GROUPE PARTOUCHE: First Half-Year: solid income and financial
structure / New growth investments
First
Half-Year:
solid income and
financial structureNew
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 info-finance@partouche.com
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 Switzerland2 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.
- Half-year results H1 2023
Groupe Partouche (EU:PARP)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
Groupe Partouche (EU:PARP)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
