GREEK ORGANISATION OF FOOTBALL PROGNOSTICS S.A.
Annual Analyst Briefing on the FY10 Relults
As part of the obligations of the Company, according to Article 4.1.4.3.2 of the ATHEX regulation, OPAP S.A. announces that a conference call took place on 17 March 2010 whereby the Management informed the analysts and institutional investors on the Group financial results for the fiscal year 2010. The major figures of the FY10 financial statements were presented while reference was made on the company's targets and priorities for 2011.
Specifically:
Group revenues for 2010 reached €5,140.0m versus €5,440.9m in 2009 (down 5.5%) despite the absence of any major sporting event as well as the adverse macroeconomic environment. The negative effect was partially counterbalanced by the strong performance of Stihima during the World Football Cup in June 2010.
The Group's EBITDA reached €911.3m in 2010 from €966.8m in 2009, down 5.8%.
The EBITDA margin decreased to 17.7% from 17.8% in 2009, mainly due to decreased top line revenues and higher Stihima payout.
In Q4 2010, EBITDA was down 21.3% to €215.3m versus €273.6m in the corresponding period of 2009 due to higher Stihima payout and higher distribution expenses.
Adjusted 2010 net profit decreased by 3.5% to €667.7m from €691.9m last year.
Net profit decreased by 3.0% to €575.8m from €593.8m in 2009.
As far as dividend distribution, the Board of Directors of OPAP, resolved upon the distribution to the shareholders of a gross dividend of €1.54 per share for the fiscal year 2010 (before withholding tax 21%) compared to €1.75 per share for the fiscal year 2009 (down 12%), according to new tax bill.
Additionally it has been noted that given the adverse economic environment, the company's strategic focus is to enhance and solidify OPAP's position in the domestic market in 2011 and over the coming years by:
- Further improving the quality of our existing games and the appeal of our franchise
- Preparing for the expansion into new activities such as VLTs, scratch tickets and online sports betting when permitted by the regulator
- Actively supporting the State in its efforts to confine illegal betting
- Optimizing OPAP's cost base and improving it's operational efficiency
Specifically:
Group revenues for 2010 reached €5,140.0m versus €5,440.9m in 2009 (down 5.5%) despite the absence of any major sporting event as well as the adverse macroeconomic environment. The negative effect was partially counterbalanced by the strong performance of Stihima during the World Football Cup in June 2010.
The Group's EBITDA reached €911.3m in 2010 from €966.8m in 2009, down 5.8%.
The EBITDA margin decreased to 17.7% from 17.8% in 2009, mainly due to decreased top line revenues and higher Stihima payout.
In Q4 2010, EBITDA was down 21.3% to €215.3m versus €273.6m in the corresponding period of 2009 due to higher Stihima payout and higher distribution expenses.
Adjusted 2010 net profit decreased by 3.5% to €667.7m from €691.9m last year.
Net profit decreased by 3.0% to €575.8m from €593.8m in 2009.
As far as dividend distribution, the Board of Directors of OPAP, resolved upon the distribution to the shareholders of a gross dividend of €1.54 per share for the fiscal year 2010 (before withholding tax 21%) compared to €1.75 per share for the fiscal year 2009 (down 12%), according to new tax bill.
Additionally it has been noted that given the adverse economic environment, the company's strategic focus is to enhance and solidify OPAP's position in the domestic market in 2011 and over the coming years by:
- Further improving the quality of our existing games and the appeal of our franchise
- Preparing for the expansion into new activities such as VLTs, scratch tickets and online sports betting when permitted by the regulator
- Actively supporting the State in its efforts to confine illegal betting
- Optimizing OPAP's cost base and improving it's operational efficiency