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: Annual Income 2023/2024 – A year of transition marked by numerous growth-driving investments
Annual Income 2023/2024
A year of transition
marked by numerous growth-driving investments
- Turnover : 434.3 €M (+2.5 %)
- EBITDA : 73.9 €M (-3.0 %)
- Current Operating Income : 19.7 €M (-28.1 %)
- Net Income : 4.1 €M (-82.6 %)
- Solid financial situation Gearing of 0.3x & Leverage of 1.7x
Paris, 28th January 2025, 06:00 p.m.
During its meeting held today and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2024 that are being audited.
During the past year, activity remained strong despite disruptions caused by the significant modernization and expansion program for several of its flagship establishments in France (especially La Tour-de-Salvagny, Annemasse and Divonne) and Belgium. Groupe Partouche is also pursuing an ambitious strategy of opening new iconic locations, notably in Cannes last December and Paris by the end of the year, thanks to its solid financial structure. These substantial and focused investments temporarily impacted profitability, but the group remains confident in its outlook.
Strong growth in the annual turnover
The Gross Gaming Revenue (GGR) records a strong growth + 1.5% reaching € 712.3 M in 2024, compared to € 701.5M in 2023. This good performance is fuelled by the growth in the slot machines GGR (+1.1%), and the table games GGR abroad (+23.8%).
The Net Gaming Revenue (NGR) increases to € 338.7 M over the whole year (+1.7%), a performance to be commended considering the huge amount of works carried on during the year in three of the biggest operating casinos. turnover excluding NGR progresses by +4.5% to € 98.5 M.
Globally the 2024 consolidated turnover increases by +2.5% reaching € 434.4 M from € 428.3 M in 2023.
Impact of the investment program on operational profitability
The EBITDA reaches € 73.9 M, compared to € 76.1 M a year before (-3.0%) and thus represents 17.0% of turnover.
Current operating income (COI) falls by -€ 7.7 € to € 19.7 M (-28.1%).
This fall is mainly due to the influence of the casino sector in relation to the operating difficulties encountered by some establishments currently undergoing renovation (La Tour-de-Salvagny (-€ 2.7 M compared to 2023), Saint Amand-les-Eaux (-€ 2.1 M), Divonne (-€ 1.2 M), 3.14 in Cannes (-€ 1.2 M) and Vichy (-€ 1.0 M) as well as Middelkerke in Belgium (-€ 3.5 M), which moved to the seafront at the end of March 2024.
Conversely, the COI of Middelkerke online games, deployed since 29th January 2024, and Meyrin (Switzerland) both increase by +€ 1.3 M and +€ 0.7 M respectively. In addition, the COI of the casinos of Aix-en-Provence (+ €0.9 M), La Ciotat (€ 0.9 M), La Grande Motte (+€ 0.8 M), Nice (+€ 0.8 M), and Forges (+€ 0.8 M) benefit from significant work carried out on their cost structure.
Purchases and external expenses increase to € 147.0 M, by + € 4.4 M (+3.1%), of which € 2.4 M are due to the online activity in Switzerland. The remaining € 2.0 M mainly result from the following reverse effects:
- the increase in subcontracting costs (+€ 1.8 M) due to the cleaning costs and the security costs but also costs related to the launch of the new Plage 3.14 format (+€ 0.4 M);
- the increase in fee costs relating to poker tournaments (+€ 1,0 M), linked to the increase in turnover (in Aix-en-Provence and in Paris with the WSOP) or the opening of the Middelkerke seafront casino;
- the decrease in purchases of materials (- € 1.6 M), mainly due to the decrease in energy costs of € 2.1 M linked to the renegotiation of electricity prices;
- the decrease in advertising costs of -4.8% (-€ 1.4 M) with the end of marketing operations for the 50th anniversary of the Groupe Partouche which took place between March and December 2023).
Taxes & Duties are up by + 4.2%, going from € 16.9 M in 2023 to € 17.6 M in 2024.
Personnel expenses amount to € 183.5 M, an increase of € 6.3 M (+3.5%), due in particular to an increase in staff (+3.7%), a rise in the minimum wage on 1st January 2024 and new conventional wage scales effective on 1st April 2024. There was also a significant increase in personnel expenses in the Middelkerke casino (+€ 1.0 M, or +45.8%) linked to the will of offering a wide range of games.
