GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure
in a resumption period of significant growth investments
Solid Half-Year Income & Financial
Structurein a resumption period of significant
growth investments
- Turnover: 220.6 €M (+2.3 %)
- EBITDA: 41.0 €M compared to 42.7 €M at
1st Half-year 2023
- Net Income: 7.1 €M compared to 18.8 €M at
1st Half-year 2023
- Healthy financial situation: gearing of 0.2x and
leverage of 1.3x
Paris, 25th
June 2024, 06:00 p.m. - During its meeting held on
the 25th June 2024 and after having reviewed the management report
of Groupe Partouche Executive Board, the Supervisory Board examined
the audited accounts of the 1st half-year 2023-2024 (November 2023
to April 2024).
Strong Business Momentum and Growth
Investment in Casinos
The strong business momentum in the half-year
was reflected in a Gross Gaming Revenue (GGR) increase of +1.7% to
€346.9 million and a revenue increase of +2.3% to €220.6
million.
The Group’s EBITDA decreased by – 4.0%
at € 41.0 M (i.e. 18.6% of turnover) compared to € 42.7 M
(19.8% of turnover) in the first half of 2023.
The Group’s Current Operational Income (COI)
reached € 15.5 M compared to € 19.3 M in the first half of 2023.
This decrease materializes in the three business sectors (casinos,
hotels and others):
- The casinos COI
at € 24.3 M (compared to € 27.0 M in the first half of 2023) is
penalized by operating difficulties encountered by the numerous
establishments undergoing renovation in Vichy, La Tour-de-Salvagny,
Saint Amand-les-Eaux, Divonne and Casino 314 (Cannes). Furthermore,
the Middelkerke casino in Belgium, which relocated to the seafront
at the end of March 2024, is penalized by its heavy development
works;
- Conversely, the
COI of online gaming in Meyrin (Switzerland) and Middelkerke
(Belgium), launched since 29th January 2024, both increased by + €
0.7 M and + € 0.4 M respectively;
- The COI of the
hotels is a loss of - € 2.7 M in H1 2024 compared to - € 2.3 M in
H1 2023, as well as that of the “Other” sector at - € 6.2 M
compared to - € 5.4 M.
Purchases and external expenses at €
72.6 M increased by € 2.0 M (+2.8%), with
particularly:
- an increase in
advertising/marketing expenses of € 0.8 M (+5.4%) relating to the
operations of Groupe Partouche 50th anniversary, between March and
December 2023, and to a more offensive digital marketing in Meyrin
(Switzerland) linked to its online activity;
- an increase in subcontracting
expenses of € 0.8 M (+14.3%) due to the rise in cleaning and
security expenses (+ € 0.5 M) and other expenses and;
- conversely, purchases of materials
fell by -3.7%, mainly due to the reduction in energy expenditure
amounting to € 0.7 M (-8.1%) as a result of falling prices.
Employees’ expenses reached €
90.6 M, up by € 3.2 M, mainly due to an increase in the minimum
wage (SMIC) as at 1st January 2024, and new conventional grids
applicable from 1st April 2024.
Net Income amounted to € 7.1 M,
compared to € 18.8 M on 30th April 2023, taking into account the
following items:
- a non-current
operating income of – € 1.0 M compared to a profit of € 0.7 M at
30th April 2023, resulting from the progress margin on the property
development contract in La Grande Motte and from the disposal of
two real estate assets in Contrexéville. Other non-current income
and expenses mainly include accelerated depreciation carried out as
part of the development work on La Plage 3.14 for € 0.7 M and the
Casino 3.14 for € 0.2 M, as well as renovation work at the La
Tour-de-Salvagny casino for € 0.1 M;
- a financial
income of - € 1.0 M (compared to - € 1.5 M in H1 2023). The cost of
financial debt is up as it follows the increase in the Group's
gross debt as well as the average annual interest rate given the
macroeconomic situation. However, this increase in financial costs
is largely offset by investment income which increased by € 1.5 M.
In addition, financial expenses related to IFRS 16 lease
liabilities increased by € 0.5 M;
- A tax expense
(CVAE included) of € 6.1 M compared to a tax revenue + € 0.3 M in
H1 2023due to the activation of the balance of the Group’s carry
forward tax losses generating differed tax income of € 3.6 M, while
in H1 2024, a consumption of differed tax of - € 2.7 M was
observed.
