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FR0000053548

GROUPE PARTOUCHE: Turnover 1st quarter 2021 – Closure of the casinos throughout the quarter

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Turnover 1st quarter 2021

Closure of the casinos throughout the quarter

Paris, 10th March 2021, 06:00 pm – Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 1st quarter of 2021 (November 2020 – January 2021)

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Business stopped

All French casinos were closed during this 1st quarter under general measures taken by the Government to deal with the covid-19 pandemic. Abroad, the casinos of Ostend (Belgium) and Meyrin (Switzerland) also remained closed. The casino of Crans-Montana (Switzerland) was able to welcome its customers for a short period between 14th and 26th December 2020 inclusive, on reduced hours between 10 a.m. and 10 p.m. The Djerba casino (Tunisia) remained open but forced by a curfew starting at 8 p.m.

As a result, the Gross Gaming Revenue (GGR) stood at € 24.9 M, down -85.8%. It focuses only on foreign casinos and more particularly on Swiss online gaming, which started on 16th November 2020, and Belgian online gaming and betting. Their overall GGR more than doubled to € 24.3 M, an increase of + 132.3%.

After levies, Net Gaming Revenue (NGR) decreased by -78.4% to € 22.3 M.

Overall, the turnover of 1st quarter amounted to € 23.5 M, down -81.4%.

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The non-gaming activity generated a turnover of € 1.2 M (-95.0%) thanks in particular to the opening of a few hotels housed in the Group’s casinos and the Aquabella hotel in Aix-en-Provence.

Subpoena against its former insurance company

Groupe Partouche has sued its former insurance company, which is contesting its claim for operating losses compensation following the ban on its establishments from hosting its clientele.

State guaranteed loan

After a first State Guaranteed Loan (PGE) of € 19.5 M granted by the Group’ partner banks in June 2020, these same banks have given their approval for a second PGE for an amount of € 59.5 M.

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Groupe Partouche appreciates the confidence it has received, based in particular on its ability to see its activities resume under satisfactory conditions as soon as its establishments reopen.

Upcoming events:

General Meeting: Wednesday 14th April 2021

Turnover 2nd quarter: Wednesday 9th June 2021, after stock market closure

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 42 casinos and employs nearly 4,100 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters : PARP.PA – Bloomberg : PARP:FP  Reuters : PARP.PA – Bloomberg : PARP:FP

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ANNEX

1- Construction of the consolidated turnover – 1st quarter 2021

In €M 2021 2020 Variation
Gross gaming revenue (GGR) 24.9 174.8 -85.8%
Levies -2.6 -71.8 -96.4%
Net gaming revenue (NGR) 22.3 103.0 -78.4%
Turnover excluding NGR 1.2 24.6 -95.0%
Fidelity programme 0.0 -0.9 -100.0%
Total consolidated turnover 23.5   126.7   -81.4%

2- Breakdown of turnover by activity – 1st quarter 2021

In €M 2021 2020 Variation
Casinos 12.0   117.5   -89.7%
Hotels 0.2   1.4   -85.2%
Other 11.3   7.9   43.3%
Total consolidated turnover 23.5   126.7   -81.4%

3- Glossary

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The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. State tax, the city halls tax, CSG, CRDS). The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

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FR0000053548

GROUPE PARTOUCHE: Annual income 2020/2021 / Recovery of the activity on the 2nd part of the fiscal year, after more than 6.5 months of closure due to the health crisis

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Annual income 2020/2021
Recovery of the activity on the 2nd part of the fiscal year, after more than 6.5 months of closure due to the health crisis

  • Turnover: € 255.7 M
  • EBITDA: € 13.0 M (+ 55.0 M for 2nd half year)
  • COR: 46.4 M (+ 26.8 M for 2nd half year)
  • Net Income: 55.9 M (+32.2 M for 2nd half year)
  • Preserved financial situation (Gearing 0.3x)
  • Outlook for 2022: Resumption of the investment program on the existing slots

Paris, 26th January 2022, 06:00 p.m.

