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France – SFC looks to float as profits slide by €14.3m

By - 7 April 2021

With profit down by €14.3 m for the last year at Société Française de Casinos, Casigrangi, the company’s main shareholder has confirmed it is filing for a simplified public tender offer.

With casinos impacted since March 2020 by the coronavirus pandemic, SFC produced EBITDA of €2.4m in its last financial year to October 2020.
The 2019-2020 financial year was marked by this health crisis “which forced the Group to close its establishments for almost three months during the financial year, between mid-March and mid-June. The 2019-2020 consolidated accounts reflect the activity of the four casinos operated by the Group, in Gruissan, Châtel-Guyon, Port la Nouvelle and Collioure. ”

The SFC recorded a consolidated turnover of €16.3m, down €4m ‘explained by the impact of the administrative closures of casinos, due to the Covid-19 pandemic, from March 14, 2020 to June 2, 2020.’
The company added: “A recovery has initially limited to slot machines and electronic games before the full reopening on June 22, 2020. Outside the closed periods, the activity of casinos has remained similar to that of last year, confirming its strong resilience.”

The company’s EBITDA ‘stood at €2.4’ in 2019-2020, a ‘positive development of €0.2m despite a decline in business volume of €4m.’

“This performance is based on good cost management, on the various State aids (including partial activity) and on the positive impact of €0.5m from the application of IFRS 16,” the company informed. “The Group is still strongly impacted by the health crisis. In view of the containment measures, we were again forced to close our establishments as of October 29, 2020 and has so far received no information on a date for the reopening of the casinos. In this particular context, expenses are reduced to a minimum: rents, energy, share of personnel costs outside the scope of the partial activity, fees, taxes & fixed taxes. Consequently, without activity, the Group’s cash position decreases up to the above charges. ”

Casigrangi “will file, on a mandatory basis, its proposed simplified public tender offer for SFC shares, at a price of € 1.70 per share. If the conditions are right, Casigrangi intends to implement a squeeze-out following the offer. This draft offer remains subject to review by the Autorité des Marchés Financiers.”

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