FR0012612646
GROUPE PARTOUCHE: Good annual income 2021/2022 / Strong growth in income driven by the sharp upturn in activity
Good annual income 2021/2022
Strong growth in income driven by the sharp upturn in activity
- Turnover: € 388.8 M (+52,0 %)
- EBITDA: € 75.6 M (+483,5 %)
- COI: € 23.1 M (vs -46,4 M€ in 2021)
- Net income: € 37,1 M (vs -55,9 M€ in 2021)
- Solid financial position (0.1x gearing and 0.7x leverage)
- Continuation of the investment program on the existing establishments and confidence in the prospects
Paris, 24th January 2023, 06:00 p.m.
During its meeting held on the 24th January 2023 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2022, that are being audited.
Strong growth of the turnover thanks to the resumption of the activity
The 2021-2022 financial year is divided into two parts. First one, the health restrictions linked to the Covid-19 epidemic, and mainly the vaccination pass, until mid-March 2022, penalized the Group. The second, the total lifting of these allowed the Group to regain a very satisfactory dynamism.
The +81.8% increase in Gross Gaming Revenue (GGR) compared to the 2021 financial year is the direct consequence of the closure of the Group’s establishments in France and abroad for just over half of 2021. And this, despite the departure from the scope of consolidation of the Ostend casino at the end of July 2021 (and correlatively of its very dynamic online gaming and related sports betting activities) and the sale of shares in the Crans-Montana casino on 31st January, 2022.
Thus, the GGR increased over the financial year to reach € 636.7 M, compared to € 350.2 M in 2021. It benefited from the growth in the GGR of slot machines (+122.6%) and the GGR of traditional games (+8.9%), the latter increasing in particular by +158.9% in France.
The Net Gaming Revenue (NGR) is generally on the rise reaching € 305.5 M.
At the same time, the turnover excluding NGR rose by € 44.9 M to € 86.1 M.
The consolidated 2022 turnover increased by +52.0% reaching € 388.8 M.
Return to a good financial performance
The very good operational performance allows to generate an EBITDA (IFRS 16) of € 75.6 M over the period (compared to € 13.0 M in 2021). The EBITDA margin on revenue was 19.4%, an improvement of 14.3 points compared to 2021.
The current operating income (COI) became positive again reaching € 23.1 M, thanks to the reopening of all the sites over the whole financial year, and mainly the casinos division.
Purchases & External expenses are down by € 9.1 M, impacted mainly by:
- the downward trend in subcontracting expenses (-€ 48.7 M), mainly linked to the absence of expenses related to the operation of online licenses in Belgium in 2022 (-€ 53.8 M of expenses), following the cessation of activity in July 2021 (online casino and sports betting);
- in the opposite direction, there is an increase in subcontracting costs (security, cleaning) in the other establishments, given the reopening of the establishments (+€ 3.9 M);
- purchases of materials, advertising/marketing costs, upkeep and maintenance costs up respectively +€ 17.2 M (+82.9%), +€ 11.8 M (+128.4 %) and +€ 2.5 M (+33.3%) directly linked to the reopening of establishments and the increase in turnover from ancillary activities;
- the increase in fees, advertising costs and subcontracting costs relating to the deployment of online games in Switzerland (+€ 0.7 M, +€ 2.5 M and +€ 0.4 M respectively).
Taxes & duties increased from € 10.9 M in 2021 to € 17.3 M in 2022, i.e. + 58.7 % due to the resumption of the activity.
Employees expenses reached € 168.0 M, up by € 63.8 M (+61.2 %), i.e. a more normative level after two years of the business support measures put in place by the government in order to face the health crisis, in particular the use of the partial activity scheme from which the Group benefited. In addition, profit sharing paid to employees increased by +€ 4.1 M.
The change in amortization and depreciation of fixed assets, down -8.3% to € 51.5 M, reflects scope effects and the slowdown in the investment policy usually sustained in recent years, but hampered by the health crisis.
The item “Other current operating income and expenses” represents a net expense of € 6.9 M, compared to a net income of € 0.2 M over the previous financial year, additional “closure” aid amounting to € 4.9 M obtained from the government over the financial year in order to fight the consequences of the health crisis, being less than the “fixed cost aid” obtained in 2021 in the amount of € 10.0 M. In addition, expenses related to casino specifications are up (+€ 4.1 M in expenses), correlatively to the GGR. Conversely, we note a favorable trend in changes in provisions.
The non-current operating income is an income of + € 17.6 M compared to + € 0.9 M in 2021 which is explained by:
- the settlement of disputes with the ONSS (disputes with the Belgian social security regarding increases in social security contributions wrongly imposed on casinos during previous years) generating a non-recurring profit of € 3.4 M compared to € 11.8 M in N-1 on the one hand, and the compensation of € 9.5 M for the cessation of activity obtained from our former online partner in Belgium in N-1 on the other hand;
- a result on the sale of consolidated investments of € 14.1 M following the disposal of the entire 57% stake held by Groupe Partouche in the Crans-Montana casino;
- the absence of impairment of goodwill for the 2022 financial year, compared to an amount of € 18.5 M in 2021, reflecting the evolution of the health crisis.
Consequently, the operating income reached € 40.7 M over the year compared to a loss of € 45.5 M in 2021.