During its meeting held on the 25th January 2022 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2021, that are being audited.

Disruption in the activity due to the health crisis and success of online games

The 2020-2021 fiscal year was very strongly impacted by the health crisis linked to the Covid-19 epidemic, which forced the Group to stop most of its activities over a period slightly longer than the first half of the fiscal year, under the general measures taken by the Government to deal with the epidemic. This represented, with some exceptions, approximately 6.5 months of closure for all the Group’s casinos in the 2020/2021 financial year, compared to a cumulative period of closure of the establishments of around 3 months during the previous financial year. In addition, and in both cases, the opening periods and the operating methods of the activities were greatly disrupted by the continuation of the health crisis and the resulting constraints.

As a result, Gross Gaming Revenue (GGR) fell -33.4% over the year to €350.2M. This decrease is attributable to the decline in the slots GGR (-41.8%) and the table games GGR (-10.2%). Only the table games GGR abroad increased (+39.9%) driven by the jump in online gaming and sports betting in Belgium (despite the cessation of activity at the end of July 2021) and new online gaming in Switzerland (+ 54.8%) which took advantage of the context of confinement and closure.

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Net Gaming Revenue (NGR) was down overall at €215.9M.

At the same time, turnover excluding NGR fell by €21.6M to €41.1M.

The Group’ consolidated turnover 2021 fell by -25.6% to €255.7M, 82% of which was generated in the second halfyear (€208.5M in HY2 2021, compared to €159.9M in HY2 2020).

A solid financial performance in the 2nd half-year, but a contrasting year

The very good operational performance of the 2nd half-YEAR generated an EBITDA of €55.0M over the period and €13.0M annually (compared to €51.2M in 2020).

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The current operating income (COI) is a loss of -€46.4M. The contraction of €38.1M compared to 2020 is the direct consequence on turnover of the closures of the casinos.

Purchases and external expenses fell by €3.9M (- 2.9 %) are impacted by:

  • purchases of materials, advertising/marketing costs and upkeep and maintenance expenses are down by €10.7M (-34.1%), €6.0M (-39.4%) and €1.1M (-13.1%) respectively directly linked to the closure of establishments and the drop in the turnover from ancillary activities;
  • in the opposite direction, the upward trend in subcontracting expenses (+€14.2M), mainly linked to the increase in expenses related to online licenses in Belgium, i.e. +€16.6M in expenses correlatively to the €19.6M increase in turnover generated by this activity (online casino and sports betting); nevertheless, in the opposite direction, we note in the other establishments that savings from subcontracting (security, cleaning) have been made, taking into account the closure of the establishments (-€2.2M);
  • the increase in fees relating to the deployment of online games in Switzerland (+€2.1M) and online gaming commissions in Belgium (+€1.1M).

Taxes & duties decreased (-€ 3,1 M) to € 10,9 M.

Employee expenses amounted to €104.2M, down €32.5M (-23.8%) mainly due to the business support measures implemented by the government in the course of the health crisis, in particular the use of partial unemployment.

The change in amortization and depreciation of fixed assets, down -4.4% to €56.1M, reflects the slowdown in the sustained investment policy of recent years, hampered by the health crisis.

Other current operating income and expenses represent net income of €0.2M, compared to a net expense of -€7.4M over the previous financial year, mainly under the influence of “fixed cost aid” schemes obtained up to €10.0M to combat the consequences of the health crisis.

