Monaco’s largest employer, Société des Bains de Mer, has reported revenues of €336.9 million in the year ending 1st March 2021 compared to €618.8 million the previous year, amid the company’s major restructuring and cost-saving plan.
The pandemic brought havoc to those in the hospitality industry, and the Société des Bains de Mer (SBM) was no exception. CEO Jean-Luc Biamonti announced the company’s financial statements to the press on Friday, after an annual Board of Directors meeting on 27th May.
Among the notable figures, SBM saw gaming revenues decrease by €115 million in the last financial year, equalling -48%. Meanwhile, hotel revenues reduced by €175 million, coming to a depressing -62%. The only bright spot was that rental revenues increased by a small but significant €10 million equalling a +11% gain.
The company also saw an operating loss of €103.3 million compared with a €22.6 million profit in the 2019/20 fiscal year. The consolidated loss was less severe, but still significant at -€79.1 million, as opposed to the previous year which saw a profit of €26.1 million.
Gaming and hotel losses are contributed directly to the forced closures that were periodicallynecessary as part of lockdown procedures throughout much of 2020 and into 2021.
The rental sector increase is being attributed mainly to new residential leases having been signed at One Monte-Carlo, though Monte-Carlo Bay, the Balmoral, the Villas du Sporting’s boutique and office lettings also contributed.
As a result, SBM has worked to reduce overhead in the form of operating and investment expenses, as well as accelerating their global restructuring plan. This led to employees going on furlough or paid leave throughout a good part of the year.
The restructuring plan, which was announced on 4th March, includes a voluntary redundancy plan for employees over 57-years-old, on the essential condition that these workers would not be replaced. Do date, 234 employees have signed up.
Additionally, a collective forced redundancy plan was put into effect. This is currently limited to just two people, with most of the staff departures targeted at certain departments for reasons of overstaffing or re-organisation to restore competitiveness. These individuals have been moved to alternative roles.
The restructuring has resulted in a net cost of €25.3 million.
Looking forward, SBM anticipates, with the implementation of the restructuring plan, a net saving of €18 million this year. These savings, along with other measures to bring costs more into line with seasonal fluctuations in activity, should give SBM Group a return to profitability, says the company.
SBM has also put in place financial measures that mean they are completely solvent. According to Mr Biamonti, they have roughly €90 million in ready cash for the unexpected or the unforeseen.
Monaco is not applying the same mandatory quarantine rule on travellers from the UK that France is set to impose from Monday 31st May.
Just when things looked like they were getting back to normal, France put UK on its compulsory isolation list due to the spread of the Indian variant in that country. It means that anyone arriving to France from the UK must undertake self-isolation at a specific destination for a period of seven days, effective 31st May.
However, the rule doesn’t apply to Monegasque citizens and residents flying in to the French Riviera airport on route to the Principality. Nor does it apply to UK citizens entering the Principality.
So far, Monaco has not changed its list of ‘red’ countries. Therefore, only travellers coming from South Africa, Argentina, Brazil, Chile or India are required to self-isolate for seven days, and even this period can be shortened if they obtain a negative PCR test from a laboratory in the Principality.
For people travelling from the UK, only a negative PCR test carried out within 72 hours is required if they are stopped by Monegasque authorities.
The circulation of Covid throughout the Principality continues its downward trend. On 29th May, there were no new cases of the virus detected in the Principality and no patients were hospitalised at the Princess Grace Hospital. The incidence rate has fallen to a new low this year of 21, while over 43% of the population have now been vaccinated.
For the first time since October 2020, fans were allowed in to the Salle Gaston Médecin to support AS Monaco Basketball, where they handily won against Le Mans 75 to 52.
Smiles on faces, clapping hands and cheers for the teams punctuated the first night back for 800 fans of AS Monaco Basketball on Thursday night when they played against a determined Le Mans team, winning their fifth straight game.
“A big thank you to the fans for the warmth and support they gave us,” Team Captain Dee Bost said after the game. “They gave us extra energy for the end of the season. We must not make a wrong step, but we have a group that can do it.”
Mathias Lessort scored the first points of the game, followed by a beautiful three-pointer by JJ O’Brien. It was a nice way to start, and it just got better from there.
There wasn’t a quarter where the Roca team didn’t outscore their opponents. The first quarter ended with 26 points to 20, the second they made 19 points to Le Mans’ 10, in the third, it was 19 to 15 and in the final quarter Monaco had 11 points and Le Mans seven.
The Roca cheerleading girls were also back, adding a bit more fun to the party atmosphere, and at the end of the first quarter, We are the Champions by Queen was played to celebrate the Roca team’s Euro Cup title.
“It was a great time to be able to find our fans,” said Coach Zvezdan Mitrovic. “They gave us energy. We needed to share with them. It was difficult for Le Mans tonight, with a small roster. We have to manage this end of the championship with very close matches and defend our first place. The team is behaving very well, the group is making every effort.”
