesarecalculatedbasedonauditedfinancial statements and final award and payment are subject to the approval of General Meeting of Shareholders upon recommendation by the Remuneration and Nomination Committee. (Clause 2.4.14of theCorporateGovernanceCode) • MainprofessionalcommitmentsofBoardMembersareincludedintheCVofeachBoardMember. In consideration of transparency, Board Members fully disclose before their appointment and regularly by way of submission of an individual Special Declaration, other professional commitments / activities, controlling interests or directorships (either as executive of non‐ executive members)inothercompanies.TheSpecial Declaration is submitted regularly, twicea year,followingtheendoftheprecedingsemesterandreferstothatsemester,or,extraordinarily, onanadhocbasis.Additionally,BoardMembersarealerttodiscloseanyactualorpotentialconflict ofinterestthatmayariseduringtheirtenure.(Clause4.5oftheCorporateGovernanceCode). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 66 H:Non‐financialreport–Sustainabledevelopment Webelievethatcorporategrowthgoessidebysidewithsocialgrowthandprosperity,aprinciplewehave followedthroughouttheyearsofouroperationinGreece. We adopt a holistic approach to Corporate Responsibility, where the accountability for responsible operationlieswithineachdepartmentandeachemployee,withoutbeing thesoleresponsibilityofaspecific department.Nevertheless, managingresponsible operational issuesrequires thecreation ofappropriate organizationalstructures. OurCorporateResponsibilityagendaisdrivenbytheCEO,whileatorganizationalleveltheDeputyCEOis responsibleforidentifyingthestrategicrisks,settingstandardsandtargetsandreviewingtheCompany’s Corporate Responsibilityperformance. At the operational level, the Director of the Corporate Responsibility and Public Relations Team, is responsibleforcooperatingwithotherdepartmentsinordertoappropriatelyallocateresponsibilitiesand disseminatepoliciesandpractices.TheDirectorworkscloselywiththeQualityManagementSystemsTeam, inordertoensurethatpolicies forQuality,Compliance,EnvironmentandEnergy,andHealthandSafety are aligned with International Management System standards (ISO9001,ISO19600, ISO14001,ISO50001 andISO45001). Furthermore,wehaveappointedspecificexecutives,responsibleforkeyissuessuchasCompliance,who coordinateandimplementrelevantprogramsandactivities. Withinthiscontext,itisofparamount importanceforOPAPtoconductasystematicandregulardialogue withStakeholders, definedas anyonewhoinfluencesorisinfluencedbyouroperations,throughout our valuechainandacrossouroperations.Throughourengagementwithourstakeholders,weutilizearange of interaction methods to understand their main issues of interest to respond to their needs and expectations,inanefforttoimproveourselves,bothintheshortandlongterm. To learn more about our Corporate Responsibility management, system of internal controls and stakeholderengagementpleasevisitour2021AnnualIntegratedReport. Ourbusiness Weoffernumericalandbettinggames.Bettinggameshavethefinalamountofwinningrevenuesfixedand madeknownatthetimeofbetting,whileinnumericalgames,allbetsofaparticulartypearecollectedand thentheyieldiscalculatedbydistributingtheconcentratedbetstothewinners. All OPAPproductsandservicesareavailablethroughoursalesnetwork,whichincludesOPAPstores,PLAY stores(fortheexclusiveofferofPLAYGameMachines‐VLTs),StreetVendorsandtheindependentPoints ofSaleforHellenicLotteriesS.A.products(PassiveLotteriesandSCRATCH),aswellastheHorseracingvenue inMarkopoulo (MarkopouloPark). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 67 Todeliverourproductsandservices,asidefromourownoperations,weutilizeresourcesfromoursuppliers (materials,equipment,servicesandknow‐how),whichareusedtoorganize,operateandsustainourgames ofchance. Especially for PAME STOIXIMA, TZOKER, Virtuals, Casino games, and STOIXIMAN, players can also place theirbets throughspeciallydesignedonlineplatforms. Ourbusinessmodel Ourbusinessmodellaysoutthekeydecision‐makingfoundationsthatgovernouractionsandinitiativesin order to achieve our business goals, delivering top‐quality products and services, fostering employee traininganddevelopment,maintainingstrongcommunicationchannelswithouragentsandsuppliersand fulfillingourcorporateresponsibilitymandate. Ourvision toprovideWorldClassGamingEntertainmenttoourcustomersinonlineandretailcontinues andensurestheCompany’sgrowth,expansionofoperationsandprofitgeneration.Thefoundationofour visionisunderpinnedbyour4corevalues(Fun,Dynamic,PassionateandFair).Thesevaluessustainour work‐friendlyworkingenvironment andmotivateouremployeesthroughouttheGroup. Wehaveestablishedasetof6keystrategyareasthatwillhelpusgenerate,captureandsustainvaluefor theCompanyandallourstakeholders,bothintheshortandlong‐term,andatthesametimesafeguard OPAP’sfuturesuccess. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 68 We operate under the World Lottery Associations (WLA), aligning with applicable responsible gaming standards,andstrivetotransformourbusinessexcellenceintosocialcontributionthroughanintegrated corporateresponsibilitystrategy,asvisualizedinthemodelpresentedbelow. OurCorporateResponsibilityStrategy Wehavebuiltourcorporateresponsibilitystrategyaround6areas,asoutlinedbelow. InternalOperation Ourobjective Weaimtooperateinaresponsiblemannerbyembeddingresponsibilityintoourbusiness,andatthesame time,improveourcompetitivenessandcreatevalueforallourstakeholders. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 69 Ourapproach We have established a series of codes, policies and procedures, in the framework of our corporate governance,incompliance withtheregulatoryframeworkinwhichweoperateandinthecontext ofour IntegratedManagementSystem.Thefollowingareamongthepoliciesapplied: • HellenicCodeofCorporateGovernance (adoptedbytheCompany) • CodeofConduct • InternalRulesandRegulations • FitandProperPolicy • Anti‐MoneyLaunderingandCounterTerroristFinancingPolicy • PolicyonResponsibleGaming • ProcurementPolicy • EnvironmentalandEnergyPolicy • QualityPolicy • CompliancePolicy • HealthandSafety Policy • SocialAccountabilityPolicy • DeterminationandEvaluationofEnvironmentalAspects • HealthandSafetyRiskIdentificationandEvaluation • PolicyonCSRStrategy • PolicyonCSRReportDevelopment • SustainabilityPolicy • InvestorRelationsPolicy • FrameworkandPolicyonInformationAssetsSecurity Ourcorporategovernancepracticeshave beendevelopedinlinewiththeHellenicCorporateGovernance Code issued in June 2021 by the Hellenic Council of Corporate Governance (ESED). More information is providedintheCorporateGovernanceStatement. OurCodeofConductoutlinesthemainprinciplesandbehavioralrules,aswellasprovidesguidancetoall stakeholders (i.e. Board of Directors, Chief Officers, managers and employees) on issues that may arise withinOPAP.AllemployeesareobligedtoadheretotheCodeofConduct’sprinciplesandiftheysuspect thattheyarenotfollowed,employeesandtheBoardofDirectors/ChiefOfficerscanreporttheirconcerns to their immediate manager and/or to the Group Chief Legal Regulatory and Compliance Officer respectively,throughtheestablishedWhistleblowingComplaintsPolicy. In addition, we have established a System of Internal Controls based on best international practices, designedtoprovidereasonableassurance ontheefficiency andeffectiveness ofthework,thereliability andcompleteness ofthefinancialandmanagementreporting,aswellasthecompliancewiththeapplicable legalandregulatoryframework. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 70 We have developed a systematic enterprise risk management approach, based on which, we identify, measureandprioritizekeyrisksthatmayaffecttheachievementofourstrategicobjectives,onanannual basis. Further we have established a risk management function and approved a risk management framework.TheBoardmonitorsthelevel ofriskthroughtheGroup’smajorriskassessmentprocess. OPAPhasdevelopedaPolicyonthe‘Preventionoftheuseofgamingproductsforthepurposeofmoney laundering and terrorism financing’ (Anti Money Laundering‐AML Policy) for OPAP S.A. and Hellenic LotteriesS.A.,whichappliestoallemployees,agents andsalesmenofOPAPproducts,inordertocomply with the Hellenic Gaming Commission’s Decision no. 554/5/15.04.2021 and legislative framework, as currentlyinforce.WeconductregularAMLauditstoournetwork,inordertoensuretheircompliancewith the Policy and the requirements of the regulatory framework. Furthermore, we conduct full AML backgroundcheckstoallnewcandidatesthathaveexpressedinteresttojoinournetwork. ItshouldbenotedthatourCodeofConductalsooutlinesthatfraud,briberyandcorruptioninallformsare illegalandunacceptable.Stakeholdersof OPAPGroup shouldimmediatelyreport anyconcerns offraud, briberyandcorruptioninaccordancewiththeWhistleblowingComplaintsPolicy. We are committed to pursuing operational effectiveness, customer satisfaction and continuous improvement,aswellasmaintainingourenvironmentalandsocialresponsibility.Thisisachievedthrough theeffectiveimplementationofanIntegratedManagementSystemforQuality,EnvironmentalandEnergy andHealthand Safetymanagement,certifiedaccordingto: • ISO9001QualityManagementSystem,certifiedbyLloyd'sRegister. • ISO19600ComplianceManagementSystem,certifiedbyLloyd’sRegister. • ISO50001EnergyManagementSystem,certifiedbyBureauVeritas • ISO45001OccupationalHealthandSafetySystem,certifiedbyBureauVeritas FinancialResults Ourobjective Weseektoalignourcontinuoussupporttosocietywithhealthyandsustainablefinancialresults,inorder to facilitate a long‐term sustainable business. Therefore, we built our long‐term corporate strategy in a transparentwaythatsatisfiestheneedsofshareholdersandtheinvestmentcommunity,createsvaluefor allstakeholdergroups,contributestothecountry’sdevelopmentandeconomicsustainability,whileatthe sametimestrengthensourpresenceinthegamingindustry. Ourapproach Aspart ofbeingtransparentinourfinancialreportingprocess,wedisclosesignificanttransactionswithin OPAPGroupofCompaniesandtherelatedparties(asdefined byIAS24). Wearecommittedtoutilizingthepositivevaluegeneratedbyourbusinesstobenefitdifferentstakeholders impactedbyouroperations.Therefore,throughourturnoverweensurethatwereturnsignificantfinancial OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 71 resources back to society, to our players (through payout to lottery and betting winners), our network (through a commission‐based agents’ agreement), our shareholders (through dividends), our suppliers (throughpurchases),ouremployees(throughwages,benefitsandinsurancepayments),providersofcapital (throughinterestpaidforloans),theHellenicRepublic(throughits participationinGrossGamingRevenue, corporatetaxesandothertaxesandduties)andinvestments. PlayerProtection Ourobjective Weunderstandthattheresponsiblemanagementofourbusinessisimperative,duetothepossiblerisks andconsequencesthatmightarisefromexcessiveparticipationingamesofchance.Therefore,weseekto establish an environment, in which a fair, reliable and safe gamingexperienceisprovidedtothose who choosetousetheproductsandservicesofferedbyourCompany,fortheirownentertainment. Ourapproach Through our Code of Conduct and the Commercial Communication Policy included in the Responsible GamingPolicy,weensurethatallouradvertisementsandcommercialcommunicationannouncementsa) arelegal,fairandtruthful,b) complywiththerelevantregulatoryframeworkandc)respecttheprinciples of Responsible Gaming. All commercial communication activities are being approved by the competent regulatorybody(HellenicGamingCommission‐HGCandthethree‐memberCommitteeofart.28,para.3A of L. 4002/2011) and additionally are decent, fair to participants, do not cause disrepute, respect participants’personaldataandconformtothecurrentregulatoryframeworkandthecorporatepoliciesin force. Moreover, in order to ensure that our communications are responsible, we fully comply with Hellenic Ministry of Finance’s Decision no. 79292ΕΞ2020 “Establishment of Gaming Regulation on Commercial Gaming Communication” (GG B/5.8.2020) as currently in force, which defines the principles for gaming operators’communications,promotion,marketingandadvertisingactivitiesand, generally,everyaspectof commercialcommunication. We have established an internal and external mechanism for advice on ethical and responsible player behavior,aswellasforthereportingofillegalgaming sites,whichendangertheindustry’sreputationand players’ wellbeing. Our Responsible Gaming Framework which reflects the one adopted by the World LotteryAssociation,consistsof activitiesthataimtoensureresponsibleand sustainablegrowth,protect thegeneralpublicandespeciallyvulnerablesocialgroupsfromexcessivegaming,aswellasprevent minors fromanyparticipationingamesofchance. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 72 RecognizingourResponsibleGamingprinciples,twointernationalassociationshaverewardeduswiththe highestdistinctionsgloballyforourcommitmentinprotectingconsumersandensuringasafeenvironment for our players. In particular, for the second time consecutively, OPAP has been awarded the “Level 4” ResponsibleGamingCertificatefromtheWorldLottery Association(WLA),fortheconsistentapplicationof responsiblefamingprinciplesthroughoutitsactivities.Thiscertificationisthehighestdistinctionofitskind globally.Inaddition,theEuropeanStateLotteriesandTotoAssociation/EuropeanLotteries(EL)awarded uswiththeStatementofAlignmentwiththeELResponsibleGamingStandardsforour truededicationto consistentlybuildResponsibleGamingprinciplesinourstrategyandoperation. OPAP was awarded with these two top‐level certifications, which are valid until 2024, after a thorough evaluation process by a team of independent experts. These distinctions highlight OPAP's practical commitment to the principles of Responsible Gaming, recognizing our integrated strategy in this area, which focuses on creating a safe environment for our customers, protecting minors, implementing best practicesandeducationofthepublic,amongstothers. Weinform,educateandengagewithouremployeesaboutResponsibleGaming,inordertoensuretheir compliancewiththerespectiveprinciplesand rulesasdefinedbyourpoliciesandpractices. The credibility ofourdrawprocesses is the cornerstoneofourreliability andthesingle most important driveroftrustinourrelationshipwithourplayers.Wethereforeplaceaproportionateimportanceonthese processes in order to ensure that our draw processes are perceived as being indisputably credible and OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 73 objective by all our customers. OPAP is in line with the Draw Regulation (Joint Ministerial Decision no. 7905/27.02.2009GG B’ 430/10.03.2009), which describes indetailall procedures that mustbefollowed duringthedraws,aswellasallthenecessarycorrectiveactionstoapplyincaseofmalfunction. The issue of personal data privacy is particularly important for serving the users of our products and services.Forthisreason,wehaveinplaceaDataProtectionOfficeandaDataProtectionOfficer,,toensure compliance with the applicable framework. We have adopted several new policies and procedures and revisedall ourprivacynoticestoensurefulltransparencyofourprocessingactivities.Wehaveimplemented the appropriate technical and organizational measures. In addition, we conduct risk assessments and audits, on a regular basis, to identify and prioritize information security vulnerabilities and define appropriaterisktreatmentplans. Finally, as part of our actions to improve our customer service, we continuously monitor our customer relatedperformancethroughappropriatesurveys. NetworkEnhancement Ourobjective Recognizingthatweoperateinahighlychallengingeconomicenvironment,wededicateoureffortstothe developmentofoursalesnetworkandthecreationofmorejobopenings.Ouraimistomakeourcustomers a top priority and provide our partners the necessary resources to improve at every level our network operations,inordertohelpthemunlockthefullpotentialoftheirstores. Ourapproach OurdistributionnetworkisoneofthelargestexclusivecommercialnetworksinGreece,throughwhichwe offerourgamesandservices.Intotal,3,628OPAPStores,373PLAYStores,10,139independentPoints of Sale and 1,924 street vendors that distribute SCRATCH tickets and Passive Lotteries comprise OPAP’s networkinGreece.InCyprus,200OPAPStoresintotalofferourgames. Aspartof ourcommitmentto continuouslyinvestand develop ournetwork, wemonitoreach partner’s performance on a daily basis, while suggesting actions and initiatives to enhance our offerings. In the meantime, we provide incentives for the achievement of our common goals through reward and recognitionprograms Theguidance ofour partnersisprimarilyundertaken byour dedicatedteam ofArea Managers,which is alwaysbyourpartners,aimingtoprovidecomprehensive supportandtohelpthemmaximizetheirstores’ performance. Following our efforts to establish a line of direct communication, we have created and are constantly evolvingthe“opapnet”,“opapnet|play”and“opapnet|laheia”B2BportalsforourpartnersinOPAPStores, PLAY Stores and the Indirect Points of Sale of Hellenic Lotteries S.A. respectively. In addition, aiming to informournetworkinatimelymannerandtodailysupportthemthrougha widerangeoftools,wehave OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 74 alsodevelopedtherespective“opapnet”mobileapplication(app),whichoffersdirectandremoteaccess viasmartphonesortabletstoournetwork’snewsandupdates,anytimeandwherevertheyare. Moreover,weprovideourpartnerswithvarioustrainingsessionsthroughourSalesTrainingTeam.Itshould benotedthat,ifdeemed necessary,ourStores’andHellenicLotteriesS.A.PointsofSalesemployeescan also participate in training programs for our games’ rules, responsible gaming, as well as for standard operationalproceduresandpolicies. Ourpartnersareobligedtocomplywiththeframeworkaimingtoprotect“Greeksocietyfromaddictionto games of chance, minors and consumers”. Non‐compliance with the principles and rules of responsible operation constitutes a reason to impose sanctions (ranging from warning to termination of agency agreements).Wemonitorresponsibleoperationofourpartners(inOPAPandPLAYStoresaswellasinthe HellenicLotteriesS.A.Pointsof Sale)andwemakesurethattheycomplywithOPAP’sprinciplesandrules. Through OPAP’s Responsible Gaming training program, our partners and their employees are able to identifyplayers’problematicbehavior,inordertoprovideadviceonhowtomitigatetheconsequencesof excessivegamingandreferthemtotreatment providers.Inthisrespectwehavealsointroducedtherole ofthe“ResponsibleGamingAmbassador”. CommittedtoensurepropercompliancewiththeResponsibleGamingrulesandprinciples,wemonitorour partners’complianceaccordingtothebasicrulesofResponsibleGamingthroughon‐siteinspectionvisits. Incaseapartnerisfound asnon‐complianttoitsobligationsintheaboveareas,OPAPreservestherightto imposesanctionsandeventerminatetheiragreement. PeopleDevelopment Ourobjective OurPeopleareattheheartofeverythingwedo,bringingvalueandcontributingtothesuccessofourlong‐ term strategic objectives, which lead us towards our Vision. We are committed to create a unique experienceforallOPAPPeople;onethatreflectsourhighperformingcultureand ourvalues.Wefocuson beingagreatplacetoworkbyplacingourPeopleatthecenterofourstrategy. Ourapproach AimingtofosterOPAPGroup'srapiddevelopment,businessefficiencyandcustomerserviceexcellence,the Groupwelcomestalentsandrecruitsoutstandingprofessionalswhowillbecomepartofour team. WeappreciateourPeople’sdedicationtoOPAPandwesystematicallyworktoensurethatallemployees are able to achieve a healthy work‐life balance. As part of our commitment, we have launched the supportiveOPAPEmployeeAssistanceProgramforourPeopleandfamilymembersincollaborationwitha specialized andexperiencedprovider. Atthesametime,byinvestinginthetraininganddevelopmentofallemployeesthroughconstanttraining courses,wesafeguardthefurtherdevelopingandstrengtheningoftalenttoguaranteetheachievementof OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 75 ourstrategicobjectives.In2015,welaunchedtheOpapacademy;anumbrellaofallOPAPGroup’straining anddevelopmentactivitiesthroughwhichwedesignourtrainingprograms. HealthandsafetyofourPeopleisoftheoutmostimportance,asitisanon‐negotiableprerequisiteforthe successfuloperationofourbusiness. Inthiscontext,wehavedevelopedanOccupationalHealthandSafety Policydemonstratingourcommitmentinshapingapreventivecultureregardinghealthandsafetyatwork. ThePolicyhasbeencommunicatedtoallemployeesandoutlinesouractivitiestocontinuouslyimproveour workplace. Additionally, we implement a Health and Safety Management System certified according to ISO45001standardforOccupationalHealthandSafety. Wehaveintegratedfairnesswithinourcorevalues,aswebelieveitrepresentsafundamentalrequirement inestablishingapositiveworkenvironmentwhichfacilitatesaperformancedrivenculture.Consequently, inourCodeofConductwearticulateourpolicyagainst discriminationbasedonrace,gender,maritalstatus, political beliefs, religion, origin, sexual orientation, age and disabilities, regarding work issues, such as recruitment and selection, salaries, promotions and career development. Further we established a new Diversity Policy which is annexed to the Fit and Proper Policy.We strictly follow the internationally recognizedhumanrights,asdescribedwithintheUNUniversalDeclarationofHumanRightsandtheten PrinciplesoftheUNGlobalCompact,whileatthesametimeallouremployeesarecoveredbytheGreek NationalCollectiveBargainingAgreement. In February of 2021, a new collective labor agreement was signed for one year for the period from 01.01.2021to31.12.2021.ThenewCLAcovers allemployeesofOPAPS.A.(excludinglawyers,directors, freelance workers paid via invoice, trainees, etc.). The main provisions of the agreement include basic salary,allowances,annualleave,etc.Respectively,theadditionalcostfor2021amountedto€ 103,000. SocietySupport Ourobjective We believe that our role in society transcends our business activities and we have the responsibility to supportsocialgrowthandprosperity.Thus,wearecommittedtosupportandbenefitdifferentstakeholders andunderprivilegedsocialgroups,facilitateoursupplychain’sgrowthandresponsibleoperation,aswell assafeguardthe environmentandreduceourpotentialimpactonclimatechangeandresourceuse. Ourapproach Within the context of OPAP’s integrated societal support strategy, we focus on large‐scale initiatives in threemainareas,namelyHealth,SportsandEmployment.Atthesametime,wedonotneglecttosupport sensitivesocial groupsandcommunities,respondingto adhocneedsofoursocietyaswellasresponding toemergencysituations(e.g.,wildfires,earthquakesetc.). DrivenbyourobjectivetosupportentrepreneurshipandenhanceouroverallpositiveimpactontheGreek economy,weimplementedthe“OPAPForward”programunderthepillarofEmployment.This programis designed to offer a unique opportunity to fast growing Small Medium Businesses by offering them OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 76 specializedservices(e.g.,strategicguidance,training,accesstoinvestorsetc.)tohelpthemunleashtheir fullpotential,generatenewjobsandcontributetotheirfurtherdevelopment.OPAPcollaborateswiththe global non‐profit organization Endeavor, to ensure the program’s effective implementation. Endeavor supports themostpromisingcompaniesworldwidehelpingthem capitalize on their potentialthrougha unique network of seasoned business leaders. WithEndeavor’ssupport, the selected companies will be abletogrow faster,createjobsandcontributetothegrowthoftheeconomy.The programsupports59 SmallandMediumBusinesses,acrossGreece.The“OPAPForward”curriculumhashelpedthe participating companies create 2,260 new direct working positions and support 20,249 new indirect job positions throughtheestablishmentofnewcollaborations,whileatthesametimeincreasetheirtotalturnoverby€ 242million. Aspartofoureffortstoupgrademedicalinfrastructure,wecontinuetherenovationsof“AghiaSophia”and “Panagioti and Aglaias Kyriakou” Children’s Hospitals. Our ambitious project is in full development and followingitscompletionthetwospecializedHospitalswillbeabletoservicetheneedsofchildrenfromall over Greece in a top‐level environment. In 2021, both Hospital buildings had 85% of their renovation completed. Morespecifically,OPAPdeliveredtheIntensiveCareUnitforInfantsonthe5thand6thfloorof the“PanagiotiandAglaiasKyriakou”ChildrenHospitalandtheUrology‐PlasticSurgeryUnitonthe1stfloor ofthe“AghiaSophia”ChildrenHospital. Havingsetasaprioritytobuildsolidfoundationsandcreate valueforfuturegenerations,wecontinuedthe ‘SportsAcademies’programforthefourthyear,toinstilthevaluesoffairplayandteamworkinchildren. Overall,178amateurfootballandbasketballacademiesparticipateintheinitiative. Wefullyacknowledgethatoursuppliers’activitiesandactionscaninfluenceourownresponsible operation andthereforewestrivetobuildasustainablesupplychain.Weinteractwithoursuppliersinatransparent andobjectivemannerandofferequalopportunitiestoall.Weutilizeouroutreachandsizetosupportthe local economy in the areas we operate, by collaborating with local suppliers and purchasing locally producedproductsandsupplies. Weareconsciousofglobalenvironmentalissuesandworksystematicallytowardsminimizingourpotential negative impact throughout our operations, by complying with current environmental legislation and relevantprovisions,aswellasconductingallnecessaryenvironmentalimpactassessments.Aspartofour certifiedEnvironmentalManagementSystem accordingtoISO14001:2015,weapplyappropriatepractices to manage our operations in a way that prevents environmental pollution, regarding both our own operations, as well as our main suppliers’ operations, through specific provisions in RFPs, awards and contracts. Furthermore, as of November 2018, we implement an Energy Management System certified according to ISO50001, that enables us to effectively monitor our climate change impact (energy consumption from electricity, heating and fuel oil), complying with the legal obligations on energy managementsetoutbylawno.4342/2015. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 77 Identifyingthemostmaterialissuesforoursustainableoperation OPAP is continuously informed about the global economic, environmental and social issues that are surrounding the business community and strives to ensure that these global issues are taken into consideration during the development of our sustainability strategy. As the largest gaming Company in Greece,weacknowledgethesheersizeofour businessoperationsandthesubsequentimpactsitcanincur on the economy, theenvironmentand society. Therefore, weidentifythematerialissues that are most materialforoursustainabledevelopmentandourstakeholders.Inearly2021,weidentifiedandprioritized theseissuesthrougha4phasemethodology,asfollows: Phase 1:SustainabilityContext Potential material issues wereidentified by evaluating OPAP’s operation and strategy, the guidelines of internationalanddomesticsustainabilityframeworks,futuretrendsandcurrentglobalindustrialpractices. Throughthisprocess,weidentifiedthefollowing19materialissues: 1. SocietalSupport 2. ResponsibleGaming 3. Network Support 4. CustomerSatisfaction 5. HumanRightsandDiversity 6. EmployeeEngagementandDevelopment 7. EmployeeHealth,SafetyandWellbeing 8. TechnologyInnovation 9. CyberandDataSecurity 10. DrawCredibility 11. ResponsibleProcurement 12. EnergyManagementandCarbonEmissions 13. WasteandWaterManagement 14. CorporateGovernance 15. BusinessEthicsandCompliance 16. RiskManagementandBusinessContinuity 17. Anti‐MoneyLaundering 18. IllegalGambling 19. FinancialPerformance Phase2:MaterialityAnalysisbyOPAPManagement OPAP’s Senior Management prioritized the issues by taking into consideration their impact on OPAP’s operations,aswellastheimpactthatOPAP’sactionsontheseissueshavein theoveralleconomy,society andenvironment. Phase3:StakeholderEngagement To assess stakeholders’ expectations and interests, we created an online questionnaire and invited all stakeholdergroupstoparticipate. Phase4:Prioritization Byanalyzingtheoutcomesofeachphase,weidentifiedtheissuesthatareprioritizedasmostsignificant forbothOPAP’s SeniorManagementandourstakeholders. Itshouldbenotedthatweacknowledgeall19issuesasimportantforoursustainabledevelopment. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 78 Responsetocoronavirus(COVID‐19)pandemic During2021,thecoronavirus(COVID‐19)pandemicbroughtseveralchallenges,whichOPAPhadtomanage bothproactivelyandreactively,todealwiththeconsequencesofthepandemic. In2021,OPAP’scommercialnetworkwasforcedtoceaseoperationsforanalmostdoublenumberofdays comparedto2020.Additionally,varyingrestrictivemeasures andhealthcareruleswereinforcethroughout the year and across different parts of the country, even OPAP’s retail network was operating. Besides, OPAP’s operations also had to adapt to a series of measures, including rules for the use and control of coronavirus(COVID‐19)vaccination/recoverycertifications,remoteworking policiesetc. Throughout 2021,OPAP closely monitoredandadopted all necessarycoronavirus(COVID‐19)measures, remainingcommittedtoprotectingthehealthandsafetyofitscustomers,employees,andpartners,aswell astosafeguardingthecontinuityofitsbusinessactivitiesinGreeceandCyprus.Atthesametime,OPAP undertookvarious initiativestosafeguarditsfinancialpositionandensureaquickramp‐upofitsbusiness uponthelooseningorliftingofcoronavirus(COVID‐19)restrictions. Businesscontinuityandproductinitiatives Leveraging the learnings deriving from coronavirus (COVID‐19) related developments in 2020, OPAP implemented a specific business continuity plan, with the aim to minimize the impact of extraordinary developments,suchasthesuspensionof itscommercialnetwork’soperationsortheimposition ofstrict restrictivemeasuresuponreopening. In such extraordinary periods, the company’s gaming activities continued to operate online, offering an extendedrangeofproducts(sportsbetting,Tzokeronline,virtualgames,andonlinecasino).Atthesame time,thefullrangeof Stoiximan’sproductswasavailablethroughthecompany’sownplatforms.Itisnoted thatOPAP’sonlineactivitiesdeliveredsignificantgrowth throughouttheyear,whileStoiximanalsohadan increasedcontributiontotheGroup’sperformance.Onlinegrowthwasatlargesupportedbyacontinued focusonCRMandpromotionalactivities. At the same time, OPAP promoted the development of a comprehensive commercial plan, with a view towardsthe reopeningofits stores’ network. OPAP’scommercialplandetailedseveral initiatives, which aimedtoattractcustomers,throughnewproduct,promotion,andcommunication/advertisingactivities. Amongotherthings,thecompanyintroducedanewloyaltyschemeforitsretailnetwork,deliverednew promos,featuresandvariantsforpopularretailgames–includingPameStoixima,Virtuals,Powerspin, and Scratch. Moreover,OPAPcontinuedfollowingaprudentfinancialmanagementapproach,focusingonmaintaining itsstrongfinancialpositionanddetectingopportunitiesforcostsavingsandenhancingitsavailableliquidity, amongothers. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 79 Supportmeasuresofournetwork Followinguponthesupportmeasuresimplementedin2020,OPAPoncemorepromotedinitiativesforthe financial,commercial,andoperationalsupportofitspartners’networkacrossGreece.Themeasureswere discussed with the institutional bodies representing OPAP’s partners and were designed based on a targetedandtailor‐madeapproach,consideringtheir proposals. Amongotherthings,thesupportmeasurestakenin2021includedacomprehensiveandlong‐termplanfor the repayment of obligations (in monthly installments), financial support for the payment of telecommunication bills, financial facilitations to cover operating expenses, etc. As mentioned above, a comprehensivecommercialplanwasalsoleveraged tosupporttherecoveryofOPAP’sretailnetwork. Additionally, OPAP continuously supported and informed its partners on the coronavirus (COVID‐19) measures that were effective for its retail network at any given time, via a dedicated monitoring and communicationmechanism.Moreover,OPAPdeployedaninformationandconsultingmechanismtoassist its partnersinmakinguseoftheState’ssupportmeasuresforbusinessesandemployees,asannouncedin 2021. Initiativesforthesupportoftheemployees In 2021, OPAP remained focused on protecting its employees’ health, safety, and well‐being, through a seriesofmeasuresanddedicatedpolicies. Thecompanyfullycompliedwiththemandatorydecisionsandguidelinesonremoteworkingandleveraged theteleworkingschemethatwassuccessfullylaunchedin2020.Infact,duringperiodsof majorcoronavirus (COVID‐19)outbreaks,OPAPdecidedtotransitionahigherpercentageofitsstafftoremoteworkingstatus thanwasrequiredbytheapplicablenationallegislation,inordertobettersafeguardtheirhealthandsafety. Inthiscontext,in2021,OPAPdidnotsuspendemploymentcontractsforanyof itsemployees,despitethe relevant provisions of legislations promoted by the State for the support of businesses affected by the pandemic. Besides,thecompanyimplementedactionsforitsemployees’healthandsafety.Amongotherthings,these included the development and the provision of specific instructions and informational material on the pandemic via internal channels (e.g. intranet, internal digital signage system, yammer, etc.), the collaborationwithdiagnosticcentersforcoronavirus(COVID‐19)testsetc. Finally, OPAP focused as well on the personal development and wellbeing of its employees through additionalinitiatives,suchastheexpansionofitse‐learningplatform. Initiativesforthesupportofthenationalhealthcaresystem Aimingtofurthercontributetothenationaleffortforcombattingthepandemicandenhancetheworkof thecountry’shospitalunits,OPAPofferedimmediatesupporttothecompetentauthorities.Someofthe actionsimplementedinclude: OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 80 Continued the renovation of pediatric hospitals: OPAP continued to support “Panagioti and Aglaias Kyriakou”and“AgiaSofia”hospitals. Healthcaresuppliesforelderlypeople:OPAPprovidedhundredsofthousandsofglovesandprotective maskstotheAthensNursingHomeforelderlypeopletohelpthemrespondtoemergencies. OPAP Forward: OPAP provided support to the businesses of the program, which contributed to the restrictionofthecoronavirusspread. Ourresultsin2021 Arepresentativesampleofkeyresultsfor2021isdisplayedbelow,whicharepartoftheoverallCorporate ResponsibilityresultspresentedwithintheIntegratedReport(financialandnon‐financialdata),whichwill beissuedbyOPAPin2022. Indicator GROUP COMPANY InternalOperation CourtconvictionsforcorruptionorbriberyagainstOPAPorits employees(number) 0 0 Monetaryvalueoffinesorpenalties(i.e.evenifappealed)for noncompliancewithlawsandregulationsregardingincidentsof corruptionandbribery(€) 0 0 PlayerProtection EmployeesinformedaboutResponsibleGaming(%) 100% 1 100% AgentsinformedaboutResponsibleGaming(%) 100% 100% NetworkEnhancement OPAPStores(number) 3,828 3,628 GamingHalls(number) 373 373 AdditionalPOS(pointsofsale)andstreetvendorsforHellenic Lotteriesproducts(number) 12,063 0 PeopleDevelopment Employees(number) 1,612 1,127 Full‐timeemployees(%) 98% 100% Indefinitetimecontractemployees(%) 98% 99% Womeninoverallworkforce(%) 36% 43% Fatalities(number) 0 0 Grievancesregardinghumanrights(includingchild,forcedand compulsorylabor),whichwerefiledthroughformalgrievance mechanisms(number) 0 0 SocietySupport Societalsupportactivities(number) 572 364 Societalsupportspending(million€) 15.1 14.5 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 81 Indicator GROUP COMPANY Significantsuppliers 2 withcontractualclausesonsustainability issues(e.g.laborpractices,environmentalissues,impactson society,humanrightssuchaschild,forcedandcompulsorylabor) (%) 49% 62% Electricityconsumption(MWh) 4,818 2,527 3 Waterconsumption(m 3 ) 66,597 4,240 3 Paperconsumption(tn) 8 6 4 1 Datarefertoemployeesfromallthecompanieswithgamingactivities,i.e.OPAPS.A.,HELLENICLOTTERIES S.A.,OPAPCYPRUSLTD,OPAPSPORTSLTD,STOIXIMANLTDandHORSERACESS.A. 2 Significantsuppliersrefertosupplierswhoseannualcontractfeesexceed€50,000. 3 DatarefertothecompaniesOPAPS.A.,HELLENICLOTTERIESS.A.,TORADIRECTSINGLEMEMBERS.A.and TORAWALLETSINGLEMEMBERS.A. 4 DatarefertothecompaniesOPAPS.A.andHELLENICLOTTERIESS.A. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 82 7.Dividendpolicy–Distributionofnetprofit Inrelationtodividenddistributionforthefiscalyear2021,theCompany’sManagement,aftertakinginto considerationtheCompany’sperformance,itsprospectsanditsinvestmentplans,proposesthedistribution ofdividendof€0.60persharebeforewithholdingtaxes(accordingtotheapplicabletaxlegislation)versus €0.55persharefor theyear2020. ItshouldbenotedthatthemeetingoftheCompany’sBoardofDirectors,heldon07.09.2021,approved thedistributionof€0.10pershareasinterimdividendforthefiscalyear2021. Basedontheaforementionedinformation,totaldividendforthe2comparableperiodsbeforeapplicable withholding taxes,willbeasfollows: 2021 2020 Interimdividend 0.1000 0.0000 Specialdividend 0.0000 1.0000 Finaldividend 0.5000 0.5500 Totaldividend 0.6000 1.5500 8.Numberandparvalueofshares AllthesharesissuedbytheCompanyarecommonshares. The Board of Directors, as its meeting dated 03.08.2021 decided to issue 9,729,566 new common, registered,votingsharesofnominalvalueof€0.30each.Additionally,theBoardofDirectors,asitsmeeting dated07.09.2021decidedtoissue1,700,334newcommon, registered,votingsharesofnominalvalueof€ 0.30each.Consequently,thetotalauthorizednumberofcommonshareswas352,856,287on31.12.2021 (341,426,387on31.12.2020)withaparvalueof€0.30pershare(€0.30in2020). Allissuedsharesarefullypaid. 