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

Paris, 15^th 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 4^th quarter

As a preamble, let us recall that the 4^th 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 30^th October 2020 at midnight. Abroad, the casino of Crans-Montana (Switzerland) closed its doors on 21^st October 2020 and that of Ostend (Belgium) on 29^th October 2020.

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

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

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

In France, in the 4^th 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 4^th 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 16^th November 2020.

After levies, the 4^th 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 31^st October 2021: Wednesday 26^th 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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1– Consolidated turnover

2- Construction of consolidated turnover

2.1 – 4^th quarter

2.2 – Aggregate 12 months

3– Breakdown of turnover by activity

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3.1 – 4^th quarter

3.2 – Aggregate 12 months

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 29^th July 2021.
3 As a reminder, on 18^th 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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Attachment

• Turnover – Q4 2021

Turnover 3^rd Quarter 2021 (May – July):
€ 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, 15^th September 2021, 06:00 pm – Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 3^rd 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 19^th 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 9^th 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 20^th June: general lifting of the curfew ten days in advance, the other constraints being maintained;
  • from 30^th 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 21^st July: the Health Pass becomes mandatory in all casinos welcoming more than 50 people, then even in the others from 9^th August.
• The Belgian casino reopened on 9^th June, while the online games and sports betting continued to function. Please note that since 29^th July, Groupe Partouche no longer manages the Ostend casino.
• The Meyrin and Crans-Montana casinos in Switzerland reopened on 19^th April and the operations of online games remained active.
• While the Tunisian casino closed its doors between 9^th and 16^th May, it did suffer from the restrictions limiting the welcoming of tourists in the country.

As a result, in the 3^rd 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 3^rd 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 21^st July.

During July that was the only month in which all games were operated, attendance, which had increased by + 9.8% since 1^st 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 21^st July against + 5.5% since 1^st 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, 3^rd quarter revenue rebounded to € 114.2 m, up + 73.1% compared to the 3^rd 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 4^th quarter 2021: Wednesday 15^th December 2021, after stock market closure.

Income at 31^st October 2021: Wednesday 26^th 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

1– Consolidated turnover

2- Construction of consolidated turnover

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2.1 – 3^rd Quarter

2.2 – Aggregate 9 months

3– Breakdown of turnover by activity

3.1 – 3^rd Quarter

3.2 – Aggregate 9 months

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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.

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Attachment

• Turnover – Q3 2021

Income 1^st half-year 2020/2021
Operation performance impacted by the health issue

• Turnover: € 47.2 M (-74.3%)
• EBITDA : – € 42.0 M
• Net debt : – € 88.0 M

Paris, 30^th June 2021, 06:00 p.m.

During the meeting it held on the 29^th of June 2021 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts for the 1^st half-year 2020-2021 (November to April).

Operation performance impacted by the health issue

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The Covid 19 pandemic penalized the business activity during the first half of the current financial year by the interruption of the Group’s activities over the period, with the exception of the following reopening:

• Djerba casino (Tunisia): open during the 1^st half-year but forced into a curfew;
• Meyrin casino (Switzerland): open between the 14^th and the 26^th December 2020 but on reduced hours;
• Meyrin et de Crans-Montana casinos (Switzerland): reopening on 19th April 2021, without curfew but with health constraints;
• Belgium online gaming & betting: accessible throughout the half-year;
• Switzerland new online gaming: accessible since its launching on 16^th November 2020.

The Gross Gaming Revenue (GGR) over the period decreased by -80.9% compared to the previous year, reaching € 50.0 M and the turnover by -74.3% at € 47.2 M.

The Group’s EBITDA fell to -€ 42.0 M, compared to +€ 29.8 M in the first half of 2020.

The current operating income (COI) stood at -€ 73.2 M compared to +€ 0.3 M for the previous year, a degradation directly correlated with the interruption of the activity and therefore of the turnover.

Under activity divisions, the casinos’ COI reached -€ 68.2 M, compared to +€ 6.6 M in 2020 impacted by the closing of all the Group’s casinos over the period, with the exception of the Ostend casino COI with an increase of € 1.1 M thanks to the online COI.

The COI of the hotels’ division slightly decreased to -€ 2.2 M compared to -€ 1.7 M in 2020. The Aquabella hotel at Aix-en-Provence remained open over the whole period with an idling activity while the Cosmos hotel at Contrexéville remained closed.

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Lastly, the deficit of COI of the “Other” division improved at -€ 2.8 M on the 1^st half-year 2021, compared to -€ 4.7 M in 2020, mainly due to the significant increase of COI of Belgian sports betting (+€ 1,0 M).

