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La Française des Jeux (FDJ) announces its results for the first half of 2020
The good momentum in stakes seen in the early part of the year (increase of 5% until mid-March) was halted by the consequences of the Covid-19 epidemic (decline of nearly 60% over the two months of lockdown). The gradual recovery since the lifting of lockdown in mid-May has accelerated with the gradual resumption of sporting competitions, including most of the national football championships in Europe, and the return of Amigo on 8 June. As such, the decline in stakes was limited to 18% over the half-year compared with the first half of 2019. They totalled €6.9 billion, breaking down as:
- Lottery stakes down 13% at €5.8 billion:
- Of which -15% for draw games to €2.2 billion and -11% for instant games to €3.6 billion;
- A 50% increase in online stakes to €0.5 billion.
- Sports betting stakes down 39% at €1.1 billion.
- Half-year revenue totalled €849 million, down 15% on an adjusted basis,1 and EBITDA amounted to €174 million, a margin of 20.5%.
- For EBITDA, the mechanical impact of the decline in activity was partially offset by the implementation of a large part of the savings plan of more than €80 million for 2020.
- From mid-June the Group has returned to an overall level of activity comparable with that of 2019. However, in view of the many uncertainties that remain, the Group does not communicate any business or earnings forecasts for the financial year 2020 as a whole. However, it should be borne in mind that the EBITDA margin for the second half of 2019 benefited from exceptional long lottery cycles, as well as unexpected sporting results, which reduced the player payout ratio in the sports betting segment.
Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ, said: “The Group’s strong mobilisation from the onset of the health crisis and a swiftly implemented cost-cutting plan have limited the impact on the first-half results. For several weeks, we have been recording stakes at a level comparable with that of 2019. Our strategic orientations and the strength of the FDJ model have been confirmed, and we continue to invest to support the development of all our activities.”
The 2019 data used for the following analyses have been adjusted to reflect the new tax regime that came into force on 1st January 2020 and to consolidate Sporting Group over a full year (but without adjustment for long lottery cycles)
Key figures (in millions of euros)
30 June |
30 June 2019 adjusted |
Chg. vs |
30 June 2019 |
Chg. vs |
|
Stakes |
6,898 |
8,454 |
(18%) |
8,420 |
(18%) |
Revenue* |
849 |
995 |
(15%) |
944 |
(10%) |
Recurring operating profit |
124 |
165 |
(25%) |
136 |
(9%) |
Net profit |
50 |
|
|
96 |
(48%) |
|
|
|
|
|
|
EBITDA** |
174 |
208 |
(16%) |
177 |
(2%) |
EBITDA/revenue |
20.5% |
20.9% |
|
18.8% |
|
* Revenue: net gaming revenue and revenue from other activities
** EBITDA: recurring operating profit adjusted for depreciation and amortisation
Activity and results for H1 2020
- Stakes of €6.9 billion, down 18.4%
- Lottery stakes of €5.8 billion (-12.6%)
Lottery staked amounted to €5.8 billion, with a drop of 11.3% to €3.6 billion for instant games and a drop of 14.6% to €2.2 billion for draw games:
- For instant games, the decline can be attributed in large part to the steep decline in footfall in points of sale during lockdown and the lack of activity in the product portfolio during the second quarter;
- For draw games, the decrease can be ascribed chiefly to the suspension of Amigo, an express draw game in points of sales from 19 March to 8 June. Adjusted for Amigo, draw games stakes were down only slightly (-1.7%);
- Online lottery stakes enjoyed good momentum, with an increase of 50% to €0.5 billion, and a marked acceleration in the second quarter, driven mainly by growth in the number of active players and the almost doubling of new registrations on fdj.fr.
- Sports betting stakes of €1.1 billion (-38.8%)
Sports betting stakes totalled €1.1 billion. After a performance in line with objectives at the start of the year, sports betting stakes were impacted by the gradual cancellation of virtually all sporting competitions from mid-March 2020. No major sporting competitions took place during lockdown, which considerably reduced the betting offer. Since mid-May, sporting competitions, particularly football, have gradually resumed, resulting in a very significant resumption in stakes.
- Revenue down 14.7% at €849 million
On half-yearly stakes of €6.9 billion (-18.4%), player winnings totalled €4.6 billion (-19.9%), representing a player payout (PPO) ratio of 67.3%, compared with 68.4% in the first half of 2019. The decline in the PPO reflects the change in the betting mix, with a higher share of lottery games. In addition, the sports betting PPO was reduced by unexpected results.
FDJ recorded gross gaming revenue (GGR: stakes less prizes won) down 15.1% at €2.3 billion. Net gaming revenue (NGR: GGR less contribution to the public finances) amounted to €829 million, i.e. 12.0% of stakes, with stability in the rate of public levies on games compared with that of the first half of 2019 at 63.5% of GGR, or €1.4 billion.
