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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Groupe Partouche    PARP   FR0012612646

GROUPE PARTOUCHE

(PARP)
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Groupe Partouche: Bank maturities additional postponement and administrative closures

10/19/2020 | 12:00pm EST

Groupe Partouche benefits from an additional deferral
of its bank maturities
Covid 19 pandemic: administrative closures

Paris, 19thOctober 2020, 06:00 p.m.

After having benefited last March, from a first 6-month postponement of its bank maturities, Groupe Partouche has benefited from an additional postponement of 6 months, in line with the announcements made at the end of the inter-ministerial tourism committee of 14th May and reserved for the tourism sector operators.

Thus, all of the group's bank debts have their maturities in capital, and some in interest as well, postponed for the next six months and spread out after their due date. However, the maturities of 31stOctober 2020 and 31stJanuary 2021 of the syndicated loan are both postponed to the new Final Repayment Date, namely 18thJuly 2026, against 18thOctober 2025 initially and 18thApril 2026 after the first postponement. Furthermore, the bond issued by the Groupe Partouche holding company and the financial leases are not affected by the above.

The group favoured this new postponement over a second State Guaranteed Loan, which would have increased its gross indebtedness. This option allows its cash flow to be better supported in order to cope with the evolution of the pandemic.

Administrative closures

First, some of the group’s casinos had to endure closure decisions by order of some Departments’ prefects where there were maximum alert zones (health).

Thus, the Aix casino was closed for a few days (from 28th September to 9th October) before a decision of Marseille Administrative Court ordered its reopening.

The court ruled that the decision to ban public access infringed on the freedom to conduct business and was manifestly disproportionate given the system put in place at the site to fight the pandemic. GROUPE PARTOUCHE SA also implemented this health defense system in all its casinos, under a policy it initiated.

Due to administrative closures resulting from prefectural decrees, the casinos of Lyon, La Tour de Salvagny and Saint-Galmier were also closed since 9th October at midnight. The Palavas casino was closed on 12th October at midnight. Court Appeals were initiated.

Following the entry into force on Saturday 17th October of the decree taken within the framework of the state of health emergency, the following casinos were closed, as they are located at the level of the metropolises where a "curfew" is imposed,: Aix, La Ciotat, Palavas, Lyon, La Tour de Salvagny and Saint-Galmier.

A summary action will be introduced with the Council of State, in order to assert the disproportionate nature of the administrative system that appears to have ignored the arsenal of prevention, precaution and protection measures established in all of our casinos and, consequently, in recently closed establishments.


Moreover, Club Berri was forced to close on 5th October at midnight like any other Parisian gaming clubs.

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 42 casinos and employs nearly 4,200 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment

ISIN : FR0012612646 - Reuters : PARP.PA - Bloomberg : PARP:FP

Reuters : PARP.PA - Bloomberg : PARP:FP

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  • Bank maturities additional postponement and administrative closures

© OMX, source OMX

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Financials
Sales 2019 433 M 514 M 514 M
Net income 2019 18,6 M 22,1 M 22,1 M
Net Debt 2019 42,4 M 50,3 M 50,3 M
P/E ratio 2019 13,3x
Yield 2019 -
Capitalization 194 M 229 M 230 M
EV / Sales 2018 0,68x
EV / Sales 2019 0,67x
Nbr of Employees -
Free-Float 14,3%
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Managers
NameTitle
Fabrice Paire Chairman-Executive Board
Patrick Partouche Chairman-Supervisory Board
Valerie Fort Chief Financial Officer
Isidore Partouche Vice Chairman-Supervisory Board
Walter Butler Member-Supervisory Board
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