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.
Attachment
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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
FR0012612646
GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure in a resumption period of significant growth investments
Solid Half-Year Income & Financial Structure
in a resumption period of significant growth investments
- Turnover: 220.6 €M (+2.3 %)
- EBITDA: 41.0 €M compared to 42.7 €M at 1st Half-year 2023
- Net Income: 7.1 €M compared to 18.8 €M at 1st Half-year 2023
- Healthy financial situation: gearing of 0.2x and leverage of 1.3x
Paris, 25th June 2024, 06:00 p.m. – During its meeting held on the 25th June 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1st half-year 2023-2024 (November 2023 to April 2024).
Strong Business Momentum and Growth Investment in Casinos
The strong business momentum in the half-year was reflected in a Gross Gaming Revenue (GGR) increase of +1.7% to €346.9 million and a revenue increase of +2.3% to €220.6 million.
The Group’s EBITDA decreased by – 4.0% at € 41.0 M (i.e. 18.6% of turnover) compared to € 42.7 M (19.8% of turnover) in the first half of 2023.
The Group’s Current Operational Income (COI) reached € 15.5 M compared to € 19.3 M in the first half of 2023. This decrease materializes in the three business sectors (casinos, hotels and others):
- The casinos COI at € 24.3 M (compared to € 27.0 M in the first half of 2023) is penalized by operating difficulties encountered by the numerous establishments undergoing renovation in Vichy, La Tour-de-Salvagny, Saint Amand-les-Eaux, Divonne and Casino 314 (Cannes). Furthermore, the Middelkerke casino in Belgium, which relocated to the seafront at the end of March 2024, is penalized by its heavy development works;
- Conversely, the COI of online gaming in Meyrin (Switzerland) and Middelkerke (Belgium), launched since 29th January 2024, both increased by + € 0.7 M and + € 0.4 M respectively;
- The COI of the hotels is a loss of – € 2.7 M in H1 2024 compared to – € 2.3 M in H1 2023, as well as that of the “Other” sector at – € 6.2 M compared to – € 5.4 M.
Purchases and external expenses at € 72.6 M increased by € 2.0 M (+2.8%), with particularly:
- an increase in advertising/marketing expenses of € 0.8 M (+5.4%) relating to the operations of Groupe Partouche 50th anniversary, between March and December 2023, and to a more offensive digital marketing in Meyrin (Switzerland) linked to its online activity;
- an increase in subcontracting expenses of € 0.8 M (+14.3%) due to the rise in cleaning and security expenses (+ € 0.5 M) and other expenses and;
- conversely, purchases of materials fell by -3.7%, mainly due to the reduction in energy expenditure amounting to € 0.7 M (-8.1%) as a result of falling prices.
Employees’ expenses reached € 90.6 M, up by € 3.2 M, mainly due to an increase in the minimum wage (SMIC) as at 1st January 2024, and new conventional grids applicable from 1st April 2024.
Net Income amounted to € 7.1 M, compared to € 18.8 M on 30th April 2023, taking into account the following items:
- a non-current operating income of – € 1.0 M compared to a profit of € 0.7 M at 30th April 2023, resulting from the progress margin on the property development contract in La Grande Motte and from the disposal of two real estate assets in Contrexéville. Other non-current income and expenses mainly include accelerated depreciation carried out as part of the development work on La Plage 3.14 for € 0.7 M and the Casino 3.14 for € 0.2 M, as well as renovation work at the La Tour-de-Salvagny casino for € 0.1 M;
- a financial income of – € 1.0 M (compared to – € 1.5 M in H1 2023). The cost of financial debt is up as it follows the increase in the Group’s gross debt as well as the average annual interest rate given the macroeconomic situation. However, this increase in financial costs is largely offset by investment income which increased by € 1.5 M. In addition, financial expenses related to IFRS 16 lease liabilities increased by € 0.5 M;
- A tax expense (CVAE included) of € 6.1 M compared to a tax revenue + € 0.3 M in H1 2023due to the activation of the balance of the Group’s carry forward tax losses generating differed tax income of € 3.6 M, while in H1 2024, a consumption of differed tax of – € 2.7 M was observed.
With a cash flow net of levies of € 89.8 M, equity of € 367.3 and net debt of € 81.2 M (constructed in accordance with the terms of the syndicated loan contract, according to the former IAS 17 standards, excluding IFRS 16), the Group’s financial structure is sound and robust, enabling it to continue its growth investment program.
The 1st half-year financial report as of 30th April 2024 is available today on the Group’s website www.groupepartouche.com in the Finance section.
