FR0012612646
GROUPE PARTOUCHE: Turnover 2nd quarter: € 89.1 M – Good upturn in the activity at the end of the quarter
Turnover 2nd quarter: € 89.1 M
Good upturn in the activity at the end of the quarter
Paris, 14th June 2022, 06:00 pm – Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 2nd quarter of 2022 (February 2022 – April 2022)
As a preamble, let it be reminded that during the 2nd quarter of the previous financial year “2021” (February 2021 to April 2021), all French casinos were closed under the general measures taken by the Government to deal with the Covid-19 pandemic. Abroad, the casino in Ostend (Belgium) also remained closed. The Swiss casinos of Meyrin and Crans-Montana were able to welcome again their customers with no curfew, as from 19th April 2021, but while respecting health constraints. The Djerba casino (Tunisia) remained open but constrained by a curfew starting at 10 p.m. Swiss online games, deployed on 16th November 2020, and Belgian online games and betting were active throughout the quarter.
All casinos are open during the 2nd quarter of the year under review (February 2022 to April 2022), but continue to suffer from the health constraints in place, which affect their attendance:
- In France, the “vaccination pass”, introduced on 24th January 2022, remained in force until 13th March 2022 included, limiting customers’ access to the casinos;
While attendance is thus down (-19.7%) compared to the 2nd quarter of 2019 (February 2019 to April 2019, last period excluding the Covid crisis), the average basket increased by +20.8% to € 89 on the same period (with a French GGR down -4.0%). It should be noted that the drop in attendance has eased since the lifting of the vaccination pass (-13.7% between 14th March and 30th April 2022 compared to the same period in 2019).
- In Switzerland, the presentation of the “vaccination pass” has been lifted as from 17th February 2022.
In addition, the 2nd quarter 2022 takes into account the scope effects especially related to:
- the disposal on 31st January 2022 of the stake held in the Crans-Montana casino (GGR of € 3.3 M in the 2nd quarter of 2019, the casino being closed in Q2 2020 and for most of Q2 2021),
- the cessation of the online games and betting in Belgium and of the management of the Ostend casino since 29th July 2021 (during the 2nd quarter of 2021, the GGR in Belgium amounted to € 22.8 M and to € 11.5 M in the 2nd quarter of 2020).
Turnover 2nd quarter 2022: € 89.1 M
Taking into account the aforementioned items, the Gross Gaming Revenue (GGR) stands at € 148.2 M during the 2nd quarter of 2022 compared to € 25.1 M in 2021. Particularly, the ramping up of the Swiss online games whose GGR amounts to € 3.3 M compared to € 1.1 M in the 2nd quarter of 2021, should be noted. After levies, the Net Gaming Revenue (NGR) triples to € 70.8 M (compared to €22.0 M in N-1).
Overall, revenue for the 2nd quarter 2022 amounts to € 89.1 M, compared to € 23.6 m in 2021 (x3.8) and € 105.3m in 2019, down -15.4 %. Off-gaming activity generates revenue of € 18.7 M compared to € 1.6 M in N-1 (x11.7) and € 22.2 M in 2019, due to the reopening of all of the Group’s activities.
Overall, at a constant scope, the turnover for the 2nd quarter 2022 records a limited decline of -6.2% compared to the comparable period of 2019 pre-Covid.
Turnover 1st half-year 2022: € 187.2 M (compared to € 47.2 M in 2021)
At the end of April, the aggregate turnover for 6 months quadruples and amounts to € 187.2 M, with a tripled Net Gaming Revenue amounting to € 153.4 M, in a dynamic climate of business development initiated since the end of the constraints linked to the vaccination pass. Overall, at constant scope, revenue for the 1st half of 2022 is down -8.5% compared to the same period of 2019 pre-Covid.
End of renovation works in Hyères
After a long period of refurbishment, largely disrupted by the Covid-19 pandemic, the Hyères casino reopened in its entirety on Wednesday 15th April. The games room has been completely redesigned and now covers 1,500 m². The outdoor terrace, equipped with slot machines and an electronic roulette, contributes to the comfort of the players. Upstairs, a restaurant with a hundred seats, including private spaces, has been created. A new entrance, distinct from that of the casino, has been specifically created for the adjoining theatre hall.