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Non-current operating income (NCOI) is an income of +€0.9M compared to an expense of -€3.7M in 2020. It takes into account the following changes:

  • a significant increase in other non-current operating income and expenses (+€19.4M against +€0.1M in N-1) which is explained on the one hand by the resolution of disputes with the ONSS (disputes between CKO Betting, Ostend and Groupe Partouche International and Belgian social security for increases in social security contributions wrongly imposed on casinos during previous financial years) generating a non-recurring profit of €11.8M and on the other hand, by compensation of €9.5M for the cessation of activity obtained from BWIN; these favourable impacts being mitigated by accelerated depreciation applied in the context of renovations initiated or planned, in particular within the Vichy Grand Café and Lyon Vert casinos in the amount of €1.1M;
  • a significant impairment of goodwill of €18.5M, compared to €3.8M in 2020, following the continuation of the health crisis.

Consequently, the operating income is a loss of €45.5M in 2021 (-€81.8M first half-year) compared to a loss of €12.1M in 2020.

In the end, the net result shows a loss of -€55.9M compared to -€15.2M in 2020 (including -€51.9M Group’ share), after taking into account the following elements:

  • a financial result of -€3.8M (compared to -€1.9M in 2020). Due to the closure of casinos on both sides of the French-Swiss border until 19th May 2021 in France and 19th April 2021 in Switzerland, and the relative stability of parities, the foreign exchange gain was reduced by €0.9M compared to the previous year. In addition, financial expenses started to rise again (+€0.5M) in line with the increase in the Group’s gross debt, while the average annual interest rate continues to decline;
  • a tax expense (CVAE included) significantly increased (-€6.6M compared to €1.2M in 2020).

A preserved financial structure

The €8.7M increase in assets on the consolidated balance sheet is mainly fuelled by:

  • the increase in cash (+€40.4M) linked to the subscription of a second State Guaranteed Loan (PGE) in the amount of €59.5M;
  • the increase in the “customers and other debtors” item is due to residual receivables relating to the Belgian online service and the cessation of this activity and to a receivable related to the compensation to be received from the Town Hall of Saint Amand following the restitution of the property of the casino to the City Hall within the framework of the renewal of the DSP. And conversely, a decrease in receivables from La Grande Motte casino under the property development contract, following the delivery of most of the lots;
  • conversely, the decrease in net property, plant and equipment under the effect of the contraction in investments;
  • the decrease in goodwill linked to the depreciation recorded over the financial year in the amount of €18.5M, and to the reclassification carried out according to IFRS 5 under the item “assets held for sale”, goodwill acquisition of the Crans-Montana casino in Switzerland for €6.4M.

On the liabilities side, the Group’ equity, including minority interests, fell by €56.5M to €315.4M.

Financial debt increased by €40.3M to €287.4M as of 31st October 2021, under the combined effect of the following elements:

  • subscription to a second state guaranteed loan (PGE) of €59.5M and new bank credits for €4.5M;
  • three quarterly maturities of the syndicated loan for -€8.1M, the January 2021 maturity having been postponed to 2026, as well as the repayment of other bank loans for -€8.0M and the reclassification made according to IFRS 5 under the item “liabilities held for sale” of the balance of bank loans from the Crans-Montana casino for €1.8M;
  • postponement by 12 months of the maturities (in capital and, for the most part, in interests) of the Group’s bank debt obtained during the previous financial year, the resumption of repayments having taken place mainly in April 2021.

Net financial debt amounted to €87.0M (-€4.5M).

The Group’s financial structure remains sound, with a gearing ratio (Net debt / Equity) at 0.3x.

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As a reminder, given the consequences of the health crisis on the Group’s activity and the results for the financial year, the calculation of the leverage ratio as of 31st October 2021, as well as that of 30th April 2021, is not possible due to a negative EBITDA (calculated in accordance with the terms of the syndicated loan agreement, according to the old IAS 17 standard, excluding IFRS 16). However, the Group’s financial partners have renewed their confidence in it. Thus, on 9th June 2021, the Syndicated Loan Agent, on behalf of the Lenders, signed a waiver in which the Lenders waive each of the calculations of the leverage ratio provided for on the two closing dates of 30th April 2021 and as of 31st October 2021; and the delivery of each of the certificates corresponding to the calculations of the leverage ratio on the dates above. Similarly, on 15th June 2021, the institutional investor carrying the EuroPP waived the same ratio calculations and the delivery of the certificates.

