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La Française des Jeux (FDJ) announces its results for the first half of 2020

George Miller

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La Française des Jeux (FDJ) announces its results for the first half of 2020
Reading Time: 14 minutes

 

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
2020

30 June 2019

adjusted

Chg. vs
adjusted

30 June 2019
published

Chg. vs
published

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
published

Chg. 30 June 2020 vs
30 June 2019 published

30 June 2019
adjusted

Chg. 30 June 2020 vs
30 June 2019 adjusted

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
published

Chg. 30 June 2020 vs
30 June 2019 published

30 June 2019
adjusted

Chg. 30 June 2020 vs
30 June 2019 adjusted

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
published

June 2020 vs
June 2019 published

30 June 2019
adjusted

June 2020 vs
June 2019 adjusted

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/
(expense)

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%.

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Gaming Innovation Group signs platform agreement with Bet Seven Online Ltd.

George Miller

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Gaming Innovation Group signs platform agreement with Bet Seven Online Ltd.
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Gaming Innovation Group Inc. (GiG) has today signed a long-term agreement with Bet Seven Online Ltd for the provision of GiG’s platform, frontend development and managed services to launch its first brand, SuperSeven. The agreement is based on a fixed fee model and has a duration of minimum three years with automatic extension for an additional two plus one years.

Bet Seven Online Ltd. is a privately owned company operated by a team that have achieved great success in both offline and online casino operations. The company’s first brand, SuperSeven, will be launched with the aim of providing an instant, immediate and meaningful reward engine alongside an unparalleled level of service to its customers. SuperSeven will look to utilise proven elements of gamification that enhances the core gameplay whilst allowing customers to use their skills and perception to win significant prizes for themselves and others.

The casino offering is expected to launch in H1 2021, and this partnership is expected to make a positive contribution to GiG’s revenues from H2 2021 onwards. SuperSeven will be operating under their own license.

Christopher de Lima, Chief Executive Officer of Bet Seven Online says, “I am so very pleased with the process in working with GIG who are clearly the best platform for our requirements. Recruiting Tim Parker as Chief Operations Officer has been pivotal with our aim in developing the right culture with initially a small team who are all highly regarded in the online industry.

Tim Parker, Chief Operations Officer for Bet Seven Online says, “We had a very specific product aim and end-user experience in mind when we started to search the market for a platform. It became clear very early on that GiG could provide not only the platform, but the tools and service set that we would need to build a truly unique offering that will be new, exciting and stand out from an increasingly crowded marketplace. I am really looking forward to launching SuperSeven on the GiG platform and working closely with them to achieve a market-leading position.

Richard Brown, Chief Executive Officer of GiG says, “Bet Seven Online Ltd has a team of proven, industry veterans driving its business, whose concepts and attention to detail around customer experience and player safety compliment GiG’s own values.  I am delighted that they have chosen our platform, frontend technology and managed services for their new casino brand. We are looking forward to a long term and successful relationship with our new partner.” 

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Week 43/2020 slot games releases

George Miller

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Week 43/2020 slot games releases
Reading Time: 7 minutes

 

Here are this weeks latest slots releases!

MGA Games, a company with expertise in developing localised slots for global operators, launches Ismael Beiro, its latest slot from the Spanish Celebrities range. The star of the game is part of television history, having won the first edition of Big Brother, the longest running reality TV show in Spain. In his debut in the world of slots, Ismael is accompanied by his inseparable friend Ivan Armesto, whom he first met in the Big Brother house and has since gone on to share numerous adventures with over the years. Together they offer users a chance to enjoy this new and immersive slot like never before, which boasts a loading speed that will guarantee a unique gaming experience.

Ismael Beiro, the latest Spanish Celebrities slot by MGA Games, is out now

 

Endorphina invites its fans to go inside of its spooky new slot that’s being released just in time for the Halloween season! 100 Zombies is a 5-reel, 4-row slot with 100 pay lines, that has stacked wilds and a free spins feature. The symbols are typical characters that possible to find in real zombie apocalypse: the gang of brave fighters – an old grumpy man, a young fearless male and an adventurous girl. Against them are all kinds of zombies. The vault is a wild symbol that substitutes for all symbols, except for the scatter. The biological hazard sign is a scatter symbol. 3 scatters will give you 10 free spins with stacked wilds. The free spins could be also retriggered.

