Latest News
La Française des Jeux (FDJ) announces its results for the first half of 2020
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%.
Here are this weeks latest slots releases compiled by European Gaming
Belatra Games, the specialist online slots developer, is on point with its latest sharply designed game, Golden øks. This Norse-inspired adventure carries on from the popular Axe of Fortune title that hit the market at the turn of the year. Golden øks is set against a 5×3 layout and is brought to life with a powerful soundtrack to heighten the atmosphere.
Endorphina, has announced the release of its brand-new title, Jolly Queen, which will join its portfolio on April 27th. Jolly Queen is a 5-reel, 5-row fruit slot with 50 fixed paylines, introducing players to the lifestyle of the nobles. On top of the aristocratic ambiance, Jolly Queen provides players with Free Games, allowing them to master the reels.
Evoplay has released Candy Craze, a vibrant slot stacked with features and modifiers, including the powerful Gum Drop Multiplier which boosts win potential. Set amidst the backdrop of sumptuous sweets within a cloudy landscape, the 5×5 cascading reels title gives players a sugary rush when the Gum Drop Multiplier activates, revealing a mystery value at the end of each winning spin up to x100, enhancing the chance for wins during the main game and Free Spins.
Yggdrasil, a leading iGaming publisher, has revived the gold rush in a jackpot-filled game that embodies the spirit of old west prospecting in Gold Frontier Jackpots FastPot5™. Fans of lower volatility slots with straightforward mechanics that get fortune seekers right to the heart of the action are tasked with gathering keys to enter the treasure bonus game.
Relax Gaming is offering players some opulence in its latest release Sultan Spins. This high volatility slot sees its gold-trimmed reels set against a sprawling desert metropolis. Players have the chance to rack up riches via an entertaining free spins feature and lucrative local jackpot.
Greentube has introduced its latest title in the popular Diamond Link ™ series, Diamond Link ™: Mighty Dwarves Inc. Set deep in underground mines, this adventurous 5×3 slot is packed with innovative features for ample chance to win across its 25 paylines when players spin the reels adorned with hammers, hard hats and laser symbols.
Get your eyes ready because it’s time to take a trip to the pet centre to meet the ugliest, quirkiest, wildest-looking pets you’ve ever seen in the brand new slot, Fugly Pets, from Stakelogic. Fugly Pets takes players to a banged-up old pet store to explore its collection of weird and charming, downright ugly pets. Meet a scruffy parrot, a catnip crazed kitty, and an unfortunate-looking little dog.
Load your tackle box, bait your hook and get ready to reel in the catch of the day in Fishin’ The Biggest from Apparat Gaming, the in-demand German software provider’s latest splash hit slot that sees players trawl the sea for free spins and massively multiplied prizes. Played over five reels, three rows and ten fixed paylines, Fishin’ The Biggest is a highly-volatile title with an outdoor angling theme.
Thunderkick has announced the launch of Midas Golden Touch 2, the highly-anticipated sequel to the acclaimed 2019 original. This latest release invites players to rediscover an enchanted realm where everything King Midas touches turns to gold. The 3×5 video slot boasts 15 paylines and showcases Thunderkick’s signature high-quality design and innovative features.
Belatra Games, the specialist online slots developer, has served up another classic with its tasty Chef’s Sticky Fruits slot. This latest release from Belatra’s studio is a vibrant and juicy addition to its renowned catalogue of slots. It’s a 5×4 slot game bursting with colour that’s heightened with an upbeat, retro soundtrack that perfectly captures the essence of fun at the heart of every play.
3 Oaks Gaming has launched 3 China Pots: Hold and Win, the first time the company has integrated the popular 3 Pots mechanic within a Far East-themed title. The latest instalment from 3 Oaks to incorporate the 3 Pots functionality sees players transported to the allure of the Orient, where the Extra, Double and Multi modifiers influence the Bonus Game once activated.
Pragmatic Play has unleashed roaming wild re-spins and random guaranteed wins in Release the Bison. Symbols of the American frontier abound in this 5×4 slot, where hitting four or more rampaging bison triggers the wild re-spin feature, during which all wilds roam the reels to boost win potential.
Blueprint Gaming’s latest slot release tasks players to look for the leprechaun’s pot of gold under the water rather than at the end of the rainbow in Plenty O’ Fish, a 6×4 hybrid of sea creatures and shimmering rewards. Players must look to unlock a tackle box of treasure with a jaunty leprechaun being the key to wins, lurking behind a dynamically coloured underwater background that changes when the bonus game is triggered.
Booming Games has launched its latest sweet sensation to its collection of engaging slot games – Fruit Heaven Hold and Win™. This is a deliciously designed 5×3 slot game with 25 paylines, which promises players an exciting experience full of fantastic fruity features and Stacked Wilds.
Wazdan is multiplying jackpots in the follow-up to its top-performing game Mighty Wild™: Panther Grand Gold Edition. Venturing to the depths of the jungle where a black panther rules the reels on a 5×3 gameboard, the new edition provides even larger win potential. With the increased value of the Cash symbols and Cash Infinity™ symbols, there is also a more lucrative Grand Jackpot of 1500x the base bet.
The post Week 17/2024 slot games releases appeared first on European Gaming Industry News.