Purchases & external expenses decreased by € 7.4 M (-10.9%) mainly impacted by:

• Material purchases, advertising/marketing costs, upkeep and maintenance costs down by € 11.2 M (-69.7%), € 7.9 M (-78.4%) and € 1.4 M (-33.7%) respectively directly linked to the closure of establishments and the drop in revenue from ancillary activities;
• Conversely, the change in subcontracting costs (+€ 16.6 M), mainly linked (i) to the increase in costs associated with online licenses in Belgium, i.e. +€ 19.6 M in costs correlatively to the increase in the turnover of this activity (online casino and sports betting); and (ii) savings in subcontracting (guarding, cleaning) made in view of the closure of establishments.

Within the above development, the increase of +€ 2.0 M in purchases and external expenses relating to the “online casino” in Switzerland, which started on 16^th November 2020, should be noted.

Personnel expenses amounted to € 31.5 M, down € 42.0 M (-57.2%) following in particular the allowances received for partial unemployment from which the Group benefits, to which are added the employer’s contributions savings generated as well as the exemptions / subsidiaries obtained as part of the business assistance measures put in place by the Government in response to the health crisis.

The non-current operating income is a net expense of -€ 8.6 M, compared to -€ 2.7 M in 1^st half-year 2020. In Belgium, an old dispute was won against the Belgian State leading to a non-current profit of € 5.8 M. Conversely, the continuation of the health crisis led the Group to carry out goodwill additional impairment tests from the half-yearly closing. Thus, goodwill impairment in the first half of 2021 totalled -€ 15.0 M.

In the end, the net income is a loss of € 88.0 M, compared to a loss of € 3.9 M as of 30^th April 2020, after taking into account the following elements:

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• a financial result of -€ 2.3 M (compared to -€ 0.8 M in 1^st half-year 2020), which does not benefit from any exchange gain due to the closure of casinos on both sides of the Franco-Swiss border and whose financial expenses reverse slightly (-€ 0.2 M) in connection with the increase in the Group’s indebtedness while the half-yearly average interest rate continued to decline;
• a significant increase in tax (CVAE included) (-€ 4.0 M compared to -€ 0.6 M in 1^st half-year 2020).

The Group’s financial structure remains healthy and solid with “cash net of levies” of € 104.1 M, shareholders’ equity of € 283.2 M and a “net debt” of € 149.7 M (set up as provided by the terms of the syndicated loan agreement, according to the former IAS 17 standard, excluding IFRS 16).

RECENT EVENTS & OUTLOOK

Ratio of leverage

Given the consequences of the health crisis on the Group’s business and the results for the half-year, the calculation of the leverage ratio at 30^th April 2021 was impossible due to a negative EBIDTA. However, the Group’s financial partners have renewed their confidence in it.

Thus, the Syndicated Loan Agent, on 9^th June 2021, signed a letter on behalf of the Lenders in which the later waives:

• each of the leverage ratio calculations provided for on the two closing dates of 30^th April 2021 and 31^st October 2021; and
• the delivery of each of the certificates corresponding to the leverage ratio calculations on the above dates.

Likewise, on 15^th June 2021, the institutional investor carrying EuroPP waived the same ratio calculations and the delivery of certificates.

Reopening the casinos

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All of the casinos in the Group have reopened:

• In France, since 19^th May and based on a progressive schedule :
• Starting 19^th May: only slot machines and electronic table games were accessible. A gauge equal to 35% of the areas receiving public (ERP) of each establishment had to be respected. Casinos opened until 9:00 p.m. under the curfew and catering was only permitted on the terrace;
• Starting 9^th June: opening of table games. The gauge rose to 50% of the ERP capacity, the casinos were open until 11 p.m. and the indoor dining areas were open again, with a limit of six people per table. In addition, the health pass was required in establishments where the operator planned to accommodate more than 1,000 people;
• Starting 20th June: general lifting of the curfew ten days in advance, the other constraints being maintained;
• Starting 30^th June: the players are hosted in usual conditions with respect for the health barrier gestures (wearing a mask, physical distancing, etc.).
• In Switzerland, since 19th April, no curfew but some restrictions (10 m² per person, no catering, no smoking even in smoking rooms).
• In Belgium, since 9th June, with an obligation to close at 11:30 p.m.
• In Tunisia, the Djerba casino remained opened during the whole half-year but had to close between the 9^th and the 16^th May.

Overall, gaming activities have picked up in a very satisfying trend.

Upcoming events:

– 3rd quarter financial information: Wednesday 15th September 2021, after Paris stock market close

– Turnover 4th quarter: Wednesday 15th December 2021, after Paris stock market close

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

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ISIN : FR0012612646 – 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]

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Annex

Consolidated Income

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(*) taking into account the application of IFRS 16 in the half-year, which has the mechanical effect of improving EBITDA by €7.3 M.