The FDJ Group’s revenue amounted to €849 million (-14.7%), compared with €995 million in the six months to end-June 2019.
- EBITDA of €174 million, representing a margin of 20.5% on revenue (vs 20.9% in H1 2019)
- Contribution margin by activity:
- Lottery: contribution margin steady at 32.2%
The contribution margin of the Lottery BU was €219 million, i.e. a decline of €37 million (‑14.4%), for a margin on revenue of 32.2%, vs 33.2% in H1 2019 on the basis of revenue down 12.2% at €679 million.
Cost of sales, mainly the remuneration of distributors, was down 13.6% due to the drop in stakes in points of sale, while the slight increase of 6.6% in marketing and communication expenses to €65 million reflects the continued development of the product offering, partly offset by the reduction in advertising and promotional expenses.
- Sports betting: contribution margin of 31.3%, an increase of 7 points due to the low PPO ratio
The Sports Betting BU’s contribution margin was €45 million in H1 2020, almost stable compared with the same period in 2019 (€48 million), i.e. a margin on revenue of 31.3%, up more than 7 points compared with the first half of 2019 (24.3%). Based on a drop of 38.8% in stakes, the lower half-yearly PPO ratio than in the first half of 2019 (73.1% vs 77.7%) helped limit to €50 million the decline in revenue (-25.7%) to €145 million.
The 39.3% reduction in cost of sales reflects trends in stakes, while the 15.8% decline in marketing and communication expenses to €34 million is related to the reduction in advertising and promotional initiatives against the backdrop of a reduced product offering.
- Adjacent activities and holding company
Adjacent activities (International, Payments & Services and Entertainment) and the holding company recorded revenue of €24 million, with a contribution margin close to breakeven. Holding company costs amounted to €89 million, down €9 million compared with H1 2019.
- EBITDA margin of 20.5%, virtually stable thanks in large part to the implementation of a savings plan of more than €80 million
From the onset of the health crisis and its first effects, the Group implemented a savings plan of more than €80 million for 2020. Two-thirds of the plan, more than half of which covered A&P expenditure, was implemented in H1, helping offset more than half of the decline in activity and thereby helping keep FDJ’s EBITDA margin above 20%.
The Group’s operating expenses were down 12.5% at €725 million, of which:
– Cost of sales of €482 million, down 17.6%, which notably includes the remuneration of €336 million for distributors, down €88 million (-21%), in line with the decline in stakes in the point-of-sale network;
– Marketing and communication expenses of €147 million, down nearly 2%;
– General and administrative expenses of €87 million, down 7%.
Depreciation and amortisation amounted to €50 million, compared with €43 million in H1 2019. Their growth was driven mainly by the amortisation of exclusive operating rights over a full half-year in 2020, compared with a single month in H1 2019.
On those bases, the FDJ Group recorded a recurring operating profit of €124 million (-24.9%) and EBITDA of €174 million (-16.4%), i.e. a margin on revenue of 20.5%, compared with 20.9% in June 2019.
- Net income of €50 million including non-recurring items
In the first half of 2020, FDJ recorded other non-recurring operating expenses of €30 million, compared with €7 million in the first half of 2019. They related to Sporting Group, on which FDJ recorded impairment due to its sports betting activity in the United Kingdom.
The financial result for the first half of 2020 (expense of €5 million) reflects the change in the value of part of FDJ’s financial assets in a context of bearish financial markets.
After taking into account a net tax expense of €39 million, down €5 million, the Group’s net profit for the first half of 2020 was €50 million.
- Available cash exceeding €800 million and net cash surplus of €298 million at end-June 2020
At the end of June 2020, the Group had more than €800 million in available cash.
The net cash surplus is one of the indicators of the level of net cash generated by the Group. It corresponds mainly to financial investments and gross cash (€1,154 million), less borrowings (€733 million).
As of 30 June 2020, it amounted to €298 million, an increase of €218 million compared with 31 December 2019. The change was mainly attributable to:
– The EBITDA generated over the half-year, plus a dual positive effect on working capital surplus linked on the one hand to the change in the payment schedule for public levies (monthly in 2020 but weekly in 2019) and on the other hand to unclaimed prizes only returned to the State at the end of the year;
– Against which are charged dividends in respect of 2019 and investments for the first half of the year.
For information, the net cash surplus at the end of June cannot be extrapolated to the end of December because there are significant calendar effects on the payments of public levies, including an advance on public levies in December.
A financial presentation is available on the FDJ group’s website
https://www.groupefdj.com/en/investors/financial-publications.html.
FDJ’s Board of Directors met on 29 July 2020 and reviewed the interim consolidated financial statements at 30 June 2020, which were prepared under its responsibility. The limited review procedures on the interim consolidated financial statements have been carried out. The review report of the statutory auditors is being issued.
The Group’s next financial communication
Given the changing nature of the situation, the estimates and forward-looking statement presented by FDJ cannot constitute either a forecast or a target. The Group will announce its stakes and revenue for the September quarter after trading on 14 October and will issue its new 2020 outlook as soon as possible.
