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La Française des Jeux (FDJ) announces its results for the first half of 2020
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 |
30 June 2019 adjusted |
Chg. vs |
30 June 2019 |
Chg. vs |
|
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 |
Chg. 30 June 2020 vs |
30 June 2019 |
Chg. 30 June 2020 vs |
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 |
Chg. 30 June 2020 vs |
30 June 2019 |
Chg. 30 June 2020 vs |
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 |
June 2020 vs |
30 June 2019 |
June 2020 vs |
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/ |
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
Latest News
Clarion Gaming film Virtual Tour showing scale of opportunity for ICE and iGB Affiliate exhibitors in Barcelona
Ahead of January 2025’s relocation to Barcelona, ICE and iGB Affiliate exhibitors can share Clarion Gaming’s ‘Vision of the possible’ courtesy of a specially commissioned virtual tour and exhibitor orientation video which can be viewed at: youtube.com
The 10-minute exhibitor film which is narrated by Clarion Gaming Managing Director Stuart Hunter takes viewers on a tour of the venue beginning with an introduction to Fira Gran Via’s integrated metro station which is located between the El Prat international airport (12km) and the historic city centre (3km) and has the capacity to take huge volumes of attendees directly to the heart of the spacious dedicated registration area at the south entrance.
Viewers are then taken on a journey along the elevated arterial walkway which provides a unique bird’s eye view of the 120,000 sqm exhibition space before accessing the contemporary designed meeting areas and plentiful break-out spaces requested by exhibitors, on to the ultra-modern and scalable conference facilities and the venue’s three ‘Sky Gardens’ which facilitate the delivery of a memorable indoor/outdoor festival experience.
The video also explains the new visitor-friendly show floor which has been designed to easily identify the gaming verticals of interest and in the process ease navigation through the five halls that the 2025 editions of ICE and iGB Affiliate will occupy.
Introducing the video Stuart Hunter said: “This is the latest in a series of orientation initiatives which we started in October 2023. This video which is aimed at ICE and iGB Affiliate exhibitors, partners and sponsors will be followed by a dedicated visitor tour to help prepare for this exciting new chapter.
“As a team we could not be more excited about the opportunities offered by our new home at Gran Via and new host city of Barcelona: the film sets-out the size of the opportunity that we have as an industry and shares a compelling vision of what’s possible.”
ICE/iGBA 2025 will use circa 120,000 gross sqm of The Gran Via (ICE 2024 utilised 100,000 gross sqm in London) across Halls 1 (iGB Affiliate) and 2-5 (ICE). An additional 160,000 sqm has been reserved exclusively for ICE/iGBA across the five-year tenancy. The Convention Centre which is located in Hall 8 comprises a modular and versatile space with seating for between 3,000 and 12,000 people.
The post Clarion Gaming film Virtual Tour showing scale of opportunity for ICE and iGB Affiliate exhibitors in Barcelona appeared first on European Gaming Industry News.
Latest News
José Garcia promoted to General Manager for Innovative Technology Spain
The Spanish branch of Innovative Technology (ITL) have announced that a long-standing member of the team has been promoted to General Manager. José (Pepe) García Escudero previously held the role of Business Development Manager for the region.
ITL Spain has had an office in Barcelona since 1996, headed up by Sales Director Mustapha Hadj-Ahmed. They provide both cash validation equipment and biometric technology to various market sectors including, gaming, amusement, kiosk and retail.
Commenting on José’s promotion Mustapha said, “I would like to congratulate José (known to most of his customers as Pepe!) on this well-deserved achievement. I have worked with him since he joined the company seven and half years ago and he is hard working, a real team player and has an excellent eye for spotting new opportunities. José will be responsible for overall operations as well as continuing his business development tasks. I am sure he will excel in his new role and I am confident he will lead our talented team to new heights! I look forward to exciting and prosperous times ahead.”
Pepe added, “I am so pleased to be given this fantastic opportunity and to play a more operational and managerial role in the business. Each member of the team here in Spain are a key part of our success, and the reason we are known for being a leading provider of cash handling equipment. I am excited to get started and see the business grow even further as we continue to serve our valued customers and develop our technology to response to the changing needs of the market.”
Concluding Mustapha said, “José will be heading up the team at the FIJMA show in Madrid on 7th – 9th May 2024 on stand A49, so if you are attending the show come and say hello!”
The post José Garcia promoted to General Manager for Innovative Technology Spain appeared first on European Gaming Industry News.
Latest News
Team ATK Oshun excels at 2024 Online Championships held on 13 April 2024
Mind Sports South Africa’s (MSSA) 2024 Online Championships held on 13 April 2024 showed sterling results.
