Latest News
1st half-year 2018/2019 Income Good operating and financial performances Continuation of the investment programme
Reading Time: 7 minutes
During the meeting it held on 25th of June 2019 and after having reviewed the management report of the Executive Board, the Supervisory Board examined the audited accounts for the first half of the 2018-2019 financial year (November to April).
Good operating and financial performance together with a solid financial situation
The good performance of the activity over the half-year materialized by a Gross Gaming Revenue (GGR) of €329.4M up by + 4.7% and a turnover of € 221.9 M up by + 5%.
The Group’ EBITDA increased by + 13.2 % reaching € 44.8 M (i.e. 20.2% of the turnover) compared with € 39.6 M (i.e. 18.7%) of the 1st HY 2018.
The current operating income (COI) strongly correlated with the activity, reached € 23.3 M (+17%). This performance is essentially due to the casinos and other activities sectors.
The COI of the casinos sector has increased by € 1.8 M reaching € 27.1 M. This should be highlighted because it takes into consideration the full impact over the period of the increase in CSG as at 1st of January 2018 (€ 0.7 M during 1st HY 2019, this impact being over only 4 months at 1st HY 2018) together with the payment at the beginning of the year of the tax-free premium, called “Prime Macron”, for an amount of € 0.4 M.
In addition, the operational reconfigurations carried out on several sites bear fruit: COI of La Ciotat PleinAir casino is up by + 0.8%, of Cannes 314 casino + 1.1% and of Forges-les-Eaux casino + 0.8%. At the same time, the renovations of the Pasino at Aix-en-Provence, whose first phase was completed in early April 2019, continued to weigh on its profitability.
For the 1st HY 2019, the negative impact of the COI “Other activities” is more limited – € 2.3 M (versus – € 3.9 M for 1st HY 2018) thanks in particular to savings in advertising costs (end of sponsoring of the LOSC Club in Lille)
Finally, the COI of the Hotels sector is steady at – € 1.4 M, despite the renovation works carried on over the period.
The non-current operating income represents a net expense of – € 1.9 M that takes into consideration the estimated cost of restructuring the Pasino Aix-en-Provence together with the cessation of the activity at the Hotel 3.14 Cannes (still closed)
Finally, the net income amounted to € 16.6 M, up by + 25% (+ € 3.3 M) after taking into account a more limited negative impact of the financial income of – € 0.4 M pertaining to the decrease in net interest expense over the period and a tax expense (including CVAE) of € 4.2 M.
The Group’s financial structure remains very healthy with a cash position of € 67.0 M, shareholders’ equity of € 382.9 M and a net financial debt of € 90.6 M.
RECENT EVENTS AND OUTLOOK
Launching of PasinoBet, an online sports betting platform
At the end of the HY, Groupe Partouche launched its online sports betting platform in France, PasinoBet, which offers a wide range of sports: football, basketball, tennis, rugby, etc. Regarding the technology component, the Group has entered into a partnership with BetConstruct, a company specialized in providing a complete sports betting solution (quotes comparator, statistical tools to analyze the performance of sports teams, live streaming service and a complete platform dedicated to sports betting).
Divestment of the minority stake held in Palm Beach Cannes Côte d’Azur
On 19th of June 2019, Groupe Partouche sold for € 11.5 M (securities and receivable) the 49% minority stake it still held in Palm Beach Cannes Côte d’Azur, which owns Cannes Balnéaire. As provided by the current safeguarding protocol, 50% of the net proceeds of the divestment were allocated to the compulsory prepayment of the lenders of the syndicated loan.
Public concession at Boulogne-sur-Mer
The public service concession of the Boulogne-sur-Mer casino comes to an end on 27th of June 2019.
Following the early termination of the convention of occupation of the public domain that should run until 2035, Partouche Immobilier has requested a compensation of € 12.4 M.