A race for survival in Endorphina’s new 100 Zombies

 

Expanse Studio has been on a roll with its slots lately. The Forest Rock slot is another proof of it. By combining two fun themes such as forest animals and rock music, the latest release by the Maltese studio may end up its finest. A game with 15 fixed paylines and an RTP of 96.07%, Forest Rock showcases all of the studio’s strengths. It’s a simple slot for beginners and a fun hit for high rollers. Thanks to the exciting gameplay and fun features, you will rock the reels in this forest. You can try the game for free or real money at Meridianbet casino and win big if you’re lucky.

Forest Rock Online Slot by Expanse Studios

 

iSoftBet, the leading online games supplier and content aggregator, has released haunting hit, Phantasmic Fortunes, just in time for Halloween. The slot, exclusive to LeoVegas from the 14th-21st October,  is the first to feature iSoftBet’s Xpanding Ways mechanic, which sees more spaces open up on the reels if a diamond appears, increasing the paylines from 243 up to a maximum of 7,776. If any orb prizes are triggered, then the base game resets to its original 5×3 format, while also revealing new rewards that players can aim to reach with the expanding reel. To start the free spins round, three bonus symbols are required to land on any spin, or players must reach a bonus round prize orb in gameplay, where the orbs are significantly boosted in value, with some offering up to 1,000x cash value, among other thrilling prizes.

iSoftBet unveils haunting Xpanding Ways in Phantasmic Fortunes

 

 

GAMING1 has unveiled its latest engaging title, Mega Spinner. In this slot, when a trio of Bonus symbols appears on the grid, players can spin three wheels in one, with the first awarding a prize, the second multiplying it and the third determining the number of Mega Spin Bonus Games that take place.  At the end of the game, landing two Bonus symbols triggers the Bonus Reel feature, providing another chance to enjoy an authentic casino experience with an innovative twist through the Mega Spinner Wheels.

GAMING1 reinvents the wheel with Mega Spinner

RubyPlay has announced the launch of their brand new Chinese-themed slot He He Yang. Players can expect tranquillity, balance and prosperity as they travel to China in this captivating slot that’s filled with ancient treasures like golden Jiaoqian coins, good luck symbols and more. The god of wealth will be their guide as they strive for fortune on the reels. He He Yang is a 5-reel slot that has a number of great features. When 6 or more gold coins appear, it triggers the Sunlight Spins’ hold and respin feature that promises fantastic rewards. Landing 3+ scatters are the ticket to the free games bonus feature with extra wilds for even more wins or possibly the Sunlight Spins feature. Plus, to boost winnings even further, wilds offer a chance to play the Jackpot Pick bonus.

RubyPlay launches Chinese mythology themed slot He He Yang

 

New from Microgaming comes Tarzan® and the Jewels of Opar™, a high-energy five-reel, 20 payline video slot packed with thrilling features and punchy animation. This is the latest collaboration between Microgaming and Gameburger Studios, an independent developer of exclusive premium gaming content. Following a wildly successful two-week exclusivity period with select operators, the game is now live across the Microgaming network from Tuesday 20 October. Follow Tarzan® as he returns to Opar™, a lost city buried deep in the jungle, in search of hidden treasure. Jewel scatter symbols appear on every reel, with three or more scatter symbols triggering up to seven levels of Scatter Jackpots up to a maximum 5,000x the player’s bet!

Microgaming’s Tarzan® and the Jewels of Opar™ goes live

 

The latest creation from Play’n GO hit the market this week, with the artistic new slot 5-reel slot Madame Ink. With artwork directly inspired by actual tattoo designs; Madame Ink brings a magical quality to a form of art which means so much to so many people across different countries and cultures. It is the popularity and significance of tattoos that make it a theme that feeds directly into the way Play’n GO approach their game design. The slot provider has made no secret of the fact that while different games may resonate more strongly with certain audiences, the design and gameplay will always appeal to all types of players. In this instance, body art has a significance and meaning in every corner of the globe worldwide.

microgaming- Madame Ink

 

Kalamba Games is inviting players to the magical realm of Purrsia, where mystical cats rule and players can chase huge potential wins in its latest fun-filled release Pawprints of Purrsia. The latest title to Kalamba’s growing portfolio is a 5×3 slot with 10 paylines and is packed with features that are sure to have players purring with excitement. Pawprints of Purrsia includes the Bonus Wheel of Dreams, SpinBoost, Locking and Multiplier Wilds and three different Free Spins Bonus variants. Kalamba’s signature feature HyperBonus is also included, which allows players to shortcut to the Bonus Wheel. The new release is distributed via the ORYX Gaming platform.