Responsible gaming
In April 2022, the National Gaming Authority (ANJ – www.anj.fr) validated Groupe Partouche’s 2022 action plan “Prevention of excessive or pathological and underage gambling”, highlighting in particular the ambition and the quality of its content, associated with the innovation of specific devices.
The Group’s prevention policy, as a committed player in the fight against excessive gambling, aims to ensure that gaming remains an entertainment and that our customers today are our customers tomorrow.
This quality support is an integral part of our mission. Each of our employees contributes to its success, through its involvement, through the dedicated training courses developed internally and through the many tools made available.
Sustainability-linked loan
In February, Groupe Partouche signed its very first sustainability-linked loan with Arkéa Banque. The applicable interest rate is adjustable downwards (and upwards within the limit of the initial rate) according to an extra-financial score established by an extra-financial analysis and consulting agency, EthiFinance. The criteria are broken down into three themes: environment, social and governance. Groupe Partouche is firmly rooted in its SER (social & environmental responsibility) approach.
Upcoming events:
Income 1st quarter: Tuesday 28th June 2022, after stock market closing
3rd quarter financial information: Tuesday 13th September 2022, after stock market closing
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 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 B. ISIN: FR0012612646 – Reuters: PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Consolidated turnover
| In €M | 2022 | 2021 | Variation 2022/2021 | 2019 |
| 1st quarter | 98.1 | 23.5 | x4.2 | 116.6 |
| 2nd quarter | 89.1 | 23.6 | x3.8 | 105.3 |
| Total consolidated turnover | 187.2 | 47.2 | x4.0 | 221.9 |
| Variation constant scope vs 2019 | –8.5% |
2- Construction of consolidated turnover
2.1 – 2nd quarter
| In €M | 2022 | 2021 | Variation 2022/2021 | 2019 |
| Gross Gaming Revenue (GGR) | 148.2 | 25.1 | x5.9 | 168.1 |
| Levies | -77.4 | -3.1 | x24.6 | -84.3 |
| Net Gaming Revenue (NGR) | 70.8 | 22.0 | x3.2 | 83.8 |
| Turnover excluding NGR | 18.7 | 1.6 | x11.4 | 22.2 |
| Fidelity Programme | -0.5 | 0.0 | -0.8 | |
| Total consolidated turnover | 89.1 | 23.6 | x3.8 | 105.3 |
2.2 – Aggregate 6 months
| In €M | 2022 | 2021 | Variation 2022/2021 | 2019 |
| Gross Gaming Revenue (GGR) | 290.0 | 50.0 | x5.8 | 329.4 |
| Levies | -136.6 | -5.8 | x23.7 | -150.0 |
| Net Gaming Revenue (NGR) | 153.4 | 44.3 | x3.5 | 179.4 |
| Turnover excluding NGR | 35.2 | 2.9 | x12.2 | 44.2 |
| Fidelity Programme | -1.4 | 0.0 | -1.6 | |
| Total consolidated turnover | 187.2 | 47.2 | x4.0 | 221.9 |
3- Breakdown of consolidated turnover by activity
3.1 – 2nd quarter
| In €M | 2022 | 2021 | Variation 2022/2021 | 2019 |
| Casinos | 81.6 | 12.4 | x6.6 | 96.4 |
| Hotels * | 5.1 | 0.3 | x16.4 | 1.6 |
| Other | 2.4 | 10.9 | -78.0% | 7.2 |
| Total consolidated turnover | 89.1 | 23.6 | x3.8 | 105.3 |
3.2 – Aggregate 6 months
| In M€ | 2022 | 2021 | Variation 2022/2021 | 2019 |
| Casinos | 173.5 | 24.5 | x7.1 | 205.5 |
| Hotels * | 9.0 | 0.5 | x17.4 | 2.8 |
| Other | 4.7 | 22.2 | -78.7% | 13.5 |
| Total consolidated turnover | 187.2 | 47.2 | x4.0 | 221.9 |
* Since 01/10/2021, the revenues of the St Amand, Forges and Divonne hotels have been moved to the Hotels activity from the Casinos activity for the first two and from the Other activity for Divonne.