Upcoming events:
– 3rd quarter financial information: Tuesday 10th September 2024, after stock market closure
– 4th quarter turnover: Tuesday 10th December 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 B. ISIN: FR0012612646 – Reuters PARP.PA – Bloomberg: PARP:FP
FINANCIAL INFORMATION
Groupe Partouche Phone : 01.47.64.33.45
Valérie Fort, Financial Chief Officer [email protected]
Annex
Consolidated income
| In €M – At 30th April (6 months) | 2024 | 2023 | Difference | Var. |
| Turnover | 220.6 | 215.6 | 5.0 | +2.3% |
| Purchases & External Expenses | (72.6) | (70.7) | (2.0) | +2.8% |
| Taxes & Duties | (10.2) | (9.6) | (0.6) | +6.7% |
| Employees Expenses | (90.6) | (87.4) | (3.2) | +3.7% |
| Depreciation, amortisation & impairment of fixed assets | (25.2) | (24.5) | (0.7) | +3.0% |
| Other current, income & current operating expenses | (6.5) | (4.2) | (2.3) | +56.1% |
| Current Operating Income | 15.5 | 19.3 | (3.9) | -19.9% |
| Other non-current income & operating expenses | (1.0) | 0.7 | (1.7) | – |
| Gain (loss) on the sale of consolidated expenses | – | – | – | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current Operating Income | (1.0) | 0.7 | (1.7) | – |
| Operating Income | 14.5 | 20.0 | (5.6) | -27.9% |
| Financial Income | (1.0) | (1.5) | 0.4 | – |
| Income before tax | 13.4 | 18.6 | (5.1) | -27.7% |
| Corporate Income | (5.6) | 1.0 | (6.7) | – |
| CVAE Taxes | (0.4) | (0.7) | 0.2 | – |
| Income after Tax | 7.4 | 18.9 | (11.6) | -61.1% |
| Shares in earnings of equity-accounted associates | (0.2) | (0.1) | -0.2 | – |
| Total Net Income | 7.1 | 18.8 | (11.7) | -62.2% |
| o/w Group’ share | 5.1 | 16.7 | (7.5) |
| EBITDA (*) | 41.0 | 42.7 | (1.7) | -4.0% |
| Margin EBITDA / Turnover | 18.6% | 19.8% | -1.2 pt |
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 7.6 M in H1 2024 and by € 6.9 M in H1 2023.
Taxes and Duties represent an expense of € 10.2 M compared to € 9.6 M in the first half of 2023.
The increase in depreciation and amortization on fixed assets, up +3.0% to € 25.2 M, reflects the resumption of a robust investment program in the Group’s establishments.
Other current operating income and expenses represent a net expense of – € 6.5 M compared to – € 4.2 M in the first half of 2023. This development is explained in particular by the provision relating to the multisite jackpot, which has not been won since March 2023.
Operating income stands at € 14.5 M compared to € 20.0 M in HY 2023 and income before tax at €13.4 M compared to € 18.6 M in HY 2023.
The consolidated net income for the half-year is a profit of € 7.1 M compared to € 18.8 M as at 30th April 2023, of which the Group’s share is a profit of € 5.1 M compared to € 16.7 M on 30th of April 2023.
Balance Sheet
Total net assets as of 30th April 2024 represent € 825.3 M compared to € 804.3 M as of 31st October 2023. The noteworthy changes over the period are as follows:
- an increase in non-current assets of € 33.6 M mainly due, to the net increase in property, plant and equipment of € 31.7 M, essentially made up of the rental management contract of the Cannes 3.14 Casino (€ 6.5 M) retreated according to IFRS 16 in respect to its moving set-up for coming autumn, within the premises of the Palm Beach and to the volume of the current investments in the casinos of La Tour-de-Salvagny (€ 6.3M), Middelkerke (€ 5.8 M), Divonne (€ 3.8 M), 3.14 Cannes (€ 2.7 M), Vichy (€ 1.1 M), Annemasse (€ 1.1 M), St Amand-les-Eaux (€ 1.0 M) and Contrexéville (€ 0.8M) as well as the Plage 314 (beach) (€ 1.0 M);
- a decrease in current assets of € 12.6 M, mainly due to consumption of cash of € 27.5 M offset by an increase in the item “customers and other debtors” of € 14.0 M.
On the liabilities side, shareholders’ equity, including minority interests, went from € 366.9 M at 31st October 2023 to € 367.3 M at 30th April 2024, including a profit for the period of € 5.1 M for the Group share and € 2.0 M for minority interests.
