FR0012612646
GROUPE PARTOUCHE: Income 1st Half-Year 2021/2022 – Solid 1st HY Income and resumption of growth investments
Income 1st Half-Year 2021/2022
Solid 1st HY Income
and resumption of growth investments
- Turnover: € 187.2 M (x4,0)
- EBITDA: € 34.2 M compared to – € 42.0 M at 1st HY 2021
- Net Income: € 24.6 M compared to – € 88.0 M at 1st HY 2021
- Healthy financial situation: gearing of 0.2x and leverage of 0.7x
Paris, 28th June 2022, 06:00 p.m. During its meeting held on the 28th June 2022 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the 1st 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 1st half of 2022 improves significantly compared to the 1st 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 30th 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 29th July 2021 (Belgium turnover of € 21.6 M at 1st half-year 2020 and € 41.4 M at 1st half-year 2021);
- assignment of the stake held in the Crans-Montana casino on 31st January 2022 (turnover of € 5.2 M at 1st HY 2019, the site being closed during the 1st HY 2020 and most of 1st HY 2021);
- end of the concession of the restaurant « Le Laurent » as from 7th March 2022 (turnover of € 2.2 M during 1st HY 2019 and € 1.2 M during 1st HY 2020, the restaurant being closed during the 1st HY 2021).
Gross Gaming Revenue (GGR) over the period increases very strongly at € 290.0 M (+ € 239.9 M compared to 1st 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 1st 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 1st half-year 2021.
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 1st half-year 2022, compared to – € 2.8 M at 1st 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 1st HY 2021). As a reminder, during the 1st 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 1st 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 1st 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 30th 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 1st 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 1st July.
End of Palavas renovation works
The casino restructuring project, a commitment of the new concession obtained for 20 years, began on 1st 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 1st 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 1st 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:
– 3rd quarter financial information: Tuesday 13th September 2022, after stock market closure
– 4th quarter turnover: Tuesday 13th December 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 30th 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 1st HY 2022 and € 7.3 M at 1st HY 2021.
Taxes & duties represent an expense of € 10.2 M compared to € 5.6 M at 1st 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 1st 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 1st Half-Year 2021.
Income before tax totals a profit of € 25.8 M compared to a loss of € 84.0 M€ at 1st Half-Year 2021.
Tax expense (including CVAE) amounts to € 1.2 M compared to € 4.0 M at 1st 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 30th 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 30th April 2021.
Balance sheet
Total net assets as of 30th April 2022 represent € 736.0 M compared to € 796.4 M as of 31st 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 31st 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 31st October 2021 to € 338.8 M at 30th 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 31st January 2022 and 30th 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 30th April 2021 and 31st 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 13th March 2022. In Switzerland, introduction of the “vaccination pass” from 20th December 2021 to 17th 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
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FR0012612646
GROUPE PARTOUCHE: Turnover 1st quarter 2024: +2.0% – Good dynamics of the activities – General Meeting of 20th March: Proposed distribution of a dividend of 0.32 €/share
Turnover 1st quarter 2024: +2.0%
Good dynamics of the activities
General Meeting of 20th March
Proposed distribution of a dividend of 0.32 €/share
Paris, 12th March 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 1st quarter of fiscal year 2024 (November 2023 to January 2024).
Good dynamics of the turnover for the 1st quarter 2024
The Gross Gaming Revenue (GGR) totals € 173.2M for the 1st quarter 2024 compared to € 171.9M a year earlier, up by +0.7%.
In France, the GGR for 1st quarter 2024 remains stable at € 153.8M. The performance of the different forms of games is contrasted. Thus, the GGR of slot machines increases by +1.4% (to € 121.2M, i.e. 79% of the GGR in France), while that of table games, electronic and non-electronic, decreases by -5.2% (at € 32.5M).
Abroad, the GGR increases by +7.3% compared to 1st quarter 2023, at € 19.4M. The GGR of online Swiss games continues its progress (+52.8% for the year) while that of the slot machines decreases by -7.5%.