Outlook

Resumption of investments in the existing slots fleet.

After two years of the pandemic and the cessation of investments, the Group is relaunching its program in order to enrich its offer and renovate its casino network thus improving its performance:

  • Hyères casino will be partially renovated, as planned in its public concession (DSP) by 2024;
  • Redevelopments are planned for the casinos of Saint Amand-les-Eaux, Forges-les-Eaux, La Tour-de-Salvagny, Annemasse, Palavas and La Grande Motte.

Co-option of an Executive Board member and shifting of the responsibilities within the management team

Benjamin Abou is co-opted as a member of the Executive Board and appointed as casinos’ Chief Operating Officer. He started on the 25th of January 2021 and reports to the President of the Executive Board. In his new position, Benjamin Abou will aim at being involved and close to the establishments’ management. His mission is to carry on the upgrading of the gaming experience within the Group’s establishments.

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This change to the organisation takes place in a crucial moment for the operations facing the sanitary crisis and follows the brutal death of Jean-François Largillière, non-gaming activities Chief Operating Officer, whose responsibilities have been reorganised within the team he had built and trained.

Benjamin Abou, 40 years old, started his career in catering in Montpellier, then London.

He joined the Group in 2003 as deputy catering director at the Aix-en-Provence Pasino before joining the Saint-Amand-les-Eaux Pasino as non-gaming activities Chief Operating Officer until 2008, when he took part of the team in charge of launching the Partouche Poker Tour.

Then, he became manager of the Palm Beach in Cannes, before joining The Grande Motte Pasino as President in 2013, while remaining President of the Cannes casino until 2019 after being in charge of transferring it to the Hotel 3.14.

Further to the relocation and reconfiguration of The Grande Motte casino into a Pasino in 2012, he has successfully developed its activity and launched the Drive concept in 2021.

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Benjamin Abou stands out by his vision and his proximity to the field, the staff and the customers. His curiosity and his appetite for innovation prompt him to listen to what is done in the world of entertainment.

Fabrice PAIRE says: « Benjamin Abou, strong from 20 years spent in the casinos, stands by me to listen to our establishments’ management in order to support them in their expansion. In the light of our already long relationship, I am sure we will continue to make the group move forward in the coming years ».

Upcoming events:

Turnover 1st quarter (Nov. 2021Jan. 2022): Tuesday 8th March 2022 (after stock market)

General Meeting: Thursday 7th April 2022

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Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability.

Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP

  

FINANCIAL INFORMATION
Groupe Partouche                                                Phone : 01.47.64.33.45 – Fax : 01.47.64.19.20
Valérie Fort, Chief Financial Officer                                        [email protected]

Annex

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1-   Consolidated income

(In €M) at 31st October 2021 2020 DIFFERENCE Var.
Turnover 255.7 343.5 (87.8) (25.6%)
Purchases & external expenses (131.1) (135.0) 3.9 (2.9%)
Taxes & duties (10.9) (14.0) 3.1 (22.0%)
Employees expenses (104.2) (136.6) 32.5 (23.8%)
Depreciation, amortisation & impairment of fixed assets (56.1) (58.7) 2.6 (4.4%)
Other current income & current operating expenses 0.2 (7.4) 7.7 (103.1%)
Current operating expenses (46.4) (8.3) (38.1) n/a
Other non-current income & operating expenses 19.4 0.1 19.4
Gain (loss) on the sale of consolidated investments
Impairment of non-current assets (18.5) (3.8) (14.7)
Non-current operating income 0.9 (3.7) 4.6
Operating income (45.5) (12.1) (33.4) n/a
Financial income (3.8) (1.9) (1.9)
Income before tax (49.3) (13.9) (35.3)
Corporate income & CVAE tax (6.6) (1.2) (5.4)
Income after tax (55.8) (15.1) (40.7)
Share in earnings of equity-accounted associates (0.0) (0.1) 0.0  
Total net income (55.9) (15.2) (40.7) n/a
o/w Group’s share (51.9) (17.4) (34.5)
         
EBITDA 13.0 51.2 (38.3) (74.7%)
Margin EBITDA / Turnover 5.1% 14.9%   -980 bps

2-   Analysis of current operating income by segment

Let it be reminded that in order to have a better readability of its division performance, Groupe Partouche has presented since the 2015 financial year the division contribution before intra-group elimination (ELIM.).

