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La Française des Jeux (FDJ) announces its results for the first half of 2020

Published

4 months ago

July 31, 2020

George Miller

La Française des Jeux (FDJ) announces its results for the first half of 2020

Reading Time: 14 minutes

The good momentum in stakes seen in the early part of the year (increase of 5% until mid-March) was halted by the consequences of the Covid-19 epidemic (decline of nearly 60% over the two months of lockdown). The gradual recovery since the lifting of lockdown in mid-May has accelerated with the gradual resumption of sporting competitions, including most of the national football championships in Europe, and the return of Amigo on 8 June. As such, the decline in stakes was limited to 18% over the half-year compared with the first half of 2019. They totalled €6.9 billion, breaking down as:

Lottery stakes down 13% at €5.8 billion:
- Of which -15% for draw games to €2.2 billion and -11% for instant games to €3.6 billion;
- A 50% increase in online stakes to €0.5 billion.
Sports betting stakes down 39% at €1.1 billion.

Half-year revenue totalled €849 million, down 15% on an adjusted basis,¹ and EBITDA amounted to €174 million, a margin of 20.5%.

For EBITDA, the mechanical impact of the decline in activity was partially offset by the implementation of a large part of the savings plan of more than €80 million for 2020.

From mid-June the Group has returned to an overall level of activity comparable with that of 2019. However, in view of the many uncertainties that remain, the Group does not communicate any business or earnings forecasts for the financial year 2020 as a whole. However, it should be borne in mind that the EBITDA margin for the second half of 2019 benefited from exceptional long lottery cycles, as well as unexpected sporting results, which reduced the player payout ratio in the sports betting segment.

Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ, said: “The Group’s strong mobilisation from the onset of the health crisis and a swiftly implemented cost-cutting plan have limited the impact on the first-half results. For several weeks, we have been recording stakes at a level comparable with that of 2019. Our strategic orientations and the strength of the FDJ model have been confirmed, and we continue to invest to support the development of all our activities.”

The 2019 data used for the following analyses have been adjusted to reflect the new tax regime that came into force on 1st January 2020 and to consolidate Sporting Group over a full year (but without adjustment for long lottery cycles)

Key figures (in millions of euros)

	30 June 2020	30 June 2019 adjusted	Chg. vs adjusted	30 June 2019 published	Chg. vs published
Stakes	6,898	8,454	(18%)	8,420	(18%)
Revenue*	849	995	(15%)	944	(10%)
Recurring operating profit	124	165	(25%)	136	(9%)
Net profit	50			96	(48%)

EBITDA**	174	208	(16%)	177	(2%)
EBITDA/revenue	20.5%	20.9%		18.8%

* Revenue: net gaming revenue and revenue from other activities
** EBITDA: recurring operating profit adjusted for depreciation and amortisation

Activity and results for H1 2020

Stakes of €6.9 billion, down 18.4%

Lottery stakes of €5.8 billion (-12.6%)

Lottery staked amounted to €5.8 billion, with a drop of 11.3% to €3.6 billion for instant games and a drop of 14.6% to €2.2 billion for draw games:

For instant games, the decline can be attributed in large part to the steep decline in footfall in points of sale during lockdown and the lack of activity in the product portfolio during the second quarter;
For draw games, the decrease can be ascribed chiefly to the suspension of Amigo, an express draw game in points of sales from 19 March to 8 June. Adjusted for Amigo, draw games stakes were down only slightly (-1.7%);
Online lottery stakes enjoyed good momentum, with an increase of 50% to €0.5 billion, and a marked acceleration in the second quarter, driven mainly by growth in the number of active players and the almost doubling of new registrations on fdj.fr.

Sports betting stakes of €1.1 billion (-38.8%)

Sports betting stakes totalled €1.1 billion. After a performance in line with objectives at the start of the year, sports betting stakes were impacted by the gradual cancellation of virtually all sporting competitions from mid-March 2020. No major sporting competitions took place during lockdown, which considerably reduced the betting offer. Since mid-May, sporting competitions, particularly football, have gradually resumed, resulting in a very significant resumption in stakes.

Revenue down 14.7% at €849 million

On half-yearly stakes of €6.9 billion (-18.4%), player winnings totalled €4.6 billion (-19.9%), representing a player payout (PPO) ratio of 67.3%, compared with 68.4% in the first half of 2019. The decline in the PPO reflects the change in the betting mix, with a higher share of lottery games. In addition, the sports betting PPO was reduced by unexpected results.

FDJ recorded gross gaming revenue (GGR: stakes less prizes won) down 15.1% at €2.3 billion. Net gaming revenue (NGR: GGR less contribution to the public finances) amounted to €829 million, i.e. 12.0% of stakes, with stability in the rate of public levies on games compared with that of the first half of 2019 at 63.5% of GGR, or €1.4 billion.

The FDJ Group’s revenue amounted to €849 million (-14.7%), compared with €995 million in the six months to end-June 2019.

EBITDA of €174 million, representing a margin of 20.5% on revenue (vs 20.9% in H1 2019)

Contribution margin by activity:

Lottery: contribution margin steady at 32.2%

The contribution margin of the Lottery BU was €219 million, i.e. a decline of €37 million (‑14.4%), for a margin on revenue of 32.2%, vs 33.2% in H1 2019 on the basis of revenue down 12.2% at €679 million.

