Annual / Quarterly Financial Statement • Nov 29, 2018
Annual / Quarterly Financial Statement
Open in ViewerOpens in native device viewer
ESTORIL-SOL REPORT & ACCOUNTS 2018 3T
Chairman Pedro Canastra de Azevedo Maia
Deputy Chairman Tiago Antunes da Cunha Ferreira de Lemos
Secretary Marta Horta e Costa Leitão Pinto Barbosa
Chairman Stanley Hung Sun Ho
Deputy Chairmen Mário Alberto Neves Assis Ferreira Patrick Wing Ming Huen
Members Pansy Catilina Chiu King Ho Ambrose Shu Fai So Man Hin Choi António José de Melo Vieira Coelho Vasco Esteves Fraga Jorge Armindo de Carvalho Teixeira Calvin Ka Wing Chann Miguel Dias Urbano de Magalhães Queiroz
Pansy Catilina Chiu King Ho Jorge Armindo de Carvalho Teixeira Calvin Ka Wing Chann
Chairman Rui José da Cunha
Deloitte & Associados, SROC, S.A. Represented by Pedro Miguel Argente de Freitas e Matos Gomes
Chairman Manuel Maria Reis Boto
Deputy-Chairmen Vitor Pratas Sevilhano Ribeiro Paulo Ferreira Alves
Alternate Lisete Sofia Pinto Cardoso
Secretary Carlos Alberto Francisco Farinha
Alternate Artur Alexandre Conde
Estoril-Sol, S.A. was incorporated on 25 June 1958 and its company object is "the operation of the gambling concession, on an exclusive basis, in the Estoril permanent area, including other related trade and industries".
On 18 March 2002, Estoril-Sol, S.A. modified its legal status to "Holding Company, S.G.P.S.", Public Corporation, thereby no longer directly conducting any business activities, and such business is now to be conducted by various associated undertakings which have been incorporated for this purpose.
The Company held indirectly through subsidiaries interests in the tourism sector, in particular, in gaming activities at casinos. The Company owns the Game Concessions of Estoril (Casino do Estoril and Casino Lisboa) and Póvoa de Varzim. Since July 2016 the Company also began exploring the online gambling activity and sports betting through one of its subsidiaries.
During the first nine months of the year we monitor regularly and in detail the current management of the subsidiaries, giving particular attention and support to streamline processes and control costs.
At 30th September 2018, the share capital of Estoril-Sol, S.G.P.S., S.A. was 59.628.420 Euros, represented by 11.993.684 shares with a nominal unit value of 5 (five).
At the time this report was prepared, Estoril-Sol, S.G.P.S., S.A. held 62.565 treasury shares, with no trading taking place during the financial year.
During the current year, the Company, did not sold or acquired own shares. The Company's shares are listed on the Lisbon Stock Exchange since February 14, 1986. In June 2018 the Company paid a dividend of € 0,385 per share related to the year 2017 01.
The price and trading volume of Estoril-Sol, S.G.P.S., SA securities, on the dates of reporting to the market during the first nine months of 2018 were according table 02.
As at September 30th, 2018 the Company had two reference shareholders, which control 90,46% of the share capital, as infographics 03.
On September 30th, 2018, Estoril-Sol, S.G.P.S., S.A. had the following stakes in the following subsidiaries:
Incorporated on 26 July 2001, headquartered in Estoril, the social object of which is the operation of games of chance in areas where this is permitted by law and, in addition, may also operate in the tourism, hotel, restaurant and entertainment industries, as well as providing consultancy services in those areas of activity. This company operates the Estoril and Lisbon Casinos.
Its share capital of EUR 34,000,000 is 100% held by Estoril-Sol, S.G.P.S., S.A.
With a Share Capital of EUR 500.000 is 50% held by Estoril-Sol (III) – Turismo, Animação e Jogo, S.A..
The Company was founded in September 2015 in order to apply for an
| DISCLOSURE | DATA | QTD | PRICE (EUR) | |||
|---|---|---|---|---|---|---|
| Open | High | Low | Close | |||
| Annual Results 2017 | 04/30/18 | 2298 | 12,20 | 12,20 | 12,20 | 12,20 |
| Disclose Results 1st Quarter 2018 | 05/30/18 | 5 | 12,30 | 12,30 | 12,30 | 12,30 |
| Dividends Payment | 06/22/18 | 25 | 11,90 | 11,90 | 11,90 | 11,90 |
| Disclose Results 1st Semester 2018 | 08/30/18 | 215 | 10,80 | 10,80 | 10,80 | 10,80 |
Other Shareholders Treasury Shares Finansol, Sociedade de Controlo, S.G.P.S., S.A.. Amorim, Entertainment e Gaming International, S.G.P.S., S.A..
online gaming license. The license was issue during July 2016 and the Company immediately started exploring the online gambling activity. During the course of 2017, in August, the company also obtained a license for online sports betting, activity that began on August 6th, 2017.
Within the online gaming activities, which is carried out through Estoril-Sol Digital, Online Gaming Products and Services, S.A, a subsidiary company of Estoril-Sol (III) – Turismo, Animação e Jogo, S.A., a company owned by the issuer (Estoril-Sol, S.G.P.S., S,A,), signed with Vision Gaming Holding Limited, a company based in Malta, an association agreement, through which it holds a minority interest, corresponding to 49.9998% of the share capital of Estoril- Sol Digital, keeping the Estoril-Sol (III) S.A. most of the capital and votes in that company (Estoril-Sol Digital, Online Gaming Products and Services, S.A.).
ANIMAÇÃO, TURISMO E JOGO, S.A. Headquartered in Póvoa de Varzim, has the social object, in particular, of operating the gambling concession of Póvoa de Varzim. This company operates the Póvoa de Varzim Casino. It has a share capital of EUR 33.650.000, 100% held by Estoril-Sol, S.G.P.S., S.A..
Its share capital of EUR 50,000 is fully paid up by Estoril-Sol, S.G.P.S., S.A.. The Company is now idle, but owns a site located on maritime land in the parish of Ericeira.
With a share capital of EUR 2,429,146, is 100% held by Estoril-Sol, S.G.P.S., S.A.. It owns a plot of land in Monte Estoril, where the former Miramar Hotel stood.
With a share capital of EUR 7,232,570, it is 100% owned by Estoril-Sol, S.G.P.S., S.A.. Its social object is the construction, promotion, management and sale of tourist complexes and real estate.
With a share capital of EUR 10,835,000 is 90% held by Estoril-Sol, S.G.P.S., S.A., with the remaining 10% being held by the company itself.
