(Boursier.com) — The 2021-2022 financial year French Casino Society took place in a context of recovery. The 4 casinos were all open throughout the period with a gradual return to normal in attendance in the second half following the end of the restrictions linked to the health crisis, which impacted the 1st half.
The Group recorded consolidated gross revenue of €21.1 million for the entire 2021-2022 financial year. This turnover is +3.8% higher than that achieved in the 2018-2019 financial year before the health crisis, despite a decline in attendance of around 5% due to restrictive measures for access to places public as part of the fight against the pandemic still present in the 1st half.
Strict management of expenses enabled strong growth in EBITDA, which stands at 2.7 ME, a record level for this scope.
The current operating result is largely profitable again at 1.5 ME. Operating income benefited from non-current income of 0.3 ME linked to the reversal of provisions on intangible assets and amounted to 1.8 ME.
The group share of net income shows a profit of 1.7 ME.
Reinforced financial structure
Reinforced by net income, the Group’s consolidated shareholders’ equity amounted to €10.1 million at October 31, 2022, compared to €8.3 million at the end of the previous financial year.
The Group recorded a good cash conversion of its EBITDA. The flows generated by the activity amount to 2.8 ME, largely financing the net investments which amount to 1 ME over the year, ie a generation of free cash-flow of 1.8 ME. This free cash flow made it possible to strengthen available cash, which stood at €5.4 million as of October 31, 2022, and to reduce gross financial debt to €7.3 million. The latter includes €2.3 million in rental debt with no impact on cash (IFRS16 standard – rental contracts) and €1.2 million related to the Collioure casino liabilities clearance plan. Excluding IFRS 16, the Group’s net cash position is €0.4 million.
The significant improvement in fundamentals provides the Group with a solid financial position to pursue its development and investments over the coming years..
Outlook
The Group intends to continue to place the 2022-2023 financial year on the virtuous trajectory undertaken and to reap the full benefits of the actions of revitalization, rationalization of investments and rigorous management, while remaining vigilant in the face of inflationary impacts, in particular on the energy. SFC will in particular continue its targeted investments to further strengthen the attractiveness of casinos in a normalized context in order to increase attendance and continue the profitable growth of the activity.