Cost of sales, mainly the remuneration of distributors, was down 13.6% due to the drop in stakes in points of sale, while the slight increase of 6.6% in marketing and communication expenses to €65 million reflects the continued development of the product offering, partly offset by the reduction in advertising and promotional expenses.

Sports betting: contribution margin of 31.3%, an increase of 7 points due to the low PPO ratio

The Sports Betting BU’s contribution margin was €45 million in H1 2020, almost stable compared with the same period in 2019 (€48 million), i.e. a margin on revenue of 31.3%, up more than 7 points compared with the first half of 2019 (24.3%). Based on a drop of 38.8% in stakes, the lower half-yearly PPO ratio than in the first half of 2019 (73.1% vs 77.7%) helped limit to €50 million the decline in revenue (-25.7%) to €145 million.

The 39.3% reduction in cost of sales reflects trends in stakes, while the 15.8% decline in marketing and communication expenses to €34 million is related to the reduction in advertising and promotional initiatives against the backdrop of a reduced product offering.

Adjacent activities and holding company

Adjacent activities (International, Payments & Services and Entertainment) and the holding company recorded revenue of €24 million, with a contribution margin close to breakeven. Holding company costs amounted to €89 million, down €9 million compared with H1 2019.

EBITDA margin of 20.5%, virtually stable thanks in large part to the implementation of a savings plan of more than €80 million

From the onset of the health crisis and its first effects, the Group implemented a savings plan of more than €80 million for 2020. Two-thirds of the plan, more than half of which covered A&P expenditure, was implemented in H1, helping offset more than half of the decline in activity and thereby helping keep FDJ’s EBITDA margin above 20%.

The Group’s operating expenses were down 12.5% at €725 million, of which:

– Cost of sales of €482 million, down 17.6%, which notably includes the remuneration of €336 million for distributors, down €88 million (-21%), in line with the decline in stakes in the point-of-sale network;

– Marketing and communication expenses of €147 million, down nearly 2%;

– General and administrative expenses of €87 million, down 7%.

Depreciation and amortisation amounted to €50 million, compared with €43 million in H1 2019. Their growth was driven mainly by the amortisation of exclusive operating rights over a full half-year in 2020, compared with a single month in H1 2019.

On those bases, the FDJ Group recorded a recurring operating profit of €124 million (-24.9%) and EBITDA of €174 million (-16.4%), i.e. a margin on revenue of 20.5%, compared with 20.9% in June 2019.

Net income of €50 million including non-recurring items

In the first half of 2020, FDJ recorded other non-recurring operating expenses of €30 million, compared with €7 million in the first half of 2019. They related to Sporting Group, on which FDJ recorded impairment due to its sports betting activity in the United Kingdom.

The financial result for the first half of 2020 (expense of €5 million) reflects the change in the value of part of FDJ’s financial assets in a context of bearish financial markets.

After taking into account a net tax expense of €39 million, down €5 million, the Group’s net profit for the first half of 2020 was €50 million.

Available cash exceeding €800 million and net cash surplus of €298 million at end-June 2020

At the end of June 2020, the Group had more than €800 million in available cash.

The net cash surplus is one of the indicators of the level of net cash generated by the Group. It corresponds mainly to financial investments and gross cash (€1,154 million), less borrowings (€733 million).

As of 30 June 2020, it amounted to €298 million, an increase of €218 million compared with 31 December 2019. The change was mainly attributable to:

– The EBITDA generated over the half-year, plus a dual positive effect on working capital surplus linked on the one hand to the change in the payment schedule for public levies (monthly in 2020 but weekly in 2019) and on the other hand to unclaimed prizes only returned to the State at the end of the year;

– Against which are charged dividends in respect of 2019 and investments for the first half of the year.

For information, the net cash surplus at the end of June cannot be extrapolated to the end of December because there are significant calendar effects on the payments of public levies, including an advance on public levies in December.

A financial presentation is available on the FDJ group’s website
https://www.groupefdj.com/en/investors/financial-publications.html.

FDJ’s Board of Directors met on 29 July 2020 and reviewed the interim consolidated financial statements at 30 June 2020, which were prepared under its responsibility. The limited review procedures on the interim consolidated financial statements have been carried out. The review report of the statutory auditors is being issued.

The Group’s next financial communication

Given the changing nature of the situation, the estimates and forward-looking statement presented by FDJ cannot constitute either a forecast or a target. The Group will announce its stakes and revenue for the September quarter after trading on 14 October and will issue its new 2020 outlook as soon as possible.

About La Française des Jeux (FDJ Group):

France’s national lottery and leading gaming operator, the #2 lottery in Europe and #4 worldwide, FDJ offers secure, enjoyable and responsible gaming to the general public in the form of lottery games (draws and instant games) and sports betting (ParionsSport), available from physical outlets and online. FDJ’s performance is driven by a portfolio of iconic and recent brands, the #1 local sales network in France, a growing market, recurring investment and a strategy of innovation to make its offering and distribution more attractive with an enhanced gaming experience.