9.EUTaxonomyregulation TheTaxonomyregulation(EUTaxonomyRegulation,(EU)2020/852)isakeycomponentoftheEuropean Commission's‘ActionPlan:FinancingSustainableGrowth’ofMarch2018.Itrepresentsanimportantstep in the EU’s pursuit of the goals of the Paris Agreement, according to which climate neutrality is to be achievedby2050. Oneoftheobjectivesofthe FinanceActionPlanistoredirectcapitalflows towardsa moresustainableeconomy.Suchashiftofcapitalflowshastobeunderpinnedbyasharedunderstanding of what ‘sustainable’ means.Therefore,theEU Taxonomyprovides for a unifiedclassificationsystemof activitiesthat canbeconsidered‘sustainable’. ThescopeoftheTaxonomyRegulationincludesinteraliaundertakingswhicharesubjecttotheobligation topublishnon‐financialstatementspursuantArt.19aor29aoftheAccountingDirective2013/34/EU.These undertakingsaretoprovideinvestorswithabasisfortheirinvestmentdecisionbydisclosinginformation on how and to what extent theundertaking’sactivitiesareassociated with environmentally sustainable OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 83 economicactivities(Art.8oftheTaxonomyRegulation).Theaimistoincreasetransparencyinordertohelp preventgreenwashingandenlargethespaceforgreenfinance. The following disclosures are provided for the purposes of the simplified reporting requirements in accordancewiththeArt.10(2)oftheArt.8DelegatedDeed(Delegated Regulation(EU)2021/2178). WehaveexaminedallTaxonomy‐eligibleeconomicactivitieslistedintheClimateDelegatedActbasedon ouractivitiesasaGroupthatmainlyprovidesgamingentertainmentservices.TheClimateDelegatedAct focusesonthoseeconomicactivitiesandsectorsthathavethegreatestpotentialtoachievetheobjective ofclimatechangemitigation,i.e.theneedtoavoid producinggreenhousegasemissions,toreducesuch emissions or to increase greenhouse gas. After a thorough review involving all relevant divisions and functions,weconcludedthatourcoreeconomicactivitiesarenotcoveredbytheClimateDelegatedAct andconsequentlyareTaxonomy ‐non‐eligible. TheEuropeanCommissionidentifiesthreeKeyPerformanceIndicators(KPIs)tobedisclosedregardingthe proportionoftheTaxonomyEligibleactivitiesoftheGrouptoitstotalactivities: TurnoverKPI(GrossGamingRevenue(GGR)) OperatingExpensesKPIand CapitalExpenditureKPI Asoureconomicactivitiesas aGroupthatmainlyprovidesgamingentertainmentservicesarenotcovered bytheClimateDelegatedAct,theshareoftheTaxonomy‐eligibleeconomicactivitiesaccordingtotheArt. 8oftheRegulationforTaxonomyandtheArt.10(2)oftheArt.8oftheDelegatedActinourtotalturnover is0%and‐consequently‐therelatedcapitalandoperatingexpenditurearealso0%. InformationrelatingtothecalculationoftheKPIs: Turnover(GrossGamingRevenue(GGR)):thepercentageoftheTaxonomy‐eligibleeconomicactivitieson thetotalannualGrossGamingRevenue(GGR)hasbeencalculatedaspartoftheGross GamingRevenue (GGR) associated with the Taxonomy‐eligible economic activities (numerator), to the total consolidated GrossGamingRevenue(GGR)(denominator). OperatingExpenses:the quotientofthe operatingexpensesrelated totheTaxonomy‐eligible economic activities (numerator) to the total operating expenses (denominator) on a consolidated basis. The total operating expenses of the Group are presented as "Operating expenses" in the Consolidate d Income Statement. CapitalExpenditure:thecapitalexpendituredefinedasTaxonomy‐eligibleeconomicactivities(numerator) tothetotalcapital expenditure(denominator).Thetotalcapitalexpenditureconsists ofthe additionsto intangibleassets,property,plantandequipment,right‐of‐useassets andinvestmentpropertyduringthe financial year, before depreciation and amortization, impairment and any measurements, including any resultingremeasurementandimpairment.Thetotalcapitalexpenditureisthesumofthe"Additions"line inNotes6,7,8and9ofthefinancialstatements. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 84 More information relating to the accounting policies applied are included in Note 3 of the financial statements. 10.Other Branches TheGroupownsatotaloffourbranchesthatoperateasOPAPagenciesofferingcustomersalltheproducts and services of OPAP S.A., HELLENIC LOTTERIES S.A., HORSE RACES SINGLE MEMBER S.A., TORA DIRECT SINGLEMEMBERS.A.andTORAWALLETSINGLEMEMBERS.A..Threeofthebranchesareownedbythe Companyandarelocatedin: 1.108AthensAvenue,Athens,whichoperatesasamodelstore, 2.5St.GeorgePatriarchikoofPylea,Thessaloniki. 3.46‐48KifisouAvenue,Peristeri,Athens andthefourthisabranchofHORSERACESSINGLEMEMBERS.A.andislocatedinMarkopoulo,Attica. Researchanddevelopment TwocompaniesoftheGroup,NEUROSOFTS.A.andTORAWALLETSINGLEMEMBERS.A.spendonresearch anddevelopmentinordertoproducesoftwareandothertechnologyproducts,eitherforownuseorfor saletothirdparties. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 85 11.Subsequenteventsaftertheendoffiscalyear2021anduntilthe announcementoftheannualfinancialreport Bondloansprepayment On05.01.2022,theCompanyproceededtoapartialrepaymentof€100,000th.ofitsbondloanoftotal nominalamount€300,000th.,withoutextracost. On 23.02.2022, HELLENIC LOTTERIES S.A. proceeded to a partial repayment of total nominal amount € 10,000th.ofitsbondloanof€50,000 th.,withoutextracost. Finaldividendforthefisc alyear2021 TheCompany'sBoard ofDirectorsdecidedduringitsmeetingon22.03.2021todistributeagrossamount of€211,714th.or€0.60pershareasfinaldividendforthefiscalyear2021with€0.10persharehaving alreadypaidasinterimdividendinNovember2021. Inadditiontothe dividenddistribution,CapitalreturntoShareholdersof€0.90persharewillbeproposed toAGM.Consequently,thetotalshareholdersremunerationincludingthedividendwillamountto€1.50 pershare. Ukraine‐Russiawareffect Therecentgeopolitical eventsin Ukraine,themilitary actionsfrom Russia andthe subsequentresponse from European Union and European countries as well as the United States in the form of economic sanctionsaffectingglobalenergymarketsandeconomicdevelopmentsingeneral.Thereisnoexposureof theGroupbothin RussiaaswellasinUkraine,resultingtonodirecteffectfromlatestdevelopments.Any effect is only indirect, related to the high energy cost and inflationary pressures along with subsequent negative affect on our customers’ disposable income. The Group is following developments around the crisisinUkraineandis planningaccordingly. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 86 12.AlternativePerformanceIndicators(API) The Group presents certain Alternative Performance Indicators besides IFRSs arising from its financial statements, particularly the indicator "Net Debt/Earnings before interest, taxes, depreciation and amortization(EBITDA)”.Theindicatorswhicharedefinedandcalculatedindetailbelow,arewidelyusedin order to present the Group’s profits in relation to its debt and how viable servicing its debt is. The AlternativePerformanceIndicatorsshouldnotbeconsideredasasubstituteforotherfiguresandhavebeen calculatedinaccordancewiththeprovisionsofIFRS. (Amountsinthousandsofeuro) 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() Δ% Profitbeforeinterest,tax,depreciationand amortization(EBITDA)/Revenue(GGR) 35.8% 23.1% 55.0% ProfitattributabletoownersoftheCompany/Revenue (GGR) 16.9% 18.2% (7.2%) Profitbeforeinterest,tax,depreciationand amortization(EBITDA)/Netgamingrevenue(NGR) 52.7% 35.4% 49.1% ProfitattributabletoownersoftheCompany/Net gamingrevenue(NGR) 24.9% 27.8% (10.7%) Netdebt 233,651 587,107 (60.2%) Totaldebt/Totalequity 115.6% 140.4% (17.6%) Netdebt/Profitbeforeinterest,tax,depreciationand amortization(EBITDA)lasttwelvemonths 0.4 2.3 (81.1%) ()ThecomparativeamountshavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefitobligationsunderIAS19 andfinalizationofthepurchasepriceallocationontheacquisitionofSTOIXIMANLTD(seeNote3.23oftheAnnualFinancialStatements). Earningsbeforeinterest,taxes,depreciation,amortizationandimpairment(EBITDA)asa%ofGGR Calculatedasthe ratio ofearnings before tax,depreciation,amortizationand impairment (EBITDA)over GGRintheyear. ProfitattributabletoownersoftheCompanyasa%ofGGR Calculatedastheratioofnet profitfortheyearoverGGRfortheyear. Earningsbeforeinterest,taxes,depreciationandamortization(EBITDA)asa%ofNGR Calculated as the ratio of Earnings before tax, depreciation and amortization (EBITDA) over NGR in the period. ProfitattributabletoownersoftheCompanyasa%of NGR CalculatedastheratioofnetprofitfortheyearoverNGRfortheperiod. NetDebt Calculated as the sum of short‐term and long‐term borrowings plus short‐term and long‐term lease liabilitiesattheendoftheyear/periodminusthe"Cashandcashequivalents",“Long‐term investments” and“Short‐terminvestment”balancesattheendoftheyear. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 87 TotalDebt/Equity Calculatedastheratioofthesumofshort‐termandlong‐termborrowingsplusshort‐termandlong‐term leaseliabilitiesattheendoftheyearoverequityattheendoftheyear. NetDebt/Earningsbeforeinterest,taxes,depreciation,amortizationandimpairment (EBITDA) Calculated as the ratio of Net Debt (see above) over earnings before interest, tax, amortization and impairmentinthelasttwelvemonths. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 88 ANNEX EXPLANATORY REPORT TO THE ORDINARY GENERAL MEETING OF OPAP S.A. SHAREHOLDERSPURSUANTTOARTICLE4PAR.7‐8OFLAW3556/2007 ThepresentexplanatoryreportoftheCompany’sBoardofDirectorstotheOrdinaryGeneralMeetingof OPAPS.A.Shareholdersconsistsofdetailedinformationpursuanttotheprovisionsofart.4,par.7and8of L.3556/2007. 1. Company’sShareCapitalStructure The Company’s Share Capital mounts up to the sum of one hundred five million eight hundred fifty six thousandeighthundredeightysixeuroandtencents(€105,856,886.10),dividedintothreehundredfifty twomillioneighthundredfiftysixthousandtwohundredeightyseven(352,856,287)nominalcommonand outstandingvoting shares,withnominalvalueofthirtycentsofeuro(€0.30)each. Withinfiscalyear2021: The Company’s Share Capital, following the resolution of the Board of Directors of the Company dated 30.07.2021,wasincreasedbytwomillionninehundredeighteenthousandeighthundredsixtynineeuro and eightycents (€ 2,918,869.80),upon issuance nine million seven hundredtwentynine thousand five hundredsixtysix(9,729,566)newcommon,registered,votingshares,ofnominalvalueof0.30euro(€0.30) each,asaresultofthereinvestmentprogramofthedividendofthefiscalyear2020. The Company’s Share Capital, following the resolution of the Board of Directors of the Company dated 08.11.2021, was increased by five hundred ten thousand one hundred euro and twenty cents (€ 510,100.20),uponissuanceonemillionsevenhundredthousandthreehundredthirtyfour(1,700,334)new common, registered, voting shares, of nominal value of 0.30 euro (€ 0.30) each, as a result of the reinvestmentprogramoftheinterimdividendofthefinancialyear2021. AllsharesareadmittedtotradingattheAthensStockExchangeMarket. TherightsoftheShareholdersofOPAPS.A.whichstemfromtheCompany’sshareareequivalenttothe percentageoftheir equityinvestmentinthepaid‐upsharecapital. EachshareprovidesallrightsandobligationsrequiredbytheLawandtheStatutesandmorespecifically: ParticipationandvotingrighttotheGeneralMeetingofOPAPS.A. TherightofbeingentitledtoreceivedividendoutofannualprofitsoroutofCompanyliquidation,as wellastherightontheCompany’sassetsintheeventofliquidation.Everyshareholderlistedinthe Company’sshareregisterattheex‐dividenddateisentitled toadividend.Thedateandthewayofthe collectionofthedividend’sdistributionareannouncedbytheCompanythroughtheMedia,pursuant toL.3556/2007andtherelevantdecisionsoftheExchangeCommission.Withinfive(5)yearsstarting OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 89 fromtheyearwhendistributionisapprovedbytheGeneralMeeting,therightofthecollectionofthe dividendislapsedandtheamountnotcollectedisprescribedtotheHellenicPublicSector. The right of pre‐emption to any share capital increase of the Company holding cash and the assumptionofnewshares. TheGeneralMeetingoftheCompany’sShareholdersretainsallthefunctionsandauthorities during the Company’s liquidation (pursuant to article 46 of its Statutes). The liability of the Company's shareholdersislimitedtothenominalvalueofsharesheld. The right to receive copies of Financial Statements and reports of the auditors and the Board of Directors. 2. RestrictionsonthetransferofsharesoftheCompany AccordingtotheLaw,theCompanytransfersitssharesandthistransferisnotsubjecttorestrictionsbythe Statute. 3. SignificantdirectandindirectholdingsaccordingtheprovisionsofLaw3556/ 2007 The shareholders (natural persons or legal entities) that according to their notification made up until 31.12.2021 hold directly or indirectly a percentage of shares of more of 5% of its total shares with the respectivevotingrights,arelistedbelow: Name Percentage SazkaDeltaHellenicHoldingsLimited 33.0% SazkaGroupa.s. 14.2% FreeFloat 52.8% 4. Shareholdersofanyshareswithspecialauditingrights TherearenosharesofferingtotheshareholdersspecialauditingrightsintheCompany. 5. Restrictionsofvotingrights According to the provisions of the Company’s Statutes, there are no restrictions on shareholders voting rights. 6. Agreementsofshareholders,acknowledgedbytheCompany,involvingrestrictionsontransfer ofsharesorexercisingofvotingrights TheCompanydoesnotacknowledgetheexistenceofagreementsamongitsshareholderswhichconclude torestrictionsontransferofsharesorexercisingofvotingrights. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 90 7. RegulationsconcerningappointmentorreplacementofmembersoftheBoardofDirectorsand amendmentoftheStatutes TheregulationsoftheCompany’sstatutesregardingtheappointmentandreplacementofBoDmembers andthemodificationofprovisionsofStatutesdonotdifferentiatefromtheonesprovidedinL. 4548/2018. 8. Co mpetenceoftheBoardofDirectorsorsomeofitsmembersregardingissueofnewshares or purchaseofownshares According to the Article 8 of the Company’s Statutes, upon decision of the General Assembly, which is subjecttopublicityofArticle13ofL.4548/2018,theBoardofDirectorscanbegiventheright,uponthe Board’sdecisiontakenby,atleast,amajorityoftwothird(2/3)ofitsmembers,toin creasethesharecapital partiallyortotallybyissuingnewshares,uptotheamountofthepaid‐upcapitalthedatethattheBoard ofDirectorswasgrantedtheauthorityinquestion.TheBoardofDirectors’authoritycanberenewedbythe GeneralAssemblyforaperiodoftimethatwillnotexceedthesix‐yearperiodfo reachrenewal.Nosuch decisionhasbeenmadebytheGeneralAssemblyoftheShareholders. AccordingtothesamearticleoftheStatutes,upondecisionoftheGeneralAssembly,aprogramofshares disposalcan beestablishedforthemembersoftheBo ardof DirectorsandtheCompany’spersonnel,as wellasfortheassociatedcompanies,intheformofoptionalrightofsharesacquisition,withthetermsand conditionsofArticle26ofL.4548/2018.NosuchdecisionhasbeenmadebytheGeneralAssemblyofthe Shareholders. AccordingtotheprovisionsofArticles48‐52ofL.45 48/2018,thecompanieslistedontheAthensExchange mayacquireownshares,upondecisionoftheGeneralAssemblyoftheirshareholders,whichprovidesthe termsandtheconditionsofprovidedacquisitionsand,inparticular, themaximumnumberofsharesthat canbeacquire dandthedurationofthisapproval.TheiracquisitiontakesplaceundertheBoardofDirectors responsibility,undertheconditionsmentionedinthelaw.NocontroversyprovisionexistsintheCompany’s Statutes.Τhe Annual Ordinary General Assembly of the Company’s Shareholders that was held on 17.06.2021decidedandsetthedetailsfortheacquisitionbytheCompanyoftrea suryshares,throughthe AthensExchange,uptoapercentageof5%ofthetotalpaidupsharecapitaloftheCompany,namelyupto 17,071,319shares.Theacquisitionoftreasurysharesshallbemadeprovidedthatonacasebycasebasis areconsidere dtobeattheCompany'sownbenefit,preferentialtootheravailableinvestmentoptionsand aslongastheCompany'scashflowallowsforsuchacquisitionsandforthescopesandusesallowedbythe law,inaccordancewiththespecificstipulationsofarticles49and50ofLaw4548/2018,asinforcetoday, andinconnectiontotheprovision sofRegulation(EU)No596/2014oftheEuropeanParliamentandofthe Council,onmarketabuseandofitssupplementingCommissionDelegatedRegulation(EU)2016/1052,with regard to regulatory technical standards for the conditions applicable to buy‐back programs and stabilization measures. The proposed program for th e acquisition of treasury shares shall be completed OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 91 withintwentyfourmonthsasfromthedateofthedecisionoftheGeneralAssembly,namelythelatestby 16.06.2023,andwillbeimplementedatamaximumacquisitionpriceof€17.00pershareandaminimum acquisitionpriceequaltothenominalvaluepriceofeachshare,i.e.€0.30pershare.TheCompanyholds asof31.12.20 211,829,624treasurysharesthatwereacquiredduring2015,2016,2017and2018. 9. ImportantagreementssignedbytheCompany,thatareputintoforce,modifiedorexpirein caseofchangeofCompanycontrolfollowingapublicofferingandtheresultsofthese agreements Therearenoagreementsthatareputintoforce,modified orexpireincaseofchangeofCompanycontrol followingapublicoffering. 10. EachagreementsignedamongtheCompanyandthemembersoftheBoardofDirectorsorits personnel,whichprovidesforcompensationintheeventofresignationordismissalswithout justcauseorterminationofserviceoremploymentduetopublicoffering The Company has not entered into any agreements with the members of the Board of Directors or its personnel to compensate these persons, in case they are forced to resign or dismissed unfairly or their servicesoremploymentareterminatedduetopublicofferfortheacquisitionofitsshares. Athens,22March20 22 KamilZiegler JanKaras Chairman BoardMemberandChief ExecutiveOfficer OPAPS.A.AnnualFinancialReport2020 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 92 III. AnnualFinancialStatements TheattachedFinancialStatementsasat31.12.2021oftheGroupandtheCompanywereapprovedbythe BoardofDirectorsofOPAPS.A.on22.03.2022andarepostedattheCompany’swebsitewww.opap.gras well as in the website of Athens Stock Exchange. The attached Financial Statements will remain at the disposalofinv estorsatleastfiveyearsfromthedateoftheirannouncement. ItisnotedthatthepublishedattachedfinancialinformationarisefromtheFinancialStatements,whichaim toprovidethereaderwithageneralinformationaboutthefinancialstatusandresultsoftheGroupand theCompanybuttheydonotpresentacomprehensiveviewofthefinancialpositionandresultsoffinancial performanceandcashflowsoftheCompanyandtheGroup,inaccordancewithth eInternationalFinancial ReportingStandards(IFRS). TheauditorsoftheconsolidatedandseparateFinancialStatementsofOPAPS.A.fortheyearsendedon 31.12.20 21and31.12.2020istheauditingfirmPricewaterhouseCoopersS.A.. PricewaterhouseCoopers S.A., T: +30 210 6874400, www.pwc.gr Athens: 268 Kifissias Avenue, 152 32 Halandri | T: +30 210 6874400 Thessaloniki: Agias Anastasias & Laertou 16 str., 55535 Pylaia | T: +30 2310 488880 This audit report and the financial statements that are referred to herein have been translated for the original documents prepared in the Greek language. The audit report has been issued with respect to the Greek language financial statements and in the event that differences exist between the translated financial statements and the original Greek language financial statements, the Greek language financial statements will prevail. Independent auditor’s report To the Shareholders of ORGANIZATION OF FOOTBALL PROGNOSTICS S.A. Report on the audit of the separate and consolidated financial statements Our opinion We have audited the accompanying separate and consolidated financial statements of ORGANIZATION OF FOOTBALL PROGNOSTICS S.A. (the “Company” and “Group”) which comprise of the separate and consolidated statement of financial position as of 31 December 2021, the separate and consolidated income statement and statement of other comprehensive income, the separate and consolidated statement of changes in equity and the separate and consolidated cash flow statement for the year then ended, and notes to the separate and consolidated financial statements, including a summary of significant accounting policies. In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the separate and consolidated financial position of the Company and the Group as of 31 December 2021, their separate and consolidated financial performance and their separate and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union and comply with the statutory requirements of Law 4548/2018. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have been transposed into Greek Law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the separate and consolidated financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 93 2 of 11 Emphasis of matter We draw your attention to note 3.23 of the separate and consolidated financial statements, which describes that comparative figures for the year ended 31 December 2020 have been restated due to the finalisation of the purchase price allocation on the STOIXIMAN LTD acquisition and the change in accounting policy for the recognition of employee pension obligations under IAS 19 “Employee benefits”. As a result of the finalisation of the purchase price allocation on the STOIXIMAN LTD acquisition, the Group recognised additional intangible assets for the acquired brand and customer relationships, that were not previously recognized. In accordance with IFRS 3 “Business Combinations”, the restatement of the relevant figures was applied retrospectively to the consolidated Financial Statements for the year ended 31 December 2020. Our opinion is not qualified in respect of this matter. Independence During our audit we remained independent of the Company and the Group in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (the “IESBA Code”) that has been transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of Regulation (EU) No 537/2014, that are relevant to the audit of the separate and consolidated financial statements in Greece. We have fulfilled our other ethical responsibilities in accordance with Law 4449/2017, Regulation (EU) No 537/2014 and the requirements of the IESBA Code. We declare that the non-audit services that we have provided to the Company and its subsidiaries are in accordance with the aforementioned provisions of the applicable law and regulation and that we have not provided non-audit services that are prohibited under Article 5(1) of Regulation (EU) No 537/2014. The non-audit services that we have provided to the Company and its subsidiaries, in the period from 1 January 2021 to 31 December 2021 during the year ended as at 31 December 2021, are disclosed in Note 46 to the separate and consolidated financial statements. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate and consolidated financial statements of the current period. These matters were addressed in the context of our audit of the separate and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Revenue Recognition Based on Complex Information Systems – Gross Gaming Revenue (Note 3.4. Revenue recognition, accounting for Payout to the winners and other Operating Income) (Separate and Consolidated Financial Statements) At 31 December 2021, Gross Gaming Revenue amounted to €1.54 bn for the Group and €0.99 bn for the Compan y . We evaluated the design and tested the operating effectiveness of the Group’s IT controls in relation to the IT systems supporting significant revenue streams. This included IT controls related to user access, program development and change management and IT operations for key layers of underlying infrastructure (i.e. application, operating system, database ) for the IT s y stems in scope of our 94 3 of 11 The Group and the Company operate in a regulated environment and have a variety of gaming revenue streams across its operations. The Group gaming revenue processes are highly dependent on complex and interconnected Information Technology (IT) systems (managed in house and by third party service providers) for calculating, processing and recording of a significant daily volume of gaming revenue related transactions using differing and specialised revenue recognition criteria. In addition, the accuracy and completeness of the revenue amounts recognized are highly reliant on IT controls and the effective operation of automated processes and controls (i.e. calculations, reconciliations) implemented and operated by the Group and its service providers. We focused on this area due to the nature, complexity and the extensive use of the (IT) systems and data relevant to recognition of gaming revenue. Our audit approach also relies on the effectiveness of controls over IT systems, automated processes and s y stem g enerated information, audit. We tested the system generated information (i.e. data and reports), and other relevant IT dependent or automated controls (i.e. interfaces, calculations, reconciliations). We evaluated the design and tested the operating effectiveness of relevant gaming revenue business process controls, and also performed analytical, and other substantive procedures as part of our audit. Where in scope IT systems are managed by external service providers, we obtained and evaluated the respective assurance reports issued by the auditors of the service providers and tested relevant complementary controls, where applicable. Based on the audit procedures we performed, we did not identify any significant exceptions or findings in relation to the recognition of gross gaming revenue during the year. Impairment assessment of Intangible assets and Goodwill (Note 2.2 Important accounting decisions, estimations and assumptions, 3.11 Impairment of non-financial assets, Note 6 Intangible assets and Note 10 Goodwill) (Separate and Consolidated Financial Statements) At 31 December 2021, intangible assets amount to €1.13 bn for the Group and €0.80 bn for the Company and are presented at cost less accumulated depreciation and any impairment. Management tests annually, whether there are impairment indicators in non-financial assets. At 31 December 2021, goodwill amounts to € 324.69 mln and is measured at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. As a result of the deterioration of the macroeconomic environment due to the impact of COVID - 19, the Group proceeded with an We evaluated management’s overall impairment testing process, including the process for identifying indicators for impairment, preparation of impairment testing models as well as their review and approval. The key assumptions assessed per case included the revenue growth rates, margin trends and discount rates. We discussed extensively with management, the suitability of the impairment model and reasonableness of the assumptions and, with the support of our valuation specialists, we performed the following procedures: ● Benchmarking key assump tions in manag ement’s valuation models with ma rket trend s and assumptions made in the prio r yea r. ● Testing the mathematical accura cy of the c ash flow models and a g reein g relevant 95 4 of 11 impairment assessment of the recoverable amount for the cash generating units (“CGUs”) that were significantly affected and reported losses as a result of the impact of COVID – 19. Based on the indicators that the carrying amount exceeds the recoverable amount, an impairment assessment has been performed for the following three cash generating units (“CGUs”), namely: οoperations of instant and passive lotteries, horse races and video lottery terminals (“VLTs”). For goodwill impairment test purposes, an assessment has been performed on the goodwill arising on the following four CGUs: Stoiximan Ltd, Neurosoft SA, OPAP Sports Ltd and Tora Direct Single Member S.A. Management determines the recoverable amount of each cash-generating unit as the greater of its value in use and its fair value less costs to sell. The calculations for the impairment tests on intangible assets use cash flow projections based on financial budgets approved by management covering a one- year period and cash projections for the remaining period of the respective concession right. The calculations for the impairment tests on goodwill use cash flow projections based on financial budgets approved by management covering a one-year period and cash projections for four additional years. This is a key audit matter for our audit given that management, in determining the recoverable amount exercised judgement in calculating the future cash flows, (e.g. expectations on market development, and discount rates applied to future cash flow forecast). Details on the assumptions used are included in Note 6 “Intangible assets” and in Note 10 “Goodwill”. In the year ended 31 December 2021, an impairment charge was recognized with respect to the intangible assets relating to the operations of instant and passive lotteries of €4.3 mln. data to approved business plans. ● Assessing the reliability of managemen t’s forecas t through a review of ac tual perfo rmance against previous forecast s. ● Assessing the sensitivity of impairment test s to c hanges in significant assu mptions We validate d the appropriateness of the related disclosures included in the Notes to the financial statements. Based on our procedures, we consider management’s key assumptions to be within a reasonable range. 96 5 of 11 Impairment assessment of investments in subsidiaries (Note 2.2 Important accounting decisions estimations and assumptions and Note 11 Investment in subsidiaries) (Separate Financial Statements) At 31 December 2021 the Company had investments in subsidiaries of € 425.4mln. These investments are accounted for at cost adjusted for any impairment. They are tested for impairment when indications exist that their carrying value may not be recoverable. As a result of the deterioration of the macroeconomic environment due to the impact of COVID - 19, the Parent Company proceeded with an impairment assessment of the recoverable amount for the cash generating units (“CGUs”) that were significantly affected and reported losses as a result of the impact of COVID – 19 The recoverable amount of the investments in subsidiaries is determined on value in use calculations, which requires the use of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a one-year period and cash projections for four additional years. This is a key audit matter for our audit given that management, in determining the recoverable amount exercised judgement in calculating the future cash flows, (e.g. expectations on market development, and discount rates applied to future cash flow forecast.) We evaluated management’s overall impairment testing process, including the process for identifying indicators for impairment, preparation of impairment testing models as well as their review and approval. The key assumptions assessed per case included the revenue growth rates, margin trends and discount rates. We discussed extensively with management the suitability of the impairment model and reasonableness of the assumptions and, with the support of our valuation specialists, we performed the following procedures: ● Benchmarking key assumpti ons in manag ement’s valuation model with ma rket trend s and assumptions made in the prio r yea r. ● Testing the mathematical accura cy of the ca sh flow models and agreeing rele vant data to appro ved business plan s. ● Assessing the reliability of managemen t’s forecast through a review of actual perfo rmance against previous forecasts. ● Assessing the sensitivity of impairment test s t o changes in significant assumptions. We validated the appropriateness of the related disclosures included in the Notes to the financial statements. Based on our procedures, we consider management’s key assumptions to be within a reasonable ran g e. Impact of COVID-19 (Note 2.1 Basis of Preparation, Note 45. Financial instruments and financial risk factors) (Separate and Consolidated Financial Statements) The Company and the Group prepare its financial statements using the going concern basis of accounting. We focused on the appropriateness of the going concern basis of accounting given the impact that the In assessing the appropriateness of the going concern basis of accounting used in preparing the financial statements, we: ● Obtained Management’s assessme nt of the impac t of COVID-19 on its future cashflows, including their analysis of future liqui dity requi rements. We discusse d with Manag ement the key assumptions made and asse ssed their plans to mitigate potential liquidit y shortfalls. 97 6 of 11 outbreak of COVID-19 has on the Company’s and Group’s operations and financial position. As explained in the Board of Directors Report, the COVID-19 pandemic and the measures taken to reduce the spread of the virus have created significant uncertainty in the markets in which the Group operates, which in turn had an impact on the sales and profitability of the Group. The ability of the Group to continue operating as a going concern is dependent on Management’s ability to maintain liquidity in order to meet its current financing and operating obligations. Management has also considered the impact of COVID-19 on the Company’s and Group’s future operating results and specifically the cashflows. The outbreak of COVID-19 and the related restrictions that were adopted by the Government has resulted in the suspension of the Company’s and Group’s gaming store operations for part of the year 2021. A continuation of the Covid-19 pandemic, may further negatively impact future cash inflows. Management performed sensitivity analysis over their cash flow forecasts to factor in the impact of extended restrictions of gaming operations stemming from COVID-19 and also considered the impact on the local and global economy. Management’s assessment of the going concern basis of accounting is based on cash flow projections which are dependent on significant management judgement and can be influenced by management bias. ● Obtained evidence over Management’ s unde rlying cash flow projections by evaluating these against relevant exte rnal and internal source s as deemed nece ssary. We compa red revenues and co st assumptio ns against historical informati on inclu ding assessing the probabilit y of achi eving assumed cost reductio ns. ● Checked the mathematical accura cy of Manag ement’s cash flow forecasts. ● Performed independent sensitivity analy sis to asse ss the impact of chang es in the key assumptio ns underlying the ca sh flow f orecast such as a further suspension of operations beyond Manage ment’s as sessment. ● We evaluated Management’s conclusion that there a re no material uncertainties with respe ct to going co ncern. ● We evaluated the existing available liqui dity and a ccess to additional fundin g from approved credit lines. ● Reviewed the adequacy and appropriaten ess of Manage ment’s going concern and othe r rele vant disclosures in the financia l statement s . Followi ng the performance of the above pro cedures, we consider that Manageme nt’s use of the goi ng concern basis of accoun ting is appropriate. Other Inform ation The members of the Board of Directors are responsible for the Other Information. The Other Information, which is included in the Annual Report in accordance with Law 3556/2007, is the Statements of the Members of the Board of Directors and the Board of Directors’ Report (but does not include the financial statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report. 98 7 of 11 Our opinion on the separate and consolidated financial statements does not cover the Other Information and except to the extent otherwise explicitly stated in this section of our Report, we do not express an audit opinion or other form of assurance thereon. In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the Other Information identified above and, in doing so, consider whether the Other Information is materially inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We considered whether the Board of Directors Report includes the disclosures required by Law 4548/2018 and the Corporate Governance Statement required by article 152 of Law 4548/2018 has been prepared. Based on the work undertaken in the course of our audit, in our opinion: ● The information given in the Board of Directors’ Report for the year ended at 31 December 20 21 is con sistent with the separate and consolidated financial statement s, ● The Board of Directors’ Report has been prepared in accordance with the legal requirements of article s 150,151,153 and 154 of Law 4548/201 8, ● The Corporate Governance Statement provides the information referred to items c an d d of para graph 1 of article 152 of Law 4548/2018. In addition, in light of the knowledge and understanding of the Company and Group and their environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the Board of Directors’ Report and Other Information that we obtained prior to the date of this auditor’s report. We have nothing to report in this respect. Responsibilities of Board of Directors and those charged with governance for the separate and consolidated financial statements The Board of Directors is responsible for the preparation and fair presentation of the separate and consolidated financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union and comply with the requirements of Law 4548/2018, and for such internal control as the Board of Directors determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the separate and consolidated financial statements, the Board of Directors is responsible for assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company and Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s and Group’s financial reporting process. 