OPAP announced a solid set of Q2/H1 2015 results above our and market estimates | Mikrometoxos.gr

OPAP announced a solid set of Q2/H1 2015 results above our and market estimates

27.08.2015 18:42

OPAP announced a solid set of Q2/H1 2015 results above our and market estimates driven by the ful consolidation of Hellenic Lotteries, strong Joker and resilient Kino. In specifics:

Revenues up 13.0% to €2,160.7m (H1 2014: €1,912.8m). Q2 2015 revenues increased by 10.1% to €1,042.5m (Q2 2014: €947.3m) higher for an 8th sequential quarter, owing to the strong performance of numerical games and the full consolidation of Hellenic Lotteries. Gross Gaming Revenue (GGR) up 13.1% at €697.1m (H1 2014: €616.2m). Q2 2015 GGR rose by 15.1% at €340.8m (Q2 2014: €296.1m), growing at a faster pace vs. the revenue increase.

  • Total sports betting revenues reached €752.8m in H1 2015 from €773.5m in H1 2014 down by 2.7% y-o-y. Stihima revenues in Q2 2015 came down by 12.0%, carrying a seasonality impact as Q2 2014 was positively affected by the World Cup that took place last year.
  • Revenues from numerical games were up by 5.6% to €1,181.9m in H1 2015 from €1,119.4m in H1 2014. KINO’s revenues in Q2 2015 reached €495.4m, up by 3.2% y-o-y; the game’s revenue growth rate exhibited a sequential improvement for a 3rd consecutive quarter
  • Hellenic Lotteries revenues reached €226.0m in H1 2015. Revenues in Q2 2015 came in at €113.4m vs. €19.9m in Q2 20141. The revenues run rate has slowed down y-o-y, which on a quarterly level can be partially explained on the back of KINO outperformance for the period.
  • EBITDA at €186.4m (H1 2014: €144.9m). Q2 EBITDA at €93.2m (Q2 2014: €68.6m), higher by a solid 35.9% y-o-y. Even after adjusting for one-off charges of €7.1m in Q2 2014 mostly related to the Voluntary Retirement Scheme (VRS), Q2 2015 EBITDA y-o-y growth would still reach 23.1% thus enhancing the q-o-q run rate.
  • Further improved Q2 2015 EBITDA margin at 27.4% on GGR reaching a new high since the GGR tax implementation in 2013 helped by lower payout (67.3% vs 68.7% in Q2:2014).
  • Net Profit came in at €109.9m (H1 2014: €65.3m). Net profit in Q2 2015 reached €51.9m (Q2 2014 €15.6m), while after adjusting for one-off charges that occurred in Q2 2014, net profit growth for the period stood at 17.4%. The increase of the nominal corporate tax rate for FY 2015 to 29%, carried a retroactive burden of €4.7m for the period.
  • Strong cash position of €217.7m. (net €142m) allows  Interim DPS distribution of €0.17. The cutoff date is Friday, September 11th 2015, while the payment will commence on Friday, September 18th 2015.
  • The Management of OPAP S.A. (OPAr.AT, OPAP:GA) will address Analysts and Institutional Investors on Friday, August 28th, 2015 to present the Company’s H115 Financial Results. A Conference Call and Live Webcast will be held at 16:00 PM (Athens) / 2:00 PM (London) / 9:00 AM (New York).


The following table summarises H1 and Q2 results vs estimates:



OPAP 2014 2015 Y-o-Y 2015 Act. vs 2014 2015 Y-o-Y 2015 Act. vs
EUR m. H1 H1 (%) Η1 Est. Est. 2Q 2Q (%) 2Q Est. Est.
Sales 1.912,8 2.160,7 13,0%  2.140,0 1,0%  947,3 1.042,5 10,1%  1.021,8 2,0% 
EBITDA 144,9 186,4 28,6%  180,0 3,6%  68,6 93,2 35,8%  86,8 7,4% 
EBITDA Mrg 7,6%  8,6%  +105 bps  8,4%    7,2%  8,9%  +170 bps  8,5%   
Net Income 65,4 109,9 68,0%  105,0 4,7%  15,7 51,8 229,4%  46,9 10,4%  
Net Mrg 3,4%  5,1%  +167 bps  4,9%    1,7%  5,0%  +331 bps  4,6%   


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