DGAP-News: JAXX achieves 19 percent growth in 2011 through sports betting and casino
(firmenpresse) - DGAP-News: JAXX SE / Key word(s): Final Results
JAXX achieves 19 percent growth in 2011 through sports betting and
casino
30.03.2012 / 09:54
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JAXX achieves 19 percent growth in 2011 through sports betting and casino
- Consolidated revenue for 2011 rises to EUR 60.7 million
- Change of name to mybet Holding SE planned
- Granting of Schleswig-Holstein licence expected in April
Kiel, March 30, 2012 - The gaming specialist JAXX SE (Deutsche Börse Prime
Standard; ISIN DE000A0JRU67) increased its revenue by 19 percent to EUR
60.7 million in the past financial year of 2011 (2010: EUR 51.2 million).
Gross revenue (revenue + winnings paid out) came in at EUR 190.2 million
(EUR 154.1 million), this being towards the upper end of the forecast range
of EUR 170 to 200 million. Earnings before interest and taxes (EBIT) were
improved significantly by EUR 5.4 million, from a loss of EUR -3.8 million
in the previous year to a profit of EUR 1.6 million in the 2011 financial
year. Excluding written-off accounts receivable of around EUR 0.3 million
necessitated by the continuing difficult economic situation in Spain,
earnings were likewise at the upper end of the expected spread (EUR 1.0 to
2.0 million).
Whereas the previous year had closed with a net loss of EUR 4.2 million, a
net profit of EUR 1.5 million was achieved in 2011. Earnings per share rose
correspondingly to EUR 0.06 (EUR -0.21).
mybet the key to sustained high growth
Sports betting again brought in the greater part of consolidated revenue in
the 2011 financial year; it accounted for 41 percent of the total for the
group. Compared with the previous year, sports betting, which is
underpinned predominantly by the mybet products, was up 18 percent at EUR
25.1 million (EUR 21.3 million). Growth was hampered by a weak bookmaking
margin in the first half of 2011, which led to a noticeable drop in the
margin over the year as a whole from 19.2 percent to 17.2 percent.
The revenue increase in the Sports Betting segment is attributable to a
sharp increase in the number of users and significantly higher per capita
revenue. The number of registrations rose from 724,000 to 862,000 over the
year, and the average betting stake per active customer increased from EUR
188 to EUR 298. As a result of optimisation of the shop structure, the
number of betting shops under the mybet franchise slipped to 501 (2010:
512) as at the end of 2011. The total number of mybet shops in Germany rose
from 221 to 275. At the same time revenue from shop operations increased
significantly.
Revenue from casino and poker games, which are again generated mainly with
mybet products, climbed by 32.9 percent to EUR 17.1 million (EUR 12.9
million) in the 2011 financial year. Revenue from lottery products was
maintained on a par with the previous year at EUR 13.7 million.
Profitability has improved substantially following the slimming-down of
this area. In January 2012 JAXX signed a provisional agreement with a group
of investors on the sale of its lottery operations in German-speaking
countries. The price envisaged is EUR 12.5 million. It is expected that the
sale will be completed in April.
It has not yet been possible to dispose of the interest in pferdewetten.de
AG, which is now once again included in the 2011 JAXX Consolidated
Financial Statements as continuing operations. The successful restructuring
of pferdewetten.de AG meant that revenue for the Horse Betting segment
leaped 63 percent to EUR 4. million (EUR 3.0 million).
Improved liquidity position
The liquidity position of the JAXX Group further stabilised in the 2011
financial year thanks to a rise of EUR 5.8 million in cash to EUR 7.2
million. The biggest changes result from the capital increase in March,
which brought in around EUR 6.0 million, and from the repayment of the EUR
5.9 million 2007/2011 convertible bond, as a result of which the JAXX Group
is now largely debt-free. The equity ratio rose from 41.2 percent to 60.7
percent.