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. 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.
Attachment
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FR0012612646
GROUPE PARTOUCHE: A Good performance for the financial year 2024 – Turnover: € 434.3 M (+2.5 %) – Inauguration after renovations, of the Group’s three largest casinos
A Good performance for the financial year 2024
Turnover: € 434.3 M (+2.5 %)
Inauguration after renovations, of the Group’s three largest casinos
Paris, 10th December 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 4th quarter of fiscal year 2024 (August to October 2024) and for the full fiscal year (November 2023 to October 2024)
During the 2024 financial year, Groupe Partouche completely renovated three of its largest casinos in Annemasse, Divonne and La Tour-de-Salvagny, the latter was also expanded and renamed Pasino Grand to embody its change of gaming universe and dimension. The inauguration, in October and November 2024, of these new living and entertainment sites left a lasting impression, and the sustained development of their activity confirms the enthusiasm and pleasure of our customers in finding reconfigured spaces and offers.
Furthermore, on 2nd December 2024, the Cannes casino was relocated to the legendary Palm Beach, completely reconfigured. The Royal Palm Casino is thus entering a new era.
Annual Turnover 2024 up by + 2.5% at € 434.3 M
For the 2024 financial year, the Gross Gaming Revenue (GGR) stands at € 712.3 M, up by +1.5%, compared to € 701.5 M a year earlier, a performance to be commended taking into account extensive work carried out during the financial year on its three largest operating casinos. During the 4th quarter 2024 (Q4), GGR increases by +2.3% to € 186.0 M.
In France, the annual GGR increases by +0.9% to € 636.1 M, driven mainly by the performance of slot machines (+1.5% to € 504.0 M), while the GGR of electronic forms games falls by -1.4% to € 132.1 M under the combined effect of the decline in electronic table games (-0.7%) and traditional table games (-2.5%). Thus, the traditional games’ activity of the Divonne casino suffered in particular during the works period. In Q4 2024, GGR reaches € 166.9 M, an increase of +2.3% compared to Q4 2023 thanks to the growth of all forms of games.
Abroad, the annual GGR increases by +7.3% year-on-year, to € 76.3 M, including a favorable exchange rate effect of +€1.5M linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fueled by the strong performance of traditional games (+23.8% to € 36.8 M) driven by the good dynamics of Swiss online gaming GGR (+34.5% to € 23 .6 M), while the GGR of slot machines falls by -4.5% (to € 39.5 M). Over the year, we will note the good performance of the Middelkerke casino in Belgium (+33.3%). In Q4 2024, the GGR stands at € 19.1 M, an increase of +1.7% compared to Q4 2023.
In total, the Net Gaming Revenue after Levies, reaches € 338.7 M over 12 months, up by + 1.7% compared to 2023. It amounts to € 79.7 M at the 4th quarter 2024 (+2.6% compared to Q4 of the previous year)
Turnover excluding games is up by +4.5% at € 98.5 M due to the hotels activity (+11.0%) in connection with the good dynamics of the Group’s hotels and the integration within the scope of the Hotel Pavillon la Rotonde. The division Others decreased (-2.5%) to € 11.6 M.
In total, the annual turnover reaches to € 434.3 M, up by + 2.5% compared to 2023. It amounts to € 107.0 M at Q4 2024, recording satisfactory dynamics compared to Q4 2023 (+3.7%).