Finally, Groupe Partouche makes a profit of € 37.1 M (of which € 34.2 M Group’s share), compared to – € 55.9 M in 2021 after taking into consideration the following elements:
- a financial income of -€ 2.3 M (compared to -€ 3.8 M in 2021). Due to the reopening of casinos on both sides of the Franco-Swiss border and the rise in the Swiss Franc over the 2022 financial year, foreign exchange gains recorded an increase of € 1.5 M compared to the previous year. In addition, the cost of financial debt is stable despite the sharp drop in the Group’s gross debt due to the rise in the average annual interest rate;
- a significant decrease in tax expenses (CVAE included) (- € 1.2 M compared to – € 6.6 M in 2021).
A solid financial structure
Balance sheet assets amounted to € 798.3 M, up € 2.0 M. The main variations are as follows:
- increase in the “tangible fixed assets” item for € 56.6 M resulting in particular from IFRS 16 restatements of new real estate lease contracts linked to renewals of public service delegations (DSP);
- conversely, the drop in the “Trade & other receivables” item due, on the one hand, to the settlement of residual receivables relating to the Belgian online activity and its shutdown in July 2021 and, on the other hand, the presence at 31st October 2021 of a receivable of € 5.5 M related to the compensation to be received from the City Hall of Saint-Amand-les-Eaux following the return of the casino property to the municipality within the framework of the renewal of the DSP (debt collected in 2022);
- the decrease in the cash flow (- € 11.9 M) correlated with the repayment of the second State Guaranteed Loan in the amount of € 59.5 M, mitigated by the income from the sale by Groupe Partouche of Crans-Montana casino and the good dynamism of the activity following the lifting of all health restrictions.
On the liabilities side, the Group’s equity, including minority interests, rose by € 38.6 M to € 354.0 M.
At 31st October 2022, the financial debt decreased by € 9.7 M, totalling € 277.7 M under the combined effects of the following elements:
- The reimbursement of the second State Guaranteed Loan up to € 59.5 M as well as other banks loans for €13.6M;
- The settlement of four quarterly installments of the syndicated loan for € 10.8 M;
- the setting up of new loans for € 21.6 M;
- the net impact of the restatement of rental contracts according to IFRS 16 for € 51.9 M (increasing in particular, in the subscriptions of new real estate contracts found as an increase in non-current assets, and a reduction in the payment of lease instalments practice).
Net financial debt amounted to € 46.3 M (down by € 40.7 M). The Group’s financial structure is improving and becoming extremely sound again, with leverage ratios (Net debt / EBITDA) and gearing ratios (Net debt / Equity) respectively at 0.7x (compared to 2.3x in N-21) and 0.1x (against 0.3x a year earlier for the latter).
Confidence in the prospects
Continuation of the investment programme on the existing establishments
After two years of the pandemic and the pause in investments, the Group is continuing to relaunch its program started in the previous financial year in order to enrich its offer and renovate its casinos network aiming at improving its performance, thus:
- extensive work is underway at the Annemasse casino and will in particular allow the opening of the left wing, the construction of an extension at the front of the building and the creation of two outdoor rooms;
- Le Lyon Vert casino in La Tour-de-Salvagny 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 Pasino at Saint-Amand-les-Eaux is undertaking major works to become one of the largest establishments in France, eventually offering a “food-court” restaurant open to all and a completely redesigned performance hall. Outside the concession and in the immediate vicinity of the casino, the hotel overlooking the new forecourt will have increased logging capacity. In addition, the creation of a room for immersive digital experiences will allow the organization of multiple permanent or ephemeral events and exhibitions;
- other sites redevelopments will be initiated in the 2023 financial year in the casinos of Vichy, Divonne, Contrexéville, Middelkerke as well as in the 3.14 hotel in Cannes.
Bolstered by the results obtained since the lifting of health restrictions and thanks to the relevance of its innovative products offering strategy, Groupe Partouche is confident about its prospects. The Group is continuing the investment program aimed at strengthening the activity of its establishments while maintaining a healthy and solid financial situation.
Upcoming events:
– Turnover 1st quarter (Nov. 2022–Jan. 2023): Tuesday 14th March 2023 (after stock market closure)
– General Meeting: Wednesday 22nd March 2023
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 Income
| (In €M) at 31st October | 2022 | 2021 | ÉCART | Var. |
| Turnover | 388.8 | 255.7 | +133.1 | +52.0% |
| Purchases & External Expenses | (122.0) | (131.1) | +9.1 | (6.9%) |
| Taxes & Duties | (17.3) | (10.9) | (6.4) | +58.7% |
| Employees Expenses | (168.0) | (104.2) | (63.8) | +61.2% |
| Depreciation, amortisation & impairment of fixed assets | (51.5) | (56.1) | +4.7 | (8.3%) |
| Other current income & current operating expenses | (6.9) | 0.2 | (7.1) | +3065.2% |
| Current Operating Expenses | 23.1 | (46.4) | +69.5 | n/a |
| Other non-current income & operating expenses | 3.5 | 19.4 | (16.0) | – |
| Gain (loss) on the sale of consolidated expenses | 14.1 | – | – | – |
| Impairment of non-current assets | – | (18.5) | (18.5) | – |
| Non-cuirrent operating income | 17.6 | 0.9 | +16.7 | – |
| Operating income | 40.7 | (45.5) | +86.2 | n/a |
| Finaéncial Income | (2.3) | (3.8) | +1.5 | – |
| Income before tax | 38.4 | (49.3) | +87.7 | – |
| Corporate Income & CVAE tax | (1.2) | (6.6) | +5.4 | – |
| Income after tax | 37.3 | (55.8) | +93.1 | – |
| Shares in earnings of equity-accounted associates | (0.1) | (0.0) | (0.1) | |
| Total net income | 37.1 | (55.9) | +93.0 | n/a |
| o/w Group’s share | 34.2 | (51.9) | +86.1 | – |
| EBITDA (IFRS 16) | 75.6 | 13.0 | +62.7 | +483.5% |
| Margin EBITDA / Turnover | 19.4% | 5.1% | +1430 bps |
2- Analysis of the current operating income by division.
