FR0012612646
GROUPE PARTOUCHE: First Half-Year: solid income and financial structure / New growth investments
First Half-Year: solid income and financial structure
New growth investments
- Turnover: € 215.6 M (+15.2%)
- EBITDA : € 42.7 M compared to € 34.2 M at 1st HY 2022
- Net Income : € 18.8 M compared to € 24.6 M at 1st HY 2022
- Healthy financial situation : gearing 0.1x and leverage 0.5x
Paris, 27th June 2023, 06:00 p.m. During its meeting held on the 27th June 2023 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the 1st Half-Year audited accounts 2022-2023 (November 2022 to April 2023).
Solid operational performance driven by the gradual return to normalization of the activity
Over the 1st HY of the financial year, Groupe Partouche continued to record good commercial and operational performance, confirming the return to normal activity since the lifting of the latest health measures in February (Switzerland) and March (France) 2022 according to the areas of implantation1 which penalized the occupancy of the casinos. This trend thus confirms the momentum already recorded in the second half of the previous financial year.
Therefore, after taking into account several scope effects2 over the period, Gross Gaming Revenue (GGR) came out with an increase of +17.6% to € 341.0 M and turnover increased by +15.2% to € 215.6 M.
The Group’s EBITDA was up by + 24.6% at € 42.7 M (i.e. 19.8% of turnover) compared to € 34.2 M (18.3% of turnover) at 1st HY 2022.
The current operating income (COI) doubles at € 19.3 M, compared to € 9.7 M a year earlier, driven by the renewed dynamism in the casino sector whose COI reached € 27.0 M, compared to € 16.0 M at 1st HY 2022 (+ 69.2%) and especially due to:
- the improvement in COI at the Pasino of Aix-en-Provence, which experienced its first normal half-year of activity since the end of the renovation works carried on in April 2019 (COI up to + € 2.1 M),
- the excellent performance of online gaming in Switzerland, whose COI is now close to equilibrium barely two years after its deployment (COI at – € 0.05 M in 2023 compared to – € 3.5 M in 2022).
These trends make the Group confident in the strategy of ramping up the Middelkerke casino integrated in July 2022 (COI loss of € 2.5 M at this stage) from which the Group will launch, subject to the official obtaining of the required license, an online gaming activity in Belgium in partnership with the Betsson AB Group3.
At the same time, the COI of the hotels sector is in deficit by – € 2.3 M in the 1st HY 2023, against – € 1.8 m in 1st HY 2022, as well as the sector “Other” at – € 5.4 M, against – € 4.6 M.
Purchases & external expenses increase by € 10.0 M (+16.5%) reaching € 70.7 M, with particularly:
- an increase of € 4.4 M (+ 24.4%) of the purchase of materials, nearly half of which (€ 1.9 M) is mainly due to the rise in energy prices;
- an increase in advertising/marketing expenses of € 2.7 M (+23.8%) and fees of € 0.9 M (+8.4%) correlated with the dynamism of the activity and the marketing operations for the 50th anniversary of Groupe Partouche (in particular through the operations of free allocation of gaming “promotion credits”, increasing by € 2.3 M);
- a decrease of € 2.0 M (-32.0%) in advertising and marketing fees expenses related to the online gaming activity of the Meyrin casino.
Employees expenses reached € 87.4 M, up by € 5.5 M due to the increase in activity and employees (+ 2.8%)
Net income is a profit of € 18.8M compared to € 24.6 M at 30th April 2022. As a reminder, the latter benefited from a non-current operating income of € 17.5 M linked to the sale of the stake in the Swiss Crans-Montana casino for € 14.1 M and the resolution of old disputes against the Belgian State for € 3.4 M.