The championship was yet another chance for many esports athletes to qualify for MSSA’s National Team Trials to be held on 25 May 2024 at which the team will be selected to officially represent South Africa at the African Qualifiers which lead up to IESF’s 16th World Esports Championships to be held in Riyadh, Saudi Arabia in October and November 2024..
All Registered Players who have finished in the top three places, or the top 20% – whichever is greater, are entitled to enter trials.
However, it must be remembered that all players must have a valid passport to participate in the National Team Trials.
It was indeed exciting to watch just how much all the female teams have improved.
Team ATK Oshun (ATK Club Sport) being a female team astounded all with their skill and sportsmanship. The team demolished all ATK Club Sport opposition to ultimately won the premier event overall and qualify for the National Team trials to be held on 25 May 2025.
IESF’s 15th World Championships will be played to the following titles:
- Counter-Strike 2
- Counter-Strike 2 – Female division
- DotA 2
- eFootball
- Mobile Legends, Bang Bang
- Mobile Legends, Bang Bang – Female division
- PUBGM
The high standard of play saw 37 Registered Players from six provinces being awarded Provincial Colours. Only Limpopo, Free State, and Northern Cape did not have Registered Players who did not earn provincial colours.
Title | Name of player/team | Club | Provincial Colours awarded |
Clash Royale – Premier | Johan Coetzee | Middies | Mpumalanga |
Clash Royale – High School | Aryan Maharaj | PR0NHS | |
Counter Strike: 2 | ATK Oshun | ||
Kaylee Ludick | ATK Club Sport | Gauteng | |
Jessica Eleez Greeff | ATK Club Sport | Gauteng | |
Christin Brazier | ATK Club Sport | Gauteng | |
Megan van der Westhuizen | ATK Club Sport | Gauteng | |
Kayhla Rose Calder | ATK Club Sport | Gauteng | |
DotA – Premier | ZAG DOTA 1 | ||
Suhail Khan | ZAG Academy | Gauteng | |
Travis John Waters | ZAG Academy | Western Cape | |
Mark Kilian Lehle | ZAG Academy | Gauteng | |
Mohammad Dhooma | ZAG Academy | Eastern Cape | |
Nicholas Dammert | ZAG Academy | Gauteng | |
eFootball – Premier | Aslam Parker | PES Society | Gauteng |
FIFA 24 – High School | Daiyaan Hendricks | PES Society | Western Cape |
Mobile Legends – Premier
|
Mavericks | ||
Matthew Tatalias | Mavericks | Gauteng | |
Damian Bransby | Mavericks | Western Cape | |
Preshan Pillay | Mavericks | Gauteng | |
Mohammad Azhar Ansari | Mavericks | KwaZulu Natal | |
Taygan Gabriel | Mavericks | KwaZulu Natal | |
Luke Green | Mavericks | Western Cape | |
Mobile Legends – Premier – Female
|
AHG | ||
Je’nielle Cavanagh | PES Society | Western Cape | |
Inez Pringle | PES Society | Western Cape | |
Salma Parker | PES Society | Western Cape | |
Ra’isha Prout | PES Society | Western Cape | |
Fatimah Prout | PES Society | Western Cape | |
Mia Anthony | PES Society | Western Cape | |
PUBGM
|
Team uEnvy | ||
Richard Henry | ZAG Academy | Eastern Cape | |
La-eeq Arendse | ZAG Academy | Western Cape | |
Kyle Dudley | ZAG Academy | Western Cape | |
Clayton Leak | ZAG Academy | Western Cape | |
Rocket League – Premier – 1 v 1 – Premier | Nathan Strange | Hoërskool Klerksdorp | |
Rocket League – Premier – 1 v 1 – High School | Luther Peens | Hoërskool Klerksdorp | |
Street Fightter V – Premier | Marnus van der Merwe | Hoërskool Klerksdorp | North West |
Tekken 8 | Stasch Cloeta | Team PlayBell | Western Cape |
Valorant – Premier
|
TuksValorant | ||
Tapiwanashe Keith Matema | TuksEsports | Gauteng | |
Kyle Halvorsen | TuksEsports | Gauteng | |
Jaden Connor Swarts | TuksEsports | Gauteng | |
Ronald James Tyler Wheeldon | TuksEsports | Gauteng | |
Alejandro Luca Sartini-Kruger | TuksEsports | Gauteng | |
Armand Pierre van der Colf | TuksEsports | Gauteng | |
Sportsmanship Award | Je’nielle Cavanagh | PES Society |
The post Team ATK Oshun excels at 2024 Online Championships held on 13 April 2024 appeared first on European Gaming Industry News.
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