GROUPE PARTOUCHE: Good annual income 2021/2022 / Strong growth in
income driven by the sharp upturn in activity
Good annual income
2021/2022Strong
growth in income driven by the sharp upturn in
activity
- Turnover: €
388.8
M (+52,0 %)
- EBITDA: €
75.6
M (+483,5 %)
- COI: €
23.1
M (vs -46,4 M€ in 2021)
- Net income:
€ 37,1 M (vs
-55,9 M€ in 2021)
- Solid financial position (0.1x gearing and 0.7x
leverage)
- Continuation of the investment program on the
existing establishments and
confidence in the prospects
Paris, 24th January 2023, 06:00 p.m.
During its meeting held on the 24th January 2023
and after having reviewed the management report of Groupe Partouche
Executive Board, the Supervisory Board examined the annual accounts
at 31st October 2022, that are being audited.
Strong growth of the turnover thanks to the resumption
of the activity
The 2021-2022 financial year is divided into two
parts. First one, the health restrictions linked to the Covid-19
epidemic, and mainly the vaccination pass, until mid-March 2022,
penalized the Group. The second, the total lifting of these allowed
the Group to regain a very satisfactory dynamism.
The +81.8% increase in Gross Gaming Revenue
(GGR) compared to the 2021 financial year is the direct consequence
of the closure of the Group's establishments in France and abroad
for just over half of 2021. And this, despite the departure from
the scope of consolidation of the Ostend casino at the end of July
2021 (and correlatively of its very dynamic online gaming and
related sports betting activities) and the sale of shares in the
Crans-Montana casino on 31st January, 2022.
Thus, the GGR increased over the financial year
to reach € 636.7 M, compared to € 350.2 M in 2021. It benefited
from the growth in the GGR of slot machines (+122.6%) and the GGR
of traditional games (+8.9%), the latter increasing in particular
by +158.9% in France.
The Net Gaming Revenue (NGR) is generally on the
rise reaching € 305.5 M.
At the same time, the turnover excluding NGR
rose by € 44.9 M to € 86.1 M.
The consolidated 2022 turnover increased
by +52.0% reaching € 388.8 M.
Return to a good financial
performance
The very good operational
performance allows to generate an
EBITDA (IFRS 16) of € 75.6 M over the period (compared to € 13.0 M
in 2021). The EBITDA margin on revenue was 19.4%, an
improvement of 14.3 points compared to 2021.
The current operating income (COI)
became positive again reaching € 23.1 M, thanks to the
reopening of all the sites over the whole financial year, and
mainly the casinos division.
Purchases & External expenses are down by €
9.1 M, impacted mainly by:
- the downward
trend in subcontracting expenses (-€ 48.7 M), mainly linked to the
absence of expenses related to the operation of online licenses in
Belgium in 2022 (-€ 53.8 M of expenses), following the cessation of
activity in July 2021 (online casino and sports betting);
- in the opposite
direction, there is an increase in subcontracting costs (security,
cleaning) in the other establishments, given the reopening of the
establishments (+€ 3.9 M);
- purchases of
materials, advertising/marketing costs, upkeep and maintenance
costs up respectively +€ 17.2 M (+82.9%), +€ 11.8 M (+128.4 %)
and +€ 2.5 M (+33.3%) directly linked to the reopening of
establishments and the increase in turnover from ancillary
activities;
- the increase in
fees, advertising costs and subcontracting costs relating to the
deployment of online games in Switzerland (+€ 0.7 M, +€ 2.5 M and
+€ 0.4 M respectively).
Taxes & duties increased from € 10.9 M in
2021 to € 17.3 M in 2022, i.e. + 58.7 % due to the resumption of
the activity.
Employees expenses reached € 168.0 M, up by €
63.8 M (+61.2 %), i.e. a more normative level after two years of
the business support measures put in place by the government in
order to face the health crisis, in particular the use of the
partial activity scheme from which the Group benefited. In
addition, profit sharing paid to employees increased by +€ 4.1
M.
The change in amortization and depreciation of
fixed assets, down -8.3% to € 51.5 M, reflects scope effects and
the slowdown in the investment policy usually sustained in recent
years, but hampered by the health crisis.