In €M at 31st October

 

TOTAL GROUPE CASINOS HOTELS OTHER ELIM.
2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Turnover 255.7   343.5 207.8   310.1 6.8   5.3 69.8   54.7 (28.7) (26.6)
Purchases & external expenses (131.1) (135.0) (97.9) (109.3) (4.1) (4.0) (48.1) (38.6) 19.1 16.9
Taxes & duties (10.9) (14.0) (17.2) (21.8) (0.7) (0.5) (2.2) (1.5) 9.1 9.8
Employees expenses (104.2) (136.6) (84.7) (118.7) (2.9) (2.6) (16.5) (15.2) (0.1) (0.1)
Amort. Depr. on fixed assets (56.1) (58.7) (45.7) (49.2) (1.5) (1.1) (8.9) (8.4) 0.0 0.0
Other current income & expenses 0.2 (7.4) (0.9) (9.6) 0.1 0.0 0.3 2.1 0.7 0.0
Current operating income (46.4) (8.3) (38.5) 1.4 (2.2) (2.8) (5.6) (7.0) 0.0 0.0

The COI of the casinos division is negative and reached -€38.5M, down by €40.0M, impacted by the closures of the Group’s casinos. Activity in this sector is down with a change in turnover of €102.3M (-33.0%), bearing the full brunt of the effect of the closure of the Group’ casinos, although the decrease is mitigated by the general reduction in expenses, in particular employees’ costs (-€34.0M).

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The hotel division COI still suffered from the effects of the pandemic but benefited from a favourable base effect and thus rose from €0.6m reaching -€2.2M.

Lastly, the deficit in the “Other” division COI improved to -€5.6M over the financial year, compared with -€7.0M in N-1, mainly due to the increase in the COI of sports betting in Belgium (+€0.7M) and that of Partouche Studio (+€0.6M).

3-   Summary of net debt

(In €M) at 31st October 2021 2020
Equity 315.4 371.9
Gross debt (*) 239.1 194.7
Cash less gaming levies 152.1 103.1
Net debt 87.0 91.5
Ratio Net debt / Equity (« gearing ») 0.3x 0.2x
Ratio Net debt / EBITDA (« leverage ») N/A (**) 2,3x (***)

(*) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.

(**) The bond and banking partners have waived the calculation of the “leverage ratio” expected at the closing date of 31st October due to a negative EBITDA over the period.

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(***) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16), at namely € 39.8 M at 31/10/2020

4-   Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

Turnover excluding NGR, includes all non-gaming activities i.e. catering, hotels, shows ticketing, spas, etc.

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“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.

The “Non-Current Operating Income” (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.

Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.

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FR0000053548

GROUPE PARTOUCHE: Good activity resistance despite 6 ½ months of casino closures

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Good activity resistance despite 6 ½ months of casino closures
4th quarter turnover (August – October): +0.5%1
Yearly turnover: -25.6%

Paris, 15th December 2021, 06:00 pm – Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 4th quarter 2021 (August – October 2021) and for the full fiscal year (November 2020 to October 2021).

Stable activity during the 4th quarter

As a preamble, let us recall that the 4th quarter of the previous fiscal year had been greatly disrupted by the Covid-19 pandemic which had led to the gradual closure of all French casinos throughout the month of October 2020 until the full closure on 30th October 2020 at midnight. Abroad, the casino of Crans-Montana (Switzerland) closed its doors on 21st October 2020 and that of Ostend (Belgium) on 29th October 2020.