FDJ Group is listed on the Euronext Paris regulated market (Compartment A – FDJ.PA) and is included in the SBF 120, Euronext Vigeo France 20, STOXX Europe 600, MSCI Europe and FTSE Euro indices.

For further information, www.groupefdj.com

Appendices

Adjusted 2019 data, with the full-year application of the new tax regime that came into force on 1 January 2020 and the consolidation of Sporting Group over 12 months.

In € million	30 June 2020	30 June 2019 published	Chg. 30 June 2020 vs 30 June 2019 published	30 June 2019 adjusted	Chg. 30 June 2020 vs 30 June 2019 adjusted
Stakes*	6,898	8,420	(18.1%)	8,454	(18.4%)
Attributable to Lottery	5,777	6,609	(12.6%)	6,609	(12.6%)
Instant lottery games**	3,558	4,012	(11.3%)	4,012	(11.3%)
Draw games	2,219	2,598	(14.6%)	2,598	(14.6%)
Attributable to Sports betting	1,108	1,810	(38.8%)	1,810	(38.8%)

Digitalised stakes***	1,391	1,652	(15.8%)	1,652	(15.8%)
Offline stakes	6,269	7,917	(20.8%)	7,917	(20.8%)

* Stakes reflect wagers by players, and do not constitute the revenue of the FDJ Group
** Mainly scratch games (point of sale and online)
*** Digitalised stakes include online and digitalised stakes at the point of sale, i.e. using a digital service/application for their preparation, prior to registration by the distributor

In € million	30 June 2020	30 June 2019 published	Chg. 30 June 2020 vs 30 June 2019 published	30 June 2019 adjusted	Chg. 30 June 2020 vs 30 June 2019 adjusted
Stakes	6,898	8,420	(18.1%)	8,454	(18.4%)
Player winnings	4,646	5,757	(19.3%)	5,799	(19.9%)
*Player payout ratio*	*67.3%*	*68.4%*		*68.6%*
Gross gaming revenue (GGR)	2,253	2,663	(15.4%)	2,654	(15.0%)
*GGR as a % of stakes*	*32.7%*	*31.6%*	3.3%	*31.4%*	4.0%
Net gaming revenue (NGR)	829	933	(11.2%)	976	(15.0%)
*NGR as a % of stakes*	*12.0%*	*11.1%*	8.5%	*11.5%*	4.1%
Revenue	849	944	(10.1%)	995	(14.7%)

Segment reporting

	30 June 2020
In € millions	Lottery BU	Sport Betting BU	Other segments	Holding company	Total before depreciation and amortisation	Depreciation and amortisation	Total Group
Stakes	5,777	1,108	14	–	6,898		6,898
Gross gaming revenue	1,954	298	1	–	2,253		2,253
Net gaming revenue	677	145	6	–	829		829
Revenue	679	145	24	1	849		849
Cost of sales	(395)	(65)	(3)	–	(464)	(18)	(482)
Marketing and communication expenses	(65)	(34)	(21)	(12)	(133)	(14)	(147)
Contribution margin	219	45	(1)	(12)	251	(32)	219
General and administration expenses				(78)	(78)	(18)	(95)

EBITDA					174
Depreciation and amortisation						(50)
Recurring operating profit							124

	BU Loterie	BU Paris sportifs	ABU	Holding	Total avant amort.	Amort.	Total Groupe
Mises	6,610	1,810	34	0	8,454		8,454
Produit Brut des Jeux (PBJ)	2,251	403	0	0	2,654		2,654
Produit Net des Jeux (PNJ)	771	195	9	0	976		976
Chiffre d’affaires	773	195	27	0	995		995
Coût des ventes	-456	-107	-3	0	-566	-19	-585
Coûts marketing et communication	-61	-41	-22	-14	-138	-12	-150
Marge contributive	256	48	2	-14	291	-31	260
Coûts administratifs et généraux				-83	-83	-12	-95

EBITDA					208
Dotations aux amortissements						-43
Résultat Opérationnel Courant							165

	30 June 2019 published
In € millions	Lottery BU	Sport Betting BU	Other segments	Holding company	Total before depreciation and amortisation	Depreciation and amortisation	Total Group
Stakes	6,610	1,810	–	–	8,420		8,420
Gross gaming revenue	2,257	406	–	–	2,663		2,663
Net gaming revenue	759	173	2	–	933		933
Revenue	761	173	11	–	944		944
Cost of sales	(456)	(107)	(1)	–	(564)	(19)	(583)
Marketing and communication expenses	(62)	(40)	(11)	(14)	(127)	(11)	(138)
Contribution margin	243	26	(2)	(14)	253	(30)	223
General and administration expenses				(76)	(76)	(11)	(87)

EBITDA					177
Depreciation and amortisation						(41)
Recurring operating profit							136

Consolidated income statement

In € millions	30 June 2020	30 June 2019 published

Stakes	6,898.4	8,420.0
Player payout	(4,645.5)	(5,756.9)
Gross gaming revenue	2,252.8	2,663.0
Public levies	(1,429.8)	(1,692.4)
Structural allocations to counterparty funds	0.0	(39.1)
Other revenue from sports betting	6.0	1.9
Net gaming revenue	829.0	933.4

