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WKN: A0MJ2F | ISIN: FR0010428771 | Ticker-Symbol: XXT
Frankfurt
06.11.24
08:05 Uhr
1,985 Euro
-0,095
-4,57 %
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EAGLE FOOTBALL GROUP Chart 1 Jahr
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2,0802,31006.11.
Actusnews Wire
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EAGLE FOOTBALL GROUP: Annual results for the 2023/24 financial year

Annual results for the 2023/24 financial year

TOTAL REVENUES[1] FROM UP 25%
TO €361.4 M
[2] (+€71.8 M)

EBITDA UP TO €44.2 M (+€46.0 M)

NET INCOME IMPROVED AT -€25.7 M (+€73.2 M)

Lyon, November 6, 2024,

The Board of Directors of Eagle Football Group, meeting on November 6, 2024, approved the financial statements for the year ended June 30, 2024[3].

1/ REVENUES AND EARNINGS

Fiscal 2023/2024 activity

Total revenue amounted to €361.4 M2 compared with €289.7 M in N-1, an increase of €71.8 M (+25%) (see press release of July 25, 2024).

in €M (from July 1 to June 30)06/30/24
12 months
06/30/23
12 months
VarVar % (%)
Ticketing33.937.7-3.8-10%
Media and marketing rights95.485.310.012%
Sponsoring-Advertising37.138.9-1.8-5%
Brand-related revenue54.320.533.8165%
Events43.416.626.7161%
Revenue (excluding player trading)264.1199.165.033%
Revenue from sale of player registrations (2)97.390.56.87%
Total revenue (1)361.4289.771.825%

Consolidated income statement at June 30, 2024

in €M30/06/24% Total products30/06/23% Total productsvarvar %
Revenue excluding player trading264.1 199.1 65.033%
Gains on sale of player registrations75.9 77.3 -1.4-2%
Revenue from sale of player registrations97.3 90.5 6.87%
Residual value of players registrations-21.4 -13.2 -8.2-62%
Total revenues (API)361.4100%289.7100%71.825%
External purchases and expenses-125.835%-113.239%-12.6-11%
Taxes and similar payments-8.1 -8.4 0.33%
Personnel costs-161.945%-156.754%-5.2-3%
EBITDA44.212%-1.8-1%46.0-
Net depreciation, amortization and provisions-56.2 -62.0 5.89%
Other ordinary income and expenses38.5 -12.5 51.0-
Operating profit/loss26.57%-76.3-26%102.9-
Net financial expense-35.0 -22.8 -12.2-53%
Pre-tax profit/loss-8.4-2%-99.1-34%90.7-
Income tax expense-11.6 1.3 -12.8-
Share in net profit/loss of associates-5.7 -1.1 -4.6-
Net profit/loss-25.7-7%-99.0-34%73.274%
Net profit/loss attributable to company shareholders-25.2-7%-97.8-34%72.674%

EBITDA improved thanks to one-off revenues (LFP/CVC[4] revenues and OL Féminin brand license, detailed in the press release of July 25, 2024 and the strong Events business over the year.

External purchases and expenses rose by €12.6 M (+11%), mainly reflecting growth in the Events business and the start-up of the LDLC Arena on November 23, 2023.

Personnel costs amounted to €161.9 M, up €5.2 M (+3%). However, there was a decrease of -€3.4 M in the sports division (players leaving in summer 2023), and an increase of +€8.6 M in the administrative division, due to the increase in headcount, the indexation of salaries, the commissioning of the LDLC Arena in November 2023, and one-off items linked to changes in General Management.

Gains on the sale of player registrations were virtually unchanged at €75.9 M at June 30, 2024, compared with €77.3 M at June 2023.

Net depreciation, amortization and provisions amounted to €56.2 M, down €5.8 M, mainly in connection with player trading operations.

Other ordinary income and expenses amounted to €38.5 M (vs. -€12.5 M at June 30, 2023). They mainly include capital gains on asset disposals (OL Féminin in February 2024, OL Vallée Arena and Reign FC in June 2024) for a total of around €45.2 M, as well as player-related expenses (around €5.2 M, notably loans).

As a result, operating income stood at €26.5 M at June 30, 2024 (vs. -€76.3 M at June 30, 2023), an improvement of €102.9 M on N-1.

Net financial expense amounted to -€35.0 M (-€22.8 M in N-1, a decrease of -€12.2 M), mainly reflecting the global refinancing of debts carried out in December 2023 , costs relating to receivables financing, and the increase in financial expenses on the property leasing (start-up of the LDLC Arena in November 2023). It also includes financial income relating to the discounting of debts and receivables on player contracts (+€5.0 M).

Net income, Group share, improved sharply to -€25.2 M (vs. -€97.8 M in N-1).