The change in depreciation and amortization of fixed assets, up by € 2.8 M (+5.8%) to € 51.8 M, reflects the restatement according to IFRS 16 (in particular the new management rental fee for Casino 3.14 in Cannes) and impact of the sustained investment program in the Group’s establishments.
Other current operating income and expenses represent a net expense of € 14.8 M, compared to € 10.8 M in the previous financial year (+€ 4.0 M). This change is explained in particular by the provision relating to the multi-site jackpot which had not been won since March 2023, an increase in expenses specific to the activity (specifications, MAS royalties) and by an unfavourable progress in changes in provisions.
The non-current operating income (NCOI) represents a loss of -€ 4.4 M compared to an income of +€ 0.04 M in 2023. It takes into account the following elements:
- € 1.4 M of other non-current operating income and expenses notably made up of accelerated depreciation carried out as part of renovation works on the Group’s establishments;
- € 3.1 M of impairment of goodwill corresponding to the residual value of Hotel 3.14 goodwill, resulting from the decision to sell the property without retaining the hotel’s operations, after two financial years without impairment.
Consequently, 2024 operating income reaches € 15.2 M over the year, compared to € 27.4 M in 2023.
The financial income represents a net expense of € 3.3 M compared to € 2.9 M in 2023. The cost of financial debt, up by € 1.1 M, follows the increase in the Group’s gross debt while the average annual interest rate is relatively stable. However, this increase in financial costs is offset by investment income of € 2.6 M (+€ 1.0 M). In addition, financial charges related to IFRS 16 rental debts increase by € 1.1 M, of which € 0.7 M is attributable to the Middelkerke casino.
The Group’s tax expense (including CVAE) is a charge of € 7.5 M compared to € 1.1 M in 2023. It includes a CVAE tax expense of € 0.9 M compared to € 1.1 M in 2023, and a corporate income tax expense (including deferred taxes) of € 6.6 M compared to almost zero in 2023. While the current tax expense is perfectly stable between the two financial years, this change is only due to deferred taxes, in particular due to the activation in N-1 of the balance of tax losses carried forward by the Groupe Partouche tax consolidation scope, partially consumed this year for -€ 3.3 M.
Ultimately, Groupe Partouche generates a profit of € 4.1 M (of which the Group’ share amounts to € 1.1 M) compared to € 23.4 M in 2023.
Healthy & solid financial structure
On the assets side of the consolidated balance sheet, there was an increase in non-current assets of + € 64.8 M, due in particular to the increase in the item “tangible fixed assets” of + € 67.0 M, resulting :
- on the one hand from the rights of use of new real estate lease contracts (management lease of Casino 3.14 in Cannes for € 6.1 M in connection with its move, in December 2024, to the Palm Beach;the Middelkerke casino for € 2.9 M, Groupe Partouche for € 2.7 M and the Pornichet casino for € 1.1 M); and
- on the other hand from the volume of investments in the casinos of La Tour-de-Salvagny (€ 11.2 M), Middelkerke (€ 6.8 M), Divonne (€ 9.9 M), Casino 3.14 (€ 7.0 M), Vichy (€ 2.7 M), Annemasse (€ 2.7 M), St Amand-les-Eaux (€ 1.9 M) and Contrexéville (€ 0.8 M) as well as La Plage 3.14 (€ 1.1 M) and the immobilization compensation paid as part of the promise of sale of a real estate asset at the foot of the Arc de Triomphe to house the Parisian gaming club and the group’ headquarters (€ 8.2 M).
Conversely, there is a decrease in current assets of -€ 24.0 M, mainly due to active cash consumption of -€ 32.2 M due to the heavy investments of the period, only half of which were financed by issuing new bank loans and by dividend payments to the Group’s shareholders and minority shareholders, amounting to a total of € 6.8 M.
On the liabilities side, the Group’ Equity, minority shareholders included, reaches € 365.0 M (-€ 1.9 M) following the beneficiary income of the financial year that amounted to € 4.1 M.