About La Française des Jeux (FDJ Group):
France’s national lottery and leading gaming operator, the #2 lottery in Europe and #4 worldwide, FDJ offers secure, enjoyable and responsible gaming to the general public in the form of lottery games (draws and instant games) and sports betting (ParionsSport), available from physical outlets and online. FDJ’s performance is driven by a portfolio of iconic and recent brands, the #1 local sales network in France, a growing market, recurring investment and a strategy of innovation to make its offering and distribution more attractive with an enhanced gaming experience.
FDJ Group is listed on the Euronext Paris regulated market (Compartment A – FDJ.PA) and is included in the SBF 120, Euronext Vigeo France 20, STOXX Europe 600, MSCI Europe and FTSE Euro indices.
For further information, www.groupefdj.com
Appendices
Adjusted 2019 data, with the full-year application of the new tax regime that came into force on 1 January 2020 and the consolidation of Sporting Group over 12 months.
In € million |
30 June 2020 |
30 June 2019 |
Chg. 30 June 2020 vs |
30 June 2019 |
Chg. 30 June 2020 vs |
Stakes* |
6,898 |
8,420 |
(18.1%) |
8,454 |
(18.4%) |
Attributable to Lottery |
5,777 |
6,609 |
(12.6%) |
6,609 |
(12.6%) |
Instant lottery games** |
3,558 |
4,012 |
(11.3%) |
4,012 |
(11.3%) |
Draw games |
2,219 |
2,598 |
(14.6%) |
2,598 |
(14.6%) |
Attributable to Sports betting |
1,108 |
1,810 |
(38.8%) |
1,810 |
(38.8%) |
|
|
|
|
|
|
Digitalised stakes*** |
1,391 |
1,652 |
(15.8%) |
1,652 |
(15.8%) |
Offline stakes |
6,269 |
7,917 |
(20.8%) |
7,917 |
(20.8%) |
* Stakes reflect wagers by players, and do not constitute the revenue of the FDJ Group
** Mainly scratch games (point of sale and online)
*** Digitalised stakes include online and digitalised stakes at the point of sale, i.e. using a digital service/application for their preparation, prior to registration by the distributor
In € million |
30 June 2020 |
30 June 2019 |
Chg. 30 June 2020 vs |
30 June 2019 |
Chg. 30 June 2020 vs |
Stakes |
6,898 |
8,420 |
(18.1%) |
8,454 |
(18.4%) |
Player winnings |
4,646 |
5,757 |
(19.3%) |
5,799 |
(19.9%) |
Player payout ratio |
67.3% |
68.4% |
|
68.6% |
|
Gross gaming revenue (GGR) |
2,253 |
2,663 |
(15.4%) |
2,654 |
(15.0%) |
GGR as a % of stakes |
32.7% |
31.6% |
3.3% |
31.4% |
4.0% |
Net gaming revenue (NGR) |
829 |
933 |
(11.2%) |
976 |
(15.0%) |
NGR as a % of stakes |
12.0% |
11.1% |
8.5% |
11.5% |
4.1% |
Revenue |
849 |
944 |
(10.1%) |
995 |
(14.7%) |
Segment reporting
30 June 2020 | |||||||
In € millions | Lottery BU | Sport Betting BU |
Other segments |
Holding company |
Total before depreciation and amortisation |
Depreciation and amortisation |
Total Group |
Stakes |
5,777 |
1,108 |
14 |
– |
6,898 |
6,898 |
|
Gross gaming revenue |
1,954 |
298 |
1 |
– |
2,253 |
2,253 |
|
Net gaming revenue |
677 |
145 |
6 |
– |
829 |
829 |
|
Revenue |
679 |
145 |
24 |
1 |
849 |
849 |
|
Cost of sales |
(395) |
(65) |
(3) |
– |
(464) |
(18) |
(482) |
Marketing and communication expenses |
(65) |
(34) |
(21) |
(12) |
(133) |
(14) |
(147) |
Contribution margin |
219 |
45 |
(1) |
(12) |
251 |
(32) |
219 |
General and administration expenses |
(78) |
(78) |
(18) |
(95) |
|||
EBITDA |
174 |
||||||
Depreciation and amortisation |
(50) |
||||||
Recurring operating profit |
124 |
BU Loterie | BU Paris sportifs |
ABU | Holding | Total avant amort. |
Amort. | Total Groupe | |
Mises |
6,610 |
1,810 |
34 |
0 |
8,454 |
8,454 |
|
Produit Brut des Jeux (PBJ) |
2,251 |
403 |
0 |
0 |
2,654 |
2,654 |
|
Produit Net des Jeux (PNJ) |
771 |
195 |
9 |
0 |
976 |
976 |
|
Chiffre d’affaires |
773 |
195 |
27 |
0 |
995 |
995 |
|
Coût des ventes |
-456 |
-107 |
-3 |
0 |
-566 |
-19 |
-585 |
Coûts marketing et communication |
-61 |
-41 |
-22 |
-14 |
-138 |
-12 |
-150 |
Marge contributive |
256 |
48 |
2 |
-14 |
291 |
-31 |
260 |
Coûts administratifs et généraux |
-83 |
-83 |
-12 |
-95 |
|||
EBITDA |
208 |
||||||
Dotations aux amortissements |
-43 |
||||||
Résultat Opérationnel Courant |
165 |
