PRESS RELEASE

from OLYMPIQUE LYONNAIS GROUPE (EPA:OLG)

NEW FINANCIAL STATEMENTS WITH UNQUALIFIED STATUTORY AUDITORS' REPORTS FOR THE YEAR ENDING JUNE 30, 2024

Lyon, January 27, 2025

The Board of Directors of Eagle Football Group, meeting today, reports on the Group's 23/24 financial performance and the milestones achieved since the publication of the Universal Registration Document issued on November 25, 2024.

For the financial year ending 30 June 2024, Eagle Football Group presents:

  • Total revenues from up 25% to €361,4m (+€71.8m)
  • EBITDA up to €44m (+€46,0m)
  • Net income improved at -€25,7m (+€73,2m)

Subsequent to October 1st, 2024, the Company achieved additional milestones.

1/ Cash Injections:

Eagle Football Holdings, including Eagle Board Members and John Textor, have infused cash amounting to approximately €83m during the 4th quarter of 2024 and January of 2025. Such amount includes €21.3 million by YMK, €11 million of which relates to the purchase of additional shares in OLF and the remainder relates to the settlement of working capital between OL SASU and OLF.

2/ Player Movement:

In addition, the club has observed the following player movements:

  • Transfer Sales of players whose economic rights are owned by OL SASU for a total of €62.3m (excluding potential bonuses):
  • Jefferson dos Santos to SAF Botafogo (€5.3m + 30% interest of future transfer)
  • Gift Orban to TSG 1899 Hoffenheim (€9.0m + €3.0m bonus of which €1.0m guaranteed + 7.5% of future capital gain)
  • Maxence Caqueret to Le Como 1907 (€15.0m + €1.5m bonus + 7.5% of future transfer)
  • Luiz Henrique to FC Zenit St Petersburg: €33m
  • Outbound Player Loans until 30/06/25:
  • Adryelson to Anderlecht (free loan, purchase option)
  • Mahamadou Diawara to Le Havre AC (free loan, no purchase option)
  • Inbound Player Loans until 30/06/25:
  • Thiago Almada from Botafogo (free loan)
  • Termination of player contracts / loans:
  • Anthony Lopes
  • Florent Da Silva
  • Wilfried Zaha (termination of loan)

Savings in Player Wages generated in FY 2024/25, by the movement of players during the winter mercato: €5 million.

3/ Waiver

Eagle Football Group has signed a new waiver agreement with its lenders, in order to redefine some of its contractual commitments.

In view of this improved outlook, new financial statements to June 30, 2024, were approved by the Board of Directors on January 27, 2025, on a going concern basis, based on an operating and capitalization plan based on the following assumptions:

  • Contribution of up to €40m from Eagle Football Holdings, from the planned sale of its stake in Crystal Palace Football Club;
  • Contribution of up to €100m during the first half of 2025 from Eagle Football Holdings as part of its planned IPO on the New York Stock Exchange;
  • Cash contributions from Eagle Football Holdings and its shareholders.

However, although the Group believes that it is likely that some or all of these financing transactions and new commitments to lenders will be completed, any significant delay or non-realization of these cash flows could call into question the going concern principle of the company and its subsidiaries.

The result for the 2023/2024 financial year published on November 6, 2024, is unchanged at -€25.7m (see appendix).

An Amendment to the Universal Registration Document is currently being finalized. Eagle Football Group's statutory auditors intend to issue an unqualified opinion and to certify Eagle Football Group's new parent company and consolidated financial statements at June 30, 2024. The Company, for many years, continues to be highly dependent on player transfer revenues and financial support from its shareholders, as necessary to fund significant cashflow deficits created by the operation of its professional football club. The statutory auditors have therefore drawn the Company's attention to the significant uncertainty as to its ability to continue as a going concern if some or all of the above-mentioned supportive transactions are not carried out. Readers are invited to refer to the new statutory auditors' reports, which will be published shortly.

