Operator News
France – SFC reports stable year in France despite operating one less casino
By Phil - 6 March 2020
French casino group La Société Française de Casinos (SFC) reported a stable year in 2019 when it managed to reduce gross debt to €4.2m.
This came despite the group now operating four casinos in Gruissan, Châtel-Guyon, Port la Nouvelle and Collioure, compared to five in 2018 following the sale of the casino in Capvern).
He group stated: “The accounting capital gains made during the various disposals have a very positive impact on the Group’s net income and equity. The year was marked by the disposals of the Capvern casino and the building used for the Châtel-Guyon casino, as well as by the finalisation of the disposal of the Chamonix casino and of the stake in SFBC. The SFC recorded a consolidated turnover of €20.4m stable on a comparable basis (excluding Capvern which was consolidated in 2017-2018), a trend observed in all four casinos. The Gruissan casino notably ended the year with perfectly stable turnover, the good second half having made up for the delay of the first 6 months of the year.”
Net Gaming Income was stable at €10.8m. The 2018-2019 EBITDA stood at €2.3m, ‘a level similar to that of last year.’ The four casinos contributed positively to EBITDA, thanks to very good controls on their fixed costs. The increase in profitability of the casinos in Port la Nouvelle and Collioure offset the slight decline in the contribution of the casino in Châtel-Guyon, during the human investment and marketing phase. Current operating profit was €0.9m, compared with €0.7m in 2017-2018.
The group added: “The consolidation of the balance sheet situation and the group’s profit prospects allow it to calmly pursue its operations and investments, while reimbursing its various maturities. The group will therefore continue to operate the four casinos kept within the scope for the next few years. Commercial and marketing actions will be continued to increase attendance and increase turnover as well as profitability through strict cost control. ”
Circus Casino France, a subsidiary of the Belgian company Gaming1, is poised to take control of the SFC and file a simplified takeover bid project in accordance with current regulations, at a price of € 1.44 per share.
