Latest News
1st half-year 2018/2019 Income Good operating and financial performances Continuation of the investment programme
During the meeting it held on 25th of June 2019 and after having reviewed the management report of the Executive Board, the Supervisory Board examined the audited accounts for the first half of the 2018-2019 financial year (November to April).
Good operating and financial performance together with a solid financial situation
The good performance of the activity over the half-year materialized by a Gross Gaming Revenue (GGR) of €329.4M up by + 4.7% and a turnover of € 221.9 M up by + 5%.
The Group’ EBITDA increased by + 13.2 % reaching € 44.8 M (i.e. 20.2% of the turnover) compared with € 39.6 M (i.e. 18.7%) of the 1st HY 2018.
The current operating income (COI) strongly correlated with the activity, reached € 23.3 M (+17%). This performance is essentially due to the casinos and other activities sectors.
The COI of the casinos sector has increased by € 1.8 M reaching € 27.1 M. This should be highlighted because it takes into consideration the full impact over the period of the increase in CSG as at 1st of January 2018 (€ 0.7 M during 1st HY 2019, this impact being over only 4 months at 1st HY 2018) together with the payment at the beginning of the year of the tax-free premium, called “Prime Macron”, for an amount of € 0.4 M.
In addition, the operational reconfigurations carried out on several sites bear fruit: COI of La Ciotat PleinAir casino is up by + 0.8%, of Cannes 314 casino + 1.1% and of Forges-les-Eaux casino + 0.8%. At the same time, the renovations of the Pasino at Aix-en-Provence, whose first phase was completed in early April 2019, continued to weigh on its profitability.
For the 1st HY 2019, the negative impact of the COI “Other activities” is more limited – € 2.3 M (versus – € 3.9 M for 1st HY 2018) thanks in particular to savings in advertising costs (end of sponsoring of the LOSC Club in Lille)
Finally, the COI of the Hotels sector is steady at – € 1.4 M, despite the renovation works carried on over the period.
The non-current operating income represents a net expense of – € 1.9 M that takes into consideration the estimated cost of restructuring the Pasino Aix-en-Provence together with the cessation of the activity at the Hotel 3.14 Cannes (still closed)
Finally, the net income amounted to € 16.6 M, up by + 25% (+ € 3.3 M) after taking into account a more limited negative impact of the financial income of – € 0.4 M pertaining to the decrease in net interest expense over the period and a tax expense (including CVAE) of € 4.2 M.
The Group’s financial structure remains very healthy with a cash position of € 67.0 M, shareholders’ equity of € 382.9 M and a net financial debt of € 90.6 M.
RECENT EVENTS AND OUTLOOK
Launching of PasinoBet, an online sports betting platform
At the end of the HY, Groupe Partouche launched its online sports betting platform in France, PasinoBet, which offers a wide range of sports: football, basketball, tennis, rugby, etc. Regarding the technology component, the Group has entered into a partnership with BetConstruct, a company specialized in providing a complete sports betting solution (quotes comparator, statistical tools to analyze the performance of sports teams, live streaming service and a complete platform dedicated to sports betting).
Divestment of the minority stake held in Palm Beach Cannes Côte d’Azur
On 19th of June 2019, Groupe Partouche sold for € 11.5 M (securities and receivable) the 49% minority stake it still held in Palm Beach Cannes Côte d’Azur, which owns Cannes Balnéaire. As provided by the current safeguarding protocol, 50% of the net proceeds of the divestment were allocated to the compulsory prepayment of the lenders of the syndicated loan.
Public concession at Boulogne-sur-Mer
The public service concession of the Boulogne-sur-Mer casino comes to an end on 27th of June 2019.
Following the early termination of the convention of occupation of the public domain that should run until 2035, Partouche Immobilier has requested a compensation of € 12.4 M.
