DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the half year ended 30th June 2012
(firmenpresse) - DGAP-News: Betbull Holding SE / Key word(s): Half Year Results
Betbull Holding SE ('Betbull') announces the release of group
consolidated unaudited financial statements for the half year ended
30th June 2012
31.08.2012 / 16:00
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Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the half year ended 30th June 2012
1. Financial highlights for the half year to 30th June 2012
- Betting stakes of EUR 39.0m for the half year up 4.6% compared to EUR
37.3m in HYI 2011.
- Net gaming revenue of EUR 6.7m for the half year down 1.5% compared to
EUR 6.8m in HYI 2011.
- EBITDA of EUR (0.1)m for the half year down EUR 0.5m compared to EUR
0.4m in HYI 2011.
- Adjusted EBITDA (before share benefit charges) of EUR (0.1)m for the
half year down EUR 0.5m compared to EUR 0.4m in HYI 2011.
- Loss for the half year of EUR 0.3m down EUR 0.7m compared to profit of
EUR 0.4m in HYI 2011.
- Cash position as at 30th June 2012 of EUR 6.6m compared to EUR 7.7m as
at 31st March 2012 and to EUR 8.6m as at 30th June 2011.
The unaudited financial statements for the half year ended 30th June 2012
will be published on the corporate website www.betbullse.com.
2. Business highlights for the half year to 30th June 2012
Betbull's business performed well again within the first six months of
2012.
The sports betting turnover increased considerably but at the same time the
gross margin went down due to high winnings paid out. The European Football
Championship in June contributed to the higher turnover on the one hand,
but overall the results didn't support a high gross gaming revenue. The
rating of the European Football Championship is confirmed across the sports
betting industry.
Looking at gaming halls and the slot machines business (in licensed betting
shops) the turnover continuously increases. Betbull will therefore continue
to grow in this business segment by optimizing the gaming product offerings
and increasing the number of active slot machines.
In Schleswig-Holstein, so far seven sports betting licenses for online
sports betting have been granted under the Gambling Act Schleswig-Holstein
('Glücksspielgesetz Schleswig-Holstein'). Betbull has filed its license
application for retail sports betting and is positive to get a license
soon. Unfortunately the new coalition still plans to join the New State
Treaty on Gambling ('Glücksspieländerungsstaatsvertrag') of the other 15
Federal States, but the necessary legislative procedure appears to be
extremely difficult. Due to this plan, the public authorities try to slow
down the award procedure, but will fail because of the legal compulsion to
execute the existing Gambling Act.
At the same time the legal situation in the other 15 German Federal States
has taken a positive turn. The new State Treaty on Gambling came into
effect 1st July 2012. On 8th August, the Europe-wide tendering procedure
for the 20 sports betting licences in Germany started. The application
procedure has two levels; deadline for filing the application documents in
the first round is 4th September. At the moment Betbull is preparing the
required paperwork and will hand in the documents on time. There is no
official time schedule yet for awarding the licences, but we do not expect
a final license grant before February or March 2013.
Alexander Leip, Managing Director of Betbull Holding SE, comments on
today's press release as follows:
'The legal situation in Schleswig-Holstein as well as in the other 15
Federal States is better than ever before in the history of sports betting
in Germany even though there is a need for rectification. However we
appreciate the first tendering procedure for a sports betting licence in
Germany and are positive to be awarded one of the 20 licences. For more
than 20 years we have been successful in the betting business and are
convinced to continue our success story within the new legal framework.
Our only criticism about the present situation is that we have 16 different
implementation laws ('Ausführungsgesetze') in 16 different federal states
('Länder'). This is a severe handicap for the whole industry since our
business works nationwide and does not stop at any state frontier.
Unfortunately some of the federal Prime Ministers could not hide their lack
of understanding the betting business, probably due to missing experience
in a regulated betting market resulting in some of the regulations being
way beyond economic reality. At the moment the biggest negative point is
administrative actions in Rhineland-Palatinate, where Betbull shops are
still barred from selling sports bets.
In view of the current situation of the retail sports betting business
Betbull will continue its main strategy and focus on refurbishing existing
retail network as well as upgrading core technology. Significant investment
in new retail units is our top priority. We are gearing up for the time
when we are granted a licence for sports betting, reviewing all our options
to find new locations in order to fulfil the quota of betting shops allowed
in each Federal State. Talks and negotiations with strong and reliable
partners concerning cooperation will therefore be further intensified
within the next months.'