AS Monaco made 28 shots out of 65, with six for 25 of those being three-pointers. The team had an enormous 42 rebounds, with Damien Inglis claiming 12 of his own. They recovered 16 stray balls, had 16 assists and stole the ball 18 times.
Captain Bost was high-scorer with 14 points on the night, followed by Lessort and Fall Faye who clocked up 11 each.
The Roca team are back on the court Tuesday 1st June where they travel to Chalons-Reims.
Monaco Life with AS Monaco Basketball press release, photo by Manuel Vitali, Government Communication Department
The 2021 edition of the Herculis EBS, Monaco’s prestigious athletics event, will take place on 9th July, just two weeks before the start of the Olympic Games in Tokyo.
The high-profile sporting event will return to Monaco at the Stade Louis II, promising to give fans the best of athletics.
“The whole team is preparing to host this event, whether on the event side or on the athlete invitation side,” Monegasque Wanda Diamond League stage director Jean-Pierre Schoebel told Monaco Info. “The Herculis EBS 2021 meeting will be an opportunity for the public to see the stars who will be present at the Olympic Games in Tokyo.”
Some of the highlights will be the attendance of some of the brightest personalities in the athletics world, including Yulimar Rojas, the quadruple world triple jump champion, Gianmarco Tamberi, the reigning Italian champion of the high jump, and Djilali Bedrani, number five in the last world championships in Doha in the 3,000m steeplechase.
There will be a total of 14 events giving equal footing to both the men and women. These will be 200m, 800m, 1,500m, 3,000m steeplechase, pole vault, triple jump and javelin for women and 100m, 800m, 1,500m, 400m hurdles, 3,000m steeplechase, high jump and long jump for men.
“Parity will be the order of the day,” said Schoebel. “We have 14 events on the program, seven for men and seven for women.”
A new addition to the competition will be the ‘Final 3’ for the javelin, triple jump and long jump, created to give spectators a chance to follow the best of the best. After the regular competition, the three best athletes from each sport will go on to compete in the Final 3. They will each be given one final try and the result of this will determine the final ranking for the competition.
In compliance with health rules, a cap of 8,000 attendees is in place.
Tickets are on sale starting at just €10. The event will be broadcast on CANAL+ for those unable to attend. For more information and bookings, visit the website at www.herculis.com
Photo of Gianmarco Tamberi, Italian record holder for the high jump. by P.Fitte
MonacoTech signs partnership with Canadian accelerator
MonacoTech has announced its third partnership with an international incubator, this time with ACET in Canada to support companies from the two accelerators in their overseas marketing efforts.
MonacoTech said on Thursday 27th May that it had signed the partnership with ACET, an accelerator for the creation of technological companies. The agreement formalises a collaboration that began a few months ago and will strengthen the cooperation between the two accelerators.
The collaboration will allow startups to benefit from the networks of the two incubators, increase opportunities and strengthen their competitive advantages through meetings with key players in the ecosystem.
“This collaboration with ACET is based on a common vision of innovation and support for our startups internationally,” said Lionel Galfré, Director of MonacoTech. “This agreement is fully in line with our strategy and our desire to offer project leaders supported by MonacoTech an opening to other markets and ecosystems abroad. Startups will now be able to benefit from the support and collaboration of an expert and renowned accelerator in Quebec, the gateway to the North American continent.”
The project will also aim to seek possible synergies between the different startups. Young companies will be supported when they want to validate their value proposition and test their products in new markets. These two accelerators will therefore have a role of proactive facilitator.
“This partnership is a wonderful opportunity for ACET and MonacoTech to exchange best practices in supporting technology companies,” said Ghyslain Goulet, CEO of ACET. “But above all, it is a golden opportunity for ACET companies to benefit from a leading business network from a very well-established accelerator in order to penetrate European markets.”
ACET’s mission is to identify innovative and daring technological projects, to support entrepreneurs in their development and to propel new innovative companies with a positive societal impact. Supported by a committed business community, ACET offers personalised support, from seed to internationalisation, access to various sources of funding including its own investment funds, the expertise of its market intelligence service and the power of its networks so that entrepreneurs can transform their passion, their vision and their innovations into a successful business.
The agreement follows similar partnerships with Capsula in Israel and APUI – IMT Lille Douai in France.
From cold soups with broth extraction and king crab, to lasagne and sugar-free meringue, guests of the new restaurant Yannick Alléno at the Hermitage Hotel are being treated to “simplicity” in modern cuisine.
He is a Rockstar of the gastronomic world, celebrated for his visionary approach to the culinary arts, twice rewarded three stars in France, holder of 14 Michelin stars, and member of the exclusive circle of the greatest chefs in the world.
With restaurants in Paris, Courchevel, Seoul and Dubai, his latest venture means that lovers of fine food need only travel as far as the Hermitage Hotel in Monte-Carlo.
On Tuesday 18th May, local press including Monaco Life were joined by Minister of State Pierre Dartout, National Council President Stéphane Valeri, SBM CEO Jean-Luc Biamonti, Hermitage Hotel General Director Louis Starck and government ministers for an exclusive introduction to Yannick Alléno at the Hermitage Hotel.