30 June 2019 published | |||||||
In € millions | Lottery BU |
Sport Betting BU |
Other segments |
Holding company |
Total before depreciation and amortisation |
Depreciation and amortisation |
Total Group |
Stakes |
6,610 |
1,810 |
– |
– |
8,420 |
8,420 |
|
Gross gaming revenue |
2,257 |
406 |
– |
– |
2,663 |
2,663 |
|
Net gaming revenue |
759 |
173 |
2 |
– |
933 |
933 |
|
Revenue |
761 |
173 |
11 |
– |
944 |
944 |
|
Cost of sales |
(456) |
(107) |
(1) |
– |
(564) |
(19) |
(583) |
Marketing and communication expenses |
(62) |
(40) |
(11) |
(14) |
(127) |
(11) |
(138) |
Contribution margin |
243 |
26 |
(2) |
(14) |
253 |
(30) |
223 |
General and administration expenses |
(76) |
(76) |
(11) |
(87) |
|||
EBITDA |
177 |
||||||
Depreciation and amortisation |
(41) |
||||||
Recurring operating profit |
136 |
Consolidated income statement
In € millions | 30 June 2020 | 30 June 2019 published |
Stakes |
6,898.4 |
8,420.0 |
Player payout |
(4,645.5) |
(5,756.9) |
Gross gaming revenue |
2,252.8 |
2,663.0 |
Public levies |
(1,429.8) |
(1,692.4) |
Structural allocations to counterparty funds |
0.0 |
(39.1) |
Other revenue from sports betting |
6.0 |
1.9 |
Net gaming revenue |
829.0 |
933.4 |
Revenue from other activities |
19.7 |
10.5 |
Revenue |
848.6 |
944.0 |
Cost of sales |
(481.9) |
(582.9) |
Marketing and communication expenses |
(147.5) |
(138.1) |
General and administrative expenses |
(87.0) |
(85.6) |
Other recurring operating income |
0.5 |
0.4 |
Other recurring operating expenses |
(9.0) |
(1.8) |
Recurring operating profit |
123.8 |
135.9 |
Other non recurring operating income |
0.2 |
0.1 |
Other non recurring operating expenses |
(30.3) |
(7.3) |
Operating profit |
93.7 |
128.7 |
Cost of debt |
(2.1) |
(0.8) |
Other financial income |
5.7 |
12.2 |
Other financial expenses |
(8.9) |
(0.5) |
Net financial income/(expense) |
(5.2) |
10.9 |
Share of net income for joint ventures |
0.5 |
0.6 |
Profit before tax |
89.0 |
140.2 |
Income tax expense |
(38.8) |
(44.4) |
Net profit for the period |
50.2 |
95.9 |
Attributable to : | ||
Owners of the parent |
50.2 |
95.9 |
Non -controlling interests |
0.0 |
0.0 |
Basic earnings per share (in €) |
0.26 |
0.50 |
Diluted earnings per share (in €) |
0.26 |
0.50 |
In € millions |
30 June 2020 |
30 June 2019 |
June 2020 vs |
30 June 2019 |
June 2020 vs |
Recurring operating profit |
124 |
136 |
(8.8%) |
165 |
(24.8%) |
Depreciation and amortisation |
(50) |
(41) |
22.0% |
(43) |
16.3% |
EBITDA |
174 |
177 |
(1.8%) |
208 |
(16.4%) |
Consolidated statement of comprehensive income
In € millions | 30 June 2020 | 30 June 2019 published |
Net profit for the period |
50.2 |
95.9 |
Cash flow hedging, before tax |
0.1 |
0.2 |
Net investment hedge on foreign activities, before tax |
6.6 |
0.6 |
Net currency translation difference, before tax |
(2.4) |
0.3 |
Tax related to items that may subsequently be recycled |
(2.1) |
(0.2) |
Items recycled or that may subsequently be recycled to profit |
2.2 |
0.9 |
Actuarial gains and losses |
0.3 |
(3.3) |
Others |
(0.0) |
(0.0) |
Tax related to actuarial gains and losses through equity |
(0.1) |
1.0 |
Items that may not subsequently be recycled to profit |
0.2 |
(2.3) |
Other comprehensive income/(expense) |
2.4 |
(1.4) |
Total comprehensive income for the period |
52.7 |
94.5 |
Attributable to : | ||
Owners of the parent |
52.7 |
94.5 |
Non-controlling interests |
0.0 |
0.0 |
Consolidated statement of financial position
In € millions | ||
ASSETS | 30 June 2020 | 31 December 2019 published |
Goodwill |
28.1 |
56.4 |
Exclusive operating rights |
363.1 |
370.7 |
Intangible assets |
162.2 |
148.3 |
Property, plant and equipment |
385.7 |
394.0 |
Non-current financial assets |
378.1 |
584.3 |
Investments in associates |
14.9 |
14.5 |
Non-current assets |
1,332.1 |
1,568.2 |
Inventories |
16.3 |
10.5 |
Trade and distribution network receivables |
385.8 |
469.8 |
Other current assets |
302.0 |
314.8 |
Tax payable assets |
6.0 |
18.9 |
Current financial assets |
354.9 |
272.2 |
Cash and cash equivalents |
475.6 |