Upcoming events:
3rd quarter financial information: Wednesday 11th of September 2019, after Paris stock market close
4th quarter turnover: Wednesday 11th of December, after Paris stock market close
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, hotels, restaurants, spas and golf courses. The Group operates 43 casinos and employs nearly 4,500 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 : FR0000053548 – Reuters : PARP.PA – Bloomberg : PARP:FP
FINANCIAL INFORMATION
Annex
Consolidated Income
In €M – At 30 April (6 months) | 2019 | 2018 | ECART | Var. |
Turnover | 221..9 | 211..3 | 10.6 | +5.0% |
Purchases and external expenses | (76.2) | (71.5) | (4.7) | 6.5% |
Tax and duties | (9.8) | (10.1) | 0.3 | -3.2% |
Employee expenses | (88.4) | (87.2) | (1.2) | 1.4% |
Depreciations, amortisations & impairments of fixed assets | (21.8) | (20.6) | (1.2) | 6.0% |
Other current operating income & expenses | (2.4) | (2.0) | (0.4) | 20.8% |
Current Operating Income | 23.3 | 19.9 | 3.4 | +17.0% |
Other non-current operating income & expenses | (1.9) | (0.6) | (1.3) | 227.7% |
Other current operating income & expenses | – | – | – | – |
Impairment of non-current assets | – | – | – | – |
Non-current Operating Income | (1.9) | (0.6) | (1.3) | 229.3% |
Operating Income | 21.4 | 19.3 | 2.1 | +10.8% |
Financial Income | (0.4) | (0.9) | 0.5 | -58.0% |
Income before tax | 21.0 | 18.4 | 2.6 | +14.3% |
Corporate income tax | (2.3) | (2.4) | 0.1 | -4.6% |
CVAE tax | (1.9) | (1.5) | -0.4 | 24.3% |
Income after tax | 16.9 | 14.5 | 2.4 | +16.4% |
Share in earnings of equity-accounted associates | (0.3) | (1.2) | 0.9 | -74.2% |
Total Net Profit | 16.6 | 13.3 | 3.3 | +24.6% |
o/w Group’s share | 13.1 | 9.7 | 3.4 | 35.0% |
EBITDA | 44.8 | 39.6 | +5.2 | +13.2% |
Margin EBITDA / Turnover | 20.2% | 18.7% | +1.5 pt |
The item Purchases & external expenses increased by + € 4.7 M (+6.5%), mainly impacted by:
- the evolution of subcontracting expenses (+ € 4.0 M), mainly due to the increase in charges related to online licenses in Belgium, corresponding to the + € 4.8 M increase in sales generated by this activity (casino and sports betting)
- an increase in the expenses of Pornic Casino (+ € 0.9 M) due to the transfer of the activity to the new premises.
- in the opposite direction, the Advertising item decreased by € 0.9 M with the end of the LOSC sponsorship.
The item Employee expenses amounted to € 88.4 M, a € 1.2 M increase mainly due non-recurrent expenses: payment of the « prime Macron » (€ 0.4 M) and expenses related to the reorganization of some subsidiaries, notably the new Pornic Casino (€ 0.6M).
Given the sustained investment program implemented over the last years, depreciation and amortization of fixed assets increased by 6.1% to € 21.8 M.
Other current operating revenue and expenses represent a net expense of € 2.4 M versus € 2 M for the 1st HY 2018. This increase is due to variations in provisions.
The non-current operating income represents a net expense of – € 1.9 M that takes into account the estimated cost of the restructuring on going in Pasino d’Aix-en-Provence and of the shutdown of the Cannes 3.14 Hotel (still closed).
Operating income reached € 21.4 M up by + 10% over one year
The item financial income amounted to – € 0.4 M (versus – € 0.9 M for 1st HY 2018). Net financial expenses decreased thanks to a slightly lower half-yearly average interest rate and the maturity of the interest rate hedge at the end of 2018.
Income before tax amounted to € 21 M versus € 18.4 M for the 1st HY 2018.
The tax expense (CVAE included) amounted to € 4.2 M, compared to € 3.9 M in 1st HY 2018.
The item Share in earnings of equity-accounted associates is a deficit of € 0.3 M relating to Palm Beach Cannes Côte d’Azur, the divestment of the Group’s minority interest was finalized on 19th of June 2019.
The net income of the 1st HY is a profit of € 16.6 M versus € 13.3 M in 1st HY 2018, of which € 13.1 M Group’s share (compared to € 9.7 M in 1st HY 2018)
Balance Sheet
At 30th of April 2019, the Total Net Assets are globally stable and represent € 714.7 M compared to € 722.1 M at 31st of October 2018. During the period under review, the main evolutions are:
- a decrease in non-current assets of € 7.9 M following the reclassification in “Assets held for sale” of the €10.5 M receivable held by Palm Beach Cannes Côte d’Azur (sale of the minority stake of the Group finalized on 19th of June 2019), and the reduction of tax debts (notably related to the end of the CICE mechanism). Conversely, the € 5.9 M increase in “Property, plant and equipment” mainly consists of the volume of investments and amortization expense;
- a decrease in current assets of € 10 M, mainly due to a cash flow of € 12.8 M (see comments on the flow sheet).