With a share capital of EUR 1.286.000, is fully paid up by Estoril-Sol, S.G.P.S., S.A..
4. ESTORIL-SOL FINANCIAL ANALYSIS 1ST SEMESTER SUMMARY
During the first nine months of 2018 the total gross game revenues of the Estoril-Sol Group (territorial and online) amounted to 167,5 million Euros, with an overall growth of 7,5%.
The territorial game showed a growth rate of 2,1% and online gaming revenues grew 73,1% driven by sports bets non-existent in the first semester of 2017. Game revenues detailed by casino in the graphics 04 and 05.
In the first nine months of 2018 the Group's Consolidated EBITDA increased 0,01% (residual) and amounted to Euro 31,4 million Euros.
As at 30th September 2018 the Group reported positive consolidated net results of 16,1 million Euros, an overall grow of 3% compared to same period last year 06.
In the first nine months of 2018 all casinos achieved positive operational results (EBITDA), being Casino da Póvoa the only one to present negative net income.
Despite revenue growth, Online Casino has worsened its performance compared to the previous year due to strong marketing investments related to the operation of sports betting 07.
The Group's investment remains in line with previous years, with the exception of the year 2017, when investments for the renewal of gaming equipment were anticipated for the first half of the year.
In the first nine months of 2018, the Group made investments totaling 2,9 million Euros - see 08.
In a concerted effort to financial stability and less dependence on third parties, the Group has consistently reduced its bank debt, this reduction
(Million Euros)
(Million Euros) (Million Euros)
08 Capex 09 Financial Debt, September
resulted in a significant decrease in financial costs incurred by the Group.
During the 2018 financial year, the Group settled its remaining bank liabilities and did not have any bank liabilities to this date 09.
During the first nine months of 2018, the Group recorded combined gross game revenues, territorial and online, of 167,5 million Euros, with an overall growth of 7,5%. Net from gaming taxes, the Group's total game revenues amounted to 80,3 million Euros, an increase of 4,8% over the 76,6 million Euros achieved in the same period from the previous year — see 10.
The other operating revenues of Estoril-Sol, restaurant and entertainment, increased by 5,1% to 6,8 million Euros. The Group's 7,6% increase in operating costs reflects the Group's investment in streamlining and increasing the entertainment, leisure and restaurant offer in the casinos, but mainly reflects the strong investment in marketing and advertising carried out by the Group in the first semester of 2018 related with the online casino operation. This strong commitment and investment during the year 2018, in line with the investment policy also adopted during the last year, proved essential to obtain the revenue growth of this new operation, the online casino.
Estoril-Sol Group slightly improved its operating results and reached for the nine months of 2018 a positive EBITDA of 31,4 million Euros.
In a concerted effort to financial stability and less dependence on third parties, the Group has been successively reducing its bank debt. This reduction resulted in a significant decrease in
financial costs incurred by the Group Estoril-Sol, a decrease of 53% over the first nine months of 2018 compared to same period last year. Estoril-Sol supported almost 0,5 million Euros with loan interests during the first nine months of 2018. It should be noted that Estoril-Sol Group amortized all its bank liabilities during the current year (2018), in accordance with the strategy and business plan defined by the Group's Corporate Governing Bodies.
The Consolidated Net Profit in the first nine months of 2018 was positive by 16,1 million Euros compared with earnings of 15,6 million Euros in the previous year. Of these 16,1 million Euros, 14,4 million Euros belong to the shareholders of Estoril-Sol, S.G.P.S., S.A., and the remainder held by minority and non-controlling interests. The results attributable to the shareholders of the "Parent Company" (Estoril-Sol S.G.P.S.) show a 7% improvement mainly influenced by the good performance evidenced by the territorial base operations when compared to the previous year.
During the first quarter of 2013, after a unanimous vote taken at the headquarters of the Portuguese Association of Casinos as well as within the Board of Estoril-Sol, the operating companies from the Group Estoril-Sol, have filed lawsuits against the State in which they seek to be restored the financial balance of Gaming Concessions.
Such a claim is founded, among other reasons, because the State, through its actions and omissions has given rise to changes in circumstances that were the basis for the negotiation of the gaming concessions. Of them highlights the fact that it was assumed for tax basis a continuing and significant increase
of gaming revenue throughout the concession period. Despite not having checked this proposition due to the economic climate and as a result of the State attitude in relation to online gambling and illegal gambling, among others, it continued to require them to pay very high taxes, calculated on revenue that the Concessionaires did not obtain.
Thus, remained no alternative to the Concessionaires that was not to challenge with the competent Administrative and Fiscal Courts the settlements of tax to which they were presented, and for that purpose submit the necessary judicial guarantees.
However by the time of approval of this report, and despite the fact that all tax settlements were contested by the Group, all taxes are without exception, or paid or its payment was legally postponed under Decree-Law 1/2015, and for this reason the Group Estoril-Sol does not have any overdue debt related with game taxes (note 15 and 16 to the consolidated accounts).
Between the 30th of September 2018 and the date of this report, no relevant facts occurred that could materially affect the financial position and the future results of Estoril-Sol, S.G.P.S., S.A. and the other Companies of the Group.
Within the terms of paragraph c) nº1 of article 246 of Portuguese Securities Code, we hereby inform you that to the best of our knowledge:
• The information contained in the
| Sep 2018 | Sep 2017 | Var. % | |
|---|---|---|---|
| Gaming Revenue | 167 562 635 | 155 885 791 | 7,7% |
| Gaming Tax | (87 219 096) | (79 241 337) | a) |
| Effective Tax Rate | 52% | 51% | |
| Game Revenue - Net | 80 343 539 | 76 644 453 | 4,8% |
| Other Revenue (F&B/Entertainment) | 6 871 693 | 6 538 052 | 5,1% |
| Operating Costs | (55 794 782) | (51 866 852) | 7,6% |
| EBITDA | 31 420 450 | 31 315 653 | 0,3% |
| Amortization and Depreciation | (14 724 953) | (14 484 716) | 1,7% |
| Financial Costs | (532 981) | (1 145 991) | -53% |
| Income Tax (IRC) | (45 500) | (58 614) | -22% |
| Consolidated Net Result Revenue | 16 117 016 | 15 626 333 | 3% |
| Equity Holders of the Parent Company | 14 410 849 | 13 456 421 | 7% |
| Non-controlling interests | 1 706 167 | 2 169 912 | -21% |
| 16 117 016 | 15 626 333 |
a) Includes the amounts recorded in "Gaming taxes" as "Special Gaming tax (current)" and "Annual gaming tax (difference to minimum grant)"
interim management report is a faithful statement of the evolution of the business, of the performance and of the position of Estoril-Sol, S.G.P.S., S.A., and the companies included within the consolidation perimeter, and contains a description of the main risks and uncertainties which they face;
• The information contained in the consolidated financial statements, as well as their annexes, was produced in compliance with the applicable accounting standards and gives a true and fair view of the assets and liabilities, the financial situation and the results of Estoril-Sol, S.G.P.S., S.A. and the companies included in the consolidation perimeter.