99 8 of 11 Auditor’s responsibilities for the audit of the separate and consolidated financial statements Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ● Identify and assess the risks of material misstatement of the separate and consolidated financi al statement s, whether due to fraud or error, design and perform audit procedures responsive to those ri sks, and obtain audit evidence that is sufficient and appropriate to provide a basis for ou r opinio n. The risk of not detecting a material misstatement resulting from fraud is higher than for one re sulting from error, as fraud may involve collusion, forgery, intentional omission s, misrepresent ations, or the override of internal cont rol. ● Obtain an understanding of internal control relevant to the audit in order to design audit pro cedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and Group’s internal co ntrol. ● Evaluate the appropriateness of accounting policies used and the reasonableness of accounti ng estimate s and related disclosures made by the Board of Dire ctors. ● Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accou nting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and Group’ s ability to co ntinue as a going concern. If we conclude that a material uncertainty exists, we ar e requi red to draw attention in our auditor’s report to the related disclosures in the separate and consolidated financial statements or, if such disclosures are inadequate, to modify our opinio n. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report . Ho wever, future events or conditions may cause the Company and Group to cease to contin ue as a goi ng concer n. ● Evaluate the overall presentation, structure and content of the separate and cons olidated financi al statements, including the disclosures, and whether the separate and consolid ated financi al statements represent the underlying transactions and events in a manner that achieves fair pres entation. ● Obtain sufficient appropriate audit evidence regarding the financial informatio n of the entities or busi ness activities within the Group to express an opinion on the consolidated finan cial statement s. We are responsible for the direction, supervision and performance of the Compan y and Group a udit. We remain solely responsible for our audit opinion . 100 9 of 11 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the separate and consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report. Report on other legal and regulatory requirements 1. Addition al Report to the Audit Committee Our opinion on the accompanying separate and consolidated financial statements is consistent with our Additional Report to the Audit Committee of the Company. 2. Appoin tment We were first appointed as auditors of the Company by the decision of the annual general meeting of shareholders on 22 May 2019. Our appointment has been renewed annually by the decision of the annual general meeting of shareholders for a total uninterrupted period of appointment of 3 years. 3. Opera ting Regulation "The Company has an Operating Regulation in accordance with the content provided by the provisions of article 14 of Law 4706/2020". 4. Assurance Report on the European Single Electro nic Format We ha ve examined the digital files of ORGANIZATION OF FOOTBALL PROGNOSTICS S.A. (hereinafter referred to as the “Company and Group”), which were compiled in accordance with the European Single Electronic Format (ESEF) defined by the Commission Delegated Regulation (EU) 2019/815, as amended by Regulation (EU) 2020/1989 (hereinafter “ESEF Regulation”), and which include the separate and consolidated financial statements of the Company and the Group for the year ended December 31, 2021, in XHTML format “213800M4NRGFJCI34834-2021-12-31-en.zip”, as well as the provided XBRL file “213800M4NRGFJCI34834-2021-12-31-en.zip” with the appropriate marking up, on the aforementioned consolidated financial statements. 101 10 of 11 Regulatory framework The digital files of the European Single Electronic Format are compiled in accordance with ESEF Regulation and 2020 / C 379/01 Interpretative Communication of the European Commission of 10 November 2020, as provided by Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and the Athens Stock Exchange (hereinafter “ESEF Regulatory Framework”). In summary, this Framework includes the following requirements: • All annual fi nancial reports should be prepared in XHTML fo rmat. • For consolidated financial statements in accordance with International Financial Repo rting Standards, th e financial information stated in the Income Statement, Statement of Comprehensi ve Income, the Statement of Financial Position, the Statement of Changes in Equity and the Stat ement of Cash Flows should be marked-up with XBRL 'tags', according to the ESEF Taxonomy, as in force. Th e technical specifications for ESEF, including the relevant classification, are se t out in the ESEF Regulatory Technical Standards. The requirem ents set out in the current ESEF Regulatory Framework are suitable criteria for formulating a reasonable assurance conclusion. Responsibilities of the management and those charged with governance The management is responsible for the preparation and submission of the separate and consolidated financial statements of the Company and the Group, for the year ended December 31, 2021, in accordance with the requirements set by the ESEF Regulatory Framework, as well as for those internal controls that management determines as necessary, to enable the compilation of digital files free of material error due to either fraud or error. Auditor’s responsibilities Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 / 11.02.2022 Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and the "Guidelines in relation to the work and the assurance report of the Certified Public Accountants on the European Single Electronic Format (ESEF) of issuers with securities listed on a regulated market in Greece" as issued by the Board of Certified Auditors on 14/02/2022 (hereinafter "ESEF Guidelines"), providing reasonable assurance that the separate and consolidated financial statements of the Company and the Group prepared by the management in accordance with ESEF comply in all material respects with the current ESEF Regulatory Framework. Our work was carried out in accordance with the Code of Ethics for Professional Accountants of the International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into Greek Law and in addition we have fulfilled the ethical responsibilities of independence, according to Law 4449/2017 and the Regulation (EU) 537/2014. 102 11 of 11 The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and was carried out in accordance with International Standard on Assurance Engagements 3000, “Assurance Engagements other than Audits or Reviews of Historical Financial Information''. Reasonable assurance is a high level of assurance, but it is not a guarantee that this work will always detect a material misstatement regarding non-compliance with the requirements of the ESEF Regulation. Conclusion Based on the procedures performed and the evidence obtained, we conclude that the separate and consolidated financial statements of the Company and the Group for the year ended December 31, 2021, in XHTML file format “213800M4NRGFJCI34834-2021-12-31-en.zip”, as well as the provided XBRL file “213800M4NRGFJCI34834-2021-12-31-en.zip” with the appropriate marking up, on the aforementioned consolidated financial statements have been prepared, in all material respects, in accordance with the requirements of the ESEF Regulatory Framework. Athens, 22 March 2022 The Certified Auditor Accountant PricewaterhouseCoopers S.A. Certified Auditors – Accountants 268, Kifissias Avenue 152 32 Halandri SOEL Reg. 113 Konstantin os Michalatos SOEL Reg. No 17701 103 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 104 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 105 1.StatementofFinancialPosition Amountsinthousandsofeuro GROUP COMPANY Notes 31.12.2021 31.12.2020 Restated() 31.12.2021 31.12.2020 Restated() ASSETS Non‐currentassets Intangibleassets 6 1,133,295 1,236,054 801,942 874,308 Property,plantandequipment 7 70,383 85,623 68,101 82,813 Right‐of‐useassets 8 35,222 41,864 21,002 26,155 Investmentproperties 9 1,521 1,606 1,521 1,606 Goodwill 10 342,688 342,811 ‐ ‐ Investmentsinsubsidiaries 11 ‐ ‐ 425,412 425,412 Investmentsinassociates 12 8,156 8,599 ‐ ‐ Tradereceivables 16 2,078 7,249 2,078 7,249 Othernon‐currentassets 13 71,093 47,117 72,822 55,334 Deferredtaxassets 14 30,544 35,436 ‐ ‐ Totalnon‐currentassets 1,694,980 1,806,360 1,392,877 1,472,878 Currentassets Inventories 15 4,682 6,169 2,689 4,011 Tradereceivables 16 90,881 68,480 49,216 26,846 Currentincometaxassets 14 5 2,359 ‐ ‐ Othercurrentassets 17 47,955 40,618 31,049 38,370 Cashandcashequivalents 18 860,361 506,873 609,088 279,491 Short–terminvestments 18 3,633 4,629 ‐ ‐ Totalcurrentassets 1,007,517 629,128 692,042 348,718 TotalAssets 2,702,497 2,435,488 2,084,919 1,821,596 EQUITY&LIABILITIES Equity Sharecapital 19 105,857 102,428 105,857 102,428 Sharepremium 19 346,228 218,826 346,228 218,826 Reserves 20 35,450 33,329 34,174 32,075 Treasuryshares 21 (14,497) (14,497) (14,497) (14,497) Retainedearnings 437,822 401,498 343,260 301,214 EquityattributabletoownersoftheCompany 910,860 741,584 815,022 640,045 Non‐controllinginterests 22 38,513 41,126 ‐ ‐ Totalequity 949,372 782,710 815,022 640,045 Non‐currentliabilities Borrowings 23 991,673 1,007,830 941,517 957,440 Leaseliabilities 8 43,507 50,112 16,989 22,011 Deferredtaxliability 14 127,176 116,799 40,317 25,394 Employeebenefitplans 24 4,058 1,986 3,955 1,855 Provisions 25 9,520 10,214 9,517 10,212 Othernon‐currentliabilities 26 5,724 99,776 1,453 2,748 Totalnon‐currentliabilities 1,181,656 1,286,717 1,013,747 1,019,660 Currentliabilities Borrowings 23 54,965 33,036 82,677 52,692 Leaseliabilities 8 7,500 7,631 5,365 5,068 Tradepayables 27 168,186 149,444 62,560 52,400 Currentincometaxliabilities 14 60,658 27,755 49,079 13,119 Othercurrentliabilities 28 280,160 148,194 56,470 38,611 Totalcurrentliabilities 571,469 366,061 256,151 161,890 Totalliabilities 1,753,125 1,652,778 1,269,897 1,181,550 TotalEquity&Liabilities 2,702,497 2,435,488 2,084,919 1,821,596 ()ThecomparativeamountsoftheStatementofFinancialPositionhavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefit obligationsunderIAS19andfinalizationofthepurchasepriceallocationontheacquisitionofSTOIXIMANLTD(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 106 2.IncomeStatement Amountsinthousandsofeuro GROUP COMPANY Notes 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() Revenue(GGR) 1,538,843 1,129,783 985,327 930,219 GGRcontributionandotherleviesand duties 30 (494,986) (392,518) (298,148) (311,640) Netgamingrevenue(NGR) 1,043,857 737,265 687,179 618,579 Agents'commissions 31 (277,862) (255,869) (228,891) (212,529) Otherdirectcosts 32 (160,157) (70,542) (69,137) (57,232) Otheroperatingincome 33 123,735 123,811 50,610 58,545 Otheroperatingincomerelatedtothe extensionoftheconcessionofthe exclusiveright2020‐2030 34 217,373 42,465 217,373 42,465 Otheroperatingcost 35 (74,415) (77,610) (1,016) (1,559) Shareofprofit/(loss)ofassociates 12 (443) 18,296 ‐ ‐ 872,087 517,816 656,118 448,270 Operatingexpenses (321,791) (257,101) (176,159) (201,329) Payrollexpenses 36 (76,263) (78,381) (62,263) (64,431) Marketingexpenses 37 (90,636) (54,853) (46,691) (39,677) Otheroperatingexpenses 38 (154,392) (102,413) (76,347) (82,692) Netimpairmentlossesonfinancial assets 45 (501) (21,455) 9,143 (14,529) Profitbeforeinterest,tax, depreciationandamortization (EBITDA) 550,296 260,715 479,959 246,941 Gainfromremeasurementof previouslyheldequityinterest 10 ‐ 142,666 ‐ ‐ Depreciation,amortizationand impairment 6,7,8,9,10 (149,467) (153,520) (110,961) (92,356) Resultsfromoperatingactivities 400,829 249,861 368,998 154,585 Financeincome 39 2,288 10,286 1,629 9,527 Financecosts 39 (45,852) (43,740) (39,339) (39,959) Dividendincome 40 ‐ ‐ 4,000 5,500 Profitbeforeincometax 357,265 216,407 335,288 129,652 Incometaxexpense 41 (96,393) (17,300) (70,327) (28,282) Profitfortheperiod 260,872 199,107 264,961 101,370 Profitisattributableto: OwnersoftheCompany 259,427 205,167 264,961 101,370 Non‐controllinginterests 22 1,445 (6,059) ‐ ‐ Profitaftertax 260,872 199,107 264,961 101,370 Basicanddilutedearningspersharein € 42 0.7544 0.6137 0.7705 0.3032 ()ThecomparativeamountsoftheIncomeStatementhavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefitobligationsunderIAS 19andfinalizationofthepurchasepriceallocationontheacquisitionofSTOIXIMANLTD(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements . OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 107 3.StatementofComprehensiveIncome Amountsinthousandsofeuro GROUP COMPANY Notes 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() Profitfortheyear 260,872 199,107 264,961 101,370 Othercomprehensiveincome‐itemsthatwillnotbereclassifiedtoprofitorloss Actuarialgains/(losses) 24 24 (14) (29) (11) Relatedtax 14,41 (5) 3 6 3 Totalitemsthatwillnotbe reclassifiedtoprofitorloss 18 (11) (22) (8) Othercomprehensiveincome‐itemsthatareormaybereclassifiedsubsequentlytoprofitorloss Lossfromvaluationofhedging derivatives 1,296 (224) 1,296 (224) Relatedtax 14,41 (340) 54 (340) 54 Exchangedifferenceson translationofforeignoperations 1 (4) ‐ ‐ Totalitemsthatmaybe reclassifiedtoprofitorloss 956 (175) 956 (171) Othercomprehensivelossfor theperiod,netoftax 975 (186) 933 (179) Totalcomprehensiveincomefor theperiod 261,846 198,921 265,894 101,192 Totalcomprehensiveincomeis attributableto: OwnersoftheCompany 260,393 204,982 265,894 101,192 Non‐controllinginterests 22 1,453 (6,061) ‐ ‐ Totalcomprehensiveincome, netoftax 261,846 198,921 265,894 101,192 ()ThecomparativeamountsoftheStatementofComprehensiveIncomehavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefit obligationsunderIAS19andfinalizationofthepurchasepriceallocationontheacquisitionofSTOIXIMANLTD(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 108 4.StatementofChangesinEquity 4.1.ConsolidatedStatementofChangesinEquity Amountsinthousandsofeuro AttributabletoownersoftheCompany Sharecapital Share premium Reserves Treasury shares Retained earnings Restated() Total Non‐controlling interests Restated() Totalequity Balanceat1January2020 96,487 24,294 31,522 (14,497) 615,982 753,787 18,104 771,892 ChangeinaccountingpolicyofIAS19 ‐ ‐ ‐ ‐ 2,091 2,091 47 2,138 Balanceat1January2020(Restated()) 96,487 24,294 31,522 (14,497) 618,074 755,879 18,151 774,030 Profit/(Loss)fortheperiod ‐ ‐ ‐ ‐ 205,167 205,167 (6,059) 199,107 Othercomprehensiveloss ‐ ‐ (174) ‐ (11) (185) (1) (186) Totalcomprehensiveincome/(loss)fortheperiod ‐ ‐ (174) ‐ 205,155 204,982 (6,061) 198,921 TransactionswithownersoftheCompany Sharecapitalincrease 5,941 194,532 ‐ ‐ ‐ 200,473 ‐ 200,473 Sharecapitalincreaseexpenses ‐ ‐ ‐ ‐ (93) (93) ‐ (93) Statutoryreserve(Note20) ‐ ‐ 1,980 ‐ (1,980) ‐ ‐ ‐ Dividendsprovidedfororpaid ‐ ‐ ‐ ‐ (419,657) (419,657) ‐ (419,657) Non‐controllinginterestsonacquisitionofsubsidiary ‐ ‐ ‐ ‐ ‐ ‐ 29,036 29,036 TotaltransactionswithownersoftheCompany 5,941 194,532 1,980 ‐ (421,730) (219,277) 29,036 (190,241) Balanceat31December2020(Restated()) 102,428 218,826 33,329 (14,497) 401,498 741,584 41,126 782,710 Balanceat1January2021 102,428 218,826 33,329 (14,497) 401,498 741,584 41,126 782,710 Profit/(Loss)fortheperiod ‐ ‐ ‐ ‐ 259,427 259,427 1,445 260,872 Othercomprehensiveincome ‐ ‐ 956 ‐ 10 966 8 975 Totalcomprehensiveincome/(loss)fortheperiod ‐ ‐ 956 ‐ 259,437 260,393 1,453 261,846 TransactionswithownersoftheCompany Sharecapitalincrease(Note19) 3,429 127,402 ‐ ‐ ‐ 130,831 ‐ 130,831 Sharecapitalincreaseexpenses ‐ ‐ ‐ ‐ (238) (238) ‐ (238) Statutoryreserve(Note20) ‐ ‐ 1,165 ‐ (1,165) ‐ ‐ ‐ Dividendsprovidedfororpaid(Notes22&29) ‐ ‐ ‐ ‐ (221,711) (221,711) (4,067) (225,778) TotaltransactionswithownersoftheCompany 3,429 127,402 1,165 ‐ (223,114) (91,117) (4,067) (95,184) Balanceat31December2021 105,857 346,228 35,450 (14,497) 437,822 910,860 38,513 949,372 ()ThecomparativeamountsoftheConsolidatedStatementofChangesinEquityhavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefitobligationsunderIAS19andfinalizationofthepurchasepriceallocationonthe acquisitionofSTOIXIMANLTD(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements . OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 109 4.2.SeparateStatementofChangesinEquity Amountsinthousandsofeuro Sharecapital Share premium Reserves Treasury shares Retained earnings Totalequity Balanceat1January2020 96,487 24,294 30,266 (14,497) 620,030 756,579 ChangeinaccountingpolicyofIAS19 ‐ ‐ ‐ ‐ 1,524 1,524 Balanceat1January2020(Restated()) 96,487 24,294 30,266 (14,497) 621,554 758,103 Profitfortheperiod ‐ ‐ ‐ ‐ 101,370 101,370 Othercomprehensiveloss ‐ ‐ (171) ‐ (8) (179) Totalcomprehensiveincome/(loss)fortheperiod ‐ ‐ (171) ‐ 101,362 101,192 Sharecapitalincrease 5,941 194,532 ‐ ‐ ‐ 200,473 Sharecapitalincreaseexpenses ‐ ‐ ‐ ‐ (65) (65) Statutoryreserve(Note20) ‐ ‐ 1,980 ‐ (1,980) ‐ Dividendsprovidedfororpaid ‐ ‐ ‐ ‐ (419,657) (419,657) Balanceat31December2020(Restated()) 102,428 218,826 32,075 (14,497) 301,214 640,045 Balanceat1January2021 102,428 218,826 32,075 (14,497) 301,214 640,045 Profitfortheperiod ‐ ‐ ‐ ‐ 264,961 264,961 Othercomprehensiveincome/(loss) ‐ ‐ 956 ‐ (22) 933 Totalcomprehensiveincome/(loss)fortheperiod ‐ ‐ 956 ‐ 264,938 265,894 Sharecapitalincrease(Note19) 3,429 127,402 ‐ ‐ ‐ 130,831 Sharecapitalincreaseexpenses ‐ ‐ ‐ ‐ (38) (38) Statutoryreserve(Note20) ‐ ‐ 1,143 ‐ (1,143) ‐ Dividendsprovidedfororpaid(Note29) ‐ ‐ ‐ ‐ (221,711) (221,711) Balanceat31December2021 105,857 346,228 34,174 (14,497) 343,260 815,022 ()ThecomparativeamountsoftheSeparateStatementofChangesinEquityhavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefitobligationsunderIAS19(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 110 5.CashFlowStatement GROUP COMPANY Amountsinthousandsofeuro Notes 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated() OPERATINGACTIVITIES Profitbeforeincometax 357,265 216,407 335,288 129,652 Adjustmentsfor: Depreciation&amortization 6,7,8,9 144,804 116,687 110,961 91,896 Netfinancecosts 39 43,564 33,454 37,711 30,432 Employeebenefitplans 2,173 532 2,130 494 Lossallowancefortradereceivables 16 (1,262) 5,383 (906) 2,044 Write‐offoftradereceivables 45 1,764 691 1,764 628 Otherprovisions 28 (616) 5,359 (616) 5,359 Provisionforobsoleteinventories 195 552 195 ‐ ImpairmentlossesonPPE,intangibleassets,Right‐of‐useassets& goodwill 6,7,8, 10 4,663 36,833 ‐ 460 Dividendincome 40 ‐ ‐ (4,000) (5,500) Impairmentofinvestmentinsubsidiaries ‐ ‐ ‐ 5,500 Gainfromdisposalofsubsidiary (395) ‐ ‐ (8,336) Lossallowance/(Reversaloflossallowance)ofothercurrent&non‐ currentassets ‐ 15,399 (10,000) 11,857 Gainfromremeasurementofpreviouslyheldequityinterest ‐ (142,666) ‐ ‐ Shareof(profit)/lossofassociates 12 443 (18,296) ‐ ‐ ProfitfromthesaleofPPEandintangibleassets (16) 29 (18) (4) Rentconcessions 8 (3,690) (1,988) (2,761) (995) Total 548,891 268,376 469,746 263,489 ChangesinWorkingcapital (Increase)/decreaseininventories 1,292 241 1,128 (1,266) (Increase)/decreaseinreceivables (53,132) 37,938 (35,211) 1,367 Increase/(decrease)inpayables(exceptbanks) 72,955 (72,971) 27,942 (76,960) Total 570,006 233,584 463,605 186,630 Interestpaid (30,542) (35,051) (28,441) (32,500) Incometaxespaid (46,084) (12,146) (19,785) (6,720) Netcashinflowfromoperatingactivities 493,381 186,388 415,379 147,410 INVESTINGACTIVITIES Proceedsfromsaleoftangible&intangibleassets 18 7 18 7 Paymentforacquisitionofsubsidiary (19,007) (154,735) ‐ ‐ Repaymentofloansbythirdparties 3,426 18,185 2,436 1,135 Repaymentofloansbysubsidiaries ‐ ‐ 31,250 9,500 Proceedsfromsaleofsubsidiary 802 ‐ ‐ ‐ Sharecapitalincreaseofsubsidiaries ‐ ‐ ‐ (70,000) Loansgrantedtothirdparties (1,553) (2,317) (1,553) (2,317) LoansgrantedtoGroupcompanies ‐ ‐ (16,000) (24,500) IncreaseofcashduetoacquisitionofSTOIXIMANLTD ‐ 64,562 ‐ ‐ Purchaseofintangibleassets 6 (20,377) (10,011) (14,720) (6,782) Purchaseofproperty,plantandequipment 7 (3,839) (8,868) (3,368) (8,221) Dividendsreceived ‐ 6,799 1,000 7,500 Interestreceived 439 2,586 784 1,225 Netchangeinshort‐term&long‐terminvestments 997 5,285 ‐ ‐ Netcashoutflowfrominvestingactivities (39,096) (78,507) (153) (92,453) FINANCINGACTIVITIES Proceedsfromborrowings 23 452,101 501,500 410,000 500,000 Repaymentofborrowings 23 (450,273) (508,094) (400,002) (500,002) Transactioncostsrelatedtoborrowings (1,350) (5,485) (1,200) (5,485) Sharecapitalincreaseexpenses (238) (93) (38) (65) Paymentofleaseliabilities 8 (5,935) (8,068) (3,354) (5,476) DividendspaidtoCompany'sshareholders (91,035) (214,735) (91,035) (214,735) Dividendspaidtonon‐controllinginterests 22 (4,067) ‐ ‐ ‐ Receiptofrepayablestatecashadvance ‐ 151 ‐ ‐ Netcashoutflowfromfinancingactivities (100,797) (234,823) (85,629) (225,763) Netincrease/(decrease)incashandcashequivalents 353,488 (126,943) 329,597 (170,806) Cashandcashequivalentsatthebeginningoftheperiod 506,873 633,815 279,491 450,297 Cashandcashequivalentsattheendoftheperiod 860,361 506,873 609,088 279,491 ()ThecomparativeamountsoftheCashFlowStatementhavebeenadjustedduetothechangeinaccountingpolicyforretirementbenefitobligationsunder IAS19andfinalizationofthepurchasepriceallocationontheacquisitionofSTOIXIMANLTD(seeNote3.23). Theattachednotesonpages111to212formanintegralpartofFinancialStatements. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 111 Notes on the Financial Statements 1. Information about the Company and the Group 1.1. General information OPAP S.A. (the ‘Company’ or ‘OPAP’) was established as a private legal entity in 1958. It was reorganized as a société anonyme in 1999 domiciled in Greece and its accounting as such began in 2000. OPAP’s registered office and principal place of business is 112 Athinon Avenue, 104 42 Athens, Greece. OPAP’s shares are listed in the Athens Stock Exchange. The ultimate beneficiary of OPAP S.A. is the VALEA FOUNDATION, while since October 2016 the OPAP Group is fully consolidated by Sazka Group which, as at 31.12.2021 holds 47.20% interest in OPAP. The Group, beyond the parent Company, includes the companies which OPAP S.A. controls directly or indirectly (refer to Note 4). The Financial Statements for the year that ended on 31.12.2021 (including the comparatives for the year that ended on 31.12.2020) were approved by the Board of Directors on 22.03.2022 and are subject to approval by the Shareholders’ General Assembly Meeting. 1.2. Nature of operations On 13.10.2000, the Company acquired from the Hellenic Republic the 20‐year exclusive right to conduct, manage, organise and operate by any appropriate means or measures provided by modern technology certain numerical lottery and sports betting games (and any variations of these games) and for which the Company paid € 322,817 th.. The Company also acquired the exclusive right to operate and manage any new sports betting games in Greece as well as a right of first refusal to operate any new games permitted by Law. The number of games was progressively increased over time and includes at present 13 games. The Company's exclusive right was subsequently extended by a period of 10 years, i.e., until 12.10.2030. Therefore, the Company currently holds the exclusive right to conduct, manage, organise and operate by any appropriate means seven numerical lottery games (JOKER, LOTTO, PROTO, EXTRA 5, SUPER 3, KINO & POWERSPIN), three sports and other betting games (PROPO, PROPOGOAL and STΟIΧIMA [which includes MONITOR GAMES and GO LUCKY]), two new lottery games (BINGO and SUPER 4) and “Prognostika Agonon Basket”, “Prognostika Agonon Omadikon Athlimaton” (these last four games have not been launched yet). The above numerical lotteries and sports betting games are also operated in Cyprus through the Company’s subsidiaries, OPAP CYPRUS LTD and OPAP SPORTS LTD, respectively. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 112 OPAP CYPRUS LTD OPAP CYPRUS LTD is governed by Law 34 (III)/2003 that ratifies the agreement between the Greek Republic and the Government of the Republic of Cyprus, for the terms of organization, operation, conduct and management of games conducted by OPAP S.A. as well as the "Taxation of profits from games of OPAP S.A. and by the State Lottery Act of 2012". OPAP SPORTS LTD OPAP SPORTS LTD is a holder of a Class “A” and Class “B” licenses from the National Betting Authority of Cyprus and its principal activity is to operate in the field of fixed odds betting through its authorised representatives of Class A recipients and through electronic (online) activities. VLTs License In November 2011, according to the Ar. 39 of Law 4002/2011, OPAP S.A was granted permission to install and operate 35,000 Video Lottery Terminals (‘VLT machines’) within the Greek territory. The duration of the license was set at 10 years and the total price paid by OPAP S.A. amounted to € 560,000 th.. In November 2017, according to an amendment of the above law published in Government Gazette issue number 176, the number of VLT machines was limited to 25,000 while the duration of the license was extended from 10 to 18 years starting from the commencement of the commercial operation of the first VLT machine. Under the terms of the applicable law, OPAP S.A. was obliged to put all VLT machines into commercial operation until 31 December 2019. HELLENIC LOTTERIES S.A. HELLENIC LOTTERIES S.A., in July 2013, acquired the 12‐year exclusive right to produce, operate, circulate and manage the state lotteries games (National, Popular, New Year’s Eve, European) and the Instant lottery game (Scratch) in Greece for a consideration of € 190,000 th.. According to the Concession Agreement HELLENIC LOTTERIES S.A. should pay to the State a contribution of 30% on the Gross Gaming Revenue (GGR) on an annual basis generated from the Greek State Lotteries (with the exception of the New Year’s Lottery); however such amount is not to be less than € 30,000 th. in the first year of operation and € 50,000 th. on per year for each of the following 11 years (for a total of € 580,000 th. for the duration of the Lottery Concession). HORSE RACES SINGLE MEMBER S.A. HORSE RACES SINGLE MEMBER S.A was established on 22.12.2014. Its purpose of business is the exercise of the 20‐year exclusive right to organize and conduct terrestrial and online mutual horseracing betting in Greece, according to the terms and conditions of the 24.04.2015 Concession Agreement with the Hellenic Republic Asset Development Fund (‘HRDF’), the general legislative and regulatory framework, as well as the OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 11 2 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 113 general regulatory framework. The total cost of the aforementioned exclusive right amounted to € 40,501 th.. Online betting and Online Casino Games & Poker Following the publication of Law 4635/2019 regarding the licensing and operating of certain online games of chance in Greece namely Online Betting (including virtual games) and Other Online Games (online casino‐ type games and Poker conducted live or with the use of a random number generator), on 26.02.2020, Hellenic Gaming Commission (the “HGC”) invited all th e transitional licensed gaming operators (including OPAP S.A. and STOIXIMAN LTD) to submit their applications for the granting of a Type 1 License (Online Betting) and/or a Type 2 License (Other Online Games) until 31.03.2020. The License Fee for the Type 1 License was set at € 3.0 00 th. and for the Type 2 License was set at € 2.000 th.. The duration of each license is for seven (7) years and can be renewed. Before the lapse of the above‐mentioned deadline, OPAP S.A. and STOIXMAN LTD submitted two separate applications to HGC for the awarding of both licenses. Subsequently, on 05.0 8.2020 the new Online Regulation was published (Ministerial Decision no. 79835 EX 2020/24.07.2020), which contains an extensive set of regulatory, supervisory and control provisions aimed at ensuring the highest possible level of compliance with the requirements of the Law and the rules of responsible gaming for all licensed online games of chance providers in Greece. A Type 1 License and a Type 2 License was granted to OPAP S.A . on 25.05.2021 and the same licenses were also granted to STOIXIMAN LTD on 28.05.2021. The Go‐Live took place on 10.08.2021 and 05.08.2021, respectively. Additionally, STOIXIMAN LTD on 31.01. 2021 was granted a Class “B” license from the National Betting Authority of Cyprus to provide electronic (online) betting services. Until that date, online betting services were provided by STOIXIMAN business (Greek and Cypriot operations). Other Group Operations TORA DIRECT SINGLE MEMBER S.A. On 19.11.2014, OPAP INVESTMENT LTD, a wholly owned subsidiary of OPAP S.A., acquired 90% of the share capital of TORA DIRECT SINGLE MEMBER S.A (ex PAYZONE HELLAS S.A.) and on 24.08.2015 proceeded to the acquisition of the remaining non‐controlling 10% for a total consideration of € 9,135 th.. TORA DIRECT SIN GLE MEMBER S.A. provides transaction services via electronic means, intangible talk time selling services as well as bill payments services. TORA WALLET SINGLE MEMBER S.A. TORA WALLET SINGLE MEMBER S.A. was established on 01.09.2016 by a wholly owned subsidiary of OPAP S.A. and its principal activity is the provision of electronic money services and payment services. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 114 The licencing procedure got completed on 12.02.2018 and this development marks the official commencement of its activities. NEUROSOFT S.A. NEUROSOFT S.A. is a software company specializing in the design, production, adaptation and maintenance of integrated information systems and is listed on the over‐the‐counter (‘OTC’) market o the Milan Stock Exchange. On 02.08.2017 the acquisition of an additional shareholding equal to 28.19% of the share capital in NEUROSOFT S.A. by OPAP INVESTMENT LTD (a wholly owned subsidiary of OPAP S.A.) was completed, raising the total participation of OPAP Group to NEUROSOFT S.A. to 67.72% of its share capital. Distribution Network OPAP Group activities are offered through a wide online and land‐based sales’ network. Within Greece, there are 16,064 points of sales, out of which 373 relate to PLAY Gaming Halls, for the distribution of OPAP S.A., HELLENIC LOTTERIES S.A. and HORSE RACES SINGLE MEMBER S.A. products. Scratch tickets and passive lotteries (products of HELLENIC LOTTERIES S.A.), apart from agents, are also distributed through street vendors, mini‐markets and wholesalers. In Cyprus, there are 200 shops, consisting of OPAP CYPRUS LTD and OPAP SPORTS LTD shops. Three‐Member Supervisory Committee of OPAP S.A. (art. 28 par.3Α, L.4002/2011) The Three member Supervisory Committee of OPAP S.A., which is provided for by Article 28 par.3A of Law 4002/2011, is established by decision of the Hellenic Gaming Committee (‘HGC’), for a 3‐year term. One of its members is among HGC’s appointed members and the other two members are selected in accordance with the conditions, requirements and procedures provided for in the Regulation on the Conduct and Control of Games. The Three‐member Supervisory Committee attends OPAP’s board meetings, supervises and ensures OPAP’s and its agents’ compliance with the applicable legislation and with OPAP’s contractual obligations towards the Greek State. The Three member Supervisory Committee specifically monitors the Company to ensure: compliance with the terms of the legislative framework of the gaming market, the Gaming Regulation and HGC’s regulative decisions as well as with the terms of the Concession Agreement dated 15.12.2000 for the exclusive right to conduct, manage, organise and operate the games specified therein, as in force, and of the Agreement dated 04.11.2011 for the installation and operation of VLT gaming machines, as in force, consumers’ protection against addiction and crime related to games of chance, the protection of minors and other vulnerable groups, the reliability of the games and the payment to players of their winnings, the protection of personal data and the payment of the taxes and contributions due to the Greek State. OPAP’s. Board of Directors and any persons duly authorized , prior to the adoption of any decision, make available to the Three member Supervisory Committee any draft recommendations, OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 115 decisions or other documents relevant to the Committee’s responsibilities. OPAP S.A. is obliged to refrain from adopting any decision for which the Three member Supervisory Committee has raised a reasoned objection. The Three member Supervisory Committee informs without delay HGC of any breach of OPAP’s contractual obligations towards the Greek State or of applicable laws. The HGC is competent to decide over any dispute between OPAP and the Three Member Supervisory Committee. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 116 2. Basis of preparation The separate and consolidated Financial Statements of the Company for the year ended on 31 December 2021 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the European Union and interpretations issued by the IFRS Interpretations Committee (IFRS IC) and are effective as of 1 January 2021. The separate and consolidated Financial Statements have been prepared under the historical cost basis except for derivative financial instruments measured at fair value. Additionally, the Financial Statements have been prepared under the going concern basis of accounting. The use of this basis of accounting takes into consideration the Group’s current and forecasted financing position. The preparation of Financial Statements, in conformity with IFRS, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Financial Statements are disclosed in Note 2.2 “Important accounting decisions, estimations and assumptions”. The financial year 2021 was significantly affected by the coronavirus (COVID‐19) as the economies in which the Group operates applied different types of lockdown measures over various time‐periods in the year, which prevented the operation of certain of the Group’s point of sale. However, the gradual withdrawal of restrictive measures resulted to the recuperation of the Group’s activities. The extent to which the coronavirus (COVID‐19) epidemic will continue to affect the Company’s and the Group’s operations will largely depend on future developments. The Group and the Company’s Management have prepared a liquidity forecast based on cash flow projections for the foreseeable future, which include assumptions regarding cash generated from operations, debt repayments, scheduled investments and available credit facilities. Management considers that cash position will be sufficient to cover the financial and operating commitments for the next 12 months. Accordingly, it is appropriate that the Group continues to adopt the going concern basis for the preparation of the consolidated and separate financial statements. All amounts presented in the Financial Statements are in thousands of euro unless otherwise stated. Any differences between the amounts included in the Financial Statements and the respective amounts included in the notes are attributed to roundings. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 117 2.1. New Standards, amendments to standards and interpretations Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 01.01.2021. New Standards and Interpretations adopted in the current period IFRS 16 (Amendment) ‘Covid‐19‐Related Rent Concessions’ The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent concession related to COVID‐19 is a lease modification. Lessees can elect to account for rent concessions in the same way as they would for changes which are not considered lease modifications. IFRS 4 (Amendment) ‘Extension of the Temporary Exemption from Applying IFRS 9’ The amendment changes the fixed expiry date for the temporary exemption in IFRS 4 ‘Insurance Contracts’ from applying IFRS 9 ‘Financial Instruments’, so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023. IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) ‘Interest rate benchmark reform – Phase 2’ The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for the change in its hedging relationships and the information it should disclose. The amendments listed above did not have any material impact on the amounts recognized in prior periods and are not expected to significantly affect the current period. International Financial Reporting Interpretations Committee (IFRIC) Agenda Decision IAS 19 (Employee Benefits) ‘Attributing Benefit to Periods of Service’ An agenda decision was published in May 2021 by the IFRIC in relation to IAS 19 “Employee Benefits” and more specifically to how the applicable principles and requirements in IFRS Standards apply to attributing benefit to periods of service. OPAP Group has fully implemented this decision by 31.12.2021. The impact on the Group’s and the Company’s Financial Statements from the adoption of this decision is described in Note 3.23. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 118 New Standards and Interpretations effective for subsequent periods that have not yet been adopted The following standards and amendments to standards and interpretations have been issued by IASB but have not been applied in preparing these consolidated and separate Financial Statements for the year ended 31.12.2021 as they are either not yet effective and/or have not yet been adopted by the European Union. IFRS 16 (Amendment) ‘Covid‐19‐Related Rent Concessions’ (effective for annual periods beginning on or after 1 April 2021) The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. The adoption of the amendment is not expected to have a material impact on the Group's and Company's Financial Statements. IAS 16 (Amendment) ‘Property, Plant and Equipment – Proceeds before Intended Use’ (effective for annual periods beginning on or after 1 January 2022) The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity’s ordinary activities. The adoption of the amendment is not expected to have an impact on the Group's and Company's Financial Statements. IAS 37 (Amendment) ‘Onerous Contracts – Cost of Fulfilling a Contract’ (effective for annual periods beginning on or after 1 January 2022) The amendment clarifies that ‘costs to fulfil a contract’ comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The adoption of the amendment is not expected to have an impact on the Group's and Company's Financial Statements. IFRS 3 (Amendment) ‘Reference to the Conceptual Framework’ (effective for annual periods beginning on or after 1 January 2022) The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 119 exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. The Group and the Company are currently assessing the potential impact of adoption of this amendment on the Financial Statements. IAS 1 (Amendment) ‘Classification of liabilities as current or non‐current’ (effective for annual periods beginning on or after 1 January 2023) The amendment clarifies that liabilities are classified as either current or non‐current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendment has not yet been endorsed by the EU. The Group and the Company are currently assessing the potential impact of adoption of this amendment on the Financial Statements. IAS 1 (Amendments) ‘Presentation of Financial Statements’ and IFRS Practice Statement 2 ‘Disclosure of Accounting policies’ (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments have not yet been endorsed by the EU. The Group and the Company are currently assessing the potential impact of adoption of this amendment on the Financial Statements. IAS 8 (Amendments) ‘Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates’ (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendments have not yet been endorsed by the EU. The Group and the Company are currently assessing the potential impact of adoption of this amendment on the Financial Statements. IΑS 12 (Amendments) ‘Deferred tax related to Assets and Liabilities arising from a Single Transaction’ (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. The amendments have not yet been endorsed by the EU. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 120 The Group and the Company are currently assessing the potential impact of adoption of this amendment on the Financial Statements. Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after 1 January 2022) The amendments set out below include changes to IFRSs. IFRS 9 ‘Financial instruments’ The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 ‘Leases’ The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. IAS 41 ‘Agriculture’ The amendment has removed the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41. The adoption of the annual improvements is not expected to have an impact on the Group's and Company's Financial Statements. 2.2. Important accounting estimates and judgements The preparation of the Financial Statements requires the use of accounting estimates and judgements. Although these estimates and judgements are based on Management's best knowledge of current events and actions, as well as historical experience, actual events may ultimately differ from those estimates. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The effect of a change in an accounting estimate or judgement shall be recognized prospectively. Certain amounts included in or affecting the Financial Statements and related disclosure must be estimated, requiring management to make assumptions with respect to values or conditions which cannot be known with certainty at the time the Financial Statements are prepared. A ‘‘critical accounting estimate’’ is one which is both important to the portrayal of the Group’s financial condition and results and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. The Group evaluates such estimates and assumptions on an ongoing basis, based upon historical results and experience, consultation with OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 121 experts, trends and other methods considered reasonable in the particular circumstances, as well as forecasts as to how these might change in the future. In the process of applying the Group’s accounting policies, judgments and estimates made by the Management that have the most significant effect on the amounts recognized in the Financial Statements are presented below: Recoverability of trade receivables The Group applies the IFRS 9 simplified approach to measuring expected credit losses which use a lifetime expected loss allowance for all trade receivables. Management examines at each period of Financial Statements preparation the recoverability of the amounts included in trade receivables using historical trends, statistical information, future expectations, in combination with external information such as creditability databases, lawyers consultation e.t.c.. The credit control department also interacts with Management in order to provide a more precise estimation since the latter has the past experience and the daily interaction with the debtors. More detailed information on trade receivables treatment is available at Note 3.13. Impairment testing relating to goodwill and other intangible assets The impairment test is a complex process requiring significant management judgment and is based on key assumptions about future profitability and cash flows and selecting the appropriate discount and long‐term growth rates. The subjectivity involved in the key assumptions used by Management in the impairment review and the inherent uncertainty of those assumptions is high. The accounting treatment of goodwill and intangible assets is described in more detail in Notes 3.9 and 3.10. Income taxes Income tax expense consists of current and deferred tax. Current tax includes tax estimates calculated from the taxable income or loss for the current period using tax rates applicable as at the balance sheet date, as well as any adjustments to the current tax relating to prior years. Estimate on deferred tax is identified in the process of recognition of deferred tax assets which is performed to the extent that is probable that future taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized. In addition, the tax rates used for both deferred tax assets and liabilities are the ones that are estimated to be enacted in the following years where the differences are expected to reverse. Additional information is provided in Note 3.17. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 122 Provisions Provisions require a reliable estimation from Management since they are reported in the Statement of Financial Position if the Company has a current legal or non‐contractual obligation arising from an event that occurred in the past and if the performance of such an obligation is likely to require sacrifice of economic benefits and the relevant amount can be reliably estimated. In addition, provisions are reported as non‐current liabilities at the current value of the expected amount. This also requires the assessment of a discount rate. Note 3.18 provides more detailed accounting treatment of provisions. Contingencies The Management assesses at each reporting date any contingencies arising from legal disputes and estimates its outcome. Another factor of potential future negative impact is the open tax years and the possible additional taxes or fines. Furthermore, new laws and regulations are examined and their potential impact in the performance of the Group is assessed. All of the aforementioned actions require a great input of judgement and estimate by Management. The recognised contingencies as at 31.12.2021 are analysed at Note 44 and the accounting policy at Note 3.18. Useful life of depreciated assets The Group estimates the useful life of depreciated assets including, Property Plant and Equipment, Intangible assets, Right‐of Use assets and assets arising as a result of business combinations. At least annually, Management reassesses these estimates by taking into account updated conditions. Further details are provided in Notes 3.8, 3.9, 3.10 and 3.12. Impairment of investments The Company performs impairment tests in order to estimate the investments’ recoverable amount. The impairment test is a complex process requiring significant management judgment and is based on key assumptions about future profitability and cash flows, taking into account the environment in which the Company’s investments operate which are effected from the regulatory framework, selecting appropriate discount and long‐term growth rates. The subjectivity involved in the key assumptions used by management in the impairment review and the inherent uncertainty of those assumptions are high. OPAP S.A. license extension 2020‐2030 On 13.10.2020, the addendum agreement dated 12.12.2011, which was concluded between OPAP S.A. and Hellenic Republic Asset Development Fund (HRADF), entered into force by virtue of which the Concession Agreement dated 15.12.2000 was extended for 10 years and a 30% GGR Contribution was defined. On 12.12.2011, the Company entered into a supplementary agreement with the Hellenic Republic Asset Development Fund (HRADF) for the extension of its exclusive right to conduct, manage, organize and OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 123 operate by any means certain numerical lottery and sports betting games for a period of 10 years, i.e. from 13.10.2020 up to. 13.10.2030. The consideration amounted to € 375,000 and was recognized by the Company as an intangible asset. On 29.04.2013, the aforementioned supplementary agreement was amended, in order to comply with the decision of the European Commission, based on which the consideration of € 375,000 would not constitute a government grant, as long as it was corresponding to the amount that the Company would pay to the Greek State as contribution to the gross gaming revenue at a rate of 30%. More specifically, under the Article 3 of the supplementary agreement dated 29.04.2013, as far as the consideration paid was concerned, it was clarified that: a. The amount of € 375,000 constitutes the ‘Absolute consideration’ payable upon the signing of the agreement. b. The contribution to the State during the extension period, 2020‐2030 was determined to be 5% on gross gaming revenue named ‘Variable consideration’. A proportion equal to 80% of the total Absolute consideration, i.e. the amount of € 300,000, comprised a prepayment of the contribution on the Gross Gaming Revenue (‘GGR’) for the 10‐ year extension period due by the Company to the State, named ‘Prepaid contribution’. (It was also mentioned that the future value of this prepayment amounts to € 1,831,200). c. The Company may pay an additional amount relating to the 10‐year extension of the license, which constitutes the ‘Additional consideration’ and is calculated on an annual basis according to a specific formula which is described in details in the supplementary agreement. The Company has the obligation to provide, on a yearly basis, the Greek State with the relevant calculations. The Additional consideration will be payable at the end of the 10‐year extension period and in case that the calculated amount is negative then the Greek State will be obliged to repay the Company. Taking into consideration all of the above and in conjunction with the Article 2 of the L. 4093/2012, where it is stated that exceptionally, the 35% contribution on gross gaming revenue for the games conducted by OPAP S.A. pursuant to the agreement of 15.12.2000 and its amendment of 12.12.2011, will be in force until 12.10.2020, the Company concluded that for the period from 13.10.2020 to 12.10.2030 the accounting treatment regarding the license extension is as follows: Cost of 10‐year license extension The Absolute consideration of € 375,000, recognized in intangible assets in 2011 under the category ‘Right of games’ and is amortized on a straight‐line basis over the extension period. Contribution on gross gaming revenue The rate of contribution on gross gaming revenue presented in the Income statement under ‘GGR contribution and other levies and duties’ stands at 30% and consists of: OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 124 The ‘Variable consideration’ of 5% which is payable to the State on a monthly basis. The ‘Additional consideration’ calculated on an accrual basis. At each reporting period, depending on the performance of the Company, the Additional consideration may be either expense or income and the respective asset or liability in the Statement of financial position is presented discounted. The portion of the ‘Prepaid contribution’ of € 1,831,200 adjusted for any corporate tax impact. The relevant amount, in the Income statement is also presented separately as ‘Other operating income related to the extension of the concession of the exclusive right’. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 125 3. Summary of accounting policies The significant accounting policies that have been used in the preparation of these consolidated Financial Statements are summarised below. 3.1. Basis of consolidation and investments in associates The consolidated Financial Statements comprise the Financial Statements of the Company and its subsidiaries. Subsidiaries Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any non‐ controlling interest in the acquire is recognized at fair value or at the non‐controlling interest’s proportionate share of the acquiree’s net assets. The Group elects to recognize any non‐controlling interest in the acquire at the non‐controlling interest’s proportionate share of the acquiree’s net assets. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re‐measured to fair value at the acquisition date; any gains or losses arising from such re‐measurement are recognized in the Income Statement. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be a liability is recognised in profit or loss. Contingent consideration that is classified as equity is not re‐measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non‐controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non‐controlling interest and the fair value of any other participation previously held in the OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 126 subsidiary acquired the gain is recognised in profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Non‐controlling interest reflects the portion of profit or loss and net assets attributable to equity interests that are not owned by the Group. The Group handles transactions with non‐controlling interests in the same way that it handles transactions with the shareholders of the Group. Regarding purchases made by non‐controlling interests, the difference between the consideration transferred and the carrying amount of the acquired share of the subsidiary's equity is recognized in equity. Profits or losses arising from sales to non‐controlling interests are also recognized in equity. If the loss of a subsidiary, that concerns non‐ controlling interests, exceeds the non‐controlling interests in the equity of the subsidiary, the excess sum is shared out in the shareholders of parent company apart from the sum for which the non‐controlling has an obligation and it is capable of making up for the loss. In the Company’s separate Financial Statements, investments in subsidiaries are accounted for at cost less impairments, if any. When the Group loses control, the remaining interest is re‐measured at its fair value, and any differences that arise are recognized in profit or loss. Then, this asset is recognized as an associate, joint venture or financial asset at that fair value. In addition, respective amounts that were previously included in other comprehensive income, are accounted for in the same way as they would be following the event of sale of such assets and liabilities, which is the transfer to the profit or loss. All subsidiaries of the Group have as balance date the 31 st December. Intra‐group transactions, balances and unrealised gains/losses on transactions between group companies are eliminated in the consolidated financial statements. Associates Associates are those entities in which the Group has significant influence upon, but not control over their financial and operating strategy, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates in which the Group has significant influence are accounted for using the equity method of accounting. Under this method the investment is initially recognized at cost, and is adjusted to recognize the investor’s share of the profit or loss after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition. The Group’s share of post‐acquisition profit or loss is recognized in the Income Statement and its share of post‐acquisition movements in other comprehensive income is recognized in other comprehensive income. The accumulated variations after the acquisition affect the carrying amount of investments in associates (reduced by any impairment losses). Unrealized gains from transactions between the Group and associates are eliminated using the percentage of the Group's participation in associates. Unrealised losses incurred are eliminated unless the transaction provides evidence of impairment of the transferred asset. OPAP S.A. Annual Financial Report 2021 OPAP S.A. | 112 Athinon Ave, 104 42 Athens, Greece, Tel: +30 (210) 5798800 127 Dividends received from associates are identified by decreasing the carrying value of the investment. When the Group’s share of losses exceeds the carrying amount of the investment, the carrying value of the investment is reduced to nil and recognition of further losses is discontinued, except to the extent the Group has created obligations or has made payments on behalf of the associate. The accounting policies of associates have been amended in order to comply with the ones adopted by the Group. The Company recognizes investments in associates at its separate Financial Statements at acquisition cost minus impairment. Transactions between companies under common control Transactions between companies under common control are excluded from the scope of IFRS 3. Therefore, the Group implementing the guidance of IAS 8 Accounting policies, changes in accounting estimates and errors for similar cases accounts for such transactions using the predecessor approach without restatement of the previous period financial statements. Under this approach, the acquired assets and liabilities are recorded at their existing carrying values without revaluation at their fair values, no goodwill is recognized and the difference between the acquirer’s cost of investment and the acquiree’s net assets is recognized directly in equity in retained earnings or in a separate reserve. The Group elects to recognize the difference in retained earnings. 3.2. Foreign currency translation OPAP’s consolidated Financial Statements are presented in euro (€), which is also the functional currency of the parent company and the currency of presentation for the Company and all its subsidiaries. Foreign curre ncy transactions are translated into euro using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses arising from the settlement of such transactions during the period and from the conversion of monetary items that are denominated in foreign currency at the exchange rates prevailing at the balance sheet date, are recognized in the Income Statement, either as financial income or as financial expenses, unless recognized in equity, designated as cash flow hedge or net investment hedge. 3.3. Operating segments Segment information is presented in Note 5 based on the internal management reports and information provided to the chief operating decision makers, as required by IFRS 8. An operating segment represents a separate category of games or other services offered by the Group entities. Information for operating segments that do not constitute reportable segments is combined and disclosed in the “Other” category. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 128 3.4.Revenuerecognition,accountingforPayouttothewinnersandother OperatingIncome Revenueisshownnetofvalue‐addedtax,returnsanddiscounts. Revenuesfromgames GamingrevenueisreportednetafterthedeductionofPayouttothewinnersandintheIncomestatement ispresentedasGrossGamingRevenue(GGR). Amounts wagered do not represent the Group’s and the Company’s statutory revenue measure. They comprisetheamountsreceivedfromtheplayersorthatarereceivableby theendoftheyearinrespectof allgamesapartfromVLTsandCASINO‐typegames.Amountswageredthatrefertoevents(gamesordraws) of future accounting periods are considered as deferred revenue classified under Trade payables in the StatementofFinancialPosition,measuredatfairvalue. Payout tothewinnersisrecognizedintheperiodbasedonthedatethatthedrawortheeventoccurred. Payout (winning) claims at the end of each reporting period are classified under Trade payables in the StatementofFinancialPositionandfinally,theUnclaimedwinningsareattributedtotheStatewhen the providedbytherelevantlegislation,claimperiodexpires. Lotterygames:Thiscategoryreferstodrawbasedgamesandtherearetwotypes,withfixedprizes and Pari mutuel (Jackpot games). For Fixed prizes, the payout is a fixed amount while, for Pari mutuela payout pool iscreated. In caseofnowinnerin thecurrent draw(Jackpot), theprizeis rolledtothenextdrawandattheendofeachreportingperiodtheGrouprecognisesarelevant payout provision which is presented under Trade payables. In this category LOTTO, PROTO, TZOKER,KINO,SUPER3,EXTRA5 andPOWERSPINareincluded. Revenueisrecognizedintheperiodwhenthedrawstakeplace,netofobligationtopaytheplayer winningsonfuturedrawsandareassessedatfairvalue. Bettinggames:Thiscategoryreferstobetsfromplayersmainlyonsportsevents,realorvirtual. When playersbetontheoutcomeofanevent(fixedoddsgames),thepayoutisfixedbutwhen theyplayagainstotherplayers(Parimutuel)apayoutpooliscreated.Thebettinggamesoffered by the Group are PAME STOIHIMA (including virtual games and horse races betting), PROPO, PROPOGOALandCASINO‐type games. Forbetting gamesinsteadofCASINO‐typegames,revenueisrecognized inthe periodwhenthe beteventoccurs,netofobligationtopaytheplayerwinningsonfutureeventsandareassessedat fairvalue.ForCASINO‐typegamesrevenueisrecognizedasthenetresultofplayers’ session. Instantlotteries:thiscategoryreferstoSCRATCHcardswhichareoperatedbyHELLENICLOTTERIES S.A.. Revenue includes the amounts wagered less the winners’ payout. The winners’ payout is adjustedtothelevelstatedintheConcessionAgreementandthespecificationsofeachSCRATCH OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 129 card type with a corresponding payout provision recognized under the trade payables in the StatementofFinancialPosition. Passivelotteries:Therearetwotypesofpassiveslotteries,theNATIONAL(withoutJackpot)and thePOPULAR (withJackpot),bothoperatedbyHELLENICLOTTERIES S.A.Incase ofno winnerin thecurrent draw(Jackpot)relatingtoPOPULARlottery,theprizeisrolledtothenextdrawandat theendofreportingperiodtheGrouprecognisesarelevantpayoutprovisionwhichispresented underTradepayables. Revenueisrecognizedintheperiodwhenthedrawstakeplace,netoftheobligationto paythe playerwinningsonfuturedrawsandareassessedatfairvalue. VLTs:Revenue is defined as the sum of all players’ sessions within a period. A player’s session beginswhentheplayerinsertsthecardinthemachineandendswhenthecardistakenout. Revenueis recognizedatthenetamount(receiptslesswinnings)ofeachplayer’ssession. Otheroperatingincome OtheroperatingincomemainlyincludestheIncomefrοmthenon‐gamingoperationsoftheGroupandthe Company.Specifically,itincludes: New Year’s EveLottery commission (or SpecialStateSocial SolidarityLottery):New Year’sEve LotteryisissuedonceayearandthedrawisheldonNew Year’sEve.NetRevenuesfromthisLottery areattributedtotheGreekState.HellenicLotteriesS.A.accordingtotheConcessionAgreement produces,operates,distributes,promotesandmanagesitandreceivesa17%managementfeeon amountswagered. IncomefromTORADIRECTSINGLEMEMBERS.A.relatingtoprepaidcards,mobiletop ‐upsand billpayments: (a) Principalforthesaleofelectroniccodestoendusers:InthiscategoryofcontractsTORA DIRECTSINGLEMEMBERS.A.acquirestheownershipoftheelectroniccodesandassumes theriskofinventory.Thein comeisrecognizedwhenthebusinesspartnerssellthespecific codestoendusers. (b) Agent for the sale of electronic codes to end users: In this category of contracts TORA DIRECTSINGLEMEMBERS.A.doesnotacquiretheownershipoftheelectroniccodesand isconsideredtobeactingasarepresentativeofthesuppliers.Therevenuerecognizedin thiscategoryisthecommissionsreceivedbythesuppliers. (c) Billpayments TORADIRECTSINGLEMEMBERS.A.actsasanintermediaryfortheservice of bill payments through its network of business partners for which it receives a commission by the end users. The Comp any recognizes the revenue of the commission uponpaymentofthebill. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 130 IncomefromTORAWALLETSINGLEMEMBERS.A.relatingtopaymentservices: Revenueisrecognizedduringtheperiodinwhichtheservicesareprovided,basedonthestageof its completion. Besides the payment services provided to consumers, TORA WALLET SINGLE MEMBERS.A.alsoprovidesB2BpaymentmethodstoOPAP Groupcompanies.Theincomeofthese services relates to commissions received regarding the completion of each transaction/service offeredeithertothirdpartiesortoGroup. IncomefromITandotherservices:Formostoftheotheractivities,theincomeisbeingrecognized innetamountswhentheperformanceobligationis satisfiedbytransferringgoodsorservicesto thecustomer. 3.5.Interestincome Interest income is recognized using the effective interest method that is the rate that exactly discounts estimatedfuturecashpaymentsorreceiptsthroughtheexpectedlifeofthefinancialinstrumentor,when appropriate,ashorterperiodtothenetcarryingamountofthefinancialassetorfinancialliability. When a receivable is impaired, the Group reduces the carrying amount to the amount expected to be recovered, being theestimatedfuture cash flow discounted at the original effective interest rate of the instrument,andcontinuesunwindingthediscountasinterestincome. 3.6.Dividendincome DividendincomeisrecognizedintheIncomeStatementatthedateofdistributionapprovalbytheAnnual GeneralMeetingofshareholdersofthedividendpayingentity. 3.7.Expenses ExpensesarerecognizedintheIncomeStatementonanaccrualbasis.Interestexpensesarealsorecognized onanaccrualbasis. 3.8.Property,plantandequipment ItemsofProperty,PlantandEquipmentaremeasuredathistoricalcostlessaccumulateddepreciationand any impairment in value. The acquisition cost includes all the directly attributable expenses for the acquisitionoftheassets. Subsequentexpenditureisaddedtothecarryingvalueofproperty,plantandequipmentorisbookedas a separatefixedassetonlyifitisprobablethatfutureeconomicbenefitswillflowtotheGroupandtheircost canbeaccuratelyandreliablymeasured. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 131 Uponsaleofproperty,plantandequipment,anydifferencebetweentheproceedsandthebookvalueis presentedasprofitorlossintheIncomeStatement.Expenditureonrepairsandmaintenanceispresented asanexpenseintheperiodtheyoccur. Depreciation of property, plant and equipment (other than Land which is not depreciated)is calculated usingthestraightlinemethodovertheirusefullife,asfollows: Land ‐ Buildings 10‐20years Plant&Machinery 3‐9years Vehicles 6.5years Furnitureandotherequipment 3‐10years Theresidualvaluesandusefuleconomiclifeofproperty,plantandequipmentaresubjecttoreassessment ateachreporting date. Whenthere are objectiveindicationsthat the book valueofproperty,plant and equipment exceeds their recoverable amount, the difference (impairment) is immediately presented as expenseintheIncomeStatement. Assetsuptoavalueof€1.5areamortizedduringtheyear. 3.9.Intangibleassets Intangibleassetsincludeconcessionrights,brandsandcustomerrelationships,softwareandexpenditures onresearchanddevelopment. Concessionrights Theexclusive rightsgrantedbytheHellenic RepublictoGroupcompaniesareinitiallyrecognizedat cost andsubsequentlyatamortizedcostdecreasedwithanyimpairment (RefertoΝote3.11,fortheimpairment test procedures). The exclusive right to operate by any suitable means provided by current technology, numerical games, video lotteries, lotteries, sports and horseracing betting games provided to Group companiesbytheGreekStateisaccountedforatcostandisamortizedwithintheperiodtowhichitrelates. Extensionstoexisting exclusive rights andnew licenses of newvideolotteriesonanexclusive basis, are treatedasseparateassetsandareamortizedovertheperiodofeachlicenseextensiononastraightline basis. The useful life of the exclusive right to operate numerical and sports betting games according to the respectiveconcession agreementisdefinedto20yearsanditsextensionto10,videolotteriesto18years, lotteriesto12yearsandhorseracingbettinggamesto20years. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 132 BrandsandCustomerrelationships Brandsandcustomerrelationshipsacquiredinabusinesscombinationarerecognizedatfairvaluebased onexpert’sappraisalpreparedatthetimeoftheacquisition. Botharedeterminedtobeintangibleassetsonthebasisoftheirmarketstrengthandgenerationoffuture stablecashinflows. After initial recognition, the assets arecarried at its cost less any accumulated amortisation and any accumulatedimpairmentlosses. Brandshaveindefiniteusefullifewhilecustomerrelationships’usefullifeisfiniteandareamortizedona straightlinebasisoveraperioddeterminedbythemanagement(7‐20years). TheGroupperformsimpairmenttestingof brandsandcustomerrelationshipsatleastonanannualbasis inlinewithitsrelevantpolicy(Note3.11). Software Softwarelicensesarerecognizedathistoricalandsubsequentlytheyarecarriedatcostlessaccumulated amortization.Depreciationis calculated using thestraightline method duringtheassets’ useful lifethat rangefrom1to4years. Expendituresonresearchanddevelopment Researchanddevelopmentprojectsdifferfromotherintangibleassetsintermsofscientificandtechnical uncertainty.Expenditureonresearchactivities,whichareincurredinordertogainknowledgethatcanlead tofutureeconomicbenefits arerecognizedasexpensesintheperiodin whichthey areincurred andno intangibleasset arisingfromresearch(orresearchphaseofaninternalproject)shallberecognized. Anintangibleassetthatarisesasaresultofdevelopment(orthedevelopmentphaseofaninternalproject) isrecognizedasanassetonlywhenallofthefollowingaremet: •Technicalfeasibilityofcompletingan intangibleassetissuchthatitcanbeusedorsold; •Intentiontocompleteanduseorselltheintangibleasset; •Abilitytouseorselltheintangibleasset; •Abilitytodemonstratehowtheintangibleassetwillgeneratefutureeconomicbenefits; •Adequate technical,financialand otherresources to completethedevelopmentandtouseor sellthe intangibleasset; •Abilitytomeasureexpensesrelatedtoanintangibleassetduringitsdevelopmentreliably. The amount of the initial recognition of an internally generated intangible asset includes the total expenditure incurredsincetheintangible asset first met the recognition criterion above.Ifnointernally generatedintangible assetcan berecognized, developmentexpenditureisrecognizedinprofit orloss in theperiodinwhichitisincurred. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 133 3.10.Goodwill GoodwillismeasuredinaccordancewithNote3.1.Goodwillisnotdepreciatedbutissubjecttoimpairment testing on an annual basis or more frequently if events or changes in circumstances indicate possible impairment. After initial recognition, goodwill is measured at acquisition cost less any cumulative impairmentlosses.Ifpartof acash‐generatingunitinwhichgoodwillisallocatedissold,thenthegoodwill attributableto theportionsold isincludedin thecarryingamountof that portionin ordertodetermine profitorloss.Thevalue of goodwillattributabletotheportionsold isdeterminedbased on therelative valuesoftheportionsoldandtheportionofthecash‐generatingunitthatremainsunsold. Eachunitorgroupofunitstowhichthegoodwillisallocatedshall: (a)Representthelowestlevelwithintheentityatwhichthegoodwillismonitoredforinternal managementpurposes;and (b)Notbe largerthanan operating segment asdefinedby paragraph 5 ofIFRS8 “Operating Segments” beforeaggregation. 3.11.Impairmentofnon‐financialassets TheGroup’sgoodwill,assetswithanindefiniteusefullifeandintangibleassetsthathavenotyetcomein forcearenotdepreciatedandaretestedforimpairmentannually.Assetsthataredepreciatedaresubject toanimpairmentreviewwhenthereisevidencethattheirvaluewillnotberecoverable.Therecoverable amountofanassetisthehigherofitsfairvaluelesscostsofdisposalanditsvalueinuse.Animpairment lossisrecognizedwhenthecarryingamountoftheseassets(cashgeneratingunit‐CGU)isgreaterthanits recoverableamount.Fairvaluelesscostsofdisposalisthe amountreceivedfromthesaleofanassetatan arm’slengthtransactioninwhichparticipatingpartieshavefullknowledgeandparticipatevoluntarily,after deducting any additional direct cost for the sale of the asset, while value in use is the present value of estimatedfuturecashflowsthatareexpected toflowintothecompanyfromtheuseoftheassetandfrom itsdisposalattheendofitsestimatedusefullife. Forthepurposesofassessingimpairment,intangibleassetsandassetsaregroupedatthelowestlevelfor whichthereareseparatelyidentifiablecashflows(cashgeneratingunits). Asaresult,someassetsaretested individuallyforimpairment andsomearetestedatcashgeneratingunit level. Forimpairmenttesting at businesscombinations,thegoodwillthathasbeenrecognized isallocated,fromtheacquisitiondate,tothe cashgeneratingunitsoftheGroupwhichareexpectedtobenefitfromthemerger,regardlessofwhether theotherassetsorliabilitiesoftheacquiredcompanyareallocatedtothespecificcashgeneratingunits. Animpairmentlossisrecognisedatprofitorloss fortheamountbywhichtheasset’sorcash‐generating unit’scarryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigheroffairvalue, reflectingmarketconditionslesscoststosellandvalueinuse,basedonaninternaldiscountedcashflow evaluation. For goodwill, the impairment loss is defined by valuating the recoverable amount of cash OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 134 generating units which are related to goodwill. If the book value of a cash generating unit, including goodwill,exceedsitsrecoverableamount,thenimpairmentlossisrecognized. The impairment loss is initially charged to goodwill and then pro rata to the other assets of the cash generatingunit.Withtheexception ofgoodwill,allassetsaresubsequentlyreassessedforindicationsthat animpairmentlosspreviouslyrecognisedmaynolongerexistandthereforetherecognizedimpairmentis reversed. 3.12.Leases TheGroupasthelessee UnderIFRS16,a contractis,orcontainsaleaseifitconveystherighttocontroltheuseofan identified assetforaperiodofthetimeinexchangeforconsideration.Forsuchcontracts,thenewmodelrequiresa lesseetorecognizearight ofuseassetandaleaseliability.Therightofuseofassetisdepreciatedandthe liabilityaccruesinterest. TheonlyexceptiontheGroupusesinapplicationofIFRS16isleaseswithaleasetermof12monthsorless andcontainingnopurchaseoptions. Further,theGroup doesnotapplyIFRS16forleasesofintangibleassets. AtcommencementofaleasetheGroupmeasuresaleaseliabilityatthepresentvalueoftheleasepayments whichare notpaid asatthatdate.Lease paymentsarediscounted usingtheinterestrateimplicit inthe lease or, if that rate cannot be readily determined, the incremental borrowing ra te of the component enteredintotheleaseagreement.Generally,theGroupusesitsincrementalborrowingrateasthediscount rate.Thisistheratethatthelesseewouldhavetopayonthecommencementdateoftheleasefora loan ofasimilarterm,andwithsimilarsecurity,toobtainanassetofsimilarvaluetotheright‐of‐useassetina similareconomicenvironment. Thefollowingpaymentsareincludedinthemeasurementoftheleaseliability: •fixedpayments(includingin‐substancefixedpayments),lessanyleaseincentives receivable •variableleasepaymentthatarebasedonanindexorarate •amountsexpectedtobepayablebythelesseeunderresidualvalueguarantees •theexercisepriceofapurchaseoptionifthelesseeisreasonablycertaintoexercisethatoption, and •paymentsofpenalties forterminatingthelease,iftheleasetermreflectsthelesseeexercising thatoption. Theabovepaymentsarediscountedfortheleaseterm.Theleasetermisthenon‐cancellableperiodofthe lease.AnyperiodscoveredbyextensionoptionsheldbytheGroupareincludedintheleaseliabilityonly if it is reasonable certain that the options will be exercised. In addition, periods covered by an option to terminatetheleaseheldbytheGroupareincludedonlyiftheGroupisreasonablycertainthattheseoptions willnotbeexercised. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 135 Theleaseliabilityissubsequentlyincreasedbytheinterestcostontheleaseliabilityanddecreasedbylease paymentmade.It is remeasuredifthere is amodification thatisnotaccountedfor as aseparatelease; whenthereisachangeinfutureleasepaymentsarisingfromachangein anindex orrate;achangeinthe estimate of the amount expected to be payable under a residual value guarantee; and changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a terminationoptionisreasonablycertainnottobeexercised. Right‐of‐use (‘RoU’) assets are initially measured at cost being the initial amount of the lease liability adjustedforanyleasepaymentsmadeatorbeforethecommencementdate,plusanyinitialdirectcosts incurredandanestimateofcoststodismantleandremovetheunderlyingassetortorestore theunderlying assetorthesiteonwhichitislocated,lessanyleaseincentivesreceived.ROUassetsaremeasuredatcost lessanyaccumulateddepreciationandimpairmentlossesandadjustedforcertainremeasurementsofthe leaseliability.Theyaredepreciatedusingthestraight‐linemethodovertheshorterof theunderlyingasset’s usefullifeandtheleaseterm.Ifthecostoftheright‐of‐useassetsreflectsthattheGroupwillexercisea purchaseoptionthentheyaredepreciatedovertheusefullifeoftheunderlyingasset. TheGroupasthelessor The leases in which the Group does not transfer substantially all the risks and rewards incidental to ownershipofanassetareclassifiedasoperatingleases.Initially,theleasepaymentincomelessthecostof servicesischargedtotheincomeonastraight‐linebasisovertheperiodofthelease. 3.13.Financialassets Financial assetsincludecashand other financial instruments. A financial instrumentisanycontract that givesrisetoafinancialassetofoneentityandafinancialliabilityorequityinstrumentofanotherentity. Initialrecognitionandsubsequentmeasurementoffinancialassets Thefinancialassetsareclassified,atinitialrecognition, assubsequentlymeasuredatamortisedcost,fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVPL). The classificationoffinancialassetsatinitialrecognitiondependsonthefinancialasset’scontractualcashflow characteristicsandthebusinessmodelwithinwhichthefinancialassetisheld. TheGroup initiallymeasuresafinancialassetatitsfairvalueplus,inthecaseofafinancialassetnotatfair valuethroughprofitorloss,transactioncosts. Inorder forafinancialassettobeclassifiedandmeasuredatamortised costorfair valuethroughother comprehensiveincome,itneeds togiverisetocashflowsthatare‘solelypaymentsofprincipalandinterest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI criterion and is performedataninstrumentlevel. Forthepurposeofsubsequentmeasurement,financialassetsareclassifiedinthreecategories: OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 136 ‐Financialassetsatamortisedcost(debtinstruments) ‐Financialassetsatfairvaluethroughothercomprehensiveincome ‐Financialassetsatfairvaluethroughprofitorloss Assetsheldforthepurposeofcollectingcontractualcashflowsandcreatecashflowsonspecificdatesthat areexclusivelyconsistedofrepaymentof capitalandinterestontheoutstandingbalanceofthecapital,are measured at amortised cost. Interest income is calculated using the effective interest method and is recognizedin“Financeincome”.Thegainorlossthatresultsfromtherecognitionoftheassetisrecognized directlyintheprofitorlossalong withanyforeignexchangegains/losses.Impairmentlossesarerecognized inline“Netimpairmentlossesonfinancialassets”. Impairmentoffinancialassets TheGroupandtheCompanyassessateachreportingdate,whetherafinancialassetorgroupoffinancial assetsisimpairedasfollows: The Group and the Company recognise an allowance for Expected Credit Losses (‘ECLs’) for all debt instruments not held at fair value through profit or loss. ECLs are based on thedifferencebetween the contractualcashflowsdueinaccordancewiththecontractandallthecashflowsthattheGroupexpectsto receive, discountedatanapproximationoftheoriginaleffectiveinterestrate. ECLsarerecognisedintwostages.Forcreditexposuresforwhichtherehasnotbeenasignificantincrease increditrisksinceinitialrecognition,ECLsareprovidedforcreditlossesthatresultfromdefaulteventsthat arepossiblewithinthenext 12months(a12‐monthECL).Forthosecreditexposuresforwhichtherehas beenasignificantincreaseincreditrisksinceinitialrecognition,alossallowanceisrequiredforcreditlosses expectedovertheremaininglifeoftheexposure,irrespectiveofthetimingofthedefault(alifetimeECL). Derecognitionoffinancialassets Afinancialasset(or,apartofafinancialassetorpartofagroupofsimilarfinancialassets)isderecognized when: therightstoreceivecashflowsfromtheassethaveexpired; theGrouportheCompanyretainstherighttoreceivecash flowsfromtheasset,buthasassumed anobligationtopaytheminfullwithoutmaterialdelaytoathirdpartyundera“pass‐through” arrangement;or theGrouportheCompanyhastransferreditsrightstoreceivecashflowsfromtheassetandeither (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferrednor retainedsubstantially alltherisksandrewardsoftheasset, buthastransferred controloftheasset. When the Group or the Company has transferred its rights to receive cash flows from an asset or has entered intoapass‐througharrangement,itevaluatesif,andtowhatextent,ithasretainedtherisksand OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 137 rewardsofownership.Whenithasneithertransferrednorretainedsubstantiallyalloftherisksandrewards oftheasset,nortransferredcontroloftheasset,theGroupcontinuestorecognizethetransferredassetto theextentof itscontinuinginvolvement.Inthatcase,theGroupalsorecognizesanassociatedliability. The transferredassetandtheassociatedliabilityaremeasuredonabasisthatreflectstherightsandobligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferredassetismeasuredattheloweroftheoriginalcarryingamountoftheassetand themaximum amountofconsiderationthattheGroupcouldberequiredtorepay. 3.14.Inventories Inventoriesarestatedatthelower of cost andnetrealizablevalue.Cost is determined using theyearly weightedaveragecostformula.Netrealizablevalueistheestimatedsellingpriceintheordinarycourseof business, lessestimatedcostsof completionandthe estimatedcosts necessary tomake thesale. When there is any subsequent increase of the net realizable value of inventories that have been previously written‐down,theamountofthewrite‐downisreversed. 3.15.Cashandcashequivalents Cashandcashequivalentsinclude cashatbank accountsand inhandaswell asshorttermhighly liquid investments such as money market instruments and bank deposits with an original maturity of three monthsorless.RestrictedcashisalsoincludedinCashandCashEquivalents.Restrictedcashiscash not availableforimmediateuse.SuchcashcannotbeusedbyaCompanyuntilacertainpointoreventinthe future. Cash and cash equivalents also include amounts from electronic payment processors, as Managementconcludedthattheprocesscompletedatthetimeofpurchaseincludesadequatechecksto provide evidence that the amount is readily convertible to known amount of cash and that there is an insignificantriskofchangesinvalue. 3.16.Equity Sharecapitalisdeterminedusingthenominalvalueofsharesthathavebeenissued.Ordinarysharesare classifiedasequity. Any excess of the fair value of the consideration received over the par value of the shares issued is recognizedas sharepremiuminshareholders’equity.Sharecapitalissuancecosts,net ofrelatedtax,are reflectedasadeductionfromsharepremium. TreasurysharesconsistofCompany’sownequityshares,whicharereacquiredandnotcancelled.Treasury sharesdonotreducethenumberofsharesissuedbutreducethenumberofsharesincirculation.Treasury sharesarerecognizedatcostas adeductionfromequity. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 138 NogainorlossisrecognizedintheIncomeStatementonthepurchase,sale,issueorcancellationofthe Company’sownsharecapital.Expensesrelatedtotheissuanceofsharesforthepurchaseofcompaniesare includedintheacquisitioncostofthecompanyacquired. 3.17.Currentanddeferredincometax Incometaxfortheperiodcomprisescurrentanddeferredtax.TaxisrecognizedintheIncomeStatement, excepttotheextentthatitrelatestoitemsrecognizedinothercomprehensiveincomeordirectlyinequity. Inthiscase,thetaxisalsorecognizedinothercomprehensiveincomeordirectlyinequity, respectively. Currentincometaxismeasuredonthetaxableincomefortheyearusingenactedorsubstantivelyenacted taxratesatthereportingdateinthecountrieswheretheGroupoperatesandgeneratestaxableincome. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basisofamountsexpectedtobepaidtothetaxauthorities. Deferred income tax is provided on all temporary differences arising between the carrying amounts of assetsandliabilitiesforfinancialreportingpurposesandtheirtaxbases. Deferred taxassetsarerecognized forall deductibletemporary differences,carry forwardof unusedtax creditsandunusedtaxlosses,totheextent that is probable that taxable profit will be available against whichthedeductibletemporarydifferencesandthecarryforwardofunusedtaxcreditsandunusedtax lossescan beutilized.Deferredtaxliabilitiesarerecognizedforalltaxabletemporarydifferences. However,inaccordancewiththerulessetoutinIAS12,nodeferredtaxesarerecognisedinconjunction withgoodwill. Nodeferredtaxisrecognisedfromtheinitialrecognitionofanassetorliabilityinatransaction thatis not abusinesscombinationandatthetimeofthetransactionaffectsneithertheaccountingprofitnortaxable profit or loss. No deferred taxes are recognised to temporary differences associated with shares in subsidiariesandjointventuresifreversal ofthesetemporarydifferencescanbecontrolledbytheGroup and itisprobablethatreversalwillnotoccurintheforeseeablefuture.Inaddition, taxlossesavailableto becarriedforwardaswellasotherincometaxcreditstotheGroupareassessedforrecognitionasdeferred taxassets. Deferredtaxassetsandliabilitiesarecalculated,withoutdiscounting,attaxrates thatareexpectedtoapply totheirrespectiveperiodofrealisation,providedtheyareenactedorsubstantivelyenactedatthebalance sheetdate. Most changes in deferred tax assets or liabilities are recognised as a partof tax expense in the Income Statement.Onlychangesin deferred taxassets or liabilitiesthatrelate toachangeinvalue of assetsor liabilitiesthatarechargeddirectlytoequityarechargedorcrediteddirectlytoequity.Deferredtaxassetis reviewedateachbalancesheetdateandreducedtotheextentthatitisnolongerprobablethatsufficient taxableprofitwill beavailabletoallowthebenefitofpartorallofthatdeferredtaxassettobeutilised.The OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 139 Grouprecognisespreviouslyunrecogniseddeferredtaxassetsarereassessedateachbalancesheetdateto theextentthat it has becomeprobablethatfuturetaxable profit willallowthedeferred taxassettobe recovered. TheCompanymayoffsetdeferredtaxassetsanddeferredtaxtaxliabilitiesifandonlyif: (a)Theenterprisehasalegallyenforceablerighttooffsetcurrenttaxclaimsagainstcurrenttaxliabilities, and (b)Deferredtaxassetsanddeferredtaxliabilitiesrelatetoincometaxesleviedbythesametaxauthority. TheCompanymayoffsetcurrenttaxassetsandcurrenttaxliabilitiesifandonly if,theenterprise: (a)Hasalegalrighttosetofftheamountsrecorded,and (b)Intendstoeitherrepay/settlethenetbalanceortorecovertheclaimandpaytheobligationatthesame time. 3.18.Provisions,contingentliabilitiesandcontingentassets ProvisionsarerecognizedwhentheGrouportheCompanyhasapresentobligation(legalorconstructive) asaresultofapastevent,itisprobablethatanoutflowofresourcesembodyingeconomicbenefitswillbe requiredtosettletheobligationandareliableestimatecanbemadeoftheamount oftheobligation.No provisionsarerecognizedforfutureoperatinglosses. Wheretheeffectofthetimevalueofmoneyismaterial,theamountofaprovisionisthepresentvalueof theexpendituresexpectedtoberequiredtosettletheobligation.Thediscountpre‐taxratereflectscurrent market assessmentsofthetimevalueofmoneyandtherisksspecifictotheliability.Wherediscountingis used, the carrying amount of a provision increases in each period to reflect the passage of time. This increase is recognised as borrowing cost in the profit or loss statement and specifically at line “Finance costs”. Allprovisionsarereviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.If itisnolongerprobablethatanoutflowofresourcesembodyingecon omicbenefitswillberequiredtosettle theobligation,theprovisionisreversed. In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, or the amount to be provided for cannot be measured reliably, no liabilityisrecognisedunlessassumedinthecourseofabusinesscombination.Contingentliabilitiesarenot recognized in the Financial Statements but are disclosed, except if the probability that there will be an outflowofresourcesthatembodyeconomicbenefitsisremote. ContingentassetsarenotrecognizedintheFinancialStatementsbutaredisclosedprovidedthattheinflow ofeconomicbenefitsisprobable. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 140 3.19.Financialliabilities The Group’sfinancialliabilitiesincludebank loans andoverdrafts,trade and other payablesandfinance leasingliabilities. Initialrecognitionandsubsequentmeasurementoffinancialliabilities All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,netofdirectlyattributabletransactioncosts.Themeasurementoffinancialliabilitiesdep endson theirclassification. Derecognitionoffinancialliabilities A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires.When anexisting financialliability isreplacedbyanotherfromthesamelenderon substantially different terms, or the terms of an existing liability are substantially modified, such an exc hange or modificationistreatedasthederecognitionoftheoriginalliabilityandtherecognitionof anewliability. ThedifferenceintherespectivecarryingamountsisrecognizedintheIncomeStatement. Theloansaredividedintolongterm(matureinmorethanoneyear)an dshortterm(matureinoneyearor less). Offsettingoffinancialassetsandliabilities Financial assets and liabilities are offset and the net amount is presented in the statement of financial position only when the Group or the Company has a legally enforceable right to set off the re cognized amountsandintendseithertosettlesuchassetandliabilityonanetbasisortorealizetheassetandsettle theliabilitysimultaneously.Thelegallyenforceablerightmustnotbecontingentonfutureeventsandmust beenforceableinthenormalcourseofbusinessandintheeventofdefault,insolvencyorban kruptcyof thecompanyorthecounterparty. Cashflowhedge TheGroupusesderivativefinancialinstrumentstohedgeitsexposuretointerestraterisks. Changesinthefairvalueofthederivativehedginginstrumentordesignatednon‐derivativefinancialliability designatedasacashflowhedgearerecognizeddirectlyinequitytoth eextentthatthehedgeise ffective. Totheextentthatthehedgeisineffective,changesinfairvaluearerecognizedintheprofitorloss. Ifthehedginginstrumentnolongermeetsthecriteriaforhedgeaccounting,expiresorissold,terminated orexercised,thenhedgeaccountingisdiscontinued prospectively.Thecumulativegainorlosspr eviously recognizedinequityremainsthereuntiltheforecasttransactionoccurs.Whenthehedgeditemisanon‐ financialasset,theamountrecognizedinequityistransferredtothecarryingamountoftheassetwhenit isrecognized.Inothercases,theamountrecognizedinequityistran sferredtoprofitorlossinthesame periodthatthehedgeditemaffectsincomeorloss. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 141 3.20.Retirementbenefitscosts Theparentcompany,itssubsidiariesHELLENICLOTTERIESS.A.,TORADIRECTSINGLEMEMBERS.A.,HORSE RACES SINGLE MEMBER S.A., TORA WALLET SINGLE MEMBER S.A. and NEUROSOFT S.A. in Greece, pay contributions to employee retirement benefit plans in accordance with the applicable laws and the practicesoftheGroup.Theseprogramsareseparated intodefinedbenefitplansanddefinedcontribution plans. Definedbenefitplans Adefinedbenefitplanisabenefitplaninwhichspecificbenefitsbecomepayabletotheemployeeupon retirement, which are determined by certain parameters such as age, years of service or salary. For a definedbenefitplan,the valueoftheliabilityisequaltothepresentvalueofthedefinedbenefitpayable atthebalancesheetdatelessthefairvalueofplanassetsand ofpastservicescost.Thedefinedbenefit liabilityandtherelatedexpenseisestimatedannuallybyindependentactuariesusingtheprojectedcredit unitmethod.Thepresentvalueoftheliabilityisdeterminedbydiscountingtheestimatedfuturecashflows to the interest rate of high quality corporate bonds or government bonds in the same currency as the liabilitywithproportionalliabilityduration,orinterestratethattakesintoaccounttheriskandduration of theliability,wherethemarketdepthforsuchbondsisweak.Thecostsofliabilityarerecognizedinincome during the rendering of insured services. The expenses for defined benefit plans, as estimated, are recognizedintheIncomeStatementandareincludedinstaffcosts.Additionally,basedonthe requirements of IAS 19 (Amendment) the actuarial profits/(losses) are recognised in the statement of comprehensive income. Duringtheyear,followingadecisionissuedbytheInternationalFinanceReportingInterpretations(IFRIC) issuedinMay2021,itwasdeterminedthattheperiodoverwhichtheprovisionforretirementbenefitsis accruedunderArticle 8ofLaw3198/1955,shallbetheperiod of16yearspriortothedateatwhichthe employeeis duetoretirebasedontheretirementscales providedbyLaw4093/2012.Thisresultedina change in accounting policy, since up to that date, the Company was accruing the retirement benefit provisionfromthedateofrecruitmentuptothedateofretirement.Thischangeinaccountingpolicywas applied retrospectively to these financial statements in accordance with the provisions of IAS 8 and is describedindetailinNote3.23. Definedcontributionplans Adefinedcontributionplanis wheretheentitypaysfixedcontributionsintoa separateentityandnolegal orconstructiveobligationtopayfurthercontributionsifthefunddoesnothavesufficientassetstopayall employees the benefits relating to employee service in current or prior years. The contributions are recognizedas employeebenefit expense on anaccrualbasis.Prepaidcontributionsarerecognized asan assettotheextentthatacashrefundorareductioninthefuturepaymentsisavailable. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 142 Long‐termincentivescheme The20thOrdinaryGeneralMeetingoftheCompany,following arecommendationoftheRemuneration and Nomination Committee and in accordance with article 109 of Law 4548/2018, as in force and the CompanyRemunerationPolicy,on22.05.2019,approvedaLongtermincentiveschemewithdistribution of part of the Company’s net profits to Executive Members of the BoD and other Key Management PersonneloftheCompany.Theprogram’sdurationis3years,fortheperiod2020‐2022.Thetargetsrelate toa.theEBITDAoftheCompanyforthe3yearperiodb.thetotalshareholders’return(TSR). 3.21.Investmentproperty InthiscategorytheGroupclassifiespropertyheldforlong‐termrentalyieldswhichisnotoccupiedbythe Group companies. These investments are initially recognized at their cost, increased by the expenses related to the acquisition transaction. After the initial recognition they are valued at their cost less the accumulated depreciationandthepossibleaccumulatedlossesfromthereductionoftheirvalue.Expenses forthemaintenanceandrepairingoftheinvesteduponproperty,plantandequipment,arerecognizedin theIncomeStatement.Forthecalculationofdepreciation,theirusefullifehasbeendefinedequaltothat ofownedoccupiedproperty. 3.22.Dividendspayable Dividendsdeclaredtotheshareholdersarerecognizedasaliabilityintheperiodtheyareapprovedbythe GeneralAssemblyofshareholders. 3.23.Restatementofcomparativefinancialinform ation TheGroup’sandtheCompany’sfinancialinformationfortheyearended31.12.2020wererestateddueto followingreasons: a) achangeinaccountingpolicy‐IAS19Employeebenefitswhichwasappliedretrospectivelyand b) thefinalizationofthebusinessacquisitionofSTOIXIMANLTD. Changeinaccountingpolicy‐IAS19Employee Benefits The IFRS Interpretations Committee issued in May 2021 the final Decision on the agenda entitled “DistributionofbenefitsinperiodsofserviceinaccordancewithInternationalAccountingStandard (IAS) 19",whichincludesexplanatorymaterialregardingthewayofdistributionofbenefitsinperiodsofservice (i.e. the period over which such benefits accrue) for defined benefit plans that are similar to those that applytotheGroup’s employeesin Greece(i.e.thebenefitsdefinedinArticle8 ofGreekLaw3198/1955 regardingtheprovisionofcompensationduetoretirement). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 143 TheGroup,untiltheissuanceoftheIFRICDecision,appliedIAS19byaccruingthebenefitsdefinedbythe respectivelaw(L.2112/1920anditsamendmentL.4093/2012)overtheperiodfromthedateofrecruitment untilthecompletionof16yearsofserviceaccordingtothescaleprovidedbyL.4093/2012. However,undertheaforementionedDecisionthebenefitsneedtobeaccruedinthelast16yearsuntilthe dateofretirementofemployeesfollowingthescaleofL.4093/2012. ThischangeresultingfromtheapplicationoftheaboveDecisionhasbeentreatedasachangeinaccounting policy, applying the change retrospectively, from the beginning of the first comparative period, i.e. 01.01.2020to31.12.2020,inaccordancewithparagraphs19‐22ofIAS8,withtheimpactontherelevant periodspresentedinthetablesthatfollowingthisNote. FinalizationofacquisitionofSTOIXIMANLTD On 18.12.2018, OPAP INVESTMENT LTD, a wholly owned subsidiary of the Company, completed the acquisitionofa36.75%stakeinthemothercompanyofSTOIXIMANLTD,KAIZENGAMINGLIMITED. On 13.07.2020, OPAP INVESTMENT LTD acquired from KAIZEN GAMING LIMITED a 51% direct stake in STOIXIMANLTD. On18.11.2020,OPAPINVESTMENTLTDacquiredanadditional15.49%indirectstakein STOIXIMANLTD. Followingtheaboveacquisitionoftheadditional15.49%,OPAPINVESTMENTLTDeffectivelyholdsa84.49% combinedstake(direct&indirect)inSTOIXIMANLTD. TheacquisitiondateforfullconsolidationpurposesofthesubsidiarySTOIXIMANLTDwasdeterminedtobe the01.12.2020.InaccordancewiththeprovisionsofIFRS 3,Managementhadaperiodof12monthsfrom thedateofacquisitiontofinalizetherelevantacquisitionaccounting,whichamongothermatters,requires theacquiringentitytoperformanallocationofthepurchasepricetotheidentifiableassetsandliabilities oftheacquiredentity(the“PurchasePriceAllocation”). During2021, OPAPfinalizedthePurchasePriceAllocationassociatedwithitsacquisitionofSTOIXIMANLTD. The Purchase Price Allocation finalization lead to the identification of two previously unrecognized intangible assetsthatmet the relevant identification and recognition criteria, namely(i)theSTOIXIMAN brandnameand(ii)certaincustomerrelationshipsamountingto€ 175,390and€81,405,respectively,as wellasrecognitionofrespectivedeferredtaxliabilitiesof€89,878. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 144 Basedontheaforementionedadjustment,thegoodwillresultingfromtheacquisitionofSTOIXIMANLTD wasdecreasedby€141,035fromtheinitialprovisionalrecognitionandiscalculatedasfollows: Purchaseconsiderationforthe66.49%oftheshares 283,028 Add:Shareofprofitofassociateforthe51%ofthesharesfortheperiod 01.07.2020‐30.11.2020 7,300 Add:Fairvalueofpreviouslyheldequityinterest(36.75%) 192,803 Add:Non‐controllinginterests(15.51%) 29,036 Less:Netidentifiableassetsacquired (187,254) Goodwill 324,913 Theimpact ofthe finalisationof thePurchase PriceAllocationon theacquisition ofSTOIXIMANLTD was recognisedatthedateoftheacquisitionofSTOIXIMANLTD,therefore,resultinginarestatementtothe comparativefiguresfortheyearended31.12.2020. Thefollowingtablespresenttheeffectofthechange inaccountingpolicyforretirementbenefitsunderIAS 19 and the finalization of the Purchase Price Allocation for the acquisition of STOIXIMAN LTD on our StatementofFinancial Position asat 01.01.2020and asat 31.12.2020and for theyearthenended. The tablesdonotincludetheitemsnon‐ affectedbytheabovechanges: StatementofFinancialpositionextract01.01.2020 GROUP StatementofFinancialPosition(extract) Published 31.12.2019 Effectofchangein accountingpolicy underIAS19 Restated 01.01.2020 ASSETS Investmentsinassociates 54,158 381 54,539 Deferredtaxassets 19,894 (32) 19,862 TotalAssets 2,237,131 349 2,237,480 EQUITY&LIABILITIES Retainedearnings 615,982 2,091 618,074 Non‐controllinginterests 18,104 47 18,151 Totalequity 771,892 2,138 774,030 Deferredtaxliability 23,528 523 24,051 Employeebenefitplans 2,989 (2,312) 676 Totalliabilities 1,465,239 (1,789) 1,463,450 TotalEquity&Liabilities 2,237,131 349 2,237,480 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 145 COMPANY StatementofFinancialPosition(extract) Published 31.12.2019 Effectofchangein accountingpolicy underIAS19 Restated 01.01.2020 ASSETS TotalAssets 2,013,966 ‐ 2,013,966 EQUITY&LIABILITIES Retainedearnings 620,030 1,524 621,554 Totalequity 756,579 1,524 758,103 Deferredtaxliability 21,015 481 21,497 Employeebenefitplans 2,570 (2,005) 565 Totalliabilities 1,257,387 (1,524) 1,255,863 TotalEquity&Liabilities 2,013,966 ‐ 2,013,966 StatementofFinancialpositionextract31.12.2020 GROUP StatementofFinancialPosition (extract) Published 31.12.2020 Effectofchangein accountingpolicy underIAS19 STOIXIMAN PPA Restated 31.12.2020 ASSETS Intangibleassets 980,228 ‐ 255,826 1,236,054 Goodwill 483,846 ‐ (141,035) 342,811 Investmentsinassociates 8,079 520 ‐ 8,599 Deferredtaxassets 35,467 (30) ‐ 35,436 TotalAssets 2,320,206 490 114,791 2,435,488 EQUITY&LIABILITIES Retainedearnings 399,520 2,510 (532) 401,498 Non‐controllinginterests 15,281 61 25,785 41,126 Totalequity 754,886 2,571 25,252 782,710 Deferredtaxliability 26,642 617 89,539 116,799 Employeebenefitplans 4,685 (2,699) ‐ 1,986 Totalliabilities 1,565,320 (2,081) 89,539 1,652,778 TotalEquity&Liabilities 2,320,206 490 114,791 2,435,488 COMPANY StatementofFinancialPosition(extract) Published 31.12.2020 Effectofchangein accountingpolicy underIAS19 Restated 31.12.2020 ASSETS TotalAssets 1,821,596 ‐ 1,821,596 EQUITY&LIABILITIES Retainedearnings 299,436 1,778 301,214 Totalequity 638,267 1,778 640,045 Deferredtaxliability 24,833 561 25,394 Employeebenefitplans 4,194 (2,339) 1,855 Totalliabilities 1,183,328 (1,778) 1,181,550 TotalEquity&Liabilities 1,821,596 ‐ 1,821,596 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 146 IncomeStatement&StatementofComprehensiveIncomeextract01.01‐31.12.2020 GROUP IncomeStatement (extract) Published 01.01‐31.12.2020 Effectofchangein accountingpolicy underIAS19 STOIXIMAN PPA Restated 01.01‐31.12.2020 Shareofprofitofassociates 18,156 140 ‐ 18,296 Payrollexpenses (78,643) 262 ‐ (78,381) Depreciation,amortization andimpairment (152,551) ‐ (969) (153,520) Financecosts (43,766) 27 ‐ (43,740) Profitbeforeincometax 216,948 428 (969) 216,407 Incometaxexpense (17,570) (69) 339 (17,300) Profitfortheperiod 199,378 359 (630) 199,107 Profitisattributableto: OwnersoftheCompany 205,346 353 (532) 205,167 Non‐controllinginterests (5,968) 6 (98) (6,059) Profitaftertax 199,378 359 (630) 199,107 GROUP Statementof ComprehensiveIncome (extract) Published 01.01‐31.12.2020 Effectofchangein accountingpolicy underIAS19 STOIXIMAN PPA Restated 01.01‐31.12.2020 Profitfortheyear 199,378 359 (630) 199,107 Actuarialgains/(losses) (112) 98 ‐ (14) Relatedtax 27 (24) ‐ 3 Totalitemsthatwillnot bereclassifiedtoprofitor loss (85) 74 ‐ (11) Othercomprehensiveloss fortheperiod,netoftax (260) 74 ‐ (186) Totalcomprehensive incomefortheperiod 199,118 433 (630) 198,921 Totalcomprehensive incomeisattributableto: OwnersoftheCompany 205,095 419 (532) 204,982 Non‐controllinginterests (5,977) 14 (98) (6,061) Totalcomprehensive income,netoftax 199,118 433 (630) 198,921 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 147 COMPANY IncomeStatement(extract) Published 01.01‐31.12.2020 Effectofchangein accountingpolicy underIAS19 Restated 01.01‐31.12.2020 Payrollexpenses (64,676) 245 (64,431) Financecosts (39,983) 23 (39,959) Profitbeforeincometax 129,384 268 129,652 Incometaxexpense (28,218) (64) (28,282) Profitfortheperiod 101,166 204 101,370 Profitisattributableto: OwnersoftheCompany 101,166 204 101,370 Profitaftertax 101,166 204 101,370 COMPANY StatementofComprehensive Income(extract) Published 01.01‐31.12.2020 Effectofchangein accountingpolicy underIAS19 Restated 01.01‐31.12.2020 Profitfortheyear 101,166 204 101,370 Actuarialgains/(losses) (76) 66 (11) Relatedtax 18 (16) 3 Totalitemsthatwillnotbe reclassifiedtoprofitorloss (58) 50 (8) Othercomprehensivelossforthe period,netoftax (229) 50 (179) Totalcomprehensiveincomeforthe period 100,938 254 101,192 Totalcomprehensiveincomeis attributableto: OwnersoftheCompany 100,938 254 101,192 Totalcomprehensiveincome,netof tax 100,938 254 101,192 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 148 4.StructureoftheGroup ThestructureofOPAPGroupasof31.12.2021isthefollowing: Company’sName %of investment Countryof Incorporation Consolidation Method PrincipalActivities OPAPS.A. Parent company Greece Numericallottery gamesandsports betting HELLENICLOTTERIESS.A. 83.50% Greece Fullconsolidation Lotteries OPAPCYPRUSLTD 100% Cyprus Fullconsolidation Numericallottery games OPAPSPORTSLTD 100% Cyprus Fullconsolidation Sportsbetting company OPAPINTERNATIONALLTD 100% Cyprus Fullconsolidation Holdingcompany OPAPINVESTMENTLTD 100% Cyprus Fullconsolidation Holdingcompany TORADIRECTSINGLEMEMBER S.A. 100% Greece Fullconsolidation Servicesfor electronic transactions‐Mobile Top‐ups‐Utilityand BillPayments HORSERACESSINGLEMEMBER S.A. 100% Greece Fullconsolidation MutualBettingon HorseRaces TORAWALLETSINGLEMEMBER S.A. 100% Greece Fullconsolidation eMoneyInstitution NEUROSOFTS.A. 67.72% Greece Fullconsolidation Software STOIXIMANLTD(former STOIXIMANbusiness(Greekand Cypriotoperations)) 84.49% Malta Fullconsolidation Bettingcompany KAIZENGAMINGLIMITED 36.75% Malta Equitymethod Holdingcompany The country of incorporation indicated above is also the principal place of business of the respective company(withtheexceptionofSTOIXIMANLTDwhichoperatesinGreeceandCyprus),andtheproportion ofownershipinterestisthesameastheproportionofvotingrightsheld(withtheexceptionofSTOIXIMAN LTD inwhichtheGroupholdsa84.49%economicinterestandcontrolsthe85.18%ofvotingrights). TherewasnochangetotheGroup’sstructurecomparedto31.12.2020. InDecember2020,theBoardofDirectorsofNEUROSOFTS.A.approvedthespin‐offofaspecificsectorof NEUROSOFTS.A.operationswith theintention tocreate a newlegal entityforthe spinoff.The spin‐off procedurewascompletedon14.06.2021andthenewentity“TENSORFINSINGLEMEMBERS.A.”,a100% subsidiaryofNEUROSOFTS.A.wascreated. On11.10.2021,theShareholders’GeneralMeetingofNEUROSOFTS.A.approvedthesaleof100%of the outstandingsharesofTENSORFINSINGLEMEMBERS.A.andDAEDALUSTECHNOLOGIESFZEforapurchase OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 149 priceof€802resultinginagainof€395,whichisincludedin“Otheroperatingincome”lineitemwithin theIncomeStatement.ThesaleandthegainwerenotmaterialfortheGroup. The annual financial statements of companies included in the consolidation are prepared at the same reporting dateastheannualfinancialstatementsoftheCompany. 5.Operatingsegments ThefollowinginformationreferstobusinesssegmentsthattheManagementoftheGrouphasdecidedto monitor separately for decision making purposes. The business segments are defined based on the concessionagreementsheldbytheGroupentitiesandtheotherbusinessactivitiesoftheGroup. Thefirst6businesssegments(Lotteries, Betting(landbased),Onlinebetting,Otheronlinegames,Instant & Passives and VLTs) relate to the gaming activity of the Company and the other Group entities which operateinthegamingsector.FurtherrelevantdetailsaregiveninNote3.4. In“Telecommunication&eMoneyservices”,thebusinessactivitiesofTORA WALLETSINGLEMEMBERS.A. andTORADIRECTSINGLEMEMBERS.A.areincluded(refertoNote3.4). The segment named “Other”, includes the non‐gaming activities of OPAP S.A., the business activities of NEUROSOFTS.A.andtheholdingcompaniesoftheGroup.Specifically,thenon‐gamingactivitiesofOPAP S.A.refersto thesalesofPLAYGamingHallstothirdparties,theconfiguration ofthenetworkfortheVLTs installationandtheprovisionofothersupportingservicestothenetwork.Finally,thebusinessactivityof NEUROSOFTS.A.referstotheprovisionofITservicesandothertechnologicalproducts. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 150 TheGroup’soperatingsegmentsforthecurrentperiodarepresentedbelow: 01.01‐31.12.2021 Lotteries Betting (landbased) Online Betting Otheronline games Instant& Passives VLTs Telecommunication &eMoneyservices Other Total Revenue(GGR) 549,171 283,002 238,369 184,827 88,833 194,641 ‐ ‐ 1,538,843 GGRcontributionandotherlevies andduties (155,157) (83,411) (83,479) (64,547) (50,000) (58,392) ‐ ‐ (494,986) Netgamingrevenue(NGR) 394,014 199,591 154,890 120,280 38,833 136,249 ‐ ‐ 1,043,857 Agents'commission (134,572) (72,717) ‐ ‐ (24,069) (45,528) ‐ (977) (277,862) Otherdirectcosts (11,371) (12,151) (47,458) (51,658) (5,996) (31,523) ‐ ‐ (160,157) Otheroperatingincome 4,571 4,130 90 75 2,209 84,357 28,302 123,735 Otheroperatingincomerelatedto theextensionoftheconcessionof theexclusiveright2020‐2030 138,988 78,385 ‐ ‐ ‐ ‐ ‐ ‐ 217,373 Otheroperatingcost ‐ ‐ ‐ ‐ ‐ ‐ (72,048) (2,367) (74,415) Shareofprofitofassociates ‐ ‐ (265) (178) ‐ ‐ ‐ ‐ (443) 391,631 197,238 107,257 68,444 8,844 61,407 12,309 24,958 872,087 Operatingexpenses (95,308) (53,393) (54,924) (41,950) (9,496) (34,173) (11,634) (20,915) (321,791) Depreciation,amortizationand impairment (41,420) (25,444) (7,699) (6,017) (21,037) (41,432) (1,174) (5,244) (149,467) Resultsfromoperatingactivities 254,902 118,401 44,634 20,477 (21,689) (14,198) (498) (1,201) 400,829 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 151 TheGroup’soperatingsegmentsforthecomparativeperiodarepresentedbelow: 01.01‐31.12.2020 Restated Lotteries Betting (landbased) Online Betting Otheronline games Instant& Passives VLTs Telecommunication &eMoneyservices Other Total Revenue(GGR) 518,607 268,328 42,033 23,944 76,349 200,522 ‐ ‐ 1,129,783 GGRcontributionandotherlevies andduties (167,159) (90,348) (15,841) (8,970) (50,043) (60,157) ‐ ‐ (392,518) Netgamingrevenue(NGR) 351,447 177,980 26,193 14,974 26,306 140,365 ‐ ‐ 737,265 Agents'commission (120,526) (64,014) (1,094) (320) (21,549) (48,365) ‐ ‐ (255,869) Otherdirectcosts (6,688) (12,506) (8,639) (5,265) (5,185) (32,259) ‐ ‐ (70,542) Otheroperatingincome 5,989 4,854 141 44 788 2,308 84,600 25,086 123,811 Otheroperatingincomerelatedto theextensionoftheconcessionof theexclusiveright2020‐2030 24,875 17,590 ‐ ‐ ‐ ‐ ‐ ‐ 42,465 Otheroperatingcost ‐ ‐ ‐ ‐ ‐ ‐ (74,407) (3,202) (77,610) Shareofprofitofassociates ‐ ‐ 11,638 6,658 ‐ ‐ ‐ ‐ 18,296 255,097 123,904 28,239 16,090 360 62,050 10,193 21,884 517,816 Operatingexpenses (95,156) (55,497) (8,162) (4,631) (24,797) (37,239) (10,251) (21,369) (257,101) Gainfromremeasurementof previouslyheldequityinterest ‐ ‐ 107,021 35,644 ‐ ‐ ‐ ‐ 142,666 Depreciation,amortizationand impairment (28,661) (39,017) (1,415) (841) (16,708) (42,950) (7,129) (16,797) (153,520) Resultsfromoperatingactivities 131,279 29,390 125,683 46,263 (41,145) (18,139) (7,187) (16,282) 249,861 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 152 The consolidated figures between the two periods presented are not fully comparable mainly for the followingreasons: The contribution of STOIXIMAN LTD which is fully consolidated in OPAP Group since 01.12.2020. Differentiationoftheperiodoftimeinwhichtheretailnetworkremainedinactivedueto thecoronavirus(COVID ‐19)pandemic. GeographicalSegments The Group operates in two geographical locations, Greece and Cyprus. Greece is the country of incorporation of the Company and of the subsidiaries HELLENIC LOTTERIES S.A., HORSE RACES SINGLE MEMBERS.A.,TORADIRECTSINGLEMEMBERS.A.,TORAWALLETSINGLEMEMBERS.A.andNEUROSOFT S.A..STOIXIMANLTDalsooperatesinGreeceand CyprusandisincorporatedinMalta. Fortheyearendedon31December2021 Greece Cyprus Total Revenue(GGR)andOtheroperatingincome 1,559,917 102,661 1,662,578 Netgamingrevenue(NGR) 964,322 79,535 1,043,857 Fortheyearendedon31December2020 Greece Cyprus Total Revenue(GGR)andOtheroperatingincome 1,171,055 82,538 1,253,593 Netgamingrevenue(NGR) 671,638 65,627 737,265 Greece Cyprus Total SegmentAssets 31December2021 2,616,861 85,636 2,702,497 31December2020(Restated) 2,319,552 115,935 2,435,488 SegmentLiabilities 31December2021 1,610,067 143,058 1,753,125 31December2020(Restated) 1,499,005 153,773 1,652,778 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 153 6. Intangibleassets Intangibleassetscompriseofsoftware,concessionrightsandlicensesandcustomerrelationshipsandare analyzedasfollows: GROUP Software Rightsof games Development costs Brand Customer relationships Other Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 51,536 1,003,095 4,421 ‐ 6,611 70 1,065,733 Additions 9,724 ‐ 287 ‐ ‐ ‐ 10,011 Acquisitionsthroughbusiness combinations(Note3.23) 1 ‐ ‐ 175,390 81,405 ‐ 256,796 Disposals (34) ‐ ‐ ‐ ‐ ‐ (34) Transfers 24 ‐ ‐ ‐ ‐ (24) ‐ Amortizationcharge (16,869) (67,205) (1,130) ‐ (1,523) ‐ (86,728) Disposalsamortization 3 ‐ ‐ ‐ ‐ ‐ 3 Impairment (3,735) (4,855) (1,138) ‐ ‐ ‐ (9,727) Netbookamount (31December2020)(Restated) 40,650 931,035 2,440 175,390 86,493 45 1,236,054 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 40,650 931,035 2,440 175,390 86,493 45 1,236,054 Additions 10,156 10,000 222 ‐ ‐ ‐ 20,377 Disposals - ‐ (811) ‐ ‐ ‐ (811) Transfers (27) ‐ 27 ‐ ‐ ‐ ‐ Amortizationcharge (16,754) (88,250) (915) ‐ (12,183) ‐ (118,102) Disposalsamortization ‐ ‐ 327 ‐ ‐ ‐ 327 Impairment (139) (4,315) (96) ‐ ‐ ‐ (4,550) Netbookamount (31December2021) 33,887 848,470 1,193 175,390 74,310 45 1,133,295 GROUP Software Rightsof games Development costs Brand Customer relationships Other Total 31.12.2020 Acquisitioncost 199,247 1,531,517 7,198 175,390 90,200 45 2,003,598 Accumulatedamortization (158,596) (600,482) (4,758) ‐ (3,707) ‐ (767,544) Netbookvalue31.12.2020 40,650 931,035 2,440 175,390 86,493 45 1,236,054 31.12.2021 Acquisitioncost 209,237 1,537,202 6,539 175,390 90,200 45 2,018,614 Accumulatedamortization (175,350) (688,732) (5,346) ‐ (15,890) ‐ (885,319) Netbookvalue31.12.2021 33,887 848,470 1,193 175,390 74,310 45 1,133,295 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 154 COMPANY Software Rightsof games Other Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 44,948 888,072 70 933,089 Additions 6,782 ‐ ‐ 6,782 Transfers 24 ‐ (24) ‐ Amortizationcharge (15,526) (50,036) ‐ (65,563) Netbookamount (31December2020) 36,228 838,036 45 874,308 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 36,228 838,036 45 874,308 Additions 9,720 5,000 ‐ 14,720 Amortizationcharge (15,537) (71,549) ‐ (87,086) Netbookamount (31December2021) 30,410 771,487 45 801,942 COMPANY Software Rightsof games Other Total 31.12.2020 Acquisitioncost 190,089 1,382,783 45 1,572,917 Accumulatedamortization (153,861) (544,747) ‐ (698,608) Netbookvalue31.12.2020 36,228 838,036 45 874,308 31.12.2021 Acquisitioncost 199,809 1,387,783 45 1,587,637 Accumulatedamortization (169,399) (616,295) ‐ (785,694) Netbookvalue31.12.2021 30,410 771,487 45 801,942 TheGroup’s“Software”additionswithinthecurrentyearmainlyinclude: Software, licenses and upgrading of several applications, websites, platforms, virtualization software,digitalsignageequipment,etc.of€4,148, Softwareupgradingrelatingtobettingplatformof€1,808, LicensesanddevelopmentofSAPsoftwareof€1,190 SoftwarerelatingtoVLTsof€1, 094, LicensesrelatingtoVLTsof€620, Capitalizationofpayrollcostsof€222ofTORAWALLETSINGLEMEMBERS.A.forthedevelopment andproductionofsoftwareforownuse. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 155 TheGroup’s“RightofGames”additionswithinthecurrentperiodinclude: TheType1andType2LicensesofOPAPS.A.fortheope rationofOnlineBettingandOtherOnline GamesinGreeceof€5,000,and TheType1andType2LicensesofSTOIXIMANLTDfortheoperationofOnlineBettingandOther OnlineGamesinGreeceof€5,000, Theimpairmentof“Rightsofgames”of€4,315referstothe12‐yearlicensetoproduce,operate,distribute, promoteandmanageallStateLotteriesofHELLENICLOTTERIESS.A..Followingtheoperationalchallenges broughtonbycoronavirus(COVID‐19)pandemic,therewereindicationsthattheH ELLENICLOTTERIESS.A. licensecarryingvalueexceedsitsrecoverableamountand,consequently,Managementconsideredthatan impairmenttestshouldbeconducted. The recoverable amount is determined based on value in use method which required the use of assumptionsandestimates.Thevalueinuseiscalculatedbasedontheprojectedcashflowscoveringthe concessi on agreement period (until April 2026). Subjective estimates and judgements by management aboutthefutureresultsofHELLENICLOTTERIESS.A.(CGU)wereincludedintheabovecalculation.These estimates and judgements include assumptions surrounding revenue growth rates, direct costs and discountrates. ThekeyassumptionsusedforthecalculationoftheValueinUsewerethefollowing: Compoundedannualrevenu egrowthrate(CAGR)onNGR:2.5% EBITDΑmargin(onNGR):20.2%‐25.3% discountrate(WACC):10.37% Basedontheaforementionedimpairmenttest,therecoverableamountwascalculatedat€64, 296,while thecarryingamountofthelicensebefore impairmentwas€68,611.Consequently,theGrouprecognized animpairmentof€4,315. If the discount rate used in the value‐in‐use calculation had been 0.25% lower than management’s estimates as at 31.12.2021,the Group would have to recognize an impairment of € 4 ,002 (instead of € 4,315).Ifthediscountrateusedinthevalue‐in‐usecalculationhadbeen0.25%higherthanmanagement’s estimatesasat31.12.2021, theGroupwouldhavetorecognize andimpairmentof€ 4,625(insteadof€ 4,315). Additionally,the Groupperformedimpairment testingproceduresonallother“RightofGames ”, which didn’tresultinanimpairment. TheintangibleassetsoftheGroupandtheCompanyhavenotbeenpledged. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 156 7. Property,plantandequipment TheProperty,planandequipmentisanalyzedasfollows: GROUP Land Buildings Machinery Vehicles Equipment Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 8,496 13,242 44,985 172 31,414 98,308 Additions ‐ 155 70 81 8,562 8,868 Disposals ‐ ‐ ‐ (17) (357) (374) Depreciationcharge ‐ (1,651) (7,192) (43) (12,202) (21,088) Disposalsdepreciation ‐ ‐ ‐ 14 355 369 Impairment ‐ ‐ (460) ‐ ‐ (460) Netbookamount (31December2020) 8,496 11,746 37,403 207 27,772 85,623 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 8,496 11,746 37,403 207 27,772 85,623 Additions ‐ 225 1 ‐ 3,603 3,828 Disposals ‐ - (36) (124) (297) (456) Depreciationcharge ‐ (1,598) (7,093) (42) (10,334) (19,067) Disposalsdepreciation ‐ ‐ 34 124 297 455 Netbookamount (31December2021) 8,496 10,373 30,309 165 21,041 70,383 GROUP Land Buildings Machinery Vehicles Equipment Total 31.12.2020 Acquisitioncost 8,496 34,193 120,826 2,466 119,794 285,774 Accumulateddepreciation ‐ (22,446) (83,422) (2,259) (92,023) (200,151) Netbookvalue31.12.2020 8,496 11,746 37,403 207 27,772 85,623 31.12.2021 Acquisitioncost 8,496 34,417 120,790 2,342 123,100 289,146 Accumulateddepreciation ‐ (24,044) (90,482) (2,177) (102,060) (218,762) Netbookvalue31.12.2021 8,496 10,373 30,309 165 21,041 70,383 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112 AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 157 COMPANY Land Buildings Machinery Vehicles Equipment Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 8,496 12,126 44,389 87 30,040 95,138 Additions ‐ 143 21 81 7,975 8,221 Disposals ‐ ‐ ‐ (15) (82) (97) Depreciationcharge ‐ (1,509) (6,965) (26) (11,581) (20,082) Disposalsdepreciation ‐ ‐ ‐ 12 82 94 Impairment ‐ ‐ (460) ‐ ‐ (460) Netbookamount (31December2020) 8,496 10,760 36,985 139 26,434 82,813 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 8,496 10,760 36,985 139 26,434 82,813 Additions ‐ 225 ‐ ‐ 3,132 3,357 Disposals ‐ - (124) (153) (277) Depreciationcharge ‐ (1,462) (6,915) (25) (9,668) (18,069) Disposalsdepreciation ‐ ‐ ‐ 124 153 277 Netbookamount (31December2021) 8,496 9,523 30,070 114 19,898 68,101 COMPANY Land Buildings Machinery Vehicles Equipment Total 31.12.2020 Acquisitioncost 8,496 32,589 119,576 2,341 106,748 269,749 Accumulateddepreciation ‐ (21,828) (82,592) (2,202) (80,314) (186,935) Netbookvalue31.12.2020 8,496 10,761 36,985 139 26,433 82,813 31.12.2021 Acquisitioncost 8,496 32,813 119,576 2,217 109,727 272,829 Accumulateddepreciation ‐ (23,290) (89,506) (2,103) (89,829) (204,728) Netbookvalue31.12.2021 8,496 9,524 30,070 114 19,898 68,101 TheGroup“Equipment”additionswithinthecurrentyearinclude,amongothers: equipmentforserversand relatedequipmentof€1,569, hardware(laptop&desktop)of€820, equipmentforVLTsandPLAYGamingHallsaswellasfurnitureof€254, equipmentforOpapStoresofCyprusof€159. Property,plant&equipmen tof theGroupandtheCompanyhavenotbeenpledged. - OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 158 8. Right‐of‐UseassetsandLeaseliabilities TheRight‐of‐useassetsareanalyzedasfollows: GROUP Buildings Vehicles Equipment Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 61,611 2,418 7 64,036 Additions 1,592 1,166 975 3,732 Terminationofleases (2,549) (43) ‐ (2,591) Othermovements (380) (13) ‐ (393) Depreciationcharge (7,244) (1,137) (393) (8,775) Impairment (14,145) ‐ ‐ (14,145) Netbookamount (31December2020) 38,885 2,391 588 41,864 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 38,885 2,391 588 41,864 Additions 1,310 712 ‐ 2,023 Terminationofleases (969) (109) ‐ (1,078) Othermovements (19) (20) (10) (48) Depreciationcharge (6,133) (1,077) (328) (7,539) Netbookamount (31December2021) 33,075 1,897 250 35,222 GROUP Buildings Vehicles Equipment Total 31.12.2020 Acquisitioncost 53,083 4,649 984 58,716 Accumulateddepreciation (14,198) (2,259) (396) (16,852) Netbookvalue31.12.2020 38,885 2,391 588 41,864 31.12.2021 Acquisitioncost 53,406 5,233 974 59,613 Accumulateddepreciation (20,331) (3,336) (724) (24,391) Netbookvalue31.12.2021 33,075 1,897 250 35,222 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 159 COMPANY Buildings Vehicles Total Yearthatendedon31December2020 Openingnetbookamount (1January2020) 30,806 1,822 32,627 Additions 1,698 877 2,575 Terminationofleases (2,458) (11) (2,470) Othermovements (422) ‐ (422) Depreciationcharge (5,305) (850) (6,155) Netbookamount (31December2020) 24,318 1,838 26,155 Yearthatendedon31December2021 Openingnetbookamount (1January2021) 24,318 1,838 26,155 Additions 1,050 533 1,583 Terminationofleases (949) (17) (966) Othermovements (41) (21) (62) Depreciationcharge (4,872) (837) (5,709) Netbookamount (31December2021) 19,507 1,496 21,002 COMPANY Buildings Vehicles Total 31.12.2020 Acquisitioncost 34,394 3,514 37,908 Accumulateddepreciation (10,076) (1,677) (11,753) Netbookvalue31.12.2020 24,318 1,838 26,155 31.12.2021 Acquisitioncost 34,454 4,009 38,464 Accumulateddepreciation (14,947) (2,514) (17,461) Netbookvalue31.12.2021 19,507 1,496 21,002 Theright‐of‐useof“Buildings”oftheGroupmainlyrefersprimarilytoMarkopouloPark,withaNetBook Value(“NBV”)of€12,914asat31.12.2021(31.12.2020:€13,804)andPLAYGamingHallswithatotalNBV of€18,673asat31.12.2021(31.12.2020:€22,703). The“terminationofleases”includedinthecategory“B uildings”mainlyrelatestotheearlyterminationof contractsforPLAYGamingHalls. The Group’s impairment of “Buildings” within the comparative year 2020 related to the HORSE RACES SINGLEMEMBERS.A.licence valuationunder whichthecarryingvalueexceeded itsrecoverableamount andconsequentlyatotalimpairmentof€19,0 00wasconcluded.Oftheaforementionedamountimpaired, theamountof€4,855wasallocatedtotheIntangibleassetandtheamountof€14,145totherelevant RightofUseasset. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 160 TheconsolidatedandseparateStatementofFinancialPositionincludesthefollowingamountsrelatedto leaseliabilities: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Non‐currentleaseliabilities 43,507 50,112 16,989 22,011 Currentleaseliabilities 7,500 7,631 5,365 5,068 Total 51,007 57,743 22,354 27,079 DuetotheGr eekandCypriotgovernments’decisions,theOPAP’sretailnetworkinGreeceremainedclosed sincethebeginningoftheyear2021upuntil12.04.2021,whentheOPAPstoresresumedoperationsand streetvendorsrestartedthedistributionofHELLENICLOTTERIESS.A.products(Scratch&Passivelotteries) asofthesamedate.TheOPAPretailnetworkinCyprusremainedclosedfor41da ys,from10.01.2021to 07.02.2021and from26.04.2021to09.05.2021.Moreover,on24.05.2021theVLTs operationsrestarted whilethehorseracingfacilityinMarkopouloParkreopenedon17.05.2021. AccordingtoLegislativeAct20.03.2020/2020oftheGreekGovernment,enterpriseswhoseoperationhas been mandatorily suspend ed or temporarily interrupted based on special and extraordinary measures takenforprecautionaryorrepressivepurposesinrelationtothecoronavirus(COVID‐19)spread,shallbe exemptedfrompaying100%ofthetotalamountofrentdueforthemonthsfromJanuaryuntilJuly2021 forthecommercialpremisesthattheylease. Consequently, only lease contracts of immovable assets intended exclusively to be used for business purposes wer e included in the application of the practical expedient provided by the IASB (Markopoulo Park,PLAYGamingHalls,offices). TheeffectoftheabovediscountprovidedtolesseesbytheGreekStateaswellasdiscountsoffer edbased on specific lease contracts have been accounted for as negative variable lease payments that are not dependenton anindex ora rateand notasaleasemodification.The totaleffect forthe Groupand the Companywhichamountedto€4,000and€3,0 74,respectively,hasbeenclassifiedunder“OtherOperating Income”inthe2021IncomeStatement(refertoNote33). LeasesexcludedfromIFRS16thatgotclassifiedunder“Otheroperatingexpenses”intheIncomeStatement (refertoNote38)areasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 Expenserelatingtoshort‐termleases 20 109 ‐ 63 Expenserelatingtovariablelease payments 528 962 315 499 Total 548 1,070 315 561 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 161 Totalcapitalandinterestpaymentsofleaseliabilitiesintheyearended31.12.2021regardingcapitaland interest,amountsto€5,935(2020:€8,068)fortheGroupand€3,354(2020:€5,476)fortheCompany. IncomefromsubleaseswhichreferstothesubleaseofPLAYGamingHallsisincluded in“Otheroperating income”inthe2021SeparateandConsolidatedIncomeStatementandamountsto€2,186(2020:€3,191). 9.Investmentproperties The Group’s and Company’s investment properties in accordance withIAS 40, Investment property is shownbelow: GROUP COMPANY 2021 2020 2021 2020 Balance1January 1,606 1,703 1,606 1,703 Additions 11 ‐ 11 ‐ Depreciationfortheperiod (97) (97) (97) (97) Balance31December 1,521 1,606 1,521 1,606 The income received from leasing these investment properties amounts to € 281 for the year ended 31.12.2021(2020:€272). Theusefullifeofthebuildingsisestimatedat20yearsandthestraight‐linemethodofdepreciationisused. AccordingtotheCompany’sestimates,thefairvalueoftheproperties arenotsignificantlydifferentfrom theircarryingvalue. InvestmentpropertyoftheGroupandtheCompanyhasnotbeenpledged. 10.Goodwill Goodwillacquiredthroughbusinesscombinationsisanalyzedasfollows: GROUP 31.12.2021 31.12.2020 Restated OPAPSPORTSLTD 8,435 8,435 TORADIRECTSINGLEMEMBERS.A. 4,249 4,249 NEUROSOFTS.A. 5,092 5,215 STOIXIMANLTD 324,913 324,913 Total 342,688 342,811 FinalizationoftheacquisitionofSTOIXIMANLTD On 18.12.2018, OPAP INVESTMENT LTD, a wholly owned subsidiary of the Company, completed the acquisitionofa36.75%stakeinthemothercompanyofSTOIXIMANLTD,KAIZENGAMINGLIMITED. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 162 On 13.07.2020, OPAP INVESTMENT LTD acquired from KAIZEN GAMING LIMITED a 51% direct stake in STOIXIMANLTD. On18.11.2020,OPAPINVESTMENTLTDacquiredanadditional15.49%indirectstakeinSTOIXIMANLTD. Followingtheaboveacquisitionoftheadditional15.49%,OPAPINVESTMENTLTDeffectivelyholdsa84.49% combinedstake(direct&indirect) inSTOIXIMANLTD. TheacquisitiondateforfullconsolidationpurposesofthesubsidiarySTOIXIMANLTDwasdeterminedtobe the01.12.2020. Detailsofthepurchaseconsideration,thenetassetsacquiredandgoodwillareasfollows: Purchaseconsideration Thefollowingtablepresentstheestimateoftheconsiderationtransferredforthetotal 66.49%(51%and 15.49%)acquiredin2020attheacquisitiondate(01.12.2020): Purchaseconsiderationforthe66.49%oftheshares Cashpaid 154,735 Outstandingpremium 14,615 Contingentconsideration 113,679 Totalpurchaseconsideration 283,028 Basedontheagreement,thecontingentconsiderationpaymentwasbasedontargetEBITDAamountsthat STOIXIMANLTDshouldachievefortheyears2020and2021.Therewasapaymentof€18,059madeon 29.06.2021andanadditionalpaymentwillbemadeuntil30.06.2022. Following the finalization of 2020 results of STOIXIMAN LTD and an updated calculation of the EBITDA amountof2021,theGrouphasrecognizedanexpenseof€2,175asanadditionalconsiderationforhigher than initiallyestimatedEBITDAamounts (€ 97 for 2020 and €2,078for 2021). This expense is classified under“Otheroperatingexpenses”in the2021IncomeStatement(refertoNote38). Assetsandliabilitiesatacquisition ThefinalisationofthePurchasePriceAllocationinaccordancewithIFRS3“BusinessCombinations”took place within the last quarter of 2021. The provisional and the final fair values of the identifiable assets acquiredandliabilitiesassumed inDecember2020areasfollows: OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 163 NetBookValue 30.11.2020 Adjustments FairValue 30.11.2020 Intangibleassets 1 256,795 256,796 Tradereceivables 1,008 ‐ 1,008 Othercurrentassets 1,970 ‐ 1,970 Cashandcashequivalents 64,562 ‐ 64,562 Deferredtaxliability ‐ (89,878) (89,878) Tradepayables (17,668) ‐ (17,668) Currentincometaxliabilities (10,339) ‐ (10,339) Othercurrentliabilities (19,198) ‐ (19,198) Netidentifiableassetsacquired 20,338 166,917 187,254 Goodwill ThegoodwillarisingontheSTOIXIMANLTDstepacquisitionisnotdeductiblefortaxpurposesandhasbeen finallyrecognizedasfollows: Purchaseconsiderationforthe66.49%oftheshares 283,028 Add:Shareofprofitofassociateforthe51%ofthesharesfortheperiod 01.07.2020‐30.11.2020 7,300 Add:Fairvalueofpreviouslyheldequityinterest(36.75%) 192,803 Add:Non‐controllinginterests(15.51%) 29,036 Less:Netidentifiableassetsacquired (187,254) Goodwill 324,913 ThecarryingamountofthepreviouslyheldequityinterestinKAIZENGAMINGLIMITED,acquiredin2018, forthepartthatrelatedtoSTOIXIMANLTDon30.11.2020was€50,137,whilethefairvalueofthisinterest was determined at € 192,803.According to IFRS 3 “Business Combinations”, the gain resulted from the remeasurementtothefairvalueofthepreviouslyheldequityinterestwas€142,666andwasincludedin “Gainfromremeasurementofpreviouslyheldequityinterest”inthe2020IncomeStatement. In accordance with IFRS 3 “Business Combinations”, during the measurement period, the acquirer shall retrospectivelyadjusttheprovisional amountsrecognizedat theacquisitiondate,inordertoreflectnew information obtained about facts and circumstances that existed at the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. Therefore, the adjustments of the above funds have retrospectively applied to the consolidated Financial Statements (refertoNote3.23). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 164 Impairmenttesting Goodwill is subject to impairment testing from Management at each reporting date. For this purpose, Managementusesexternalindependentvaluators. TherecoverableamountoftheGroup’scompaniesOPAPSPORTSLTD,TORADIRECTSINGLEMEMBERS.A., NEUROSOFTS.A.andSTOIXIMANLTD,wasdeterminedusingthevalueinusemethodwhich requiresthe useofassumptions.Thevalueinusemethodwasdeterminedbasedontheprojectedcashflowsderived from the five yearbusiness planapprovedbyManagement.Cashflowsbeyondthefive year period are extrapolatedusingtheestimatedperpetuitygrowthratesstatedbelow. Thekeyassumptionsusedin determiningthevalueinusewereasfollows: OPAPSPORTSLTD 31.12.2021 31.12.2020 WACC 9.88% 9.16% CompoundedAnnualGrowthRate(CAGR) onNGRforthenext5years 4.50% 6.00% Perpetuitygrowthrate 2.00% 2.00% TORADIRECTSINGLEMEMBERS.A. 31.12.2021 31.12.2020 WACC 9.21% 9.50% CompoundedAnnualGrowthRate(CAGR) onrevenuesforthenext5years ‐0.20% 5.00% Perpetuitygrowthrate 2.00% 2.00% NEUROSOFTS.A. 31.12.2021 31.12.2020 WACC 9.18% 8.39% CompoundedAnnualGrowthRate(CAGR) onrevenuesforthenext5years 8.50% 8.70% Perpetuitygrowthrate 2.00% 2.50% STOIXIMANLTD 31.12.2021 WACC 9.75% CompoundedAnnualGrowthRate(CAGR) onNGRforthenext5years 6.40% Perpetuitygrowthrate 2.00% Thesensitivityanalysisontheaboveassumptions,notablytoachangeof0.25%inthediscountrate(WACC) ortheperpetuitygrowthrate,didnotshowdeviationsthatwouldpointtheneedtochangethecarrying valueofthegoodwilloftheseentities. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 165 11.Investmentsinsubsidiaries InvestmentinsubsidiariesoftheCompanyareanalysedasfollows: Consolidatedsubsidiary %of investment Countryof incorporation 31.12.2021 31.12.2020 OPAPCYPRUSLTD 100% Cyprus 1,704 1,704 OPAPINTERNATIONALLTD 100% Cyprus 4,673 4,673 OPAPSPORTSLTD 100% Cyprus 9,650 9,650 OPAPINVESTMENTLTD 100% Cyprus 409,385 409,385 Total 425,412 425,412 InvestmentsinsubsidiariesontheSeparateStatementofFinancialPositionareaccountedforatcostless impairmentloss. 12.Investmentsinassociates Investmentsinassociatesareanalyzedasfollows: 31.12.2021 31.12.2020 Restated KAIZENGAMINGLIMITED 8,156 8,599 Total 8,156 8,599 The report date of the Financial Statements of the associate company, consolidated with the equity method,doesnotdifferfromthereportingdateoftheparentcompany. KAIZENGAMINGLIMITEDistheparentcompanyofKAIZENGroup,whichprincipalactivityistocarryonthe businessofonlinegamingandbetting activitiesandallrelatedactivitiesrelatedtheretoinvariouscountries, mainlyinRomania,Portugal,Brazil,Germanyandothers. ThetablesbelowprovidessummarisedfinancialinformationoftheassociateKAIZENGAMINGLIMITED.The informationdisclosedreflectstheamountspresentedinthefinancialstatementsoftheassociateandnot OPAP’sshareof thoseamounts. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 166 KAIZENGAMINGLIMITED Summarizedstatementoffinancialposition 31.12.2021 31.12.2020 Restated Currentassets Cashandcashequivalents 49,565 32,127 Othercurrentassets 34,437 12,844 Totalcurrentassets 84,002 44,971 Totalnon‐currentassets 32,732 26,009 Currentliabilities Financialliabilities(excludingtradepayables) 714 673 Othercurrentliabilities 80,218 32,604 Totalcurrentliabilities 80,932 33,277 Non‐currentliabilities Financialliabilities(excludingtradepayables) 1,543 2,272 Othernon‐currentliabilities 545 1,929 Totalnon‐currentliabilities 2,088 4,201 Equity 33,714 33,502 Summarizedstatementofprofitorlossand othercomprehensiveincome 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Restated Revenue(GGR) 183,808 320,622 Profitaftertax (1,208) 36,999 Othercomprehensiveincome,netoftax 4 222 Totalcomprehensiveincome (1,204) 37,220 Basedontheabove,thevalueofinvestmentinassociatein KAIZENGAMINGLIMITEDresultsasfollows: 31.12.2021 31.12.2020 Restated Openingbalance 8,599 54,539 Shareofoperatingprofits (443) 10,996 Dividendsreceived ‐ (6,799) Transfertosubsidiaries ‐ (50,137) Closingbalance 8,156 8,599 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 167 13.Othernon‐currentassets TheOthernon‐currentassetsareanalysedasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Guaranteedeposits 2,614 1,263 934 1,133 Prepaymentsofretirementbenefits& housingloanstopersonnel 338 357 338 357 Loansreceivable 2,137 2,878 5,621 11,604 Prepaymentstosuppliers 16,143 19,582 16,143 19,582 GGRcontributionreceivable 49,785 22,658 49,785 22,658 Otherreceivables 76 379 ‐ ‐ Total 71,093 47,117 72,822 55,334 GGR contribution receivable constitutes the discounted additional consideration relating to the 10‐year extensionoftheCompany’slicensewhichreferstotheexclusiverighttoconductcertainnumericallottery andsportsbettinggames.Thenominalreceivablewithmaturitydatetheendof theextensionperiod of thelicence(2030)amounts to€55,854(31.12.2020:€24,177),andhasbeendiscountedfor112months (31.12.2020:124months)usingthespotinterestrateasat31.12.2021ofabondoftheGreekGovernment endingin2030.Itismentionedthatonanannualbasisuptotheexpirationoftheextension,theadditional consideration will be calculatedbasedon theagreementwhichmay result in receipt or payment tothe GreekState.Theadditional paymentorrefundisdueinlumpsumin2030. Theprepaymentstosuppliersof€16,143asat31.12.2021(31.12.2020:€19,582)representthelong‐term portionof aVLTsvendorclaimforanadvancepaymentinaccordancewithaspecialclauseintherespective contractregardingprovisionofservices. LoansreceivableoftheGrouprefertoloansthattheCompanyanditssubsidiary,OPAPINVESTMENTLTD, havegrantedof€2,121and€16asat31.12.2021(31.12.2020: €2,854and€24),respectively.Thematurity oftheseloansisuntilDecember2024. AtCompanylevel,loansreceivableasat31.12.2021alsoincludeloansof€3,500grantedtoTORADIRECT SINGLE MEMBER S.A. (31.12.2020: € 3,500 to TORA DIRECT SIN GLE MEMBER S.A.and € 7,000to HORSE RACES SINGLEMEMBERS.A.,respectively).Theseloanstosubsidiariesbearaninterestrateof3.50%. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 168 14.Incometax es–Deferredtax es Deferredtaxesarecalculatedinfullontemporarydifferencesunderthebalancesheetmethodusingthe principaltaxratesthatapplytothecountriesinwhichthecompaniesoftheGroupoperate. GROUP COMPANY 31.12.2021 31.12.2020 Restated 31.12.2021 31.12.2020 Restated Deferredtaxasset 30,544 35,436 ‐ ‐ Deferredtaxliability (127,176) (116,799) (40,317) (25,394) Netdeferredtaxasset/(liability) (96,632) (81,362) (40,317) (25,394) Themovementindeferredtaxesisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 Restated 31.12.2021 31.12.2020 Restated Openingbalance,netdeferredtax asset/(liability) (81,362) (4,188) (25,394) (21,497) Chargerecognisedinprofitorloss(Note 41) (15,060) 12,647 (14,589) (3,954) Chargerecognisedinother comprehensiveincome(Note41) (345) 57 (334) 56 Acquisitionsthroughbusiness combinations(Note10) ‐ (89,878) ‐ ‐ Impactfromdisposalofsubsidiary 135 ‐ ‐ ‐ Closingbalance,netdeferredtax asset/(liability) (96,632) (81,362) (40,317) (25,394) Deferredtaxassetsandliabilitiesareoffsetwhenthereisalegallyenforceablerighttosetoffcurrenttax assetsagainstcurrenttaxliabilitiesandwhenthedeferredincometaxesrelatetothesametaxingauthority. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 169 The movementindeferred tax assetsandliabilities per category (prior tooffsettingbalanceswithin the sametaxjurisdiction)isasfollows: GROUP Balanceat1 January 2021 Recognised inprofitor loss(Note 41) Recognisedin Other Comprehensive Income(Note41) Impact from disposalof subsidiary Balanceat31 December2021 Analysisofdeferredtaxassets(beforeset‐offs) Property,plantand equipment 305 (35) ‐ ‐ 270 Intangibleassets 5,387 164 ‐ ‐ 5,551 Right‐of‐useassets 3,908 (427) ‐ ‐ 3,481 Othernon‐current¤t assets 1,223 (1,161) ‐ ‐ 62 Tradereceivables 458 (346) ‐ ‐ 112 Employeebenefits 200 29 (5) (15) 209 Provisions 2,347 (348) ‐ ‐ 1,999 Derivative(interestrateswap) 660 ‐ (340) ‐ 320 Othernon‐current¤t liabilities 20,925 1,810 ‐ ‐ 22,736 Taxlosses 6,868 (6,544) ‐ ‐ 324 42,282 (6,858) (345) (15) 35,063 Analysisofdeferredtaxliabilities(beforeset‐offs) Property,plantand equipment (297) (731) ‐ ‐ (1,029) Intangibleassets (121,398) 2,648 ‐ 151 (118,599) Othernon‐current¤t assets (4) (11,139) ‐ ‐ (11,143) Borrowings (1,945) 1,022 ‐ ‐ (923) (123,644) (8,201) ‐ 151 (131,695) Netdeferredtax asset/(liability) (81,362) (15,060) (345) 135 (96,632) COMPANY Balanceat1 January2021 Recognisedin profitorloss (Note41) RecognisedinOther Comprehensive Income(Note41) Balanceat31 December2021 Analysisofdeferredtaxassets(beforeset‐offs) Right‐of‐useassets 318 (12) ‐ 306 Othernon‐current¤tassets 1,151 (1,151) ‐ ‐ Tradereceivables 273 (197) ‐ 76 Employeebenefits 169 12 6 187 Provisions 2,346 (348) ‐ 1,998 Derivative(interestrateswap) 660 ‐ (340) 320 Othernon‐current¤t liabilities 1,739 (280) ‐ 1,459 6,656 (1,976) (334) 4,346 Analysisofdeferredtaxliabilities(beforeset‐offs) Property,plantandequipment (297) (731) ‐ (1,029) Intangibleassets (29,808) (1,763) ‐ (31,571) Othernon‐current¤tassets ‐ (11,140) ‐ (11,140) Borrowings (1,945) 1,022 ‐ (923) (32,050) (12,613) ‐ (44,662) Netdeferredtaxliability (25,394) (14,589) (334) (40,317) OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 170 Themovementindeferredtaxassetsandliabilitiespercategoryduringtheprioryearisasfollows: GROUP (Restated) Balance at1 January 2020 Recognised inprofitor loss(Note 41) RecognisedinOther Comprehensive Income(Note41) Acquisitions throughbusiness combination (Note10) Balanceat31 December 2020 Analysisofdeferredtaxassets(beforeset‐offs) Property,plantandequipment 569 (263) ‐ ‐ 305 Intangibleassets 4,381 1,006 ‐ ‐ 5,387 Right‐of‐useassets 307 3,601 ‐ ‐ 3,908 Othernon‐current¤t assets 38 1,185 ‐ ‐ 1,223 Inventories 278 (278) ‐ ‐ ‐ Tradereceivables 2,230 (1,772) ‐ ‐ 458 Employeebenefits 162 34 3 ‐ 200 Provisions 1,940 407 ‐ ‐ 2,347 Derivative(interestrateswap) 606 ‐ 54 ‐ 660 Othernon‐current¤t liabilities 17,115 3,811 ‐ ‐ 20,925 Taxlosses ‐ 6,868 ‐ ‐ 6,868 27,626 14,598 57 42,282 Analysisofdeferredtaxliabilities(beforeset‐offs) Property,plantandequipment ‐ (297) ‐ ‐ (297) Intangibleassets (27,288) (4,232) ‐ (89,878) (121,398) Othernon‐current¤t assets (3,329) 3,325 ‐ ‐ (4) Borrowings (1,198) (748) ‐ ‐ (1,945) (31,815) (1,951) ‐ (89,878) (123,644) Netdeferredtax asset/(liability) (4,189) 12,647 57 (89,878) (81,362) COMPANY (Restated) Balanceat1 January2020 Recognisedin profitorloss (Note41) RecognisedinOther Comprehensive Income(Note41) Balanceat31 December2020 Analysisofdeferredtaxassets(beforeset‐offs) Property,plantandequipment 107 (107) ‐ ‐ Right‐of‐useassets 174 143 ‐ 318 Othernon‐current¤tassets ‐ 1,151 ‐ 1,151 Inventories 278 (278) ‐ ‐ Tradereceivables ‐ 273 ‐ 273 Employeebenefits 136 31 3 169 Provisions 1,939 407 ‐ 2,346 Derivative(interestrateswap) 606 ‐ 54 660 Othernon‐current¤tliabilities 1,272 467 ‐ 1,739 4,511 2,088 56 6,656 Analysisofdeferredtaxliabilities(beforeset‐offs) Property,plantandequipment ‐ (297) ‐ (297) Intangibleassets (24,816) (4,992) ‐ (29,808) Othernon‐current¤tassets (65) 65 ‐ ‐ Borrowings (1,127) (818) ‐ (1,945) (26,008) (6,042) ‐ (32,050) Netdeferredtaxliability (21,497) (3,954) 56 (25,394) OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 171 On 31.12.2021, certain Group entities had accumulated tax losses of € 92,056 (31.12.2020: € 91,191). HELLENICLOTTERIESS.A.andNEUROSOFTS.A.recogniseddeferredtaxassetsasat31.12.2021amounting to€314(31.12.2020:€6,868)and€10(31.12.2020:€0),respectively,attributabletolossesamountingto €1,426and€ 45,respectively,asthesedeferredtaxassetswillberecoverableusingtheestimatedfuture taxableincomebasedonapprovedbusinessplans.Fortheremaining€90,585carriedforwardtaxlossesas at31.12.2021(31.12.2020:€59,973),nodeferredtaxassethasbeenrecognizeddu etotheuncertaintyof thetiming ofavailabletaxableprofitsagainstwhichtheselossescouldbeoffset.IftheGroup’sentitieswere able to recognise all unrecognised deferred tax assets, these would amount to € 19,929 (31.12.2020: € 14,394). CurrentincometaxassetfortheGroupasat31.12.2021amountsto€5(31.12.2020:€2,359). CurrentincometaxliabilitiesfortheGroupandtheCompanyasat31.12.2021amountsto€60,658and€ 49,079,respectively(31.12.2020:€27,755and€13,119,respectively). UnderGreektaxregulations,anincometaxadvanceispaidtothetaxauthoritieseachyearcalculatedat the80%ofthecurrent yearincometaxliability.Suchadvanceisthennettedoffwiththefollowingyear’s incometaxliability. 15.In ventories Theanalysisofinventoriesisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 GHsconstructioncost 1,627 2,669 1,627 2,669 Consumablematerials 3,055 3,500 1,062 1,343 Total 4,682 6,169 2,689 4,011 Consolidatedinventoriesinclude: OPAP S.A. inventories of € 1,627 at 31.12.2021 related to PLAY Gaming Halls stores under constructionthatwillbesoldaftertheircompletion(31.12.2020:€2,669). TORA DIRECT SINGLE MEMBER S.A. inv entories of € 1,536 at 31.12.2021 (31.12.2020: € 1,947) relatingmainlytophonecards andInternetcards. NEUROSOFTS.A.inventories of € 383 at 31.12.2021(31.12.2020:€ 147)relating to production consumables. HORSERACESSINGLEMEMBERS.A.inventoriesof€74at31.12.2021(31.12.2020:€63)relating toveterinaryclinicconsumables. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 172 OPAPS.A.lotteryandathleticeventsprognosesgamestickets,couponsforPAMESTOIXIMAgame etc.of€1,062at31.12.2021(31.12.2020:€1,343). TheGroupandtheCompanyhavenotpledgedtheirinventoriesascollateral. 16.Tradereceivables Theanalysisoftradereceivablesisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Receivablesfromagents 81,777 64,068 38,162 17,834 Receivablesfromagentsunder arrangement 300 535 ‐ ‐ Doubtfulreceivablesfromagents 41,331 39,837 37,466 37,960 Otherreceivables 11,733 8,896 12,242 11,194 Subtotalshorttermtradereceivables 135,141 113,336 87,870 66,988 Lesslossallowanceonshorttermtrade receivables (44,260) (44,856) (38,655) (40,142) Totalshorttermtradereceivables 90,881 68,480 49,216 26,846 Discountedlongtermreceivablesfrom agents 2,078 8,496 2,078 7,249 Lesslossallowanceonlongterm receivablesfromagents ‐ (1,247) ‐ ‐ Totallongtermtradereceivables 2,078 7,249 2,078 7,249 Totaltradereceivables 92,959 75,728 51,294 34,094 ThesignificantincreaseintheGroup’stradereceivablesismainlydrivenbyOPAPS.A..Inthecomparative period, the nationwide lockdown imposed on 05.11.2020 from the Greek government resulted in a temporarysuspensionofbusinessactivityforanumberofsectors,includingOPAPstoresandPLAYGaming Halls. TheGroup's exposuretocreditriskismainlyconcentratedinthedoubtfulreceivablesfromagentsaccounts. AccordingtoIFRS9requirements,anassessmentofthecreditriskunderECLmodelwasconductedandthe calculated amount was less than the carrying amount of the loss allowance before the assessment. Consequently,on31.12.2021the lossallowanceoftheGroupandtheCompanywasdecreasedby€1,263 and€906,respectively. Furthermore,theGroupandtheCompanywrotedowntheamountof€581. DiscountedlongtermreceivablesincludearrangementswithagentsthatwillbesettledinFebruary2024. Additionalinformationabouttheimpairment oftradereceivablesandtheGroup’sexposuretocreditrisk areincludedinNote45. TheGroupandtheCompanyhavenotpledgedtheirreceivablesascollateral. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 173 17.Othercurrentassets Theanalysisofothercurrentassetsisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Housingloanstopersonnel 13 28 13 28 Otherreceivable‐revenuereceivable 18,939 7,537 9,602 7,068 Prepaidexpenses 20,123 18,628 16,935 16,429 Intercompanytransactionofwinners profitswithOPAPCYPRUSLTD ‐ ‐ ‐ 2,174 Receivablesfromtaxes 5,884 10,362 2,271 10,358 Loansreceivable 2,996 4,063 2,227 2,314 Total 47,955 40,618 31,049 38,370 Otherreceivable–revenuereceivableoftheGroupasat31.12.2021mainlyincludesdividendsreceivable fromtheassociateKAIZENGAMINGLIMITEDaspartofthedeclarationofdividendsfromSTOIXIMANLTD inJune2021of€8,784fortheindirectstakeof33.49%thatOPAPINVESTMENTLTDholdsinSTOIXIMAN LTD,otherincomeprovisionscreatedbytheCompanyof€581(31.12.2020:€189)andthesubsidiariesof €3,373(31.12.2020:€4,348). Also,at theCompanylevel,asat31.12.2021,there isadividendreceivablefromOPAPCYPRUSLTD of€ 7,000(31.12.2020:€4,000). PrepaidexpensesoftheGroupasat31.12.2021mainlyincludethecurrentportionofprepayment toVLTs vendor of amount € 3,439 (31.12.2020: € 3,439) (refer to Note 13), prepaid services for use and maintenanceofsoftwareof€4,837(31.12.2020:€3,494),prepaidsponsorshipsof€4,360(31.12.2020:€ 3,654), prepaid promotional activities of € 2,505 (31.12.2020: € 2,249) and third party fees of € 1,522 (31.12.2020: € 916). There is also an amount of € 760 which represents prepaid loan expenses for an undrawncreditfacilityoftheCompany(refertoNote23). Receivables from taxes of the Group and the Company as at 31.12.2021 mainly include tax return from Maltesian taxauthoritiesof€3,582 (31.12.2020:€ 0), taxreturnsfrom Greek tax authorities of € 1,321 (31.12.2020:€7,750)andwithholdingtaxesondividendsof€950(31.12.2020:€2,607). LoansreceivableoftheGrouprefertoloans thattheCompanyandthesubsidiaryOPAPINVESTMENTLTD have grantedamounting to€2,227and € 769 respectively as at 31.12.2021(31.12.2020: € 2,314and€ 1,750,respectively). AtCompanylevel,inthecomparativeperiod,loansreceivableincludedaloanofnominalamount€8,250 duefrom HORSERACES SINGLEMEMBER S.A.,forwhichthe Companyrecognizedan equalallowance in 2020,classifiedunder“Netimpairmentlossesonfinancialassets”intheIncomeStatement(refertoNote 45).TheseloanswererepaidinOctober2021andconsequently,theimpairmentwasfullyreversed. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 174 18.Cashandcashequivalents Theanalysisofcashandcashequivalentsisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Cashinhand 1,000 1,087 795 685 Shorttermbankdeposits 859,361 505,785 608,293 278,806 Total 860,361 506,873 609,088 279,491 Shorttermbankdepositsarecomprisedbycurrentaccountsandshort‐termtimedepositswithamaturity ofthreemonthsorlessfromthedateoftheacquisition.Theeffectiveinterestratesarebasedonfloating ratesandarenegotiatedonacasebycasebasis. Shorttermbankdeposits oftheGroupandtheCompanyalsoincludeamountsfromelectronicpayment processors,of€50,568and€632respectively(31.12.2020:€25,807and€3,200respectively),which,at thetimeofpurchasearereadilyconvertibletoknownamountsofcashandthatthereisaninsignificantrisk ofchangesin value. Fixeddepositswithmaturitybetween3and12monthsfromthedateofacquisitionof€3,633(31.12.2020: €4,629)areincludedin“Short‐terminvestments”inConsolidatedStatementofFinancialPosition. Shorttermbankdepositsincluderestrictedcashofamount€6,144asat31.12.2021(31.12.2020:€206), mainlyduetolegaldecisionsagainstOPAPS.A.. AccordingtoIFRS9requirements,anassessmentofthecreditriskundertheECLmodelasat31.12.2021 wasconducted.SincetheGroupretainsitsdepositsatinstitutionsthathavehighcreditratings,creditrisk wasinsignificantandnoimpairmentprovisionwasraised. 