OPAPS.A.AnnualFinancialReport2021
OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800
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[Business/InternalUse]
OPAPS.A.AnnualFinancialReport2020
OPAPS.A.|112AthinonAve,10442Athens,Greece,Tel:+30(210)5798800
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TABLEOFCONTENTS
I.RepresentationoftheMembersoftheBoardofDirectors...............................5
II.BoardofDirectors’Reportfortheperiod1.1.2021‐31.12.2021......................6
1. 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
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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
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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
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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
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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
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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
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(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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.
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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
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(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.
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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.
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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
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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
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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.
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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
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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
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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
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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.
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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
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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
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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.
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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‐
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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.
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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.
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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.
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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
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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
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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.
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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
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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.
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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
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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.
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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.
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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
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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
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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
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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).
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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.
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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.
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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
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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.
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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
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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
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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.
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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
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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
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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).
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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).
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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.
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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.
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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.
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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
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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.
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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
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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
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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
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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
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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.
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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.
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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.
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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:
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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
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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
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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.
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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
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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
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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.
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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
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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
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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.
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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
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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.
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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.
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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
.
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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.
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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.
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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.
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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
.
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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.
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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
.
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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.
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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
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.
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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
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
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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
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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
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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,
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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.
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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.
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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.
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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
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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.
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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
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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.
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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
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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:
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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’.
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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
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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
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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.
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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:
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‐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
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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.
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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
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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.
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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.
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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.
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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).
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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.
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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
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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
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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
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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
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4.StructureoftheGroup
ThestructureofOPAPGroupasof31.12.2021isthefollowing:
Company’sName
%of
investment
Countryof
Incorporation
Consolidation
Method
PrincipalActivities
OPAPS.A.
Parent
company
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
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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.
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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
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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
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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
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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
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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.
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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.
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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
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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.
-
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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
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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.
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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
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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.
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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:
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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).
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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.
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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.
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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
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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%.
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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.
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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)
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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)
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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.
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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.
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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.
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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
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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
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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.
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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
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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
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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
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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.
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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).
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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%
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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.
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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.
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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).
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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.
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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.
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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
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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.
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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.
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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).
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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.
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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).
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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.
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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)
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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:
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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
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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.
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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.
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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.
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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
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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.
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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
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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.
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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.
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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
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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)
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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
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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
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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
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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
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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
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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