OL GROUPE 69361 Lyon Cedex 07 - France Tél : (33) 04 26 29 67 00 Fax : (33) 04 26 29 67 13 CONTENTS
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2012 2013 REGISTRATION DOCUMENT REGISTRATION DOCUMENT REGISTRATION CONTACT INVESTISSEURS / ACTIONNAIRES dirfi[email protected] 350, avenue Jean Jaurès OL GROUPE 69361 Lyon Cedex 07 - France Tél : (33) 04 26 29 67 00 Fax : (33) 04 26 29 67 13 CONTENTS PROFILE & FINANCIAL OVERVIEW . P. III CHAIRMAN’S MESSAGE . P. IV-V HIGHLIGHTS OF THE YEAR . P. VI AN EXCEPTIONAL PLAYING RECORD . P. VII REVIEW OF 2012/13 BUSINESS ACTIVITIES . P. VIII PLAYER TRANSFERS AND LOANS . P. IX FOOTBALL STRATEGY . P. X-XI TRAINING ACADEMY . P. XII DEVELOPMENT PRIORITIES . P. XIII CSR IS AT THE HEART OF THE GROUP’S STRATEGY . P. XIV-XV THE NEW STADIUM WILL BE CENTRAL TO EURO 2016 . P. XVI-XVIIII FINANCIAL RESULTS OLYMPIQUE LYONNAIS 2013 . P. XIX-XX DESIGN: SHAREHOLDER INFORMATION Actus, Zebrand . P. XXI PHOTO CREDITS: S. Guiochon - R. Mouillaud / Le Progrès FINANCIAL YEAR 2012/13 . P. XXII ENGLISH VERSION: Traduction financière et économique SARL (Trafine) / II FINANCIAL PROFILE HIGHLIGHTS 2012/2013 Organised around Olympique Lyonnais, the football REVENUE ........................................€137.6 m club founded in 1950 and headed by Jean-Michel Aulas since 1987, OL Groupe is a leader in the entertainment EBITDA............................................. €10.5 m and media sector in France. LOSS FROM ORDINARY ACTIVITIES ......... €16.5 m Since OL Groupe was created in 1999, it has built an inno- NET LOSS (GROUP SHARE) ...................€19.9 m vative business model combining financial durability and a recurrent revenue stream, articulated around five comple- EQUITY ............................................€56.8 m mentary sources of revenue: CASH NET OF DEBT ............................€ 0.9 m* TICKETING AVERAGE EMPLOYEE SPONSORING AND ADVERTISING NUMBERS ............................................. 249 * Including the balance of player liabilities and receivables and excluding MEDIA AND MARKETING RIGHTS OCEANEs and shareholder loans BRAND-RELATED REVENUE (derivative products, OL Images, etc.) PLAYER TRADING Registration document - OL GROUPE 12/13 / III CHAIRMAN’S MESSAGE CONSISTENT PRESENCE IN effect with regard to the the 2014/15 season, on the basis of financial breakeven reports for financial years 2011/12 and EUROPEAN CUP PLAY AND 2012/13. CONTINUED DEVELOPMENT OF At the same time, revenue declined slightly (down 6%), SUSTAINABLE FOOTBALL owing in particular to OL’s absence from the Champions League, the total impact of which can be estimated at nearly The men’s team turned in an overall positive season, €20 million. This was offset by robust player trading activity, winning its 17th trophy(1) in the summer of 2012 with a up €21 million over the financial year. victory in the Trophée des Champions in New York, and its 17th consecutive qualification for European cup play EBITDA for the year totalled €10.5 million, up 48% from the by finishing third in the French Ligue 1. Defeated by previous year, and the loss from ordinary activities contracted Real Sociedad in the Champions League playoff round, by €17.2 million to €16.5 million (loss of €33.7 million in Olympique Lyonnais nonetheless qualified for the pool stage 2011/12). The bottom line, Group share, was a loss of €19.9 of the Europa League for the second year in a row, after million, but represented an improvement of €8.1 million from participating 12 consecutive times in the Champions League. the previous year. At the end of the 2012/13 season, Olympique Lyonnais In addition, despite a further reduction in player assets was in 12th place in the UEFA rankings and was the highest of nearly €25 million to €37.4 million(4), the OL Academy ranked French club, owing to its exceptional consistency at continued to create significant value. The potential unrealised the European level. capital gain of the professional squad remained very high at around €80 million(5). Young players trained at the OL The OL Academy’s expertise and effectiveness have been Academy accounted for more than 70% of this amount, vs. recognised at both national and European levels. In France, 46% as of 30 June 2012 and 38% as of 30 June 2011. the OL Academy was ranked first by the Fédération Française de Football in June 2013 and at the European level, it was Our efforts led to a reversal from net player debt at the end of ranked second(2) behind Barcelona and ahead of Real Madrid. last year to net player receivables this year, another important The Academy is an integral part of the strategy of Olympique development. Net player receivables totalled more than Lyonnais. The number of talented young players joining the €13 million, and cash net of debt, excluding the OCEANEs professional squad continued to increase, thereby confirming and shareholder loans, was positive despite significant cash the Group’s strategy of capitalising on its Academy. The outlays of more than €22 million during the year on the new Academy supplied manager Rémi Garde with more than 60% stadium project(6). As of 30 