Globally, after levies, the Net Gaming Revenue (NGR) increases by +1.4% at € 98.1M during the 1st quarter 2024.
The turnover for the 1st quarter of 2024 records a very satisfactory increase of +2.0% year-on-year and stands at € 118.7M. It includes the turnover of other activities, which grows by +4.0%, driven by the increase in hotels turnover (+19.4%).
General Meeting and distribution of dividends
During the General Meeting to be held on Wednesday 20th March, shareholders will be able to vote on the distribution of a dividend in the amount of € 3,080,650.88 (i.e. € 0.32 per share). Payment of this dividend will be made no later than 31st July 2024.
Partnership established with Julien Manival
Groupe Partouche is joining forces with Julien Manival (Group “Bonne Compagnie”, which counts seven establishments in Occitanie) within a new structure, Must Group, specializing in the hospitality and entertainment sector. The objective is to offer to a wide audience a unique experience, merging culinary passion, innovation and entertainment in a modern and festive approach.
This partnership materialized on the one hand by the acquisition of a restaurant in the heart of the 8th precinct of Paris which will open at the beginning of 2025, and on the other hand, by the redevelopment of La Plage 3.14 on the Croisette in Cannes which will host this new concept at the beginning of coming spring.
Sustainable development: United Nations Global Compact and Women’s Empowerment Principles
Groupe Partouche renews in 2024 its commitment to the United Nations Global Compact, the largest international sustainable development initiative. Furthermore, Groupe Partouche is committed to gender equality and women’s empowerment by adhering to the UN Women’s Empowerment Principles (WEPs) in 2024.
Upcoming events:
General Meeting: Wednesday 20th March 2024
Turnover 2nd quarter: Tuesday 11th 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. ISIN: FR0012612646 – Reuters: PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Construction of the 1st quarter consolidated turnover (November N-1 to January N)
| In €M | 2024 | 2023 | Variation |
| Gross Gaming Revenue (GGR) | 173.2 | 171.9 | 0.7 % |
| Levies | -75.0 | -75.2 | -0.2 % |
| Net Gaming Revenue (NGR) | 98.1 | 96.8 | +1.4 % |
| Turnover excluding NGR | 21.3 | 20.5 | 4.0 % |
| Fidelity programme | -0.7 | -0.8 | -16.0 % |
| Total Consolidated Turnover | 118.7 | 116.4 | +2.0 % |
2- Breakdown of turnover by activity end of 1st quarter (November N-1 to January N)
| In €M | 2024 | 2023 | Variation |
| Casinos * | 110.4 | 108.9 | 1.4 % |
| Hotels * | 6.2 | 5.2 | 19.4 % |
| Other | 2.1 | 2.3 | -6.1 % |
| Total Consolidated Turnover | 118.7 | 116.4 | +2.0 % |
* The hotel Pavillon de la Rotonde at La-Tour-de-Salvagny has been included in the Hotels activity since 1st November 2023 (against casinos previously)
3- 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: Annual Income 2022/2023 – Income driven by the strong growth in the activity
Annual Income 2022/2023
Income driven by the strong growth in the activity
- Turnover: € 423.8 M (+9.0%)
- EBITDA: € 76.1 M (+0.7%)
- Current operation income: € 27.4 M (+18.3%)
- Net income: € 23.4 M1
- Solid financial situation Gearing of 0.1x and leverage of 0.8x
- Continuation of the investment programme and confidence in the prospects
Paris, 30th January 2024, 06:00 p.m.
During its meeting held on the 30th January 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2023, that are being audited.
Strong growth in the annual turnover
The Gross Gaming Revenue (GGR) records a strong growth over the financial year reaching € 701.5 M, compared to € 636.7 M in 2022 (+10.2%), a financial year which was still penalized by health restrictions until mid-March 2022. This good performance is fuelled by the growth in the slot machines GGR (+7.6%), the GGR of electronic forms of traditional games in France (+20.3%) and the online games in Switzerland (+41.6%).