During the 4th quarter 2021, all casinos remained open, with however constraints weighing on their attendance:

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  • France: on 21st July 2021, the “health pass” (Pass Sanitaire) became compulsory in all casinos welcoming more than 50 people, a measure extended without a minimum since 9th August. In addition, we note the end of free antigen and PCR tests as from 15th October 2021;
  • Abroad 2 : in Switzerland3, the health pass was introduced from 13th September 2021 and in Tunisia, a curfew (at 8 p.m., then at midnight from 18th August) was in place until 25th September 2021.

In 4th quarter 2021, Gross Gaming Revenue (GGR) reached 148.7 M (-4.1%)

In France, in the 4th quarter, the GGR increased by + 7.2% to € 133.9 M compared to the same period a year earlier, mainly driven by the growth of slot machines (+ 8.6% to € 108.6 M). The GGR for traditional games recorded a more moderate increase of + 1.7% (to € 25.3 M) due to the decline in the GGR for electronic forms of games. In addition, if attendance has remained in decline since the introduction of the health pass last July, it recovered to -9.6% over the quarter and the average basket increased significantly from 70.0 € in the 4th quarter of 2020 to 83.0 € (+ 18.4%).

Abroad, the GGR, affected by the exit of the Ostend casino and its online games and sports betting, fell 51.0% to € 14.8 M. Without taking Ostend into account, the GGR would have risen sharply (+ 19.2%), which is mainly explained by the increase in Swiss online games, launched on 16th November 2020.

After levies, the 4th quarter Net Gaming Revenue (NGR) dropped by -5.0% at € 73.1 M. Revenue for the 4th quarter 2021 reached € 94.3 M, up by + 0.5%, after taking into account revenue from other activities.

Good resistance of annual turnover (-25.6% to € 255.7 M) despite more than 6.5 months of closure

In fiscal year 2021, the Group’s casinos were closed for more than 6.5 months, compared to 3 months in the previous fiscal year. The GGR stood at € 350.2 M, down -33.4%. However, Groupe Partouche performed better than all the French casinos, whose decline, still provisionally reported by the employers’ union “Casinos de France” came to -41.0%. After levies, the NGR reached €215.9M down -23.7%.

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Overall, Groupe Partouche recorded an annual turnover of € 255.7 M, down -25.6% (- € 87.8 M) over one year. The decline in activity, inherent in the pandemic, will automatically lead to a decline in annual results.

Upcoming events:

Income of fiscal year ended 31st October 2021: Wednesday 26th January 2022, after stock market closure.

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP

ANNEX

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1Consolidated turnover

In €M 2021 2020 Variation
1st quarter (November to January) 23.5 126.7 -81.4%
2nd quarter (February to April) 23.6 56.9 -58.4%
3rd quarter (May to July) 114.2 66.0 +73.1%
4th quarter (August to October) 94.3 93.9 +0.5%
Total consolidated turnover 255.7 343.5 -25.6%

2- Construction of consolidated turnover

2.1 – 4th quarter

In €M 2021 2020 Variation
Gross gaming revenue (GGR) 148.7 155.0 -4.1%
Levies -75.5 -78.0 -3.2%
Net gaming revenue (NGR) 73.1 77.0 -5.0%
Turnover excluding NGR 21.9 17.Fideli +25.2%
Fidelity programme -0.7 -0.6 +27.4%
Total consolidated turnover 94.3 93.9 0.5%

2.2 Aggregate 12 months

In €M 2021 2020 Variation
Gross gaming revenue (GGR) 350.2 525.7 -33.4%
Levies -134.2 -242.8 -44.7%
Net gaming revenue (NGR) 215.9 282.9 -23.7%
Turnover excluding NGR 41.1 62.7 -34.4%
Fidelity programme -1.4 -2.2 -38.1%
Total consolidated turnover 255.7 343.5 -25.6%