2/ BALANCE SHEET AND DEBT

Simplified consolidated balance sheet at June 30

ASSETS (€M)30/06/2430/06/23EQUITY & LIABILITIES (€M)30/06/2430/06/23
Player registrations129.853.3Equity (including non-controlling interests)39.4105.4
Property, plant and equipment (incl.IFRS16)316.7444.3
Other non-current assets (including assets held for sale)3.757.6Financial liabilities505.1458.5
TOTAL NON-CURRENT ASSETS450.2555.2
Deferred taxes-0.55.7Provisions2.53.0
Player registration receivables17.022.9Player registration payables105.244.2
Other assets234.4123.1Other liabilities (incl. liabilities held for sale)16.729.8
Cash and cash equivalents129.534.6Current liabilities161.7100.7
TOTAL ASSETS830.6741.5TOTAL EQUITY & LIABILITIES830.6741.5
*simplified presentation, not in compliance with IFRS

Player registrations assets rose sharply (+€76.5 M), and the net balance between payables and receivables on player registrations was -€88.1 M, mainly reflecting acquisitions made during the year with a view to improving sporting results. At June 30, 2024, the market value[5] of the professional squad is estimated at €236.3 M. The level of potential capital gains, still high but nevertheless lower than N-1 given the major recent acquisitions, is estimated at €106.5 M.

Property, plant and equipment decreased by €127.6 M, mainly due to the sale of the arena in June 2024.

Other non-current assets fell by €53.9 M, reflecting the sale of Reign FC (formerly OL Reign) in June 2024.

Other assets amounted to €234.4 M, an increase of €111.3 M, mainly due to the CVC trade receivable (+€26.5 M), the acquisition of a stake in OL Féminin (+€14 M), new financial assets linked to the December 2023 refinancing and the sale of OL Féminin (+€21.6 M), and various operating receivables.

Shareholders' equity (including minority interests) was impacted by the loss for the period, as well as by share buybacks from Holnest (-€14.5 M in December 2023 and -€16.2 M in June 2024 in connection with the sale of OL Vallée Arena), and lastly by the redemption of perpetual subordinated notes as part of the December 2023 refinancing (-€10.5 M).

Financial debt amounted to €505.1 M, compared with €458.5 M in N-1. They notably reflect the impact of the refinancing of the majority of debts on December 7, 2023 and the repayment of previous debts, and also the transfer of the debt linked to the property leasing of the arena as part of the sale of the OL Vallée Arena company in June 2024.

At June 30, 2024, current liabilities amounted to €161.7 M, up €61.0 M on June 30, 2023, due to the increase in liabilities on Events (around €20 M), the tax liability on the disposal of OL Reign (€5.5 M) and other current liabilities (+€35 M).

As a result, net cash debt (including net receivables and payables on player registrations) stood at €463.8 M at June 30, 2024 (€404.4 M at June 30, 2023).

3/ RECENT EVENTS

In sporting terms, the club is competing in the League phase of the Europa League 2024/2025 (8 matches to be played) and is in 10th place after the first 3 matches. It is also currently in 6th place in the Ligue 1 championship.

The 2024 summer mercato was very active (see details in appendix).

Groupama Stadium hosted eleven soccer matches (men's and women's) as part of the Paris 2024 Olympic Games (July and August 2024), the France/Belgium match as part of the UEFA Nations League (September 9, 2024), as well as the closing ceremony of the WorldSkills 2024 competition (September 15, 2024). Il will host the TOP 14 semi-finals (June 20 & 21, 2025), as well as the Imagine Dragon concert (July 3, 2025).

4/ OUTLOOK

As announced on September 23, Eagle Football Group will be implementing a cost rationalization plan, and has initiated discussions with employee representatives that may lead to a voluntary departure plan.

In addition, the financial statements have been prepared on a going concern basis, and adopted by the Board of Directors on November 6, 2024, based on an operating and capitalization plan with the following assumptions:

- Contributions of €75 million by the end of December 2024, including equity contributions and/or the proceeds from the transfer of players which are owned by clubs of the Eagle Football Holdings group

- Contribution of up to €40 million, of excess proceeds, available from the planned sale of Eagle Football Holdings' interest in Crystal Palace Football Club

- Contribution of up to €100 million in early 2025 from Eagle Football Holdings, relating to its planned IPO on the New York Stock Exchange

- Completion of player sales during the January 2025 mercato.

- Completion of the signature of a waiver (ongoing discussion)

However, while the Group considers it probable that some or all of these financing transactions will be completed, any material delay or non-fulfillment of such projected cashflows could raise additional issues regarding going concern principle on the company and its subsidiaries.

The Group's statutory auditors are considering issuing a qualified opinion with an unability to certify the Eagle Football Group's parent company and consolidated financial statements.

