OPAP announced on Wednesday that its net profit of 2010 decreased by 3% to EUR 575.8mn from EUR 593.8mn in 2009, while revenues for 2010 decreased by 5.5% to EUR 5,140mn from EUR 5,440.9m in 2009.
The Board of Directors of OPAP resolved upon proposing to AGM the distribution to the shareholders of a total dividend for the fiscal year 2010, of EUR 1.54 per share (before 21% withholding tax), compared to EUR 1.75 per share for the fiscal year 2009.
Moreover, OPAP’s revenues for 2010 decreased by 5.5% to EUR 5,140.0mn versus EUR 5,440.9mn in 2009, mainly due to declining KINO and JOKER revenues as a result of the adverse economic environment. The negative effect was partially counterbalanced by the strong performance of Stihima during the World Football Cup in June 2010.
In Q4 2010, revenues decreased by 14% compared to the same period in 2009, due to the overall macroeconomic conditions and less operating days.
The Group’s EBITDA reached EUR911.3m in 2010 from EUR 966.8mn in 2009, down 5.8%, mainly due to decreased top line revenues and higher Stihima payout, counterbalanced by reduced operating expenses.
In Q4 2010 EBITDA decreased by 21.3%, reaching EUR 215.3mn from EUR 273.6mn in the corresponding period of 2009, due to the higher Stihima payout, as well as increased distribution expenses.
Adjusted 2010 Net Profit decreased by 3.5% to EUR667.7mn from EUR691.9m last year. Adjusted Net Profit in Q4 2010 decreased by 15.5% to EUR 160.8mn from EUR 190.2mn in the corresponding period of 2009.
Net Profit for 2010 decreased by 3.0% to EUR 575.8mn from EUR593.8mn in the corresponding period of 2009. Net Profit in Q4 2010 increased to EU R162.7mn compared to EUR 92.1mn in 2009, due to the extraordinary tax charge of EUR 98.1mn reported in Q4 2009.
source: CAPITAL
