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FR0012612646

GROUPE PARTOUCHE: Annual Income 2022/2023 – Income driven by the strong growth in the activity

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Annual Income 2022/2023

Income driven by the strong growth in the activity
        

  • Turnover:                                        € 423.8 M (+9.0%)
  • EBITDA:                                          € 76.1 M (+0.7%)
  • Current operation income:             € 27.4 M (+18.3%)
  • Net income:                                    € 23.4 M1
  • Solid financial situation                  Gearing of 0.1x and leverage of 0.8x
  • Continuation of the investment programme and confidence in the prospects

Paris, 30th January 2024, 06:00 p.m.

During its meeting held on the 30th January 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the annual accounts at 31st October 2023, that are being audited.

Strong growth in the annual turnover

The Gross Gaming Revenue (GGR) records a strong growth over the financial year reaching € 701.5 M, compared to € 636.7 M in 2022 (+10.2%), a financial year which was still penalized by health restrictions until mid-March 2022. This good performance is fuelled by the growth in the slot machines GGR (+7.6%), the GGR of electronic forms of traditional games in France (+20.3%) and the online games in Switzerland (+41.6%).

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The Net Gaming Revenue (NGR) increases to € 332.9 M over the whole year by +9.0%, benefiting from a favourable effect over the first part of the year.

Turnover excluding NGR improves by +9.6% to € 94.3 M.

Globally, the 2023 consolidated turnover increases by +9.0% reaching € 423.8 M.

Goof financial performance

EBITDA appears generally stable at € 76.1 M (compared to € 75.6 M a year earlier) and represents 18.0% of turnover. However, restated for additional “closure” aids received in the previous financial year in the amount of € 4.9 M, 2023 the EBITDA increases by +€ 5.4 M, demonstrating a significant improvement in operational performance.

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Current Operating Income (COI) increases reaching € 27.4 M (+18.3%), thanks to the return to normal activity over the entire financial year, and mainly under the influence of the casino sector.

Purchases & external expenses increases by +€ 20.6 M (+16.9%), mainly impacted by:

  • Purchases of materials up by +€ 7.4 M (+19.5%) resulting both from the surge in energy prices of +€ 4.8 M (+43.1%) and the increase in purchases of solids and liquids for +€ 2.0 M (+11.5%) thus reflecting the dynamics of the activity;
  • Advertising & marketing costs and fees up respectively by +€ 8.0 M (+38.2%) and +€ 2.0 M (+9.9%) directly linked with the return to a normal activity and marketing operations related to the 50 year anniversary of Groupe Partouche (particularly through the free allocation of “promo credits” for games, an increase of +€ 4.7 M).
  • In opposition, the Meyrin casino, whose concession renewal was obtained for a period of 20 years until 2045, reduces advertising expenses and communication fees related to its online activity (-€ 0.8 M, or -9.0%).

Taxes and duties decrease from € 17.3 M in 2022 to € 16.9 M in 2023, i.e. -2.1%.

Employees expenses reach € 177.2 M, up by +€ 9.3 M (+5.5%) mainly due to the effects of the increase in the legal minimum wage as at 1st January & 1st May 2023, the revaluation of 2023 salary scales and the end of the use of the partial activity regime from which the Group had benefited in the previous financial year.

The change in amortization and depreciation of fixed assets, down by -4.9% to € 48.9 M, reflects the various ends of depreciation cycles as well as the limitation of renewal investments during the health crisis.

The item “Other current operating income and expenses” represents a net expense of -€ 10.8 M, compared to +€ 6.9 M over the previous financial year. This is due to the fact that the Group no longer benefits from the Government additional “closure” aid amounting to € 4.9 M over the financial year in order to fight the consequences of the health crisis. Moreover, the expenses related to the casinos’ concessions specifications increase (+€ 0.5M), correlatively to GGR. Conversely, we note a favourable trend in changes in the provisions.

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The 2023 Operating Income reaches € 27.4 M, after considering a non-current operating income (NCOI) almost at zero (+€ 0.04 M). It is to be compared to the 2022 operating income of € 40.7 M which took into account a NCOI of +€ 17.6M, principally composed of a result on the disposal of consolidated shares of +€ 14.1 M relating to the sale of 57% of the shares of the Crans-Montana casino.