Upcoming events:
3rd quarter financial information: Wednesday 11th of September 2019, after Paris stock market close
4th quarter turnover: Wednesday 11th of December, after Paris stock market close
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, hotels, restaurants, spas and golf courses. The Group operates 43 casinos and employs nearly 4,500 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 : FR0000053548 – Reuters : PARP.PA – Bloomberg : PARP:FP
FINANCIAL INFORMATION
Annex
Consolidated Income
| In €M – At 30 April (6 months) | 2019 | 2018 | ECART | Var. |
| Turnover | 221..9 | 211..3 | 10.6 | +5.0% |
| Purchases and external expenses | (76.2) | (71.5) | (4.7) | 6.5% |
| Tax and duties | (9.8) | (10.1) | 0.3 | -3.2% |
| Employee expenses | (88.4) | (87.2) | (1.2) | 1.4% |
| Depreciations, amortisations & impairments of fixed assets | (21.8) | (20.6) | (1.2) | 6.0% |
| Other current operating income & expenses | (2.4) | (2.0) | (0.4) | 20.8% |
| Current Operating Income | 23.3 | 19.9 | 3.4 | +17.0% |
| Other non-current operating income & expenses | (1.9) | (0.6) | (1.3) | 227.7% |
| Other current operating income & expenses | – | – | – | – |
| Impairment of non-current assets | – | – | – | – |
| Non-current Operating Income | (1.9) | (0.6) | (1.3) | 229.3% |
| Operating Income | 21.4 | 19.3 | 2.1 | +10.8% |
| Financial Income | (0.4) | (0.9) | 0.5 | -58.0% |
| Income before tax | 21.0 | 18.4 | 2.6 | +14.3% |
| Corporate income tax | (2.3) | (2.4) | 0.1 | -4.6% |
| CVAE tax | (1.9) | (1.5) | -0.4 | 24.3% |
| Income after tax | 16.9 | 14.5 | 2.4 | +16.4% |
| Share in earnings of equity-accounted associates | (0.3) | (1.2) | 0.9 | -74.2% |
| Total Net Profit | 16.6 | 13.3 | 3.3 | +24.6% |
| o/w Group’s share | 13.1 | 9.7 | 3.4 | 35.0% |
| EBITDA | 44.8 | 39.6 | +5.2 | +13.2% |
| Margin EBITDA / Turnover | 20.2% | 18.7% | +1.5 pt |
The item Purchases & external expenses increased by + € 4.7 M (+6.5%), mainly impacted by:
- the evolution of subcontracting expenses (+ € 4.0 M), mainly due to the increase in charges related to online licenses in Belgium, corresponding to the + € 4.8 M increase in sales generated by this activity (casino and sports betting)
- an increase in the expenses of Pornic Casino (+ € 0.9 M) due to the transfer of the activity to the new premises.
- in the opposite direction, the Advertising item decreased by € 0.9 M with the end of the LOSC sponsorship.
The item Employee expenses amounted to € 88.4 M, a € 1.2 M increase mainly due non-recurrent expenses: payment of the « prime Macron » (€ 0.4 M) and expenses related to the reorganization of some subsidiaries, notably the new Pornic Casino (€ 0.6M).
Given the sustained investment program implemented over the last years, depreciation and amortization of fixed assets increased by 6.1% to € 21.8 M.
Other current operating revenue and expenses represent a net expense of € 2.4 M versus € 2 M for the 1st HY 2018. This increase is due to variations in provisions.
The non-current operating income represents a net expense of – € 1.9 M that takes into account the estimated cost of the restructuring on going in Pasino d’Aix-en-Provence and of the shutdown of the Cannes 3.14 Hotel (still closed).
Operating income reached € 21.4 M up by + 10% over one year
The item financial income amounted to – € 0.4 M (versus – € 0.9 M for 1st HY 2018). Net financial expenses decreased thanks to a slightly lower half-yearly average interest rate and the maturity of the interest rate hedge at the end of 2018.
Income before tax amounted to € 21 M versus € 18.4 M for the 1st HY 2018.
The tax expense (CVAE included) amounted to € 4.2 M, compared to € 3.9 M in 1st HY 2018.
The item Share in earnings of equity-accounted associates is a deficit of € 0.3 M relating to Palm Beach Cannes Côte d’Azur, the divestment of the Group’s minority interest was finalized on 19th of June 2019.
The net income of the 1st HY is a profit of € 16.6 M versus € 13.3 M in 1st HY 2018, of which € 13.1 M Group’s share (compared to € 9.7 M in 1st HY 2018)
Balance Sheet
At 30th of April 2019, the Total Net Assets are globally stable and represent € 714.7 M compared to € 722.1 M at 31st of October 2018. During the period under review, the main evolutions are:
- a decrease in non-current assets of € 7.9 M following the reclassification in “Assets held for sale” of the €10.5 M receivable held by Palm Beach Cannes Côte d’Azur (sale of the minority stake of the Group finalized on 19th of June 2019), and the reduction of tax debts (notably related to the end of the CICE mechanism). Conversely, the € 5.9 M increase in “Property, plant and equipment” mainly consists of the volume of investments and amortization expense;
- a decrease in current assets of € 10 M, mainly due to a cash flow of € 12.8 M (see comments on the flow sheet).