Regarding Betbull's expansion strategy, Alexander Leip concludes: 'We are
positive that the new State Treaty on Gambling is just the beginning and
that within the next 2-3 years a genuine deregulation will no longer be
prohibited. As a reliable and transparent company focussing on organic
growth, acquisitions and strategic partnerships we will definitely perform
well within a regulated market'.
Betbull Holding SE
Consolidated income statement for the six months ended 30th June 2012
___________________________________________________________________
2012 2011Betbull Holding SE
(6 months) (6 months)
EUR EUR
Betting Stakes 38,988,261 37,306,230
Customer winnings (31,767,035) (29,801,601)
__________ __________
Gross hold 7,221,226 7,504,629
Other gaming income 1,124,121 1,055,355
Commissions to third party agents and bonuses (1,658,533) (1,795,102)
__________ __________
Net gaming revenue 6,686,814 6,764,882
Other operating income 56,321 75,241
__________ __________
Total income 6,743,135 6,840,123
Direct costs and betting taxes (1,580,868) (1,291,922)
__________ __________
Gross profit 5,162,267 5,548,201
Personnel costs (2,751,444) (2,709,428)
Cost of premises (1,753,888) (1,706,519)
Mobility and distribution costs (222,236) (239,943)
Other operating costs(516,858) (468,100)
__________ __________
EBITDA before share benefit charge (82,159) 424,211
Share benefit charge (61,537) (24,014)
__________ __________
EBITDA (143,696) 400,197
Depreciation&amortisation (205,825) (235,799)
__________ __________
EBIT (349,521) 164,398
Financial result 20,379 18,442
__________ __________
(Loss)/profit before tax (329,142) 182,840
Taxation (1,893) 248,185
__________ __________
(Loss)/profit for the six months (331,035) 431,025
__________ __________
Consolidated balance sheet at 30th June 2012
2012 2011- ENDS -
(6 months) (6 months)
EUR EUR
Goodwill and investments 15,684,454 15,752,681
Fixed Assets 1,567,593 928,262
Non-current assets 180,154 70,614
Current assets 2,474,808 2,429,847
Cash and cash equivalents 6,589,112 8,552,025
__________ __________
Total assets 26,496,121 27,733,429
__________ __________
Equity 11,714,624 11,714,624
Profits/(losses) 4,678,513 (12,663,983)
Reserves 8,199,320 26,375,391
Current liabilities 1,903,664 2,307,397
__________ __________
Total equity and liabilities 26,496,121 27,733,429
__________ __________
Contact
David De Marco.
d.demarco(at)betbull.com
Phone +356 21494443
Fax +356 21480132
Betbull Holding SE
Mariahilfer Straße 116
1070 Vienna
Austria
Betbull Holding SE is registered at the Commercial Court of Vienna under
the Company register Number FN 353397b (formerly registered in England&Wales under the Registration Number SE12).
This communication can be downloaded from the website www.betbullse.com.
About Betbull:
Betbull is an established provider of gaming centred retail entertainment,
based in Vienna, Austria. Betbull offers its customers principally horse
and sport betting at licensed betting shops, complemented by slot machines,
internet betting and sport bars. Betbull accepts bets based on licences in
Malta and Germany. In Germany, Betbull products are available above all
under the 'Wettenleip' brand. Betbull itself has been quoted on the Third
Market of the Vienna Stock Exchange ('Other Securities') since October 2004
(ISIN AT0000A0KPX9, formerly AT0000615331) and was established as a joint
venture between Fun Technologies Plc and bwin Interactive Entertainment AG.
For detailed information on Betbull, visit www.betbullse.com.
End of Corporate News
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31.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Betbull Holding SE
Mariahilfer Straße 116
1070 Wien
Austria
Phone: +356 21480131
Fax: +356 21480132
E-mail: info(at)betbull.com
Internet: www.betbullse.com
ISIN: AT0000A0KPX9
WKN: A1C86G
Listed: Freiverkehr in Berlin, Stuttgart; Wien (Dritter Markt
(MTF) / Third Market (MTF))
End of News DGAP News-Service
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183803 31.08.2012
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Datum: 31.08.2012 - 16:00 Uhr
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