FR0012612646

GROUPE PARTOUCHE: Income 1st Half-Year 2021/2022 – Solid 1st HY Income and resumption of growth investments

Published

3 years ago

June 28, 2022

Income 1^st Half-Year 2021/2022
Solid 1^st HY Income
and resumption of growth investments

Turnover: € 187.2 M (x4,0)
EBITDA: € 34.2 M compared to – € 42.0 M at 1^st HY 2021
Net Income: € 24.6 M compared to – € 88.0 M at 1^st HY 2021
Healthy financial situation: gearing of 0.2x and leverage of 0.7x

Paris, 28^th June 2022, 06:00 p.m. During its meeting held on the 28^th June 2022 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the 1^st Half-Year of financial year 2021-2022 (November 2021 to April 2022).

Good operational performance driven by the gradual normalization of activity

In a context of a gradual return to usual casino operations, the operating performance for the 1^st half of 2022 improves significantly compared to the 1^st half of the previous financial year. However, the health constraints still in place over the period continued to penalize the attendance¹.

Otherwise, the data at 30^th April 2022 take into consideration the scope’s following effects:

cessation of the operations in Belgium (gaming & betting) and of the management of the Ostend casino starting 29^th July 2021 (Belgium turnover of € 21.6 M at 1^st half-year 2020 and € 41.4 M at 1^st half-year 2021);
assignment of the stake held in the Crans-Montana casino on 31^st January 2022 (turnover of € 5.2 M at 1^st HY 2019, the site being closed during the 1^st HY 2020 and most of 1^st HY 2021);
end of the concession of the restaurant « Le Laurent » as from 7^th March 2022 (turnover of € 2.2 M during 1^st HY 2019 and € 1.2 M during 1^st HY 2020, the restaurant being closed during the 1^st HY 2021).

Gross Gaming Revenue (GGR) over the period increases very strongly at € 290.0 M (+ € 239.9 M compared to 1^st half-year 2021) as well as the turnover at € 187.2 M (+ € 140.0 M).

The Group’ EBITDA is positive again at € 34.2 M, compared to -€ 42.0 M at 1^st half-year 2021, while it is amputated from the Ostend Casino EBITDA (bricks and mortar games, online gaming and sports betting) which amounted to € 2.3 M at 1^st half-year 2021.

European Gaming Congress 2024 (Warsaw, Poland)

The current operating income (COI) totals € 9.7 M compared to – € 73.2 M a year earlier, driven by the casinos’ division (COI of + € 16.0 M compared to – € 68.2 M in 2021) thanks to the reopening of all the casinos of the Group.

The COI of the hotels’ division increases slightly to – € 1.8 M compared to – € 2.2 M in 2021².

Finally, the COI of the division Other totals – € 4.6 M at 1^st half-year 2022, compared to – € 2.8 M at 1^st half-year 2021, impacted by the exit of the sports betting in Belgium (+ € 1.8 M in 2021).

Purchases and external expenses remain stable at – € 60.7 M:

With the reopening of the sites and the increase in the turnover of other activities, the purchases of materials, the expenses of publicity/marketing and maintenance (- € 30.0 M in aggregated) increase respectively by + € 13.3 M, + € 9.4 M and + € 2.2 M;
In the same time, the outsourcing expenses (- € 30.7 M) strongly decrease following the cessation in Belgium of the online casino and sports betting (a relief of € 35.1 M) and despite the increase in the outsourcing expenses (guarding, cleaning) up to € 3.4 M linked with the reopening of the casinos.

It may be noted the increase of € 3.9 M in expenses relating to the ramp-up of the online casino in Switzerland.

The reopening of the casinos led to employees’ expenses of € 81.9 M (compared to € 31.5 M at 1^st HY 2021). As a reminder, during the 1^st HY 2021, the Group profited from partial unemployment benefits and savings in employer contributions, as well as exemptions/aids under the business aid measures put in place by the government in the acute phase of the health crisis. In addition, some casinos are once again paying a contribution to their employees (+ €1.8 M).

The non-current operating income is a net profit of € 17.5 M, compared to a loss of – € 8.6 M at 1^st HY 2021, due to the following:

the assignment, at the end of January 2022, of the 57% stake held by Groupe Partouche in the casino of Crans-Montana in Switzerland, that generated an income of + € 14.1 M;
no goodwill impairment test was performed this HY (in 1^st HY 2021, impairments amounted to – € 15.0 M);
conversely, in Belgium, the final resolution of old disputes against the Belgian State generated a non-recurring profit of € 3.4 M over this half-year, in addition to the € 5.8 M of the same nature recorded in the first half of 2021.