Revenue from other activities	19.7	10.5



Revenue	848.6	944.0

Cost of sales	(481.9)	(582.9)
Marketing and communication expenses	(147.5)	(138.1)
General and administrative expenses	(87.0)	(85.6)
Other recurring operating income	0.5	0.4
Other recurring operating expenses	(9.0)	(1.8)

Recurring operating profit	123.8	135.9

Other non recurring operating income	0.2	0.1
Other non recurring operating expenses	(30.3)	(7.3)

Operating profit	93.7	128.7


Cost of debt	(2.1)	(0.8)
Other financial income	5.7	12.2
Other financial expenses	(8.9)	(0.5)

Net financial income/(expense)	(5.2)	10.9

Share of net income for joint ventures	0.5	0.6

Profit before tax	89.0	140.2

Income tax expense	(38.8)	(44.4)

Net profit for the period	50.2	95.9
Attributable to :
Owners of the parent	50.2	95.9
Non -controlling interests	0.0	0.0

Basic earnings per share (in €)	0.26	0.50

Diluted earnings per share (in €)	0.26	0.50

In € millions	30 June 2020	30 June 2019 published	June 2020 vs June 2019 published	30 June 2019 adjusted	June 2020 vs June 2019 adjusted
Recurring operating profit	124	136	(8.8%)	165	(24.8%)
Depreciation and amortisation	(50)	(41)	22.0%	(43)	16.3%
EBITDA	174	177	(1.8%)	208	(16.4%)

Consolidated statement of comprehensive income

In € millions	30 June 2020	30 June 2019 published
Net profit for the period	50.2	95.9
Cash flow hedging, before tax	0.1	0.2
Net investment hedge on foreign activities, before tax	6.6	0.6
Net currency translation difference, before tax	(2.4)	0.3
Tax related to items that may subsequently be recycled	(2.1)	(0.2)
Items recycled or that may subsequently be recycled to profit	2.2	0.9
Actuarial gains and losses	0.3	(3.3)
Others	(0.0)	(0.0)
Tax related to actuarial gains and losses through equity	(0.1)	1.0
Items that may not subsequently be recycled to profit	0.2	(2.3)
Other comprehensive income/(expense)	2.4	(1.4)
Total comprehensive income for the period	52.7	94.5
Attributable to :
Owners of the parent	52.7	94.5
Non-controlling interests	0.0	0.0

Consolidated statement of financial position

In € millions
ASSETS	30 June 2020	31 December 2019 published

Goodwill	28.1	56.4
Exclusive operating rights	363.1	370.7
Intangible assets	162.2	148.3
Property, plant and equipment	385.7	394.0
Non-current financial assets	378.1	584.3
Investments in associates	14.9	14.5
Non-current assets	1,332.1	1,568.2

Inventories	16.3	10.5
Trade and distribution network receivables	385.8	469.8
Other current assets	302.0	314.8
Tax payable assets	6.0	18.9
Current financial assets	354.9	272.2
Cash and cash equivalents	475.6	201.5
Current assets	1,540.6	1,287.8

TOTAL ASSETS	2,872.7	2,856.0

In € millions
EQUITY AND LIABILITIES	30 June 2020	31 December 2019 published

Share capital	76.4	76.4
Statutory reserves	91.7	87.5
Retained earnings (incl. Net profit for the period)	366.2	406.7
Reserves for other comprehensive income/(expense)	1.2	(1.3)
Equity attributable to owners of the parent	535.4	569.2
Non-controlling interests	0.0	0.0
Equity	535.4	569.2

Provisions for pensions and other employee benefits	56.3	56.9
Non-current provisions	48.1	49.3
Deferred tax liabilities	26.1	24.9
Non-current player funds	0.0	0.0
Non-current financial liabilities	568.6	229.7
Non-current liabilities	699.1	360.9

Current provisions	15.9	16.7
trade and distribution network payables	314.1	411.6
Tax payable liabilities	1.0	0.7
Current player funds	176.4	156.6
Public levies	540.6	414.8
Winnings payable and distributable	244.4	189.3
Other current liabilities	180.6	169.6
Payable to the French State with respect to the exclusive operating rights	0.0	380.0
Current financial liabilities	165.1	186.5
Current liabilities	1,638.2	1,925.9

TOTAL EQUITY AND LIABILITIES	2,872.7	2,856.0

Consolidated statement of cash flows

In € millions	30 June 2020	30 June 2019 published

OPERATING ACTIVITIES
Net consolidated profit for the period	50.2	95.9
Change in depreciation, amortisation and impairment of non-current assets	75.9	43.1
Change in provisions	4.1	6.1
Disposal gains or losses	0.2	0.1
Income tax expense	38.8	44.4
Other non-cash items from P&L	(0.2)	0.0
Net financial (income)/expense	5.2	(10.9)
Share of net income from joint ventures	(0.5)	(0.6)
Non-cash items	123.5	82.2
Use of provisions – payments	(6.5)	(4.5)
Interest received	2.5	2.3
Income taxes paid	(25.2)	(31.9)
Change in trade receivables and other current assets	(19.6)	124.2
Change in inventories	(5.7)	(1.9)
Change in trade receivables and other current liabilities	222.9	(56.5)
Change in other components of working capital	(1.6)	(1.5)
Change in operating working capital	196.0	64.3
Net cash flow from/(used in) operating activities	340.6	208.3