Focus on sports betting, casino and poker as mybet Holding SE
The 2012 financial year will see the JAXX Group acquire an even sharper
profile. Along with the planned sale of lottery operations in
German-speaking countries, business will become even more strongly focused
on sports betting, casino and poker products under the mybet brand. The
rights to the JAXX brand are also up for sale. The Ordinary Shareholders'
Meeting of JAXX SE convened for May 24, 2012 will therefore be asked among
other things to pass a resolution on the renaming of the parent company as
mybet Holding SE.
JAXX expects Schleswig-Holstein licence to be granted in April
With regard to the regulatory situation, the legal position in Germany in
2012 is likely to remain non-uniform. Now that the EU Commission has
renewed its criticism of the draft State Treaty on gaming of 15 federal
states, it is once more possible that a common approach for all federal
states will be found. Since January 2012, Schleswig-Holstein has been the
only German state to have EU-conform legislation, on the basis of which it
has been possible to grant licences for sports betting, casino and poker
since March 1, 2012. JAXX SE has already submitted a licence application on
behalf of its subsidiaries. JAXX expects the licence to be granted in
April.
Regulatory developments hinder specific earnings forecasts
The economic development of the JAXX Group is dependent to a high degree on
further regulatory developments. Although business has already been very
lively in the first few weeks of the new financial year, no precise
forecast for revenue and earnings expectations is possible, and any such
forecast would be rather speculative. Rather, the various scenarios give
rise to a corridor of expectations which needs to be defined relatively
broadly. After the disposal of lottery operations, revenue for the 2012
financial year is likely to be in the order of EUR 60 to 70 million. The
deregulation of the market in Germany and the increased tax and marketing
expenditure that this would involve could lead to a negative result for the
2012 financial year. The forecast bandwidth for EBIT ranges from EUR -4.0
to +4.0 million.
Key figures for 2011
2011 2010 ChangeThe 2011 Annual Report will be published and available for downloading
EUR '000 EUR '000 %
Gross revenue 190,152 154,075 +23.4
Revenue 60,686 51,189 +18.6
Sports Betting 25,096 21,300 +17.8
Casino&Poker 17,100 12,863 +32.9
Lotteries 13,667 13,562 +0.8
Horse Betting 4,847 2,979 +62.7
EBITDA 6,871 546 +1,158.4
EBIT 1,633 -3,814 n/a
Consolidated earnings 1,499 -4,170 n/a
Earnings per share (EUR) 0.06 -0.21 n/a
31/12/2011 31/12/2010
Cash holdings 7,187 5,798
Shareholders' equity 22,763 15,015
Equity ratio 60.7 % 41.2 %
today on the websites www.deutsche-boerse.com and www.jaxx-se.com.
About JAXX:
JAXX SE, listed in the Prime Standard of Deutsche Börse, is a financial
holding company with holdings in international companies in the gaming
industry. JAXX currently holds interests in companies in Germany, the UK,
Italy, Spain, Austria, Malta and Belgium. JAXX SE has its headquarters in
Kiel. The holding companies cover the entire spectrum of the games and
gambling industry. Depending on national regulatory structures, they broker
or market sports and horse betting, lotteries, and casino and poker games.
The best-known brands of the JAXX Group include the sports betting provider
mybet.com. The shares of JAXX SE have been traded at Deutsche Börse since
1999 under ISIN DE000A0JRU67.
Contact:
JAXX SE
Investor Relations&Corporate Communications
Stefan Zenker
Tel. +49 (40) 85 37 88 47
Fax +49 (40) 85 37 88 30
Mail stefan.zenker(at)jaxx.com
End of Corporate News
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The issuer is solely responsible for the content of this announcement.
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Language: English
Company: JAXX SE
Jägersberg 23
24103 Kiel
Germany
Phone: +49 (0)431 88 104-0
Fax: +49 (0)431 88 104-40
E-mail: ir(at)jaxx.com
Internet: www.jaxx-se.com
ISIN: DE000A0JRU67
WKN: A0JRU6
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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