On the remodelled Mediterranean garden terrace of the hotel, surrounded by olive trees, citrus fruits and jasmine, Yannick Alléno laid out his gastronomic vision for Monaco in eight perfect plates. Photo of the Yannick Alléno à l’Hôtel Hermitage terrace by SBM
Joined by five of his staff from Paris, Yannick Alléno walked into the kitchens of the Hermitage Hotel four months ago to start a new chapter in the life of Monaco’s prestigious palace, forming a powerhouse team with the chefs and staff of the former Vistamar.
“They are very happy for the opportunity to have a new challenge,” Yannick Alléno tells Monaco Life of his new team. “My priority was to be accepted by them and I feel that this has happened. After a certain period of time, they started to trust us.”
Trust is essential in the high-performance kitchens of Yannick Alléno, whose charismatic nature masks a burning compulsion for perfection. His dishes are elegant, precise and instantly understandable.
Yannick Alléno calls it “simplicity”. Photo of Yannick Alléno in the kitchen by SBM
Drawing on Monaco’s location, the weather, and the clientele, the chef has created cold pea soup with wild strawberries, lobster in cold bisque with roasted pistachio whipped cream, and cold vegetable ravioli with his trademark extraction broth and olive oil – clean, uncomplicated, renaissance cuisine.
“I think we are losing certain things,” says the chef. “Cold dishes, for example, have disappeared from the menu. But what do you want to have when the sun is shining and it is hot? Just a salad, or cold fish with a light sauce, a cold soup with a flavoursome broth… dishes that also give your metabolism what it needs? That is the direction that I like to go in.” Photo of lobster in cold bisque by Monaco Life
That “comfortable simplicity” extends to the hot dishes at the Hermitage, where his signature steamed cheese soufflé and blue lobster spaghetti sit alongside rack of lamb with lemon balm and ‘Luigi Taglienti’s’ lasagne (Michelin starred chef from Milan).
“We created the menu with our customers in mind,” says Yannick. “I thought to myself, ‘If I live in Monaco, what kind of restaurant do I want to go to?’. There are a lot of exceptional restaurants here, many starred restaurants, but for every day, what do you have? People who live here are also looking to find a place that is simple and comfortable. It is very tough to do simple.”
In 2013, with the help of French scientist Bruno Goussault, Yannick Alléno created a unique and revolutionary process called ‘Extraction’, which allows for the concentration and perfection of flavours. In regular kitchens, the concentration of flavours is achieved by evaporation using heat. Extraction, on the other hand, uses correct cooking temperatures to preserve the elements from destructive heat and brings the products to the fore so that they render and develop their purest flavours without the need to add any fat or other ingredients. Alléno’s modern sauces are a blending of several ‘Extractions’. Photo of rhubarbe confite en croute by Yannick Alléno at the Hermitage Hotel, SBM
His avant-guard approach is summed up in the sugar-free desserts that he creates: Candied crust rhubarb with herbed sorbet, Monte-Carlo mousse with strawberries in vanilla, and gluten free almond paste crisp with cherry jelly.
Creative, technically perfect, structured and delicate, Yannick Alléno’s dishes are served in a particular sequence to offer the diner a majestic experience of flavours.
And with menus from 68€, the chef aims to make gastronomic cuisine available to everyone, even in the Principality of Monaco.
“When I was a commis chef at Le Royal Monceau in Paris, I wanted to impress a young lady at a one-star restaurant,” reveals Yannick. “It was December, and of course the maître d’ sold me a truffle menu. I had to pay what I get in one month for that meal, and trust me, I was afraid to go back into a restaurant again. That is what we have to break. The three stars are too far away from the expectations of normal people, we have to make it accessible to the younger generation, to everyone. Photo of Yannick Alléno by Monaco Life
“The positive thing that Covid has taught me is reality – there are no Chinese, Japanese or American tourists right now, so what are we doing? We have to bring back our conversation with our neighbours and say: ‘Sorry, we have made a mistake, sorry we forgot about you. If you would like, you can have a 12€ starter, or if you want caviar, you can have caviar.”
Within the year, the Hermitage Hotel will flourish even more at the hands of Yannick Alléno’s designer from Paris, Chahan Minassian, who will transform the restaurant into a Mediterranean version of the Pavillon Ledoyen – Yannick’s six-starred establishment in Paris – complete with open kitchen.
“The Pavillon project is what I love,” says the chef. “I love to be behind the counter and in those conditions. A table is a circle, and it is very difficult to go inside a circle, for the service and for a chef. But when you are in front of people, you are in the life of people, with discretion of course. It is a different kind of relationship.”
His flagship restaurant Alléno Paris was awarded three Michelin stars after just seven months of opening. His two other restaurants within the Pavillon Ledoyen, the sushi restaurant L’Abysse and gastronomic counter Pavyllon, were awarded two stars and one star respectively in equally impressive time.
It is clearly only a matter of time before Chef Yannick Alléno is delivered another Michelin star in Monaco.
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