On the liabilities side, shareholders’ equity, minority interests included, increased by € 11 M compared with 31st of October 2018 and thus reached € 382.9 M as at 30th of April 2019.
The € 19.7 M reduction in financial debt (or gross debt) takes into account:
- the annual maturity of the syndicated loan settled on 15th of December 2018 for € 20.1 M;
- the provision of the last part of the real estate leasing following the completion of the construction of the Pornic Casino, then its first amortization, for a net amount of € 2.8 M;
- the setting up of new bank loans for € 5.0 M;
- The reimbursement of other bank loans for € 7.2 M.
Financial structure – Summary of net indebtedness
| In €M | 30/04/2019 6 months | 31/10/2018 12 months | 30/04/2018 6 months |
| Equity | 382.9 | 371.9 | 378.4 |
| Consolidated EBITDA | 44.8 | 64.1 | 39.6 |
| Gross debt (*) | 157.5 | 177.2 | 150.6 |
| Available cash less gaming levies | 67.0 | 79.7 | 81.6 |
| Net debt | 90.6 | 97.5 | 69.0 |
| Net debt to equity (« gearing ») | 0.2x | 0.3x | 0.2x |
(*) Gross debt includes bank borrowings and restated capital leases, accrued interest, miscellaneous borrowings and financial debt, banking facilities and financial instruments.
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.
Current operating income (COI) combines all of the income and expenses directly related to the Group’s businesses to the extent that these items are recurring, usual items of the operating cycle or that they result from ad hoc events or decisions related to the Group’s operations.
Consolidated EBITDA comprises the balance of the income and expenses items constituting current operating income, excluding depreciation and amortisation and provisions relating to the operating cycle and one-off items relating to the Group’s activities that are included under current operating income but are excluded from EBITDA given their non-recurring nature
Attachment
Source: GlobeNewswire
One of the top casino game providers, Endorphina, has announced the release of its brand-new title, Jolly Queen, which will join its portfolio on April 27th. Jolly Queen is a 5-reel, 5-row fruit slot with 50 fixed paylines, introducing players to the lifestyle of the nobles.
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Furthermore, Jolly Queen also features the Royal Treasures Pick Game, enabling players to get a taste of the noble lifestyle. In the Bonus Game, players can choose from three gold-filled treasure chests, containing prizes of 10x, 30x, and 50x their total bets.
Latest News
Kambi Group’s AI-powered trading division Tzeract enters into Bet Builder partnership with European operator kwiff
Tzeract to provide its leading Bet Builder product in the cutting-edge supplier’s first commercial partnership
Kambi Group plc, the world’s trusted sports betting partner, today announced its AI-powered trading division Tzeract has partnered with kwiff to provide its powerful Bet Builder product to the innovative sports betting operator.
The partnership represents the first commercial deal for Tzeract since it was officially launched as a standalone division earlier this year, marking a significant step forward for Kambi as it continues to expand its range of modular services.
Tzeract will initially provide kwiff with its industry-leading Bet Builder football product ahead of the highly anticipated Euro 2024 football tournament, ensuring kwiff customers enjoy an unparalleled betting experience throughout the competition. Additional sports will be added during the course of the partnership.
Unlike other third-party products, Tzeract’s Bet Builder has been designed to seamlessly integrate into an operator’s existing sportsbook and can utilise either the operator’s existing pricing or leverage Tzeract’s AI-generated odds. Working with kwiff, the super-charged betting operator, known for its proprietary platform, sportsbook and innovative modular tech stack, presented Tzeract both of these opportunities.
Having powered football pricing for the Kambi network since 2022, Tzeract is on a mission to establish a new standard in sports betting by providing an indispensable service which empowers operator innovation and makes it possible to bet on anything, at any time.
As part of the Kambi Group, Tzeract benefits from Kambi’s vast network data to inform its state-of-the-art AI-powered algorithmic trading capabilities in combination with increasingly rich sports data.
David Jacquet, Interim Managing Director at Tzeract, commented: “I am thrilled to announce Tzeract’s inaugural commercial partnership which will enable us to demonstrate the full power of Tzeract outside of the Kambi network for the first time. To work with such an innovative sportsbook like kwiff will provide the opportunities to build the world’s most exciting and intuitive betting experiences together.”
Niklas Fallsjo, Head of Sportsbook Innovation at kwiff, added: “We are delighted to partner with Tzeract and integrate their market-leading Bet Builder product into our proprietary sportsbook. This innovative solution perfectly aligns with our commitment to providing our customers with an unrivalled and entertaining betting experience. We are confident that the addition of Bet Builder will be a hit with our players.”