The Net Gaming Revenue (NGR) increases to € 332.9 M over the whole year by +9.0%, benefiting from a favourable effect over the first part of the year.
Turnover excluding NGR improves by +9.6% to € 94.3 M.
Globally, the 2023 consolidated turnover increases by +9.0% reaching € 423.8 M.
Goof financial performance
EBITDA appears generally stable at € 76.1 M (compared to € 75.6 M a year earlier) and represents 18.0% of turnover. However, restated for additional “closure” aids received in the previous financial year in the amount of € 4.9 M, 2023 the EBITDA increases by +€ 5.4 M, demonstrating a significant improvement in operational performance.
Current Operating Income (COI) increases reaching € 27.4 M (+18.3%), thanks to the return to normal activity over the entire financial year, and mainly under the influence of the casino sector.
Purchases & external expenses increases by +€ 20.6 M (+16.9%), mainly impacted by:
- Purchases of materials up by +€ 7.4 M (+19.5%) resulting both from the surge in energy prices of +€ 4.8 M (+43.1%) and the increase in purchases of solids and liquids for +€ 2.0 M (+11.5%) thus reflecting the dynamics of the activity;
- Advertising & marketing costs and fees up respectively by +€ 8.0 M (+38.2%) and +€ 2.0 M (+9.9%) directly linked with the return to a normal activity and marketing operations related to the 50 year anniversary of Groupe Partouche (particularly through the free allocation of “promo credits” for games, an increase of +€ 4.7 M).
- In opposition, the Meyrin casino, whose concession renewal was obtained for a period of 20 years until 2045, reduces advertising expenses and communication fees related to its online activity (-€ 0.8 M, or -9.0%).
Taxes and duties decrease from € 17.3 M in 2022 to € 16.9 M in 2023, i.e. -2.1%.
Employees expenses reach € 177.2 M, up by +€ 9.3 M (+5.5%) mainly due to the effects of the increase in the legal minimum wage as at 1st January & 1st May 2023, the revaluation of 2023 salary scales and the end of the use of the partial activity regime from which the Group had benefited in the previous financial year.
The change in amortization and depreciation of fixed assets, down by -4.9% to € 48.9 M, reflects the various ends of depreciation cycles as well as the limitation of renewal investments during the health crisis.
The item “Other current operating income and expenses” represents a net expense of -€ 10.8 M, compared to +€ 6.9 M over the previous financial year. This is due to the fact that the Group no longer benefits from the Government additional “closure” aid amounting to € 4.9 M over the financial year in order to fight the consequences of the health crisis. Moreover, the expenses related to the casinos’ concessions specifications increase (+€ 0.5M), correlatively to GGR. Conversely, we note a favourable trend in changes in the provisions.
The 2023 Operating Income reaches € 27.4 M, after considering a non-current operating income (NCOI) almost at zero (+€ 0.04 M). It is to be compared to the 2022 operating income of € 40.7 M which took into account a NCOI of +€ 17.6M, principally composed of a result on the disposal of consolidated shares of +€ 14.1 M relating to the sale of 57% of the shares of the Crans-Montana casino.
The financial income totalled -€ 2.9 M (compared to -€ 2.3 M in 2022). This increase is mainly due to the financial expenses linked to IFRS 16 rental debts (€ 1.2 M, including € 0.8 M for the Middelkerke casino alone). Furthermore, in the context of rising interest rates, the group’s annual average cost of debt increases slightly (+€ 1.2 M) despite the further reduction in the Group’s gross debt. This increase is, however, largely offset by investment income which is up by +€ 1.4 M.
Tax expenses (CVAE included) is globally stable (-€ 1.1 M compared to € 1.2 M in 2022).
Ultimately, Groupe Partouche generates a profit of € 23.4 M (of which the Group’s share amounts to € 18.9 M) compared to € 37.1 M in 2022.
