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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.50 | -1.55% | 31.80 | 31.74 | 32.20 | 32.32 | 31.70 | 32.32 | 278,630 | 16:40:00 |
Regulatory News:
La Française des Jeux (FDJ) (Paris:FDJ), the leading betting and gambling operator in France, announces its 2023 results and 2024 outlook.
Stéphane Pallez, Chairwoman and CEO of the FDJ Group, said: “FDJ delivered solid growth and results this year. The Group reached in 2023 a major milestone in the implementation of its strategy with the completion of the acquisition of Premier Lotteries Ireland and ZEturf. The proposed acquisition of Kindred, announced at the end of January, will enable the creation of a European champion and significant value creation for the benefit of all stakeholders, in line with our model combining performance and responsibility.”
Key figures (in millions of euros)
2023
2022
Change in
Revenue*
2,621
2,461
+6.5%
Recurring operating income
532
459
+15.8%
Net income
425
308
+38.1%
Dividend per share (€)
1.78
1.37
+29.9%
Recurring EBITDA**
657
590
+11.3%
Recurring EBITDA/revenue margin
25.1%
24.0%
* Revenue: net gaming revenue and revenue from other activities
** Recurring EBITDA: recurring operating income adjusted for depreciation and amortisation expense
2023 highlights
Lottery, sports betting and online gaming open to competition
PLI’s strategic plan aims to accelerate its growth and increase its profitability by sharing the best practices of the two operators so as to capitalise on FDJ’s experience to run PLI’s instant games portfolio, boost the draw game player base, and continue to improve the digital experience of Irish players.
In order to take full advantage of the merger with ZEturf and the synergies within its competitive online activity, the FDJ Group will adopt a new organisation for this activity, in line with the commitments made to the Competition Authority.
Societal commitments
- Endangered French heritage sites. Thanks to the Mission Patrimoine lottery games, more than 28 million euros were donated to the French national heritage foundation (Fondation du Patrimoine) for the 2023 edition;
- And French sport, both professional and amateur, via the action of the National Sports Agency (ANS).
The company’s economic impact is significant, particularly on:
FDJ Group’s value creation is shared between employees and shareholders, with:
Post-closing events
On 22 January 2024, FDJ announced that it was launching a tender offer for Kindred, one of Europe's leading online betting and gaming companies, to implement its ambition to become an international gaming operator, and thus create a European champion.
This offer:
2024 targets
In line with the Group’s medium-term objectives, in 2024 FDJ aims:
To date, these projections do not include any element related to the tender offer on Kindred.
In 2024, the lottery will benefit from the contribution of EuroDreams on a full-year basis but will continue to be affected by Amigo’s new formula in comparison until early June. A normative level of Loto and Euromillions draws with high jackpots was retained.
In sports betting and online gaming open to competition, the 2024 financial year will be marked by numerous major sporting events (Africa Cup of Nations, UEFA EURO 2024, Paris 2024 Olympic and Paralympic Games) and FDJ will continue to capitalise on its offering enrichment. The high margin recorded by the operator on sports betting in 2023 does not seem to be able to be renewed for the 2024 financial year. Finally, the establishment of a new organisation in order to fully benefit from the potential of the merger with ZEturf, in line with the commitments made to the Competition Authority, is continuing.
At the same time, the Group will continue to develop its societal commitments, in particular to the fight against underage gambling and excessive gambling.
2023 activity and results
€m
2023
2022
Change in €m
% change
Scope impact
Organic change
Lottery
1,937.8
1,916.2
+21.5
+1.1%
-
+1.1%
Sports betting and online gaming open to competition
518.1
467.0
+51.1
+10.9%
+2.5%
+8.4%
Other activities
165.5
77.8
+87.6
+112.6%
+104.7%
+7.9%
Group total
2,621.4
2,461.1
+160.3
+6.5%
+3.7%
+2.8%
Marketing and communication costs include the costs of advertising and designing offers, as well as the costs of IT development and operation of games and services. They amounted to 455.6 million euros. The decline of 1.2% was mainly due to advertising spending, particularly corporate communications, which came out at 1% of GGR.
Administrative and general costs mainly comprise the personnel and operating costs of the central functions, as well as the costs of buildings and IT infrastructure. Their 14.2% increase to 241.5 million euros was due in particular to a scope effect as well as the exceptional allocation of 10 million euros to support actions to prevent underage gambling carried out by the associative sector over the 2023-2027 period.
The Group’s recurring operating profit was thus 531.8 million euros, up 15.8%.
Net depreciation and amortisation expenses amounted 125.1 million euros compared to 130.9 million euros in 2022.
Recurring EBITDA, recurring operating profit restated for depreciation and amortisation, was 656.8 million euros, up 11.3%, i.e. a recurring EBITDA margin of 25.1%, up from 24.0% recorded in 2022.
The recurring EBITDA level notably reflects the strong digital momentum. It takes into account the exceptional level of sporting results favourable to the operator at the end of the year and a reversal of provisions relating to disputes with former broker-agents. Without these elements, the margin rate would be 24.3%.
Operating income amounted to 521.1 million euros in 2023, up 16.1% compared to 2022.
