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: Annual Income 2023/2024 – A year of transition marked by numerous growth-driving investments

Published

2 days ago

January 28, 2025

GlobeNewswire

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, 28^th 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 31^stOctober 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 29^thJanuary 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 50^th 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 1^st January 2024 and new conventional wage scales effective on 1^st 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 14^th 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 28^th 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 30^th June 2017, was transferred on 2^nd 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 15^th 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 28^th 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 26^th 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 1^st quarter: (nov. 2024-jan. 2025): Tuesday 11^th March 2025 (after stock market closure)
– General Meeting: Wednesday 26^th 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 31^st 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 31^st October	TOTAL GROUP		CASINOS		HOTELS		OTHER		ELIM.
(In €M) at 31^st October	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 31^st 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» 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.

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

Press Release – Annual results 2024

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 months 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

5 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

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