With a cash flow net of levies of € 89.8
M, equity of € 367.3 and net debt of € 81.2 M (constructed
in accordance with the terms of the syndicated loan contract,
according to the former IAS 17 standards, excluding IFRS 16),
the Group's financial structure is sound and robust,
enabling it to continue its growth investment program.
The 1st half-year financial report as of 30th
April 2024 is available today on the Group's website
www.groupepartouche.com in the Finance section.
Upcoming events:
- 3rd quarter financial information: Tuesday
10th September 2024, after stock market closure
- 4th quarter turnover: Tuesday 10th December
2024, after stock market closure
Groupe Partouche was established in 1973 and has
grown to become one of the market leaders in Europe in its business
sector. Listed on the stock exchange, it operates casinos, a gaming
club, hotels, restaurants, spas and golf courses. The Group
operates 41 casinos and employs nearly 3,900 people. It is well
known for innovating and testing the games of tomorrow, which
allows it to be confident about its future, while aiming to
strengthen its leading position and continue to enhance its
profitability. Groupe Partouche was floated on the stock exchange
in 1995, and is listed on Euronext Paris, Compartment B. ISIN:
FR0012612646 - Reuters PARP.PA - Bloomberg: PARP:FP
FINANCIAL INFORMATION
Groupe
Partouche Phone :
01.47.64.33.45Valérie Fort, Financial Chief
Officer info-finance@partouche.comAnnex
Consolidated income
|
In €M - At 30th April (6
months) |
2024 |
2023 |
Difference |
Var. |
|
Turnover |
220.6 |
215.6 |
5.0 |
+2.3% |
|
Purchases & External Expenses |
(72.6) |
(70.7) |
(2.0) |
+2.8% |
|
Taxes & Duties |
(10.2) |
(9.6) |
(0.6) |
+6.7% |
|
Employees Expenses |
(90.6) |
(87.4) |
(3.2) |
+3.7% |
|
Depreciation, amortisation & impairment of fixed assets |
(25.2) |
(24.5) |
(0.7) |
+3.0% |
|
Other current, income & current operating expenses |
(6.5) |
(4.2) |
(2.3) |
+56.1% |
|
Current Operating Income |
15.5 |
19.3 |
(3.9) |
-19.9% |
|
Other non-current income & operating expenses |
(1.0) |
0.7 |
(1.7) |
- |
|
Gain (loss) on the sale of consolidated expenses |
- |
- |
- |
- |
|
Impairment of non-current assets |
- |
- |
- |
- |
|
Non-current Operating Income |
(1.0) |
0.7 |
(1.7) |
- |
|
Operating Income |
14.5 |
20.0 |
(5.6) |
-27.9% |
|
Financial Income |
(1.0) |
(1.5) |
0.4 |
- |
|
Income before tax |
13.4 |
18.6 |
(5.1) |
-27.7% |
|
Corporate Income |
(5.6) |
1.0 |
(6.7) |
- |
|
CVAE Taxes |
(0.4) |
(0.7) |
0.2 |
- |
|
Income after Tax |
7.4 |
18.9 |
(11.6) |
-61.1% |
|
Shares in earnings of equity-accounted associates |
(0.2) |
(0.1) |
-0.2 |
- |
|
Total Net Income |
7.1 |
18.8 |
(11.7) |
-62.2% |
|
o/w Group’ share |
5.1 |
16.7 |
(7.5) |
|
|
EBITDA (*) |
41.0 |
42.7 |
(1.7) |
-4.0% |
|
Margin EBITDA / Turnover |
18.6% |
19.8% |
|
-1.2 pt |
(*) considering the application of IFRS 16 which has the
automatic effect of improving EBITDA by € 7.6 M in H1 2024 and by €
6.9 M in H1 2023.
Taxes and Duties represent an expense of € 10.2
M compared to € 9.6 M in the first half of 2023.
The increase in depreciation and amortization on
fixed assets, up +3.0% to € 25.2 M, reflects the resumption of a
robust investment program in the Group’s establishments.
Other current operating income and expenses
represent a net expense of - € 6.5 M compared to - € 4.2 M in the
first half of 2023. This development is explained in particular by
the provision relating to the multisite jackpot, which has not been
won since March 2023.