The statutory auditors consider that the audit work carried out on the structuring assumptions of the going concern assumption did not enable them to gather sufficient evidence to express an opinion on the reasonableness of the various assumptions, and consequently on the appropriateness of the going concern assumption used to prepare the parent company and consolidated financial statements of Eagle Football Group.

APPENDICES

Summer 2024 mercato

Revenue from sale of player registrations (IFRS €M)

NameClubDateIFRS amountExercise
ALVERO SkellyWerder BremenJune-244.423/24
O'BRIEN JakeEvertonJuly-2414.324/25
SARR MamadouStrasbourgaugust-249.224/25
BALDE MamaBrestaugust-244.224/25
KANTE MoussaFC Aravat YerevanJuly-24 24/25
EL AROUCH MohamedBotafogoaugust-24 24/25
DIOMANDE SinalyAuxerreaugust-24 24/25
LOVREN DejanPAOK SalonikaSept.-24 24/25

Purchases (IFRS M€)
NameClubDateIFRS amountExerciseEnd of contract
MANGALA OrelNottingham ForestJune-2435.323/24June-28
BENRAHMA SaïdWest HamFeb-2421.223/24June-27
BALDE MamaTroyesAug-238.123/24June-24
NIAKHATE MoussaNottingham ForestJuly-2429.924/25June-28
NUAMAH ErnestRWDM MolenbeekJuly-2427.524/25June-28
MIKAUTADZE GeorgesFC MetzJuly-2420.024/25June-28
ABNER ViniciusRéal BetisJuly-249.024/25June-29
TESSMANN TannerVeniziaaugust-247.324/25June-29
VERETOUT JordanOMSept.-245.224/25June-26
FALL FallouDakar Sacré Cœuraugust-240.124/25June-28
DIATTA Pierre AntoineDakar Sacré Cœuraugust-240.124/25June-28

Loans (out)
NameClubEndConditions and purchase options
JEFFINHOBotafogoDec.-24free loan without purchase option
PATOUILLET MathieuSochauxJune-25free loan without purchase option
LAAZIRI AchrafMolenbeekJune-25free loan without purchase option
HALIFA IslamdineMolenbeekJune-25free loan without purchase option
LEPENANT JohannFC NantesJune-25free loan with purchase option €2.5 M
SARR AminHellas VeronaJune-25free loan with €5 M purchase option
MANGALA OrelEvertonJune-25free loan without purchase option
ADRYELSONBotafogoDec.-24free loan without purchase option

Free player arrivals
NameClubDurationEnd of contract
GOMES RODRIGUEZ AlejandroSouthampton3 yearsJune-27
DESCAMPS RémyNantes3 yearsJune-27
MARQUES DA SILVA JossBordeaux4 yearsJune-28
Loans (arrivals)
NameClubEnd of contractConditions and purchase options
OMARI WarmedRennesJune-25loan €0.5 M + €10 M purchase option
ZAHA WilfriedGalatasarayJune-25 €3 M loan
TAMBADOU FrancisEvertonJune-25free loan

1st professional season contracts as of season 24/25
NameDurationEnd of contract
CHAIB Yacine3 yearsJune-27
HALIFA Islamdine3 yearsJune-27
MOLEBE Enzo3 yearsJune-27
BARISIC Téo1 yearJune-25

Recent extensions
NameDurationEnd of contract
CHERKI Rayan + 2 yearsJune-27





Tel: +33 4 81 07 55 00
Fax: +33 4 81 07 45 65
Email: finance@eaglefootballgroup.com
www.finance.eaglefootballgroup.com

Euronext Paris - compartment C
Indices: CAC All-Share - CAC Consumer Discretionary
ISIN Code: FR0010428771
Reuters: EFG.PA (ex OLG.PA)
Bloomberg: EFG FP (ex OLG FP)
ICB: 40501030 Leisure services

[1] API (Alternative Performance Indicator) which includes revenues from non-trading activities and proceeds from the sale of player registrations.

[2] Total income from activities has changed compared with the publication of July 25, 2024 relating to business for the 2023/2024 financial year (€368.3m), mainly due to a change in estimate on the discount rate for player receivables. Revenue from the sale of player registrations thus amounts to €97.3m (compared with €104.7m published on July 25, 2024).

[3] The audit procedures for the financial statements for the year ended June 30, 2024 have been carried out by the statutory auditors, and the reports certifying the financial statements are in the process of being issued .

[4] Reminder: the creation of the LFP's commercial subsidiary and the acquisition of a €1.5 billion (13%) stake in it by the investment fund CVC Capital Partners were closed at the end of July 2022. The L1 and L2 governing bodies and the LFP Board of Directors voted on the distribution of €1.1 billion to the clubs (split over several financial years), including a total allocation of €90 M for Olympique Lyonnais SASU (€40 M recorded in 2022/2023 and €50 M in 2023/2024).

[5] market value estimated by OL, based on Transfermarkt and CIES

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