The European Commission has recently concluded its investigation regarding FDJ’s privatisation process. This decision reaffirms that FDJ did not receive any state aid during its transition to a private entity. Additionally, it clarifies that FDJ’s equalisation payment has been increased by €97 million, adjusting the total to €477 million.

  • FDJ acknowledges the European Commission’s decision and the increased equalisation payment. The initial payment of €380 million was reviewed and adjusted to €477 million, reflecting an additional €97 million. FDJ accepts this conclusion as part of its compliance with the privatisation process.
  • The investigation began on 26 July 2021, focusing on whether FDJ received any State aid. The Commission analyzed the €380 million payment, which was made to secure exclusive operating rights for sports betting and lottery. After careful review, it confirmed this payment aligned with legal requirements.
  • FDJ is satisfied with the closure of the investigation, seeing it as a positive step. The European Commission’s decision supports a previous ruling by the French Conseil d’Etat from 14 April 2023. This reinforces that the legal framework used for FDJ’s privatisation was thoroughly vetted and sound.
  • The updated equalisation amount aligns with initial assessments from October 2019. The Commission des participations et des transferts had estimated the equalisation payment within this range. This adjustment reflects the European Commission’s comprehensive valuation.
  • The additional equalisation payment will be classified as an intangible asset called “exclusive operating rights.” Like the initial amount, it will be amortised over a 25-year period, starting from 23 May 2019. This ensures consistent accounting practices for the payment.
  • FDJ announced a shift in dividend calculations, beginning with its 2024 financial year. Future dividends will be based on adjusted net profit, taking into account the increased equalisation payment. This approach enables FDJ to offer dividends that mirror its genuine economic performance.
  • The adjusted net profit will exclude non-operational factors to give a clear picture of FDJ’s performance. These adjustments will consider specific amortisation amounts, currency hedges, and relevant depreciation. FDJ aims to provide transparent comparisons with its competitors.
  • In 2024, total amortisation of exclusive rights is projected to be €37 million. This figure will decrease to €19.1 million in 2025 after a €15.2 million amortisation in 2023. This structured approach helps manage FDJ’s long-term financial commitments.
  • FDJ’s share capital has been adjusted following a ruling from the French Court of Cassation on 10 May. This ruling allowed FDJ to cancel 3% of its capital, bringing total shares to 185,270,000. This adjustment reflects FDJ’s ongoing compliance with regulatory decisions.