INVESTING ACTIVITIES
Acquisitions of property, plant and equipment and intangible assets	(423.2)	(32.4)
Acquisitions of investments	0.0	(111.8)
Disposals of property, plant and equipment and intangible assets	0.1	0.0
Change in current and non-current financial assets	145.3	(50.1)
Disposals of other financial assets	0.0	0.0
Change in loan and advances granted	(26.9)	2.8
Dividends received from associates and non-consolidated share	0.0	0.4
Other	0.5	0.0
Net cash flow from/(used in) investing activities	(304.3)	(191.0)

FINANCING ACTIVITIES
Issue of long-term debt	380.0	113.3
Repayment of the current portion of long-term debt	(8.8)	(4.0)
Repayment of lease liabilities	(4.0)	(2.9)
Dividends paid to ordinary shareholder of the parent company	(83.4)	(118.3)
Interest paid	(4.8)	(0.8)
Other	(0.6)	0.0
Net cash flow from/(used in) financing activities	278.5	(12.7)

Impact of exchange rates change	(0.4)	0.9
Net increase/(decrease) in net cash	314.3	5.5
Cash and cash equivalent as at 1 January	201.5	167.2
Cash and cash equivalent as at 31 December	475.6	179.0
Current bank overdrafts as at 1 January	(40.2)	(7.2)
Current bank overdrafts as at 31 December	0.0	(13.6)

Consolidated statement of changes in equity

In € millions	Share capital	Statutory reserves	Retained earnings (incl. Net profit for the period)	Cash flow hedging	Net investment hedge on foreign activities	Net currency translation difference	Actuarial gains and losses	Reserves for other comprehensive income/ (expense)	Equity attributable to owners of the parent	Non-controlling interests	Total equity
	Share capital	Statutory reserves	Retained earnings (incl. Net profit for the period)	Cash flow hedging	Net investment hedge on foreign activities	Net currency translation difference	Actuarial gains and losses	Reserves for other comprehensive income/ (expense)	Equity attributable to owners of the parent	Non-controlling interests	Total equity
Equity as at 31 December 2018	76.4	85.3	401.1	0.2	0.0	2.1	(1.2)	1.1	563.9	0.0	563.9
*Net profit for the period*			*95.9*						95.9	*0.0*	*95.9*
Other comprehensive income/(expense)				0.2	0.4	0.3	(2.3)	(1.4)	(1.4)		(1.4)
Total comprehensive income/(expense) for the period	0.0	0.0	95.9	0.2	0.4	0.3	(2.3)	(1.4)	94.5	(0.0)	94.5
Appropriation of 2018 profit/(loss)		2.0	(2.0)
2018 dividends paid			(122.0)						(122.0)		(122.0)
Equity as at 30 June 2019	76.4	87.4	372.8	0.4	0.4	2.4	(3.5)	(0.3)	536.2	(0.0)	536.2

Equity as at 31 December 2019	76.4	87.5	406.7	(0.1)	(1.4)	4.1	(3.9)	(1.3)	569.2	0.0	569.2
*Net profit for the period*			*50.2*						*50.2*		*50.2*
Other comprehensive income/(expense)				0.1	4.5	(2.4)	0.2	2.5	2.5		2.5
Total comprehensive income/(expense) for the period	0.0	0.0	50.2	0.1	4.5	(2.4)	0.2	2.5	52.7	0.0	52.7
Appropriation of 2019 profit/(loss)		4.2	(4.2)
2019 dividends paid			(86.0)						(86.0)		(86.0)
Other			(0.6)						(0.6)		(0.6)
Equity as at 30 June 2020	76.4	91.7	366.1	0.0	3.1	1.7	(3.7)	1.2	535.4	0.0	535.4

Net cash surplus

In € millions	30 June 2020	31 December 2019 published
Non-current financial assets at amortised cost	160.0	440.0
Non-current assets fair value through profit or loss	131.3	90.4
Other non-current financial assets excluding deposits	32.4	29.3
Total non-current investments (a)	323.7	559.8
Current financial assets at amortised cost	349.0	253.0
Current financial assets at fair value through profit or loss	5.0	16.1
Current derivatives	0.8	0.9
Total current investments (b)	354.8	270.0
Total current and non-current investments	678.5	829.8
Investments, cash equivalents	185.0	121.2
Cash at bank and in hand	290.7	80.3
Total cash and cash equivalents	475.7	201.5
Total gross investments and cash	1,154.2	1,031.3
Long-term financial debt	546.1	205.0
Non-current lease liabilities	22.0	24.4
Total non-current financial debt (c)	568.1	229.4
Short-term financial debt	27.2	8.2
Current lease liabilities	7.2	7.0
Current derivatives	0.2	0.7
Other	130.5	170.5
Total current financial debt excluding deposits (d)	165.1	186.4
Total financial debt	733.2	415.8
INVESTMENTS AND NET CASH	421.0	615.5
Payable to the French State with respect to the exclusive operating rights	0.0	(380.0)
Reclassification of online players wallets not yet covered by trust	0.0	(26.9)
Restricted cash	(4.5)	(5.3)
Sums allocated exclusively to Euromillions winners	(72.6)	(77.2)
Net liability associated with the permanent fund surplus	(46.1)	(46.1)
NET CASH SURPLUS	297.8	79.9

