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FINANCIAL REPORT Worldreginfo - Be724f61-70F4-4C79-Ac8a-Fc7401b2c04d a WORD from the FOUNDER 2017 FINANCIAL REPORT

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FINANCIAL REPORT Worldreginfo - Be724f61-70F4-4C79-Ac8a-Fc7401b2c04d a WORD from the FOUNDER 2017 FINANCIAL REPORT 2017 FINANCIAL REPORT WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d A WORD FROM THE FOUNDER 2017 FINANCIAL REPORT This document is a free translation into English of the original French “Rapport annuel 2017”, hereafter referred to as the “2017 Annual Report”. It is not a binding document. In the event of a conflict in interpretation, reference should be made to the French version, which is the authentic text. WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d A WORD FROM THE FOUNDER brought fresh impetus to our 017 country with the arrival of a 2new political leadership team that wants to give back hope and gusto to our citizens, and therefore to business leaders like us. This sea change was accompanied by the almost complete renewal of our political class, implying the need to develop new relations with our elected representatives. The programme that has been announced, which entails a number of positive measures to boost our economy, has supported our view that the many investments made recently were just what was needed. However, as the months go by, the less the measures announced seem to be targeted to us. For example, the increase in the CSG social security contribution, intended to make up for the reduction in certain charges imposed on all French companies, will have precisely the opposite effect from that intended on our businesses, as we are the only legal entities governed by private law that have to pay this tax, which is charged on the personal income of natural persons. Another disappointing observation is that even though the politicians have changed, our government administrations are continuing to deal with the matters that concern us in the same way. I nevertheless believe that once the government team has had time to settle in, our legitimate concerns will receive the attention they deserve. It therefore required a great deal of energy and willpower from my son Patrick and his team to carry on proactively innovating and constantly look at the possibilities of new models for our business, as brilliantly illustrated this summer by the opening of the PleinAir casino in La Ciotat and the 3.14 casino in Cannes. These two resolutely modern, exceptional casinos are helping to create a paradigm shift and offer something new. And their success once again confirms that we are – and remain – at the cutting edge of our profession. Isidore Partouche WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d CONTENTS WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d 01 PERSONS RESPONSIBLE / 06 02 AUDITORS / 07 03 SELECTED FINANCIAL INFORMATION / 08 04 RISK FACTORS / 13 05 INFORMATION ABOUT THE ISSUER / 30 06 BUSINESS OVERVIEW / 34 07 ORGANISATIONAL STRUCTURE / 43 08 PROPERTY, PLANT AND EQUIPMENT / 49 09 REVIEW OF FINANCIAL POSITION AND RESULTS / 51 10 CASH AND CAPITAL RESOURCES / 64 11 RESEARCH AND DEVELOPMENT, PATENTS AND LICENCES / 66 12 TREND INFORMATION / 67 13 COMPANY PROJECTIONS AND TARGETS / 68 14 ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES AND SENIOR MANAGEMENT / 70 15 REMUNERATION AND BENEFITS / 89 16 OPERATION OF DIRECTORS’ AND EXECUTIVE BODIES / 96 17 LABOUR INFORMATION / 110 18 MAIN SHAREHOLDERS / 120 19 RELATED-PARTY TRANSACTIONS / 123 20 FINANCIAL INFORMATION ON THE ISSUER’S ASSETS, FINANCIAL POSITION AND PERFORMANCE / 127 21 ADDITIONAL INFORMATION / 219 22 MATERIAL CONTRACTS / 230 23 THIRD-PARTY INFORMATION, STATEMENT BY EXPERTS AND DECLARATIONS OF INTEREST / 231 24 DOCUMENTS ON DISPLAY / 232 25 INFORMATION ON SUBSIDIARIES AND EQUITY INVESTMENTS / 233 26 CROSS-REFERENCE TABLE / 234 WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d 01 PERSONS RESPONSIBLE 1.1 PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT Fabrice Paire, Chairman of the Executive Board. 1.2 CERTIFYING STATEMENT BY THE PERSON RESPONSIBLE FOR THE REFERENCE DOCUMENT “Having taken all reasonable care to ensure that such is the those of all consolidated companies, as well as describing case, I certify that, to the best of my knowledge, all the infor- the main risks and uncertainties to which they are exposed. mation contained in the Reference Document is consistent with the facts and contains no omission likely to affect its I have obtained a letter from the Statutory Auditors certifying import. that they have completed their tasks, indicating that they have verified the information concerning the financial position and To the best of my knowledge, I certify that the financial state- financial statements set out in this document and that they ments have been prepared in accordance with applicable ac- have read the document in full." counting