For a better readability of its division performance, Groupe Partouche presents the division contribution before intra-group elimination (ELIM.).
| (In €M) at 31st October
|
TOTAL GROUPE | CASINOS | HOTELS | OTHER | ELIM. | |||||
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |
| Turnover | 388.8 | 255.7 | 352.4 | 207.8 | 27.9 | 6.8 | 43.4 | 69.8 | (34.9) | (28.7) |
| Purchases & external expenses | (122.0) | (131.1) | (110.4) | (97.9) | (12.5) | (4.1) | (22.7) | (48.1) | 23.6 | 19.1 |
| Tax & Duties | (17.3) | (10.9) | (23.7) | (17.2) | (1.6) | (0.7) | (2.5) | (2.2) | 10.6 | 9.1 |
| Employees expenses | (168.0) | (104.2) | (139.2) | (84.7) | (11.5) | (2.9) | (16.8) | (16.5) | (0.5) | (0.1) |
| Amort. Depr. on fixed assets | (51.5) | (56.1) | (40.3) | (45.7) | (3.1) | (1.5) | (8.1) | (8.9) | 0.0 | 0.0 |
| Other current income & expenses | (6.9) | 0.2 | (8.9) | (0.9) | 1.1 | 0.1 | (0.2) | 0.3 | 1.2 | 0.7 |
| Current Operating Income | 23.1 | (46.4) | 29.8 | (38.5) | 0.3 | (2.2) | (6,9) | (5.6) | 0.0 | 0.0 |
The COI became positive again and reached € 29.8 M, up +€ 68.3 M, driven by the reopening of the Group’s casinos. Activity in this division is on the rise with a change in turnover of € 114.5 M (+69.6%). All the operating expenses increased by +€ 76.2 M and notably include an increase in employees expenses (+€ 54.5 M, i.e. +64.3%) due to the end of the partial activity of most of the Group’s employees which had prevailed during the closures of operations in the 2021 financial year. Conversely, amortization and depreciation of fixed assets fell by € 5.4 M, reflecting the slowdown of the renovation program for the casino network in the previous years, due to the health crisis.
The hotel sector’s COI, which became positive again, benefited on the one hand from the recovery of activity linked to the end of the restrictions introduced to deal with the Covid health crisis and on the other hand from a favourable effect linked to the restructuring of certain divisions, and thus increased by +€ 2.5 M to reach €0.3M.
Finally, the COI of the “Other” sector is deteriorating; it totals -€ 6.9 M over the financial year, compared to -5.6M for the previous year. Note in particular the impact of the removal from the scope of the restaurant Le Laurent (+€ 2.0 M) and sports betting in Belgium (-€ 2.5 M).
3- Summary of net debt
| (In €M) at 31st October | 2022 | 2021 |
| Equity | 354.0 | 315.4 |
| Gross debt (*) | 176.4 | 239.1 |
| Cash less gaming levies | 130.1 | 152.1 |
| Net debt | 46.3 | 87.0 |
| Ratio net debt / Equity (« gearing ») | 0.1x | 0.3x |
| Ratio net debt / EBITDA (« leverage ») | 0.7x (**) | N/A (***) |
(*) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
(**) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16), at namely € 63.9 M at 31/10/2022.
(***) The bond and banking partners waived the calculation of the “leverage ratio” expected at the closing date of 31st October 2021 due to a negative EBITDA over the period.
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.
1 For the record, given the consequences of the health crisis on the Group’s activity and the income of the previous financial year, the calculation of the leverage ratio as of 31st October 2021, like that of 30th April 2021, had not been possible due to a negative EBITDA. However, the Group’s banking partners, as well as the institutional investor bearing the EuroPP, had renewed their confidence in it and had waived each of the calculations of the leverage ratio and the delivery of each of the certificates corresponding to the calculations of the leverage ratio on the dates above.
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FR0012612646
GROUPE PARTOUCHE: Annual Income 2023/2024 – A year of transition marked by numerous growth-driving investments
Annual Income 2023/2024
A year of transition
marked by numerous growth-driving investments
- Turnover : 434.3 €M (+2.5 %)
- EBITDA : 73.9 €M (-3.0 %)
- Current Operating Income : 19.7 €M (-28.1 %)
- Net Income : 4.1 €M (-82.6 %)
- Solid financial situation Gearing of 0.3x & Leverage of 1.7x
Paris, 28th January 2025, 06:00 p.m.
During its meeting held today and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2024 that are being audited.