On the liabilities side, shareholders’ equity, minority interests included, increased by € 11 M compared with 31st of October 2018 and thus reached € 382.9 M as at 30th of April 2019.
The € 19.7 M reduction in financial debt (or gross debt) takes into account:
- the annual maturity of the syndicated loan settled on 15th of December 2018 for € 20.1 M;
- the provision of the last part of the real estate leasing following the completion of the construction of the Pornic Casino, then its first amortization, for a net amount of € 2.8 M;
- the setting up of new bank loans for € 5.0 M;
- The reimbursement of other bank loans for € 7.2 M.
Financial structure – Summary of net indebtedness
In €M | 30/04/2019 6 months | 31/10/2018 12 months | 30/04/2018 6 months |
Equity | 382.9 | 371.9 | 378.4 |
Consolidated EBITDA | 44.8 | 64.1 | 39.6 |
Gross debt (*) | 157.5 | 177.2 | 150.6 |
Available cash less gaming levies | 67.0 | 79.7 | 81.6 |
Net debt | 90.6 | 97.5 | 69.0 |
Net debt to equity (« gearing ») | 0.2x | 0.3x | 0.2x |
(*) Gross debt includes bank borrowings and restated capital leases, accrued interest, miscellaneous borrowings and financial debt, banking facilities and financial instruments.
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.
Current operating income (COI) combines all of the income and expenses directly related to the Group’s businesses to the extent that these items are recurring, usual items of the operating cycle or that they result from ad hoc events or decisions related to the Group’s operations.
Consolidated EBITDA comprises the balance of the income and expenses items constituting current operating income, excluding depreciation and amortisation and provisions relating to the operating cycle and one-off items relating to the Group’s activities that are included under current operating income but are excluded from EBITDA given their non-recurring nature
Attachment
Source: GlobeNewswire
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: 1st half-year 2018/2019 Income Good operating and financial performances Continuation of the investment programme
Latest News
ACR POKER ANNOUNCES TEAM ONLINE CHAMPIONSHIPS HOME GAME STARTING THURSDAY, FEBRUARY 6TH
Play weekly with your favorite ACR Team Online members and win your way into an exclusive cash game alongside them
Players eager to take on ACR Team Online members every week will now have the opportunity as ACR Poker launches its first-ever ACR Team Online Championships, a brand-new online home game series kicking off on Thursday, February 6th.
The ACR Team Online Championships home game takes place on the first three Thursdays of each month—this February on the 6th, 13th, and 20th—and features a guaranteed prize pool of $1,500 and a buy-in of just $2.20.
Participants will compete against ACR Poker’s Team Online members:
- Evan ‘Gripsed’ Jarvis,
- Mark ‘Weazel_1991’ Rubbathan,
- Svitlana ‘Svetarik’ Dryha,
- Oskar ‘Deckflow’ Ojaveer,
- and recently signed Irish poker pro Conor ‘Ccoonnoorr’ O’Driscoll.
“The ACR Team Online Championships are a great way for the poker community to come together, have some fun, and interact with us on a whole new level,” said O’Driscoll. “I can’t wait to dive in and see who steps up to the challenge.”
Players that make it to the Final Table each Thursday will be entered into a random drawing, streamed live on the ACR Show on ACR Poker’s Twitch channel the following Friday. If selected, the winner will receive $1,000 to participate in a private, streamed $5/10 cash game table on the final Saturday of each month.
The excitement will really peak during the cash game as players battle it out against ACR Team Online members, who will have their own single $1,000 buy-in. The game will conclude once three players remain or after two hours of play. All remaining players will have the opportunity to cash out their winnings.
To learn more about the ACR Team Online Championships, visit acrpoker.eu.
The post ACR POKER ANNOUNCES TEAM ONLINE CHAMPIONSHIPS HOME GAME STARTING THURSDAY, FEBRUARY 6TH appeared first on European Gaming Industry News.
Latest News
BetMGM Boosts Customer Engagement and Retention with Enteractive
Enteractive, the premier player conversion and reactivation service provider, has announced its latest partnership with BetMGM, a leading iGaming and sports betting operator.
With a focus on sustainable growth and player engagement, BetMGM continues to innovate in the competitive online gambling sector.
This partnership will enhance BetMGM’s existing CRM strategies with targeted reactivation campaigns aimed at converting non-funded registrations and re-engaging lapsed accounts across its U.S. markets.
Claus Hansen, Senior Director, CRM at BetMGM, shared his enthusiasm about the collaboration: “Enteractive’s expertise in one-on-one player engagement is a game-changer for us. Their unique approach allows us to re-engage specific audience segments that may not respond to traditional CRM methods, ultimately driving higher retention and increasing player lifetime value.”
