FINANCIAL REPORT - Française des Jeux

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74 — 2010 FINANCIAL REPORT 4.1. OPERATING PROFIT 4.1.1. Operating income 4 NOTES TO THE INCOME STATEMENT This mainly consists of gaming revenue (€1,170.4m) which corresponds to the share of player stake allocated to la Française des Jeux, based on the rates set by current legislation. Revenue from other activities (€25.4m) consists mainly of products invoiced to retailers, sale agents and subsidiaries. Other operating income (€45.3m) consists of scratch card winnings that have not been claimed by players and which have lapsed. 4.1.2. Other external purchases and expenses The costs of the distribution network of la Française des Jeux, in addition to repair and maintenance costs, general sub-contra cting costs, advertising and promotion expenditure, represent 89% of the total for this item. 4.1.3. Personnel expenses and headcount The increase in personnel expenses was due mainly to the rise in the weighted headcount, which rose from 985 in 2009 to 1,040 in 2010. 4.2. FINANCIAL RESULT Financial income amounted to €20.1m and notably includes income from transferable securities totalling €28.2m, or €24.9m of revenues and €3.3m of net proceeds from disposals, up €6.4m, mainly due to the maturing of two lines of investment. Moreover, given the volatility of rates, very few FRA and FLOOR contracts we re concluded in 2010 whilst the hedges put in place in 2009 had generated interest of more than €5.7m. Finally, fi nancial expenses include impairment lo sses on securities and current accounts. The table below presents the fi nancial data for each subsidiary and equity investment: In thousands of euros Dividends received in 2010 1-Subsidiaries (>50% ): LotSys 1,191-- 35--- Internationale des Jeux --- 12-932- Interest received on current accounts Interest paid on current accounts Provisions for investments Reversal of provisions for investments Provisions for receivables related to investments La Pacifi que des Jeux 7 5 6 - - - - La Française d’Images - 7 - - - - La Française de Motivation 200-- 8- 74-- La Française de Patrimoine --- 1-497- FDJ Développement - 1 0 - - - - Laverock von Schoultz - 1 0 - - - - 2-Equity investments (>10% and
4.3. EXTRAORDINARY PROFIT LA FRANÇAISE DES JEUX — 75 In thousands of euros 31.12.2010 Extraordinary income and expenses in respect of management operations - 4,792 Extraordinary income and expenses in respect of gaming operations - 630 Extraordinary income and expenses in respect of capital operations - 662 Depreciation, amortisation and provisions of which: - 26,992 – provisions for contingencies and losses (cf. 3.12) - 3,582 – regulated provisions (cf. 3.11) - 23,410 Reversals of provisions and transfers of extraordinary expenses of which: 21,973 – provisions for contingencies and losses (cf. 3.12) 1,429 – regulated provisions (cf. 3.11) 20,278 – provisions for impairment 265 Total - 11,103 Extraordinary expenses in respect of management operations are primarily related to compensation of various kinds (€4.2m). Most of the increases and decreases in regulated provisions are due to accelerated depreciation. 4.4. EMPLOYEE PROFIT-SHARING AND INCENTIVES An exceptional profi t-sharing agreement was signed on 30 June 2010 for the 2010-2012 years. Employee profi t-sharing totalled €6.0m in 2010, compared to €6.1m in 2009. The net expense for the provision for 2010 incentives totalled €4.1m compared to €2.7 m in 2009. 4.5. INCOME TAX 4.5.1. Tax consolidation agreement La Française des Jeux has signed a tax consolidation agreement until 2011 with the following subsidiaries: – FDJ Développement – Internationale des Jeux – La Française d’Images – La Française de Patrimoine – La Française de Motivation. The tax position of the subsidiaries concerned is not affected by the agreement: it is the same as it would be if they were tax ed separately. The difference between the tax recognised by each of the companies and the tax result ing from the calculation of th e Group’s taxable income is recognised in the fi nancial statements of la Française des Jeux. The tax loss carryforwards of subsidiaries are disclosed in Note 7.1.
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FINANCIAL REPORT 2010 ANNUAL REPORT
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CONTENTS 5 23 59 81 MANAGEMENT REPO
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MANAGEMENT REPORT 06 06 12 14 18 18
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The Act specifi es the scope of the
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up a joint venture. The Commission
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Sports betting: a success on the In
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Revenue from ordinary activities ca
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The top games in terms of player st
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4.1.5. Operating profi t The increa
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6.5. PRINCIPAL RISKS AND UNCERTAINT
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Société de Gestion de l’Échapp
Page 23 and 24: CONSOLIDATED FINANCIAL STATEMENTS 2
Page 25 and 26: In thousands of euros Share capital
Page 27 and 28: CONSOLIDATED STATEMENT OF CASH FLOW
Page 29 and 30: Net income, Group shareTotal equity
Page 31 and 32: 1.3.2. LVS 1.3.2.1. Acquisition of
Page 33 and 34: transactions when the IFRS and the
Page 35 and 36: 3.9. TRADE RECEIVABLES Trade receiv
Page 37 and 38: 5.2. INTANGIBLE ASSETS In thousands
Page 39 and 40: In thousands of euros 31.12.2009Acq
Page 41 and 42: In thousands of euros GrossImpairme
Page 43 and 44: 5.10. ASSETS AND LIABILITIES DIRECT
Page 45 and 46: The table below shows the change in
Page 47 and 48: 6.5. FINANCIAL INCOME Revenue from
Page 49 and 50: 8.1. CREDIT RISK 8 FINANCIAL RISK M
Page 51 and 52: 8.2. LIQUIDITY RISK Liquidity risk
Page 53 and 54: 9.2. IMPACT OF FINANCIAL INSTRUMENT
Page 55 and 56: LA FRANÇAISE DES JEUX — 55 Déve
Page 57 and 58: 15 SCOPE OF CONSOLIDATION LA FRANÇ
Page 59 and 60: PARENT COMPANY FINANCIAL STATEMENTS
Page 61 and 62: LA FRANÇAISE DES JEUX — 61 In th
Page 63 and 64: NOTES 1 GENERAL PRESENTATION OF THE
Page 65 and 66: 2.3. EQUITY INVESTMENTS Equity inve
Page 67 and 68: Changes in these items during the p
Page 69 and 70: 3.6. RECEIVABLES AND PAYABLES NOT D
Page 71 and 72: LA FRANÇAISE DES JEUX — 71 LIABI
Page 73: 3.12.1. Provisions related to emplo
Page 77 and 78: 4.5.3. Increase and relief on futur
Page 79 and 80: 7.2. COMMITMENTS RECEIVED - La Fran
Page 81 and 82: REPORT ON THE INTERNAL CONTROL PROC
Page 83 and 84: Furthermore, pursuant to Article 7
Page 85 and 86: 1.5.2. External legal environment m
Page 87 and 88: Regarding operations, la Française
Page 89 and 90: - to coordinate and guide the compa
Page 91 and 92: Internal Audit, Internal Control an
Page 93 and 94: monitoring of the accounting depart
Page 95: Registered Offi ce _ 126, rue Galli
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FINANCIAL REPORT - Française des Jeux

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