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
FR0012612646
GROUPE PARTOUCHE: Turnover 1st quarter 2024: +2.0% – Good dynamics of the activities – General Meeting of 20th March: Proposed distribution of a dividend of 0.32 €/share
Turnover 1st quarter 2024: +2.0%
Good dynamics of the activities
General Meeting of 20th March
Proposed distribution of a dividend of 0.32 €/share
Paris, 12th March 2024, 06:00 p.m. Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 1st quarter of fiscal year 2024 (November 2023 to January 2024).
Good dynamics of the turnover for the 1st quarter 2024
The Gross Gaming Revenue (GGR) totals € 173.2M for the 1st quarter 2024 compared to € 171.9M a year earlier, up by +0.7%.
In France, the GGR for 1st quarter 2024 remains stable at € 153.8M. The performance of the different forms of games is contrasted. Thus, the GGR of slot machines increases by +1.4% (to € 121.2M, i.e. 79% of the GGR in France), while that of table games, electronic and non-electronic, decreases by -5.2% (at € 32.5M).
Abroad, the GGR increases by +7.3% compared to 1st quarter 2023, at € 19.4M. The GGR of online Swiss games continues its progress (+52.8% for the year) while that of the slot machines decreases by -7.5%.
Globally, after levies, the Net Gaming Revenue (NGR) increases by +1.4% at € 98.1M during the 1st quarter 2024.
The turnover for the 1st quarter of 2024 records a very satisfactory increase of +2.0% year-on-year and stands at € 118.7M. It includes the turnover of other activities, which grows by +4.0%, driven by the increase in hotels turnover (+19.4%).
General Meeting and distribution of dividends
During the General Meeting to be held on Wednesday 20th March, shareholders will be able to vote on the distribution of a dividend in the amount of € 3,080,650.88 (i.e. € 0.32 per share). Payment of this dividend will be made no later than 31st July 2024.
Partnership established with Julien Manival
Groupe Partouche is joining forces with Julien Manival (Group “Bonne Compagnie”, which counts seven establishments in Occitanie) within a new structure, Must Group, specializing in the hospitality and entertainment sector. The objective is to offer to a wide audience a unique experience, merging culinary passion, innovation and entertainment in a modern and festive approach.
This partnership materialized on the one hand by the acquisition of a restaurant in the heart of the 8th precinct of Paris which will open at the beginning of 2025, and on the other hand, by the redevelopment of La Plage 3.14 on the Croisette in Cannes which will host this new concept at the beginning of coming spring.
Sustainable development: United Nations Global Compact and Women’s Empowerment Principles
Groupe Partouche renews in 2024 its commitment to the United Nations Global Compact, the largest international sustainable development initiative. Furthermore, Groupe Partouche is committed to gender equality and women’s empowerment by adhering to the UN Women’s Empowerment Principles (WEPs) in 2024.
Upcoming events:
General Meeting: Wednesday 20th March 2024
Turnover 2nd quarter: Tuesday 11th 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
ANNEX
1- Construction of the 1st quarter consolidated turnover (November N-1 to January N)
| In €M | 2024 | 2023 | Variation |
| Gross Gaming Revenue (GGR) | 173.2 | 171.9 | 0.7 % |
| Levies | -75.0 | -75.2 | -0.2 % |
| Net Gaming Revenue (NGR) | 98.1 | 96.8 | +1.4 % |
| Turnover excluding NGR | 21.3 | 20.5 | 4.0 % |
| Fidelity programme | -0.7 | -0.8 | -16.0 % |
| Total Consolidated Turnover | 118.7 | 116.4 | +2.0 % |
2- Breakdown of turnover by activity end of 1st quarter (November N-1 to January N)
| In €M | 2024 | 2023 | Variation |
| Casinos * | 110.4 | 108.9 | 1.4 % |
| Hotels * | 6.2 | 5.2 | 19.4 % |
| Other | 2.1 | 2.3 | -6.1 % |
| Total Consolidated Turnover | 118.7 | 116.4 | +2.0 % |
* 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)
3- 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: Annual Income 2022/2023 – Income driven by the strong growth in the activity
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%).
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.
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.
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
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
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.
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
| (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.
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.
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.
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.
Attachment
FR0012612646
GROUPE PARTOUCHE: Very good 2023 operational performance – Turnover up by +9.0% to € 423.8 M
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).
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%.
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
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
| 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
| 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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