The item “Other current operating income and
expenses” represents a net expense of € 6.9 M, compared to a net
income of € 0.2 M over the previous financial year, additional
"closure" aid amounting to € 4.9 M obtained from the government
over the financial year in order to fight the consequences of the
health crisis, being less than the "fixed cost aid" obtained in
2021 in the amount of € 10.0 M. In addition, expenses related to
casino specifications are up (+€ 4.1 M in expenses), correlatively
to the GGR. Conversely, we note a favorable trend in changes in
provisions.
The non-current operating income is an income of
+ € 17.6 M compared to + € 0.9 M in 2021 which is explained by:
- the settlement of disputes with the
ONSS (disputes with the Belgian social security regarding increases
in social security contributions wrongly imposed on casinos during
previous years) generating a non-recurring profit of € 3.4 M
compared to € 11.8 M in N-1 on the one hand, and the compensation
of € 9.5 M for the cessation of activity obtained from our former
online partner in Belgium in N-1 on the other hand;
- a result on the sale of
consolidated investments of € 14.1 M following the disposal of the
entire 57% stake held by Groupe Partouche in the Crans-Montana
casino;
- the absence of impairment of
goodwill for the 2022 financial year, compared to an amount of €
18.5 M in 2021, reflecting the evolution of the health crisis.
Consequently, the operating income
reached € 40.7 M over the year compared to a loss of €
45.5 M in 2021.
Finally, Groupe Partouche makes a profit
of € 37.1 M (of which € 34.2 M Group’s share), compared to
- € 55.9 M in 2021 after taking into consideration
the following elements:
- a financial income of -€ 2.3 M
(compared to -€ 3.8 M in 2021). Due to the reopening of casinos on
both sides of the Franco-Swiss border and the rise in the Swiss
Franc over the 2022 financial year, foreign exchange gains recorded
an increase of € 1.5 M compared to the previous year. In addition,
the cost of financial debt is stable despite the sharp drop in the
Group's gross debt due to the rise in the average annual interest
rate;
- a significant decrease in tax
expenses (CVAE included) (- € 1.2 M compared to - € 6.6 M in
2021).
A solid financial structure
Balance sheet assets amounted to € 798.3 M, up €
2.0 M. The main variations are as follows:
- increase in the “tangible fixed
assets” item for € 56.6 M resulting in particular from IFRS 16
restatements of new real estate lease contracts linked to renewals
of public service delegations (DSP);
- conversely, the drop in the "Trade
& other receivables" item due, on the one hand, to the
settlement of residual receivables relating to the Belgian online
activity and its shutdown in July 2021 and, on the other hand, the
presence at 31st October 2021 of a receivable of € 5.5 M related to
the compensation to be received from the City Hall of
Saint-Amand-les-Eaux following the return of the casino property to
the municipality within the framework of the renewal of the DSP
(debt collected in 2022);
- the decrease in the cash flow (- €
11.9 M) correlated with the repayment of the second State
Guaranteed Loan in the amount of € 59.5 M, mitigated by the income
from the sale by Groupe Partouche of Crans-Montana casino and the
good dynamism of the activity following the lifting of all health
restrictions.
On the liabilities side, the Group's equity,
including minority interests, rose by € 38.6 M to € 354.0 M.
At 31st October 2022, the financial debt
decreased by € 9.7 M, totalling € 277.7 M under the combined
effects of the following elements:
- The reimbursement of the second
State Guaranteed Loan up to € 59.5 M as well as other banks loans
for €13.6M;
- The settlement of four quarterly
installments of the syndicated loan for € 10.8 M;
- the setting up of new loans for €
21.6 M;
- the net impact of the restatement
of rental contracts according to IFRS 16 for € 51.9 M (increasing
in particular, in the subscriptions of new real estate contracts
found as an increase in non-current assets, and a reduction in the
payment of lease instalments practice).
Net financial debt amounted to € 46.3 M (down by
€ 40.7 M). The Group's financial structure is improving and
becoming extremely sound again, with leverage ratios (Net debt /
EBITDA) and gearing ratios (Net debt / Equity) respectively at 0.7x
(compared to 2.3x in N-21) and
0.1x (against 0.3x a year earlier for the latter).