Estoril, 28th of November 2018
Chairman Stanley Hung Sun Ho
Mário Alberto Neves Assis Ferreira Patrick Wing Ming Huen
Pansy Catilina Chiu King Ho Ambrose Shu Fai So Man Hin Choi António José de Melo Vieira Coelho Vasco Esteves Fraga Jorge Armindo de Carvalho Teixeira Calvin Ka Wing Chann Miguel António Dias Urbano de Magalhães Queiroz
Information regarding the securities issued by Estoril-Sol, S.G.P.S., S.A., and by companies with which the Company is in controlling or group relationship, which are owned by the members of the Corporate Offices of the Company on 30th September 2018.
| Nr. shares 31 Dec 2017 |
Date | Value (€/share) |
Nr. shares purchased |
Nr. shares sold |
Nr. shares 30 Sep 2018 |
|
|---|---|---|---|---|---|---|
| Board of Directors | ||||||
| Stanley Hung Sun Ho | 135 662 | - | - | - | - | 135 662 |
| Mário Alberto Neves Assis Ferreira | 601 | - | - | - | - | 601 |
| Patrick Wing Ming Huen | 55 000 | - | - | - | - | 55 000 |
| Pansy Catilina Chiu King Ho | 0 | - | - | - | - | 0 |
| Ambrose Shu Fai So | 50 000 | - | - | - | - | 50 000 |
| Man Hin Choi | 527 | - | - | - | - | 527 |
| António José de Melo Vieira Coelho | 0 | - | - | - | - | 0 |
| Vasco Esteves Fraga | 608 | - | - | - | - | 608 |
| Jorge Armindo de Carvalho Teixeira | 0 | - | - | - | - | 0 |
| Calvin Ka Wing Chann | 1 000 | - | - | - | - | 1 000 |
| Miguel António Dias Urbano de Magalhães Queiroz | 0 | - | - | - | - | 0 |
| Advisory Board | ||||||
| Rui José da Cunha | 12 300 | - | - | - | - | 12 300 |
| Audit Board | ||||||
| Manuel Maria Reis Boto | 0 | - | - | - | - | 0 |
| Vitor Pratas Sevilhano Ribeiro | 0 | - | - | - | - | 0 |
| Paulo Ferreira Alves | 0 | - | - | - | - | 0 |
| Lisete Sofia Pinto Cardoso | 0 | - | - | - | - | 0 |
| Statutory Auditor | ||||||
| Pedro Miguel Argente de Freitas e Matos Gomes | 0 | - | - | - | - | 0 |
On 30th September 2018, Estoril-Sol, S.G.P.S., S.A. held 62.565 treasury shares, and as Finansol - Sociedade de Controlo, S.G.P.S., S.A., on 30th September 2018, held 6.930.604 shares of Estoril-Sol, S.G.P.S., S.A., it was a direct holder of 57,79% of the share capital and 58,09% of the voting rights.
The members of the Board of Directors and of the Advisory Board of the Companies which are controlled by or grouped under Estoril-Sol, held 255,698 shares of Estoril-Sol, S.G.P.S., S.A., corresponding to 2,1% of the share capital and voting rights.
Therefore, in overall terms, the direct and indirect stake of Finansol in the capital of Estoril-Sol is 57,79%, and 60,23% to the voting rights.
On 30th September 2018, Estoril-Sol, S.G.P.S., S.A. held 62.565 treasury shares, and, as Amorim – Entertainment e Gaming International, S.G.P.S., S.A. held 3.917.793 shares, this company was a direct holder of 32,67% of the share capital and 32,84% of the voting rights of Estoril-Sol, S.G.P.S., S.A..
Mr. José Américo Amorim Coelho, held 34,915 shares of Estoril-Sol, S.G.P.S., S.A., corresponding to 0,29% of the share capital and voting rights.
Therefore, in overall terms, the direct and indirect stake of Amorim – Entertainment e Gaming International, S.G.P.S., S.A. in the share capital of Estoril-Sol, S.G.P.S., S.A. was, on 30th September 2018, 32,67% and 33,13% of the voting rights.