June 2013, investments on the of his players at the start of the current season(3). new stadium totalled nearly €55 million. Before the OSRANEs were issued in August 2013 as part of the financing for the The women’s team continued their exceptional performance new stadium, the financial structure of Olympique Lyonnais during the 2012/13 season, with another pair of Challenge Groupe was one of the most sound in the French Ligue 1, de France and Division 1 titles. They also played in the with nearly €80 million in equity and OCEANEs, after Champions League final and remained in first place in the allocation of the net loss for the year. Stadium construction UEFA ranking for the third consecutive year. Women’s began on 29 July 2013 once the financing was finalised. football is attracting more and more long-term support, as measured by stadium attendance, TV broadcasting and the presence of prestigious partners. Olympique Lyonnais is proud to be a strong contributor to this trend. OUTLOOK FOR 2013/14 The men’s team is aiming for another qualification in European STRONG IMPROVEMENT IN cup play at the end of the current season. The women’s team will attempt another sporting feat in the three competitions FINANCIAL RESULTS, IN LINE in which they play. WITH FINANCIAL FAIR PLAY Since 1 July 2013, the strategy has continued to be applied. Player transfers over the entire summer transfer window Financial results of 2012/13 saw a significant reduction in yielded a strong net inflow of €24.5 million. operating expenses (down €33 million) and further sales of player registrations (up €21 million). This strategy, in place Even though the club is not playing in the Champions for more than two years now, aims to return OL Groupe to League, OL Groupe is maintaining its objective of returning structural operating breakeven by the end of the 2013/14 to breakeven on ordinary activities during financial year season. These objectives comply with UEFA’s Financial Fair 2013/14, provided the club finishes near the top of the Play (FFP). In May 2014 the first FFP decisions will take * y compris tour préliminaire / IV Ligue 1 standings, performs well in the Europa League and CORPORATE SOCIAL carries out its plan to sell player registrations, which has been stepped up compared with the initial plan (the potential RESPONSIBILITY IS AT impact of the exceptional tax on high incomes, intended to THE HEART OF THE GROUP’S help reduce the government budget deficit, is not taken into account here). STRATEGY Corporate social responsibility (CSR) is central to the strategy of Olympique Lyonnais. It is expressed through commitments to training, employability, amateur sport, preventive FINALISATION OF NEW STADIUM healthcare, diversity and responsible behaviour and is based FINANCING AND START on a CSR policy placed under the responsibility of an OL OF CONSTRUCTION Groupe Board member. Accordingly, during the 2012/13 season, a CSR committee and a CSR department were formed. Action plans were drawn up for each of the areas Of major strategic importance, the financing of the new mentioned above, and CSR representatives, responsible for stadium was finalised during the summer of 2013 for a total disseminating policy throughout the Group, were designated of €405 million, and construction began on 29 July 2013 with in every department and subsidiary. a target delivery date during the 2015/16 season. Now that this milestone has been achieved, OL Groupe is Jean-Michel Aulas now in an active marketing phase for the multifunctional Olympique Lyonnais Park and in particular for its new “connected stadium 2.0”, at the forefront of technology, with innovative programmes and concepts for its partnerships and (1) since 2001 365 day-a-year boxes. (2) source: Sportingintelligence, December 2012 – ranking based on the number of players trained in the OL Academy who play in the highest division This modern stadium, like others of its kind in major of a major European league. European cities, should generate new growth momentum (3) as of 15/09/2013 and secure the Group’s revenue streams over the long term, (4) incl. player registrations held for sale (5) valuation based on Transfermarkt, adjusted for young players with additional annual revenue reaching a target of at least (6) change in OL Groupe shareholder loan €70 million five years after it opens. This substantial expansion of the Group’s resources should boost its competitiveness at the European level both on and off the pitch. Registration document - OL GROUPE 12/13 / V HIGHLIGHTS OF THE YEAR FOOTBALL PERFORMANCE 2012/13 MEN’S TEAM WOMEN’S TEAM FRENCH LIGUE 1 FRENCH DIVISION 1 3rd place 7th consecutive title EUROPA LEAGUE CHAMPIONS LEAGUE Round of 32 against Tottenham Finalist FRENCH CUP COMPETITIONS CHALLENGE DE FRANCE Round of 16 in the Coupe de la Ligue Winner Round of 64 in the Coupe de France TROPHÉE DES CHAMPIONS Winner / VI AN EXCEPTIONAL PLAYING RECORD MEN’S TEAM WOMEN’S TEAM 17 consecutive qualifications for European cup play since 7 consecutive French Division 1 titles (2007, 2008, 2009, 1997/98 (including 2013/14) 2010, 2011, 2012, 2013).