201.5 |
Current assets |
1,540.6 |
1,287.8 |
TOTAL ASSETS |
2,872.7 |
2,856.0 |
In € millions | ||
EQUITY AND LIABILITIES | 30 June 2020 | 31 December 2019 published |
Share capital |
76.4 |
76.4 |
Statutory reserves |
91.7 |
87.5 |
Retained earnings (incl. Net profit for the period) |
366.2 |
406.7 |
Reserves for other comprehensive income/(expense) |
1.2 |
(1.3) |
Equity attributable to owners of the parent |
535.4 |
569.2 |
Non-controlling interests |
0.0 |
0.0 |
Equity |
535.4 |
569.2 |
Provisions for pensions and other employee benefits |
56.3 |
56.9 |
Non-current provisions |
48.1 |
49.3 |
Deferred tax liabilities |
26.1 |
24.9 |
Non-current player funds |
0.0 |
0.0 |
Non-current financial liabilities |
568.6 |
229.7 |
Non-current liabilities |
699.1 |
360.9 |
Current provisions |
15.9 |
16.7 |
trade and distribution network payables |
314.1 |
411.6 |
Tax payable liabilities |
1.0 |
0.7 |
Current player funds |
176.4 |
156.6 |
Public levies |
540.6 |
414.8 |
Winnings payable and distributable |
244.4 |
189.3 |
Other current liabilities |
180.6 |
169.6 |
Payable to the French State with respect to the exclusive operating rights |
0.0 |
380.0 |
Current financial liabilities |
165.1 |
186.5 |
Current liabilities |
1,638.2 |
1,925.9 |
TOTAL EQUITY AND LIABILITIES |
2,872.7 |
2,856.0 |
Consolidated statement of cash flows
In € millions | 30 June 2020 | 30 June 2019 published |
OPERATING ACTIVITIES | ||
Net consolidated profit for the period |
50.2 |
95.9 |
Change in depreciation, amortisation and impairment of non-current assets |
75.9 |
43.1 |
Change in provisions |
4.1 |
6.1 |
Disposal gains or losses |
0.2 |
0.1 |
Income tax expense |
38.8 |
44.4 |
Other non-cash items from P&L |
(0.2) |
0.0 |
Net financial (income)/expense |
5.2 |
(10.9) |
Share of net income from joint ventures |
(0.5) |
(0.6) |
Non-cash items |
123.5 |
82.2 |
Use of provisions – payments |
(6.5) |
(4.5) |
Interest received |
2.5 |
2.3 |
Income taxes paid |
(25.2) |
(31.9) |
Change in trade receivables and other current assets |
(19.6) |
124.2 |
Change in inventories |
(5.7) |
(1.9) |
Change in trade receivables and other current liabilities |
222.9 |
(56.5) |
Change in other components of working capital |
(1.6) |
(1.5) |
Change in operating working capital |
196.0 |
64.3 |
Net cash flow from/(used in) operating activities |
340.6 |
208.3 |
INVESTING ACTIVITIES | ||
Acquisitions of property, plant and equipment and intangible assets |
(423.2) |
(32.4) |
Acquisitions of investments |
0.0 |
(111.8) |
Disposals of property, plant and equipment and intangible assets |
0.1 |
0.0 |
Change in current and non-current financial assets |
145.3 |
(50.1) |
Disposals of other financial assets |
0.0 |
0.0 |
Change in loan and advances granted |
(26.9) |
2.8 |
Dividends received from associates and non-consolidated share |
0.0 |
0.4 |
Other |
0.5 |
0.0 |
Net cash flow from/(used in) investing activities |
(304.3) |
(191.0) |
FINANCING ACTIVITIES | ||
Issue of long-term debt |
380.0 |
113.3 |
Repayment of the current portion of long-term debt |
(8.8) |
(4.0) |
Repayment of lease liabilities |
(4.0) |
(2.9) |
Dividends paid to ordinary shareholder of the parent company |
(83.4) |
(118.3) |
Interest paid |
(4.8) |
(0.8) |
Other |
(0.6) |
0.0 |
Net cash flow from/(used in) financing activities |
278.5 |
(12.7) |
Impact of exchange rates change |
(0.4) |
0.9 |
Net increase/(decrease) in net cash |
314.3 |
5.5 |
Cash and cash equivalent as at 1 January |
201.5 |
167.2 |
Cash and cash equivalent as at 31 December |
475.6 |
179.0 |
Current bank overdrafts as at 1 January |
(40.2) |
(7.2) |
Current bank overdrafts as at 31 December |
0.0 |
(13.6) |
Consolidated statement of changes in equity
In € millions |
Share capital |
Statutory reserves |
Retained earnings (incl. Net profit for the period) |
Cash flow hedging |
Net investment hedge on foreign activities |
Net currency translation difference |
Actuarial gains and losses |
Reserves for other comprehensive income/ |
Equity attributable to owners of the parent |
