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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Francaise Des Jeux SA | EU:FDJ | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.68 | 8.20% | 35.36 | 35.34 | 35.50 | 35.70 | 32.88 | 33.02 | 423,672 | 16:40:00 |
2024 targets confirmed
Regulatory News:
La Française des Jeux (FDJ) (Paris:FDJ), France’s leading gaming operator, announces its revenue and results for the first half of 2024.
Stéphane Pallez, Chairwoman and CEO of the FDJ Group, said: “The second quarter confirmed the positive trend seen since the beginning of the year thanks to our network of points of sale and to a very strong momentum from digital games, which now account for 15% of Group revenue. This solid performance confirms our annual targets. In addition, we hope to finalise the acquisition project of Kindred in the near future, thereby marking a major new step in the Group's development, both internationally and in our online sports betting and gaming activity, to the benefit of all our stakeholders.”
Key figures (in € millions)
H1 2024
H1 2023
Change
Revenue*
1,428
1,289
+10.8%
Recurring operating profit
285
240
+19.0%
Net profit
213
181
+17.5%
Adjusted net profit**
235
183
+28.3%
Recurring EBITDA***
370
300
+23.5%
Recurring EBITDA margin / revenue
25.9%
23.3%
* Revenue: net gaming revenue and revenue from other activities ** Adjusted net profit: With effect from the publication of the 2024 half-yearly financial statements, FDJ is introducing a new indicator to reflect the Group’s actual economic performance and enable it to be monitored and compared with its competitors. The Group has decided to adjust consolidated net profit to eliminate the following items:
*** Recurring EBITDA: recurring operating profit(/loss) adjusted for depreciation and amortisation expense
Highlights of the first half
The Board of Directors of the FDJ Group has approved the reappointment of Stéphane Pallez as Chairwoman and CEO for a four-year term. This reappointment is part of the renewal of Stéphane Pallez’s term of office as director, which was put to the vote of FDJ shareholders at the Annual General Meeting on 25 April and approved by 94.2% of the votes cast.
On 20 February 2024, the tender offer for Kindred was opened for a maximum period of 39 weeks. The completion of the takeover is subject in particular to obtaining regulatory authorisations and the acquisition by FDJ of at least 90% of Kindred’s share capital.
At this stage, the authorisation decision of the French Competition Authority (ADLC) is the last regulatory condition necessary to finalise this offer.
On 14 May, FDJ notified the ADLC of its acquisition project of the Kindred group by means of a tender offer. Following comments from third parties and questions from the market, FDJ proposed adjustments to the commitments it made in 2023 in connection with the acquisition of ZEturf, relating to the separation of activities under exclusive rights from those open to competition.
The Group estimates4 that it would have recorded combined revenue of around €3.5 billion and combined recurring EBITDA of around €840 million for the full 2023 financial year if Kindred had been acquired on 1 January 2023, and combined revenue of €1.9 billion and combined recurring EBITDA of around €490 million for the first half of 2024 if Kindred had been acquired on 1 January 2024.
This decision by the Court of Cassation results in the cancellation of 5,730,000 FDJ shares and the corresponding reduction in FDJ’s share capital, which now stands at 185,270,000 shares.
First-half activity and results
Gross gaming revenue (GGR) for the first half of 2024 was €3,660 million, an increase of 11.1%. After €2,304 million in public levies, net gaming revenue (NGR) rose by 11.3% to €1,356 million.
After taking account of €72 million in revenue from other activities, the Group’s first half revenue came to €1,428 million, an increase of 10.8%, or +4.7% on a like-for-like basis.
Revenue (€m)
H1 2024
H1 2023
Change
€m
Change
%
of which on a like-for-like basis
Lottery
1,005
958
+48
+5.0%
+5.0%
Sports betting and online gaming open to competition
294
257
+37
+14.5%
+6.7%
International and Payment & Services
129
75
+54
+72.9%
-5.8%
Group total
1,428
1,289
+139
+10.8%
+4.7%
Revenue of €1,428 million, up 10.8% and up 4.7% on a like-for-like basis
The Group’s organisation is based on three operating segments: two Business Units (BUs), Lottery and Sports betting and online gaming open to competition, and the other activities, which bring together developing businesses (International, and Payment & Services), with cross-cutting support functions (notably customer, distribution and information systems), and the holding company, which mainly groups together central costs.