Healthy and solid financial structure
We can note an increase in the non-current assets of the consolidated balance sheet by +€ 20.5 M due to:
- The increase in “tangible fixed assets” (+€ 16.7 M) resulting, among other things, from ongoing investments in various establishment renovation projects, more particularly, an increase in the item fixed assets in progress of +€ 18.7 M (including mainly the works at the casinos of the Lyon Vert for € 9.1 M, Annemasse for € 4.5 M and Middelkerke for € 1.8 M) as well as the item advances and deposits on fixed assets for +€ 10.1 M (including, essentially, the works at the casinos of Saint-Amand for € 7.4 M and Divonne for € 1.6 M);
- The increase in shareholdings in equity-accounted companies due in particular to the acquisition of an additional 34% stake in the companies of the La Pensée Sauvage division (+€ 2.3 M).
Conversely, we note a decrease in the current assets of -€ 14.4 M principally due to active cash consumption of -€ 17.5 M explained by investments during the period, mainly financed by issuing new bank loans and through the payment of dividends to the Group’s shareholders, as well as to minority shareholders, amounting to € 6.7 M in total.
On the liabilities side, the Group’s Equity, minority shareholders included, increases by +€ 12.8 M reaching € 366.9 M following the beneficiary income of the financial year that amounted to € 18.9 M (Group’s share).
The financial debt decreases by -€ 8.4 M (current and non-current share) 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 -€ 17.2 M;
- the setting up of new credits for +€ 21.5 M;
- as well as the net impact of lease contracts treatment according to IFRS 16 for -€ 1.2 M (notably up, the subscriptions of new real estate contracts found in an increase in non-current assets, and down, the payment of deadlines of the financial year).
The financial debt amounts to € 53.9 M, up by € 7.6 M.
The financial structure of the Group remains healthy with the ratios of leverage (Net Debt / EBITDA) and gearing (Net Debt/Equity) respectively of 0.8x and 0.1x (compared to 0.7x and 0.1x in 2022).
Outlook
Middelkerke (Belgium)
Since the partnership signed last June, between Groupe Partouche and Betsson, the Middelkerke casino has been granted the necessary license authorising the operation of attractive online casino games adapted to the Belgian regulated market, starting from the end of January 2024.
Furthermore, the Middelkerke casino that was temporarily operated in an outlying hotel since its entry into the Group in July 2022, is to be transferred at the end of March, to the seafront, a privileged location.
Dividends under financial year 2022/2023
After the resumption last year of the distribution policy, Groupe Partouche plans to distribute a dividend again for the 2022/2023 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 20th March 2024.
Continuation of the investments in the existing sites
Constantly aiming in its establishments for excellence in the customer experience, the Group continues to enrich its offering and renovates its casino fleet in order to improve its performance, in that respect:
- The Le Lyon Vert casino in La Tour-de-Salvagny is undergoing a major restructuring of its existing spaces with the creation of an important extension on two levels (ground floor and 1st floor). The project should end in May 2024;
- Extensive works continue at the Annemasse casino. The left wing and a first outdoor smoking room were opened at the end of December 2023. The second phase of work, which will be completed in the summer of 2024, will notably make it possible to create an extension to the front and a second outdoor room;
- The Divonne casino is undergoing a total renovation in order to regain its initial grandeur. This should be completed in September 2024;
- The Contrexéville casino will benefit from a reorganization: the games main room will be transferred under the theater decor and the restaurant will also be positioned on the park side with an adjoining kitchen. Initiated in November 2023, the project should be completed in December 2024;
- The Vichy casino is undergoing a complete renovation, which aims to increase the gaming areas, modernize and enhance the services offered by this emblematic establishment. Works are scheduled to end in June 2025;
- Other sites’ renovations will be initiated in the 2024 financial year, in particular for the Saint-Amand-les-Eaux casino.