Non-controlling interests |
Total equity |
|
|||||||||||
Equity as at 31 December 2018 |
76.4 |
85.3 |
401.1 |
0.2 |
0.0 |
2.1 |
(1.2) |
1.1 |
563.9 |
0.0 |
563.9 |
Net profit for the period |
95.9 |
95.9 |
0.0 |
95.9 |
|||||||
Other comprehensive income/(expense) |
0.2 |
0.4 |
0.3 |
(2.3) |
(1.4) |
(1.4) |
(1.4) |
||||
Total comprehensive income/(expense) for the period |
0.0 |
0.0 |
95.9 |
0.2 |
0.4 |
0.3 |
(2.3) |
(1.4) |
94.5 |
(0.0) |
94.5 |
Appropriation of 2018 profit/(loss) |
2.0 |
(2.0) |
|||||||||
2018 dividends paid |
(122.0) |
(122.0) |
(122.0) |
||||||||
Equity as at 30 June 2019 |
76.4 |
87.4 |
372.8 |
0.4 |
0.4 |
2.4 |
(3.5) |
(0.3) |
536.2 |
(0.0) |
536.2 |
|
|||||||||||
Equity as at 31 December 2019 |
76.4 |
87.5 |
406.7 |
(0.1) |
(1.4) |
4.1 |
(3.9) |
(1.3) |
569.2 |
0.0 |
569.2 |
Net profit for the period |
50.2 |
50.2 |
50.2 |
||||||||
Other comprehensive income/(expense) |
0.1 |
4.5 |
(2.4) |
0.2 |
2.5 |
2.5 |
2.5 |
||||
Total comprehensive income/(expense) for the period |
0.0 |
0.0 |
50.2 |
0.1 |
4.5 |
(2.4) |
0.2 |
2.5 |
52.7 |
0.0 |
52.7 |
Appropriation of 2019 profit/(loss) |
4.2 |
(4.2) |
|||||||||
2019 dividends paid |
(86.0) |
(86.0) |
(86.0) |
||||||||
Other |
(0.6) |
(0.6) |
(0.6) |
||||||||
Equity as at 30 June 2020 |
76.4 |
91.7 |
366.1 |
0.0 |
3.1 |
1.7 |
(3.7) |
1.2 |
535.4 |
0.0 |
535.4 |
Net cash surplus
In € millions | 30 June 2020 | 31 December 2019 published |
Non-current financial assets at amortised cost |
160.0 |
440.0 |
Non-current assets fair value through profit or loss |
131.3 |
90.4 |
Other non-current financial assets excluding deposits |
32.4 |
29.3 |
Total non-current investments (a) |
323.7 |
559.8 |
Current financial assets at amortised cost |
349.0 |
253.0 |
Current financial assets at fair value through profit or loss |
5.0 |
16.1 |
Current derivatives |
0.8 |
0.9 |
Total current investments (b) |
354.8 |
270.0 |
Total current and non-current investments |
678.5 |
829.8 |
Investments, cash equivalents |
185.0 |
121.2 |
Cash at bank and in hand |
290.7 |
80.3 |
Total cash and cash equivalents |
475.7 |
201.5 |
Total gross investments and cash |
1,154.2 |
1,031.3 |
Long-term financial debt |
546.1 |
205.0 |
Non-current lease liabilities |
22.0 |
24.4 |
Total non-current financial debt (c) |
568.1 |
229.4 |
Short-term financial debt |
27.2 |
8.2 |
Current lease liabilities |
7.2 |
7.0 |
Current derivatives |
0.2 |
0.7 |
Other |
130.5 |
170.5 |
Total current financial debt excluding deposits (d) |
165.1 |
186.4 |
Total financial debt |
733.2 |
415.8 |
INVESTMENTS AND NET CASH |
421.0 |
615.5 |
Payable to the French State with respect to the exclusive operating rights |
0.0 |
(380.0) |
Reclassification of online players wallets not yet covered by trust |
0.0 |
(26.9) |
Restricted cash |
(4.5) |
(5.3) |
Sums allocated exclusively to Euromillions winners |
(72.6) |
(77.2) |
Net liability associated with the permanent fund surplus |
(46.1) |
(46.1) |
NET CASH SURPLUS |
297.8 |
79.9 |
(a) Non-current investments correspond to non-current financial assets (as set out in the notes to the consolidated financial statements – statement of financial position), excluding Euromillions deposits and guarantee deposits
(b) Current investments correspond to current financial assets (as set out in the notes to the consolidated financial statements – statement of financial position), excluding given deposits and guarantees
(c) Long-term financial debt corresponds to non-current financial liabilities (as set out in the notes to the consolidated financial statements – statement of financial position), excluding received deposits and guarantees
(d) Short-term financial debt corresponds to non-current financial liabilities (as set out in the notes consolidated financial statements – statement of financial position)
———————————————
1 Restated to reflect the new tax regime that came into force on 1 January 2020 and consolidating Sporting Group on a full-year basis. Based on 2019 reported figures, half-year revenue would have been down 10%.