The financial income totalled -€ 2.9 M (compared to -€ 2.3 M in 2022). This increase is mainly due to the financial expenses linked to IFRS 16 rental debts (€ 1.2 M, including € 0.8 M for the Middelkerke casino alone). Furthermore, in the context of rising interest rates, the group’s annual average cost of debt increases slightly (+€ 1.2 M) despite the further reduction in the Group’s gross debt. This increase is, however, largely offset by investment income which is up by +€ 1.4 M.

Tax expenses (CVAE included) is globally stable (-€ 1.1 M compared to € 1.2 M in 2022).

Ultimately, Groupe Partouche generates a profit of € 23.4 M (of which the Group’s share amounts to € 18.9 M) compared to € 37.1 M in 2022.

Healthy and solid financial structure

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We can note an increase in the non-current assets of the consolidated balance sheet by +€ 20.5 M due to:

  • The increase in “tangible fixed assets” (+€ 16.7 M) resulting, among other things, from ongoing investments in various establishment renovation projects, more particularly, an increase in the item fixed assets in progress of +€ 18.7 M (including mainly the works at the casinos of the Lyon Vert for € 9.1 M, Annemasse for € 4.5 M and Middelkerke for € 1.8 M) as well as the item advances and deposits on fixed assets for +€ 10.1 M (including, essentially, the works at the casinos of Saint-Amand for € 7.4 M and Divonne for € 1.6 M);
  • The increase in shareholdings in equity-accounted companies due in particular to the acquisition of an additional 34% stake in the companies of the La Pensée Sauvage division (+€ 2.3 M).

Conversely, we note a decrease in the current assets of -€ 14.4 M principally due to active cash consumption of -€ 17.5 M explained by investments during the period, mainly financed by issuing new bank loans and through the payment of dividends to the Group’s shareholders, as well as to minority shareholders, amounting to € 6.7 M in total.

On the liabilities side, the Group’s Equity, minority shareholders included, increases by +€ 12.8 M reaching € 366.9 M following the beneficiary income of the financial year that amounted to € 18.9 M (Group’s share).

The financial debt decreases by -€ 8.4 M (current and non-current share) after taking into account:

  • the settlement of the four quarterly instalments of the syndicated loan in the amount of -€ 10.8 M;
  • the reimbursement of other bank loans for -€ 17.2 M;
  • the setting up of new credits for +€ 21.5 M;
  • as well as the net impact of lease contracts treatment according to IFRS 16 for -€ 1.2 M (notably up, the subscriptions of new real estate contracts found in an increase in non-current assets, and down, the payment of deadlines of the financial year).

The financial debt amounts to € 53.9 M, up by € 7.6 M.

The financial structure of the Group remains healthy with the ratios of leverage (Net Debt / EBITDA) and gearing (Net Debt/Equity) respectively of 0.8x and 0.1x (compared to 0.7x and 0.1x in 2022).

Outlook

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Middelkerke (Belgium)

Since the partnership signed last June, between Groupe Partouche and Betsson, the Middelkerke casino has been granted the necessary license authorising the operation of attractive online casino games adapted to the Belgian regulated market, starting from the end of January 2024.

Furthermore, the Middelkerke casino that was temporarily operated in an outlying hotel since its entry into the Group in July 2022, is to be transferred at the end of March, to the seafront, a privileged location.

Dividends under financial year 2022/2023

After the resumption last year of the distribution policy, Groupe Partouche plans to distribute a dividend again for the 2022/2023 financial year, the amount and payment terms of which will soon be specified and submitted to a shareholders’ vote during the General Meeting to be held on 20th March 2024.

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Continuation of the investments in the existing sites

Constantly aiming in its establishments for excellence in the customer experience, the Group continues to enrich its offering and renovates its casino fleet in order to improve its performance, in that respect:

  • The Le Lyon Vert casino in La Tour-de-Salvagny is undergoing a major restructuring of its existing spaces with the creation of an important extension on two levels (ground floor and 1st floor). The project should end in May 2024;
  • Extensive works continue at the Annemasse casino. The left wing and a first outdoor smoking room were opened at the end of December 2023. The second phase of work, which will be completed in the summer of 2024, will notably make it possible to create an extension to the front and a second outdoor room;
  • The Divonne casino is undergoing a total renovation in order to regain its initial grandeur. This should be completed in September 2024;
  • The Contrexéville casino will benefit from a reorganization: the games main room will be transferred under the theater decor and the restaurant will also be positioned on the park side with an adjoining kitchen. Initiated in November 2023, the project should be completed in December 2024;
  • The Vichy casino is undergoing a complete renovation, which aims to increase the gaming areas, modernize and enhance the services offered by this emblematic establishment. Works are scheduled to end in June 2025;
  • Other sites’ renovations will be initiated in the 2024 financial year, in particular for the Saint-Amand-les-Eaux casino.