Upcoming events: Income fiscal year at 31st October 2024: Tuesday 28th January 2025, 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
1- Consolidated Turnover
| In €M | 2024 | 2023 | Variation |
| 1st quarter (November N-1 to January N) | 118.7 | 116.4 | +2.0% |
| 2nd quarter (February to April) | 101.9 | 99.2 | +2.6% |
| 3rd quarter (May to July) | 106.8 | 105.1 | +1.6% |
| 4th quarter (August to October) | 107.0 | 103.1 | +3.7% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
2- Construction of consolidated turnover
2.1 – 4th quarter
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 186.0 | 181.8 | +2.3% |
| Levies | -106.3 | -104.2 | +2.1% |
| Net gaming revenue (NGR) | 79.7 | 77.7 | +2.6% |
| Turnover excluding NGR | 27.9 | 26.2 | +6.8% |
| Fidelity programme | -0.6 | -0.7 | -10.3% |
| Total consolidated turnover | 107.0 | 103.1 | +3.7% |
2.2 – Aggregate 12 months
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 712.3 | 701.5 | +1.5% |
| Levies | -373.7 | -368.6 | +1.4% |
| Net gaming revenue (NGR) | 338.7 | 332.9 | +1.7% |
| Turnover excluding NGR | 98.5 | 94.3 | +4.5% |
| Fidelity programme | -2.9 | -3.4 | -16.0% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
3- Breakdown of turnover by activity
3.1 – 4th quarter
| In €M | 2024 | 2023 | Variation |
| Casinos | 94.4 | 91.6 | +3.1% |
| Hotels | 9.0 | 8.4 | +7.0% |
| Others | 3.5 | 3.1 | +13.2% |
| Total consolidated turnover | 107.0 | 103.1 | +3.7% |
3.2 – Aggregate 12 months
| In €M | 2024 | 2023 | Variation |
| Casinos | 391.5 | 383.8 | 2.0% |
| Hotels | 31.2 | 28.1 | 11.0% |
| Others | 11.6 | 11.9 | -2.5% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
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.
Attachment
FR0012612646
GROUPE PARTOUCHE: Solid turnover for the first 9 months of the fiscal year: +2.1 % at € 327.3 M
Solid turnover for the first 9 months of the fiscal year
+2.1 % at € 327.3 M
Paris, 10th September 2024, 06:00 p.m. Groupe Partouche European leader in gaming, publishes this day its consolidated turnover for the 3rd quarter of fiscal year 2024 (May – July 2024).
Satisfactory activity in the 3rd quarter despite a gloomy context in France: € 106.8 M (+1.6%)
Growth in Gross Games Revenue (GGR) is mainly driven by the international activity, in the third quarter of 2024. The GGR increases by +0.4% to € 179.5 M, compared to € 178.7 M a year earlier.
The generally gloomy and wait-and-see situation in France at the beginning of the summer (elections, weather, etc.) slightly weighs on attendance (-0.6%). Thus, the GGR stands at € 160.7 M (-0.5% compared to Y-1), marked by a decline in table games (-6.8%), a growth in electronic games (+ 1.5%) and a stability in the slot machines (-0.1%).
Abroad, the GGR increases by +9.4% compared to a year earlier, at € 18.8 M, driven by the strong performance of Swiss online games (+30.1% to € 5.5 M) and table games in general (+33.9% to € 3.8 M, excluding Swiss online games) while the GGR of slot machines falls by -6.3% to € 9.5 M.
Net Gaming Revenue (NGR) increases by +0.2% at € 79.3 M excluding levies.
The non-gaming activity generates a turnover of € 28.2 M (+5.5%). The hotel activity increases by +7.8% to € 9.5 M due to the integration in this division of the Pavillon La Rotonde hotel in Lyon.
Globally, the 3rd quarter of 2024 turnover totals € 106.8 M, compared to € 105.1 M in 2023 (+1.6 %).
Aggregate turnover at the end of July up by +2.1% at € 327.3 M
The 9-month aggregate turnover stands at € 327.3 M at the end of July 2024 (+2.1% compared to 2023), with Net Games Revenue at € 259.0 M (+1.5%).
