Return to pre-crisis income level at

0

Back to pre-crisis Income level at constant scope
3rd trimester turnover: good momentum at constant scope (+12.7% against Q3 2021)

Paris, 13e September 2022, 6 p.m. – Partouche Group, a European leader in gaming, today publishes its consolidated revenue for the 3rd quarter 2022 (May – July 2022).

Solid business at constant scope, in 3rd trimester

The 3rd quarter of the current fiscal year (May to July 2022) marks the return to normal operation: all of the Group’s casinos are now open and all health constraints lifted. For the record, during the 3rd quarter of the previous financial year, activity was still largely impacted in all geographies (reception gauges, curfew then health pass in France, closure in Belgium until 9e June, etc.) with the exception of Switzerland.

At the same time, the turnover of the 3rd quarter 2022 is impacted by significant scope effects representing -€28.1m in aggregate GGR compared to Q3 2021 (and -€14.2m compared to 2019). They concern :

  • the sale of the stake held in the Crans-Montana casino on 31st January 2022 (GGR of €2.2m as of 3rd quarter of 2021 and €3.0 million as of the 3rd quarter 2019);
  • the cessation of the operation of online games and bets in Belgium and the management of the Ostend casino since 29e July 2021 (GBM of €26.1m as of 3rd quarter of 2021 and €11.2 million in 3rd quarter 2019);
  • entry into the Middelkerke Casino Group (Belgium) from 1st July 2022, with an opening on the 8e July 2022 after some work (GGR of €0.2 million as of 3rd quarter 2022).

Despite these scope effects, Gross Gaming Revenue (GGR) increased by +10.8% to €167.9 million in 3rd quarter, compared to €151.5 million a year earlier. At constant scope, it increased by +36.1% compared to the 3rd quarter of 2021 to €167.6 million and +11.9% compared to the 3rd quarter 2019.

In France, GGR amounted to €152.9m, up +36.2% compared to N-1, with slot machines and traditional games growing by +29.8% and +67% respectively, 3%. The GGR for electronic games follows the same trend at +36.1%.
Abroad, at constant scope, GGR rebounded by +35.2% compared to N-1, driven by the rise of Swiss online games, whose GGR amounted to €2.9 million compared to €1.6 million on 3rd quarter 2021.

After direct debits with a very strong increase of +75.3% compared to 3rd quarter of 2021 mainly due to the progressive scale in France (where lower tax brackets applied), Net Gaming Revenue (NGR) was down to €75.0 million (-23.8%).

Revenue excluding games amounted to €26.9 million over the period compared to €16.3 million the previous year, up +64.7%.

Overall 3rd quarterly revenue stands at €100.9 million (-11.6% compared to 2021 and -3.8% compared to 2019). At constant scope, it increased by +12.7% compared to 2021 and by +9.3% compared to 2019.

Return to 2019 level of activity over 9 months at constant scope and dynamic activity

At the end of July, the cumulative revenue for the 9 months amounted to €288.1 million (+78.6% compared to 2021), with a Net Gaming Revenue of €228.4 million (+60.0%) . In total, on a like-for-like basis, the cumulative revenue for the first 9 months of the 2022 financial year amounts tos to his pre-covid 2019 level (-0.4%). The Group’s activity continues to develop in a dynamic climate since the end of the constraints linked to the vaccination card.

Future event:
4e 2022 quarter revenue: Tuesday 13e December 2022, after market

Result for the year at 31st October 2022: Tuesday 24e April 2023, after stock exchange

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 41 casinos and employs nearly 3,900 people. It is recognized for innovating and testing the games of tomorrow, which allows it to be confident in its future, while aiming to strengthen its leadership position and continue to improve 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

1Cumulative consolidated turnover over 9 months, per shift

In €m 2022 2021 Change 2022/2021 2019
1st term (from Nov. to Jan.) 98.1 23.5 +317.0% 116.6
2n/a quarter (February to April) 89.1 23.6 +276.8% 105.3
3rd quarter (May to July) 100.9 114.2 -11.6% 104.9
Total consolidated turnover 288.1 161.4 +78.6% 326.8

2-Cconstruction of consolidated turnover

2.1 – 3rd trimester

In €m 2022 2021 Variation 2022/2021 2019
Gross Gaming Revenue (GGR) 167.9 151.5 +10.8% 164.6
Specimens -92.8 -53.0 +75.3% -87.1
Net Gaming Revenue (NGR) 75.0 98.5 -23.8% 77.5
Revenue excluding NGR 26.9 16.3 +64.7% 28.3
Loyalty program -1.0 -0.6 -0.8
Total consolidated turnover 100.9 114.2 -11.6% 104.9

2.2 – Cumulative 9 months

In €m 2022 2021 Variation 2022/2021 2019
Gross Gaming Revenue (GGR) 457.8 201.5 +127.2% 494.0
Specimens -229.5 -58.7 +290.8% -237.2
Net Gaming Revenue (NGR) 228.4 142.8 +60.0% 256.8
Revenue excluding NGR 62.1 19.2 +223.5% 72.5
Loyalty program -2.4 -0.6 -2.5
Total consolidated turnover 288.1 161.4 +78.6% 326.8

3 Breakdown of turnover by activity

3.1 – 3rd trimester

In €m 2022 2021 Change 2022/2021 2019
Casinos 87.8 96.5 -9.0% 93.0
Hotels 8.3 2.6 223.3% 3.0
Other 4.9 15.2 -67.8% 8.9
Total consolidated turnover 100.9 114.2 -11.6% 104.9

3.2 – Cumulative 9 months

In€m 2022 2021 Change 2022/2021 2019
Casinos 261.3 120.9 116.0% 298.5
Hotels 17.2 3.1 461.6% 5.8
Other 9.6 37.3 -74.3% 22.5
Total consolidated turnover 288.1 161.4 78.6% 326.8

4Glossary

“Gross Gaming Revenue” corresponds to the sum of the various games operated, after deduction of the payment of winnings to players. This amount is debited from the “levies” (ie tax to the State, town halls, CSG, CRDS).

The “Gross Gaming Revenue” after deduction of levies, becomes the “Net Gaming Revenue”, a component of turnover.

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