Upcoming events:
– Turnover 1st quarter (Nov. 2023-Jan. 2024): Tuesday 12th March 2024 (after stock market closure)
– General Meeting: Wednesday 20th March 2024

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP

Annex

1-   Consolidated income

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(In €M) at 31st October 2023 2022 ÉCART Var.
Turnover 423.8 388.8 +35.0 +9.0%
Purchases & External Expenses (142.6) (122.0) (20.6) +16.9%
Taxes & Duties (16.9) (17.3) +0.4 -2.1%
Employees Expenses (177.2) (168.0) (9.3) +5.5%
Depreciation, amortisation & impairment of fixed assets (48.9) (51.5) +2.5 (4.9%)
Other current income & current operating expenses (10.8) (6.9) (3.9) +56.1%
Current Operating Income 27.4 23.1 +4.2 +18.3%
Other non-current income & operating expenses 3.5 (3.5)
Gain (loss) on the sale of consolidated expenses 14.1 (14.1)
Impairment of non-current assets
Non-current Operating Income 17.6 (17.5)
Operating Income 27.4 40.7 (13.3) (32.7%)
Financial Income (2.9) (2.3) (0.6)
Income before Tax 24.5 38.4 (13.9)
Corporate Income & CVAE Taxes (1.1) (1.2) +0.1
Income after tax 23.5 37.3 (13.8)
Shares in earnings of equity-accounted associates (0.1) (0.1)  
Total Net Income 23.4 37.1 (13.7) (37.0%)
o/w Group’s Share 18.9 34.2 (15.3)
         
EBITDA (IFRS 16) 76.1 75.6 +0.5 +0.7%
Margin EBITDA / Turnover 18.0% 19.4%   -140 bps

2-   Analysis of the net operating income by division

For a better readability of its division performance, Groupe Partouche has presented the division contribution before intra-group elimination (ELIM.).

(In €M) at 31st October

 

TOTAL GROUP CASINOS HOTELS OTHER ELIM.
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
Turnover 423.8 388.8 384.8   352.4 31.2   27.9 43.9   43.4 (36.2) (34.9)
Purchases & External Expenses (142.6) (122.0) (128.1) (110.4) (13.9) (12.5) (25.1) (22.7) 24.6 23.6
Taxes & Duties (16.9) (17.3) (24.7) (23.7) (1.8) (1.6) (1.6) (2.5) 11.1   10.6
Employees Expenses (177.2) (168.0) (146.1) (139.2) (12.6) (11.5) (17.9) (16.8) (0.6) (0.5)
Amort. deprec. on fixed assets (48.9) (51.5) (38.0) (40.3) (3.0) (3.1) (7.9) (8.1) 0.0 0.0
Other current operating income & expenses (10.8) (6.9) (11.0) (8.9) (0.3)   1.1 (0.5) (0.2) 1.0   1.2
Current Operating Income 27.4   23.1 36.9   29.8 (0.3)   0.3 (9.2) (6.9) 0.0 0.0

The current operating income (COI) of the casino sector reaches € 36.9 M, an increase of +€ 7.1 M (+23.8%), driven by the good momentum of the Group’s casinos. Activity in this sector is increasing with a change in turnover of +€ 32.4 M (+9.2%). All operating expenses increase by € 25.4 M, they include in particular an increase in purchases and external expenses (+€ 18.1 M, or +16.4%). Conversely, depreciation and amortization on fixed assets fell by € 2.3 M, reflecting the slowdown in the casinos renovation program during previous financial years due to the health crisis, as well as the end of investment cycles, more particularly the depreciation of electronic game equipment.

It should be noted that online games in Switzerland have reached the profitability threshold: the COI amounts to € 0.5 M over the financial year and this for the first time since their deployment at the end of 2020.