Upcoming events:
– Turnover 1st quarter (Nov. 2023-Jan. 2024): Tuesday 12th March 2024 (after stock market closure)
– General Meeting: Wednesday 20th March 2024
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
Annex
1- Consolidated income
| (In €M) at 31st October | 2023 | 2022 | ÉCART | Var. |
| Turnover | 423.8 | 388.8 | +35.0 | +9.0% |
| Purchases & External Expenses | (142.6) | (122.0) | (20.6) | +16.9% |
| Taxes & Duties | (16.9) | (17.3) | +0.4 | -2.1% |
| Employees Expenses | (177.2) | (168.0) | (9.3) | +5.5% |
| Depreciation, amortisation & impairment of fixed assets | (48.9) | (51.5) | +2.5 | (4.9%) |
| Other current income & current operating expenses | (10.8) | (6.9) | (3.9) | +56.1% |
| Current Operating Income | 27.4 | 23.1 | +4.2 | +18.3% |
| Other non-current income & operating expenses | – | 3.5 | (3.5) | – |
| Gain (loss) on the sale of consolidated expenses | – | 14.1 | (14.1) | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current Operating Income | – | 17.6 | (17.5) | – |
| Operating Income | 27.4 | 40.7 | (13.3) | (32.7%) |
| Financial Income | (2.9) | (2.3) | (0.6) | – |
| Income before Tax | 24.5 | 38.4 | (13.9) | – |
| Corporate Income & CVAE Taxes | (1.1) | (1.2) | +0.1 | – |
| Income after tax | 23.5 | 37.3 | (13.8) | – |
| Shares in earnings of equity-accounted associates | (0.1) | (0.1) | – | |
| Total Net Income | 23.4 | 37.1 | (13.7) | (37.0%) |
| o/w Group’s Share | 18.9 | 34.2 | (15.3) | – |
| EBITDA (IFRS 16) | 76.1 | 75.6 | +0.5 | +0.7% |
| Margin EBITDA / Turnover | 18.0% | 19.4% | -140 bps |
2- Analysis of the net operating income by division
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. | |||||
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
| Turnover | 423.8 | 388.8 | 384.8 | 352.4 | 31.2 | 27.9 | 43.9 | 43.4 | (36.2) | (34.9) |
| Purchases & External Expenses | (142.6) | (122.0) | (128.1) | (110.4) | (13.9) | (12.5) | (25.1) | (22.7) | 24.6 | 23.6 |
| Taxes & Duties | (16.9) | (17.3) | (24.7) | (23.7) | (1.8) | (1.6) | (1.6) | (2.5) | 11.1 | 10.6 |
| Employees Expenses | (177.2) | (168.0) | (146.1) | (139.2) | (12.6) | (11.5) | (17.9) | (16.8) | (0.6) | (0.5) |
| Amort. deprec. on fixed assets | (48.9) | (51.5) | (38.0) | (40.3) | (3.0) | (3.1) | (7.9) | (8.1) | 0.0 | 0.0 |
| Other current operating income & expenses | (10.8) | (6.9) | (11.0) | (8.9) | (0.3) | 1.1 | (0.5) | (0.2) | 1.0 | 1.2 |
| Current Operating Income | 27.4 | 23.1 | 36.9 | 29.8 | (0.3) | 0.3 | (9.2) | (6.9) | 0.0 | 0.0 |
The current operating income (COI) of the casino sector reaches € 36.9 M, an increase of +€ 7.1 M (+23.8%), driven by the good momentum of the Group’s casinos. Activity in this sector is increasing with a change in turnover of +€ 32.4 M (+9.2%). All operating expenses increase by € 25.4 M, they include in particular an increase in purchases and external expenses (+€ 18.1 M, or +16.4%). Conversely, depreciation and amortization on fixed assets fell by € 2.3 M, reflecting the slowdown in the casinos renovation program during previous financial years due to the health crisis, as well as the end of investment cycles, more particularly the depreciation of electronic game equipment.
It should be noted that online games in Switzerland have reached the profitability threshold: the COI amounts to € 0.5 M over the financial year and this for the first time since their deployment at the end of 2020.
The COI of the hotel sector returns to deficit despite the increase in turnover of +12.0%. It has been penalized by the increase in operational expenses (notably raw materials, energy and salaries) and by the presence in 2022 of the latest non-recurring aid measures linked to the health crisis.
