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La Française des Jeux (FDJ) announces its results for the first half of 2020
![La Française des Jeux (FDJ) announces its results for the first half of 2020](https://europeangaming.eu/portal/wp-content/uploads/2020/02/2-6.jpg)
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
Win tickets to the BLAST Premier Fall Final: GG.BET is running a MEGA BLAST Competition for fans of СS2
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/fvfdgsadgareabvaaa.jpg)
From 26 July, all GG.BET users can get involved in the new MEGA BLAST Competition with a €10,000 prize fund. The winner will receive two tickets to the BLAST Premier Fall Final CS2 tournament, taking place from 27-29 September in Copenhagen. To enter, you need to place bets on Counter-Strike 2 matches.
BLAST Premier Fall is a major series of Counter-Strike 2 tournaments which draws in millions of viewers from all over the world every year. The series consists of three stages: Groups, Showdown, and Finals. The Groups stage sees 16 Tier-1 teams duke it out. Only 6 of these can go on to compete in the final, while the rest will battle it out in the Fall Showdown for two additional spots in the final. BLAST Premier Fall Finals will be the concluding stage of the Fall series, and fans can look forward to electrifying action, heart-stopping twists and turns, and an epic $425,000 prize fund.
From 26 July to 4 August, as the Groups stage rages on, GG.BET will be holding its MEGA BLAST Competition. The winner will get their hands on two tickets to attend every day of the BLAST Premier Fall Finals. As well as these tickets, the bookmaker is also giving away a whopping €10,000 prize fund to the top 40 participants in the MEGA BLAST Competition.
How to take part in the MEGA BLAST Competition:
- Register an account with GG.BET or log in to an existing account.
- Go to the tournament page and press “Participate”.
- Place bets on Counter-Strike 2 matches. Every bet you place will earn you a certain number of points, based on the odds.
- Rack up points, keep an eye on the leaderboard, and wait for your winnings to roll in.
Bet on your favorites and get ready for some unforgettable fun! Head over to GG.BET right now so you don’t miss your chance to enjoy a festival of Counter-Strike action in Copenhagen.
Latest News
MANCHESTER CITY TO MARK GLOBAL PARTNERSHIP WITH SUPER GROUP-OWNED BETWAY AT THE NEW YORK STOCK EXCHANGE
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/mcyjksadljoisajdasndkl.jpg)
Manchester City has today announced a new multi-year partnership with leading global online betting and gaming brand, Betway.
As part of the club’s pre-season tour of the United States, and to mark this significant deal, leading figures from Manchester City and Super Group will be on-site for the iconic NYSE bell-ringing ceremony later today. Ferran Soriano, CEO of City Football Group, along with Neal Menashe, Super Group CEO, will ring The Opening Bell at 9:30am EDT.
The agreement will see Betway become the club’s Official Global Betting Partner from the start of the 2024/25 season, as Manchester City joins the brand’s extensive sports sponsorship portfolio which includes teams from across the Premier League, La Liga, NBA and more.
Ferran Soriano, City Football Group CEO, said: “We are pleased to announce Betway as our Official Global Betting Partner today. As a globally recognised brand, Betway has a strong pedigree and history of working with high-profile brands within the sports space and we’re excited to work together throughout the partnership.”
Super Group CEO, Neal Menashe, commented: “We are absolutely delighted to become Manchester City’s Official Global Betting Partner. This agreement cements our place in the top tier of Premier League partners, ensuring that our Betway brand reaches fans in all corners of the globe.”
Throughout the duration of the partnership, Manchester City and Betway will collaborate on a number of activations and exclusive content opportunities, in addition to the brand featuring across digital and in-stadia assets.
Manchester City and Betway will also work together to provide all players, coaches, management and staff in-depth, industry leading training on all relevant codes of conduct relating to betting integrity and responsible gambling. This is in addition to the work Manchester City already does to support players and staff in this area.
The Opening Bell ceremony can be viewed live.
Compliance Updates
Acquiring a Curacao Online Gaming License in 2024: Comprehensive Analysis of Financial & Procedural Aspects with Costs & Timelines Detailed
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/curacaduioapdj.jpg)
The “Acquiring a Curacao Online Gaming License, 2024: Comprehensive Analysis of Financial & Procedural Aspects with Costs & Timelines Detailed” report has been added to ResearchAndMarkets.com’s offering.
This report includes valuable insights into the financial and procedural aspects, including detailed information on costs and timelines associated with acquiring a Curacao license.
In 2023, Curacao introduced the “Landsverordening op de kansspelen” (Ordinance on Games of Chance) to modernize and regulate gambling legislation. Since March 2020, the Gambling Control Board (GCB) has been authorized to regulate offshore gambling games and oversee the issuance of Curacao licenses. As of 2023, there are 16 companies providing legal services for registration and licensing in the territory of Curacao. The license fee, as per GCB regulations, is 36,000 ANG or 19,800 USD, payable upon license issuance.
Research Timeline and Data Relevance
The research was conducted in two stages. The first stage, studying the regulator and Open Data Search, took place in December 2023. The second stage, writing the report and partially updating the data from the first stage, took place from the end of April to the end of May 2024.
Goals and Objectives
- Describe the information about the Curacao license and the issuing regulator.
- Describe the requirements and conditions for obtaining a Curacao license.
- Describe the costs and timelines for obtaining a Curacao license.
- Briefly study the market, find and suggest the following lists:
- Legal companies offering services for company registration and obtaining a Curacao license;
- Communication agents and integrators working with the Curacao license;
- Suppliers and vendors working with the Curacao license;
- Payment systems working with the Curacao license.
Key Topics Covered:
1. Goals and Objectives
2. Research Timeline and Data Relevance
- Document Markup
- Raw and Combined Data
- Terms & Glossary
3. General Information
- The Regulator
- Registration of Operators With Sublicense
- Application for an Online Gaming License
4. Requirements and Conditions for Obtaining a License
License Conditions
- General Prohibitions
- Safe and Secure Environment
- Equipment and Application Software
- Player Registration
- Payment Transactions
- Games
- Terms of Use
- Resolution of Complaints
- Administrative Responsibilities
- Publicly Available Information
- Reports
- Policies and Procedures
- Suspension and Revocation of License
- Additional Conditions
- Supervision
Recommendations or Minimum Requirements for the Business Plan
5. The Cost of the License
6. Decision Term and the Validity of the License
7. Application Method and Forms
8. Contact Information
9. Companies for Registration and Licensing
10. Integration Companies
11. Suppliers and Vendors
12. Payment Systems
13. META
14. Appendix: Terms & Glossary
For more information about this report visit researchandmarkets.com/r/izeo6g
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