(a) Non-current investments correspond to non-current financial assets (as set out in the notes to the consolidated financial statements – statement of financial position), excluding Euromillions deposits and guarantee deposits
(b) Current investments correspond to current financial assets (as set out in the notes to the consolidated financial statements – statement of financial position), excluding given deposits and guarantees
(c) Long-term financial debt corresponds to non-current financial liabilities (as set out in the notes to the consolidated financial statements – statement of financial position), excluding received deposits and guarantees
(d) Short-term financial debt corresponds to non-current financial liabilities (as set out in the notes consolidated financial statements – statement of financial position)

———————————————

¹ Restated to reflect the new tax regime that came into force on 1 January 2020 and consolidating Sporting Group on a full-year basis. Based on 2019 reported figures, half-year revenue would have been down 10%.

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: La Française des Jeux (FDJ) announces its results for the first half of 2020

Related Topics:gambling industry in Europe

George Miller

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Team Vitality Launches in India

Published

1 day ago

December 4, 2020

George Miller

Reading Time: 3 minutes

Team Vitality, the leading esports teams in Europe, today officially announces the launch of its India operations. The expansion sees Team Vitality plant roots in Mumbai, and partner with some of the biggest content creators in India, including YouTube sensation Nischay Malhan. The organisation first raised the prospect of a significant presence in India earlier this year, and launched its Indian social media last month. Today marks the reveal of Team Vitality’s first plans for the expansion, as it furthers its commitment to the growth of esports and gaming in the region.

Team Vitality’s immediate focus is on building its local presence and community in order to establish a deeper connection with its fans in India. Team Vitality has partnered with gaming content creators Nischay Malhan, Rachit Yadav, Nitin Chougale and Saloni Kandalgaonkar whose respective YouTube channels i.e. Live Insaan, Rachitroo, Classified YT, and Mili kya Mili, have a combined following of 1 crore (10 million). The content creators will host a variety of engaging events and contests across their social media channels, as well as on Team Vitality India’s Facebook and Instagram pages.

Following Team Vitality’s first move into the Indian gaming space, the organisation is committed to creating a purely competitive branch in 2021, with the ambition of becoming the best esports organization in the region. Further details on the competitive expansion will be revealed soon, following the initial launch which will see the team build a robust foundation and community in India.

Headquartered in Paris, France, Team Vitality is home to eight top performing teams across nine games, and over 50 athletes from 13 nationalities. With its presence in India, Team Vitality is poised to help the country’s gaming enthusiasts unlock their competitive potential. Team Vitality’s Counter-Strike: Global Offensive (CG:GO) roster recently took the No.1 position in HLTV World rankings, establishing themselves as the best team in the world. The organisation is one of only ten teams in the League of Legends European Championship (LEC) franchise and reached the World Championship in 2018, and its Rocket League team won the 2019 World Championship. In addition, Team Vitality is partnered with mainstream brands across an array of industries such as Red Bull, Corsair, adidas, Renault, etc.

CEO of Team Vitality, Nicolas Maurer, speaking on the occasion said, “Team Vitality constantly strives to build winning teams on the international stage. Our entry into India is a big milestone for us and part of our endeavour to conquer the world of esports. Our mission here is to not just build professional teams but to also make ourselves the most aspirational esports brand in the country. We’re very keen to engage with our fans in India via our content creators before competing in the biggest local tournaments with our incoming professional teams.”

Amit Jain, Principal of the Rewired.gg, venture fund that has invested €34 into Team Vitality, commented, “We believe that esports is one of the world’s fastest growing industries today with India having a huge untapped base of gaming talent just waiting to be discovered. The continuous success of Team Vitality promises a huge opportunity for growth in this market. We are well on our way to building one of the world’s first billion-dollar esports teams.”

Randall Fernandez, General Manager, Team Vitality India, commented, “This is an interesting time to enter India and the arrival of Team Vitality is welcomed with great optimism and excitement. With professional esports significantly picking up in India, our approach will include finding new talent at a grassroots level and offering them the opportunity to join Team Vitality. We will then focus on bringing their performance up to the standard of our global esports athletes, not least at our world-class V.Hive HQ in Paris and our resident training facilities at the Stade de France. Expect to see new Indian esports stars winning tournaments as part of Team Vitality very soon.”

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: Team Vitality Launches in India

Latest News

Week 49/2020 slot games releases

Published

1 day ago

December 4, 2020

George Miller

Reading Time: 8 minutes

Here are this weeks latest slots releases!

Yggdrasil, the leading global publisher of online gambling content, has partnered with AvatarUX to launch the latest game of its popular Popwins series, BountyPop. The exhilarating win-all-ways game, produced through the supplier’s YG Masters program, is packed with fun-filled features including expanding reels, random multipliers, free spins and no less than three Bonus Wheels. BountyPop offers players an astonishing 59,049 ways to win in this captivating slot game that utilises AvatarUX’s cutting-edge Popwins mechanic.