During the past year, activity remained strong despite disruptions caused by the significant modernization and expansion program for several of its flagship establishments in France (especially La Tour-de-Salvagny, Annemasse and Divonne) and Belgium. Groupe Partouche is also pursuing an ambitious strategy of opening new iconic locations, notably in Cannes last December and Paris by the end of the year, thanks to its solid financial structure. These substantial and focused investments temporarily impacted profitability, but the group remains confident in its outlook.
Strong growth in the annual turnover
The Gross Gaming Revenue (GGR) records a strong growth + 1.5% reaching € 712.3 M in 2024, compared to € 701.5M in 2023. This good performance is fuelled by the growth in the slot machines GGR (+1.1%), and the table games GGR abroad (+23.8%).
The Net Gaming Revenue (NGR) increases to € 338.7 M over the whole year (+1.7%), a performance to be commended considering the huge amount of works carried on during the year in three of the biggest operating casinos. turnover excluding NGR progresses by +4.5% to € 98.5 M.
Globally the 2024 consolidated turnover increases by +2.5% reaching € 434.4 M from € 428.3 M in 2023.
Impact of the investment program on operational profitability
The EBITDA reaches € 73.9 M, compared to € 76.1 M a year before (-3.0%) and thus represents 17.0% of turnover.
Current operating income (COI) falls by -€ 7.7 € to € 19.7 M (-28.1%).
This fall is mainly due to the influence of the casino sector in relation to the operating difficulties encountered by some establishments currently undergoing renovation (La Tour-de-Salvagny (-€ 2.7 M compared to 2023), Saint Amand-les-Eaux (-€ 2.1 M), Divonne (-€ 1.2 M), 3.14 in Cannes (-€ 1.2 M) and Vichy (-€ 1.0 M) as well as Middelkerke in Belgium (-€ 3.5 M), which moved to the seafront at the end of March 2024.
Conversely, the COI of Middelkerke online games, deployed since 29th January 2024, and Meyrin (Switzerland) both increase by +€ 1.3 M and +€ 0.7 M respectively. In addition, the COI of the casinos of Aix-en-Provence (+ €0.9 M), La Ciotat (€ 0.9 M), La Grande Motte (+€ 0.8 M), Nice (+€ 0.8 M), and Forges (+€ 0.8 M) benefit from significant work carried out on their cost structure.
Purchases and external expenses increase to € 147.0 M, by + € 4.4 M (+3.1%), of which € 2.4 M are due to the online activity in Switzerland. The remaining € 2.0 M mainly result from the following reverse effects:
- the increase in subcontracting costs (+€ 1.8 M) due to the cleaning costs and the security costs but also costs related to the launch of the new Plage 3.14 format (+€ 0.4 M);
- the increase in fee costs relating to poker tournaments (+€ 1,0 M), linked to the increase in turnover (in Aix-en-Provence and in Paris with the WSOP) or the opening of the Middelkerke seafront casino;
- the decrease in purchases of materials (- € 1.6 M), mainly due to the decrease in energy costs of € 2.1 M linked to the renegotiation of electricity prices;
- the decrease in advertising costs of -4.8% (-€ 1.4 M) with the end of marketing operations for the 50th anniversary of the Groupe Partouche which took place between March and December 2023).
Taxes & Duties are up by + 4.2%, going from € 16.9 M in 2023 to € 17.6 M in 2024.
Personnel expenses amount to € 183.5 M, an increase of € 6.3 M (+3.5%), due in particular to an increase in staff (+3.7%), a rise in the minimum wage on 1st January 2024 and new conventional wage scales effective on 1st April 2024. There was also a significant increase in personnel expenses in the Middelkerke casino (+€ 1.0 M, or +45.8%) linked to the will of offering a wide range of games.
The change in depreciation and amortization of fixed assets, up by € 2.8 M (+5.8%) to € 51.8 M, reflects the restatement according to IFRS 16 (in particular the new management rental fee for Casino 3.14 in Cannes) and impact of the sustained investment program in the Group’s establishments.
Other current operating income and expenses represent a net expense of € 14.8 M, compared to € 10.8 M in the previous financial year (+€ 4.0 M). This change is explained in particular by the provision relating to the multi-site jackpot which had not been won since March 2023, an increase in expenses specific to the activity (specifications, MAS royalties) and by an unfavourable progress in changes in provisions.
The non-current operating income (NCOI) represents a loss of -€ 4.4 M compared to an income of +€ 0.04 M in 2023. It takes into account the following elements:
- € 1.4 M of other non-current operating income and expenses notably made up of accelerated depreciation carried out as part of renovation works on the Group’s establishments;
- € 3.1 M of impairment of goodwill corresponding to the residual value of Hotel 3.14 goodwill, resulting from the decision to sell the property without retaining the hotel’s operations, after two financial years without impairment.
Consequently, 2024 operating income reaches € 15.2 M over the year, compared to € 27.4 M in 2023.
The financial income represents a net expense of € 3.3 M compared to € 2.9 M in 2023. The cost of financial debt, up by € 1.1 M, follows the increase in the Group’s gross debt while the average annual interest rate is relatively stable. However, this increase in financial costs is offset by investment income of € 2.6 M (+€ 1.0 M). In addition, financial charges related to IFRS 16 rental debts increase by € 1.1 M, of which € 0.7 M is attributable to the Middelkerke casino.