Operating income stands at € 14.5 M compared to
€ 20.0 M in HY 2023 and income before tax at €13.4 M compared to €
18.6 M in HY 2023.
The consolidated net income for the half-year is
a profit of € 7.1 M compared to € 18.8 M as at 30th April 2023, of
which the Group’s share is a profit of € 5.1 M compared to € 16.7 M
on 30th of April 2023.
Balance Sheet
Total net assets as of 30th April 2024 represent
€ 825.3 M compared to € 804.3 M as of 31st October 2023. The
noteworthy changes over the period are as follows:
- an increase in non-current assets
of € 33.6 M mainly due, to the net increase in property, plant and
equipment of € 31.7 M, essentially made up of the rental management
contract of the Cannes 3.14 Casino (€ 6.5 M) retreated according to
IFRS 16 in respect to its moving set-up for coming autumn, within
the premises of the Palm Beach and to the volume of the current
investments in the casinos of La Tour-de-Salvagny (€ 6.3M),
Middelkerke (€ 5.8 M), Divonne (€ 3.8 M), 3.14 Cannes (€ 2.7 M),
Vichy (€ 1.1 M), Annemasse (€ 1.1 M), St Amand-les-Eaux (€ 1.0 M)
and Contrexéville (€ 0.8M) as well as the Plage 314 (beach) (€ 1.0
M);
- a decrease in current assets of €
12.6 M, mainly due to consumption of cash of € 27.5 M offset by an
increase in the item "customers and other debtors" of € 14.0
M.
On the liabilities side, shareholders' equity,
including minority interests, went from € 366.9 M at 31st October
2023 to € 367.3 M at 30th April 2024, including a profit for the
period of € 5.1 M for the Group share and € 2.0 M for minority
interests.
The financial debt at 30th April 2024, increased
by € 11.8 M (current & non-current shares) compared to 31st
October 2023, taking into account:
- The 2 quarterly deadlines of the
syndicated loan paid on 31st January 2024 and 30th April 2024 for
an aggregated amount of - € 5.4 M, as well as other banking debts
for € 9.1 M;
- The setting up of new bank loans
for + € 18.2 M;
- as well as flows related to leases
treated according to IFRS 16.
Financial structure – Summary of net
debt
The Group's financial structure can be assessed
using the following table (constructed in accordance with the terms
of the syndicated loan agreement, based on the former IAS 17
standards, excluding IFRS 16).
|
In €M |
30/04/24 |
31/10/23 |
30/04/23 |
|
Equity |
367.3 |
366.9 |
369.0 |
|
Gross Debt* |
171.0 |
167.6 |
166.4 |
|
Cash less gaming levies |
89.8 |
113.8 |
127.8 |
|
Net Debt |
81.2 |
53.9 |
38.6 |
|
Ratio Net Debt / Equity (« gearing ») |
0.2x |
0.1x |
0.1x |
|
Ratio Net Debt / Consolidated EBITDA
(« leverage »)** |
1.3x |
0.8x |
0.5x |
(*) The gross deb includes bank borrowings, bond
loans and restated leases, accrued interest, miscellaneous loans
and financial debts, bank loans and financial instruments.
(**) The consolidated EBITDA used to determine
the “leverage” is calculated over a rolling 12-months period,
according to the old IAS 17 standard (that is to say before
application of IFRS 16), at namely € 61.9 M at 30/04/2024, € 64.3 M
at 31/10/2023 and € 72.4 M at 30/04/2023.
Glossary
The "Gross Gaming Revenue" corresponds to the
sum of the various games operated, after deduction of the payment
of the winnings to the players. This amount is debited by the
"levies" (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» becomes the "Net
Gaming Revenue" after levies, which is a component of the
turnover.
“Current Operating Income” (COI) includes all
expenses and income directly related to the Group's activities to
the extent that these elements are recurrent, usual within the
operating cycle or that they result from specific events or
decisions pertaining to the Group's activities.
“Consolidated EBITDA” (EBITDA) is made up of the
balance of income and expenses of the current operating income,
excluding depreciation (allocations and reversals) and provisions
(allocations and reversals) related to the Group’ business activity
included in the current operating income but excluded from Ebitda
due to their non-recurring nature.
- Half-year results H1 2024
Groupe Partouche (LSE:0R62)
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