The change in financial profit (+42.7 million euros in 2023 versus -28.7 million euros in 2022) is mainly explained by the high level of interest rates that remunerate the Group’s cash position, whereas in 2022, the decline in the markets had affected the Group’s financial profit. The revision of the Group’s investment policy at the end of 2022 enabled it to fully benefit from this rate hike in 2023.
The tax expense amounted to 141.0 million euros, representing an effective rate of 25.0%.
Consolidated net profit thus amounted to 425.1 million euros compared to 307.9 million euros in 2022.
By business
The Group’s organisation is structured around three operating segments: two Business Units (BUs), the Lottery and Sports betting and online gaming open to competition, and diversification activities (International, including PLI, and Payment & Services) with cross-functional support functions (in particular customer, distribution and information systems). In addition, the holding company mainly covers overheads.
The contribution margin is one of the key performance indicators for these segments. It is calculated as the difference between segment revenue, sales costs (including retailer remuneration) and marketing and communication costs (excluding depreciation) allocated to them.
Marketing and communication costs totalled 169.6 million euros, down 2.7%, mainly due to the decrease in advertising and promotional expenses.
The contribution margin of the lottery was 722.6 million euros, i.e. a contribution margin on revenue of 37.3%, up from 37.0% in 2022.
Marketing and communication costs amounted to 125.9 million euros (+9.8%). Excluding ZEturf, they rose by only 3.4%, driven by the development of the offering, while advertising and promotional costs decline.
The contribution margin for sports betting was 153.4 million euros, i.e. a contribution margin on revenue of 29.6%, compared to 25.1% in 2022.
Solid financial structure and free cash flow of 855 million euros
The Group’s investments in tangible and intangible assets amounted to 124.7 million euros, compared to 104.1 million euros in 2022. They mainly relate to the development of information and back-office systems as well as point-of-sale gaming terminals.
Acquisitions of ZEturf and PLI represented 483 million euros, taking into account the net debt of the acquired companies.
The normalised change in working capital linked to the activity (restated for calendar impacts and unclaimed winnings) was 54 million euros in excess. Thus, based on recurring EBITDA of 657 million euros, free cash flow7 amounted to 586 million euros, up from 545 million euros in 2022, with a recurring EBITDA to cash conversion rate of 89%.
At the end of December 2023:
Dividend
FDJ’s Board of Directors, at its meeting of Tuesday 13 February, approved the Group’s 2023 financial statements. It will propose a dividend of 1.78 euros per share to the Shareholders’ Meeting of 25 April 2024, an increase of 30%, i.e. a payout ratio of 80% in line with the Group’s commitments. Payment will be made on 7 May 2024.
The audit procedures on the consolidated financial statements have been completed. The audit report will be released after the review of the management report is finalized.
A financial presentation and the 2023 consolidated financial statements, in French and English, are available on the FDJ Group website: https://www.groupefdj.com/en/publications-and-results/
Next financial release
The FDJ Group will publish its revenue for the 1st quarter 2024 on Wednesday 17 April after the market close.
The FDJ Group will hold its Shareholders’ Meeting on Thursday 25 April 2024.
Forward-looking statements
This press release contains information on FDJ Group’s objectives, as well as forward-looking statements. These statements do not reflect historical data and must not be interpreted as guarantees that the facts and data mentioned will occur. The information contained herein is based on what the Group considers to be reasonable data, assumptions and estimates. FDJ operates in a competitive and rapidly changing environment. The Group is therefore not in a position to anticipate all of the risks, uncertainties or other factors likely to impact its activity, the potential impact thereof on its activity, or even to what extent the materialisation of a risk or a combination of risks could present significantly different results from those mentioned in any forward-looking statements. The information contained herein is provided solely as at the date of the present press release. The Group makes no commitment to update this information or the assumptions on which it is based, aside from any legal and regulatory obligations to which it is subject. FDJ will disclose to the market any update to information provided that is likely to have a significant impact on its activities, results, financial position or outlook, in accordance with applicable regulations, and will comply with the ongoing disclosure obligations applicable to all companies the shares of which are listed for trading on the regulated market of Euronext Paris.
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
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1Including Aleda and L’Addition on a full-year basis in 2022 and excluding the 2023 contribution from PLI and ZEturf
2NGR corresponds to gross gaming revenue (GGR = stakes – player winnings) net of public levies
3Proposed to the Shareholders’ Meeting of 25 April 2024
4 Support is given to the RPEJ endowment fund
5 Withheld at the Urssaf gross level
6 NGR rate on stakes
7 Free cash flow = cash flow generated by operations after investments related to operations.
8 It 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: (i) current and non-current deposits and guarantees given; (ii) cash subject to restrictions; (iii) sums allocated exclusively to the winners of the Euromillions game; (iv) non-consolidated securities, mainly composed of units in venture capital funds (FDJ Ventures).
9 Non-consolidated shares, presented under non-current financial assets, are excluded from the definition of Net Cash Surplus from January 1, 2023 and restated accordingly.
10 Cash available = cash & cash equivalents net of Euromillions funds, and deposits available within thirty-two days.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214200437/en/
Media 01 41 10 33 82 | servicedepresse@lfdj.com
Investor Relations 01 41 04 19 74 | invest@lfdj.com
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