The shipowner retracts just after giving his agreement

Accounts of the society of sea baths (SBM), published a few days ago, the holding company specializing in the gaming and betting online Mangas Gaming has lost money on offbeat FY 2009-2010 adopted by Monegasque society. The share of the SBM, which owns 50 of this structure to the sides of Stéphane Courbit indeed shows a loss of EUR 8.6 million over this period, which runs from April 2009 to March 2010.

According to the explanations given by the SBM, the loss comes from taking account of the costs of procurement conducted by Mangas Gaming during this period (about BetClic, Bet-at-home and Expekt) and impairment of intangible assets related to them. "The operating result excluding these items is positive," says the SMB.

Mangas Gaming has made many acquisitions for two years, in May 2008 BetClic, Bet-at-home and Expekt in March 2009, Everest at the beginning of the year. The first three were funded in own funds, either by Stéphane Courbit, the contribution of capital by the SBM on his coming early 2009. The financing of the acquisition of Everest, announced in December 2009, has been on the other hand more difficult. When Mangas Gaming decides to buy 60 of the American specialist of the poker online for $ 100 million, it offers the Louis Dreyfus group to enter the capital, providing EUR 30 million to finance a part of the operation. But the latter is the owner of the Olympique de Marseille (OM) and feared being accused of conflict of interest as a shareholder of this company in the sports betting. The shipowner retracts just after giving his agreement.

Banks overcautious

Engaged in the operation, Mangas Gaming then sought Bank financing of an equivalent amount, but fails and is short of cash. "credit terms were unacceptable," explains Stéphane Courbit entourage. Although that latter and its holding company financial Lov, which focuses its activities in the games, the production (Banijay) and energy (Direct Energy), are relatively debt - less than EUR 150 million at the time of the operation and for the most part in real estate-, banks play caution.

The "business model" online games is not yet stabilized, production activities are cyclical and Direct Energy loses money. Guarantees securing funding are also considered insufficient, several assets financial Lov having already given as collateral for other funding or minority share redemptions. It is ultimately the investor Jean-Paul Bize, former boss of Schlumberger counters and already Banijay shareholder activities, which will provide the necessary funds.

For financial Lov, this episode reflects mainly the large banks post-crisis overcautiousness. The holding company indicates endorsed a credit of EUR 50 million a few months later for the acquisition of the House of Bunim-Murray production with three banks. "We could finance this operation in own funds, but we felt that it was good to have recourse to bank financing knowing that Banijay was not indebted," says one close to the company.

Financial Lov and its companies debt levels is considered reasonable by its leaders, with its cash flow generation. The gross operating surplus (EBITDA) would be around EUR 100 million in 2009 according to the latter.

Since its creation, financial Lov has invested nearly EUR 600 million in acquisitions, less than 300 million provided directly by Stéphane Courbit.