Finally, the net income is a profit of € 24.6 M compared to a loss of – € 88.0 M at 30^th April 2021, after taking into consideration the following:

a financial income of – € 1.3 M (compared to – € 2,3 M at 1st HY 2021), which benefits from a foreign exchange gain due to the reopening of casinos on both sides of the Franco-Swiss border and a favourable exchange rate;
a tax expense (including CVAE) standing at – € 1.2 M (compared to – € 4.0 M in 1^st HY 2021).

With a cashflow net of levies amounting to € 120.5 M, an equity of € 338.8 and a net debt of € 55.7 M (constructed in accordance with the terms of the syndicated loan contract, according to IAS 17, excluding IFRS 16), the Group’s financial structure is sound and solid; net debt is down € 31.3 M compared to the end of October 2021.

RECENT EVENTS & OUTLOOK

Since the lifting of the vaccination pass, gaming activities have regained momentum with a very satisfactory trend. At the same time, Groupe Partouche is intensifying its investment plan aimed at renovating and increasing the gaming offer of several of its casinos and will benefit from the entry into force of the concession for the Middelkerke casino in Belgium from 1^st July.

End of Palavas renovation works

The casino restructuring project, a commitment of the new concession obtained for 20 years, began on 1^st November 2021 and aims at increasing the gaming surface while enhancing the spaces, the building itself and the site. The project is located in three places in the casino: the entrance, the upstairs room and the restaurant, add to this, the façade and the parking.

The ground floor will be dedicated to slot machines, in a calm and cosy atmosphere, while the 1^st floor will host the table games in their electronic and non-electronic form, in a younger and more festive atmosphere. These works are currently being completed.

Restructuring the casino Le Lyon Vert at la Tour-de-Salvagny

The Casino Le Lyon Vert is undertaking a major restructuring of the existing spaces and the creation of a major extension on two levels (ground floor and 1^st floor). The project seeks to restore the initial qualities of the building. The interior spaces will be adapted to the operations and enhanced. The project develops new gaming spaces that are too cramped today and respond to the current operation of modern casinos, ensures a complete update of staff premises, brings clearances and emergency exits up to standard, makes the building accessible to all and increases the non-gaming offer (event rooms). The surroundings are upgraded with the creation of two car parks for the public and a car park to the North for staff. The works should be completed in the spring of 2023.

Launching of the extension works at Annemasse casino

Extensive work is underway at the Annemasse casino and will allow the opening of the left wing, the construction of an extension at the front, the creation of two outdoor rooms (smoking), the construction of a veranda for a restaurant room and the creation of a large hall starting from the entrance. These works are due to end in June 2023.

Upcoming events:

– 3^rd quarter financial information: Tuesday 13^th September 2022, after stock market closure

– 4^th quarter turnover: Tuesday 13^thDecember 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

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

Annex

Consolidated Income statement

In €M – At 30^th April (6 months)	2022	2021	GAP	*Var.*
Turnover	187.2	47.2	140.0	*296*.9%
Purchases & external expenses	(60.7)	(60.6)	(0.0)	0.1%
Taxes & duties	(10.2)	(5.6)	(4.6)	80.8%
Employees expenses	(81.9)	(31.5)	(50.4)	160.0%
Depreciation, amortisation & impairment of fixed assets	(26.2)	(28.5)	2.3	–8.1%
Other current income & current operating expenses	1.4	5.9	(4.5)	-76.2%
Current Operating Income	9.7	(73.2)	82.8	*n/a*
Other non-current income & operating expenses	3.4	6.4	(3.0)	–
Gain (loss) on the sale of consolidated investments	14.1	–	14.1	–
Impairment of non-current assets	–	(15.0)	15.0	–
Non-current Operating Income	17.5	(8.6)	26.1	–
Operating Income	27.2	(81.8)	108.9	*n/a*
Financial Income	(1.3)	(2.3)	0.9	–
Income before tax	25.8	(84.0)	109.8	–
Corporate Income Tax	(0.4)	(3.6)	3.2	–
CVAE Tax	(0.7)	(0.4)	(0.3)	–
Income after Tax	24.7	(88.0)	112.7	–
Share in earnings of equity-accounted associates	(0.1)	(0.0)	(0.1)	–
Total Net Income	24.6	(88.0)	112.6	*n/a*
o/w Group Share	24.2	(81.6)	105.8	–

EBITDA *()**	34.2	(42.0)	76.3	*n/a*
*Margin* *EBITDA /* *Turnover*	18.3%	*n/a*		*n/a*

(*) Taking into consideration the application of IFRS 16 that has the mechanical effect of improving the EBITDA by € 7.0 M at 1^st HY 2022 and € 7.3 M at 1^st HY 2021.