The Group’s tax expense (including CVAE) is a charge of € 7.5 M compared to € 1.1 M in 2023. It includes a CVAE tax expense of € 0.9 M compared to € 1.1 M in 2023, and a corporate income tax expense (including deferred taxes) of € 6.6 M compared to almost zero in 2023. While the current tax expense is perfectly stable between the two financial years, this change is only due to deferred taxes, in particular due to the activation in N-1 of the balance of tax losses carried forward by the Groupe Partouche tax consolidation scope, partially consumed this year for -€ 3.3 M.
Ultimately, Groupe Partouche generates a profit of € 4.1 M (of which the Group’ share amounts to € 1.1 M) compared to € 23.4 M in 2023.
Healthy & solid financial structure
On the assets side of the consolidated balance sheet, there was an increase in non-current assets of + € 64.8 M, due in particular to the increase in the item “tangible fixed assets” of + € 67.0 M, resulting :
- on the one hand from the rights of use of new real estate lease contracts (management lease of Casino 3.14 in Cannes for € 6.1 M in connection with its move, in December 2024, to the Palm Beach;the Middelkerke casino for € 2.9 M, Groupe Partouche for € 2.7 M and the Pornichet casino for € 1.1 M); and
- on the other hand from the volume of investments in the casinos of La Tour-de-Salvagny (€ 11.2 M), Middelkerke (€ 6.8 M), Divonne (€ 9.9 M), Casino 3.14 (€ 7.0 M), Vichy (€ 2.7 M), Annemasse (€ 2.7 M), St Amand-les-Eaux (€ 1.9 M) and Contrexéville (€ 0.8 M) as well as La Plage 3.14 (€ 1.1 M) and the immobilization compensation paid as part of the promise of sale of a real estate asset at the foot of the Arc de Triomphe to house the Parisian gaming club and the group’ headquarters (€ 8.2 M).
Conversely, there is a decrease in current assets of -€ 24.0 M, mainly due to active cash consumption of -€ 32.2 M due to the heavy investments of the period, only half of which were financed by issuing new bank loans and by dividend payments to the Group’s shareholders and minority shareholders, amounting to a total of € 6.8 M.
On the liabilities side, the Group’ Equity, minority shareholders included, reaches € 365.0 M (-€ 1.9 M) following the beneficiary income of the financial year that amounted to € 4.1 M.
The financial debt, at € 298.0 M, increases by +€ 28.7 M (current and non-current shares) after taking into account:
- the settlement of the four quarterly instalments of the syndicated loan in the amount of – € 10.8 M;
- the reimbursement of other bank loans for –€ 19.9 M;
- the setting up of new credits for € 48.7 M;
- the integration in the Group’ scope of the WHL company (holder of a plot of land located in Auron with a construction right) up to € 1.8 M;
- the net impact of lease contracts treatment according to IFRS 16 for +€ 9.2 M (notably in increase, the subscriptions of new real estate contracts found in an increase in non-current assets, and a decrease in the payment of deadlines of the financial year).
The financial debt amounts to € 104.1 M, up by € 50.2 M.
The financial structure of the Group remains healthy with the ratios of leverage (Net Debt / EBITDA) and gearing (Net Debt/Equity) respectively of 1.7x and 0.3x (compared to 0.8x and 0.1x in 2023).
Outlook: new establishments and investment program pursuit
Cannes
On 14th November 2024, Groupe Partouche signed a promise to purchase the shares and receivables of Casino Les Princes in Cannes. The reiterative deed should be signed no later than 28th February 2025.
In addition, Groupe Partouche is considering the divestment of the building that housed the Hotel 3.14 until October 2016. The casino operations located on the ground floor since 30th June 2017, was transferred on 2nd December 2024 to the legendary Palm Beach, which has been completely reconfigured. The Royal Palm Casino (now named) is thus entering a new era.
Parisian Gaming Club
Groupe Partouche acquired on 15th January 2025 a building, strategically located at Place de l’Etoile in Paris, at 10 avenue de la Grande Armée. With a surface area of more than 8,000 square meters spread over seven storeys, this building will undergo development work to accommodate its Parisian gaming club currently located rue de Berri. This building will also host Groupe Partouche’s head office.
Cotonou
On 28th January 2025, Groupe Partouche opens its first casino in the Republic of Benin, and its second in Africa, after Djerba (Tunisia). The establishment is located within the Sofitel Cotonou Marina Hotel complex, a 5-star hotel complex, inaugurated in December 2024 by the Accor group. The country has been developing a vast program for several years to boost its tourism sector, with numerous sites, events and infrastructures set up. The opening of this new casino will reinforce this policy.
Dividends under financial year 2023/2024
Groupe Partouche plans to distribute a dividend again for the 2023/2024 financial year, the amount and payment terms of which will soon be specified and submitted to a shareholders’ vote during the General Meeting to be held on 26th March 2025.
Sustainable Development
Forges Hôtel, awarded the Green Key label in 2025, is one of the 2,428 establishments in France committed to sustainable tourism and catering.
In addition, the Casino du Lac in Meyrin, Switzerland, has obtained SIG-éco21 certification for 2025, demonstrating its commitment to the energy transition and environmental preservation.