Latest News
ASTON MARTIN ARAMCO LAUNCHES ULTIMATE SIMULATOR USING MOTION TECHNOLOGY TO RECREATE F1 RACING
- The motion simulators, available as a limited run, are built by Memento Exclusives – Aston Martin Aramco’s sim and show car partner
- The newly developed simulator launch commemorates with Fernando Alonso’s recent 400th F1 race at the recent 2024 Mexico City Grand Prix
- Collectors and gamers can visit f1authentics.com to learn more
Aston Martin Aramco F1® Team is bringing its fans closer than ever to the experience of becoming an F1® driver, with the launch of brand-new motion simulators.
Motion simulators are created by an expert team at Memento Exclusives – the memorabilia specialist based in Motorsport Valley – utilising the same processes as F1® teams, to offer an unrivalled racing experience. Designed to recreate the famous race cars seen on the tracks, these Aston Martin Aramco’s Motion Simulators boast high tech systems which aim to immerse the racer, offering them the chance to experience every twist and turn around iconic racing circuits.
Aston Martin Aramco F1® Team and Memento Exclusives have made simulators available to the public in iconic racing green before, but adding movement to the simulation experience is set to take sim racing to new heights. Each motion simulator has been developed in partnership with the race team at Silverstone, and features haptic actuators, a front pivot configuration and haptic rumble feedback. This advancement offers gamers and racers true authenticity, with the motion of a real F1® car accurately emulated from the moment they jump into the cockpit.
Motion simulators are just one of the ways Aston Martin Aramco F1® Team is innovating with technology in recent times. Lance Stroll has been noted for his sim work over the years and revealed ahead of the 2023 Bahrain Grand Prix that he partially rehabilitated a broken wrist by practicing in a simulator. He famously went on to finish sixth in that race. Spanish legend Fernando Alonso, who recently celebrated his 400th Grand Prix at the 2024 Mexico City Grand Prix, has also lent his voice to emerging technology with Ai.lonso – offering visitors to the Aston Martin Aramco website the ability to hear selected articles read in his voice in multiple languages.
Barry Gough, CEO & Founder of Memento Exclusives (F1 Authentics) commented: “We are delighted to announce the next phase in our partnership with Aston Martin Aramco; these motion simulators take sim racing to the next level, providing gamers and racers with the closest experience to racing an actual F1 car. This launch, commemorating Fernando Alonso’s 400th Grand Prix and recognising Lance Stroll’s history with simulators, is a testament to this partnership and the technological advancements here at Memento Exclusives, offering new ways for fans to own the moment.”
Matt Chapman, Head of Licensing and Merchandise, Aston Martin Aramco Formula One® Team: “This is a really exciting collaboration with our partner Memento Exclusives, bringing the world of Formula One to life for sim racers, collectors and our fans alike. The look and feel of the motion simulator makes it an immersive experience and the addition of movement builds upon the previous simulators we have collaborated on together.”
Aston Martin Motion Simulators are only available in limited numbers and via f1authentics.com or Memento Exclusives’ private sale service.
Asia
Gujarat Titans’ Inaugural “Titans Rising” BGMI Tournament Crowns Champion, Sets Stage for Future Esports Initiatives
Gujarat Titans is thrilled to announce the successful conclusion of the first-ever “Titans Rising” BGMI tournament, held from October 6th to 27th, 2024. The tournament showcased the incredible talent and passion within the Indian BGMI community, culminating in a thrilling Grand Finale showdown on October 27th. The first ever Titans Rising champions were MOGO Esports.
In a unique gesture that bridged the gap between traditional sports and Esports, the selected players of the 2024 “Titans Rising” tournament will interact and play alongside Gujarat Titans cricket players in a special mixed-team event during the 2025 season. Marquee Esports athletes and gaming content creators like Tanmay “Sc0utOP” Singh, Deepak “Sensei” Negi and many others will be seen collaborating with Gujarat Titans for some exciting content projects in the upcoming season of the Indian Premier League. This initiative will not only provide a unique and rewarding experience for the winning team but also create exciting crossover content for fans of both cricket and Esports.