Amounts in Euros
| Notes | Sep 2018 | Dec 2017 | |
|---|---|---|---|
| ASSETS | |||
| NON-CURRENT ASSETS: | |||
| Tangible fixed assets: | |||
| Reversible to the State | 31 935 483 | 38 750 376 | |
| Not reversible to the State | 53 710 693 | 54 433 315 | |
| Tax deductions on investments | (12 934 388) | (15 630 596) | |
| 72 711 788 | 77 553 095 | ||
| Intangible assets | 10 | 30 485 926 | 38 465 150 |
| Investment properties | 189 080 | 193 244 | |
| Other non current assets | 42 755 | 30 515 | |
| TOTAL NON-CURRENT ASSETS | 103 429 549 | 116 242 004 | |
| CURRENT ASSETS | |||
| Inventories | 6 946 135 | 6 916 994 | |
| Accounts receivable - trade | 237 909 | 404 291 | |
| Current tax assets | 31 650 | 29 100 | |
| Other current assets | 2 204 377 | 1 451 600 | |
| Cash and cash equivalents | 11 | 40 591 126 | 24 998 841 |
| TOTAL CURRENT ASSETS | 50 011 196 | 33 800 826 | |
| TOTAL ASSETS | 153 440 745 | 150 042 830 | |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Capital | 59 968 420 | 59 968 420 | |
| Treasury shares | (708 306) | (708 306) | |
| Share issue premiuns | 960 009 | 960 009 | |
| Legal Reserves | 12 | 7 688 178 | 7 154 428 |
| Other Reserves and Retained earnings | 12 | 10 760 302 | 5 209 045 |
| Consolidated net profit | 17 | 14 410 849 | 10 675 008 |
| Equity attributable to the holders of the Parent Company | 93 079 453 | 83 258 604 | |
| Equity attributable to non-controlling interests | 13 | 2 904 847 | 3 268 850 |
| TOTAL EQUITY | 95 984 300 | 86 527 454 | |
| LIABILITIES | |||
| Non-current Liabilities | |||
| Other non-current liabilities | 15 | 3 734 424 | 3 734 424 |
| Provisions | 7 766 587 | 8 364 036 | |
| Total Non-current Liabilities | 11 501 011 | 12 098 460 | |
| Current Liabilities | |||
| Financial debt | 14 | - | 6 009 432 |
| Current tax liabilities | - | 114 496 | |
| Other current liabilities | 15 | 45 955 434 | 45 292 988 |
| Total Current Liabilities | 45 955 434 | 51 416 916 | |
| TOTAL LIABILITIES | 57 456 445 | 63 515 376 | |
| TOTAL EQUITY AND LIABILITIES | 153 440 745 | 150 042 830 |
The notes form an integral part of these financial statements
Amounts in Euros
| Notes | 30th Sep 2018 | 30th Sep 2017 | 3rd Quarter 2018 | 3rd Quarter 2017 | |
|---|---|---|---|---|---|
| REVENUE | |||||
| Gaming revenues | 6 | 167 562 635 | 155 885 791 | 59 113 034 | 55 197 385 |
| Gaming taxes | 6 | (87 219 096) | (79 241 337) | (31 018 667) | (28 420 223) |
| 80 343 539 | 76 644 454 | 28 094 367 | 26 777 162 | ||
| Other operating revenue | 6 | 6 871 693 | 6 538 052 | 2 370 112 | 2 181 251 |
| 87 215 232 | 83 182 506 | 30 464 479 | 28 958 413 | ||
| OPERATING EXPENSES | |||||
| Cost of sales | (2 135 756) | (2 122 007) | (744 583) | (727 535) | |
| Supplies and external services | 7 | (26 337 655) | (23 854 256) | (9 126 338) | (8 285 716) |
| Wages and salaries | 8 | (25 525 956) | (24 259 698) | (8 859 149) | (8 383 287) |
| Depreciation and amortization | (14 683 544) | (14 927 141) | (4 923 346) | (4 988 741) | |
| Impairments - accounts receivable ((increases)/reversals) | 450 | 600 | - | 450 | |
| Provisons ((increases)/reversals) | (41 409) | 442 425 | - | - | |
| Impairment of non-depreciable/amortizable investments | - | 26 165 | - | 23 408 | |
| Other operating expenses | (1 795 866) | (1 657 656) | (645 248) | (400 853) | |
| Total operating expenses | (70 519 735) | (66 351 568) | (24 298 664) | (22 762 274) | |
| INCOME BEFORE FINANCIAL RESULTS AND TAXES | 16 695 497 | 16 830 938 | 6 165 815 | 6 196 139 | |
| FINANCIAL (LOSSES) AND GAINS | |||||
| Financial losses | 9 | (574 708) | (1 179 020) | (137 772) | (380 305) |
| Financial gains | 9 | 41 727 | 33 029 | 11 518 | 10 610 |
| (532 981) | (1 145 991) | (126 254) | (369 695) | ||
| Income before taxes | 16 162 516 | 15 684 947 | 6 039 561 | 5 826 444 | |
| Income taxes | (45 500) | (58 614) | (42 000) | - | |
| CONSOLIDATED NET INCOME | 17 | 16 117 016 | 15 626 333 | 5 997 561 | 5 826 444 |
| Attributable to: | |||||
| Equity holders of the Parent Company | 14 410 849 | 13 456 421 | 5 691 595 | 5 593 628 | |
| Non-controlling interests | 13 | 1 706 167 | 2 169 912 | 305 967 | 232 815 |
| 16 117 016 | 15 626 333 | 5 997 561 | 5 826 443 | ||
| Net result per share | |||||
| Basic and diluted | 17 | 1,21 | 1,13 | 0,48 | 0,47 |
Amounts Euros
| Share Capital |
Treasury Shares |
Issue Premiums |
Legal Reserve |
Other Reserves and Retained Earnings |
Consolidated Net Result of the Year |
Total | Non Controlling Interests (Note 13) |
Total Equity |
|
|---|---|---|---|---|---|---|---|---|---|
| Balance at 1st January 2017 | 59 968 420 | (708 306) | 960 009 | 6 821 678 | 2 987 819 | 6 554 939 | 76 584 559 | 1 148 165 | 77 732 724 |
| Application of the consolidated net profit of the year ended 31st December 2016 |
- | - | - | 332 750 | 2 229 226 | (6 554 939) | (3 992 963) | - | (3 992 963) |
| Consolidated Other Comprehensive Income (OCI) of the period ended 30th September 2017 |
- | - | - | - | - | 13 456 421 | 13 456 421 | 2 169 912 | 15 626 333 |
| Balance at 30th September 2017 | 59 968 420 | (708 306) | 960 009 | 7 154 428 | 5 217 045 | 13 456 421 | 86 048 017 | 3 318 082 | 89 366 099 |
| Balance at 1st January 2018 | 59 968 420 | (708 306) | 960 009 | 7 154 428 | 5 209 045 | 10 675 008 | 83 258 604 | 3 268 850 | 86 527 454 |
| Application of the consolidated net profit of the year ended 31st December 2017 |
- | - | - | 533 750,00 | 5 551 258 (10 675 008) | (4 590 000) | - | (4 590 000) | |
| Dividends paid to Non-controlling interests | - | - | - | - | - | - | - | (2 070 170) | (2 070 170) |
| Consolidated Other Comprehensive Income (OCI) of the period ended 30th September 2018 |
- | - | - | - | - | 14 410 849 | 14 410 849 | 1 706 167 | 16 117 016 |
| Balance at 30th September 2018 | 59 968 420 | (708 306) | 960 009 | 7 688 178 | 10 760 302 | 14 410 849 | 93 079 453 | 2 904 847 | 95 984 300 |
The notes form an integral part of these financial statements
Amounts in Euros
| Notes | 30 Sep 2018 | 30 Sep 2017 | 3rd Quarter 2018 | 3rd Quarter 2017 | |
|---|---|---|---|---|---|
| OPERATING ACTIVITIES: | |||||
| Receipts from clients | 172 407 993 | 161 071 520 | 60 778 584 | 57 558 106 | |
| Payments to suppliers | (30 234 678) | (27 502 497) | (10 846 110) | (8 958 043) | |
| Payments to staff | (22 583 261) | (20 765 567) | (7 294 025) | (6 753 545) | |
| Cash flow generated by operations | 119 590 055 | 112 803 457 | 42 638 449 | 41 846 518 | |
| Payment of income tax | (119 282) | (118 163) | (305) | (305) | |
| Payment of Special Gaming tax | (83 823 296) | (73 801 185) | (24 748 436) | (19 877 615) | |
| Other payments relating to the operating activity | (3 872 908) | (4 323 187) | (1 502 031) | (1 874 574) | |
| Cash flow from operating activities (1) | 31 774 570 | 34 560 922 | 16 387 676 | 20 094 024 | |
| INVESTING ACTIVITIES | |||||
| Receipts from: | |||||
| Interest and similar income | 31 606 | 32 173 | 11 518 | 10 194 | |
| 31 606 | 32 173 | 11 518 | 10 194 | ||
| Payments in respect of: | |||||