3 Breakdown of turnover by activity

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3.1 – 4th quarter

In €M 2021 2020 Variation
Casinos 85.9 82.4 +4.3%
Hotels 3.1 2.0 +58.3%
Other 5.3 9.5 -44.5%
Total consolidated turnover 94.3 93.9 0.5%

3.2 Aggregate 12 months

In €M 2021 2020 Variation
Casinos 206.9 309.3 -33.1%
Hotels 6.2 4.6 +33.7%
Other 42.6 29.5 +44.3%
Total consolidated turnover 255.7 343.5 -25.6%

4- Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. The “levies” (i.e. tax to the State, the city halls, CSG, CRDS) are debited from this amount.
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.


1 Note: variations are calculated with respect to the same reference period of the previous year, unless otherwise stated.
2 As already announced, Groupe Partouche no longer has the management of the Ostend casino since 29th July 2021.
3 As a reminder, on 18th October 2021, the Group announced that it had entered into a transfer agreement covering all of the 57% of the shares it holds in Crans-Montana Casino (Switzerland). This sale should be finalized by the end of January 2022.

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GROUPE PARTOUCHE: Turnover 3rd Quarter 2021: € 114.2 M, +73.1 % vs 2020 and +8.9 % vs 2019 – Rebound in activity with the gradual reopening of the sites – Turnover 9 months decrease by 35.3 % at € 161.4 M following a 6 month closure

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Turnover 3rd Quarter 2021 (MayJuly):
€ 114.2 M, +73.1 % vs 2020 and +8.9 % vs 20191
Rebound in activity with the gradual reopening of the sites
Turnover 9 months decrease by 35.3 % at € 161.4 M following a 6 month closure

Paris, 15th September 2021, 06:00 pm – Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 3rd quarter of 2021 (May – July 2021)

Good quality 3rd quarter activity

The Group’s activities gradually resumed during the third quarter, after the cessation of most of them throughout the first half of the year due to the Covid 19 pandemic:

  • French casinos:
    • as of 19th May: only slot machines and electronic forms of table games were accessible. A gauge equal to 35% of the ERP capacity (Establishments Receiving the Public) of each establishment had to be respected. Casinos opened until 9:00 p.m. under the curfew and catering was only permitted on the terraces, in the open air;
    • from 9th June: opening of table games. The gauge rose to 50% of the ERP capacity, the casinos were open until 11:00 p.m. and the indoor dining areas reopened, with a limit of six people per table. In addition, the Health Pass (passe sanitaire) was required in the establishments where the operator planned to accommodate more than 1,000 people;
    • from 20th June: general lifting of the curfew ten days in advance, the other constraints being maintained;
    • from 30th June: the general lifting of the gauges made it possible to welcome the customers in usual conditions respecting the barrier gestures (wearing a mask, physical distancing, etc.);
    • from 21st July: the Health Pass becomes mandatory in all casinos welcoming more than 50 people, then even in the others from 9th August.
  • The Belgian casino reopened on 9th June, while the online games and sports betting continued to function. Please note that since 29th July, Groupe Partouche no longer manages the Ostend casino.
  • The Meyrin and Crans-Montana casinos in Switzerland reopened on 19th April and the operations of online games remained active.
  • While the Tunisian casino closed its doors between 9th and 16th May, it did suffer from the restrictions limiting the welcoming of tourists in the country.

As a result, in the 3rd quarter of 2021, the Gross Games Revenue (GGR) reached € 151.5 m compared to € 109.1m (+ 38.8%) a year earlier, and € 164.6 m in 2019 (- 8.0%) which benefited from normal operation.

In France, the GGR stood at € 112.3 m, up + 27.8%, with slot machines and traditional games increasing by +28.4% and + 24.9% respectively. The GGR of electronic games follows the same trend at + 23.4%.

