Turismo
GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure in a resumption period of significant growth investments
Solid Half-Year Income & Financial Structure
in a resumption period of significant growth investments
Paris, 25 June 2024, 06:00 p.m. - During its meeting held on the 25 June 2024 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts of the 1 half-year 2023-2024 (November 2023 to April 2024).
Strong Business Momentum and Growth Investment in Casinos
The strong business momentum in the half-year was reflected in a Gross Gaming Revenue (GGR) increase of +1.7% to €346.9 million and a revenue increase of +2.3% to €220.6 million.
The Group's EBITDA decreased by – 4.0% at € 41.0 M (i.e. 18.6% of turnover) compared to € 42.7 M (19.8% of turnover) in the first half of 2023.
The Group's Current Operational Income (COI) reached € 15.5 M compared to € 19.3 M in the first half of 2023. This decrease materializes in the three business sectors (casinos, hotels and others):
Purchases and external expenses at € 72.6 M increased by € 2.0 M (+2.8%) , with particularly:
Employees' expenses reached € 90.6 M, up by € 3.2 M, mainly due to an increase in the minimum wage (SMIC) as at 1 January 2024, and new conventional grids applicable from 1 April 2024.
Net Income amounted to € 7.1 M, compared to € 18.8 M on 30 April 2023, taking into account the following items:
With a cash flow net of levies of € 89.8 M, equity of € 367.3 and net debt of € 81.2 M (constructed in accordance with the terms of the syndicated loan contract, according to the former IAS 17 standards, excluding IFRS 16), the Group's financial structure is sound and robust, enabling it to continue its growth investment program.
The 1 half-year financial report as of 30 April 2024 is available today on the Group's website www.groupepartouche.com in the Finance section.
Upcoming events:
- 3 quarter financial information: Tuesday 10 September 2024, after stock market closure
- 4 quarter turnover: Tuesday 10 December 2024, after stock market closure
Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 41 casinos and employs nearly 3,900 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment B. ISIN: FR0012612646 - Reuters PARP.PA - Bloomberg: PARP:FP
FINANCIAL INFORMATION
Groupe Partouche Phone : 01.47.64.33.45
Valérie Fort, Financial Chief Officer info-finance@partouche.com
Annex
Consolidated income
(*) considering the application of IFRS 16 which has the automatic effect of improving EBITDA by € 7.6 M in H1 2024 and by € 6.9 M in H1 2023.
Taxes and Duties represent an expense of € 10.2 M compared to € 9.6 M in the first half of 2023.
The increase in depreciation and amortization on fixed assets, up +3.0% to € 25.2 M, reflects the resumption of a robust investment program in the Group's establishments.
Other current operating income and expenses represent a net expense of - € 6.5 M compared to - € 4.2 M in the first half of 2023. This development is explained in particular by the provision relating to the multisite jackpot, which has not been won since March 2023.
Operating income stands at € 14.5 M compared to € 20.0 M in HY 2023 and income before tax at €13.4 M compared to € 18.6 M in HY 2023.
The consolidated net income for the half-year is a profit of € 7.1 M compared to € 18.8 M as at 30 April 2023, of which the Group's share is a profit of € 5.1 M compared to € 16.7 M on 30 of April 2023.
Balance Sheet
Total net assets as of 30 April 2024 represent € 825.3 M compared to € 804.3 M as of 31 October 2023. The noteworthy changes over the period are as follows:
On the liabilities side, shareholders' equity, including minority interests, went from € 366.9 M at 31 October 2023 to € 367.3 M at 30 April 2024, including a profit for the period of € 5.1 M for the Group share and € 2.0 M for minority interests.
The financial debt at 30 April 2024, increased by € 11.8 M (current & non-current shares) compared to 31 October 2023, taking into account:
Financial structure – Summary of net debt
The Group's financial structure can be assessed using the following table (constructed in accordance with the terms of the syndicated loan agreement, based on the former IAS 17 standards, excluding IFRS 16).
(*) The gross deb includes bank borrowings, bond loans and restated leases, accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.
(**) The consolidated EBITDA used to determine the “leverage” is calculated over a rolling 12-months period, according to the old IAS 17 standard (that is to say before application of IFRS 16), at namely € 61.9 M at 30/04/2024, € 64.3 M at 31/10/2023 and € 72.4 M at 30/04/2023.
Glossary
The "Gross Gaming Revenue" corresponds to the sum of the various games operated, after deduction of the payment of the winnings to the players. This amount is debited by the "levies" (i.e. tax to the State, the city halls, CSG, CRDS).
The «Gross Gaming Revenue» becomes the "Net Gaming Revenue" after levies, which is a component of the turnover.
“Current Operating Income” (COI) includes all expenses and income directly related to the Group's activities to the extent that these elements are recurrent, usual within the operating cycle or that they result from specific events or decisions pertaining to the Group's activities.
“Consolidated EBITDA” (EBITDA) is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) related to the Group' business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.
Attachment
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