Upcoming events:
4th quarter 2024 Turnover: Tuesday 10th December 2024, after stock market closure
Income of the fiscal year at 31st October 2024: Tuesday 28th January 2025, 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 B. ISIN: FR0012612646 – Reuters PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Consolidated turnover aggregate 9 months per quarter
| In €M | 2024 | 2023 | Variation |
| 1st quarter (November to January) | 118.7 | 116.4 | +2.0% |
| 2nd quarter (February to April) | 101.9 | 99.2 | +2.6% |
| 3rd quarter (May to July) | 106.8 | 105.1 | +1.6% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
2- Construction of the consolidated turnover
2.1 – 3rd quarter
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 179.5 | 178.7 | +0.4% |
| Levies | -100.1 | -99.5 | +0.7% |
| Net gaming revenue (NGR) | 79.3 | 79.2 | +0.2% |
| Turnover excluding NGR | 28.2 | 26.7 | +5.5% |
| Fidelity Programme | -0.8 | -0.9 | -9.7% |
| Total consolidated turnover | 106.8 | 105.1 | +1.6% |
2.2 – Aggregate 9 months
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 526.4 | 519.7 | +1.3% |
| Levies | -267.4 | -264.5 | +1.1% |
| Net gaming revenue (NGR) | 259.0 | 255.3 | +1.5% |
| Turnover excluding NGR | 70.6 | 68.1 | +3.6% |
| Fidelity Programme | -2.2 | -2.7 | -17.5% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
3- Breakdown of turnover by division
3.1 – 3rd quarter
| In €M | 2024 | 2023 | Variation |
| Casinos * | 93.3 | 92.4 | +1.0% |
| Hotels * | 9.5 | 8.8 | +7.8% |
| Other | 3.9 | 3.9 | +0.9% |
| Total consolidated turnover | 106.8 | 105.1 | +1.6% |
3.2 – Cumul 9 mois
| In €M | 2024 | 2023 | Variation |
| Casinos * | 297.1 | 292.3 | +1.7% |
| Hotels * | 22.2 | 19.7 | +12.7% |
| Other | 8.1 | 8.8 | -8.1% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
* Since the 1st November 2023, the Pavillon la Rotonde hotel at La-Tour-de-Salvagny casino has been integrated into the Hotels division (previously Casinos).
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.
Attachment
FR0012612646
GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure in a resumption period of significant growth investments
Solid Half-Year Income & Financial Structure
in a resumption period of significant growth investments
- Turnover: 220.6 €M (+2.3 %)
- EBITDA: 41.0 €M compared to 42.7 €M at 1st Half-year 2023
- Net Income: 7.1 €M compared to 18.8 €M at 1st Half-year 2023
- Healthy financial situation: gearing of 0.2x and leverage of 1.3x
Paris, 25th June 2024, 06:00 p.m. – During its meeting held on the 25th June 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1st half-year 2023-2024 (November 2023 to April 2024).
Strong Business Momentum and Growth Investment in Casinos
The strong business momentum in the half-year was reflected in a Gross Gaming Revenue (GGR) increase of +1.7% to €346.9 million and a revenue increase of +2.3% to €220.6 million.
The Group’s EBITDA decreased by – 4.0% at € 41.0 M (i.e. 18.6% of turnover) compared to € 42.7 M (19.8% of turnover) in the first half of 2023.
The Group’s Current Operational Income (COI) reached € 15.5 M compared to € 19.3 M in the first half of 2023. This decrease materializes in the three business sectors (casinos, hotels and others):
- The casinos COI at € 24.3 M (compared to € 27.0 M in the first half of 2023) is penalized by operating difficulties encountered by the numerous establishments undergoing renovation in Vichy, La Tour-de-Salvagny, Saint Amand-les-Eaux, Divonne and Casino 314 (Cannes). Furthermore, the Middelkerke casino in Belgium, which relocated to the seafront at the end of March 2024, is penalized by its heavy development works;
- Conversely, the COI of online gaming in Meyrin (Switzerland) and Middelkerke (Belgium), launched since 29th January 2024, both increased by + € 0.7 M and + € 0.4 M respectively;
- The COI of the hotels is a loss of – € 2.7 M in H1 2024 compared to – € 2.3 M in H1 2023, as well as that of the “Other” sector at – € 6.2 M compared to – € 5.4 M.
Purchases and external expenses at € 72.6 M increased by € 2.0 M (+2.8%), with particularly:
- an increase in advertising/marketing expenses of € 0.8 M (+5.4%) relating to the operations of Groupe Partouche 50th anniversary, between March and December 2023, and to a more offensive digital marketing in Meyrin (Switzerland) linked to its online activity;
- an increase in subcontracting expenses of € 0.8 M (+14.3%) due to the rise in cleaning and security expenses (+ € 0.5 M) and other expenses and;
- conversely, purchases of materials fell by -3.7%, mainly due to the reduction in energy expenditure amounting to € 0.7 M (-8.1%) as a result of falling prices.