| Tangible fixed assets | (1 540 556) | (5 389 000) | (120 450) | (1 698 229) | |
| Intangible assets | - | (14 000) | - | (14 000) | |
| (1 540 556) | (5 403 000) | (120 450) | (1 712 229) | ||
| Cash flow from investment activities (2) | (1 508 950) | (5 370 827) | (108 932) | (1 702 035) | |
| FINANCING ACTIVITIES | |||||
| Receipts from: | |||||
| Bank loans obtained | 322 389 337 | 362 573 355 | 1 646 315 | 180 770 763 | |
| 322 389 337 | 362 573 355 | 1 646 315 | 180 770 763 | ||
| Payments in respect of: | |||||
| Bank loans repaid | (328 243 436) | (376 375 503) | (4 227 114) | (194 184 527) | |
| Loans from related parties | (1 700 000) | - | - | - | |
| Interest and similar costs | (464 806) | (1 135 257) | (69 743) | (377 506) | |
| Dividends | (6 654 430) | (3 988 812) | - | - | |
| (337 062 671) | (381 499 572) | (4 296 857) | (194 562 033) | ||
| Cash flow from financing activities (3) | (14 673 334) | (18 926 217) | (2 650 542) | (13 791 270) | |
| Variation in cash and cash equivalents (4)=(1)+(2)+(3) | 15 592 285 | 10 263 878 | 13 628 202 | 4 600 719 | |
| Cash and cash equivalents at the start of the period | 11 | 24 998 841 | 13 573 389 | 26 962 924 | 19 236 548 |
| Cash and cash equivalents at the end of the period | 11 | 40 591 126 | 23 837 267 | 40 591 126 | 23 837 267 |
The Estoril-Sol Group, through its subsidiary and associated companies (Note 4), conducts business in gaming, the restaurant sector, entertainment and also real estate.
Estoril-Sol, S.G.P.S, S.A. is the Holding Company of the Estoril-Sol Group ("Group") and the shares representing its share capital are admitted for trading on a regulated market - the Euronext – as such, on 1 January 2005 it was obliged to prepare Consolidated Accounts pursuant to article 3 of Regulation (EC) no. 1606/2002, of the European Parliament and of the Council, of 19 July, following the Portuguese government's publication of Decree Law no. 35/2005, article 11.
The attached financial statements were prepared on the assumption of the continuity of operations, based on the books and accounting records of the companies included in the consolidation (Note 4), adjusted to comply with the provisions of the IAS 34 as adopted in the European Union and should be read together with the consolidated financial statements for the year ended 31st December 2017.
The interim financial information now disclose was not subjected to an external audit or limited review.
During the period ended on 30th September 2018, there were no changes in accounting policies in relation to those used in the preparation and presentation of the financial statements of the year ended on 31st December 2017, nor were any material errors recognised relating to previous periods, with the exception of the following:
In the context of the implementation of IFRS 9 - Financial Instruments by the Group, which replaced IAS 39, the impacts of adopting this standard were evaluated as of January 1, 2018, with effects reported as following:
All financial assets and liabilities will continue to be measured on the same basis as currently under IAS 39. In this way, the accounts receivable and payable from and to third parties and the financing/bank loans obtained will continue to be subsequently measured at amortized cost in scope of IFRS 9.
Financial assets measured at amortized cost will be subject to impairment under IFRS 9.
With regard to other accounts receivable, the Board of Directors considers that these have a lowcredit risk considering the credit risk profile of those entities.
The application of the expected credit loss model did not have a significant impact on the amounts of impairment losses recognized in the Group's consolidated financial statements.
The Group recognizes revenues from different businesses.
The Board of Directors made the following preliminary assessments:
Provision of services associated with the operation of casino gambling: With regard to services associated with the operation of casino gambling, the Group understands that the obligation to perform the service delivery, according to its nature, occurs at the moment in which the respective service is provided. It is expected that the timing of recognition of the single performance obligation of each of those services occurs at a specific point in time, also consistent with current practice, when control of the services provided is transferred to the customer.
Sales associated with the operation of casino games (namely entertainment and catering): As regards sales associated with the operation of casino games, in particular catering, the Group envisages that the performance obligation is fulfilled at the time when it transfers control of the goods at the time of delivery, and there are no other significant performance obligations to be fulfilled from that moment on. In this way, it is expected that the recognition of the respective revenue will occur at a moment in time, after the delivery of the services, similar to what the Group currently performs under IAS 18.
The Board of Directors believes that the application of IFRS 15 has no significant impact on the Group's consolidated financial position or consolidated financial performance.
The companies included in the consolidation, their registered offices, the method of consolidation adopted and the proportion of the capital effectively held on 30th September 2018 and 31st December 2017 are the following:
| Method of | Effective percentage of the capital held | ||||
|---|---|---|---|---|---|
| Name | Head Office | Consolidation | September 2018 | December 2017 | |
| Estoril-Sol, S.G.P.S., S.A. | Estoril | Integral | Holding Co. | Holding Co. | |
| Estoril-Sol (III) - Turismo, Animação e Jogo, S.A. | Estoril | Integral | 100% | 100% | |
| Varzim Sol - Turismo, Jogo e Animação, S.A. | Póvoa de Varzim | Integral | 100% | 100% | |
| Estoril-Sol V - Investimentos Imobiliários, S.A. | Estoril | Integral | 100% | 100% | |
| DTH - Desenvolvimento Turistico e Hoteleiro, S.A. | Estoril | Integral | 100% | 100% | |
| Estoril-Sol Imobiliária, S.A. | Estoril | Integral | 100% | 100% | |
| Estoril-Sol - Investimentos Hoteleiros, S.A. | Estoril | Integral | 100% | 100% | |
| Estoril-Sol e Mar - Investimentos Imobiliários, S.A. | Estoril | Integral | 100% | 100% | |
| Estoril-Sol Digital, Online Gaming Products and Services, S.A. (a) | Estoril | Integral | 50% | 50% |
Within the online gaming activities, which is carried out through Estoril-Sol Digital, Online Gaming Products and Services, S.A., a subsidiary company of Estoril-Sol (III) – Turismo, Animação e Jogo, S.A., a company owned by the issuer (Estoril-Sol, S.G.P.S., S.A.), signed with Vision Gaming Holding Limited, a company based in Malta, an association agreement, through which it holds a minority interest, corresponding to 49.9998% of the share capital of Estoril-Sol Digital, keeping the Estoril-Sol (III) S.A. most of the capital and votes in that company (Estoril-Sol Digital, Online Gaming Products and Services, S.A.).