The financial debt at 30th April 2024, increased by € 11.8 M (current & non-current shares) compared to 31st October 2023, taking into account:
- The 2 quarterly deadlines of the syndicated loan paid on 31st January 2024 and 30th April 2024 for an aggregated amount of – € 5.4 M, as well as other banking debts for € 9.1 M;
- The setting up of new bank loans for + € 18.2 M;
- as well as flows related to leases treated according to IFRS 16.
Financial structure – Summary of net debt
The Group’s financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, based on the former IAS 17 standards, excluding IFRS 16).
| In €M | 30/04/24 | 31/10/23 | 30/04/23 |
| Equity | 367.3 | 366.9 | 369.0 |
| Gross Debt* | 171.0 | 167.6 | 166.4 |
| Cash less gaming levies | 89.8 | 113.8 | 127.8 |
| Net Debt | 81.2 | 53.9 | 38.6 |
| Ratio Net Debt / Equity (« gearing ») | 0.2x | 0.1x | 0.1x |
| Ratio Net Debt / Consolidated EBITDA (« leverage »)** | 1.3x | 0.8x | 0.5x |
(*) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
(**) 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 € 61.9 M at 30/04/2024, € 64.3 M at 31/10/2023 and € 72.4 M at 30/04/2023.
Glossary
The “Gross Gaming Revenue” corresponds to the sum of the various games operated, after deduction of the payment of the winnings to the players. This amount is debited by the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» becomes the “Net Gaming Revenue” after levies, which is a component of the turnover.
“Current Operating Income” (COI) includes all expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual within the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.
“Consolidated EBITDA” (EBITDA) is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) related to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Attachment
FR0012612646
GROUPE PARTOUCHE: 1st half-year 2024 revenue in growth by 2.3 % at € 220.6 M / Dynamic activities, new partnerships and reopening of two iconic casinos
1st half-year 2024 revenue in growth by 2.3 % at € 220.6 M
Dynamic activities, new partnerships
and reopening of two iconic casinos
Paris, 11th June 2024, 06:00 p.m. – Groupe Partouche, a European leader in gaming, publishes today its consolidated turnover for the 2nd quarter 2024 (February 2024 – April 2024) as well as its consolidated turnover for the first half-year (November 2023 – April 2024).
Revenue for the first half of 2024 up by 2.3% to €220.6 Million
The activity for the first half of 2024 shows a solid growth dynamic: a 2.3% increase in cumulative six-month revenue, reaching € 220.6 M compared to € 215.6 M in H1 2023, and a 2.1 % increase in Net Gaming Revenue to € 179.7 M (compared to € 176,0 M in H1 2023).
Thus, the positive revenue trend recorded in the first quarter (+2.0 %) is confirmed with a 2.6 % increase in revenue for the second quarter of 2024, reaching € 101.9 M compared to € 99.2 M in Q2 2023.
In detail, the Gross Gaming Revenue (GGR) for the second quarter increases by 2.7 % to € 173.7 M (compared to € 169.1 M in Q2 2023):
- The GGR growth in France (89 % of Group GGR) stands at +1.7 % to € 154.8 M compared to Q2 2023, driven by a 2.5 % increase in slot machine GGR to € 124.6 M (80 % of France GGR). The GGR from table games, both electronic and non-electronic, decreases by 1.4 % to € 30.2 M;
- Abroad, the GGR increases by 11.5 % compared to Q2 2023, reaching € 18.9 M, thanks to the continuous rise of Swiss online gaming (+48.9 %). The Middelkerke casino also performs well (+31.7 % vs. Q2 2023).
After deductions, the Net Gaming Revenue (NGR) increases by 2.8 % to € 81.5 M, compared to € 79.3 M in Q2 2023. Non-gaming activities generates a revenue of € 21.1 M (+0.7%), mainly due to the regained dynamism of Hotels (+14.2 %).
Developments: New Partnerships and Reopening of Two Iconic Casinos
Partnership with the Starred Chef Michel Sarran
This collaboration with the starred chef Michel Sarran aims to enhance culinary excellence and the customer experience within the Group’s establishments. Michel Sarran will bring his expertise to broaden the culinary horizons of the experiences offered to the Group’s customers, from finger food to the menus of the establishments. Our teams will have the opportunity to enrich their experience through training provided by Michel Sarran, who will also support major events in the Group’s calendar.