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The growth momentum of the GGR, despite a higher number of operating days (74 days during the 3rd quarter of 2021 against 60 days in 2020) was however penalized by curfews and then by the introduction of the Health Pass as from the 21st July.

During July that was the only month in which all games were operated, attendance, which had increased by + 9.8% since 1st July, fell by -27.4% over the last 11 days of the month. This effect was however offset by the increase in the average basket (+ 21.6% from 21st July against + 5.5% since 1st July).

The same trend continued in August, with however less impact on the attendance as the Health Pass spread to other activities and vaccination progressed.

Abroad, the GGR increased by + 84.2% to € 39.2 m, driven by the very strong increase in the GGR for online games and sports betting in Belgium and online games in Switzerland (+ 101.2%).

After levies, that were stable at + 0.3% due to the progressive scale in France and to the low levy rate applying to online games and sports betting in Belgium, the Net Gaming Revenue (NGR) came to € 98.5 m (+ 74.9%).

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Overall, 3rd quarter revenue rebounded to € 114.2 m, up + 73.1% compared to the 3rd quarter of 2020 and + 8.9% compared to 2019.

Despite this very satisfactory performance, taking into account the 6 months of closure over the period November – July 2021, the aggregate turnover for 9 months, at € 161.4 m, fell by -35.3%, with a decrease of – 30.7% of the NGR at € 142.8 m.

Upcoming event:

Turnover 4th quarter 2021: Wednesday 15th December 2021, after stock market closure.

Income at 31st October 2021: Wednesday 26th January 2022, after stock market closure.

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Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 42 casinos and employs nearly 4,100 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability.

Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP

ANNEX

1Consolidated turnover

In €M 2021 2020 2019 Variation 21/20
1st Quarter 23.5 126.7 116.6 -81.4%
2nd Quarter 23.6 56.9 105.3 -58.4%
3rd Quarter 114.2 66.0 104.9 73.1%
Total consolidated turnover 161.4 249.6 326.8 -35.3%

2- Construction of consolidated turnover

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2.1 – 3rd Quarter

In €M 2021 2020 2019 Variation 21/20
Gross Gaming Revenue (GGR) 151.5 109.1 164.6 38.8%
Levies -53.0 -52.8 -87.1 0.3%
Net Gaming Revenue (NGR) 98.5 56.3 77.5 74.9%
Turnover excluding NGR 16.3 10.0 28.3 63.0%
Fidelity programme -0.6 -0.4 -0.8 71.3%
Total consolidated turnover 114.2 66.0 104.9    73.1%

2.2 Aggregate 9 months

In €M 2021 2020 2019 Variation 21/20
Gross Gaming Revenue (GGR) 201.5 370.8 494.0 -45.7%
Levies -58.7 -164.8 -237.2 -64.4%
Net Gaming Revenue (NGR) 142.8 206.0 256.8 -30.7%
Turnover excluding NGR 19.2 45.2 72.5 -57.5%
Fidelity programme -0.6 -1.6 -2.5 -61.6%
Total consolidated turnover 161.4 249.6 326.8 -35.3%

3 Breakdown of turnover by activity

3.1 – 3rd Quarter

In €M 2021 2020 2019 Variation 21/20
Casinos 96.5 58.3 93.0 65.6%
Hotels 2.6 0.7 3.0 245.8%
Other 15.2 7.0 8.9 117.2%
Total consolidated turnover 114.2 66.0 104.9 73.1%

3.2 Aggregate 9 months

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In €M 2021 2020 2019 Variation 21/20
Casinos 120.9 226.9 298.5 -46.7%
Hotels 3.1 2.7 5.8 15.5%
Other 37.3 20.0 22.5 86.5%
Total consolidated turnover 161.4 249.6 326.8 -35.3%

4Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. The “levies” (i.e. tax to the State, the city halls, CSG, CRDS) are debited from this amount.

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.


1 Note : variations are calculated with respect to the same reference period of the previous year, unless otherwise stated.

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