Société des Bains de Mer et du Cercle des Etrangers à Monaco : Shareholders' General Meetings, September 9th, 2011
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Société des Bains de Mer et du Cercle des Etrangers à Monaco : Shareholders' General Meetings, September 9th, 2011
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Category: Europe - Monaco - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2011-09-13
The Extraordinary and Ordinary General Meetings for Shareholders of the Société des Bains de Mer were held on Friday, September 9th, in the Salle des Palmiers at the Sporting d’Eté in Monte-Carlo.
The shareholders present or represented approved all the resolutions proposed.
Addendum N° 3 to the Articles and Conditions
The Extraordinary General Meeting approved Addendum N°3 to theArticles and Conditions authorizing exploitation of new games and the opening of the establishment La Rascasse.
This same addendum reflects current conditions regarding fees and contributions to the Principality's sports activities.
Approval of the accounts for financial year 2010/2011, fixing of the dividend and prospects
The Shareholders' General Meeting approved the accounts for financial year 2010/2011 and the resolution regarding allocation of results. Given the unfavorable turn in activity and challenging prospects ahead, it was decided not to distribute any dividends : only statutory interest, ie. 0.01 € per share, will be paid. The last day for negotiation of rights was fixed for September 15th, 2011.
2010/2011 has been a particularly difficult year for the Société des Bains de Mer.
Deterioration of the economy in the most traditional catchment areas of our clientele, negative factors affecting gambling, especially in the case of high-level players, and the rigidity of the Company's cost structure have resulted in a financial year with a very large deficit.
Faced by an economic situation which has become more serious in Europe, the Board of Directors has asked the General Management to present it with a plan aimed at boosting gambling activity and lightening the Company's cost structure. Additional savings measures must imperatively be taken in all areas to re-establish earning capacity.
Despite the difficult context, the Société des Bains de Mer has maintained a high level of investment in order to further enhance the quality of the establishments ensuring the Group's renown. Extensive renovation has been carried out on the Hôtel Hermitage, Monte-Carlo Beach and Casino de Monte-Carlo - whose new terraces should enable us to draw our clientele of gaming fans.
Furthermore, the Company made considerable investments last year in on-line gambling in order to find a new source of growth. This activity has shown satisfactory development, although its profitability has been limited by the conditions applied for its introduction by our main market, France, where the level of taxation is very high. It has also proved difficult to create pan-European synergies when confronted by regulations which, as and when they are adopted, are purely national in their scope. The Company retains the goal of ensuring that the BetClic Everest Group becomes one of the major players in the field in Europe over the coming years.
The first months of the current financial year were distinguished by improved activity as compared with the very disappointing results achieved in the year under review. This improvement remains fragile due to the risks implied by a particularly uncertain business climate, and does not suffice to off-set the structure's excessive costs or allow us to restore operational profitability. This context leads the Group to expect another arduous financial year for 2011/2012.
Changes within the Board of Directors
The Ordinary General Meeting ratified the appointment of Mr. William Timmins as a Member of the Board of Directors. For several years, Mr. William Timmins has served as Director of the British company London Clubs International.
The Chairman anounced the appointment by the Prince's Government of Mssrs Willy de Bruyn and Pierre Letzelter as State Administrators on March 24th and June 8th respectively.
Mr. Patrick Leclercq left the Board of Directors on June 6th, 2011, at the end of his term of office as State Administrator. A former Minister of State of the Principality of Monaco, Mr. Patrick Leclercq endowed the Company with the benefit of his in-depth knowledge of the way in which the Principality's institutions function.
Finally, the Chairman referred to the memory of Jean-François Prat, Member of the Board of Directors since May 16th, 2002, who passed away in Paris on March 26th, 2011. Born in Monaco, Jean-François Prat had taken the law firm Bredin-Prat to join the ranks of the very best in Paris. During the nine years that he served on the Board of Directors, he contributed his legal expertise, his experience of the world of business and his analytical mind.
Finally, the Chairman thanked on his own behalf, and that of the Members of the Board of Directors and our General Director, the staff of the Société des Bains de Mer and its subsidiaries for the work they have accomplished and the efforts undertaken during financial year 2010/2011, at a time when the company is finding itself in a more difficult situation than in previous years.
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