The financial debt, at € 298.0 M, increases by +€ 28.7 M (current and non-current shares) after taking into account:
- the settlement of the four quarterly instalments of the syndicated loan in the amount of – € 10.8 M;
- the reimbursement of other bank loans for –€ 19.9 M;
- the setting up of new credits for € 48.7 M;
- the integration in the Group’ scope of the WHL company (holder of a plot of land located in Auron with a construction right) up to € 1.8 M;
- the net impact of lease contracts treatment according to IFRS 16 for +€ 9.2 M (notably in increase, the subscriptions of new real estate contracts found in an increase in non-current assets, and a decrease in the payment of deadlines of the financial year).
The financial debt amounts to € 104.1 M, up by € 50.2 M.
The financial structure of the Group remains healthy with the ratios of leverage (Net Debt / EBITDA) and gearing (Net Debt/Equity) respectively of 1.7x and 0.3x (compared to 0.8x and 0.1x in 2023).
Outlook: new establishments and investment program pursuit
Cannes
On 14th November 2024, Groupe Partouche signed a promise to purchase the shares and receivables of Casino Les Princes in Cannes. The reiterative deed should be signed no later than 28th February 2025.
In addition, Groupe Partouche is considering the divestment of the building that housed the Hotel 3.14 until October 2016. The casino operations located on the ground floor since 30th June 2017, was transferred on 2nd December 2024 to the legendary Palm Beach, which has been completely reconfigured. The Royal Palm Casino (now named) is thus entering a new era.
Parisian Gaming Club
Groupe Partouche acquired on 15th January 2025 a building, strategically located at Place de l’Etoile in Paris, at 10 avenue de la Grande Armée. With a surface area of more than 8,000 square meters spread over seven storeys, this building will undergo development work to accommodate its Parisian gaming club currently located rue de Berri. This building will also host Groupe Partouche’s head office.
Cotonou
On 28th January 2025, Groupe Partouche opens its first casino in the Republic of Benin, and its second in Africa, after Djerba (Tunisia). The establishment is located within the Sofitel Cotonou Marina Hotel complex, a 5-star hotel complex, inaugurated in December 2024 by the Accor group. The country has been developing a vast program for several years to boost its tourism sector, with numerous sites, events and infrastructures set up. The opening of this new casino will reinforce this policy.
Dividends under financial year 2023/2024
Groupe Partouche plans to distribute a dividend again for the 2023/2024 financial year, the amount and payment terms of which will soon be specified and submitted to a shareholders’ vote during the General Meeting to be held on 26th March 2025.
Sustainable Development
Forges Hôtel, awarded the Green Key label in 2025, is one of the 2,428 establishments in France committed to sustainable tourism and catering.
In addition, the Casino du Lac in Meyrin, Switzerland, has obtained SIG-éco21 certification for 2025, demonstrating its commitment to the energy transition and environmental preservation.
Continuation of the investments in the existing sites
Aiming constantly for excellence in the customer experience in its establishments, the Group continues to enrich its offers and renovates its casinos thus improving its performance, as follows:
- the Contrexéville casino is benefiting from a reorganization of its spaces: the main games room has been moved under the theatre decor and the restaurant will also be positioned on the park side with the creation of an adjoining kitchen. Initiated in November 2023, the project should be completed in May-June 2025;
- the Vichy casino is undergoing a complete renovation aimed at increasing the gaming areas, modernizing and enhancing the services offered by this iconic establishment. Delivery is scheduled for December 2025;
- other establishment redevelopments will be initiated in the 2025 financial year, in particular for the casinos of Cabourg, Calais, La Ciotat, Pornic as well as the Parisian gaming club.