Confidence in the prospects
Continuation of the
investment programme on the
existing establishments
After two years of the pandemic and the pause in
investments, the Group is continuing to relaunch its program
started in the previous financial year in order to enrich its offer
and renovate its casinos network aiming at improving its
performance, thus:
- extensive work is underway at the
Annemasse casino and will in particular allow the opening of the
left wing, the construction of an extension at the front of the
building and the creation of two outdoor rooms;
- Le Lyon Vert casino in La
Tour-de-Salvagny is undertaking a major restructuring of the
existing spaces and the creation of a major extension on two levels
(ground floor and 1st floor);
- the Pasino at Saint-Amand-les-Eaux
is undertaking major works to become one of the largest
establishments in France, eventually offering a "food-court"
restaurant open to all and a completely redesigned performance
hall. Outside the concession and in the immediate vicinity of the
casino, the hotel overlooking the new forecourt will have increased
logging capacity. In addition, the creation of a room for immersive
digital experiences will allow the organization of multiple
permanent or ephemeral events and exhibitions;
- other sites redevelopments will be
initiated in the 2023 financial year in the casinos of Vichy,
Divonne, Contrexéville, Middelkerke as well as in the 3.14 hotel in
Cannes.
Bolstered by the results obtained since the
lifting of health restrictions and thanks to the relevance of its
innovative products offering strategy, Groupe Partouche is
confident about its prospects. The Group is continuing the
investment program aimed at strengthening the activity of its
establishments while maintaining a healthy and solid financial
situation.
Upcoming events:
- Turnover
1st quarter
(Nov.
2022-Jan.
2023):
Tuesday 14th March 2023
(after stock market
closure)
- General Meeting:
Wednesday 22nd
March 2023
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 ISIN:
FR0012612646 - Reuters PARP.PA - Bloomberg : PARP:FP Reuters :
PARP.PA - Bloomberg : PARP:FP
Annex
1- Consolidated Income
(In €M)
at
31st
October |
2022 |
2021 |
ÉCART |
Var. |
Turnover |
388.8 |
255.7 |
+133.1 |
+52.0% |
Purchases & External Expenses |
(122.0) |
(131.1) |
+9.1 |
(6.9%) |
Taxes & Duties |
(17.3) |
(10.9) |
(6.4) |
+58.7% |
Employees Expenses |
(168.0) |
(104.2) |
(63.8) |
+61.2% |
Depreciation, amortisation & impairment of fixed assets |
(51.5) |
(56.1) |
+4.7 |
(8.3%) |
Other current income & current operating expenses |
(6.9) |
0.2 |
(7.1) |
+3065.2% |
Current Operating Expenses |
23.1 |
(46.4) |
+69.5 |
n/a |
Other non-current income & operating expenses |
3.5 |
19.4 |
(16.0) |
- |
Gain (loss) on the sale of consolidated expenses |
14.1 |
- |
- |
- |
Impairment of non-current assets |
- |
(18.5) |
(18.5) |
- |
Non-cuirrent operating
income |
17.6 |
0.9 |
+16.7 |
- |
Operating income |
40.7 |
(45.5) |
+86.2 |
n/a |
Finaéncial Income |
(2.3) |
(3.8) |
+1.5 |
- |
Income before tax |
38.4 |
(49.3) |
+87.7 |
- |
Corporate Income & CVAE tax |
(1.2) |
(6.6) |
+5.4 |
- |
Income after tax |
37.3 |
(55.8) |
+93.1 |
- |
Shares in earnings of equity-accounted associates |
(0.1) |
(0.0) |
(0.1) |
|
Total net income |
37.1 |
(55.9) |
+93.0 |
n/a |
o/w Group’s share |
34.2 |
(51.9) |
+86.1 |
- |
|
|
|
|
|
EBITDA (IFRS 16) |
75.6 |
13.0 |
+62.7 |
+483.5% |
Margin EBITDA /
Turnover |
19.4% |
5.1% |
|
+1430 bps |
2- Analysis of the current operating
income by division.
For a better readability of its division
performance, Groupe Partouche presents the division contribution
before intra-group elimination (ELIM.).