APPENDIX Consolidated financial statements

Income statement

Net amounts (in € 000)30/06/2024% Total revenue30/06/2023% Total revenue 
 
      
Revenue excluding player trading264,138100%199,128100% 
Gains on sale of player registrations75,86729%77,30233% 
Purchases used during the period-72,504-27%-60,742-32% 
External costs-53,279-20%-52,443-25% 
Taxes other than income taxes-8,094-3%-8,359-5% 
Personnel costs-161,914-61%-156,695-62% 
EBITDA44,21517%-1,80910% 
Net depreciation, amortization & provisions-56,176-21%-62,014-41% 
Other ordinary income and expenses38,48615%-12,5205% 
Operating profit/loss26,52510%-76,344-26% 
Net financial expense-34,955-13%-22,788-10% 
Pre-taxe profit/loss-8,430-3%-99,132-35% 
Income tax expense-11,581-4%1,2671% 
Share in net profit/loss of associates-5,727-2%-1,1070% 
      
Net profit/loss-25,737-10%-98,972-34% 
      
Net profit/loss attributable to equity holders of the parent-25,205 -97,817  
Net profit/loss attributable to non-controlling interests-532 -1,155  
Net profit/loss per share (in €)-0.13 -1.09  
Diluted net profit/loss per share (in €)-0.13 -1.04  
      
      
STATEMENT OF COMPREHENSIVE INCOME
(in € 000)
30/06/2024 30/06/2023  
   
      
Actuarial gains and losses on pensions obligations280 -132  
Change in fair value of financial assets0 41,218  
Items that cannot be reclassified into net profit/loss280 41,086  
Fair value of hedging instruments331 545  
Corresponding deferred tax     
Items to be reclassified into net profit/loss331 545  
Comprehensive income-25,126 -57,341  
Comprehensive income/loss attributable to equity holders of the parent-24,594 -60,514  
Comprehensive income/loss attributable to non-controlling interests-532 3,173  


Balance sheet - Assets

Net amounts (in € 000)30/06/202430/06/2023  
  
     
Intangible assets    
Goodwill1,8661,866  
Player registrations129,77553,296  
Other intangible assets1,7961,804  
     
Property, plant & equipment306,273325,577  
     
Rights of use Assets10,456118,748  
     
Other financial assets27,06047,305  
     
Receivables on sale of player registrations (portion > 1 year)7,44914,279  
     
Investments in associates18,2952,888  
     
Income tax receivable1,1971,197  
     
Deferred taxes-5105,728  
     
Non-current assets503,657572,689  
     
Inventories2,9052,739  
     
Trade receivables and assets related to customer contracts55,05918,942  
     
Receivables on sale of player registrations (portion < 1 year)9,5958,655  
     
Current assets held for sale053,899  
Other current assets, prepayments and accrued income129,89650,014  
     
Cash and cash equivalents129,47634,605  
     
Current assets326,931168,854  
     
TOTAL ASSETS830,589741,543  


Balance sheet – Equity and Liabilities

Net amounts (in € 000)30/06/202430/06/2023  
  
     
Share capital267,328261,504  
Share bonuses169,795171,422  
Reserves and retrained earning-375,518-246,729  
Other equity011,586  
Net profit/loss attributable to equity holders of the parent-25,205-97,817  
Equity attributable to equity holders of the parent36,40099,966  
Non-controlling interests2,9845,404  
     
Total equity39,384105,370  
     
Infrastructure bond borrowings09,063  
Infrastructure bank borrowings305,1290  
Borrowings & financial liabilities (portion > 1 year)25,865130,058  
Player registrations payables (portion > 1 year)51,06713,065  
Non-current lease liabilities8,312114,490  
Other non-current liabilities16,74117,980  
Provision for pension obligations2,3122,819  
     
Non-current liabilities409,427287,475  
     
Provisions (portion < 1 year)144214  
     
Financial liabilities (portion < 1 year)    
Bank overdrafts44111  
Infrastructure bond borrowings060,349  
Infrastructure bank borrowings044,831  
Bank borrowings105,3830  
Current lease liabilities2,8852,968  
Other borrowings and financial liabilities57,49496,608  
     
Trade payables & related accounts52,96931,946  
Tax and social security liabilities53,10533,688  
Player registrations payables ( portion < 1 year )54,10931,089  
Liabilities directly related to current assets held for sale011,812  
Other current liabilities and deferred income55,64435,082  
     
Current liabilities381,778348,699  
     
TOTAL EQUITY & LIABILITIES830,589741,543  

 

EAGLE FOOTBALL GROUP

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 B
Indices: CAC All-Shares - CAC Consumer Discretionary
ISIN Code: FR0010428771
Reuters: EFG.PA (ex OLG.PA)
Bloomberg: EFG FP (ex OLG FP)
ICB : 40501030 Leisure services


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