DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the first nine months ended 30th September 2012
(firmenpresse) - DGAP-News: Betbull Holding SE / Key word(s): Quarter Results
Betbull Holding SE ('Betbull') announces the release of group
consolidated unaudited financial statements for the first nine months
ended 30th September 2012
30.11.2012 / 16:00
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Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the first nine months ended 30th
September 2012
1. Financial highlights for the first nine months to 30th September 2012
- Betting stakes of EUR 53.6m for the first nine months (FNM) down 3.4%
compared to EUR 55.5m in FNM 2011.
- Net gaming revenue of EUR 9.2m for the first nine months down 8.9%
compared to EUR 10.1m in FNM 2011.
- EBITDA of EUR (1.3)m for the first nine months (including EUR 0.6m
one-off cost for licensing process in Germany and system development
costs) down EUR 1.4m compared to EUR 0.1m in FNM 2011.
- Adjusted EBITDA (before share benefit charges) of EUR (1.2)m for the
first nine months down EUR 1.3m compared to EUR 0.1m in FNM 2011.
- Loss for the first nine months of EUR 1.7m down EUR 1.67m compared to
loss of EUR 0.03m in FNM 2011.
- Cash position as at 30th September 2012 of EUR 5.9m compared to EUR
6.6m as at 30th June 2012 and to EUR 8.6m as at 30th September 2011.
The unaudited financial statements for the first nine months ended 30th
September 2012 will be published on the corporate website www.betbull.com.
- Highlights for the first nine months to 30th September 2012:
Betbull's business performance, in particular in Quarter III, was
negatively affected by the following circumstances: A later than usual
start of the football season due to the Olympic games, the new German
sports betting tax of 5% on stakes introduced 1 July 2012 in addition to
the 0.5% betting tax in Malta, and a comparatively low hold margin of only
10% on stakes in September due to a high percentage of favourite wins.
The slot machines turnover is stable on a high level. Betbull intends to
expand this business segment by optimizing the gaming product offerings and
increasing the number of active slot machines.
During the first nine months to 30th September 2012 Betbull incurred
additional costs of EUR 0.6m in connection with the current German
licensing processes, including additional team, advisory services, and
systems development.
Betbull has initiated a restructuring program aiming at improving its
profitability. That will include the closing and disposal of premises which
are likely to be unsuitable as licensed premises under the State Treaty on
Gambling ('Erster Glücksspieländerungsstaatsvertrag'). Management is
confident that this will lead to a reduced fraction of lease costs in 2013
and the following years.
In August the 15 German Federal States (except Schleswig-Holstein) started
the tender process to grant up to 20 sports betting licenses valid for a
period of seven years. Primebet International Ltd., Malta, Betbull's
licensed betting operator, successfully completed phase one of the tender
process and is currently working on its final application for phase two due
in January 2013. The tender process deadlines and the application
requirements have been changed several times already and Management is
unable to reliably estimate a date for a potential license grant,
originally planned end of March 2013.
Alexander Leip, Managing Director of Betbull Holding SE, comments on
today's press release as follows: 'The uncertainty in the German betting
marketing is currently very high. The German sports betting license tender
process significantly adds to this. It seems that material specific
requirements for retail operators are either not clear or completely
impractical, and that the license tender process has been tailored
predominantly to the specific situation of international online sports
betting operators. It is virtually impossible during this process to
rectify some apparent misconceptions about how retail betting operators
work and we hope to enter into a constructive dialogue with the licensing
authority on various material issues after the completion of the licensing
process. The sole beneficiary of further delays and additional stricter
requirements for retail operators will be black market bookmakers.
The negative results for the first nine months are largely owed to an
exceptionally negative third quarter where several negatively impacting
factors converged. ', concludes Alexander Leip.
Betbull Holding SE
Consolidated income statement for the first nine months ended 30th
September 2012
__________________________________________________________________________
____
2012 2011Betbull Holding SE
(9 months) (9 months)
EUR EUR
Betting Stakes 53,563,701 55,459,725
Customer winnings (43,855,019) (44,291,928)
__________ __________
Gross hold 9,708,682 11,167,797
Other gaming income 1,684,573 1,639,370
Commissions to third party agents and bonuses (2,210,283) (2,687,620)
__________ __________
Net gaming revenue 9,182,972 10,119,547
Other operating income 84,992 24,056
__________ __________
Total income 9,267,964 10,143,603
Direct costs and betting taxes (2,463,131) (2,193,192)
__________ __________
Gross profit 6,804,833 7,950,411
Personnel costs (4,210,110) (4,077,174)
Cost of premises (2,635,056) (2,404,697)
Mobility and distribution costs (321,599) (337,408)
Other operating costs (864,278) (1,022,061)
__________ __________
EBITDA before share benefit charge (1,226,210) 109,071
Share benefit charge (92,305) (36,021)
__________ __________
EBITDA (1,318,515) 73,050
Depreciation&amortisation (334,120) (366,935)
__________ __________
EBIT (1,652,635) (293,885)
Financial result 26,674 34,962
__________ __________
Loss before tax (1,625,961) (258,923)
Taxation (82,910) 226,108
__________ __________
Loss for the first nine months (1,708,871) (32,815)
__________ __________
Consolidated balance sheet
at 30th September 2012
__________________________________________________________________________
____
2012 2011- ENDS -
(9 months) (9 months)
EUR EUR
Goodwill and investments 15,684,454 15,689,681
Fixed Assets 1,503,497 866,070
Non-current assets 91,030 70,614
Current assets 1,879,294 2,419,528
Cash and cash equivalents 5,911,327 8,589,829
__________ __________
Total assets 25,069,602 27,635,722
__________ __________
Equity 11,714,624 11,714,624
Profits/(losses) 3,300,676 (13,127,825)
Reserves 8,230,089 26,387,397
Current liabilities 1,824,213 2,661,526
__________ __________
Total equity and liabilities 25,069,602 27,635,722
__________ __________
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 release can be downloaded from the website www.betbull.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.betbull.com.
End of Corporate News
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30.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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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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195428 30.11.2012
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