France – Acquisitions drive 20 per cent growth for SFCBy Phil - 10 April 2017
The Société Française de Casinos (SFC) grew by more than 20 per cent in 2016 due to mergers and acquisitions.
It described the year as ‘an intense exercise in terms of external growth with the acquisition of five casinos.’
Consolidated sales amounted to €22m up 20.8 per cent, but with the group’s portfolio increasing from four to nine venues, any comparison with previous results is complicated. The SFC bought 100 per cent of the capital of the casino of Chamonix-Mont-Blanc and 47 per cent of the capital of the casino of Capvern during the financial year. The activity of the latter acquired at the end of the financial year will only be reflected in the consolidated financial statements as of November 1, 2016. The Group also acquired a 49 per cent stake in Société Franco-Belge de Casinos (SFBC) Controlled jointly with the Belgian Ardent-Circus Group of casinos, which holds the balance of the capital. SFBC acquired 100 per cent of the casinos of Port-Leucate, Briançon and Carnac respectively in January, March and September 2016.
At the start of the year the group operated casinos in Châtel-Guyon, Port-la-Nouvelle, Gruissan and Collioure. It also obtained the public service delegation of the casino of Bagnères-de-Luchon, which is expected to open this year.
The adjusted turnover for the casinos in Port-Leucate, Briançon and Carnac), came to €27.3m, representing a 50.4 per cent. The Consolidated Net Product of the Games (NPC) amounted to €11.6m, up 26.7 per cent and 10 per cent on a like-for-like basis. The adjusted NJP amounted to €14.7m, an increase of 60.3 per cent.
SFC added: “Adjusted EBITDA rose by 28.7 per cent to € 2.2m, benefiting from a strong performance on the historical perimeter and the positive contribution of the new casinos, particularly those of Port Leucate and Chamonix. This positive development has allowed the group to absorb structure costs. SFC will benefit in 2016-2017 from the full-year integration of casinos acquired in 2016. In the second half of 2017, the group will open the casino of Bagnères-de-Luchon, the licence for which it bought last year.
The Group ‘also remains actively watching over the takeover or purchase of new establishments in France, in order to continue its expansion.’