The net income at 1st HY 2023 takes into account the following items:
- a non-current operating income of € 0.7 M composed of the progress margin on the property development contract in La Grande Motte for € 0.2 M and the income from the disposal of two non-operational property assets in Contrexéville for € 0.5 M,
- a financial income of – € 1.5 M (compared to – € 1.3 M in 1HY 2022). The cost of financial debt is up despite the decline in the Group’s gross debt, which is offset by the rapid rise in interest rates. In addition, the loan interest expenses includes IFRS 16 rents from Middelkerke for € 0.6 M. Conversely, the Group benefited from an increase in income from financial investments (+ € 0.5 M), greater than the increase in the debt’s cost,
- a tax income (CVAE included) of + € 0.3 M (compared to – € 1.2 M in 1st HY 2022). This item takes into account the activation of the balance of the tax loss carryforwards of the tax consolidation group, given the good performance achieved and the business outlook, which generated deferred tax income of € 3.6 M over the period.
The financial structure of the Group is extremely healthy and solid considering the cashflow after levies of € 127.8 M, equity of € 369.0 M and a net debt of € 38.6 M (constructed in accordance with the terms of the syndicated loan agreement, according to the old IAS 17 standard, excluding IFRS 16)
New growth investments
The Group’s financial situation allows it to pursue the restructuring of its establishments.
Thus, the casino at DIVONNE has undertaken its renovation in order to regain its former splendor with magnified volumes and significant heights. The works began with a major cleaning, now completed, which made it possible to update the semicircular arches and to reopen a multitude of interior bays that will make this casino a fluid, modern and completely renewed space: new gaming rooms, new bar, new restaurant, new atmosphere while preserving the spirit of the place.
The casino at VICHY has also initiated in June 2023, a restructuring, with an enlarged gaming room by the creation of a floor allocated to games and a complete renovation of the restaurant, bar and entrance hall areas.
Upcoming events:
– 3rd quarter financial information: Tuesday 12th September 2023, following Paris stock market closure.
– 4th quarter turnover: Tuesday 12th December 2023, following Paris 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, chief financial officer [email protected]
Annex
Consolidated income
| In €M – At 30th April (6 months) | 2023 | 2022 | Diffe-rence | Var. |
| TURNOVER | 215.6 | 187.2 | 28.4 | +15.2% |
| Purchases & external ex penses | (70.7) | (60.7) | (10.0) | +16.5% |
| Tax & Duties | (9.6) | (10.2) | 0.5 | -5.8% |
| Employees expenses | (87.4) | (81.9) | (5.5) | +6.7% |
| Depreciation, amortization & impairment of fixed assets | (24.5) | (26.2) | 1.7 | -6.5% |
| Other current income & current operating expenses | (4.2) | 1.4 | (5.6) | – |
| Current Operating Income | 19.3 | 9.7 | 9.7 | x2.0 |
| Other non-current income & operating expenses | 0.7 | 3.4 | (2.7) | – |
| Gain (loss) on the sale of consolidated assets | – | 14.1 | (14.1) | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current operating income | 0.7 | 17.5 | (16.8) | -96.0% |
| OPERATING INCOME | 20.0 | 27.2 | (7.1) | -26.2% |
| Financial income | (1.5) | (1.3) | (0.2) | – |
| Income before tax | 18.6 | 25.8 | (-7.3) | – |
| Corporate Income Tax | 1.0 | (0.4) | 1.5 | – |
| CVAE tax | (0.7) | (0.7) | – | – |
| Income after tax | 18.9 | 24.7 | (5.8) | -23.5% |
| Shares in earning of equity-accounted associates | (0.1) | (0.1) | – | – |
| Total net income | 18.8 | 24.6 | (5.7) | -23.3% |
| o/w Group’s share | 16.7 | 24.2 | (7.5) | – |
| EBITDA (*) | 42.7 | 34.2 | 8.5 | +24.6% |
| Margin EBITDA / Turnover | 19.8% | 18.3% | +1.5 pt |
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 6.9 M in 1HY 2023 and by € 7.0 M in 1HY 2022.