Enteractive is the industry leader in player conversion and reactivation, boasting over 17 years of experience engaging millions of players worldwide. The company is recognized as having one of the most advanced and efficient customer engagement tools in the iGaming and sports betting sectors.
Mikael Hansson, CEO of Enteractive, commented, “BetMGM’s decision to partner with Enteractive underscores our commitment to enhancing player engagement and retention in the U.S. market. We’re excited to contribute to their success by driving conversions and reactivations, ensuring a stronger and more loyal player base.”
Over the past years, Enteractive has interacted with 50,000 customers per day, supported by its Reactivation Cloud software. A unique, person to person approach, bringing substantial revenues to multinational operators in Europe, USA and rest of the world.
Hansson concluded, “Our personalized and sustainable engagement strategies are key to unlocking long-term player loyalty and revenue growth. We’re eager to support BetMGM in strengthening its position as a leader in the U.S. online gaming industry.”
The post BetMGM Boosts Customer Engagement and Retention with Enteractive appeared first on European Gaming Industry News.
Latest News
ZITRO ARRIVES AT PLAYCITY CASINOS MÉRIDA WITH CONCEPT AND NEW GAMES
The prestigious Mexican casino PlayCity Mérida is elevating its entertainment offer with the arrival of Zitro’s CONCEPT cabinet line, which is reaping great success in multiple markets.
Alongside this, players can enjoy new titles such as Legendary Sword, Fairyland Quest, Triple Charm Journey, and Lucky Vault, all designed to cater to a wide range of players.
In Legendary Sword, players embark on an epic adventure in a medieval world, where the Magic Sword paves the way to achieve Honor and Glory. The game is played on a large 6×5 reel set, enhanced by different combinations of features such as “Honor,” which multiplies prizes; “Glory,” which grants additional spins; and the “Magic Sword,” which doubles all the prizes in its column.
For its part, Fairyland Quest transports players to an enchanted forest full of surprises. The Magic Mushrooms give access to a different bonus each, while the enchanted Fairy gives you a special bonus that doubles the playing area, offering a magical and different experience.
Triple Charm Journey surprises with features such as “Rise,” which increases winnings with each spin until the end of the bonus; “Collect,” which accumulates the values of Link symbols; and “Enigma,” which multiplies its value and that of some Link symbols on the screen.
Finally, Lucky Vault challenges players to open 3 colorful vaults, which grant additional rewards in both the base and free games. In Free Games, the “Multiplier” feature grants Wild Multipliers and the “Bank” feature, the Mega, Super, Minor, or Mini jackpots, by collecting the matching symbols. The player can unlock their corresponding Jackpot values with 4 identical Minor/Mini symbols or 5 identical Mega/Super symbols.
José Fernando López, product manager of PlayCity Casino, commented: “The CONCEPT cabinets have had an outstanding performance, and it is to be expected when you combine new games with superior graphic quality, a unique design, and innovative game mechanics. Having a product like this has helped us position PlayCity as a preferred destination for entertainment in Mérida.”
For his part, Johnny Viveiros Ortiz, founder of Zitro, affirmed: “It is a pleasure to see how our CONCEPT cabinet line and games continue to gain ground in Mexico. We are confident that these additions will continue to provide memorable experiences to players at PlayCity Mérida and throughout the country.”
The post ZITRO ARRIVES AT PLAYCITY CASINOS MÉRIDA WITH CONCEPT AND NEW GAMES appeared first on European Gaming Industry News.
-
Latest News3 months ago
India’s top gamers Jonathan & TechnoGamerz to face off in eFootball showdown at DreamHack India 2024
-
Latest News3 months ago
The 2024 PUBG MOBILE Global Championship (PMGC) Grand Finals Arrive in London!
-
Latest News1 month ago
GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
-
Latest News3 months ago
Mortal cements his name as face of Indian gaming, wins ‘Content Creator of the Year’ at global Esports Awards 2024
-
Latest News2 months ago
Abios powers upcoming gaming media platform Apollo with in-play statistics for League of Legends
-
Latest News3 months ago
Booming Games Partners with Hollywoodbets to Launch Immersive Slots Games in South Africa
-
Latest News3 months ago
Mythpat, GamerFleet, Piyush Joshi Gaming: India’s popular Minecraft Players Gear Up for the Ultimate Battle in Creators Rumble
-
Latest News3 months ago
MelBet Appoints Bollywood Actress Sherlyn Chopra as its New Brand Ambassador
You must be logged in to post a comment Login