Kalamba Games invites players to seek their fur-tune in Pawprints of Purrsia

 

Playson has launched Book of Gold: Multichance, the latest addition to the company’s popular series of Book of Gold titles. This classic Egyptian-themed slot has a 3×5 grid with 10 pay lines and incorporates the Buy Bonus feature, providing players with direct access to Free Spins at the value of 100 total bets. Free Spins can also be triggered within the Egyptian adventure by landing three Scattered-Wild Golden Books. Prior to the start of the mode, a special expanding symbol is selected at random and will fill the reels and pay regardless of bet lines when they appear.

Discover untold riches in Playson’s Book of Gold: Multichance

 

Yggdrasil, the leading worldwide publisher of online gambling content, has unlocked the doors to the underworld in its latest Gigablox™ title, Hades. Featuring Yggdrasil’s unique mechanic, the 6×6 reel can see a Gigablox™ land on any spin with any symbol transforming into giant blocks that lead to big wins. Set in the ghoulish underworld realm of the King of the Dead, Hades is packed with devilish delights, including the Wild Hunt feature, which sees the Lord of the Underworld dive into the reels turning symbols into wilds for even more opportunity to claim big prizes. To trigger the Free Spins mode, players need to find five or more scatter symbols, with the biggest Gigablox™ symbols bringing up to 16 scatters in one go. Every spin triggers the Wild Hunt while Hades will also battle all high symbols. The more battles are won, the more the Cerberus Multiplier will increase, with up to 10x multiplier values available throughout the Bonus Feature.

Yggdrasil releases its new title Hades with unique Gigablox ™ mechanic

 

The lush green valley of the Celts is the stunning backdrop for Celtic Spirit Deluxe, the majestic new release from Stakelogic, which forms part of the company’s game licensing partnership with Reflex Gaming. The collaboration with the innovative UK land-based developer sees a number of their most popular titles reimagined for the online iGaming market, including classics such as Lucky Mushroom and Eureka Einstein Moments. Get into the spirit of the celts in this 5×3, 20 winline slot and keep a watch for the awe-inspiring and beautiful Celtic Princess as she triggers 6 free spins in this dazzling cinematic slot reproduction of the original classic from Reflex. During free spins, the mini reel becomes active and further adds to the excitement by promising extra wilds and extra free spins to delight the user. Free spins begin with the central symbol of the reels transforming into a sticky wild, which is then locked in place for the duration of the free spins.

Stakelogic Summons the Spirit of the Celts!

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Euro Games Technology continues to reap success on the Spanish B2 Saloon market

George Miller

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Euro Games Technology continues to reap success on the Spanish B2 Saloon market
Reading Time: 2 minutes

 

Euro Games Technology keeps on gaining speed on the B2 Saloon market in Spain. Soon after the company received certification for its respective products and made its first installations, it is now expanding its reach in the sector, delivering to two more operators. “In July and August we completed our setup work at Orenes Group’s gaming hall in Lleida and Repris Group’s Salon Sport, located in Barcelona commented Kristian Kostovski, director of EGT Spain. “We have worked with Orenes for years mainly for their casinos – land based and online. Now we are glad to be of service also for their B2 Saloon business and I hope that the recent installations will be the first of many to build on their image of one of the most impactful and respected participants in our industry.”

Repris Group, on the other hand, is a new customer for EGT. It operates establishments in Catalonia and Valencia striving for the best quality of its services and so looking for the gaming machines that may secure it. “They chose us, as we have already achieved very good presence in Spain in the casino sector and because the design and ergonomics of our cabinets, the attractive graphics and sounds of our games and the user-friendly interface are standing out,” continued Mr. Kostovki. “So they expected our B2 Saloon products certification as an opportunity to start a partnership and I am confident that we will be able to meet their expectations”.

The delivered slot model to both Orenes Group and Repris Group is the newly developed P-27/27 St Saloon, combined with the varied Orange Collection Saloon multigame. The cabinet’s 27-inch widescreen high-resolution monitors are frameless and the main is with integrated touchscreen. An overhead multimedia topper of the same size is raising the overall attractiveness of the machine. The intelligent LED illumination alongside the model’s body changes its colors, according to the activated game and together with the high-quality stereo sound creates a cheerful atmosphere for the players. The cabinet’s design is based on the concept of maximum comfortable interaction with the available gaming content, while the multigame of 24 diverse fruity, Egyptian, mythical and fairy-tale themes is created for prolonged and most enjoying experience.

“It is just the beginning of our B2 Saloon market entry,” shared Mr. Kostovki. “Our products for the gaming halls are based on EGT’s casino proven approach and are tailored to the specifics of the market, so we are able to provide our customers with a high-performing solution.” The office in Spain keeps receiving an increasing number of inquiries for its B2 Saloon machines and has already scheduled a number of installations in establishments across Spain till the end of October.

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