Continuation of the investments in the existing sites
Aiming constantly for excellence in the customer experience in its establishments, the Group continues to enrich its offers and renovates its casinos thus improving its performance, as follows:
- the Contrexéville casino is benefiting from a reorganization of its spaces: the main games room has been moved under the theatre decor and the restaurant will also be positioned on the park side with the creation of an adjoining kitchen. Initiated in November 2023, the project should be completed in May-June 2025;
- the Vichy casino is undergoing a complete renovation aimed at increasing the gaming areas, modernizing and enhancing the services offered by this iconic establishment. Delivery is scheduled for December 2025;
- other establishment redevelopments will be initiated in the 2025 financial year, in particular for the casinos of Cabourg, Calais, La Ciotat, Pornic as well as the Parisian gaming club.
Upcoming events:
– Turnover 1st quarter: (nov. 2024-jan. 2025): Tuesday 11th March 2025 (after stock market closure)
– General Meeting: Wednesday 26th March 2025
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 4,050 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B.
ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP
Annex
1- Consolidated Income
| (In €M) at 31st October | 2024 | 2023 | ÉCART | Var. |
| Turnover | 434.3 | 423.8 | +10.5 | +2.5% |
| Purchases & External Expenses | (147.0) | (142.6) | (4.4) | +3.1% |
| Taxes & Duties | (17.6) | (16.9) | (0.7) | +4.2% |
| Employees Expenses | (183.5) | (177.2) | (6.3) | +3.5% |
| Depreciation, amortisation & impairment of fixed assets | (51.8) | (48.9) | (2.8) | +5.8% |
| Other current income & current operating expenses | (14.8) | (10.8) | (4.0) | +37.3% |
| Current operating income | 19.7 | 27.4 | (7.7) | (28.1%) |
| Other non-current income & operating expenses | (1.4) | – | (1.4) | |
| Gain (loss) on the sale of consolidated expenses | – | – | – | – |
| Impairment of non-current assets | (3.1) | – | (3.1) | – |
| Non-current operating income | (4.4) | – | (4.5) | – |
| Operating income | 15.2 | 27.4 | (12.2) | (44.4%) |
| Financial income | (3.3) | (2.9) | (0.5) | +15.7% |
| Income before tax | 11.9 | 24.5 | (12.6) | (51.4%) |
| Corporate Income & CVAE Taxes | (7.5) | (1.1) | (6.4) | – |
| Income after tax | 4.4 | 23.5 | (19.0) | (81,2%) |
| Shares in earnings of equity-accounted associates | (0.4) | (0.1) | (0.3) | |
| Total net income | 4.1 | 23.4 | (19.3) | (82.6%) |
| o/w Group’ share | 1.1 | 18.9 | (17.8) | – |
| EBITDA (IFRS 16) | 73.9 | 76.1 | (2.2) | (3.0%) |
| Margin EBITDA / Turnover | 17.0% | 18.0% | -100 bps |
2- Analysis of the current operating income by divisions
For a better readability of its division performance, Groupe Partouche has presented the division contribution before intra-group elimination (ELIM.).
| (In €M) at 31st October | TOTAL GROUP | CASINOS | HOTELS | OTHER | ELIM. | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Turnover | 434.3 | 423.8 | 393.1 | 384.8 | 34.4 | 31.2 | 48.6 | 43.9 | (41.8) | (36.2) |
| Purchases & External Expenses | (147.0) | (142.6) | (133.1) | (128.1) | (16.6) | (13.9) | (27.3) | (25.1) | 30.0 | 24.6 |
| Taxes & Duties | (17.6) | (16.9) | (25.3) | (24.7) | (2.1) | (1.8) | (1.8) | (1.6) | 11.5 | 11.1 |
| Employees Expenses | (183.5) | (177.2) | (148.7) | (146.1) | (14.0) | (12.6) | (20.1) | (17.9) | (0.7) | (0.6) |
| Amort. deprec. on fixed assets. | (51.8) | (48.9) | (39.9) | (38.0) | (3.0) | (3.0) | (8.8) | (7.9) | 0.0 | 0.0 |
| Other current operating income & expenses | (14.8) | (10.8) | (15.3) | (11.0) | (0.0) | (0.3) | (0.5) | (0.5) | 1.0 | 1.0 |
| Current Opérating Income “COI” | 19.7 | 27.4 | 30.7 | 36.9 | (1.3) | (0.3) | (9.8) | (9.2) | 0.0 | 0.0 |
COI of the casino division reaches € 30.7 M, down by € 6.2 M (-16.7%).
COI of the hotel division remains in deficit and deteriorates to -€ 1.3 M despite the increase in turnover of +11.0%. It is particularly impacted by the entry of the Pavillon de la Rotonde at Charbonnières-les-Bains.
Finally, the deficit COI of the “Others” division stands at -€ 9.8 M for the financial year, compared to -€ 9.2 M for the year before. It should be noted that the COI of the Plage 3.14 suffered from its development works and its late opening (-€ 1.0 M).