Employees’ expenses reached € 90.6 M, up by € 3.2 M, mainly due to an increase in the minimum wage (SMIC) as at 1st January 2024, and new conventional grids applicable from 1st April 2024.
Net Income amounted to € 7.1 M, compared to € 18.8 M on 30th April 2023, taking into account the following items:
- a non-current operating income of – € 1.0 M compared to a profit of € 0.7 M at 30th April 2023, resulting from the progress margin on the property development contract in La Grande Motte and from the disposal of two real estate assets in Contrexéville. Other non-current income and expenses mainly include accelerated depreciation carried out as part of the development work on La Plage 3.14 for € 0.7 M and the Casino 3.14 for € 0.2 M, as well as renovation work at the La Tour-de-Salvagny casino for € 0.1 M;
- a financial income of – € 1.0 M (compared to – € 1.5 M in H1 2023). The cost of financial debt is up as it follows the increase in the Group’s gross debt as well as the average annual interest rate given the macroeconomic situation. However, this increase in financial costs is largely offset by investment income which increased by € 1.5 M. In addition, financial expenses related to IFRS 16 lease liabilities increased by € 0.5 M;
- A tax expense (CVAE included) of € 6.1 M compared to a tax revenue + € 0.3 M in H1 2023due to the activation of the balance of the Group’s carry forward tax losses generating differed tax income of € 3.6 M, while in H1 2024, a consumption of differed tax of – € 2.7 M was observed.
With a cash flow net of levies of € 89.8 M, equity of € 367.3 and net debt of € 81.2 M (constructed in accordance with the terms of the syndicated loan contract, according to the former IAS 17 standards, excluding IFRS 16), the Group’s financial structure is sound and robust, enabling it to continue its growth investment program.
The 1st half-year financial report as of 30th April 2024 is available today on the Group’s website www.groupepartouche.com in the Finance section.
Upcoming events:
– 3rd quarter financial information: Tuesday 10th September 2024, after stock market closure
– 4th quarter turnover: Tuesday 10th December 2024, 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 B. ISIN: FR0012612646 – Reuters PARP.PA – Bloomberg: PARP:FP
FINANCIAL INFORMATION
Groupe Partouche Phone : 01.47.64.33.45
Valérie Fort, Financial Chief Officer [email protected]
Annex
Consolidated income
| In €M – At 30th April (6 months) | 2024 | 2023 | Difference | Var. |
| Turnover | 220.6 | 215.6 | 5.0 | +2.3% |
| Purchases & External Expenses | (72.6) | (70.7) | (2.0) | +2.8% |
| Taxes & Duties | (10.2) | (9.6) | (0.6) | +6.7% |
| Employees Expenses | (90.6) | (87.4) | (3.2) | +3.7% |
| Depreciation, amortisation & impairment of fixed assets | (25.2) | (24.5) | (0.7) | +3.0% |
| Other current, income & current operating expenses | (6.5) | (4.2) | (2.3) | +56.1% |
| Current Operating Income | 15.5 | 19.3 | (3.9) | -19.9% |
| Other non-current income & operating expenses | (1.0) | 0.7 | (1.7) | – |
| Gain (loss) on the sale of consolidated expenses | – | – | – | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current Operating Income | (1.0) | 0.7 | (1.7) | – |
| Operating Income | 14.5 | 20.0 | (5.6) | -27.9% |
| Financial Income | (1.0) | (1.5) | 0.4 | – |
| Income before tax | 13.4 | 18.6 | (5.1) | -27.7% |
| Corporate Income | (5.6) | 1.0 | (6.7) | – |
| CVAE Taxes | (0.4) | (0.7) | 0.2 | – |
| Income after Tax | 7.4 | 18.9 | (11.6) | -61.1% |
| Shares in earnings of equity-accounted associates | (0.2) | (0.1) | -0.2 | – |
| Total Net Income | 7.1 | 18.8 | (11.7) | -62.2% |
| o/w Group’ share | 5.1 | 16.7 | (7.5) |
| EBITDA (*) | 41.0 | 42.7 | (1.7) | -4.0% |
| Margin EBITDA / Turnover | 18.6% | 19.8% | -1.2 pt |
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 7.6 M in H1 2024 and by € 6.9 M in H1 2023.