Upcoming events:
– Turnover 1st quarter: (nov. 2024-jan. 2025): Tuesday 11th March 2025 (after stock market closure)
– General Meeting: Wednesday 26th March 2025
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 4,050 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 Income
| (In €M) at 31st October | 2024 | 2023 | ÉCART | Var. |
| Turnover | 434.3 | 423.8 | +10.5 | +2.5% |
| Purchases & External Expenses | (147.0) | (142.6) | (4.4) | +3.1% |
| Taxes & Duties | (17.6) | (16.9) | (0.7) | +4.2% |
| Employees Expenses | (183.5) | (177.2) | (6.3) | +3.5% |
| Depreciation, amortisation & impairment of fixed assets | (51.8) | (48.9) | (2.8) | +5.8% |
| Other current income & current operating expenses | (14.8) | (10.8) | (4.0) | +37.3% |
| Current operating income | 19.7 | 27.4 | (7.7) | (28.1%) |
| Other non-current income & operating expenses | (1.4) | – | (1.4) | |
| Gain (loss) on the sale of consolidated expenses | – | – | – | – |
| Impairment of non-current assets | (3.1) | – | (3.1) | – |
| Non-current operating income | (4.4) | – | (4.5) | – |
| Operating income | 15.2 | 27.4 | (12.2) | (44.4%) |
| Financial income | (3.3) | (2.9) | (0.5) | +15.7% |
| Income before tax | 11.9 | 24.5 | (12.6) | (51.4%) |
| Corporate Income & CVAE Taxes | (7.5) | (1.1) | (6.4) | – |
| Income after tax | 4.4 | 23.5 | (19.0) | (81,2%) |
| Shares in earnings of equity-accounted associates | (0.4) | (0.1) | (0.3) | |
| Total net income | 4.1 | 23.4 | (19.3) | (82.6%) |
| o/w Group’ share | 1.1 | 18.9 | (17.8) | – |
| EBITDA (IFRS 16) | 73.9 | 76.1 | (2.2) | (3.0%) |
| Margin EBITDA / Turnover | 17.0% | 18.0% | -100 bps |
2- Analysis of the current operating income by divisions
For a better readability of its division performance, Groupe Partouche has presented the division contribution before intra-group elimination (ELIM.).
| (In €M) at 31st October | TOTAL GROUP | CASINOS | HOTELS | OTHER | ELIM. | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Turnover | 434.3 | 423.8 | 393.1 | 384.8 | 34.4 | 31.2 | 48.6 | 43.9 | (41.8) | (36.2) |
| Purchases & External Expenses | (147.0) | (142.6) | (133.1) | (128.1) | (16.6) | (13.9) | (27.3) | (25.1) | 30.0 | 24.6 |
| Taxes & Duties | (17.6) | (16.9) | (25.3) | (24.7) | (2.1) | (1.8) | (1.8) | (1.6) | 11.5 | 11.1 |
| Employees Expenses | (183.5) | (177.2) | (148.7) | (146.1) | (14.0) | (12.6) | (20.1) | (17.9) | (0.7) | (0.6) |
| Amort. deprec. on fixed assets. | (51.8) | (48.9) | (39.9) | (38.0) | (3.0) | (3.0) | (8.8) | (7.9) | 0.0 | 0.0 |
| Other current operating income & expenses | (14.8) | (10.8) | (15.3) | (11.0) | (0.0) | (0.3) | (0.5) | (0.5) | 1.0 | 1.0 |
| Current Opérating Income “COI” | 19.7 | 27.4 | 30.7 | 36.9 | (1.3) | (0.3) | (9.8) | (9.2) | 0.0 | 0.0 |
COI of the casino division reaches € 30.7 M, down by € 6.2 M (-16.7%).
COI of the hotel division remains in deficit and deteriorates to -€ 1.3 M despite the increase in turnover of +11.0%. It is particularly impacted by the entry of the Pavillon de la Rotonde at Charbonnières-les-Bains.
Finally, the deficit COI of the “Others” division stands at -€ 9.8 M for the financial year, compared to -€ 9.2 M for the year before. It should be noted that the COI of the Plage 3.14 suffered from its development works and its late opening (-€ 1.0 M).
3- Summary of Net Debt
| (In €M) at 31st October | 2024 | 2023 |
| Equity | 365.0 | 366.9 |
| Consolidated EBITDA (*) | 60.0 | 64.3 |
| Gross Debt (**) | 185.5 | 167.6 |
| Cash less gaming levies | 81.4 | 113.8 |
| Net Debt | 104.1 | 53.9 |
| Ratio net Debt / Equity (« gearing ») | 0.3x | 0.1x |
| Ratio net Debt / EBITDA (« Leverage ») | 1.7x | 0.8x |
(*) The consolidated EBITDA used to determine the “leverage” , is calculated over a rolling 12-months period, according to the old IAS 17 standard (i.e. before application of IFRS 16)
(**) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
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.
“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.
Gearing is the ratio of net debt to equity.
« Leverage » is the ratio of net debt to EBITDA.
Attachment
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
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