Taxes & duties represent an expense of € 10.2 M compared to € 5.6 M at 1^st half-year 2021.

The change in amortization and depreciation of fixed assets, down -8.1% to € 26.2 M, reflects the change in the scope of consolidation as well as the limitation of renewal investments during the health crisis.

The other current income and current operating expenses amount to a net income of € 1.4 M compared to € 5.9 M at 1^st half-year 2021, mainly due to:

the amount in half-year 2021 of operating subsidies received or to be received as aid obtained under the business aid measures put in place by the government during the health crisis, in particular aids at fixed costs at € 10.0 M;
the amount in half-year 2022 of € 4.9 M in additional aids of the same nature (favourable effect linked to the increase in the aids’ ceiling and the implementation by the government of additional mechanisms due to the continuing health crisis).

Current operating income amounts to € 27.2 M compared to – € 81.8 M at 1^st Half-Year 2021.

Income before tax totals a profit of € 25.8 M compared to a loss of € 84.0 M€ at 1^st Half-Year 2021.

Tax expense (including CVAE) amounts to € 1.2 M compared to € 4.0 M at 1^st half-year 2021 due to elements of various kinds related to the resumption of activity and the tax consequences of certain non-recurring items.

Share in earnings of equity-accounted associates is stable and not significant.

The consolidated net income of the half-year is a gain of € 24.6 M compared to a loss of € 88.0 M at 30^th April 2021. In this net income, the Group’s share is a profit of € 24.2 M compared to a loss of € 81.6 M at 30^th April 2021.

Balance sheet

Total net assets as of 30^th April 2022 represent € 736.0 M compared to € 796.4 M as of 31^st October 2021. The noteworthy changes over the period are as follows:

a decrease in non-current assets of € 0.7 M mainly due to the reduction of tax receivables (the residual receivable from CICE 2018, i.e. € 3.2 M as of 31^st October 2021, is now presented in current tax receivables for € 2.3 M, repayment expected in February 2023) and the net increase in property, plant and equipment of € 1.9 M, mainly made up of the volume of investments and depreciation charges;
a decrease in current assets of € 45.2 M, mainly due to a drop in the “customers and other debtors” item of € 21.2M due in particular to the cessation of Belgian online activity (same finding hereafter on the liabilities side, at the level of “debts to suppliers and other creditors”) and a consumption of cash of € 28.5 M.

On the liabilities’ side, equity, including minority interests, go from € 315.4 M at 31^st October 2021 to € 338.8 M at 30^th April 2022, including profit for the period of € 24.2 M. Financial debt decreases by € 59.3 M (current and non-current portions). The following should be taken into consideration:

the full repayment, mid-April 2022, of the second state guaranteed loan in the amount of – € 59.5 M;
the two quarterly instalments of the syndicated loan settled on 31^st January 2022 and 30^th April 2022 for – € 5.4 M;
the repayment of other bank loans in the amount of – € 6.3 M;
the set-up of new bank loans for + € 8.9 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, according to the old IAS 17 standard, excluding IFRS 16).

In €M	30/04/22	31/10/21	30/04/21
Equity	338.8	315.4	283.2
Gross debt ^*	176.3	239.1	253.7
Cash less gaming levies	120.5	152.1	104.1
Net debt	55.7	87.0	149.7
Ratio Net debt / Equity (« gearing »)	0.2x	0.3x	0.5x
Ratio Net debt / EBITDA (« leverage »)^**	0.7x	N/A ^***	N/A ^***

(*) The gross deb includes bank borrowings, bond loans and restated leases (with the exception of other contracts restated according to IFRS 16, 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 € 76.8 M at 30/04/2022.

(***) The bond and banking partners have waived the calculation of the “leverage ratio” expected at the closing dates of 30^th April 2021 and 31^st October due to a negative EBITDA over each 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.