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The COI of the hotel sector returns to deficit despite the increase in turnover of +12.0%. It has been penalized by the increase in operational expenses (notably raw materials, energy and salaries) and by the presence in 2022 of the latest non-recurring aid measures linked to the health crisis.

Finally, the COI of the “Other” sector deteriorates to -€ 9.2 M over the financial year, compared to -€ 6.9 M in 2022.

3-   Summary of Net Debt

(In €M) at 31st October 2023 2022
Equity 366.9 354.0
Consolidated EBITDA (*) 64.3 63.9
Gross debt (**) 167.6 176.4
Cash less gaming levies 113.8 130.1
Net debt 53.9 46.3
Ratio net debt / Equity (« gearing ») 0.1x 0.1x
Ratio net debt / EBITDA (« leverage ») 0.8x 0.7x

(*) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16)

(**) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.

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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.

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The “Non-Current Operating Income” (NCOI) includes all non-current and unusual events of the operating cycle: it therefore includes the depreciation of fixed assets (Impairments), the result from the sale of consolidated investments, the result from the sale of asset, other miscellaneous non-current operating income and expenses not related to the usual operating cycle.

Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked to the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.

The Gearing is the ratio between the Net Debt and the Equity.

The leverage is the ratio between the Net Debt and the EBITDA.


1 To be compared to a net income of 37.1 €M in 2021/2022 that included 17.6 €M of non-current operating income, mainly linked with the disposal of the shares in the casino de Crans-Montana.

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FR0012612646

GROUPE PARTOUCHE: Very good 2023 operational performance – Turnover up by +9.0% to € 423.8 M

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Very good 2023 operational performance
Turnover up by +9.0% to € 423.8 M

Paris, 12th December 2023, 06:00 p.m. Groupe Partouche an European leader in gaming, published this day its consolidated turnover for the 4th quarter of fiscal year 2023 (August to October 2023) and for the entire fiscal year (November 2022 to October 2023).

As a preamble, Groupe Partouche reminds that the entire 2023 financial year took place under normal operating conditions since the outbreak of the Covid 19 epidemic early 2020. In fact, health restrictions were still in force in France and internationally in the first half of the previous financial year until their complete lifting mid-March 2022 (impact over 4.5 months). Furthermore, the Group has since operated in an inflationary environment and rising interest rates, creating a more demanding economic context which underlines the quality of the operational performance recorded by the Group in 2023, the year of its 50th anniversary.

Annual turnover 2023 up by +9,0 % à € 423.8 M

For 2023 financial year, the Gross Games Revenue (GGR) increases by +10.2% to € 701.5 M, compared to € 636.7 M a year earlier. In the 4th quarter of 2023 (Q4), the GGR increases by +1.7% to € 181.8 M, a satisfactory performance given the high basis of comparison (post-Covid catch-up effect in the 2nd half of 2022).

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In France, the annual GGR improves by +9.7% to € 630.5 M, mainly driven by all types of games: +20.3% for electronic games, +11.7% for non-electronic table games and +7.9% for slot machines. In Q4 2023, GGR reaches € 163.0 M, an increase of +0.4% compared to Q4 2022.

Internationally, the annual GGR grows by +15.1% year-on-year, to € 71.1 M, including a favourable exchange rate effect of +€ 2.5 M linked to the Meyrin casino in Switzerland. From an activity point of view, growth is fuelled by the strong dynamic of the Swiss online games GGR (+41.6%). The exit from the scope of the Crans-Montana casino in Switzerland in January 2022 (-€ 2.5 M) is offset by the performance of the Middelkerke casino in Belgium, which entered the Group’s fold in July 2022 (+€ 2.6 M). In Q4 2023, the GGR stands at € 18.8 M, an increase of +14.0% compared to Q4 2022.

In total, the Net Gaming Revenue after levies, amounts to € 332.9 M over 12 months, up +9.0% compared to 2022. In the 4th quarter of 2023, it stands at € 77.7 M. (+0.7% compared to Q4 of the previous financial year).

Non-gaming turnover increases by +9.5% to € 94.3 M, driven by the Hotels activity (+12.8%) in line with the good trend of the Group’s hotels. The Other sector is down (-4.7%) to € 11.9 M taking into account the exit of the “Le Laurent” restaurant (impact of -€ 1.9 M).

