Groupe Partouche returns to profit


(Boursier.com) — The 2021-2022 financial year is available for the Partouche Group in two parts. First of all, until mid-March 2022, the health restrictions linked to the Covid-19 epidemic, and mainly the ‘vaccination pass’, penalized the Group. Then, 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 over a little more than half of the 2021. This performance is achieved despite the departure from the consolidated scope 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 the casino’s shares of Crans-Montana on January 31, 2022.

Thereby, the GGR increased over the financial year to reach 636.7 million euros (350.2 ME in 2021). It benefited from the growth of the GGR of slot machines (+122.6%) and the GGR of traditional games (+8.9%), the latter progressing in particular by +158.9% in France.

Net Gaming Revenue (NPC) is up overall to €305.5 million.
At the same time, turnover excluding PNJ rose by 44.9 ME to 86.1 ME.

The Group’s consolidated revenue for 2022 increased by +52% to reach €388.8 million.

Return to a good financial performance

The very good operational performance generated an Ebitda (IFRS 16) of 75.6 ME over the period (13 ME in 2021). The EBITDA margin on revenue stands at 19.4%, an improvement of 14.3 points compared to 2021.

Current operating income (COI) became positive again and amounted to €23.1 million, thanks to the opening of all establishments throughout the year, and mainly the casino sector.
Non-current operating income is a product of +17.6 ME (+0.9 ME in 2021.
Consequently, the operating result amounts to 40.7 ME over the year, (-45.5 ME in 2021).

Finally, Groupe Partouche generates a profit of +37.1 MEincluding €34.2 million Group share (-€55.9 million in 2021).

A once again solid financial structure

Balance sheet assets amounted to 798.3 ME, up 2 ME. Financial debt decreased by 9.7 ME, to 277.7 ME as of October 31, 2022. Net financial debt stood at 46.3 ME (down 40.7 ME).

The Group’s financial structure is improving and becoming extremely healthy again, with leverage (Net debt / Ebitda) and gearing (Net debt / Equity) ratios respectively at 0.7x (2.3x in N-21) and 0.1x (0.3x a year earlier for the latter).

Confidence in prospects

After two years of pandemic and halt 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 casino network to improve its performance.
The Group is pursuing the investment program aimed at strengthening the activity of its establishments while maintaining a healthy and solid financial situation.

On the strength of the results obtained since the lifting of health constraints thanks to the relevance of its innovative product offer strategy, Groupe Partouche is confident about its prospects.



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