Taxes & duties represent an expense of € 9.6 M compared to € 10.2 M at 1st Half-Year 2022, which is a more normal amount.
The change in amortization and depreciation of fixed assets, down -6.5% to € 24.5 M, reflects the various end of amortization cycles as well as the limitation of renewal investments during the health crisis.
The other operating income & expenses represent a net expense of – € 4.2 M compared to a net income of € 1.4 M at 1st HY 2022, mainly due to:
- accounting for € 4.9 M of aid obtained as governmental assistance measures due to the health crisis;
- and the increase in expenses related to casino specifications (+€ 0.7 M in expenses), correlatively to the GGR.
The operating income reached € 20.0 M compared to € 27.2 M in 1st HY 2022.
Income before tax is a profit of € 18.6 M compared to € 25.8 M in 1st HY 2022.
Share in earnings of equity-accounted associates is stable and not significant.
Consolidated net income of 1st HY is a profit of € 18.8 M compared to € 24.6 M at 30th April 2022. In this net result, the group’s share is a profit of € 16.7 M compared to € 24.2 M at 30th April 2022.
Balance sheet
Total net assets as of 30th April 2023 represent € 808.4 M compared to € 798.3 M as of 31st October 2022. The noteworthy changes over the period are as follows:
- an increase in non-current assets of € 12.3 M mainly due, on the one hand, to the net increase in property, plant and equipment of € 8.2 M, essentially made up of the volume of investments and depreciation allowances, and on the other hand, the increase in stakes in companies accounted for using the equity method due to the acquisition of additional stakes in the companies of the La Pensée Sauvage division (+ € 5.1 M);
- a decrease in current assets of € 2.2 M, mainly due to consumption of cash of € 6.0 M offset by an increase in the item “customers and other debtors” of € 4.3 M in connection with the return to a normal activity.
On the liabilities side, shareholders’ equity, including minority interests, went from € 354.0 M at 31st October 2022 to € 369.0 M at 30th April 2023, including a profit for the period of € 16.7 M for the Group share and € 2.1 M for minority interests.
The financial debt decreased by € 8.8 M (current and non-current shares). The following should be mainly taken into account:
- The 2 quarterly deadlines of the syndicated loan paid on 31st January 2023 and 30th April 2023 for an aggregated amount of – € 5.4 M;
- The reimbursement of other bank loans for – € 8.8 M;
- The setting up of new bank loans for + € 4.9 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, applying to the old IAS 17 standard, excluding IFRS 16).
| In €M | 30/04/23 | 31/10/22 | 30/04/22 |
| Equity | 369.0 | 354.0 | 338.8 |
| Gross debt* | 166.4 | 176.4 | 176.3 |
| Cash less gamings levies | 127.8 | 130.1 | 120.5 |
| Net debt | 38.6 | 46.3 | 55.7 |
| Ratio net debt / Equity (« gearing ») | 0.1x | 0.1x | 0.2x |
| Ratio Net debt / consolidated EBITDA (« leverage »)** | 0.5x | 0.7x | 0.7x |
(*) The gross deb includes bank borrowings, bond loans and restated financial 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 € 72.4 M at 30/04/2023, € 63.9 M at 31/10/2022 and € 76.8 M at 30/04/2022.
Glossary
The “Gross Gaming Revenue” (GGR) 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” (NGR), 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 of the 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 Lifting of the health measures on 13th March 2022 in France and on 16th February 2022 in Switzerland
2 Addition of the Middelkerke casino (Belgium) on 1st July 2022, opened on 8th July 2022 after some works, sale of the stake in the Crans-Montana casino on 31st January 2022 and end of the Le Laurent restaurant concession as of 7th March 2022.
3 CF press release released on 15th June 2023 and available on www.groupepartouche.com/finance to read in parallel with that of Betsson https://www.betssonab.com/en/press/betsson-acquires-sports-betting-and-gaming -operator-betfirst–belgium-and-enters-partnership.
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
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
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