standards and give a true and fair view of the com- pany’s assets, financial position and profit or loss, as well as Paris, 21 February 2018 those of all consolidated companies, and that the information Fabrice Paire in the management report (see ‘Reconciliation Table’ on page 234 of this document) presents a true and fair view of the de- Chairman of the Executive Board velopment of the business, results and financial position and 01 PERSONS RESPONSIBLE GROUPE PARTOUCHE 6 2017 FINANCIAL REPORT WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d 02 AUDITORS 2.1 STATUTORY AUDITORS IDENTITY OF THE STATU- PROFESSIONAL DATE OF LAST DATE OF FIRST END OF TERM TORY AUDITORS BODY RENEWAL APPOINTMENT PRINCIPAL MCR Baker Tilly Independent member Ordinary Shareholders’ Ordinary Shareholders’ Ordinary Shareholders’ 232 avenue du Prado of the Baker Tilly Meeting of 6 April 2016 Meeting of 24 April Meeting called to approve 13008 Marseille France network 2007 the financial statements for the financial year ending 31 October 2021 PRINCIPAL France Audit Expertise Ordinary Shareholders’ Ordinary Shareholders’ Ordinary Shareholders’ 1 boulevard Saint-Germain Meeting of 6 April 2016 Meeting of 20 April Meeting called to approve 75005 Paris 2010 the financial statements for the financial year ending 31 October 2021 SECONDARY Orfis Independent member Ordinary Shareholders’ Ordinary Shareholders’ Ordinary Shareholders’ Le Palais d’Hiver of the Baker Tilly Meeting of 6 April 2016 Meeting of 24 April Meeting called to approve 149 boulevard de Stalingrad France network 2007 the financial statements for 69100 Villeurbanne the financial year ending 31 October 2021 SECONDARY Christophe Carassus Ordinary Shareholders’ Ordinary Shareholders’ 32 rue de Paradis Meeting of 6 April 2016 Meeting called to approve 75010 PARIS the financial statements for the financial year ending 31 October 2021 02 AUDITORS GROUPE PARTOUCHE 7 2017 FINANCIAL REPORT WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d 03 SELECTED FINANCIAL INFORMATION The tables below present extracts of the Group’s consoli- accordance with International Financial Reporting Standards dated balance sheet and income statement for the financial (IFRS), as adopted in the European Union. years ended 31 October 2015, 2016 and 2017, prepared in BUSINESS ACTIVITY BREAKDOWN OF TURNOVER 2017 2016 2015 HOTELS 2 % HOTELS 3 % HOTELS 3 % OTHER ACTIVITIES 4 % OTHER ACTIVITIES 3 % OTHER ACTIVITIES 3 % 406,9 €M 405,2 €M 400,3 €M CASINOS 93 % CASINOS 94 % CASINOS 94 % Under IFRS 8 Operating Segments, division data is pre- u The Group’s “Other activities”, which mainly comprise the sented based on the internal reporting used by management business of Groupe Partouche SA, the Group’s parent com- to assess the performance of the Group’s different divisions. pany, and all the other secondary businesses (holding com- The Group is currently managed as three divisions: panies, thermal baths, real estate companies and all activities u The “Casino” division, which comprises gaming, catering that contribute to organising and operating gaming on media and entertainment; such as TV and Internet in France). u The “Hotel” division, which comprises accommodation and hospitality services; 03 SELECTED FINANCIAL INFORMATION GROUPE PARTOUCHE 8 2017 FINANCIAL REPORT WorldReginfo - be724f61-70f4-4c79-ac8a-fc7401b2c04d CASINOS 2017 2016 2015 €000 AT 31 OCTOBER Gross Gaming Revenue of table games 119 717 105 325 94 405 Gross Gaming Revenue of slot machines 519 068 530 434 524 679 TOTAL GROSS GAMING REVENUE 638 784 635 759 619 084 Levies 317 978 318 537 307 710 As % of GGR 49,8 % 50,1 % 49,7 % NET GAMING REVENUE 320 807 317 222 311 375 Number of casinos 43 43 44 o/w number of casinos in France 39 39 40 Number of slot machines in France 5 112 5 074 5 106 “Gross Gaming Revenue” (GGR) corresponds to income After levies, “Gross Gaming Revenue” becomes “Net Gaming from the various games operated after payment of player Revenue”, i.e. a component of turnover. See Section 6.1.1 for wins. This sum is debited from “Levies” (State, municipalities, information on the types of games operated and levies. CSG and CRDS social security contributions). HOTELS 2017 2016 2015 AT 31 OCTOBER Number of hotels 12 13 14 Number of rooms 726 831 870 Occupancy rate 63,11 % 60,71 % 59,07 % PROFITABILITY INCOME STATEMENT 2017 2016 2015 €000 AT 31 OCTOBER (EXCEPT DATA PER SHARE) Turnover 406 885 405 203 400 342 Current operating profit 36 358 41 286 33 824 Operating profit 46 512 22 084 21 954 Total net profit 45 542 18 647 9 304 o/w Group share 37 430 11 144 1 975 Net earnings per share attributable to the Group 3,89 1,16 0,2 Dividend distributed per share (0,31) - - EBITDA 2017 2016 2015 €000 AT 31 OCTOBER Consolidated EBITDA 73 318 80 073 75 014 As % of turnover 18,0 % 19,76 % 18,74 % EBITDA/Turnover margin (€M) 75,0 2015 18,7 % 400,3 Consolidated EBITDA 80,1 Consolidated turnover
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