3- Summary of Net Debt
| (In €M) at 31st October | 2024 | 2023 |
| Equity | 365.0 | 366.9 |
| Consolidated EBITDA (*) | 60.0 | 64.3 |
| Gross Debt (**) | 185.5 | 167.6 |
| Cash less gaming levies | 81.4 | 113.8 |
| Net Debt | 104.1 | 53.9 |
| Ratio net Debt / Equity (« gearing ») | 0.3x | 0.1x |
| Ratio net Debt / EBITDA (« Leverage ») | 1.7x | 0.8x |
(*) The consolidated EBITDA used to determine the “leverage” , is calculated over a rolling 12-months period, according to the old IAS 17 standard (i.e. before application of IFRS 16)
(**) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
4- Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
Turnover excluding NGR, includes all non-gaming activities i.e. catering, hotels, shows ticketing, spas, etc.
“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.
The “Non-Current Operating Income” (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.
Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Gearing is the ratio of net debt to equity.
« Leverage » is the ratio of net debt to EBITDA.
Attachment
FR0012612646
GROUPE PARTOUCHE: A Good performance for the financial year 2024 – Turnover: € 434.3 M (+2.5 %) – Inauguration after renovations, of the Group’s three largest casinos
A Good performance for the financial year 2024
Turnover: € 434.3 M (+2.5 %)
Inauguration after renovations, of the Group’s three largest casinos
Paris, 10th December 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 4th quarter of fiscal year 2024 (August to October 2024) and for the full fiscal year (November 2023 to October 2024)
During the 2024 financial year, Groupe Partouche completely renovated three of its largest casinos in Annemasse, Divonne and La Tour-de-Salvagny, the latter was also expanded and renamed Pasino Grand to embody its change of gaming universe and dimension. The inauguration, in October and November 2024, of these new living and entertainment sites left a lasting impression, and the sustained development of their activity confirms the enthusiasm and pleasure of our customers in finding reconfigured spaces and offers.
Furthermore, on 2nd December 2024, the Cannes casino was relocated to the legendary Palm Beach, completely reconfigured. The Royal Palm Casino is thus entering a new era.
Annual Turnover 2024 up by + 2.5% at € 434.3 M
For the 2024 financial year, the Gross Gaming Revenue (GGR) stands at € 712.3 M, up by +1.5%, compared to € 701.5 M a year earlier, a performance to be commended taking into account extensive work carried out during the financial year on its three largest operating casinos. During the 4th quarter 2024 (Q4), GGR increases by +2.3% to € 186.0 M.
In France, the annual GGR increases by +0.9% to € 636.1 M, driven mainly by the performance of slot machines (+1.5% to € 504.0 M), while the GGR of electronic forms games falls by -1.4% to € 132.1 M under the combined effect of the decline in electronic table games (-0.7%) and traditional table games (-2.5%). Thus, the traditional games’ activity of the Divonne casino suffered in particular during the works period. In Q4 2024, GGR reaches € 166.9 M, an increase of +2.3% compared to Q4 2023 thanks to the growth of all forms of games.
Abroad, the annual GGR increases by +7.3% year-on-year, to € 76.3 M, including a favorable exchange rate effect of +€1.5M linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fueled by the strong performance of traditional games (+23.8% to € 36.8 M) driven by the good dynamics of Swiss online gaming GGR (+34.5% to € 23 .6 M), while the GGR of slot machines falls by -4.5% (to € 39.5 M). Over the year, we will note the good performance of the Middelkerke casino in Belgium (+33.3%). In Q4 2024, the GGR stands at € 19.1 M, an increase of +1.7% compared to Q4 2023.
In total, the Net Gaming Revenue after Levies, reaches € 338.7 M over 12 months, up by + 1.7% compared to 2023. It amounts to € 79.7 M at the 4th quarter 2024 (+2.6% compared to Q4 of the previous year)
Turnover excluding games is up by +4.5% at € 98.5 M due to the hotels activity (+11.0%) in connection with the good dynamics of the Group’s hotels and the integration within the scope of the Hotel Pavillon la Rotonde. The division Others decreased (-2.5%) to € 11.6 M.
In total, the annual turnover reaches to € 434.3 M, up by + 2.5% compared to 2023. It amounts to € 107.0 M at Q4 2024, recording satisfactory dynamics compared to Q4 2023 (+3.7%).
Upcoming events: Income fiscal year at 31st October 2024: Tuesday 28th January 2025, after stock market closure.
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP
ANNEX
1- Consolidated Turnover
| In €M | 2024 | 2023 | Variation |
| 1st quarter (November N-1 to January N) | 118.7 | 116.4 | +2.0% |
| 2nd quarter (February to April) | 101.9 | 99.2 | +2.6% |
| 3rd quarter (May to July) | 106.8 | 105.1 | +1.6% |
| 4th quarter (August to October) | 107.0 | 103.1 | +3.7% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
2- Construction of consolidated turnover
2.1 – 4th quarter
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 186.0 | 181.8 | +2.3% |
| Levies | -106.3 | -104.2 | +2.1% |
| Net gaming revenue (NGR) | 79.7 | 77.7 | +2.6% |
| Turnover excluding NGR | 27.9 | 26.2 | +6.8% |
| Fidelity programme | -0.6 | -0.7 | -10.3% |
| Total consolidated turnover | 107.0 | 103.1 | +3.7% |
2.2 – Aggregate 12 months
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 712.3 | 701.5 | +1.5% |
| Levies | -373.7 | -368.6 | +1.4% |
| Net gaming revenue (NGR) | 338.7 | 332.9 | +1.7% |
| Turnover excluding NGR | 98.5 | 94.3 | +4.5% |
| Fidelity programme | -2.9 | -3.4 | -16.0% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
3- Breakdown of turnover by activity
3.1 – 4th quarter
| In €M | 2024 | 2023 | Variation |
| Casinos | 94.4 | 91.6 | +3.1% |
| Hotels | 9.0 | 8.4 | +7.0% |
| Others | 3.5 | 3.1 | +13.2% |
| Total consolidated turnover | 107.0 | 103.1 | +3.7% |
3.2 – Aggregate 12 months
| In €M | 2024 | 2023 | Variation |
| Casinos | 391.5 | 383.8 | 2.0% |
| Hotels | 31.2 | 28.1 | 11.0% |
| Others | 11.6 | 11.9 | -2.5% |
| Total consolidated turnover | 434.3 | 423.8 | +2.5% |
4- Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
Attachment
FR0012612646
GROUPE PARTOUCHE: Solid turnover for the first 9 months of the fiscal year: +2.1 % at € 327.3 M
Solid turnover for the first 9 months of the fiscal year
+2.1 % at € 327.3 M
Paris, 10th September 2024, 06:00 p.m. Groupe Partouche European leader in gaming, publishes this day its consolidated turnover for the 3rd quarter of fiscal year 2024 (May – July 2024).