BiS SiGMA Americas
GR8 Tech Brings “Best Workplace 2024” and Fresh LatAm Insights from BIS SiGMA Americas
GR8 Tech’s participation at the recent BIS SiGMA Americas event held in São Paulo was quite successful, highlighted by winning the ‘BEST WORKPLACE 2024’ award at the SiGMA Americas Awards and holding over 150 meetings with operators and other stakeholders. These interactions have laid a solid foundation for GR8 Tech’s strategic expansion in the region and provided the team with significant insights into the evolving Latin American iGaming market.
A Closer Look at the Brazilian Market and Wider LatAm
“Brazil is not synonymous with Latin America. Each country on the continent has its own unique characteristics,” Evgen Belousov, GR8 Tech CEO.
The most important thing to understand in the LatAm region is that it’s very diverse. There are significant cultural and operational differences that necessitate a localized approach. For example, “Brazil’s rhythm is distinct; life starts in the afternoon, and business interactions reflect this laid-back pace. To thrive here, understanding and integrating into the local lifestyle is essential.”
Belousov further discussed the Brazilian market’s competitive nature, highlighting retention strategies’ crucial role. “The churn rate is high as players frequently shift between operators lured by aggressive marketing. Hence, having robust retention mechanisms, such as real-time tools and enticing bonus mechanics, is crucial to maintaining a loyal customer base,” he added.
Yevhen Krazhan, CBDO, addressed trending compliance and market preferences. “Regulation is a hot topic, with a keen focus on product compliance. Moreover, while classic sportsbooks saturate the market, emerging interests lie in areas like fantasy sports and social gaming, which present new opportunities for differentiation and growth.”
Thomas Carvalhaes, Senior Business Development Manager for the Latin America region, provided his expertise during the panel discussion “Understanding the demands and evolution of the B2B market”, highlighting the demand for localization and intuitive technology. “In Latin America, where many markets are still learning the ropes of iGaming, the simplicity of the technology is key. Products need to be user-friendly to ensure they meet the expectations of a clientele that values straightforward and engaging gaming experiences,” Carvalhaes explained.
Future Directions and Engagements
Building on the insights and achievements from BIS SiGMA Americas, GR8 Tech is actively expanding its presence in Brazil and LatAm, establishing its reputation as a key player in the region. The company is also exploring opportunities in other global markets, with Asia as the next target at SiGMA Asia, scheduled for June 3-6 in Manila, Philippines. This upcoming event presents another fantastic opportunity for GR8 Tech to demonstrate the capabilities of its flagship GR8 Sportsbook platform and forge new partnerships in another exciting and diverse region. We invite all our partners and clients to stay tuned, following our updates at https://gr8.tech/.
The EL Executive Committee has named Mr. Ionut-Valeriu Andrei as its newest member during its meeting on April 5. Mr. Andrei is the General Manager of Loteria Română since 2022, and succeeds Mr. Olgierd Cieslik, whose term as CEO of Totalisator Sportowy (Poland) has concluded.
”It is with great pleasure to welcome Mr Ionut-Valeriu Andrei as a new Executive Committee member. As an experienced executive, Mr Andrei has already contributed in various ways to our Association and the EL Executive Committee members trust he will continue to do so in the future,” Arjan van ‘t Veer, Secretary General of EL, said.
Mr Andrei will oversee the learning and development activities of EL. His appointment underscores the further commitment of the European Lotteries to inclusivity and collaboration among its members.
”I am honoured to join the EL Executive Committee and look forward to working closely with my colleagues to advance the mission and values of the Association,” Ionut-Valeriu Andrei said.
Mr Andrei’s co-optation will be formalised during the upcoming EL General Assembly in Salzburg (Austria) on 17 June 2024.
The post EL Executive Committee Names Mr Ionut-Valeriu Andrei as New Member appeared first on European Gaming Industry News.
Week 17/2024 slot games releases
GR8 Tech Brings “Best Workplace 2024” and Fresh LatAm Insights from BIS SiGMA Americas
Kambi Group plc Signs Landmark Sportsbook Partnership with Choctaw Nation of Oklahoma
Play’n GO announces expansion of PokerStars partnership with Pennsylvania launch
EL Executive Committee Names Mr Ionut-Valeriu Andrei as New Member
Paddy Power launches new innovative Checkd Dev betting tool Mix ‘N Match
Play’n GO digs deep for the treasures of ancient kings
Atlas-IAC’s CEO Maxim Slobodyanyuk Talks Winning Strategies & Vision for Future Growth in the iGaming Sector
Gaming1 renews contract with ComplianceOne Group for fifth consecutive year
Wizard Games produces delicious treat with Cakes of Fortune
-
gaming2 years agoODIN by 4Players: Immersive, state-of-the-art in-game audio launches into the next generation of gaming
-
EEG iGaming Directory7 years ago
iSoftBet continues to grow with new release Forest Mania
-
News6 years ago
Softbroke collaborates with Asia Live Tech for the expansion of the service line in the igaming market
-
News5 years ago
Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
-
iGaming Industry6 years ago
Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
-
News5 years ago
REVEALED: Top eSports players set to earn $3.2 million in 2019
-
iGaming Industry6 years ago
French Senator raises Loot Boxes to France’s Gambling Regulator
-
News6 years ago
Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