Finally, the COI of the “Other” sector deteriorates to -€ 9.2 M over the financial year, compared to -€ 6.9 M in 2022.
3- Summary of Net Debt
| (In €M) at 31st October | 2023 | 2022 |
| Equity | 366.9 | 354.0 |
| Consolidated EBITDA (*) | 64.3 | 63.9 |
| Gross debt (**) | 167.6 | 176.4 |
| Cash less gaming levies | 113.8 | 130.1 |
| Net debt | 53.9 | 46.3 |
| Ratio net debt / Equity (« gearing ») | 0.1x | 0.1x |
| Ratio net debt / EBITDA (« leverage ») | 0.8x | 0.7x |
(*) 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)
(**) 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.
The Gearing is the ratio between the Net Debt and the Equity.
The leverage is the ratio between the Net Debt and the EBITDA.
1 To be compared to a net income of 37.1 €M in 2021/2022 that included 17.6 €M of non-current operating income, mainly linked with the disposal of the shares in the casino de Crans-Montana.
Attachment
FR0012612646
GROUPE PARTOUCHE: Very good 2023 operational performance – Turnover up by +9.0% to € 423.8 M
Very good 2023 operational performance
Turnover up by +9.0% to € 423.8 M
Paris, 12th December 2023, 06:00 p.m. Groupe Partouche an European leader in gaming, published this day its consolidated turnover for the 4th quarter of fiscal year 2023 (August to October 2023) and for the entire fiscal year (November 2022 to October 2023).
As a preamble, Groupe Partouche reminds that the entire 2023 financial year took place under normal operating conditions since the outbreak of the Covid 19 epidemic early 2020. In fact, health restrictions were still in force in France and internationally in the first half of the previous financial year until their complete lifting mid-March 2022 (impact over 4.5 months). Furthermore, the Group has since operated in an inflationary environment and rising interest rates, creating a more demanding economic context which underlines the quality of the operational performance recorded by the Group in 2023, the year of its 50th anniversary.
Annual turnover 2023 up by +9,0 % à € 423.8 M
For 2023 financial year, the Gross Games Revenue (GGR) increases by +10.2% to € 701.5 M, compared to € 636.7 M a year earlier. In the 4th quarter of 2023 (Q4), the GGR increases by +1.7% to € 181.8 M, a satisfactory performance given the high basis of comparison (post-Covid catch-up effect in the 2nd half of 2022).
In France, the annual GGR improves by +9.7% to € 630.5 M, mainly driven by all types of games: +20.3% for electronic games, +11.7% for non-electronic table games and +7.9% for slot machines. In Q4 2023, GGR reaches € 163.0 M, an increase of +0.4% compared to Q4 2022.
Internationally, the annual GGR grows by +15.1% year-on-year, to € 71.1 M, including a favourable exchange rate effect of +€ 2.5 M linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fuelled by the strong dynamic of the Swiss online games GGR (+41.6%). The exit from the scope of the Crans-Montana casino in Switzerland in January 2022 (-€ 2.5 M) is offset by the performance of the Middelkerke casino in Belgium, which entered the Group’s fold in July 2022 (+€ 2.6 M). In Q4 2023, the GGR stands at € 18.8 M, an increase of +14.0% compared to Q4 2022.
In total, the Net Gaming Revenue after levies, amounts to € 332.9 M over 12 months, up +9.0% compared to 2022. In the 4th quarter of 2023, it stands at € 77.7 M. (+0.7% compared to Q4 of the previous financial year).
Non-gaming turnover increases by +9.5% to € 94.3 M, driven by the Hotels activity (+12.8%) in line with the good trend of the Group’s hotels. The Other sector is down (-4.7%) to € 11.9 M taking into account the exit of the “Le Laurent” restaurant (impact of -€ 1.9 M).