The contribution margin is one of the key performance indicators for these segments. It is the difference between the revenue of the operating segments and their cost of sales (including PoS commissions) and marketing and communication expenses (excluding depreciation/amortisation).
Lottery revenue was €1,005 million, a rise of 5.0%.
Cost of sales came to €536 million, up 1.8% (€9 million) compared with H1 2023. It mainly comprises PoS commissions of €397 million, an increase of 1.0% in line with the network’s activity over the period. Marketing and communication expenses rose by 5.7% to €86 million.
The Lottery BU’s contribution margin came to €383 million, representing a margin on revenue of 38.1%, compared with 36.4% in H1 2023.
Revenue from sports betting and online gaming open to competition was €294 million, up 14.5% from H1 2023 and up 6.7% on a like-for-like basis.
Cost of sales came to €125 million, up 1.5% (€2 million) compared with H1 2023. This mainly corresponds to PoS commissions, which are in line with the network’s stakes. Other sales costs rose slightly due to the integration of ZEturf. Marketing and communication expenses were €78 million. More than half of this 32.0% increase (€19 million) on the first half of 2023 is due to changes in consolidation scope.
The contribution margin of the Sports betting and online gaming open to competition BU was €91 million, representing a margin on revenue of 30.8% compared with 28.9% in H1 2023.
Other activities (International and Payment & Services) recorded revenue of €129 million, an increase attributable to PLI, for a contribution margin of €25 million.
Central costs came to €128 million, virtually unchanged from H1 2023.
Recurring operating profit of €285 million and recurring EBITDA of €370 million, giving a recurring EBITDA margin of 25.9%
Cost of sales came to €736 million, including €517 million in PoS commissions (+4.9%), based on an increase in offline stakes, driven in particular by the integration of PLI. The 5.4% rise in other sales costs to €219 million was due solely to changes in consolidation scope, mainly PLI.
Marketing and communication expenses include costs related to the development of the gaming and services offer, particularly digital offers and services, as well as advertising and communication costs. They totalled €270 million, up 21.3% and 5.3% on a like-for-like basis.
General and administrative expenses mainly include personnel expenses and operating costs for central corporate functions, as well as building and IT infrastructure costs. They totalled €115 million, down 2.8% compared with H1 2023.
Other operating income and expenses amounted to a €22 million net expense, mainly comprising the amortisation charge for exclusive operating rights to games in France and Ireland.
The Group’s recurring operating profit accordingly amounted to €285 million, up 19.0% compared with H1 2023.
Recurring EBITDA corresponds to recurring operating profit adjusted for depreciation and amortisation. It came to €370 million, up 23.5% compared with H1 2023. Net depreciation and amortisation of tangible and intangible assets increased by €25 million to €85 million in H1 2024, mainly as a result of the €24 million depreciation of intangible assets recognised in connection with the acquisitions of PLI and ZEbet / ZEturf in 2023.
As such, the recurring EBITDA margin was 25.9% in H1 2024, compared with 23.3% in H1 2023.
Other non-recurring operating income and expenses amounted to a €21 million net expense, compared with a €14 million expense in H1 2023. They mainly include costs related to acquisitions and the impact of the revaluation of Sporting Group’s B2B assets, which are in the process of being sold.
Operating profit for H1 2024 was €265 million, up 17.4% compared with H1 2023.
The high level of net financial income (€23 million in H1 2024 compared with €19 million in H1 2023) reflects the continuing high level of interest rates.
The Group’s tax expense was €78 million, representing an effective tax rate of 26.9% for H1 2024 stable compared with H1 2023.
As such, consolidated net profit for H1 2024 amounted to €213 million, up 17.5% compared with H1 2023.
Adjusted net profit of €235 million, up 28.3% compared with €183 million for the first half of 2023
With effect from the publication of the 2024 half-yearly financial statements, FDJ is introducing a new indicator to reflect the Group’s actual economic performance and enable it to be monitored and compared with its competitors.