In total, after taking into account the scope1 effects over the period, the 2023 annual turnover stands at € 423.8 M, an growth of +9.0% compared to 2022. It comes to € 103.1 € M in Q4 2023, recording a satisfactory increase compared to Q4 2022 of +2.4%.

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Renewal of the concession of Meyrin Casino in Switzerland.

The Swiss Federal Council has granted the Meyrin Casino the renewal of its gaming concession and its online gaming site for twenty years as from 1st January 2025.

Sustainable development: Groupe Partouche has joined the SDG Ambition accelerator

After joining the United Nations Global Treaty early 2023, Groupe Partouche has joined its SDG Ambition Accelerator program in October. This 6-month program helps companies to set ambitious goals and accelerate the integration of the SDGs (Sustainable Development Goals) into their management in order to contribute to the sustainability of the company and society. Groupe Partouche has chosen to work in particular on subjects concerning the management of water resources.

Organisation of the World Series of Poker

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Groupe Partouche, with the support of TexaPoker, will organise the next World Series of Poker (WSOP) which will take place at the end of May 2024 at the Jean Bouin stadium in Paris, an event which will undoubtedly mark an important moment in the French poker agenda. This festival will be an opportunity to qualify for the 2024 WSOP in Las Vegas.

Upcoming events: Income of fiscal year ended 31st October 2023: Tuesday 30th January 2024, after stock market closure.

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment . ISIN : FR0012612646 – Reuters PARP.PA – Bloomberg : PARP:FP Reuters : PARP.PA – Bloomberg : PARP:FP

ANNEX

1- Consolidated turnover

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In €M 2023 2022 Variation
1st quarter (November N-1 to January N) 116.4 98.1 +18.6%
2nd quarter (February to April) 99.2 89.1 +11.4%
3rd quarter (May to July) 105.1 100.9 +4.1%
4th quarter (August to October) 103.1 100.7 +2.4%
Total consolidated turnover 423.8 388.8 +9.0%

2- Construction of the consolidated turnover

2.1 – Fourth quarter

In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 181.8 178.8 +1.7%
Levies -104.2 -101.7 +2.4%
Net Gaming Revenue (NGR) 77.7 77.1 +0.7%
Turnover excluding NGR 26.1 24.0 +9.0%
Fidelity Program -0.7 -0.4 +60.3%
Total consolidated turnover 103.1 100.7 +2.4%

2.2 – Aggregate 12 months

In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 701.5 636.7 +10.2%
Levies -368.6 -331.1 +11.3%
Net Gaming Revenue (NGR) 332.9 305.5 +9.0%
Turnover excluding NGR 94.3 86.1 +9.5%
Fidelity Program -3.4 -2.8 +21.0%
Total consolidated turnover 423.8 388.8 +9.0%

3- Breakdown of turnover by activity

3.1 – Fourth quarter

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In €M 2023 2022 Variation
Casinos 91.5 90.1 +1.6%
Hotels 8.4 7.6 +10.1%
Other 3.1 2.9 +8.5%
Total consolidated turnover 103.1 100.7 +2.4%

3.2 – Aggregate 12 months

In €M 2023 2022 Variation
Casinos 383.8 351.4 +9.2%
Hotels 28.1 24.9 +12.8%
Other 11.9 12.5 -4.7%
Total consolidated turnover 423.8 388.8 +9.0%

4- Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.


1 The entry into the Group of the Middelkerke casino (Belgium) from 1st of July 2022 for an opening on 8th of July after some works, sale of the stake held in the Crans-Montana casino (Switzerland) on 31st of January 2022 and the end of the concession of the restaurant « Le Laurent » as from 7th March 2022.

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FR0012612646

GROUPE PARTOUCHE: Sustained growth in activity over the first 9 months of the financial year

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Sustained growth in activity over the first 9 months of the financial year

Turnover 3rd quarter: +4.1 % at 105.1 M
Turnover aggregate 9 months: +11.3 % at 320.7 M

Paris, 12th September 2023, 6:00 p.m. Groupe Partouche, European leader in gaming, publishes this day its consolidated turnover for the 3rd quarter of fiscal year 2023 (May to July 2023).