Cryptocurrency is a digital currency that, unlike traditional money, is traded in an encrypted form. This encryption was developed to ensure that cryptocurrencies, which are intended as a medium of exchange that can replace cash, are secure and verifiable. With cryptocurrencies, you can transfer value anytime, anywhere, to anyone, over the internet. Cryptocurrencies are digital assets that are not regulated by a central authority. This means that no one prints or controls them. They run on a free and open network of computers. This network uses a technology called blockchain, a publicly visible database that keeps track of cryptocurrencies. The blockchain ensures that cryptocurrencies are protected against counterfeiting. To own cryptocurrencies, it is enough to join this network and create a crypto wallet. In today’s article, we will explore the advantageous world of cryptocurrencies and crypto casinos. Let’s get started!
About Cryptocurrencies
Since the 90s, the heyday of technology, there have been many attempts to create a digital currency. Systems such as Flooz and DigiCash were developed, but these attempts failed due to fraud, financial troubles, internal disputes, etc. No one predicted that some people would use crypto for gambling at the time. All these efforts led to the idea of a trusted, third-hand approach.
The first cryptocurrency was developed in early 2009. By a person or persons who went by the name Satoshi Nakamoto. It was shared as open source software by an unknown person. This network runs on a platform similar in concept to file-sharing platforms. One of the major problems with payment systems is the possibility of the same money being spent twice. However, this method implies the intervention of an authority that can control all capital. This reduces credibility. However, in a decentralized and distributed network every part of the system needs to give its approval for the transaction to take place. This is done through the blockchain, so every transaction is visible to everyone. All transfers take place with the wallet addresses of the sender and receiver and the amount to be sent. The exchange or shipment must be verified by the sender and then approved by the system. Confirmation can only be done by miners. If a transaction is confirmed, it is irrecoverable. The biggest risks for cryptocurrencies are the possibility of hacking and attacks. Let’s continue with blockchain technology to understand cryptocurrencies better.
Blockchain
In the chain, data is always added as blocks at the end. Adding a block to the chain requires the approval of all registries in the network. Records added to the blockchain cannot be changed or deleted later. To delete or change records in blocks, all blocks in this ledger, of which there are millions of copies, would have to be changed. This is almost impossible. This is because even if a change is made in any block, the chain containing the modified block will be different from the other chains in the network and will become invalid. It is close to impossible to produce fake information and documents and to make fictitious money transfers in the blockchain. This is because many voluntary users keep a copy of the blockchain ledger on their personal computers. Blocks are linked to each other with each new transaction to ensure chain security. Encryption in the blockchain is performed with various mathematical algorithms called “hashes”. Each block contains the hash code of the previous block. This allows chronologically successive blocks to be linked together, like the links of a chain. Hash functions have no inverse, meaning that encryption is performed in one direction. When an input is given to the hash function, a hash code is obtained. However, it is not possible to make an opinion about the input or to understand what the input is by looking at this hash code. Even a simple change in the input text will result in a new hash code. As such, there are many reasons to prefer cryptocurrencies. But how do casinos use these advantages? Let’s take a closer look at the world of crypto casinos.
Explore The Crypto Casinos World
Crypto casinos are referred to as Bitcoin casinos. However they are just like typical online gambling sites with the only different payment methods. Crypto casinos give their customers the opportunity to deposit and withdraw funds using digital currencies. Each transaction is verified by blockchain technology. Transparency and security providing an unprecedented level of anonymity to gamblers. These features are driving forces behind the increase in the number of players opting for crypto casino platforms because they offer high privacy and security based on the use of pseudonymous transactions along with blockchain encryption methods. They are also faster than all traditional banking methods. Plus the fees are lower. Being decentralized extends to global availability, allowing players to get worldwide.
Of course, it is important to do a little research before embarking on this adventure because there are important things to consider. One of them is reliability. The fact that you have so many options on the market also means that you may encounter negative events. To avoid this, you need a casino that is known to the public and licensed. To check this, you can check what people say about that casino online. It is also possible to check the casino’s licenses. Another factor is the variety of games. Take a look at the games offered by the casino and compare their quality. The more options, the more quality. Payment methods are another consideration. The variety of cryptocurrencies accepted by the casino will create a more advantageous environment for you. After all of these, you should take a look at bonuses and promotions. These are things that will contribute so much to your budget management that maybe you can reach the money of your dreams thanks to these promotions and bonuses. A lot of casinos design tight promotions to attract players to them. In the same way that you chase discounts when shopping for yourself, you can also try to find advantageous times here.
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