The segments reportable by the Group are based on the identification of segments in line with the financial information that is reported internally to the Board of Directors and which supports the Board in its evaluation of the performance of the businesses and in taking decisions with regard to the allocation of the resources to be used. The segments identified by the Group for reporting by segments, are therefore consistent with the way in which the Board of Directors analyses its business, corresponding to:
| 30 September 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Estoril Game Concession | Póvoa Game Concession |
License for Online Gambling |
||||||
| Estoril Lisboa Casino Casino |
Sub-Total | Póvoa Casino |
Casino Online |
Other | Total | |||
| Net Assets | 33 914 012 | 72 015 831 | 105 929 843 | 22 983 972 | 15 874 486 | 8 652 444 | 153 440 745 | |
| Net Liabilities | 8 006 457 | 18 292 838 | 26 299 295 | 17 371 314 | 10 064 798 | 3 721 038 | 57 456 445 | |
| Result of the segment | 1 248 551 | 12 664 351 | 13 912 901 | (543 291) | 3 412 348 | (664 942) | 16 117 016 | |
| Investment assets: | ||||||||
| Tangible fixed | 770 910 | 345 295 | 1 116 204 | 1 796 536 | 13 571 | - | 2 926 311 |
On 30th September 2018 and 2017, the information by business segment, is as follows:
| 30 September 2017 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Estoril Game Concession | Póvoa Game Concession |
License for Online Gambling |
|||||||
| Estoril Lisboa Casino Casino |
Sub-Total | Póvoa Casino |
Casino Online |
Other | Total | ||||
| Net Assets | 29 619 879 | 78 197 515 | 107 817 394 | 38 840 265 | 11 428 937 | 3 672 360 | 161 758 956 | ||
| Net Liabilities | 13 052 114 | 21 006 691 | 34 058 807 | 28 086 617 | 4 792 757 | 5 454 677 | 72 392 858 | ||
| Result of the segment | 630 232 | 13 036 816 | 13 667 047 | (1 561 452) | 4 423 916 | (903 178) | 15 626 333 | ||
| Investment assets: | |||||||||
| Tangible fixed | 1 539 554 | 2 620 046 | 4 159 600 | 1 692 973 | 23 842 | - | 5 876 415 |
The consolidated operating income, in the periods ended on 30th September 2018 and 2017, is split in the following manner:
| September 2018 | ||||||
|---|---|---|---|---|---|---|
| Estoril Game Concession | Sub-Total | Póvoa Game Concession |
License for Online Gambling |
|||
| Nature | Estoril Casino Lisboa Casino |
Póvoa Casino | Casino Online | Total | ||
| Gaming revenues: | ||||||
| Slot Machines | 36 292 400 | 51 681 490 | 87 973 890 | 29 336 140 | 14 990 431 | 132 300 461 |
| Table based gaming | 12 200 539 | 12 128 942 | 24 329 481 | 5 603 321 | 3 052 733 | 32 985 535 |
| Sports betting | - | - | - | - | 8 299 083 | 8 299 083 |
| Bonuses and other fair value adjustments | (68 362) | (175 143) | (243 505) | (54 970) | (5 723 969) | (6 022 444) |
| 48 424 577 | 63 635 289 | 112 059 866 | 34 884 491 | 20 618 278 | 167 562 635 | |
| Gaming taxes: | ||||||
| Special Gaming Tax (current) | (24 246 470) | (31 905 216) | (56 151 687) | (17 469 731) | (10 637 419) | (84 258 836) |
| Annual Gaming Tax (difference to minimum grant) | - | - | - | (2 960 260) | - | (2 960 260) |
| (24 246 470) | (31 905 216) | (56 151 687) | (20 429 990) | (10 637 419) | (87 219 096) | |
| Other operating revenues: | ||||||
| F&B and Entertainment | 3 016 480 | 520 739 | 3 537 219 | 793 189 | - | 4 330 408 |
| Tax deductions - Entertainment | 867 456 | 638 104 | 1 505 561 | 718 951 | - | 2 224 512 |
| Supplementary income | 191 358 | 25 351 | 216 709 | 12 832 | - | 229 541 |
| Other | 53 569 | 33 663 | 87 232 | - | - | 87 232 |
| 4 128 864 | 1 217 856 | 5 346 720 | 1 524 972 | - | 6 871 693 | |
| 28 306 972 | 32 947 929 | 61 254 900 | 15 979 473 | 9 980 859 | 87 215 232 |
| September 2017 | ||||||
|---|---|---|---|---|---|---|
| Nature | Estoril Game Concession | Sub-Total | Póvoa Game Concession |
License for Online Gambling |
||
| Estoril Casino | Lisboa Casino | Póvoa Casino | Casino Online | Total | ||
| Gaming revenues: | ||||||
| Slot Machines | 36 651 660 | 50 500 673 | 87 152 333 | 28 036 079 | 10 761 921 | 125 950 333 |
| Table based gaming | 11 217 414 | 12 581 661 | 23 799 075 | 5 425 155 | 2 679 508 | 31 903 738 |
| Sports betting | - | - | - | - | 1 283 304 | 1 283 304 |
| Bonuses and other fair value adjustments | (183 966) | (183 534) | (367 500) | (63 916) | (2 820 168) | (3 251 584) |
| 47 685 108 | 62 898 800 | 110 583 908 | 33 397 318 | 11 904 565 | 155 885 791 | |
| Gaming taxes: | ||||||
| Special Gaming Tax (current) | (23 934 537) | (31 541 167) | (55 475 705) | (16 730 617) | (4 104 382) | (76 310 703) |
| Annual Gaming Tax (difference to minimum grant) | - | - | - | (2 930 633) | - | (2 930 633) |
| (23 934 537) | (31 541 167) | (55 475 705) | (19 661 250) | (4 104 382) | (79 241 337) | |
| Other operating revenues: | ||||||
| F&B and Entertainment | 3 069 123 | 491 289 | 3 560 412 | 737 632 | - | 4 298 044 |
| Tax deductions - Entertainment | 861 191 | 630 823 | 1 492 014 | 499 105 | - | 1 991 119 |
| Supplementary income | 169 303 | 27 053 | 196 357 | 48 948 | - | 245 306 |
| Other | 0 | 0 | 0 | 3 584 | - | 3 584 |
| 4 099 617 | 1 149 165 | 5 248 783 | 1 289 269 | - | 6 538 052 | |
| 27 850 188 | 32 506 798 | 60 356 986 | 15 025 337 | 7 800 183 | 83 182 506 |
Income from the segments comes from transactions with external customers. There are no transactions between segments. The accounting policies of each segment are the same as those of the Group.
