BAINS DE MER MONACO: 2022/2023 Half-Year Results
SEA BATHING SOCIETY
AND THE CIRCLE OF FOREIGNERS IN MONACO
Monegasque public limited company with capital of €24,516,661.
Headquarters: Monte-Carlo – Place du Casino, Principality of Monaco.
RCS: Monaco 56 S 523 – Siren: 775 751 878.
Half-year results 2022/2023
(Period from April 1, 2022 – September 30, 2022)
- Strong increase in revenue compared to the first half of the previous financial year, at €432.3 million compared to €311.4 million in 2021/2022 and €408.6 million in 2019/2020 (pre-covid exercise) with:
- gaming revenue of €131.3 million compared to €112.6 million in 2021/2022
- hotel revenue of 235.4 million euros compared to 140 million euros previously
- revenue from rental activities up to €62.8 million compared to €58.5 million over the same period of the previous financial year
- Operating income amounted to a profit of €91.9 million compared to €50.1 million for the first half of 2021/2022 and €69.4 million for the first half of 2019/2020 (pre-covid financial year). )
- Consolidated net income amounted to a profit of €918.8 million compared to €45.6 million for the first half of 2021/2022, with:
- a negative financial result of -€2.3 million
- taking into account the impacts related to the stake in Betclic Everest Group for an amount of + 829.2 million euros following the completion of the operation of contribution / sale of the said stake last June, against a contribution negative of -€1.5 million for the same period of the previous financial year
At its meeting on November 29, 2022, the Board of Directors of Société des Bains de Mer approved the half-year financial statements for the 2022/2023 financial year, prepared in accordance with IFRS international accounting rules and principles.
SEMI-ANNUAL ACCOUNTS
With a turnover of 432.3 million euros for the first six months of the 2022/2023 financial year, up by 120.9 million euros over the period, the operating profit of the SBM Group is up sharply compared to the ‘Previous exercice.
the Operating income profit of 91.9 million euros against operating profit of 50.1 million euros for the previous year, an increase of 41.8 million euros. This improvement is the result of business growth, but also of better supported operating expenses.
the bottom line is negative by -€2.3 million for the first six months of the 2022/2023 financial year compared to a negative financial result of -€2.9 million the previous financial year.
It is recalled that the SBM Group has held since May 2009 a stake in the capital of Betclic Everest Group, an online gaming group.
The SBM Group announced on July 1 that its subsidiary, Monte-Carlo SBM International S.à.rl (“SBM International”), transferred on June 30, 2022, by sale and contribution, the entire 47.30% stake it held in Betclic Everest Group to the Dutch company FL Entertainment.
The operation, which valued the share of the capital of BEG held by SBM International at 850 million euros, was settled half in cash, and the other half by the delivery of FL Entertainment shares, allowing SBM International to hold 4.95% of the voting rights and 10.39% of the effective economic rights of this company. FL Entertainment has been listed on the regulated market of Euronext Amsterdam since July 1, 2022.
This operation results in the recognition of an exceptional profit of 813.5 million euros in the consolidated financial statements of the SBM Group for the 2022/2023 financial year. The SBM Group also recorded during the first half of the 2022/2023 financial year a positive share of profit of 15.6 million euros corresponding to the share of profit attributable to the SBM Group for the previous period. contribution/transfer, i.e. the period from April 1 to June 30, 2022.
In summary, the improved net income – part of the group amounted to +€918.8 million compared to +€45.6 million for the first six months of the 2021/2022 financial year.
Given the improvement in results, cash flow for the first six months of the 2022/2023 financial year stands at €116.3 million compared to €82.4 million for the same period of the year. ‘fiscal year’ past fiscal year.
As of September 30, 2022, the SBM Group had a positive cash position net of debt of €470.6 million compared to a positive cash position net of debt of €30 million at the end of the 2021 financial year. /2022.
During the half-year, the continuation of the investment program represented a disbursement of 70.5 million euros.
OUTLOOK – MAIN RISKS AND UNCERTAINTIES FOR THE COMING SEMESTER
While the activity of the SBM Group is part of a context of gradual exit from the health crisis and remains dependent on the evolution of the geo-context with the war situation affecting Ukraine and the crisis with Russia, the remarkable political results observed during the first six months should enable a further strong increase in operating profit to be recorded in 2022/2023. Given the information available, we can envisage achieving an operating profit higher than that of the record 2007/2008 financial year. During this financial year, the SBM Group had indeed recorded an operating profit of 64.1 million euros, never equaled since.
The transfer, on June 30, 2022, by sale and contribution, of the entire 47.30% stake in BEG to the Dutch company FL Entertainment, resulting in an exceptional profit of 813.5 million euros in the consolidated financial statements of the SBM Group for the 2022/2023 financial year, provide the financial means for SBM International to pursue its development strategy, while maintaining a significant stake in a world leader in entertainment operating in segments of attractive market with strong growth potential.
Limited review of accounts at the time of this publication
The half-year financial report and the consolidated financial statements as of September 30, 2022 have been filed with the Autorité des Marchés Financiers and can be viewed on the Société des Bains de Mer website at the following address: https://en.montecarlosbm-corporate.com/finance/financial-reports/. These documents are accompanied by the report of the Contractual Auditor and the Statutory Auditors on the half-yearly financial information.
Monaco, November 29, 2022
ISIN: MC0000031187