(In €M) at 31st
October |
TOTAL GROUPE |
CASINOS |
HOTELS |
OTHER |
ELIM. |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
2022 |
2021 |
Turnover |
388.8 |
255.7 |
352.4 |
207.8 |
27.9 |
6.8 |
43.4 |
69.8 |
(34.9) |
(28.7) |
Purchases & external expenses |
(122.0) |
(131.1) |
(110.4) |
(97.9) |
(12.5) |
(4.1) |
(22.7) |
(48.1) |
23.6 |
19.1 |
Tax & Duties |
(17.3) |
(10.9) |
(23.7) |
(17.2) |
(1.6) |
(0.7) |
(2.5) |
(2.2) |
10.6 |
9.1 |
Employees expenses |
(168.0) |
(104.2) |
(139.2) |
(84.7) |
(11.5) |
(2.9) |
(16.8) |
(16.5) |
(0.5) |
(0.1) |
Amort. Depr. on fixed assets |
(51.5) |
(56.1) |
(40.3) |
(45.7) |
(3.1) |
(1.5) |
(8.1) |
(8.9) |
0.0 |
0.0 |
Other current income & expenses |
(6.9) |
0.2 |
(8.9) |
(0.9) |
1.1 |
0.1 |
(0.2) |
0.3 |
1.2 |
0.7 |
Current Operating Income |
23.1 |
(46.4) |
29.8 |
(38.5) |
0.3 |
(2.2) |
(6,9) |
(5.6) |
0.0 |
0.0 |
The COI became positive again and
reached € 29.8 M, up +€ 68.3 M, driven by the reopening of
the Group's casinos. Activity in this division is on the rise with
a change in turnover of € 114.5 M (+69.6%). All the operating
expenses increased by +€ 76.2 M and notably include an increase in
employees expenses (+€ 54.5 M, i.e. +64.3%) due to the end of the
partial activity of most of the Group's employees which had
prevailed during the closures of operations in the 2021 financial
year. Conversely, amortization and depreciation of fixed assets
fell by € 5.4 M, reflecting the slowdown of the renovation program
for the casino network in the previous years, due to the health
crisis.
The hotel
sector's COI, which became
positive again, benefited on the one hand from the
recovery of activity linked to the end of the restrictions
introduced to deal with the Covid health crisis and on the other
hand from a favourable effect linked to the restructuring of
certain divisions, and thus increased by +€ 2.5 M to reach
€0.3M.
Finally, the COI of the “Other” sector is
deteriorating; it totals -€ 6.9 M over the financial year, compared
to -5.6M for the previous year. Note in particular the impact of
the removal from the scope of the restaurant Le Laurent (+€ 2.0 M)
and sports betting in Belgium (-€ 2.5 M).
3- Summary of net debt
(In €M) at 31st
October |
2022 |
2021 |
Equity |
354.0 |
315.4 |
Gross debt (*) |
176.4 |
239.1 |
Cash less gaming levies |
130.1 |
152.1 |
Net debt |
46.3 |
87.0 |
Ratio net debt / Equity (« gearing ») |
0.1x |
0.3x |
Ratio net debt / EBITDA (« leverage ») |
0.7x (**) |
N/A (***) |
(*) 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 € 63.9 M at 31/10/2022.
(***) The bond and banking partners waived the
calculation of the "leverage ratio" expected at the closing date of
31st October 2021 due to a negative EBITDA over the period.
4- 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.
Turnover excluding NGR, includes all non-gaming
activities i.e. catering, hotels, shows ticketing, spas, etc.
“Current Operating Income” COI includes all the
expenses and income directly related to the Group's activities to
the extent that these elements are recurrent, usual in the
operating cycle or that they result from specific events or
decisions pertaining to the Group's activities.
The "Non-Current Operating Income" (NCOI)
includes all non-current and unusual events of the operating cycle:
it therefore includes the depreciation of fixed assets
(Impairments), the result from the sale of consolidated
investments, the result from the sale of asset, other miscellaneous
non-current operating income and expenses not related to the usual
operating cycle.
Consolidated 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) linked to the Group’ business activity
included in the current operating income but excluded from Ebitda
due to their non-recurring nature.
1 For the record, given the consequences of the
health crisis on the Group's activity and the income of the
previous financial year, the calculation of the leverage ratio as
of 31st October 2021, like that of 30th April 2021, had not been
possible due to a negative EBITDA. However, the Group's banking
partners, as well as the institutional investor bearing the EuroPP,
had renewed their confidence in it and had waived each of the
calculations of the leverage ratio and the delivery of each of the
certificates corresponding to the calculations of the leverage
ratio on the dates above.
- Press Release - Annual results 2022
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