In the periods ended on 30th September 2018 and 2017, external supplies and services were as follows:
| September 2018 | September 2017 | |
|---|---|---|
| Advertising | 4 174 928 | 3 415 845 |
| Gifts to customers | 3 346 149 | 3 292 716 |
| Subcontracts | 2 943 136 | 2 773 979 |
| Fees | 2 321 560 | 977 915 |
| Energy and other fluids | 2 107 411 | 2 172 943 |
| Cleaning and laundry | 1 903 999 | 1 841 057 |
| Conservation and repairs | 1 776 014 | 1 769 061 |
| Specialized work | 1 609 105 | 1 564 947 |
| Royalties | 1 361 634 | 1 519 478 |
| Surveillance and security | 1 329 310 | 1 270 376 |
| Financial services (comissions) | 1 275 568 | 850 005 |
| Rents | 972 047 | 856 885 |
| Insurance | 304 313 | 484 745 |
| Communication | 256 421 | 400 350 |
| Travel and hotels | 179 671 | 194 169 |
| Other | 476 387 | 469 785 |
| 26 337 655 | 23 854 256 |
In the periods ended on 30th September 2018 and 2017, staff costs were as follows:
| September 2018 | September 2017 | |
|---|---|---|
| Remuneration of governing bodies | 2 207 275 | 2 192 320 |
| Remuneration of staff | 17 007 878 | 16 467 814 |
| Indemnities | 483 141 | 66 888 |
| Charges on remuneration | 4 381 986 | 4 233 060 |
| Insurance | 165 136 | 150 988 |
| Social charges | 995 005 | 870 682 |
| Other | 285 535 | 277 947 |
| 25 525 956 | 24 259 698 |
Financial costs and income for the periods ended on 30th September 2018 and 2017 is broken down as follows:
| September 2018 | September 2017 | |
|---|---|---|
| FINANCIAL COSTS | ||
| Interest borne: | ||
| Financing from banks | (453 066) | (1 055 567) |
| Finance and operating leasing | (121 643) | (123 453) |
| (574 708) | (1 179 020) | |
| FINANCIAL INCOME | ||
| Interests from bank deposits | 10 121 | - |
| Exchange gains | 11 570 | 13 920 |
| Other | 20 036 | 19 109 |
| 41 727 | 33 029 | |
| NET FINANCIAL COSTS | (532 981) | (1 145 991) |
The breakdown of intangible assets on 30th September 2018 and 31st December 2017 is as follows:
| September 2018 | |||
|---|---|---|---|
| Game Concession | Gross Assets | Accumulated Amortization |
Net Assets |
| Estoril Gaming Concession | |||
| Casino Estoril | 153 576 455 | (140 365 435) | 13 211 020 |
| Casino Lisboa | 30 000 000 | (25 241 378) | 4 758 622 |
| Póvoa Gaming Concession - Casino da Póvoa | 77 034 109 | (64 538 221) | 12 495 889 |
| 260 610 564 | (230 145 034) | 30 465 531 | |
| Intangible assets - Online gaming license | 38 000 | (26 200) | 11 800 |
| Intangible assets - Online sports betting | 14 000 | (5 405) | 8 596 |
| 260 662 564 | (230 176 638) | 30 485 926 |
| December 2017 | ||||
|---|---|---|---|---|
| Game Concession | Gross Assets | Accumulated Amortization |
Net Assets | |
| Estoril Gaming Concession | ||||
| Casino Estoril | 153 576 455 | (135 726 693) | 17 849 762 | |
| Casino Lisboa | 30 000 000 | (23 698 521) | 6 301 479 | |
| Póvoa Gaming Concession - Casino da Póvoa | 77 034 109 | (62 753 095) | 14 281 014 | |
| 260 610 564 | (222 178 309) | 38 432 255 | ||
| Intangible assets - Online gaming license | 38 000 | (17 200) | 20 800 | |
| Intangible assets - Online sports betting | 14 000 | (1 905) | 12 095 | |
| 260 662 564 | (222 197 414) | 38 465 150 |
| September 2018 | December 2017 | |
|---|---|---|
| CASH | 8 309 416 | 9 544 457 |
| Bank Deposits: | ||
| Immediately avaiable bank deposits | 29 781 710 | 8 454 383 |
| Long term deposits | 2 500 000 | 7 000 000 |
| Outras aplicações de tesouraria | - | - |
| CAIXA E SEUS EQUIVALENTES | 40 591 126 | 24 998 841 |
The balance of this caption at 30th September 2018, corresponds to the value of the caption as at 31st December 2017 plus the net profit attributable to the parent company for the year 2017 applied in accordance with the Proposal for the Application of Profits for the year 2017.
On 30th September 2018 and 31st December 2017, this caption was broken down as follows:
| September 2018 | ||||
|---|---|---|---|---|
| Opening Balance | Profit/(Loss) of the period |
Dividends | Closing Balance | |
| Estoril-Sol Digital | 3 268 850 | 1 706 167 | (2 070 170) | 2 904 847 |
| December 2017 | ||||
|---|---|---|---|---|
| Opening Balance | Profit/(Loss) of the period |
Dividends | Closing Balance | |
| Estoril-Sol Digital | 1 148 165 | 3 213 181 | (1 092 496) | 3 268 850 |
On 30th September 2018 and 31st December 2017, this caption was broken down as follows:
| September 2018 | December 2017 | |||
|---|---|---|---|---|
| Nature of the financing | Nominal Value | Balance sheet value | Nominal Value | Balance sheet value |
| Current financing: | ||||
| Commercial paper | - | - | 2 500 000 | 2 645 332 |
| Current accounts | - | - | 3 364 100 | 3 364 100 |
| - | - | 5 864 100 | 6 009 432 | |
| - | - | 5 864 100 | 6 009 432 |
The average interest rates for financing, borne by the Group, including commissions and other charges, come within an interval of between 2% and 4,1%.