Taxes and duties represent an expense of € 5.6 M down by –35.6%.

The change in amortization and depreciation on fixed assets, down -1.82% to € 28.5 M, reflects the slowdown in the sustained investment policy of recent years, hampered by the health crisis.

Other current operating income and expenses represent a net income of € 5.9 M compared to a net expense of € 4.0M in the first half of 2020. This is mainly due to operating grants received or receivable obtained as part of the business subsidiaries measures put in place by the Government in the face of the health crisis, in particular the fixed costs subsidiaries for € 10.0 M.

The operating income stands at -€ 81.8 M against -€ 2.4 M in the first half of 2020.

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Income before tax represents a loss of € 84.0 M compared to a loss of € 3.3 M in the first half of 2020.

The tax expense (including CVAE) reached € 4.0 M, compared with € 0.6 M in the first half of 2020. The exceptional income recorded in Belgium following a dispute amounts to a tax of € 1.3 M. Conversely, CVAE’s tax charge decreased due to the shutdown of the Group’s activity over the half-year. With regard to deferred taxes, the Group has adopted the cautious position of not activating, even partially, the tax losses related to tax consolidation generated over the half-year (against a deferred tax asset of +€ 1.8 M during the 1^st half-year 2020).

The quota-share of earnings of equity-accounted associate remained stable and non-material.

The consolidated net Income over the half-year is a loss of € 88.0 M against a loss of € 3.9 M at 30^th April 2020, of which the Group share represents a loss of € 81.6 M compared to a loss of € 5.3 M at 30^th April 2020.

Balance Sheet

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Total net assets at 30^th April 2021 decreased, totalling € 753.7 M against € 787.7 M at 31^st October 2020. The remarkable developments during the period under review are as follows:

• A decrease in non-current assets of € 35.2 M mainly due, on the one hand, to the decrease in the “tangible fixed assets” item to the tune of -€ 17.5 M resulting from the depreciation expense for the half-year combined with the contraction in investments, and on the other hand, the decrease in the “goodwill” item for € 15.0 M, linked to the depreciation in the half-year of goodwill of certain sensitive CGUs in this crisis context;
• An increase in current assets of € 1.3 M, mainly due to an increase in the “receivables and other debtors” item of € 12.1 M (of which an increase of € 3.3 M in receivables from social organizations due to partial unemployment indemnities receivable in the context of the Covid-19 crisis, and € 9.4 M in subsidies receivable for fixed-cost assistance); as well as “Other current assets” of € 2.3 M (in particular VAT receivables). Conversely, we note a cash consumption of € 13.2 M.

On the liabilities side, shareholders’ equity including minority interests fell from € 371.9 M as of 31^st October 2020 to € 283.2 M as of 30^th April 2021, weighed down by the net result for the half-year. Financial debt increased by €53.7M. Consideration should be given to:

• the subscription, in mid-April 2021, of a second loan guaranteed by the State for € 59.5 M and new bank loans for + € 4.5 M;
• the quarterly maturity of the syndicated loan settled on 30^th April 2021 in the amount of -€ 2.7 M, the maturity of 31^st January 2021 having been postponed to 2026, as well as the repayment of other bank loans for -€ 1.9 M;
• the postponement of the 12-month maturities (in capital and, for the most part, in interest) of the Group’s bank debts, the resumption of repayments having taken place for some in March but for the majority in April 2021.

In addition, it should be noted that, due to the negative EBIDTA induced by the closure of the Group’s establishments over the half-year, the institutional investor carrying the EuroPP as well as all the banks making up the banking pool of the syndicated loan have given up the calculation of the leverage ratio provided for on the closing date of 30^th April 2021. This with a retroactive effect from 30^th April 30, 2021. However, the waiver having taken place after the closing, the application of IAS 1 has forced the Group to restate all of the outstanding amounts relating to the bond loan and the syndicated loan as a current share this half-year.

Financial structure – Summary of net debt

One can consider the Group’s financial structure using the following table (set up as provided by the terms of the syndicated loan contract, according to the old IAS 17 standard, excluding IFRS 16):

(*)The gross deb includes bank borrowings, bond loans and restated leases (with the exception of old leases restated according to the new IFRS 16 standard), accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.

(**) The EBITDA used to determine the “leverage” is calculated over a rolling 12-month 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, and € 54.3 M at 30/04/2020.

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(***)The bond and banking partners have waived the calculation of the “leverage ratio” expected at the closing date of 30th April 2021 due to negative EBITDA over the period.

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.

“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.

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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 the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.

Attachment

• Half-year results H1 2021