In total, after taking into account the scope1 effects over the period, the 2023 annual turnover stands at € 423.8 M, an growth of +9.0% compared to 2022. It comes to € 103.1 € M in Q4 2023, recording a satisfactory increase compared to Q4 2022 of +2.4%.
Renewal of the concession of Meyrin Casino in Switzerland.
The Swiss Federal Council has granted the Meyrin Casino the renewal of its gaming concession and its online gaming site for twenty years as from 1st January 2025.
Sustainable development: Groupe Partouche has joined the SDG Ambition accelerator
After joining the United Nations Global Treaty early 2023, Groupe Partouche has joined its SDG Ambition Accelerator program in October. This 6-month program helps companies to set ambitious goals and accelerate the integration of the SDGs (Sustainable Development Goals) into their management in order to contribute to the sustainability of the company and society. Groupe Partouche has chosen to work in particular on subjects concerning the management of water resources.
Organisation of the World Series of Poker
Groupe Partouche, with the support of TexaPoker, will organise the next World Series of Poker (WSOP) which will take place at the end of May 2024 at the Jean Bouin stadium in Paris, an event which will undoubtedly mark an important moment in the French poker agenda. This festival will be an opportunity to qualify for the 2024 WSOP in Las Vegas.
Upcoming events: Income of fiscal year ended 31st October 2023: Tuesday 30th January 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 . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP
ANNEX
1- Consolidated turnover
| In €M | 2023 | 2022 | Variation |
| 1st quarter (November N-1 to January N) | 116.4 | 98.1 | +18.6% |
| 2nd quarter (February to April) | 99.2 | 89.1 | +11.4% |
| 3rd quarter (May to July) | 105.1 | 100.9 | +4.1% |
| 4th quarter (August to October) | 103.1 | 100.7 | +2.4% |
| Total consolidated turnover | 423.8 | 388.8 | +9.0% |
2- Construction of the consolidated turnover
2.1 – Fourth quarter
| In €M | 2023 | 2022 | Variation |
| Gross Gaming Revenue (GGR) | 181.8 | 178.8 | +1.7% |
| Levies | -104.2 | -101.7 | +2.4% |
| Net Gaming Revenue (NGR) | 77.7 | 77.1 | +0.7% |
| Turnover excluding NGR | 26.1 | 24.0 | +9.0% |
| Fidelity Program | -0.7 | -0.4 | +60.3% |
| Total consolidated turnover | 103.1 | 100.7 | +2.4% |
2.2 – Aggregate 12 months
| In €M | 2023 | 2022 | Variation |
| Gross Gaming Revenue (GGR) | 701.5 | 636.7 | +10.2% |
| Levies | -368.6 | -331.1 | +11.3% |
| Net Gaming Revenue (NGR) | 332.9 | 305.5 | +9.0% |
| Turnover excluding NGR | 94.3 | 86.1 | +9.5% |
| Fidelity Program | -3.4 | -2.8 | +21.0% |
| Total consolidated turnover | 423.8 | 388.8 | +9.0% |
3- Breakdown of turnover by activity
3.1 – Fourth quarter
| In €M | 2023 | 2022 | Variation |
| Casinos | 91.5 | 90.1 | +1.6% |
| Hotels | 8.4 | 7.6 | +10.1% |
| Other | 3.1 | 2.9 | +8.5% |
| Total consolidated turnover | 103.1 | 100.7 | +2.4% |
3.2 – Aggregate 12 months
| In €M | 2023 | 2022 | Variation |
| Casinos | 383.8 | 351.4 | +9.2% |
| Hotels | 28.1 | 24.9 | +12.8% |
| Other | 11.9 | 12.5 | -4.7% |
| Total consolidated turnover | 423.8 | 388.8 | +9.0% |
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.
1 The entry into the Group of the Middelkerke casino (Belgium) from 1st of July 2022 for an opening on 8th of July after some works, sale of the stake held in the Crans-Montana casino (Switzerland) on 31st of January 2022 and the end of the concession of the restaurant « Le Laurent » as from 7th March 2022.
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