Kalamba Games has launched a festive edition of its smash-hit Griffin’s Quest, just in time for the Christmas period. Kalamba’s hugely popular title released earlier this year has been given a yuletide makeover, with the main character, the Mighty Griffin, adorning twinkling Christmas lights to give players an extra festive experience. Set in a snow-covered landscape, Griffin’s Quest – X-mas Edition comes with all the features that made Griffin’s Quest one of Kalamba’s most successful title launches this year.

Tuned with the winter season, the newest CT Gaming Interactive slot game Winstorm takes on an exciting journey filled with stormy and thrilling experiences. The journey will lead players through a strong storm that offers many winning opportunities. When the hurricane expands on the screen, it starts revealing additional wilds in form of diamonds and Scatters pictures as a tornado on the reels. Winstorm is 5 reels and 30 pay lines cascading reels game and the winning symbols are replaced with new symbols which means players can win another turn without taking any actions.

Relax Gaming, the igaming aggregator and supplier of unique content, has released its slot game, Frequent Flyer, to its entire network of operators following a successful six-month period of exclusivity with Kindred. The 6-reel, 40-fixed win line slot begins at an airport, where players try to land five Split Flap symbols to reveal a destination and fly off to the Jetsetter Free Spins bonus round, where each location offers its own number of free spins, multipliers and wilds. A passport stamp is awarded every time a destination’s bonus round is triggered, unlocking the Frequent Flyer Free Spins when all have been collected to send win potential rocketing to new heights.

GAMING1 has released a thrilling new game, Dice of Mystery. The enthralling journey through the ages features WILD dice, which replace all other dice including the Bonus, with the most fortunate gamblers rewarded with a column of three WILD Dice to place wherever they please. The game’s immersive Treasure Wheel bonus offers multiple rewards, including the chance to uncover the secrets of the Book of Mystery by winning one to five Mystery games, or locate the holy pages providing 10 or 30 Mystery games. Players can also decline the bonus up to four times in order to spawn exciting new opportunities to enter the Mystery round, where the potential for huge wins increases significantly for time-travellers in pursuit of ancient gold.

Wazdan is inviting players to feast their eyes on the jewel-filled world of its latest title, Gem Splitter. The 5×3 title features the game provider’s innovative Multiways mechanic, which offers a fantastic 59049 ways to win, alongside a Symbol Splitter Feature that can increase the number of elements in the winning combination from 5 up to 15! Above the reels on the left a random symbol is displayed whilst on the right the game shows how the symbol will be split, be it vertically or horizontally, and into how many new symbols, with five different varieties possible.

FBM gets a massive new achievement in its slots´ offer by launching the first Multi-Game product. Catch the Gold, RacinGo – Wild, Underwater Riches and Kingdom Gems are the four spin reel adventures now available to play in the same cabinet, providing a different gaming experience to the players. The global gaming brand is now installing Multi-Game in the first casinos in Mexico as a meaningful step of an international expansion strategy that will take place during the next few months.

Green Jade Games, the progressive Game developer, has launched its first branded game after partnering with REDNEX, the multi-platinum artist from Sweden behind the iconic Cotton Eye Joe song. Rednex K.O has been designed to get player’s tapping their feet as they spin the reels and land potentially big wins. The slot comes hooked up to Green Jade’s innovative Knock Out engine which allows players to knock symbols making the gambling experience much more engaging.

Play’n GO has added a new addition to their popular Joker series of slot games, the 3-reel slot Ice Joker. The Joker series of games is one of many games ‘families’ that Play’n GO has produced in order to create a more captivating experience for players. Described as ‘creating the next level of slot entertainment’, these series’ have given players, not just great gaming but, as well as creating first-class entertainment, they also invest in the intellectual properties of their stories. That means developing rich characters, stories and worlds that people connect with and immerse themselves in.

Inspired Entertainment, Inc is pleased to announce the launch of Bonus Island, a pirate-themed online and mobile slots game. Delivering a visually striking and entertaining slot experience, Bonus Island takes players on a journey to discover the latest in thrilling game mechanics. With an enhanced portrait-play version, Bonus Island is a cascading video slot with six reels, five rows, and 15,625 ways to win. Bonus Island incorporates the latest in graphic design and back-end game development to deliver an adventure-filled exploration of riches and treasures through mega bonuses and up to 15,625 ways to plunder big cash prizes, all set to a swashbuckling soundtrack.

Pragmatic Play, a leading content provider to the gaming industry, has issued a call to arms in its latest hit, Spartan King. The 5-reel, 40-payline slot transports players to Ancient Greece as players look to defend the King and return home with their well-earned battle loot. The King is a regular-sized Wild on the reels, while the Shield symbol will take a 2×2 position on the grid, substituting for any symbol and also acting as a Wild. To trigger the Free Spins mode, three or more Bonus symbols must appear on the reels, where players are granted up to 12 free spins. During the Bonus Round, any Shield symbols that land will also have a random multiplier attached of up to 25x.