Satisfactory activity in the 3rd quarter despite a gloomy context in France: € 106.8 M (+1.6%)
Growth in Gross Games Revenue (GGR) is mainly driven by the international activity, in the third quarter of 2024. The GGR increases by +0.4% to € 179.5 M, compared to € 178.7 M a year earlier.
The generally gloomy and wait-and-see situation in France at the beginning of the summer (elections, weather, etc.) slightly weighs on attendance (-0.6%). Thus, the GGR stands at € 160.7 M (-0.5% compared to Y-1), marked by a decline in table games (-6.8%), a growth in electronic games (+ 1.5%) and a stability in the slot machines (-0.1%).
Abroad, the GGR increases by +9.4% compared to a year earlier, at € 18.8 M, driven by the strong performance of Swiss online games (+30.1% to € 5.5 M) and table games in general (+33.9% to € 3.8 M, excluding Swiss online games) while the GGR of slot machines falls by -6.3% to € 9.5 M.
Net Gaming Revenue (NGR) increases by +0.2% at € 79.3 M excluding levies.
The non-gaming activity generates a turnover of € 28.2 M (+5.5%). The hotel activity increases by +7.8% to € 9.5 M due to the integration in this division of the Pavillon La Rotonde hotel in Lyon.
Globally, the 3rd quarter of 2024 turnover totals € 106.8 M, compared to € 105.1 M in 2023 (+1.6 %).
Aggregate turnover at the end of July up by +2.1% at € 327.3 M
The 9-month aggregate turnover stands at € 327.3 M at the end of July 2024 (+2.1% compared to 2023), with Net Games Revenue at € 259.0 M (+1.5%).
Upcoming events:
4th quarter 2024 Turnover: Tuesday 10th December 2024, after stock market closure
Income of the fiscal year at 31st October 2024: Tuesday 28th January 2025, after stock market closure
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN: FR0012612646 – Reuters PARP.PA – Bloomberg: PARP:FP
ANNEX
1- Consolidated turnover aggregate 9 months per quarter
| In €M | 2024 | 2023 | Variation |
| 1st quarter (November to January) | 118.7 | 116.4 | +2.0% |
| 2nd quarter (February to April) | 101.9 | 99.2 | +2.6% |
| 3rd quarter (May to July) | 106.8 | 105.1 | +1.6% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
2- Construction of the consolidated turnover
2.1 – 3rd quarter
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 179.5 | 178.7 | +0.4% |
| Levies | -100.1 | -99.5 | +0.7% |
| Net gaming revenue (NGR) | 79.3 | 79.2 | +0.2% |
| Turnover excluding NGR | 28.2 | 26.7 | +5.5% |
| Fidelity Programme | -0.8 | -0.9 | -9.7% |
| Total consolidated turnover | 106.8 | 105.1 | +1.6% |
2.2 – Aggregate 9 months
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 526.4 | 519.7 | +1.3% |
| Levies | -267.4 | -264.5 | +1.1% |
| Net gaming revenue (NGR) | 259.0 | 255.3 | +1.5% |
| Turnover excluding NGR | 70.6 | 68.1 | +3.6% |
| Fidelity Programme | -2.2 | -2.7 | -17.5% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
3- Breakdown of turnover by division
3.1 – 3rd quarter
| In €M | 2024 | 2023 | Variation |
| Casinos * | 93.3 | 92.4 | +1.0% |
| Hotels * | 9.5 | 8.8 | +7.8% |
| Other | 3.9 | 3.9 | +0.9% |
| Total consolidated turnover | 106.8 | 105.1 | +1.6% |
3.2 – Cumul 9 mois
| In €M | 2024 | 2023 | Variation |
| Casinos * | 297.1 | 292.3 | +1.7% |
| Hotels * | 22.2 | 19.7 | +12.7% |
| Other | 8.1 | 8.8 | -8.1% |
| Total consolidated turnover | 327.3 | 320.7 | +2.1% |
* Since the 1st November 2023, the Pavillon la Rotonde hotel at La-Tour-de-Salvagny casino has been integrated into the Hotels division (previously Casinos).
4- Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.
Attachment
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