Unsurprisingly, given the coronavirus pandemic, Société des Bains de Mer reported a disastrous 12 months to March 31, 2021.
At its meeting held on May 27, 2021, the Board of Directors of Société des Bains de Mer approved the financial statements for the fiscal year 2020/2021, prepared in accordance with international accounting principles IFRS.
Revenue was 336.9 million compared with €619.8 million euros last year, when the impact of the pandemic had limited effect.
Gaming revenue fell by 115 million euros, or 48 percent, whole hotel revenue fell by 62 percent, a decrease of 175 million euros. Rental revenue increased by 10 million euros, or 11 percent.
Only the Hôtel de Paris and Monte-Carlo Bay Hotel & Resort remained partially open for clients, mainly permanent guests, but the occupancy rates were low. From June 2, 2020, the Monaco Government permited restaurants and casinos to re- open, with the SBM Group’s establishments gradually opening their doors with special health measures to guarantee maximum safety for clients and staff.
The opening times for casinos and restaurants were then reduced once again from November 1, under a succession of Government restrictions.
Overall, the operating loss was 103.3 million euros, compared with an operating profit of 22.6 million during the previous year.
Consolidated net loss was 79.1 million euros compared with a profit of 26.1 million euros for the fiscal year 2019/2020, with: a negative financial result of 7 million euros.
At the end of March 2021, the Group’s indebtedness was at €129.9 million compared with an indebtedness of €137.1 million on 31 March 2020.
In addition to its €230 million bank financing, the first two repayments of which were made at the end of June and the end of December 2020 for €26.4 million each, the SBM Group set up a NEU CP (Negotiable European Commercial Paper) program in July 2019, for a maximum of €150 million, used for an amount of €55 million as of March 31, 2021.
The SBM Group has also reinforced the strict control of its investments, the company said. All investment projects have been revised and those deemed non-essential have been suspended. This has had the effect of bringing capital expenditure down to €43.2 million for the year, compared with €127.7 million in fiscal year 2019/2020.
ORIGINAL SOURCE: SBM FILE PHOTO: Hotel de Paris