NetEnt has given a festive makeover to one of its greatest hits, Aloha! Cluster Pays, to mark the start of the holiday season. Aloha! Christmas is a 6-reel, 6-row video slot featuring the famous Cluster Pays and Sticky Re-spins mechanics, along with new Mystery and Multiplier Wild symbols that bring extra excitement to the main game. Increased winning potential is also offered by the bonus rounds – Tiki Bar Free Spins and Tiki Bar Max Free Spins – which complement the original gameplay with added action and prizes. With an RTP of 96%, Aloha! Christmas offers players the chance to escape the cold this winter for a feature-packed slot adventure set against the sandy shores of Hawaii.

Playson has launched its latest engaging slot game, Legend of Cleopatra: Megaways, the first title from the company to feature the player-favourite gaming mechanic. The original hit, which invites players to uncover riches buried in the sands of ancient Egypt, has now been enhanced to provide time-travelling gamers with even more ways to discover prizes fit for a Pharaoh. Including Megaways within this Egyptian adventure now offers up to 200,704 ways of winning from each spin. Playson has also upped the ante with a collapsing symbols mechanic, meaning that winning combinations are replaced by new symbols.

Yggdrasil, the leading worldwide publisher of online gambling content, has released its swashbuckling slot game, Pirates 2: Mutiny. Sail the seven seas to plunder the treasure buried in the reels of this fun-filled and captivating slot with the chance to win big. Pirates 2: Mutiny comes packed with features to help you bag the booty of the menacing brigands and bandits drifting around the briny depths of this innovative game. There are no win lines in Pirates 2: Mutiny. Instead, players win when a cluster of six or more symbols appear together and they remain on the game screen until no new winning symbols are revealed after each spin. The Tsunami feature washes away all the losing symbols to create a new Dropdown which increases the chance of more wins. The Mutiny feature guarantees a win while the Canon Blast one destroys more losing symbols to display another Dropdown.

Gamzix’s Burning Power is a perfect mix of the fruity slots, elegant design and the classic feel of gambling. The juicy fruits are mixed with red hot chilly pepper! This is a perfect 5*4 game with 100 pay lines, where we have REEL wild symbol that substitutes for all symbols, but the scatter. The slot will warm you up and the winning symbols will give fire of excitement! Of course there is a gamble game which gives you a chance to double your win. The animation of the flames is something you definitely want to see, giving a true feel and burn for bigger wins.

Blueprint Gaming has made an electrifying addition to its industry-leading diverse slots portfolio with the launch of Lion Thunder, the second title to feature the company’s new Spin Boost mechanic. The innovative slot developer’s feature invites adventurers to spin the wheel and collect up to 50 extra spins for the Bonus game, with each attempt to boost their free spins coming at the cost of x2 the bet. The roaring new concept, which first appeared in Blueprint’s Big Cat King Megaways, has been built to further enhance the gaming experience for those who enjoy free spins. Lion Thunder is a 6×4 slot with 4096 ways to win where two or more consecutive symbols from left right awards a win.

Evoplay Entertainment has released its latest immersive slot game for all players looking for an adventure this winter, Tree of Light. Set in the magical forest of Winland, and crammed with adorable characters, the title takes players on a voyage with the brave adventurer Lupine and his loyal companion, Mino. On a quest to discover the legendary Tree of Light, which grows the tastiest fruits and largest prizes of all, players are in for a tumble of fun as they look to trigger winning combinations by activating an ancient scroll displaying supernatural patterns. The right sequences give strength to the game’s charming characters, powering the quest for eye-catching rewards if players are brave enough to take on the challenge.

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: Week 49/2020 slot games releases

Latest News

Sweden’s Spelinspektionen Clarifies New Sports Betting Restrictions

Published

1 day ago

December 4, 2020

George Miller

Sweden’s Spelinspektionen Clarifies New Sports Betting Restrictions

Reading Time: 2 minutes

The Swedish gambling authority Spelinspektionen has sought to clarify the scope of new restrictions on the markets that licensed operators can offer for betting.

New rules on sports betting that enter force on January 1 prohibit betting on football leagues below Sweden’s top four tiers. They also prohibit betting on violations of rules, such as bookings and red cards in football, and on the individual performance of players aged under 18.

Spelinspektionen said that the new rules against betting on under 18s’ “individual performance” cover bets on scoring or shots on goal in team games like football, performance in individual sports such as athletics, skiing, or shooting, and performance in singles matches in sports such as tennis, badminton or table tennis.

However, the rules do not prohibit betting on doubles matches in sports such as tennis if the other participant in the doubles team is over 18, provided that the bet is on the pair’s overall performance or on the adult’s performance but not specifically on the under 18’s performance. But, if the majority of players (three out of four) in a doubles match are under 18, then all betting will be forbidden.

The new regulations apply to events in Sweden only. For competitions that have more than one leg, with one leg held in Sweden and one or more held abroad, both the event held in Sweden and the overall result of the competition will be subject to the regulations, but not the individual event or events held outside of Sweden.

As for betting on violations, operators had queried whether the restrictions prohibited taking bets on penalties or free kicks. Spelinspektionen has clarified that betting on a penalty or free kick being awarded will be prohibited, but betting on the result of the penalty of free kick once it has already been awarded will not.

The regulator also clarified that all of the regulations also apply to esports, but again only to competitions that take place in Sweden.

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: Sweden’s Spelinspektionen Clarifies New Sports Betting Restrictions