19.SharecapitalandSharePremium Thetotalnumberoftheauthorizedordinarysharesis: GROUP&COMPANY 31.12.2021 31.12.2020 Ordinarysharesof€0.30each 352,856,287 341,426,387 352,856,287 341,426,387 Thesharesissuedandfullypaidareasfollows: Numberof shares Share capital Share premium Balanceat31December2019 321,623,443 96,487 24,294 Dividendreinvestmentplan 19,802,944 5,941 194,532 Balanceat31December2020 341,426,387 102,428 218,826 Dividendreinvestmentplan 11,429,900 3,429 127,402 Balanceat31December2021 352,856,287 105,857 346,228 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 175 The Board of Directors, at its meeting dated 30.07.2021, decided to issue 9,729,566 new common, registered,votingshares,ofnominalvalueof€0.30each,whichresultedfromthepartialsubscriptionof thesharecapitalincreasefromthedividendreinvestmentprogramofafive‐yearduration(2019–2023)of the dividendforthefinancialyear2020.Asaresultthereof,thesharecapitaloftheCompanywasincreased by € 2,919 and amounted to € 105,347, divided to 351,155,953 common, registered, voting shares, of nominal value of € 0.30 (in absolute amount) each. As the issue price of the Company’s new shares amountedto€11.14(inabsoluteamount),thetotalaboveparvalueofthenewshares,amountingto€ 105,468,wastransferredtotheaccountSharepremium. Additionally, the Board of Directors, at its meeting dated 08.11.2021, decided to issue 1,700,334 new common, registered, voting shares, of nominal value of € 0.30 each, which resulted from the partial subscriptionofthesharecapitalincreasefromthedividendreinvestmentprogramofafive‐yearduration (2019–2023)oftheinterimdividendforthefinancialyear2021.Asaresultthereof,thesharecapitalof theCompanywas increased by €510and now amountsto€ 105,857,dividedto 352,856,287common, registered,votingshares,ofnominalvalueof€0.30(inabsoluteamount)each.Astheissuepriceofthe Company’snewsharesamountedto€13.20(inabsoluteamount),thetotalaboveparvalue ofthenew shares,amounting to€21,934,wastransferredtotheaccountSharepremium. 20.Reserves Reservesareanalyzedasfollows: GROUP Statutory reserves Cashflowhedge reserve Foreigncurrency translation reserve Total 31.12.2019 33,419 (1,897) ‐ 31,522 Statutoryreserve 1,980 ‐ ‐ 1,980 Lossfromvaluationofhedging derivatives ‐ (224) ‐ (224) Deferredtax ‐ 54 ‐ 54 Exchangedifferences ‐ ‐ (3) (3) 31.12.2020 35,399 (2,067) (3) 33,329 Statutoryreserve 1,165 ‐ ‐ 1,165 Profitfromvaluationofhedging derivatives ‐ 1,296 ‐ 1,296 Deferredtax ‐ (340) ‐ (340) 31.12.2021 36,564 (1,112) (3) 35,450 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 176 COMPANY Statutory reserves Cashflowhedge reserve Total 31.12.2019 32,162 (1,897) 30,266 Statutoryreserve 1,980 ‐ 1,980 Lossfromvaluationofhedgingderivatives ‐ (224) (224) Deferredtax ‐ 54 54 31.12.2020 34,143 (2,067) 32,075 Statutoryreserve 1,143 ‐ 1,143 Profitfromvaluationofhedging derivatives ‐ 1,296 1,296 Deferredtax ‐ (340) (340) 31.12.2021 35,286 (1,112) 34,174 Statutoryreserveisnotavailablefordistributionandtheadditionalamountaddedeachyearisequaltoor at least, 5% of the annual net profit. The requirement to increase the statutory reserve ends when the reservereachesaminimumof1/3oftheCompany’ssharecapital. 21.Treasuryshares Initially, the Annual Ordinary General Assembly of the Company’s Shareholders that was held on 20.04.2015,theAnnualOrdinaryGeneralAssemblyon27.04.2017andfinallytheAnnualOrdinaryGeneral Assemblyon22.05.2019decidedandsetthedetailsfortheacquisitionoftreasurysharesbytheCompany throughtheAthensExchange,upto apercentageof5%ofthetotalpaidupsharecapitaloftheCompany. Theacquisitionoftreasurysharesshallbemadeprovidedthatonacasebycasebasisareconsideredtobe at the Company's own ben efit, preferential to other available investment options and as long as the Company's cash flow allows for such acquisitions and for the scopes and uses allowed by the law, in accordancewiththespecificstipulationsofarticles49and50ofLaw4548/2018,asinforcetoday,andin connectiontotheprovisionsofRegulation(EU)No596/2014oftheEuropeanParliamentand oftheCouncil, onmarketabuseandofitssupplementingCommissionDelegatedRegulation(EU)2016/1052,withregard to regulatory technical standards for the conditions applicable to buy‐back programs and stabilization measures.Theproposedprogramfortheacquisitionoftreasurysharesshallbecompletedwithintwenty fourmonthsasfrom thedate ofthedecision ofthe 17.06.2021General Assembly, namelythe latest by 16.06.2023,andwillbeimplementedatamaximumacquisitionpriceof€17.00(inabsoluteamount)per shareandaminimumacquisitionpriceequaltothenominalvaluepriceofeachshare,i.e.€0.30(inabsolute amount)pershare. Furthermore,theCompany'sBoardofDirectorswasauthorizedtodeterminethespecifictermsanddetails fortheimplementationoftheprogramfortheacquisitionoftreasuryshares. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 177 Following the above decision, the Company proceeded to the acquisition of treasury shares, with the holdinginsuchsharesattheendofeachfinancialyearpresentedbeingasfollows: Treasuryshares Noofshares Acquisition cost %oftreasuryshares ontotalshares Balanceat31December2020 1,829,624 14,497 0.5% Balanceat31December2021 1,829,624 14,497 0.5% 22.Non‐controllinginterests TheGroup’snon‐controllinginterestsamountto€38,513asof31December2021(31.12.2020:€41,126), arisingfromHELLENICLOTTERIESS.A.,NEUROSOFTS.A.and STOIXIMANLTD. Thesummarizedfinancial informationandbasic financialdataof thesecompanies arepresented below. Theamountsdisclosedforeachsubsidiaryarebeforeinter‐companyeliminations. Summarizedstatementoffinancial positionasatDecember31,2021 HELLENIC LOTTERIESS.A. NEUROSOFT S.A. STOIXIMAN LTD Total NCIpercentage 16.5% 32.28% 15.51% Non‐currentassets 90,062 6,742 250,660 Currentassets 121,378 7,442 104,556 Non‐currentliabilities (50,817) (2,230) (88,105) Currentliabilities (135,700) (4,254) (61,290) Netassets 24,922 7,700 205,821 NetassetsattributabletoNCI 4,112 2,486 31,915 38,513 Summarizedincomestatementand othercomprehensiveincomeforthe yearendedDecember31,2021 HELLENIC LOTTERIES S.A. NEUROSOFT S.A. STOIXIMAN LTD Total Revenue(GGR) 88,833 ‐ 374,809 Otheroperatingincome 1,644 16,601 1 Profit/(loss)aftertax (29,798) 672 39,626 Othercomprehensiveincome,netoftax ‐ 25 ‐ Totalcomprehensiveincome (29,798) 698 39,626 Profit/(loss)aftertaxattributableto NCI (4,917) 217 6,145 1,445 Othercomprehensiveincome,netof taxattributabletoNCI ‐ 8 ‐ 8 DividendspaidtoNCI ‐ ‐ 4,067 4,067 Summarizedcashflowinformationforthe yearendedDecember31,2021 HELLENIC LOTTERIESS.A. NEUROSOFT S.A. STOIXIMAN LTD Cashflowsfromoperatingactivities 34,003 791 46,493 Cashflowsfrominvestingactivities (81) 533 (4,974) Cashflowsfromfinancingactivities (177) (659) (26,266) Netincrease/(decrease)incashandcash equivalents 33,745 665 15,253 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112 AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 178 Summarizedstatementoffinancial positionasatDecember31,2020 (Restated) HELLENIC LOTTERIES S.A. NEUROSOFT S.A. STOIXIMAN LTD Total NCIpercentage 16.5% 32.28% 15.51% Non‐currentassets 114,415 8,665 255,850 Currentassets 91,543 5,930 85,492 Non‐currentliabilities (50,383) (2,564) (89,557) Currentliabilities (100,855) (5,029) (59,364) Netassets 54,721 7,002 192,422 NetassetsattributabletoNCI 9,029 2,260 29,837 41,126 Summarizedincomestatementand othercomprehensiveincomeforthe yearendedDecember31,2020 (Restated) HELLENIC LOTTERIES S.A. NEUROSOFT S.A. STOIXIMAN LTD Total Revenue(GGR) 76,349 ‐ 40,187 Otheroperatingincome 788 15,296 ‐ Profit/(loss)aftertax (36,270) (2,714) 5,167 Othercomprehensiveincome,netoftax - (3) ‐ Totalcomprehensiveincome (36,270) (2,717) 5,167 Profit/(loss)aftertaxattributableto NCI (5,985) (876) 801 (6,059) Othercomprehensiveincome,netof taxattributabletoNCI ‐ (1) ‐ (1) DividendspaidtoNCI ‐ ‐ ‐ ‐ Summarizedcashflowinformationforthe yearendedDecember31,2020 HELLENIC LOTTERIESS.A. NEUROSOFT S.A. STOIXIMAN LTD Cashflowsfromoperatingactivities 16,500 (177) 17,948 Cashflowsfrominvestingactivities (15) (247) 55 Cashflowsfromfinancingactivities (63) (335) ‐ Netdecreaseincashandcashequivalents 16,422 (760) 18,002 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 179 23. Borrowings Theanalysisofborrowingsisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Totallong‐termloans 991,673 1,007,830 941,517 957,440 Short‐termloans Currentportionoflongtermloans 52,764 32,748 82,676 52,690 Short‐termloans(overdraftaccounts) 2,202 289 1 2 Totalshort‐termloans 54,965 33,036 82,677 52,692 Totalborrowings 1,046,638 1,040,866 1,024,193 1,010,132 ThemovementintheGroup’sandtheCompany’sborrowingsisasfollows: GROUP Yearof maturity 31.12.2020 31.12.2021 Book value New Loans Repayments Payments ofinterest ofprevious year Provision ofInterest Amortization ofexpenses Outstanding nominal value Bookvalue Loan,amount€916 2025 485 ‐ (92) (4) 4 ‐ 389 393 BondLoan,amount€250,000 2023 247,163 ‐ ‐ (289) 289 1,393 250,000 248,556 BondLoan,amount€200,000 2027 197,053 ‐ ‐ (758) 758 508 200,000 197,561 BondLoan,amount€300,000 2024 298,324 ‐ (300,000) (199) ‐ 1,875 ‐ ‐ BondLoan,amount€300,000 2027 ‐ 300,000 ‐ ‐ 931 (582) 300,000 300,349 BondLoan,amount€50,000 2023 50,125 ‐ (50,000) (125) ‐ ‐ ‐ ‐ BondLoan,amount€50,000 2024 ‐ 50,000 ‐ ‐ 167 (142) 50,000 50,025 BondLoan,amount€100,000 2023 96,621 ‐ ‐ (242) 241 1,200 100,000 97,820 BondLoan,amount€50,000 2022 50,219 ‐ ‐ (314) 308 51 50,000 50,266 BondLoan,amount€100,000 2024 100,587 ‐ (100,000) (725) ‐ 138 ‐ ‐ BondLoan,amount€200,000 2024 ‐ 100,000 ‐ ‐ 17 (550) 100,000 99,467 Overdraft,amount€1,500 287 ‐ (180) (7) ‐ ‐ 100 100 Overdraft,amount€3,000 ‐ 2,101 ‐ ‐ ‐ ‐ 2,101 2,101 Overdraft,amount€15,000 2 ‐ (2) ‐ ‐ ‐ 1 1 Total 1,040,866 452,101 (450,273) (2,663) 2,715 3,892 1,052,591 1,046,638 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 180 COMPANY Yearof maturity 31.12.2020 31.12.2021 Bookvalue New Loans Repayments Payments ofinterest ofprevious year Provision ofInterest Amortization ofexpenses Outstanding nominal value Bookvalue BondLoan,amount€250,000 2023 247,163 ‐ ‐ (289) 289 1,393 250,000 248,556 BondLoan,amount€200,000 2027 197,053 ‐ ‐ (758) 758 508 200,000 197,561 BondLoan,amount€300,000 2024 298,324 ‐ (300,000) (199) ‐ 1,875 ‐ - BondLoan,amount€300,000 2027 ‐ 300,000 ‐ ‐ 931 (582) 300,000 300,349 BondLoan,amount€100,000 2023 96,621 ‐ ‐ (242) 241 1,200 100,000 97,820 Loan,amount€20,000 2022 20,163 ‐ ‐ (163) 116 ‐ 20,000 20,116 BondLoan,amount€50,000 2022 50,219 ‐ ‐ (314) 308 51 50,000 50,266 BondLoan,amount€100,000 2024 100,587 ‐ (100,000) (725) ‐ 138 ‐ ‐ BondLoan,amount€200,000 2024 ‐ 100,000 ‐ ‐ 17 (550) 100,000 99,467 Loan,amount€10,000 2022 ‐ 10,000 ‐ ‐ 58 ‐ 10,000 10,058 Overdraft,amount€15,000 2 ‐ (2) ‐ ‐ ‐ 1 1 Total 1,010,132 410,000 (400,002) (2,690) 2,719 4,033 1,030,001 1,024,193 Theaverageborrowings’interestrateofboth,theGroupandtheCompany,is2.5%(2020:2.7%). On 29.09.2021, the Company repaid a bond loan of € 100,000 from Alpha bank through refinancing by issuinganewbondloanof€200,000withmaturitydateon29.09.2024whichmaybeextendedfor2years. Upto31.1 2.2021,only€100,000wasdrawndownagainstthisbondloan.Alongwiththeprepaymentof theabove bondloanof €100,000,theagreementwithAlpha bankfor anotherundrawnbond loanof € 100,000whichwasavailableuntil27.02.2022wascancelled. On 27.10.2021, HELLENIC LOTTERIES S. A. repaid a bond loan of € 50,000 from Alpha bank through refinancing by issuing a new bond loan of € 50,000 with maturity date on 27.10.2024 which may be extended for 2 years. This loan is secured by a corporate guarantee of € 41,750 in favor of HELLENIC LOTTERIESS.A.issuedbyOPAPS.A.. On11.11. 2021,theCompanyrepaidabondloanof€300,000fromEurobankthroughrefinancingbyissuing anewbondloanof€300,000fromEurobank,payableininstallmentsuptoMay2027. On04.05.2020,theCompanysignedabondloanagreementof€100,000withPiraeusBankwithmaturity dateon0 4.05.2022,whichmaybeextendedfor12months.Nodrawdowntookplaceupto31.12.2021. Arrangementfeesof€760werepayabletoPiraeusBankuponsigningthenewloanagreement.Currently, thisamountisincludedin“Othercurrentassets”andwillberecognisedastransactioncostwhenth efacility isdrawndown. Asat31.12.2021,theGroupandtheCompanyhavetotalundrawnborrowingfacilitiesof€245,298and€ 234,999,respectively,outofwhich€100,000,forboththeGroupandtheCompany,expirewithinoneyear and€145,298and€13 4,999,respectively,expirebeyondoneyear. As at 31.12.2021, the Group and the Company have complied with the financial covenants of their borrowingfacilities. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 181 AllloanagreementsoftheGroupandtheCompanyareunsecured. 24.Employeebenefitplans Theanalysisofemployeebenefitplansisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 Restated 31.12.2021 31.12.2020 Restated LongTermIncentiveScheme 3,106 1,152 3,106 1,152 DefinedBenefitPlan 952 834 849 703 Totalemployeebenefitplans 4,058 1,986 3,955 1,855 LongTermIncentiveSchemefortheyears2020‐2022 The20thOrdinaryGeneralMeetingoftheCompany,following arecommendationoftheRemuneration and Nomination Committee and in accordance with article 109 of Law 4548/2018, as in force and the CompanyRemunerationPolicy,on22.05.2019,approvedaLongtermincentivescheme withdistribution of part of the Company’s net profits to Executive Members of the BoD and other Key Management PersonneloftheCompany.Thetargetsrelateto(a)theEBITDAoftheCompanyforthe3yearperiod(2020‐ 2022)and(b)thetotalshareholders’return(TSR). Therelevantliability asat31.12.2021amountsto€3,106(31.12.2020:€1,152)andisclassifiedundernon‐ currentliabilities. DefinedBenefitPlan Under Greek labor law (L.2112/1920), employees are entitled to termination payments in the event of retirement in the form of a lump‐sum payment with the amount of payment varying in relation to the employee'scompensationandlengthofservice.Theliabilityarisingfromtheaboveobligationisactuarially valuedbyanindependentfirmof actuaries.ThelastactuarialvaluationwasundertakeninDecember2021 (referalsotoNote3.20). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 182 TheanalysisofthedefinedbenefitplanintheStatementofFinancialPositionisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 Restated 31.12.2021 31.12.2020 Restated Openingbalance 834 676 703 565 Currentservicecost 220 186 177 148 Interestcost 5 8 4 6 Settlementcost(result) 2,535 994 2,151 730 TotalamountrecognisedinIncome Statement 2,760 1,188 2,332 885 Actuariallossarisingfromfinancial assumptions 25 7 23 3 Actuariallossarisingfromexperience adjustment (48) 8 5 8 Totalamountrecognisedinother comprehensiveincome (24) 14 29 11 Payments (2,618) (1,045) (2,214) (757) Closingbalance 952 834 849 703 Theprincipalactuarialassumptionsusedintheactuarialvaluationsasat31.12.2021and31.12.2020are thefollowing: 2021 2020 Discountrate 0.60% 0.60% Expectedsalaryincreasepercentage 1.80% 1.50% Averageserviceinthecompany 0‐10.55 20.21‐29.23 Inflationrate 1.80% 1.50% Theestimatedservicecostfor thenext fiscalyearamountsto€201fortheCompany and€ 237 forthe Group. Thefollowingtableshowsthechangeinactuarialliability oftheGroupandtheCompany ifthediscount ratewas0.5%higherorlowerthanthatwhichhasbeen usedandthecorrespondingchangeiftheexpected rateofsalaryincreasewas0.5%higherorlowerthantheoneused: Sensitivityanalysis(Group) Actuarial liability Percentage change Increaseindiscountrateby0.5% 915 ‐4% Decreaseindiscountrateby0.5% 991 4% Increaseoftheexpectedwages'increaseby0.5% 990 4% Decreaseoftheexpectedwages'increaseby0.5% 916 ‐4% Sensitivityanalysis(Company) Actuarial liability Percentage change Increaseindiscountrateby0.5% 817 ‐4% Decreaseindiscountrateby0.5% 884 4% Increaseoftheexpectedwages'increaseby0.5% 883 4% Decreaseoftheexpectedwages'increaseby0.5% 817 ‐4% OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 183 25.Provisions Theanalysisofprovisionsisasfollows: GROUP COMPANY Balanceasat31.12.2020 10,214 10,212 Provisionsoftheperiod 577 576 Provisionreversal (1,193) (1,193) Usedprovision (79) (79) Balanceasat31.12.2021 9,520 9,517 ProvisionsfortheCompanyandtheGrouparerecognisedprimarilyforprobablelossesfromlawsuitsand claimsbythirdparties,agentsandemployeesagainsttheCompany. The Legal Counsel estimations concerning legal claims against the Company and the Group for which a negativeoutcomeislikely,resultedinaprovision,including interest,fortheCompanyof€9,081andfor theGroupof€9,084.Thetotalamount(maximumexposure)oftheseclaimsfortheCompanyamountsto €22,951andfortheGroupto€23,049. Thetotalcumulativeprovisionasat31.12.2021isanalyzedasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Labordisputes 1,446 2,439 1,446 2,439 Lawsuitsfromindividualsorlegal entities 7,637 7,340 7,635 7,337 Totalprovision 9,084 9,778 9,081 9,776 Furthermore,accordingtotheLegalCounselthirdpartylawsuitsagainsttheGroupandtheCompanyhave beenfiledofatotalclaimof€341,883and€340,993,respectively(31.12.2020:€363,085and€362,166). However,noprovisionhasbeenrecordedastheoutcomeexpectedispositivefortheGroup. Therearenootherpendingoroutstandingcourtorotheradministrativeauthorities’resolutionsrelatedto theCompanyortheGroupthatweareawareofthatmighthaveamaterialeffectontheGroup’sandthe Company’sFinancialStatements. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 184 26.Othernon‐currentliabilities Othernon‐currentliabilitiesareanalyzedasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Derivative(interestrateswap) 1,453 2,748 1,453 2,748 Grants 520 669 ‐ ‐ Payouttothewinners 959 327 ‐ ‐ Additionalconsiderationforthe acquisitionofSTOIXIMANLTD ‐ 95,894 ‐ ‐ Otherliabilities 2,792 138 ‐ ‐ Total 5,724 99,776 1,453 2,748 Derivatives relate to an interest rate swap acquired to hedge the risk of floating rate borrowings. The valuation of the derivative resulted from the difference between the contractual interest rate swap (0.365%)versusthemarketinterestrateofthesamederivativeasat31.12.2021. The additional consideration relating to the acquisition of the subsidiary STOIXIMAN LTD, recognised in 2020,istransferredtoothercurrentliabilities,asitispayableuntil31.12.2022(refertoNote28). Other liabilities include an amount of € 2,500 which is the long‐term liability of STOIXIMAN LTD to the Hellenic Gaming Commission relating to the acquisition of the online betting and other online games licenses. PayouttowinnersrelatetolongtermpayouttowinnersofscratchgamesofHELLENICLOTTERIESS.A.of€ 959(31.12.2020:€327). GrantsrelatetocapitalexpenditureinvestmentsperformedbyHORSERACESSINGLEMEMBERS.A.against theoperatingleasepayableto ODIES.A.forthehorseracecourseanditsancillarypremisesatMarkopoulo, Attica. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 185 27.Tradepayables Theanalysisoftradepayablesisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Suppliers(services,assets,etc.) 57,045 51,597 31,162 30,673 Payouttothewinnersandunclaimed winnings 100,855 89,833 28,099 19,618 Otherpayables(salaries–subsidies) 908 1,636 394 1,301 Contracts'liabilities 9,378 6,379 2,905 807 Total 168,186 149,444 62,560 52,400 Tradepayablesarenon‐interestbearingandarenormallysettledwithin60daysfor boththeGroupand theCompany. InSuppliers(services,assets,etc.),amongothers,theliabilityintheonlineaffiliatesundertheArticle35of L.4635/2019isincludedandasat31.12.2021amountsto€181(31.12.2020: €84)and€149(31.12.2020: €0)forOPAPS.A.andSTOIXIMANLTDrespectively.ItisalsonotedthatduringthecurrentyearOPAPS.A. cooperatedintotalwith24affiliatesandSTOIXIMANLTDwith52. Payouttothewinnersand unclaimedwinningsoftheGroup andtheCompany as at 31.12.2021include payout to winners of € 29,150 (31.12.2020: € 15,435), unclaimed winnings of € 19,936 (31.12.2020: € 19,476),players’e‐walletsof€18,802(31.12.2020:€15,523)andfinallythepayoutprovisionofscratchof €32,967(31.12.2020:€39,398). Contracts’liabilitiesrefertodeferredrevenuesofOPAP S.A.,HELLENICLOTTERIESS.A.,OPAPCYPRUSLTD andNEUROSOFTS.A.(refertoNote3.4). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 186 28.Othercurrentliabilities Theanalysisofothercurrentliabilitiesisasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Donations 2,349 2,276 2,349 2,276 Sponsorships 8,466 7,038 730 681 Guaranteedepositsfromagents 10,967 10,188 8,408 7,846 Wagesandsalaries 8,696 8,800 7,958 7,944 Dividendsandinterimdividendspayable 2,245 2,401 2,245 2,401 Accruedexpenses 13,732 9,267 8,382 4,138 Insurancecontributionspayable 2,729 3,274 2,151 2,437 ProvisionstipulatedintheConcession AgreementofHELLENICLOTTERIESS.A. 62,780 37,721 ‐ ‐ Contributiononthenetrevenues 31,002 21,090 13,445 2,234 Othertaxes(withholding,VAT) 17,441 10,769 8,797 6,195 Additionalconsiderationforthe acquisitionofSTOIXIMANLTD 114,303 32,400 ‐ ‐ Otherliabilities 5,450 2,969 2,004 2,459 Total 280,160 148,194 56,470 38,611 Guaranteedepositsfromagentsrepresent: theamountplacedondeposittojointlysecureagents’obligations(theguaranteeispaidbackwhen theagentreturnsthelicense) theamountpaidinorderthecreditlimittoberaised Accruedexpensesrefertoprovisionsmaderegardingexpensesincurredinthecurrent periodhowever,as of31.12.2021arenotyetinvoiced.TheprovisionsrecordedregardingtheonlineaffiliatesundertheArticle 35ofL.4635/2019amountto€140and€850forOPAPS.A.andSTOIXIMANLTD,respectively. ProvisionstipulatedintheConcessionAgreementofHELLENICLOTTERIESS.A.of€62,780as at31.12.2021 (31.12.2020:€37,721)representsthedifferencebetweentheactualpaidcontributiononthenetrevenues (GGR)ofHELLENICLOTTERIESS.A.forthecurrentandpreviousperiodandtheminimumamountrequired bytheConcessionAgreementof€50,000,incasethatHELLENICLOTTERIESS.Awillbeforcedtopay (refer toNote30). Asfarasthecontributiononthenetrevenues(GGR)isconcerned,itisnotedthattheamountsresulting from a month’s gaming activity are payable during the next month. This is the reason why there is a significant difference between the comparative periods in the contribution on the net revenues for the both, Group and Company, as during December 2020 the OPAP’s network remained closed due to the coronavirus(COVID‐19)whileduringDecember2021theOPAP’snetworkwasopen. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 187 Thevariationinothertaxesismainlyattributedtotheplayers’winningtaxwhichispayableona15‐days basis.Similarlytothecontributiononthenetrevenues(GGR),theGroup’sliabilityasofDecember2020 amountedonlyto€3,000whiletheliabilityasofDecember2021amountsto €9,759. Finally, the amount of € 114,303 represents the outstanding premium amount of € 13,691 and the outstandingearnoutof€100,612relatingtotheacquisitionofthesubsidiarySTOIXIMANLTD. 29.Dividends The21stAnnualOrdinaryShareholdersGeneralMeeting,heldon17.06.2021,approvedthedistributionof a gross dividend of € 0.55 per share (in absolute amount) for the fiscal year 2020. The total amount approvedfordistributionamountedto€186,778,outofwhichshareholderswhowereeligibletoreceive € 108,387 exercised their option and participated in the reinvestment program of the extra‐ordinary dividend.Fromtheremainingamountfordistribution(€78,391),anamountof€78,250hasalreadybeen paidthroughcash. Additionally,theCompany's Boardof Directorsdecidedduring itsmeetingon 07.09.2021to distributea grossdividend€ 0.10pershare(inabsoluteamount)asinterimdividendforthefiscalyear2021.Thetotal amountapprovedfordistributionamountedto€34,933,outofwhichshareholderswhowereeligibleto receive€22,445exercisedtheiroptionandparticipatedinthereinvestmentprogramoftheextra‐ordinary dividend.Fromtheremainingamountfordistribution(€12,488),anamountof€12,461hasalreadybeen paidthroughcash. 30.GGRcontributionandotherleviesandduties AttheCompany’slevel,asperL.4389/2016,a35%contribution isimposedonitsrevenues(GGR)asfrom 01.01.2016,insteadof30%thatwasapplicablesince01.01.2013asperL.4093/2012,excludingVLTsfor whichaccordingtotherespectiveconcessionagreementa30%GGRcontributionisimposed.Asperthe article2 oftheL.4093/2012,whereitisstatedthatexceptionally,the35%contributionongrossgaming revenueforthegames(legacygames)conductedbyOPAPS.A.pursuant totheagreementof15.12.2000 anditsamendmentof12.12.2011,wasinforceuntil12.10.2020.Onwards,theCompany’sGGRcontribution relating tothelegacygamesreturnstotherateof30%(refertoNote2.2). At Group level and specifically, according to the relevant concession agreements of the subsidiaries HELLENICLOTTERIESS.A.andHORSERACESSINGLEMEMBERS.A.,a30%contributiononGGRisimposed. Moreover,basedontheBettingTaxof Cyprusintroducedin2012,abettingtaxof13%isimposedonGGR ofOPAPSPORTSLTDandSTOIXIMANLTDforitsCypriotoperations.Itisnoted thatSTOIXIMANLTDforits Greek operations is charged with 35% contribution GGR. Finally, based on the interstate agreement betweenGreeceandCyprus, aspeciallevyispaidtotheCypriotStatefromOPAPCYPRUSLTD. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 188 Theamountofcontributiononrevenuesfromgamesfor2021fortheGroupamountsto€494,986(2020: € 392,518), of which the amount of € 131,105 (2020: € 15,784) relates to STOIXIMAN LTD, and for the Company amounts to € 298,148 (2020: € 311,640). The significant variation observed at Group level betweenthecomparativeperiodsismainlyattributedtotheSTOIXIMANLTDfullyconsolidatedperiodof 12monthsfor2021versus1monthfor2020. Finally, the GGR contributionofHELLENIC LOTTERIES S.A. for 2021 and 2020 hasbeen calculated at the minimumamountof€50,000perannumstipulated intheConcessionAgreement.However,itisnotedthat HELLENICLOTTERIESS.A.disagreeswiththepaymentofminimumamountandforthisreasonithasalready appealedtotheLondonCourtofInternationalArbitration(refertoNote28). 31.Agents’commission For the Company, the agents’ commission is calculated as a percentage on Net Gaming Revenue (NGR) dependingonthegame,thesaleschannelandtargetsachieved. For the rest companies of the Group, the agents’ commission is calculated as a percentage on wagers dependingonthegameandespeciallyforHELLENIC LOTTERIESS.A,thesales’channel(wholesalers,mini markets,OPAPS.A.sales’networketc.). 32.Otherdirectcosts TheotherdirectcostsrefertotheentitiesoftheGroupwhichoperateinthegamingsectoronly,andits levelisdirectlyconnectedwiththelevelofthegamingactivity. Theanalysisofotherdirectcostsisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 Feestosystemproviders 70,877 54,648 47,978 46,221 Promotionalactivities 47,310 11,097 17,901 9,599 Financialinstitutionsfees 28,961 3,650 1,697 1,189 Onlineaffiliationfees 13,009 1,147 1,561 223 Total 160,157 70,542 69,137 57,232 At Group level, the significant increase between the two comparative periods is mainly driven by the STOIXIMAN LTD fully consolidated period of 12 monthsfor2021versus 1 month for 2020.As farasthe natureoftheexpensesclassifiedundertherelevantcategoryisconcerned,thefeestosystem providers relatetocommissionstothegamingplatformproviders,thepromotionalactivitiesrelatetotheadditional incentivesprovidedtoplayers,thefinancialinstitutions’feesrelatetothefinancecostoccurredregarding thecompletionoftheonlineplayers’transactionsandfinally,theonlineaffiliationfeesundertheArticle35 ofL.4635/2019include feesofcertainprovidersthatcomplywiththeprovisionsoftheaforementionedlaw OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 189 relating to the promotion of the online games by placing links at their websites. More specifically, the affiliationfeeforthecurrentperiodamountsto€1,561(2020:€223)and€10,317(2020:€850)forOPAP S.A.andSTOIXIMANLTDrespectively. 33.Otheroperatingincome Theanalysisofotheroperatingincomeisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 CommissiononNewYear'sEveLottery 1,568 ‐ ‐ ‐ Revenuesfromprepaidcards,mobile top‐upsandbillpayments 83,862 84,260 ‐ ‐ RevenuefromITservices 8,208 7,496 ‐ ‐ Managementfees ‐ ‐ 26,462 23,903 Incomefromsubsidies 13,958 14,360 12,705 12,321 Gainfromdisposalofsubsidiary ‐ ‐ ‐ 8,336 Otherincome 16,139 17,694 11,444 13,984 Total 123,735 123,811 50,610 58,545 Τhe Commission on New Year's Eve Lottery refers to the commission that HELLENIC LOTTERIES S.A. is entitledtoreceiveregardingtheoperationandconductionoftherelevantdrawatthelastdayofeachyear and equalsto17% on the amounts wagered.Norelevantdrawconducted for the year 2020due to the impactofcoronavirus(COVID‐19). Revenuesfromprepaidcards,mobiletop‐upsandbillpaymentsincludetherevenuesfromTORADIRECT SINGLEMEMBERS.A.andTORAWALLETSINGLEMEMBERS.A..Specifically,fromthetotalamountofother incomeof€83,862in2021(2020:€84,260),an amountof€74,196(2020:€76,826)referstorevenues wheretheaforementionedsubsidiariesactasprincipals,whileanamountof€5,356(2020:€3,967)refers to commissions where they act as agents and, finally, an amount of € 4,311 (2020: € 3,468) refers to commissionfrombillpayments services. Revenue from IT services relates to the NEUROSOFT S.A. income for the provision of IT services and consultingandthesaleofsoftwareandothertechnologicalproducts. Τhe Company’s management fees mainly include Service Level Agreements (“SLA”) fees from its subsidiariesOPAPCYPRUSLTD,HELLENICLOTTERIESS.A.andHORSE RACESSINGLEMEMBERS.A.whichare eliminatedforGrouppurposes. Incomefromsubsidies,atGrouplevel,includesprimarilya25%discountoncertaintaxliabilitiesamounting to€9,590in2021(2020:€12,251)andthe100%leasesdiscountof€4,000(2020:€1,829),whichboth relatetothemeasures introducedbytheGreekauthoritiesagainsttocoronavirus(COVID‐19)impact. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 190 The2020Company’sgainfromdisposalofsubsidiaryreferredtoagainof€8,336relatingtothedisposal ofHORSERACESSINGLEMEMBERS.A.toOPAPINVESTMENTLTD. Finally,otherincomeoftheGroupin2021includes,amongothers,anamountof€3,582whichrepresents taxreturnfromthe Maltesian taxauthorities(2020:€2,593),€1,652incomefromsalesofPLAYGaming HallsandOpapStoresconstruction(2020:€2,207),€5,027incomefromtheservicesprovidedtotheOpap StoresandPLAYGamingHalls(2020:€4,600)andincomefromoperatingleasesof€2,673(2020:€ 3,930). 34. Other operating income related to the extension of the concessionoftheexclusiveright2020‐2030 AspertheSupplementaryagreementbetweentheCompanyandtheHellenicRepublicAssetDevelopment Fund(HRADF)dated12.12.2011anditssubsequentamendmenton29.04.2013relatingtotheCompany’s 10‐year extension of the exclusive right up to 12.10.2030, a proportion equal to 80% of the absolute consideration for the extension which amounted to € 375,000 in total represents a GGR contribution prepaymentoftheCompanyfortheextendedperiod. This80%proportionoftheAbsoluteconsideration equalsto€300,000thefuturevalueofwhichwasdefinedatthetimethattheextensionwasenteredinto at € 1,831,200 to be allocated to the 10 years of the extension. For 2021 the portion of the prepaid contributionof €1,831,200,adjusted foranycorporatetaximpact,amountsto€217,373while forthe periodfrom13.10.2020to31.12.2020thisamountedto€42,465.Theexpensehasbeenclassifiedunder ‘GGRcontributionand otherleviesandduties’andsimultaneously,asanincomeunder‘Otheroperating incomerelatedtotheextensionoftheconcessionoftheexclusiveright2020‐2030’. 35.Otheroperatingcost TheotheroperatingcostoftheGroupin2021includestheconsumptionofTORADIRECTSINGLEMEMBER S.A.phonecardsamountingto€72,048(2020:€74,407),thecostofthesoldPLAYGamingHallsofOPAP S.A.of€1,016(2020:€1,559)aswellastheconsumptionofNEUROSOFT S.A.goodsof€1,351(2020:€ 1.643)fortheproductionanddevelopmentofsoftwareandITsystems. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 191 36.Payrollexpenses TheanalysisofpayrollexpensesoftheCompanyandtheGroupisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Wagesandsalaries 58,457 61,545 47,552 50,643 Socialsecuritycosts 11,580 13,081 9,374 10,659 Otherstaffcosts 1,518 1,413 1,056 1,099 Employeebenefitplans 2,173 1,338 2,130 1,300 Terminationcompensations 2,535 1,005 2,151 730 Total 76,263 78,381 62,263 64,431 ThenumberofemployeesoftheCompanyasat31.12.2021and31.12.2020is1,127and1,158respectively, whiletheemployeesoftheGroupatthesamedatesare1,612and1,503respectively. 37.Marketingexpenses Theanalysisofmarketingexpensesisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 CSRandsponsorships 27,568 17,940 13,322 12,984 Advertising 63,068 36,913 33,369 26,693 Total 90,636 54,853 46,691 39,677 AtGrouplevel,thesignificantincreasebetweenthecomparativeperiodsismainlydrivenbytheSTOIXIMAN LTDfullyconsolidatedperiodof12monthsfor2021versus1monthfor2020. The Group’s CSR expense for the year 2021 amounts to € 5,243 (2020: € 5,007) and the sponsorships expenseto €22,324(2020:12,933).AtCompany’slevel,therelevantexpensesamountto€4,632(2020:€ 4,973)and€8,690(2020:€8,011). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 192 38.Otheroperatingexpenses Theanalysisofotheroperatingexpensesisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 ITrelatedcosts 32,731 17,190 24,894 21,364 Utilities&Telecommunicationcosts 11,478 11,373 11,452 11,452 Rentals 548 1,070 315 561 Other 106,065 69,089 36,394 40,437 Inventoryconsumption 3,569 3,691 3,292 3,377 Impairmentofinvestmentin subsidiaries ‐ ‐ ‐ 5,500 Total 154,392 102,413 76,347 82,692 AtGrouplevel,thesignificantincreaseobservedbetweenthecomparativeperiodsismainlyattributedto theSTOIXIMANLTDfullyconsolidatedperiodof12monthsfor2021versus1monthfor2020. TheGroupITrelated cost in 2021,amongothers,includesfees for technological support ofinformation systems (other than gaming platforms) of € 3,987 (2020: € 3,547), repair and maintenance of € 10,765 (2020:€8,804)anduseofsoftwarelicensesof€17,059(2020:€4,277)ofwhichtheamountof€12,612 comesfromSTOIXIMANLTD. Therentalsclassifiedundertheotheroperatingexpensesrefertoshortterm andvariableleaseswhichare excludedfromtheIFRS16accountingtreatment. TheGroupsubcategory‘other’includesawiderangeofexpenses,operatingornot,suchasprofessional feesof€74,110(2020:35,017)ofwhichtheamountof€41,983comesfromSTOIXIMANLTD,taxes(other thanIncometax) of €2,313 (2020:€2,292),consumablesof€1,980(2020:€2,485), extraordinaryand prioryearexpensesof€3,811(2020:€1,586),subscriptionsof€2,720(2020:€2,416),insurancecostof€ 1,772 (2020: 1,469), financial support thattheCompanypaidtoitsagents’ networkof €2,570 (2020: € 5,161)inrelationtothemeasuresundertakenduetothecoronavirus(COVID‐19)impactetc. As far as the Company’s previous period ‘other’ expenses are concerned, it is noted that a litigation provisionexpenseof€5,359hadbeenincorporated. The2020Company’simpairmentofinvestmentin subsidiariesreferredtoanimpairmentinitsinvestment inOPAPINTERNATIONALLTDof€5,500. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 193 39.Financeincome/(costs) Theanalysisoffinanceincomeandcostisasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Interestexpenseonleaseobligations (1,993) (2,269) (835) (1,031) Interestandexpensesofbondloans (33,200) (36,812) (32,446) (35,444) Otherfinancialexpenses (6,057) (2,213) (1,505) (1,043) Capitalcostofemployeebenefitplans (5) (8) (4) (6) Discountinginterestonreceivables (4,597) (2,437) (4,550) (2,435) Financecost (45,852) (43,740) (39,339) (39,959) Bankdeposits 176 1,266 95 797 Interestincomefromloanstothird parties 108 740 824 594 Otherfinancialincome 177 8,279 141 8,136 Reversalofpreviousperioddiscount interest 1,578 ‐ 569 ‐ Discountinginterestofpayables 251 ‐ ‐ ‐ Financeincome 2,288 10,286 1,629 9,527 Netfinancecosts (43,564) (33,454) (37,711) (30,432) The discounting interest of the Group and the Company includesprimarily the discounting of the ‘Additionalconsideration’relatingtothelicenseextension2020‐2030of€4,550(2020:€1,519)which,as of 31.12.2021is a receivable of€ 55,854 and hasbeendiscounted for 112months.Inthecomparative period, theCompanydiscountedthelongtermreceivableoftheagentsrelatingtotheconstructioncostof €7,249andtherespectiveinterestcostamountedto€916.Theunwindingoftheaforementionedcostin thecurrentperiodamountsto€569andisincludedin‘Reversalofpreviousperioddiscount interest’. 40.Dividendincome TheCompanyrecogniseddividendincomefromsubsidiariesin2021amountingto€4,000(2020:€5,500). Specifically,thedividendfromOPAPCYPRUSLTDin2021amountedto€3,000(2020:€4,000)andfrom OPAPSPORTSLTD€1,000(2020:€1,500). OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 194 41.Incometaxexpense TheincometaxchargedtotheStatementofprofitorlossandothercomprehensiveincomefortheyears ended31December2021and2020isanalysedasfollows: Amountsrecognisedinprofitorloss GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Currenttax (81,334) (29,947) (55,738) (24,328) Deferredtax (14,336) 12,647 (16,664) (3,954) Deferredtax–Effectduetochangein theincometaxrate (723) ‐ 2,075 ‐ Incometaxexpense (96,393) (17,300) (70,327) (28,282) Effectivetaxrate 27.0% 8.0% 21.0% 21.8% Amountsrecognisedinothercomprehensiveincome GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Deferredtax (339) 57 (328) 56 Deferredtax–Effectduetochangein theincometaxrate (6) ‐ (6) ‐ Total (345) 57 (334) 56 AccordingtoLaw4799/2021,thecorporateincometaxrateinGreeceisreducedfrom24%to22%forfiscal years2021onwards. ThecorporateincometaxrateinCyprusis12.5%andinMalta35%. Based on International Accounting Standard 12 “Income Taxes” deferred tax assets and liabilities are calculated, withoutdiscounting,attaxratesthatareexpectedtoapplyattheperiodofrealization,provided theyareenactedorsubstantivelyenactedatthereportingdate. The accumulated tax losses of certain Group’s entities as of 31.12.2021 amount to € 92,056 (2020: € 91,191).Basedontheapprovedbusinessplansand themanagementestimationsrelatingtotheutilisation ofthefuturetaxableincomethetaxlossesforwhichadeferredtaxassetof€324recognisedam ountsto €1,471,whilefortheremainingtaxlossesof€90,585nodeferredtaxassetcouldberecognised. Taxlossescanbeoffset againstfuturetaxableearningsoverthenext5‐yearperiod. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 195 Areconciliationbetweenthe income taxexpense and theaccountingprofit before taxmultipliedbytax ratesinforceinGreece(2021:22%,2020:24%)isasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Profitbeforetax 357,265 216,407 335,288 129,652 TaxcalculatedattheCompany's statutorytaxrate(2021:22%,2020: 24%) (78,598) (51,938) (73,763) (31,117) Taxadjustmentsinrespectof: Effectofdifferenttaxratesinother countries (5,653) 397 ‐ ‐ Taxeffectofnon‐deductibleexpenses (2,804) (5,770) 282 (5,913) Taxeffectofnon‐taxableincome 2,685 6,013 3,297 6,469 Effectofunrecognizeddeferredtax assetontaxcarryforwardlosses (9,224) (3,286) ‐ ‐ Taxrelatingtopriorperiods (2,315) 1,060 (2,315) 1,061 Effectfromtaxratechange (730) ‐ 2,069 ‐ Impairmentofinvestmentin subsidiaries ‐ ‐ ‐ (1,320) Gainfromdisposalofsubsidiary ‐ ‐ ‐ 2,001 Impairmentlossingoodwillforwhich nodeferredtaxisrecognized ‐ (3,000) ‐ ‐ Gainfromremeasurementofpreviously heldequityinterestforwhichno deferredtaxisrecognized ‐ 34,240 ‐ ‐ Effectofparticipatinginshareofprofit ofassociates (97) 4,391 ‐ ‐ Effectofaccumul.taxlossclaimedin thecurrentperiod ‐ 55 ‐ ‐ Othertaxes 374 568 103 537 Otheritemsforwhichnodeferredtax assetisrecognized (29) (31) ‐ ‐ Incometaxexpense (96,393) (17,300) (70,327) (28,282) OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 196 42.Earningspershare Thebasicanddilutedearningspersharearecalculatedasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 Restated 2021 2020 Restated Netprofitattributabletothe shareholdersoftheCompany(in€) 259,426,881 205,166,563 264,960,545 101,370,308 Weightedaveragenumberofordinary shares 343,864,110 334,289,647 343,864,110 334,289,647 Basicanddilutedearningspershare(in €) 0.7544 0.6137 0.7705 0.3032 Basicanddilutedearningspersharearethesame,astheCompanyhasnodilutivepotentialcategories. Theweightedaveragenumberofshareson31.12.2021iscalculatedasfollows: 2021 2020 Issuedordinarysharesat1January 341,426,387 321,623,443 Effectoftreasurysharesheld (1,829,624) (1,829,624) Effectofnewsharesissuance 4,267,347 14,495,828 Weighted‐averagenumberofordinary sharesat31December 343,864,110 334,289,647 43.Relatedpartydisclosures TheGroup’sFinancialStatementsfortheyear2021wereconsolidatedbySAZKAGroupa.s.. Theterm“relatedparties”includesnotonlytheGroup’scompanies,butalsocompaniesinwhichtheparent participatesintheirsharecapitalwitha significant percentage, companies that belong toparent’smain shareholders,companiescontrolledbymembers oftheBoDorkeymanagementpersonnel,aswellasclose membersoftheirfamily. TheGroup’sandtheCompany’sincomeandexpensesfortheyearsof2021and2020aswellasthebalances of receivables and payables for the same period that have arisen from related parties’ transactions, as definedbyIAS24,aswellastheirrelevantfiguresareanalysedasfollows: OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 197 COMPANY Expenses&Assets’Purchases Income 01.01‐ 31.12.2021 01.01‐ 31.12.2020 01.01‐ 31.12.2021 01.01‐ 31.12.2020 OPAPSPORTSLTD ‐ ‐ 1,000 1,500 OPAPCYPRUSLTD 784 765 25,529 24,446 HELLENICLOTTERIESS.A. ‐ ‐ 3,796 3,325 HORSERACESSINGLEMEMBERS.A. ‐ 9 750 411 TORADIRECTSINGLEMEMBERS.A. 252 309 430 391 TORAWALLETSINGLEMEMBERS.A. 654 534 195 202 NEUROSOFTS.A. 7,711 8,209 ‐ ‐ Total 9,402 9,826 31,701 30,275 GROUP Expenses&Assets’Purchases Income 01.01‐ 31.12.2021 01.01‐ 31.12.2020 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Otherrelatedparties 48,135 16,542 ‐ 144 Total 48,135 16,542 ‐ 144 COMPANY Receivables(excl.loans) Payables(excl.loans) 31.12.2021 31.12.2020 31.12.2021 31.12.2020 OPAPCYPRUSLTD 13,873 11,669 1,300 63 HELLENICLOTTERIESS.A. 4,202 3,362 13 11 HORSERACESSINGLEMEMBERS.A. 270 300 10 10 TORADIRECTSINGLEMEMBERS.A. 155 323 186 94 TORAWALLETSINGLEMEMBERS.A. 620 661 311 296 NEUROSOFTS.A. 33 ‐ 1,788 1,295 Total 19,153 16,315 3,607 1,770 GROUP Receivables Payables 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Otherrelatedparties 3,495 144 9,979 1,533 Total 3,495 144 9,979 1,533 COMPANY Loanstosubsidiaries 31.12.2021 31.12.2020 HORSERACESSINGLEMEMBERS.A. ‐ 5,250 TORADIRECTSINGLEMEMBERS.A. 3,500 3,500 3,500 8,750 COMPANY Loansfromsubsidiary 31.12.2021 31.12.2020 OPAPCYPRUSLTD 30,175 20,163 30,175 20,163 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 198 TheCompany'sincomefromtransactionswithrelatedpartiesmainlyreferstoincomefromroyaltiesand supportingservices,whiletherespectiveexpensesmainlyrefertoITrelatedcosts.TheGroup’sexpenses mostlyrelatetoconsultingfees. Additionally,theCompanyhasgrantedtotalcorporateguaranteesof€104,375in2021(2020:€104,375) infavorofHELLENICLOTTERIESS.A..Fromthisamount,€41,750(2020:€41,750)isacorporateguarantee fortheloanofHELLENICLOTTERIESS.A.fromAlphabankand€62,625(2020:€ 62,625)isaguaranteeto HRADFregardingtheminimumamountperannumstipulatedintheConcessionAgreement. Additionally, theCompanyhasgrantedcorporateguaranteesof€1,100(2020:€550)infavorofOPAPSPORTSLTDand €1,000(2020:€0)infavorofNEUROSOFTS.A.. Finally,theCompanyintendstoprovidefinancialsupporttoitssubsidiaries,ifit isdeemednecessary. SeniormembersofManagement havereceivedthefollowingremuneration: MANAGEMENTPERSONNEL GROUP&COMPANY 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Salaries 3,641 4,453 Othercompensations 20 10 Costofsocialinsurance 195 226 Total 3,855 4,688 BOARDOFDIRECTORS GROUP COMPANY 01.01‐ 31.12.2021 01.01‐ 31.12.2020 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Salaries 837 828 364 358 Costofsocialinsurance 90 88 63 65 Total 927 916 428 423 ItshouldbenotedthatGroupkeymanagementpersonneliscomprisedonlybytheCompany’sexecutives. GROUP COMPANY LiabilitiesfromBoDcompensation &remuneration 31.12.2021 31.12.2020 31.12.2021 31.12.2020 BoDandkeymanagementpersonnel 170 141 169 139 Total 170 141 169 139 Alltheaboveintercompanytransactionshavebeendealtatarm’slength. All the inter‐company transactionsandbalances of the above havebeeneliminated in the consolidated FinancialStatementsoftheGroup. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 199 44.Otherdisclosures Contingentliabilities Taxliabilities The companies of the Group subject to tax audit by legal auditors, were tax audited by their Certified AuditorsAccountants,accordingtothetermsofarticle82,par.5oftheLaw2238/1994andthearticle65A, par.1of L. 4174/2013that hasbeenaccordingly revised byL. 4262/2014,andreceived Tax Compliance Reportswithoutdifferences. Morespecifically,theauditedtaxyearsbyCertifiedAuditorsare: Company’sName FiscalYears OPAPS.A. 2011‐2021 HELLENICLOTTERIESS.A. 2014‐2021 TORADIRECTSINGLEMEMBERS.A. 2011‐2021 TORAWALLETSINGLEMEMBERS.A. 2017‐2021 NEUROSOFTS.A. 2011‐2021 HORSERACESSINGLEMEMBERS.A. 2016‐2021 InanycaseandaccordingtoPOL.1006/05.01.2016,GreekcompaniessubjecttotheTaxCertificateprocess arenotexcludedfromataxauditbytaxauthorities.Consequently,taxliabilitiesforthesefiscalyearsare notconsideredtobefinal.Apossibletaxauditmayimposefurthertaxesandfines,theamount ofwhichis notexpectedtobematerial. Additionally, the fiscal years 2015 and 2016 for the subsidiaries HORSE RACES SINGLE MEMBER S.A and TORA WALLETSINGLE MEMBER S.A. respectively, are considered tax unauditedastheaudithas not yet beenfinalizedbythetaxauthorities. Asfarasthe workoftheCertifiedAuditorsAccountantsforthetaxcompliancereportofthecurrentyear isconcerned,itshouldbenotedthatitiscurrentlyinprogressanditwillnothavebeenfinalizedpriorto the publication of the annual Financial Statements. However, no material additional tax liabilities are expected. Groupcompanies’outsideGreecehavenotbeentaxauditedforthebelowyears: Company’sName FiscalYears OPAPCYPRUSLTD 2013–2021 OPAPSPORTSLTD 2020–2021 OPAPINTERNATIONALLTD 2004–2005&2013–2021 OPAPINVESTMENTLTD 2012–2021 STOIXIMANLTD 2020‐2021 OPAPS.A.hasappealedtothe administrativecourts, awaitingthe hearing,fortheimpositionin2014of additional taxesand surcharges for the fiscal year 2010 of a totalamountof€29,568. This amount has alreadybeenpaidtotherespectiveauthorities. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 200 Offbalancesheetassetsandliabilities TheguaranteesthattheGroupandtheCompanyhavereceivedaswellasgrantedinordertosecuretheir assets/liabilitiesarestatedbelow : GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Receivablessecuring 15,067 21,064 2,541 2,372 Guaranteesreceived 15,067 21,064 2,541 2,372 GuaranteestoHRADF 78,500 78,500 ‐ ‐ Otherguarantees 48,437 47,885 109,426 106,456 Guaranteesgranted 126,937 126,385 109,426 106,456 ItisnotedthatoutofthetotaloftheaboveguaranteestoHRADFasof31.12.2021,€75,000(31.12.2020: €75,000)arerelatedtoHELLENICLOTTERIESS.A.and€3,500(31.12.2020:€3,500)toHORSERACESSINGLE MEMBERS.A.andrefertotheobligationsarisingfromtherespectiveconcessionagreements. TheCompanyhasgrantedtotalcorporateguaranteesas31.12.2021of€104,375(31.12.2020:€104,375) in favor of HELLENIC LOTTERIES S.A.. From this amount, € 41,750 (31.12.2020: € 41,750) is a corporate guaranteefortheloanofHELLENICLOTTERIESS.A.fromAlphabankand€62,625(31.12.2020:€62,625)is aguaranteetoHRADFregardingtheminimumamountperannumstipulatedintheConcessionAgreement. Additionally, the Company has granted corporate guarantees of € 1,100 (31.12.2020: € 550) in favor of OPAPSPORTSLTDand€1,000(31.12.2020:€0)infavorofNEUROSOFTS.A.. Otherthanthat,thesubsidiaryHELLENIC LOTTERIESS.A.iscommittedtopayonanannualbasis30%of thegrossgamingrevenuegeneratedfromtheGreekStateLotteries(withtheexceptionoftheNewYear’s Lottery)totheGreekState;howeversuchamountisnottobelessthan€50,000forthefollowingyearsof itsoperation.Inaddition,thesubsidiaryHORSERACESSINGLEMEMBERS.A.iscommittedtoallocate1.5% ofthegrossgamingrevenuetotheJockeyClubforitsoperationalcostswithaminimumannualallocation of€500uptoalimitof€200,000oftotalamountswageredand0.5%over thislimitforthefollowingyears ofitsoperation. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 201 45.Financialinstrumentsandfinancialriskfactors Fairvalueandfairvaluehierarchy TheGroupusesthefollowinghierarchyfordetermininganddisclosingthefairvalueoffinancialinstruments byvaluingtechnique: Level1:quoted(unadjusted)pricesinactivemarketsforidenticalassetsorliabilities. Level2:othertechniquesforwhichallinputswhichhaveasignificanteffectontherecordedfairvalueare observable,eitherdirectlyorindirectly. Level3:techniqueswhichuseinputswhichhaveasignificanteffectontherecordedfairvaluethatarenot basedonobservablemarketdata. During the year there were no transfers between level 1 and level 2 fair value measurement, and no transfersintoand outoflevel3fairvaluemeasurement. ThefollowingtablescomparethecarryingamountoftheGroup’sandtheCompany’sfinancialinstruments thatarecarriedatamortizedcosttotheirfairvalue: GROUP Carryingvalue Fairvalue 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Financialassets Loansreceivable 5,133 6,942 5,133 6,942 Tradereceivables 92,959 75,728 92,959 75,728 Cashandcashequivalents 860,361 506,873 860,361 506,873 Housingloanstopersonnelandother financialassets 206 189 206 189 Guaranteedeposits 2,614 1,263 2,614 1,263 Otherreceivable‐revenuereceivable 18,939 7,537 18,939 7,537 Investments 3,633 4,629 3,633 4,629 Financialliabilities Longtermborrowings 991,673 1,007,830 996,814 1,024,809 Shorttermborrowings 54,965 33,036 55,027 32,252 Tradepayables(excludingcontracts' liabilities) 158,808 143,065 158,808 143,065 Liabilitiesarisingfromderivatives(swap) 1,453 2,748 1,453 2,748 Leaseliabilities 51,007 57,743 51,007 57,743 Otherfinancialliabilities 158,869 160,330 158,869 160,330 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 202 COMPANY Carryingvalue Fairvalue 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Financialassets Loansreceivable 7,848 13,918 7,848 13,918 Tradereceivables 51,294 34,094 51,294 34,094 Cashandcashequivalents 609,088 279,491 609,088 279,491 Housingloanstopersonnel 130 189 130 189 Guaranteedeposits 934 1,133 934 1,133 Leasereceivable 9,602 7,068 9,602 7,068 Financialliabilities Longtermborrowings 941,517 957,440 947,197 973,924 Shorttermborrowings 82,677 52,692 82,733 52,040 Tradepayables(excludingcontracts' liabilities) 59,655 51,592 59,655 51,592 Liabilitiesarisingfromderivatives(swap) 1,453 2,748 1,453 2,748 Leaseliabilities 22,354 27,079 22,354 27,079 Otherfinancialliabilities 21,873 17,400 21,873 17,400 Thefairvalueoflong‐termandshort‐termborrowingsisbasedoneitherquoted(unadjusted)pricesoron futurecashflows discounted.Thefairvalueofotherfinancialassetsandfinancialliabilitiesapproximates theircarryingamounts. Financialriskmanagement Managementcontinuallyassessesthepossibleimpactofanychangesinthemacroeconomicandfinancial environmentin GreeceandCyprus soasto ensure thatall necessaryactionsand measuresaretaken in ordertominimizeanyimpactontheGroup’soperations.Basedonitscurrentassessment,ithasconcluded thatnoaddi tionalimpairment isrequiredwithrespecttotheGroup’sfinancialandnon‐financialassetsas of31.12.2021. Next,wepresentthemainrisksanduncertaintieswhichtheGroupisexposed. Marketrisk Marketriskarisesfromthepossibilitythatchangesinmarketpricessuchasexchangeratesandinterest rates affect the results of the Group and the Company or the value of financial instruments held. The managementofmarket riskconsistsintheeffortoftheGroupandtheCompanytocontroltheirexposure toacceptablelimits. Theindividualrisksthatcomprisemarketrisk,namelyinterestrateandcurrencyrisk,andtheGr oup’sand theCompany’spoliciesformanagingthemaredescribedbelow. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 203 Interestraterisk TheGroupisexposedtointerestrateriskduetotheunhedgedportionofitsoutstandingdebt.TheGroup follows all market developments concerning the interest rate environment and acts accordingly. The existing debt facilities, as of 31.12.2021, stand at € 1,046,638 and € 1,024,193 for the Group and the Company respectively,whichareanalysedasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Fixedrateborrowings 646,484 595,215 676,558 564,966 Floatingrateborrowings 400,154 445,651 347,635 445,166 Total 1,046,638 1,040,866 1,024,193 1,010,132 Floating‐rateborrowingsincludeloanagreementswhichhavebeenhedgedthroughinterestrateswapand represent as at 31.12.2021 approx. 24% (31.12.2020: 28%) of the total floating‐rate borrowings of the GroupandtheCompany,respectively. TheGroupfollowsallmarketdevelopmentsandactsinatimelymannerwhenneeded. TheeffectofinterestrateswaponthefinancialstatementsoftheGroupandtheCompanyisasfollows: Interestrateswap GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Carryingamount(non‐currentliability) 1,453 2,748 1,453 2,748 Notionalamount 100,000 100,000 100,000 100,000 Maturitydate 2023 2023 2023 2023 Hedgeratio 1:1 1:1 1:1 1:1 Changeinfairvalueofoutstandinghedging instrumentssince1January 1,296 (224) 1,296 (224) Thefollowingtabledemonstratesthesensitivitytoachangeininterestratesonborrowingstotheincome statement. Ifinterestratesweretoincreaseby1.0%,theimpactonprofitsaftertaxwouldbe: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Impactonprofitaftertax (1,510) (2,381) (1,480) (2,353) Ifinterestratesweretodecreaseby1.0%,theimpactonprofitsaftertaxwouldbe: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Impactonprofitaftertax 396 315 396 315 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 204 Currencyrisk Currency risk is the risk that the fair values of the cash flows of a financial instrument fluctuate due to foreigncurrencychanges.GroupoperatesinGreeceandCyprus,andtherearenotanyagreementswith suppliersincurrenciesotherthanineuro.Allrevenuesfromgamesareineuro,transactionsandcost sare denominated or based in euro, subsequently, there is not any substantial foreign exchange risk. Additionally,thevastmajorityofGroup’scostbaseis,eitherproportionaltoourrevenues(i.e.payoutto winners,agentscommission,vendors’revenue–basedfees)ortotransactionswithdomesticcompanies (i.e.IT,marketing). CapitalManagement The primary objective of the Group and the Company, relating to capital management is to ensure and maintainstrongcreditabilityandhealthycapitalratiostosupportthebusinessplansandmaximizevalue forthebenefitofshareholders. The Group maintains a solid capital structure, as depicted in the Net Debt/EBITDA ratio of 0.4 x as of 31.12.2021. Netdebtincludesshort‐termandlong‐termborrowingsaswellaslong‐termandshort‐termleaseliabilities, lesscashandcashequivalentsandshort‐termandlong‐terminvestments. Inaddition,itretainsanefficientcashconversioncyclethusoptimizingtheoperatingcashrequire dinorder to secure its daily operations, while diversifying its cash reserves to achieve flexible working capital management. TheGroupmanagesthecapitalstructureandmakesthenecessaryadjustmentstoconformtochangesin business and economic environment in which they operate. The Group and the Company in order to optimizetheca pitalstructure,mayadjustthedividendpaidtoshareholders,returncapitaltoshareholders orissuenewshares. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 205 Thecapitalstructurefortheyears2021and2020isasfollows: GROUP COMPANY PeriodthatendedonDecember31 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Long‐termborrowings 991,673 1,007,830 941,517 957,440 Short‐termborrowings 54,965 33,036 82,677 52,692 Long‐termleaseliabilities 43,507 50,112 16,989 22,011 Short‐termleaseliabilities 7,500 7,631 5,365 5,068 Totaldebt 1,097,645 1,098,609 1,046,548 1,037,211 Minus:Cashandcashequivalents (860,361) (506,873) (609,088) (279,491) Minus:Short&long‐terminvestments (3,633) (4,629) ‐ ‐ Netdebt 233,651 587,107 437,459 757,720 TotalEquity 949,372 782,710 815,022 640,045 Profitbeforeinterest,tax,depreciation andamortization(EBITDA)lasttwelve months 550,296 260,715 479,959 246,941 Totaldebt/TotalEquity 115.6% 140.4% 128.4% 162.1% Netdebt/Profitbeforeinterest,tax, depreciation,amortizationand impairment(EBITDA) 0.4 2.3 0.9 3.1 Creditrisk TheGroup’sexposuretocreditriskarisesfromitsoperatingactivitiesandmorespecificallyonthecollection processofitsfranchise‐likemodelofoperation.Theabove‐mentionedprocessleavestheGroupexposed tothe riskof financiallossif oneofitscounterpartiesfailstomeetitsfinancial obligations.The carrying valueoffinancialassetsateachreportingdateisthemaximumcreditrisktowhichtheGroupisexposed. Inordertomitigatetheaforementionedrisk,OPAPestablishedandimplementsacreditriskmanagement policy.Themaincharacteristicsofthepolicyare: The establishment of a Credit Committee responsible to approve and/or to make recommendationstotheBoDforcreditriskrelatedmatters. Theclassificationofagentsbasedonacreditriskscoringmodelwhichiscontinuouslyupdated. Theestablishmentofcreditlimitsperagentbasedontheirindividualcreditratings. Theimmediatesuspensionofoperation incaseofoverdueamounts. Impairmentoffinancialassets TheGroupandtheCompanyhavethefollowingtypesoffinancialassetsthataresubjecttotheexpected creditlossmodel: Tradereceivables Loanstothirdparties Short‐term&long‐terminvestments Guaranteedeposits Other financialassets. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 206 WhilecashandcashequivalentsarealsosubjecttotheimpairmentunderIFRS9,theidentifiedimpairment losswasnotsignificantduetothefactthatthecashandcashequivalentsoftheGroupandtheCompany areheldatreputableEuropeanfinancialinstitutions. TheGroupandtheCompanyapplytheIFRS9simplifie dapproachtomeasureexpectedcreditlosses.The impairmentprovisionisalwaysmeasuredatanamountequaltotheexpectedcreditlossoverthelifetime of the claim. To determine expected credit losses in relation to trade receivables, the Group and the Company use a credit loss provision matrix. The credi t loss provision matrix is based on the maturityof balances, on historical data of the Group and the Company regarding credit losses, adjusted for future factorsinrelationtodebtorsandthefinancialenvironment. Theremainingfinancialassetsareconsideredtohavelowcreditrisk,thereforetheGroupapplie stheIFRS 9generalapproachandthelossallowancewaslimitedto12monthsexpectedlosses. AssetssubjecttocreditriskasatthedateoftheStatementofFinancialPositionareanalyzedasfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 FinancialAssetsCategories Loansreceivable 5,133 6,942 7,848 13,918 Tradereceivables 92,959 75,728 51,294 34,094 Cashandcashequivalents 860,361 506,873 609,088 279,491 Housingloanstopersonnelandother financialassets 206 189 130 189 Guaranteedeposits 2,614 1,263 934 1,133 Otherreceivable‐revenuereceivable 18,939 7,537 9,602 7,068 Investments 3,633 4,629 ‐ ‐ Total 983,845 603,161 678,896 335,893 Allfinancialassetsintheabo vetablearenotyetdueexceptfordoubtfultradereceivables.Thelatter,along withreceivablesbyagentsarealsoimpaired.BoththesecategoriesareincludedinTradeReceivables(see Note16)andarecoveredthroughlossallowance. Thelossallowancesfortradereceivablesassetsasat31Decemberre conciletotheopeninglossallowances asfollows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Openinglossallowance 46,104 41,575 40,142 38,953 Increaseinlossallowancerecognised duringtheyear 92 5,383 ‐ 2,044 Unusedamountreversed (1,354) ‐ (906) ‐ Receivableswrittenoffduringtheyear (581) (855) (581) (855) Closinglossallowance 44,260 46,104 38,655 40,142 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 207 Thelossallowancesforothercurrentassetsasat31Decemberreconciletotheopeninglossallowancesas follows: GROUP COMPANY 31.12.2021 31.12.2020 31.12.2021 31.12.2020 Openinglossallowance 20,111 4,712 12,353 2,245 Increaseinlossallowancerecognised duringtheyear ‐ 15,399 ‐ 10,107 Unusedamountreversed ‐ ‐ (8,250) ‐ Receivableswrittenoffduringtheyear (3,705) ‐ (3,705) ‐ Closinglossallowance 16,406 20,111 397 12,353 Duringtheyear,thefollowinglosseswererecognisedinincomestatementinrelationtoimpairedfinancial assets: Netimpairmentlossesonfinancial assets GROUP COMPANY 01.01‐ 31.12.2021 01.01‐ 31.12.2020 01.01‐ 31.12.2021 01.01‐ 31.12.2020 Impairmentlossesonshorttermtrade receivables (92) (4,136) ‐ (2,044) Impairmentlossesonlongtermtrade receivables ‐ (1,247) ‐ ‐ Impairmentlossesonothernon‐current assets ‐ ‐ ‐ (1,750) Impairmentlossesonothercurrentassets ‐ (15,399) ‐ (10,107) Reversalofpreviousimpairmentlosses 1,354 19 10,906 ‐ Write‐offofshorttermtradereceivables (1,764) (691) (1,764) (628) Total (501) (21,455) 9,143 (14,529) OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 208 Liquidityrisk LiquidityriskistheriskthattheGroupwillnotbeabletomeetitsfinancialobligationsastheyfalldue.The Groupmanagesliquidityriskbyperformingadetailedforecastinganalysisoftheinflowsandoutflowsof theGrouponayearlybasis. Theaforementionedexercisetakesintoaccount: Revenuesforecastbasedonexpectedpayoutratiosofthegames Taxobligationsandotherfinancialcommitmenttowardsthegovernment FinancialobligationsarisingfromtheGroup’sloanportfolio OperatingExpenses CapitalExpenditure Extraordinaryinflowsandoutflows The Group liquidity position is monitored on a daily basis from the Treasury Department and if needed makesrecommendationstotheCFOandtheBoardofDirectorstoassurenocashshortfalls. TheanalysisoftheundiscountedcontractualpaymentsofthefinancialliabilitiesoftheGroupandthe Companyisasfollows: GROUP ShortTerm LongTerm Total contractual cashflows 31.12.2021 Lessthan 6months 6to12 months 1to2 years 2to5 years Over5 years Longtermborrowings ‐ ‐ 380,092 270,206 350,000 1,000,298 Shorttermborrowings ‐ 52,293 ‐ ‐ ‐ 52,293 Tradepayables(excluding contracts'liabilities) 125,841 32,967 ‐ ‐ ‐ 158,808 Liabilitiesarisingfrom derivatives(swap) ‐ ‐ 1,453 ‐ ‐ 1,453 Leaseliabilities 4,583 4,543 8,374 18,449 24,952 60,901 Otherfinancialliabilities 119,011 32,376 1,601 1,749 438 155,175 Total 249,435 122,180 391,520 290,404 375,390 1,428,928 COMPANY ShortTerm LongTerm Total contractualcash flows 31.12.2021 Within6 months 6till12 months 1to2 years 2to5 years Over5 years Longtermborrowings ‐ ‐ 380,000 220,000 350,000 950,000 Shorttermborrowings ‐ 80,001 ‐ ‐ ‐ 80,001 Tradepayables(excluding contracts'liabilities) 59,655 ‐ ‐ ‐ ‐ 59,655 Liabilitiesarisingfrom derivatives(swap) ‐ ‐ 1,453 ‐ ‐ 1,453 Leaseliabilities 3,003 2,996 5,475 10,669 1,919 24,062 Otherfinancialliabilities 11,461 8,408 ‐ ‐ ‐ 19,869 Total 74,119 91,404 386,928 230,669 351,919 1,135,038 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 209 GROUP ShortTerm LongTerm Total contractualcash flows 31.12.2020 Within6 months 6till12 months 1to2 years 2to5 years Over5 years Longtermborrowings ‐ ‐ 80,092 740,298 200,000 1,020,389 Shorttermborrowings 46 30,328 ‐ ‐ ‐ 30,374 Tradepayables(excluding contracts'liabilities) 103,668 39,398 ‐ ‐ ‐ 143,065 Liabilitiesarisingfrom derivatives(swap) ‐ ‐ ‐ 2,748 ‐ 2,748 Leaseliabilities 5,301 5,231 9,690 22,295 30,860 73,377 Otherfinancialliabilities 52,249 17,211 111 302 65 69,938 Total 161,264 92,168 89,892 765,643 230,925 1,339,892 COMPANY ShortTerm LongTerm Total contractualcash flows 31.12.2020 Within6 months 6till12 months 1to2 years 2to5 years Over5 years Longtermborrowings ‐ ‐ 80,000 690,000 200,000 970,000 Shorttermborrowings ‐ 50,002 ‐ ‐ ‐ 50,002 Tradepayables(excluding contracts'liabilities) 51,592 ‐ ‐ ‐ ‐ 51,592 Liabilitiesarisingfrom derivatives(swap) ‐ ‐ ‐ 2,748 ‐ 2,748 Leaseliabilities 3,528 3,481 6,540 14,216 5,330 33,095 Otherfinancialliabilities 8,663 8,737 ‐ ‐ ‐ 17,400 Total 63,784 62,220 86,540 706,964 205,330 1,124,838 OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 210 Impactofcoronavirus(COVID‐19)outbreak The outbreak of coronavirus (COVID‐19) has affected business and economic activity around the world, including Greece and Cyprus. The rapid evolution of the virus and the subsequent Governments’ interventionsalongwiththerelatedrestrictionshaveresultedinthesuspensionoftheCompany’sandthe Group’s retail operations andsignificantly impacted the Group’s financial re sults and operational performancein thecurrentreporting periodsince OPAP’sbusiness isheavilyweightedtowardsretail. In Greece,OPAP’sretailnetworkremainedclosedsincethebeginningoftheyearupuntil12.04.2021when theOPAPstoresresumedoperationsandstreetvendorsrestartedthedistributionofHELLENICLOTTERIES S.A. products (Scratch & Passive lotteries) as of th e same date. Moreover, on 24.05.2021 the VLTs operations restarted while the horseracing facility in Markopoulo Park reopened on 17.05.2021. Finally, OPAPstoresinCyprusremainedclosedwithlocallockdownsforatotal41days.Despitethefactthatboth therevenuesandtheprofitabilityoftheOPAPGr oupwerenotablyaffectedbytheaforementionedretail network suspension, the overall financial performance was supported by the significant growth of the onlinealongwiththeincreasedcontributionofSTOIXIMANLTD.Followingthestores’re‐openingafterthe lifting ofthelockdown,all retail activitiesoperatedco ntinuously albeit withinplace restrictionsvarying fromtimetotime.Itisnotedthough,thathavingreachedcrucialimmunitylevelsalongsidethedecreased mortality of the latest Omicron variant, likewise other countries around the globe, Greece is gradually easingrestrictionsaswell. In this environment, OPAP proceeded with the impl ementation of a set of decisive actions following Government guidelines in response to coronavirus (COVID‐19) to proactively protect its employees and supportitsnetworkwhileatthesametimeassuringitsbusinesscontinuation.TheGroupManagement implemented work from home for employees. At the same time, business trips were limited to those absolutelynecessary andtrainingsandmeetingswerecarriedoutre motely.Moreover, thecleaningand disinfectionofthefacilities,aswellastheguidanceofthehumanresourcesinthefieldofpersonalhygiene wasintensified. Ontoptotheabovementionedactions,theGrouphasconsideredtheimpactofcoronavirus(C OVID‐19) onthemeasurement ofnon‐financialandfinancialassetsandtherelateddisclosures.Inmeasurementof non‐financialassets,theGroupusedadjustedcashflowsprojectionsbasedontherevisedfinancialbudgets tocalculatetheValueinUse(VIU),ie.therecoverableamountofthecashgeneratingunits.Theimpairment testing resulted in an impairment of € 4, 315 in license of HELLENIC LOTTERIES S.A. and impairments in HELLENICLOTTERIESS.A.,HORSERACESSINGLEMEMBERS.A.andTORAWALLETSINGLEMEMBERS.A.of €65,098,€32,206and€231respectivelybyOPAPINVESTMENTLTD.Noimpairmentarosefromourtesting ofgoodwi llandRight‐of‐useassets.TheManagementalsoreassessedtherecoverabilityofcashandcash equivalents,tradeandotherreceivables,includingintergroupreceivables,takingintoaccountthefuture economicconditionsandproceededrecordingrespectiveimpairmentswhereconsideredthoseassetsare notfullyrecoverable. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 211 Managementiscloselymonitoringthedevelopmentsaroundthecoronavirus(COVID‐19)andisconstantly assessingitsimplicationsontheGroup’sperformance.Itisalsotakingpre‐emptiveactionstoensurethe health and safety of its employees and partners, as well as, the continuity of its business as mentioned above.Having strongcashreserves,theManagementexpectsthattheGroupwillbeenabledtomeetthe financingcostsandworkingcapitalneeds,anditsabilitytocontinueasgoingconcernwillnotbeaffected. 46.Auditandotherfees TheauditorsoftheCompanyaswellasitssubsidiariesinGreece,fortheyears2021and2020wastheaudit firmPRICEWATERHOUSECOOPERSS.A..TheauditandotherfeesoftheCompanyandtheGroupconcerning thePricewaterhouseCoopersnetworkareanalyzedasfollows: GROUP COMPANY PeriodthatendedonDecember31, 2021 2020 2021 2020 Feesforauditingservices 809 534 579 355 FeesfortheTaxCertificate 144 140 75 73 Otherauditfees 49 164 41 156 Otherservices ‐ 33 ‐ 18 Total 1,001 871 695 602 47.Reclassifications Forbetterpresentationpurposes,attheGroup’sandtheCompany’sIncomeStatementofthecomparative period, € 10,309 and € 6,769, respectively, have been reclassified from “Other operating expenses” to “Otherdirectcosts”. 48.Subsequentevents Bondloansprepayment On 05.01.2022, the Company proceeded to a partial repayment of € 100,000 of its bond loan of total nominalamount€300,000,withoutextracost. On 23.02.2022, HELLENIC LOTTERIES S.A. proceeded to a partial repayment of total nominal amount € 10,000ofitsbondloanof€50,000,withoutextracost. Finaldividendforthefisc alyear2021 TheCompany'sBoard ofDirectorsdecidedduringitsmeetingon22.03.2021todistributeagrossamount of€211,714or€0.60(inabsoluteamount)pershareasfinaldividendforthefiscalyear2021with€0.10 (inabsoluteamount)persharehavingalreadypaidasinterimdividendinNovember 2021. OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 212 Inadditiontothedividenddistribution,capitalreturntoShareholdersof€0.90(inabsoluteamount)per sharewillbeproposedtoAGM.Consequently,thetotalshareholdersremunerationincludingthedividend willamountto€1.50(inabsoluteamount)pershare. Ukraine‐Russiawareffect Therecentgeopolitical eventsin Ukraine,themilitary actionsfrom Russia andthe subsequentresponse from European Union and European countries as well as the United States in the form of economic sanctionsaffectingglobalenergymarketsandeconomicdevelopmentsingeneral.Thereisnoexposureof theGroupbothin RussiaaswellasinUkraine,resultingtonodirecteffectfromlatestdevelopments.Any effect is only indirect, related to the high energy cost and inflationary pressures along with subsequent negative affect on our customers’ disposable income. The Group is following developments around the crisisinUkraineandis planningaccordingly. Chairman BoardMemberandChief ExecutiveOfficer BoardMemberandChief FinancialOfficer OperationalFinance Director KamilZiegler JanKaras PavelMucha PetrosXarchakos OPAPS.A.AnnualFinancialReport2021 OPAPS.A.|11 2AthinonAve,10442Athens,Greece,Tel:+30(210)5798800 213 IV. ReportonUseofFundsRaisedfromtheissuanceof Non‐Convertible Bond Loan through payment in cashfortheperiodfrom01.01.2021to31.12.2021 Inaccordancewiththeprovisionsofparagraph4.1.2oftheAthensExchangeStockMarketregulation,the decision no. 25/17.07.2008 of the Board of Directors of Athens Stock Exchange and the decision no. 8/754/14.04.2016oftheBoardofDirectorsofHellenicCapitalMarketsCommission,itisherebyannounced thatfromtheissuanceoftheCommonBondLoanoftwohundredmillioneuros(€200 ,000th.)withthe issuanceofthe200,000bearerbondswithofferpriceof€1,000each,thatwasimplementedaccordingto thedecisionofthemeetingoftheCompany’sBoardofDirectorsdated13.10.2020andtheapprovalofthe content of th e Prospectus from the Hellenic Capital Market Commission dated 16.10.2020, a total net amountoftwohundredmillioneuros(€200,000th.)wasraised.Thecostoftheissuanceamountedto€ 3,350th.anditwascoveredintotalfromownotherfundsoftheCompany. Furthermore,the20 0,000bearerbondscommencedtradinginthefixedincomesecuritiescategoryofthe regulatedmarketofAthensStockExchangeon29.10.2020. Thetablebelowpresentsthespecificuseoftheraisedfundspercategoryofuse/investment,thetimetable oftheutilizationofthefundsraisedaswellastheuseofraisedfundsuntil31.1 2.2021: (amountsinthousandsofeuro) 2020‐ 2022 AmountofRaisedFunds utilizedduringthe period01.01.21‐ 31.12.21 AmountofRaisedFunds utilizedduringthe period27.10.20‐ 31.12.20 Repaymentofloanuntil31.12.2020 150,000 ‐ 150,000 FundingneedsinWorking Capitaluntil31.12.2022 50,000 50,000 ‐ Total 200,000 50,000 150,000 Athens,22March2022 Chairman BoardMemb erandChief ExecutiveOfficer BoardMemberandChief FinancialOfficer KamilZiegler JanKaras PavelMucha PricewaterhouseCoopers S.A., T: +30 210 6874400, www.pwc.gr Athens: 268 Kifissias Avenue, 152 32 Halandri | T: +30 210 6874400 Thessaloniki: Agias Anastasias & Laertou 16 str., 55535 Pylaia | T: +30 2310 488880 This do cument is the translation of the original report prepared in the Greek language. Report of factual findings in connection with the “Report on Use of Funds Raised from the issuance of a Non-Convertible Bond Loan through payment in cash for the period from 01.01.2021 to 31.12.2021” To the Board of Directors of “Greek Organization of Football Prognostics S.A” According to the engagement letter received from the Board of Directors of Greek Organization of Football Prognostics S.A (the ‘‘Company’’), we have performed the procedures enumerated below, in accordance with the regulatory framework of the Athens Stock Exchange and the relevant legal framework of the Hellenic Capital Markets Committee with respect to the “Report on Use of Funds Raised from the issuance of Non-Convertible Bond Loan through payment in cash for the period from 01.01.2021 to 31.12.2021” (the “Report”), from the issuance of a Non-Convertible Bond Loan in 2020. The Company’s Board of Directors is responsible for preparing the aforementioned Report. Our engagement was undertaken in accordance with International Standard on Related Services 4400 applicable to ‘‘Agreed-Upon-Procedures’’ engagements. Our responsibility is solely to perform the procedures described below and to report to you our findings. We performed the following agreed upon-procedures: 1. We examined the content of the Report and its consistency with the provisions of the decisio n 8/754/14.4.2 016 of the Hellenic Capital Markets Committee and the decision 25/17.07.2008 of the Athens Stock Exchange. 2. We examined the content of the Report and its consistency with the disclosures in the Prospe ctus issued by the Company on 16 October 2020. 3. We examined whether the amounts referred to in the Report as the “Amount of Raised Fund s that were utili zed during the period from 01.01.21 to 31.12.21”, agree, per catego ry of use/in vestment, to the amounts recorded in the Company’s books and record s. 4. We examined whether the amount raised from the bond loan has been used in accordan ce with its intend ed use, based on the provisions of paragraph 4.1.2 of the Prospectus issued by the Comp any on 16 October 2020, by examining documentation that supports the rele vant accou nting entries. Our findings are as follows: 1. The content of the Report is consistent with the provisions of the decision 8/754/ 14.4.2016 of the Helle nic Capital Markets Committee and the decision 25/17.07.2008 of the Athens Stock Exch ang e. 214 2 of 2 2. The content of the Report is consistent with what is disclosed in the Company’s Prospe ctus issued o n 16 October 2020 . 3. The amounts referred to in the Report as the “Amount of Raised Funds that were utilized durin g the period from 01.01.21 to 31.12.21”, agree, per category of use/inve stment, to the amount s recorded in the Company’s bo oks and records 4. We confirmed that the amount raised from the bond loan has been used in accordance with its intende d use, based on the provisions of paragraph 4.1.2 of the Prospectus issued by the Comp any on 16 October 2020. Because the above procedures do not constitute either an audit or a review made in accordance with International Standards on Auditing or International Standards on Review Engagements, we do not express any assurance on the Report beyond what we have referred to above. Had we performed additional procedures or had we performed an audit or review, in accordance with International Standards on Auditing or International Standards on Review Engagements, other matters might have come to our attention that would have been reported to you. Our report is addressed exclusively to the Board of Directors of the Company, so that the latter can fulfill its responsibilities in accordance with the legal framework of the Athens Stock Exchange and the relevant regulatory framework of the Hellenic Capital Markets Commission. Consequently, this report is not to be used for any other purpose, since it is limited to what is referred to above and does not extend to the Annual Financial Statements for the period ended 31 December 2021, for which we have issued a separate Audit Report on 22 March 2022. Athens, 22 M arch 2022 The Certified Auditor Accountant PricewaterhouseCoopers S.A. Certified Auditors – Accountants 268, Kifissias Avenue 152 32 Halandri SOEL Reg. 113 Konstantin os Michalatos SOEL Reg. No 17701 215
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