Sustained activity at 3rd quarter

In a normalized operating context, the Gross Gaming Revenue (GGR) increases by +6.5% to € 178.7 M during the 3rd quarter 2023, compared to € 167.9 M a year earlier.

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In France, the GGR benefits from an increase in attendance of +4.8% and stands at € 161.5 M, up by +5.6% compared to N-1, slot machines and table games increasing by +5.3% and +6.8% respectively. The GGR of electronic games follows a more sustained trend at +9.8%.

Abroad, the GGR records an increase of +15.1% compared to N-1, to € 17.2 M. The GGR of Swiss online gaming shows a very good performance (+47.8% to € 4.2 M). Furthermore, the 3rd quarter 2023 includes 3 full months of activity for the Middelkerke casino, i.e. a GGR of € 1.1 M, compared to only 23 days in N-1, i.e. a GGR of € 0.2 M, the casino operations having started on 1st July 2022.

After levies, the Net Gaming Revenue (NGR) improves by +5.6% à € 79.2 M

The hotels activity increases by +6.5% at € 8.8 M due to the good performance of the Aquabella Hotel at Aix-en-Provence and of Forges-les-Eaux hotels.

Globally, the 3rd quarter 2023 turnover reaches € 105.1 M, compared to € 100.9 M in 2022 (+4.1%)

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Aggregate turnover end of July up by +11.3 % at 320.7 M

At the end of July 2023, after taking into account the scope effects1 over the period, the aggregated 9-month turnover stands at € 320.7 M (+11.3% compared to 2022), with the Net Gaming Revenue at € 255.3 M (+11.8%).

Upcoming events:

Turnover 4th quarter 2023: Tuesday 12th December 2023, after stock market closure

Income fiscal year at 31st October 2023: Tuesday 30th January 2024, after stock market closure

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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 B: FR0012612646 Reuters: PARP.PA – Bloomberg: PARP:FP

ANNEX

1Consolidated turnover aggregate 9 months per quarter

In €M 2023 2022 Variation
1st quarter (Nov. to Jan.) 116.4 98.1 +18.6%
2nd quarter (Feb. to Apr.) 99.2 89.1 +11.4%
3rd quarter (May to Jul.) 105.1 100.9 +4.1%
Total consolidated turnover 320.7 288.1 +11.3%

2- Construction of the consolidated turnover

2.1 – 3rd quarter

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In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 178.7 167.9 +6.5%
Levies -99.5 -92.8 +7.2%
Net Gaming Revenue (NGR) 79.2 75.0 +5.6%
Turnover excluding NGR 26.7 26.9 -0.5%
Fidelity Programme -0.9 -1.0 -11.8%
Total consolidated turnover 105.1 100.9 +4.1%

2.2 – Aggregate 9 months

In €M 2023 2022 Variation
Gross Gaming Revenue (GGR) 519.7 457.8 +13.5%
Levies -264.5 -229.5 +15.3%
Net Gaming Revenue (NGR) 255.3 228.4 +11.8%
Turnover excluding NGR 68.1 62.1 +9.7%
Fidelity Programme -2.7 -2.4 +13.6%
Total consolidated turnover 320.7 288.1 +11.3%

3 Breakdown of turnover by activity

3.1 – 3rd quarter

In M€ 2023 2022 Variation
Casinos 92.4 87.8 +5.2%
Hotels 8.8 8.3 +6.5%
Other 3.9 4.9 -19.9%
Total consolidated turnover 105.1 100.9 +4.1%

3.2 – Aggregate 9 months

In M€ 2023 2022 Variation
Casinos 292.3 261.3 +11.9%
Hotels 19.7 17.2 +14.0%
Other 8.8 9.6 -8.6%
Total consolidated turnover 320.7 288.1 +11.3%

4Glossay

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The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.


1 The entry into the Group of the Middelkerke casino (Belgium) from 1st of July 2022 for an opening on 8th of July after some works, sale of the stake held in the Crans-Montana casino (Switzerland) on 31st of January 2022 and the end of the concession of the restaurant « Le Laurent » as from 7th March 2022.

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FR0012612646

GROUPE PARTOUCHE: First Half-Year: solid income and financial structure / New growth investments

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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.

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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:

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  • 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:

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– 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

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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.

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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:

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  • 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

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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-betfirstbelgium-and-enters-partnership.

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