Partnership with Palm Beach Exploitations in Cannes
Groupe Partouche announces the sale of 40% of Cannes Centre Croisette, which operates the 3.14 casino, to Palm Beach Exploitations. The latter will reinvest in Palm Beach over the summer of 2024, following extensive renovations by Palm Beach Exploitations, transforming it into a luxurious beachfront leisure complex reminiscent of its original spirit. Through this association, Groupe Partouche aims to benefit from the affluent clientele that will frequent this iconic venue. The renovation costs, borne by Cannes Centre Croisette, amount to € 5.6 M.
Opening of Copal Beach in Cannes
The partnership with Financière Must, led by Julien Manival (see press release of March 12, 2024), culminates today with the opening of Copal Beach (previously La Plage 3.14) in Cannes on the Croisette, featuring a South American concept and cuisine by Colombian chef Juan Arbelaez.
Opening of the New Pasino Grand-La Tour Salvagny
After two years of renovations amounting to approximately € 21.0 M, the Lyon Vert casino has been transformed into the Pasino Grand-La Tour Salvagny, joining the prestigious major establishments of the group. This transformation marks a new era for the casino, offering visitors an even more immersive and entertaining gaming experience. With a remarkable increase in gaming space from 1,600 m² to nearly 4,000 m², the Pasino Grand-La Tour Salvagny will offer an exceptional variety of games. This modernization also includes the integration of the latest technologies, ensuring an innovative experience for players. Culinary surprises await guests with a high-quality and surprising bistronomic offering.
Partial Reopening of the Annemasse Casino
Since October 2022, extensive renovations amounting to € 8.1 M have been underway to restore the casino, established in 1995, to its former glory. The first phase of this major renovation was completed in January 2024, with the official reopening of the entrance via its rotunda and the left wing of the establishment, which houses the slot machines and a smoking terrace at the end of the wing. The dining and bar areas have also been completely renovated. The restaurant is located behind the indoor bar and opens onto the outside, with a panoramic terrace overlooking the banks of the Arve.
Sustainable Development: Obtaining Two CSR Labels
Groupe Partouche has been awarded the “Progression” level of the RSE label and the Responsibility Europe label by AFNOR Certification. These two internationally recognized labels reward the commitment and demonstrate the maturity and performance of our CSR approach, as well as the integration of the Sustainable Development Goals (SDGs) and the recommendations of the ISO 26000 reference standard.
Upcoming events:
Income 1st quarter: Tuesday 25th June 2024, after stock market closure
Financial information 3rd quarter: Tuesday 10th September 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 B. ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP
ANNEX
1- Consolidated turnover
| In €M | 2024 | 2023 | Variation |
| 1st quarter | 118.7 | 116.4 | +2.0% |
| 2nd quarter | 101.9 | 99.2 | +2.6% |
| Total consolidated turnover | 220.6 | 215.6 | +2.3% |
2- Construction of the consolidated turnover
2.1 – 2nd quarter
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 173.7 | 169.1 | +2.7% |
| levies | -92.2 | -89.8 | +2.6% |
| Net gaming revenue (NGR) | 81.5 | 79.3 | +2.8% |
| Turnover excluding NGR | 21.1 | 20.9 | +0.7% |
| Fidelity programme | -0.7 | -1.0 | -25.6% |
| Total consolidated turnover | 101.9 | 99.2 | +2.6% |
2.2 – Aggregate 6 months
| In €M | 2024 | 2023 | Variation |
| Gross gaming revenue (GGR) | 346.9 | 341.0 | +1.7% |
| Levies | -167.2 | -165.0 | +1.4% |
| Net gaming revenue (NGR) | 179.7 | 176.0 | +2.1% |
| Turnover excluding NGR | 42.4 | 41.4 | +2.4% |
| Fidelity programme | -1.4 | -1.8 | -21.2% |
| Total consolidated turnover | 220.6 | 215.6 | +2.3% |
3- Breakdown of consolidated turnover by activity
3.1 – 2nd quarter
| In €M | 2024 | 2023 | Variation |
| Casinos | 93.4 | 91.0 | +2.7% |
| Hotels | 6.5 | 5.7 | +14.2% |
| Other | 2.0 | 2.6 | -23.2% |
| Total consolidated turnover | 101.9 | 99.2 | +2.6% |
3.2 – Aggregate 6 months
| In €M | 2024 | 2023 | Variation |
| Casinos * | 203.8 | 199.9 | +2.0% |
| Hotels * | 12.7 | 10.9 | +16.7% |
| Other | 4.1 | 4.9 | -15.3% |
| Total consolidated turnover | 220.6 | 215.6 | +2.3% |
* 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)
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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