(Boursier.com) — In the first half of the 2023-2024 financial year, the consolidated turnover of Society of Sea Baths and the Circle of Foreigners in Monaco amounts to 445.6 million euros, an increase of 13.2 ME, or +3%.
The consolidated operating result amounts to a profit of 89.1 ME (91.9 ME for the previous financial year).
The consolidated net profit – group share amounts to +111.5 ME (+918.8 ME for the first 6 months of the 2022/2023 financial year). Let us recall that the operation of contribution/sale of the entire 47.3% stake held in Betclic Everest Group to the Dutch company FL Entertainment allowed the recognition of an exceptional profit of 813.5 ME in the consolidated accounts of the SBM Group for the first half of the 2022-2023 financial year.
The self-financing capacity for the first 6 months of the 2023-2024 financial year stands at 128.8 ME (116.3 ME for the same period of last year), thanks to the increase in net profit excluding products linked to the participation in Betclic and proceeds from financial assets held since the contribution/sale transaction, and a positive impact of variations in provisions.
As of September 30, 2023, the SBM Group is in a positive cash position net of debt of 372.7 ME, compared to a positive cash position net of debt of 276.5 ME at the close of the 2022-2023 financial year.
During the half-year, the continuation of the investment program represented a disbursement of 42.6 ME, including in particular the renovation of the Café de Paris, which opened its doors on November 14, 2023.
Outlook
The SBM Group’s activity over the first 6 months of the 2023-2024 financial year is confirmed at a sustained level which is based on the good positioning of the Resort’s offers. However, the group’s activities are dependent on the random nature, over a short period, of the Games activity. “This hazard does not allow us to make forecasts for the entire 2023-2024 financial year,” indicates the Monegasque group.
The SBM Group also announced on July 13, as part of the international development strategy initiated since President-Delegate Stéphane Valeri took office, the signing by its subsidiary Monte-Carlo SBM International Sàrl, of an agreement under which the company is engaged in the acquisition of a hotel establishment in the Northern Alps. This acquisition was made on October 3.