“Consolidated Ebitda” (EBITDA) is made up of the balance of income and expenses making up current operating income, excluding depreciation and provisions related to the operating cycle and one-off items related to the Group’s activities included in the current operating income but excluded from EBITDA due to their non-recurring nature.

1 In France, paid antigenic and PCR tests together with the “vaccination pass” until 13^th March 2022. In Switzerland, introduction of the “vaccination pass” from 20^th December 2021 to 17^th February 2022.
2 This development takes into account the improvement of € 1.1 M of the Aquabella hotel ROI, but also the – € 0.6 M cumulated impact of the reclassification of the Forges, Saint Amand and Divonne hotel activities previously registered in the casinos’ activity and other activity for the later.

Attachment

Half-year results H1 2022

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

Published

2 weeks ago

December 10, 2024

GlobeNewswire

groupe-partouche:-a-good-performance-for-the-financial-year-2024-–-turnover:-e-4343-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, 10^th December 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 4^th 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 2^nd 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 4^th 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 31^st October 2024: Tuesday 28^th January 2025, after stock market closure.

ANNEX

1- Consolidated Turnover

In €M	2024	2023	Variation
1^st quarter (November N-1 to January N)	118.7	116.4	+2.0%
2^nd quarter (February to April)	101.9	99.2	+2.6%
3^rd quarter (May to July)	106.8	105.1	+1.6%
4^th 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 – 4^th 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 – 4^th 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» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

Attachment

Turnover – Q4 2024

FR0012612646

GROUPE PARTOUCHE: Solid turnover for the first 9 months of the fiscal year: +2.1 % at € 327.3 M

Published

4 months ago

September 10, 2024

GlobeNewswire

groupe-partouche:-solid-turnover-for-the-first-9-months-of-the-fiscal-year:-+21-%-at-e-327.3-m

Solid turnover for the first 9 months of the fiscal year
+2.1 % at € 327.3 M

Paris, 10^th September 2024, 06:00 p.m. Groupe Partouche European leader in gaming, publishes this day its consolidated turnover for the 3^rd quarter of fiscal year 2024 (May – July 2024).

Satisfactory activity in the 3^rd 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 3^rd 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:

4^th quarter 2024 Turnover: Tuesday 10^th December 2024, after stock market closure

Income of the fiscal year at 31^st October 2024: Tuesday 28^th January 2025, after stock market closure

ANNEX

1- Consolidated turnover aggregate 9 months per quarter

In €M	2024	2023	Variation
1^st quarter (November to January)	118.7	116.4	+2.0%
2^nd quarter (February to April)	101.9	99.2	+2.6%
3^rd 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 – 3^rd 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 – 3^rd 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» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

Attachment

Turnover – Q3 2024

FR0012612646

GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure in a resumption period of significant growth investments

Published

6 months ago

June 25, 2024

GlobeNewswire

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 1^st Half-year 2023
Net Income: 7.1 €M compared to 18.8 €M at 1^st Half-year 2023
Healthy financial situation: gearing of 0.2x and leverage of 1.3x

Paris, 25^th June 2024, 06:00 p.m. – During its meeting held on the 25^th June 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1^st 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 29^th 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 1^st January 2024, and new conventional grids applicable from 1^st April 2024.

Net Income amounted to € 7.1 M, compared to € 18.8 M on 30^th 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 30^th 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 1^st half-year financial report as of 30^th April 2024 is available today on the Group’s website www.groupepartouche.com in the Finance section.

Upcoming events:

– 3^rd quarter financial information: Tuesday 10^th September 2024, after stock market closure

– 4^th quarter turnover: Tuesday 10^th December 2024, after stock market closure

FINANCIAL INFORMATION

Groupe Partouche Phone : 01.47.64.33.45
Valérie Fort, Financial Chief Officer [email protected]

Annex

Consolidated income

In €M – At 30^th 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 30^th April 2023, of which the Group’s share is a profit of € 5.1 M compared to € 16.7 M on 30^th of April 2023.

Balance Sheet

Total net assets as of 30^th April 2024 represent € 825.3 M compared to € 804.3 M as of 31^st 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 31^st October 2023 to € 367.3 M at 30^th 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 30^th April 2024, increased by € 11.8 M (current & non-current shares) compared to 31^st October 2023, taking into account:

The 2 quarterly deadlines of the syndicated loan paid on 31^st January 2024 and 30^th 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.

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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