Some of the financing operations, mainly bank loans, include commitments to maintain certain financial ratios based on contractually negotiated limits (financial covenants).
These ratios are:
On the 30th September 2018 and 31st December 2017, these ratios were according the contractually negotiated limits.
Depending on the operating funds that are freed up, we feel the financial risk to which the associated undertakings are exposed is minimal, and the same understanding has prevailed in the examination carried out by financial institutions, as shown by the fact that assets guarantees are dispensed with for operations under contract.
The amount included in the column "Nominal value" corresponds to the contracted value that is still owing. The column "Balance sheet value" is added to the nominal value of financial charges already incurred but still not due, less interest and or commissions paid in advance.
On 30th September 2018 and 31st December 2017, this caption was broken down as follows:
| September 2018 | December 2017 | |
|---|---|---|
| Other accounts payable - non-current: | ||
| Annual payment - Difference to minimum grant | ||
| Installments payment schedule - approved for 2014 (a) | 3 734 424 | 3 734 424 |
| 3 734 424 | 3 734 424 | |
| Other accounts payable - current: | ||
| Current suppliers | 7 210 638 | 6 999 707 |
| Suppliers of investments | 1 511 491 | 617 715 |
| State and Public Sector | ||
| Annual gaming payment | 14 390 149 | 14 076 910 |
| Annual payment - Difference to minumum grant | ||
| Related to 2018 | 2 960 261 | 4 004 696 |
| Installments payment schedule - approved for 2015 (a) | 576 214 | 576 214 |
| Special Gaming Tax (to be paid next month) | 7 234 019 | 6 892 798 |
| Social Security contribuitons | 630 307 | 639 401 |
| Other in favour of the State | 569 593 | 776 983 |
| Clients advance payments (b) | 1 562 449 | 1 048 080 |
| Charges with holidays payable | 5 124 027 | 5 088 294 |
| Responsabilities for accumulated gaming premiums (c) | 2 027 422 | 1 965 104 |
| Other | 2 158 864 | 2 607 086 |
| 45 955 434 | 45 292 988 |
(a) These amounts are defined in payment plans approved by the Regulation and Inspection Service of Turismo de Portugal (SRIJ), which were being complied with, as follows:
(b) Clients advance payments:
• The value of "Clients advance payments" relate entirely to the online casino and refer to the balance of the internet website of the online casino, available for playing or withdraw at 30th September 2018.
(c) This amount is related with liabilities for accumulated gaming prizes. These liabilities are revised on a monthly basis, according to the accumulated prizes announced in the diverse gaming rooms of the Casinos run by the Group.
In the normal course of its business, the Group is involved in several legal proceedings. In result of their nature and provisions and according to the opinion of legal advisors, the expectation is that, from the respective outcome, there will be no material effects that are not yet recognized in the financial statements as of September 30th, 2018 and December 31st, 2017. The most relevant processes are as follows:
complied with the prohibition order, at the entrance of the various Casinos operated, to which the same customers were subject, demanding a claim for compensation for the alleged non-compliance. The total amount claimed for the main proceedings of this nature at 31 March 2018 amounts to approximately 186,000 Euros. The Board of Directors, based on the opinion of its legal advisors and in view of the historic resolution of such cases, recognized in the financial statements as of September 30th and December 31st, 2018 and 2017, liabilities estimated at 147,000 Euros and 493,000 Euros, respectively.
• In January 2009, a machine from Casino de Lisboa announced a fake Jackpot on a gaming machine of 4,232,774 Euros, and the customer involved, despite being informed about the machine error, filed a lawsuit against the Group to demand amount. The Board of Directors, supported by its legal advisors and the expert evidence prepared by the suppliers of those machines and by the Gaming Regulation and Inspection Service, where it is concluded that there has been a malfunction of the computer system which presented the prize, considers it is probable to obtain a favourable outcome for the Group, for which a provision of approximately 200,000 Euros was recorded.
In January 2013, the Group, together with other gambling concessionaires with gambling in Portugal, filed a lawsuit against the Portuguese State in order to restore the economic and financial rebalancing of the concession. This process includes the challenges of monthly special income taxes and the annual liquidations of 2012 to 2013, and the liquidations of the annual counterparts from 2014 to 2016, all settled in accordance with Decree-Law - nº 275/2001, so that, in the opinion of the legal and tax advisors of the Group, in the case of favourable decision on the referred objections, the liquidations will be refunded plus interest. In September 2016, the Administrative and Fiscal Court of Sintra ruled in favour of the Group on the unlawfulness of the clearance of the income tax payment of October 2013 on automatic machines and charged the Group with its share of responsibility for the value of court expenses, which for the actions involved in this proceeding were estimated as of approximately, 2,501,000 Euros. The Board of Directors, supported by the opinion of its legal and tax advisors, recognized the corresponding liability, considering the complaint presented on the amount of these court expenses, in the amount of 1,250,000 Euros.
On 30th September 2018 and 31st December 2017 the guarantees provided by the Group were as follows:
| September 2018 | December 2017 | |
|---|---|---|
| Obligations related with the Special Gaming Tax | 7 567 703 | 21 774 166 |
| Tax lawsuits in hand/litigation | 7 414 888 | 7 414 888 |
| Current suppliers | 39 250 | 39 250 |
| 15 021 841 | 29 228 304 |
The consolidated result per basic share of the years ended on 30th September 2018 and 2017 was determined as follows:
| September 2018 | September 2017 | |
|---|---|---|
| Results: | ||
| Net profit of the Equity holders of the Parent Company | 14 410 849 | 13 456 421 |
| Number of shares: | ||
| Average weighted number of shares in circulation (Note 24) | 11 931 119 | 11 931 119 |
| Result per basic share, basic and diluted | 1,21 | 1,13 |
Due to the fact that there are no situations that cause dilution, the net result per diluted share is the same as the net result per basic share.
ESTORIL-SOL, S.G.P.S., S.A.
Capital social integralmente realizado 59.968.420 Euros Sociedade Anónima com sede na Av. Dr. Stanley Ho, Edifício do Casino Estoril, 2765-190 Estoril - Cascais
Have a question? We'll get back to you promptly.