Taxes and Duties represent an expense of € 10.2 M compared to € 9.6 M in the first half of 2023.
The increase in depreciation and amortization on fixed assets, up +3.0% to € 25.2 M, reflects the resumption of a robust investment program in the Group’s establishments.
Other current operating income and expenses represent a net expense of – € 6.5 M compared to – € 4.2 M in the first half of 2023. This development is explained in particular by the provision relating to the multisite jackpot, which has not been won since March 2023.
Operating income stands at € 14.5 M compared to € 20.0 M in HY 2023 and income before tax at €13.4 M compared to € 18.6 M in HY 2023.
The consolidated net income for the half-year is a profit of € 7.1 M compared to € 18.8 M as at 30th April 2023, of which the Group’s share is a profit of € 5.1 M compared to € 16.7 M on 30th of April 2023.
Balance Sheet
Total net assets as of 30th April 2024 represent € 825.3 M compared to € 804.3 M as of 31st October 2023. The noteworthy changes over the period are as follows:
- an increase in non-current assets of € 33.6 M mainly due, to the net increase in property, plant and equipment of € 31.7 M, essentially made up of the rental management contract of the Cannes 3.14 Casino (€ 6.5 M) retreated according to IFRS 16 in respect to its moving set-up for coming autumn, within the premises of the Palm Beach and to the volume of the current investments in the casinos of La Tour-de-Salvagny (€ 6.3M), Middelkerke (€ 5.8 M), Divonne (€ 3.8 M), 3.14 Cannes (€ 2.7 M), Vichy (€ 1.1 M), Annemasse (€ 1.1 M), St Amand-les-Eaux (€ 1.0 M) and Contrexéville (€ 0.8M) as well as the Plage 314 (beach) (€ 1.0 M);
- a decrease in current assets of € 12.6 M, mainly due to consumption of cash of € 27.5 M offset by an increase in the item “customers and other debtors” of € 14.0 M.
On the liabilities side, shareholders’ equity, including minority interests, went from € 366.9 M at 31st October 2023 to € 367.3 M at 30th April 2024, including a profit for the period of € 5.1 M for the Group share and € 2.0 M for minority interests.
The financial debt at 30th April 2024, increased by € 11.8 M (current & non-current shares) compared to 31st October 2023, taking into account:
- The 2 quarterly deadlines of the syndicated loan paid on 31st January 2024 and 30th April 2024 for an aggregated amount of – € 5.4 M, as well as other banking debts for € 9.1 M;
- The setting up of new bank loans for + € 18.2 M;
- as well as flows related to leases treated according to IFRS 16.
Financial structure – Summary of net debt
The Group’s financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, based on the former IAS 17 standards, excluding IFRS 16).
| In €M | 30/04/24 | 31/10/23 | 30/04/23 |
| Equity | 367.3 | 366.9 | 369.0 |
| Gross Debt* | 171.0 | 167.6 | 166.4 |
| Cash less gaming levies | 89.8 | 113.8 | 127.8 |
| Net Debt | 81.2 | 53.9 | 38.6 |
| Ratio Net Debt / Equity (« gearing ») | 0.2x | 0.1x | 0.1x |
| Ratio Net Debt / Consolidated EBITDA (« leverage »)** | 1.3x | 0.8x | 0.5x |
(*) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
(**) 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 € 61.9 M at 30/04/2024, € 64.3 M at 31/10/2023 and € 72.4 M at 30/04/2023.
Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various games operated, after deduction of the payment of the winnings to the players. This amount is debited by the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» becomes the “Net Gaming Revenue” after levies, which is a component of the turnover.
“Current Operating Income” (COI) includes all expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual within the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.
“Consolidated EBITDA” (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) related to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Attachment
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