“Titans Rising” was designed to provide a platform for aspiring BGMI players across India to compete at the highest level. The tournament structure featured a tiered qualification system, starting with open qualifiers that were accessible to all. The overwhelming interest and reach of the tournament was evident with 2,048 teams registered for the open qualifiers. These teams battled it out with winners advancing through the pre-quarters, quarter-finals, and semi-finals. The pre-quarter finals saw the qualified teams pooled with 32 invited professional teams, raising the stakes and intensity of the competition.
Fans across the country had front-row seats to the action, as the entire tournament was broadcast live on the official Gujarat Titans YouTube channel. This broadcast generated impressive viewership metrics: 3.2 million views and 287,000 watched hours. Over 50 Million impressions and 2.1 Million engagements were recorded across GT’s YouTube and social media platforms during the tournament. These numbers underscore the significant reach and engagement of the tournament, solidifying Gujarat Titans’ prominent presence within the Esports community.
A substantial prize pool of ₹2,200,000 was up for grabs, rewarding the top-performing teams and players for their skill and dedication. Beyond the team prizes, individual awards such as “Most Valuable Titan,” “Man of the Maps,” and “Best IGL” recognized exceptional individual contributions and further fueled the competitive spirit. Apart from these gratifying accolades, the Titans Rising tournament honoured the hustle of young and aspiring e-athletes with awards like “Rising Titans” and “Rising Titans Squad” that aim to empower those who wish to rise in ranks within the world of Esports.
On the success of the first ever Esport tournament organized by any IPL Team, Col. Arvinder Singh, COO-Gujarat Titans said, “”We’re thrilled by the success of Titans Rising and the enthusiastic response of our fans. As the first IPL franchise to enter the Esports arena, Titans Rising created a unique experience that was enjoyed by a new set of fans while providing another avenue of engagement for our existing fan base. Gujarat Titans shall continue to explore new and contemporary avenues to further enhance engagement with our fans and supporters.”
Gujarat Titans is committed to nurturing the growth of the community and creating opportunities for aspiring players. “Titans Rising” is not just a one-off event but a cornerstone of Gujarat Titans’ long-term Esports strategy.
Industry News
Gaming Corps to launch with lotteries in the USA via EQL games deal
In-demand content provider extends reach into largest iGaming market in the world with its full suite of games made available via iLottery aggregation platform
Gaming Corps, a publicly-listed game studio based in Sweden renowned for creating industry-leading games, has made its debut in the US market through a breakthrough agreement with leading lottery provider, EQL Games.
The distribution agreement will see Gaming Corps’ full suite of games made available to EQL Games’ powerful iLottery Aggregation Platform, developed to provide lottery operators across America with direct access to a portfolio of proprietary and third-party games.
Following the integration, EQL Games’ lottery operator partners will be offered proven Slots, Table Games, Multiplier Games, Mine Games and Plinko Games, as well as titles under Gaming Corps’ innovative and trademarked Smash4Cash™ series.
The deal and integration come at a time of growing demand among online lottery operators in the US for non-traditional content, a format that Gaming Corps has excelled in, especially with its Smash4Cash™ games, which have been a hit with players in global markets.
EQL’s aggregation platform has been developed to allow online lottery operators to quickly and easily access content from multiple game studios simultaneously through one integration and one commercial agreement.
Its iLottery Aggregation platform simplifies the process of adding new games to an online lottery brand across regulated states. In addition to the third-party content provided via its aggregator platform, EQL Games has a portfolio of in-house titles.
This includes games produced under licence with Team USA which were rolled out by several state lotteries for the Olympic and Paralympic Games in Paris this year, with new titles being planned ahead of the Winter Games in Milan (2026) and the Olympic and Paralympic Games in Los Angeles (2028).
Juha Kauppinen, CEO of Gaming Corps, said: “The USA has always been somewhat of the holy grail for game developers like us, which has been further emphasised as markets in several states have become regulated. The potential in the American market is enormous, and the impact for us is a bit difficult to assess, but we have great hopes for the collaboration with EQL Games, which has an impressive platform towards U.S. lotteries.
“We believe it will have a significantly positive impact on our revenues. I would like to personally take the opportunity to thank EQL Games and Brad Cummings for the collaboration, and we are now working hard to complete the integration so that all our games will be offered to EQL’s customers via their platform.”
Brad Cummings, CEO of EQL Games, added: “Including Gaming Corps as a supplier to the EQL Games iLottery Aggregator is an exciting step forward in our mission to offer unique, high-quality content to state lotteries. Gaming Corps’ expertise in iGaming, along with their unique game portfolio, fits perfectly with our vision of enhancing the lottery experience through dynamic and engaging content.”
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