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    PARP   FR0012612646

GROUPE PARTOUCHE

(PARP)
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Groupe Partouche: Impact of the pandemic on annual turnover (- 20.8 %) - A resilient 4th quarter (- 12.0 %)

12/09/2020 | 12:00pm EDT

Impact of the pandemic on annual turnover (- 20.8 %)

A resilient 4th quarter (- 12.0 %)

Paris, 9th December 2020, 18h00 - Groupe Partouche, one of the European gaming leaders, published today its consolidated turnover for the 4th quarter of 2020 (August to October 2020) and for the full fiscal year (September 2019 to October 2020).

Limited decline in activity during the 4th quarter, despite the phased closure of the casinos in October.

The Covid-19 pandemic led to a mandatory closure of all French casinos throughout the month of October 2020 thus disrupting the results of the 4th quarter. The closures were set up on the following dates: Lyon Pharaon, Lyon Vert and Saint Galmier on 10th October, Palavas on 12th October, Aix-en-Provence (already closed between 27th September and 9th October) and La Ciotat on 17th October. 18 other casinos were closed on 24th October and the last 14 on 29th October. Abroad, the casino in Crans-Montana (Switzerland) closed its doors on 21st October and the one in Ostend (Belgium) on 29th October.

To date, the French casinos are expected to resume operations on 15th December, subject to the evolution in the national health situation.

Gross Gaming Revenue (GGR) for the 4th quarter 2020 reached € 155.0 M (- 13.3 %).
In France, GGR decreased by -16.9 % at € 124.8 M penalized by a drop in attendance which increased over the quarter due to the development of an anxiety-inducing communication about the worsening of the Covid-19 pandemic, ending with the closure of all casinos in October.

Abroad, the GGR sharply increased, up by + 6.1% to € 30.2 M, driven by the traditional games activity (+ 49.1%) and more particularly by the remarkable performance of online games and sports betting in Belgium (+ 90.3%) which are benefiting from the pandemic

Net Gaming Revenue (NGR) after levies decreased by - 5.3 % at € 77.0 M.

Globally, 4th quarter turnover amounted to € 93.9 M, down by - 12.0 %

Annual turnover decreased by -20.8% at € 343.5 M.

Over the 2020 financial year, GGR amounted to € 525.7 M down by - 21.8%. Thus, NGR after levies amounted to € 282.9 M, down by - 16.3%.

Overall, Groupe Partouche recorded an annual turnover of € 343.5 M, down by - 20.8% (- € 90.0 M) over one year.

The decline in activity inherent in the pandemic will automatically lead to a decline in the operating profitability over the period.

Nagasaki “Integrated Resort »

Following the press release published on 14th August, Groupe Partouche and its partner Pixel Companyz state that they have chosen Nagasaki to develop their future “integrated resort” in competition with three other consortia. The Nagasaki prefecture has received support from the prefectural and municipal councils, as well as the private sector in the Kyushu region. It is one of the few prefectures in Japan to have committed in launching an "integrated resort" and it relies on strong economic and political support from other prefectures in the Kyushu region.

Upcoming events:

Income fiscal year at 31st October 2020: Wednesday 27th January 2021, after stock market closure

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

ANNEX

 

1- Consolidated turnover

 

In €M20202019Variation
1st quarter126.7 116.6 +8.6%
2nd quarter56.9 105.3 -46.0%
3rd quarter66.0 104.9 -37.1%
4th quarter93.9 106.7 -12.0%
Total consolidated turnover343.5 433.5 -20.8%

 

2- Construction of consolidated turnover

2.1 – 4th quarter

In €M20202019Variation
Gross Gaming Revenue (GGR)155.0   178.7   -13.3%
Levies78.0   97.4   -19.9%
Net Gaming Revenue (NGR)77.0   81.2   -5.3%
Turnover excluding NGR17.5   26.4   -33.5%
Fidelity Programme-0.6 -0.9 -36.9%
Total consolidated turnover93.9   106.7   -12.0%

2.2 – Aggregate 12 months

In €M20202019Variation
Gross Gaming Revenue (GGR)525.7   672.7   -21.8%
Levies-242.8 -334.6 -27.4%
Net Gaming Revenue (NGR)282.9   338.1   -16.3%
Turnover excluding NGR62.7   98.8   -36.5%
Fidelity Programme-2.2 -3.4 -35.2%
Total consolidated turnover343.5   433.5   -20.8%

 

3- Breakdown of turnover by activity

3.1 – 4th quarter

In €M20202019Variation
Casinos 82.4   95.6   -13.8%
Hotels2.0   2.7   -26.4%
Other9.5   8.4   +13.7%
Total consolidated turnover93.9   106.7   -12.0%

3.2 – Aggregate 12 months

In €M20202019Variation
Casinos 309.3   394.1   -21.5%
Hotels4.6   8.5   -45.6%
Other29.5   30.8   -4.3%
Total consolidated turnover343.5   433.5   -20.8%

4- Glossary

The "Gross Gaming Revenue" corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the "levies" (i.e. tax to the State, the city halls, CSG, CRDS). The «Gross Gaming Revenue» after deduction of the levies, becomes the "Net Gaming Revenue ", a component of the turnover.

Attachment

  • Turnover - Q4 2020

© OMX, source OMX

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Financials
Sales 2020 343 M 410 M 410 M
Net income 2020 -17,4 M -20,8 M -20,8 M
Net Debt 2020 108 M 129 M 129 M
P/E ratio 2020 -9,15x
Yield 2020 -
Capitalization 235 M 280 M 281 M
EV / Sales 2019 0,67x
EV / Sales 2020 0,78x
Nbr of Employees -
Free-Float 13,8%
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Managers and Directors
NameTitle
Fabrice Paire Chairman-Executive Board
Valerie Fort Chief Financial Officer
Patrick Partouche Chairman-Supervisory Board
Isidore Partouche Vice Chairman-Supervisory Board
Walter Butler Member-Supervisory Board
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