The Group has decided to adjust consolidated net profit to eliminate the following items:
As such, adjusted net profit for H1 2024 was €235 million, up 28.3% compared with €183 million for H1 2023.
Net cash surplus of €616 million at end June 2024
The net cash surplus is one of the indicators that represent the Group’s net cash position6.
At 30 June 2024, the Group’s net cash position amounted to €616 million. The change from €671 million at 31 December 2023 is mainly due to:
For information, the level of the net cash surplus at the end of June cannot be extrapolated to the end of December, as there are significant calendar effects on the payment of public levies, with, in particular, an advance payment on public levies in December.
2024 Outlook
In light of the performance of the first half and taking into account the integration of the ZEturf group and PLI at the end of 2023, respectively from 29 September and 3 November, FDJ is reiterating its 2024 objectives of around 8% growth in total Group revenue, and around 5% growth in revenue from gaming activities in France, with a recurring EBITDA margin of around 24.5%.
The Board of Directors of FDJ met on 25 July 2024 and examined the consolidated financial statements for the six months ended 30 June 2024, which were prepared under its responsibility.
The limited review procedures for the interim financial statements have been performed. The statutory auditors’ limited review report is currently being issued.
The condensed interim consolidated financial statements and a financial presentation are available on the FDJ Group website:
https://www.groupefdj.com/en/publications-and-results/
Next financial communication
FDJ will publish its revenue for the nine months to the end of September on Thursday 17 October 2024 after close of trading.
About FDJ Group
France's leading gaming operator and one of the industry leaders worldwide, FDJ offers responsible gaming to the general public in the form of lottery games (draws and instant games), sports betting (through its ParionsSport point de vente et ParionsSport en ligne brands), horse-race betting and poker. FDJ's performance is driven by a large portfolio of iconic brands, the leading local sales network in France, a growing market, and recurring investments. The Group implements an innovative strategy to increase the attractiveness of its gaming and service offering across all distribution channels, by offering a responsible customer experience.
FDJ Group is listed on the regulated market of Euronext Paris (Compartment A – FDJ.PA) and is part of the SBF 120, Euronext 100, Euronext Vigeo 20, EN EZ ESG L 80, STOXX Europe 600, MSCI Europe and FTSE Euro indices.
For more information, visit www.groupefdj.com
________________________________ 1 Excluding the contribution of PLI and ZEturf over 2024, and Sporting's B2C over 2023. 2 Lottery and sports betting under exclusive rights and online betting and gaming open to competition. 3 See note** on next page. 4 FDJ has estimated the combined revenue and EBITDA for the 2023 financial year and for the first half of 2024 in order to illustrate the significant effects that the Kindred acquisition would have had on the FDJ Group if it had occurred on 1 January 2023 and 1 January 2024, respectively, and on the basis of the scope that would effectively be retained by FDJ. This scope was announced on 22 January 2024, with the planned exit of Norway and other .com sites, unless there is a clear opportunity for a local licence (for example, in Finland, where a draft bill aims to introduce a licensing system for online betting, online slot machines and casino games by early 2027). Kindred has also announced its gradual exit from the US market, to be completed by the end of the first half of 2024. As Kindred has not published any financial information on those markets in the scope of consolidation that the Group has announced it will not retain, FDJ has estimated Kindred’s revenue and EBITDA in this consolidation scope for the 2023 financial year and for the first half of 2024 without taking into account potential synergies and exit costs and using a consistent presentation of revenue. The average EUR/GBP rate used is 0,865675 for 2023 and 0,854647 for the 1 half of 2024. 5 At the end of June 2024, over a rolling 12-month period. 6 This corresponds to non-current financial assets, current financial assets and cash and cash equivalents, net of non-current financial liabilities and current financial liabilities, less: current and non-current deposits and guarantees given; cash subject to restrictions; amounts allocated exclusively to Euromillions winners; non-consolidated securities, mainly comprised of units in venture capital funds (FDJ Ventures).
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725400502/en/
Media Contact 01 41 10 33 82 | servicedepresse@lfdj.com
Investor Relations Contact 01 41 04 19 74 | invest@lfdj.com
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