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DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the quarter ended 31st March 2012
ID: 649951
(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 quarter ended 31st
March 2012
31.05.2012 / 14:00
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Betbull Holding SE
Press Release - 31 May 2012
Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the quarter ended 31st March 2012
1. Financial highlights for the quarter
- Betting stakes of EUR 19.5m for the quarter up 5.4% compared to EUR
18.5m in QI 2011.
- Net gaming revenue of EUR 3.5m for the quarter down 2.8% compared to
3.6m in QI 2011.
- EBITDA of EUR 0.2m for the quarter down EUR 0.3m compared to EUR 0.5m
in QI 2011.
- Adjusted EBITDA (before share benefit charges) of EUR 0.3m for the
quarter down EUR 0.2m compared to EUR 0.5m in QI 2011.
- Profit for the quarter of EUR 0.1m down EUR 0.1m compared to profit of
EUR 0.2m in QI 2011.
- Cash position as at 31 March 2012 of EUR 7.7m compared to EUR 8.5m as
at 31 December 2011.
The unaudited financial statements for the quarter ended 31st March 2012
will be published on the corporate website www.betbullse.com.
2. Business highlights for the quarter
During the first quarter of 2012, Betbull's business performed well. Sports
betting turnover increased noticeably considering that Betbull's shops in
the Federal States of Lower Saxony and Rhineland-Palatinate were barred
from selling sports bets, as compared to QI 2011 when this was still
possible. Betbull is subject to administrative actions in these two states
based on an extension of the previous State Treaty on Gambling of 2008,
originally meant to expire on 31 December 2011. Despite the increase in
turnover, net gaming revenue derived from betting decreased slightly due to
high winnings by customers in January.
The betting turnover in gaming halls and the slot machines business (in
licensed betting shops) is positive and Betbull is in the steady process of
optimizing the gaming product offering and the number of active slot
machines.
In Schleswig-Holstein, sports betting licenses for online sports betting
have begun to be granted under the Gambling Act Schleswig-Holstein
('Glückspielgesetz Schleswig-Holstein'). Betbull has filed its license
application for retail sports betting and expects to obtain a license in
due course. Even though the ruling parties of Schleswig-Holstein have lost
their majority in the state elections on 6 May 2012, it is likely that the
(expected) new coalition will continue to proceed with liberalisation of
the gambling sector in Schleswig-Holstein.
In contrast, the legal situation in the other 15 German federal states is
not as promising as in Schleswig-Holstein. It is still unclear whether the
New State Treaty on Gambling ('Glücksspieländerungsstaatsvertrag') signed
by 15 federal states in December 2011 will be ratified by the required
number of federal states (13 out of 15) before 30 June 2012 in order to
become effective on 1 July 2012.
Commenting on today's press release Alexander Leip, Managing Director of
Betbull Holding SE, said:
'We are pleased with the Schleswig-Holstein Gaming Authorities for
beginning the process of liberalisingthe Gaming sector in Germany with the
issuance of betting licenses in a transparent and fair manner. Betbull will
comply with the licensing process, and we look forward to operating in
Schleswig-Holstein under the new licensing regime.
We hope that the regulation of the gaming market in the other Federal
States will be executed under a similar licensing regime in due course and
also in a transparent and fair manner. Unfortunately, the draft
implementation laws ('Ausführungsgesetze') being discussed in the federal
state parliaments raise doubts about a fair process of issuing licenses and
assigning betting outlets to the future licensees, especially as they
favour the state operator.'
Despite the regulatory uncertainties, Betbull is investing significantly in
new retail units, with a steady refurbishment of the existing retail
network as well as upgrading core technology.
QI saw the completion of the refurbishment of Betbull's flagship store in
Frankfurt (Kaiserstrasse 42), and the opening of a new flagship store in
Konstanz (Emmishoferstrasse 2) offering bets on Horses and Sports in
addition to providing Slot Machines.
Looking forward to QII, Betbull plans to open two new betting shops in
Leipzig and Passau, as well as a new gaming hall in Rennerod. Further
agreements have been signed to purchase a gaming hall in Kiel, contingent
on the grant of a license. The franchising business is also planned to
expand by at least 5 additional agents in QII.
On the expansion topic, Alexander Leip further commented: 'We believe that
Betbull is prepared to expand its retail betting business in a fully
regulated market quickly and economically - through organic growth,
acquisitions and strategic partnerships.'
Betbull Holding SE
Consolidated income statement
for the quarter ended 31 March 2012
____________________________________________________________________
2012 2011Betbull Holding SE
(3 months) (3 months)
EUR EUR
Betting Stakes 19.496.193 18.540.330
Customer winnings (15.589.978) (14.452.697)
__________ __________
Gross hold 3.906.215 4.087.633
Other gaming income 520.639 483.975
Commissions to third party agents and bonuses (957.748) (1.027.758)
__________ __________
Net gaming revenue 3.469.106 3.543.850
Other operating income 33.263 32.235
__________ __________
Total income 3.502.369 3.576.085
Direct costs and betting taxes (750.123) (620.036)
__________ __________
Gross profit 2.752.246 2.956.049
Personnel costs (1.358.706) (1.425.805)
Cost of premises (776.099) (851.367)
Mobility and distribution costs (107.206) (107.243)
Other operating costs (253.731) (82.662)
__________ __________
EBITDA before share benefit charge 256.504 488.972
Share benefit charge (30.768) (12.007)
__________ __________
EBITDA 225.736 476.965
Depreciation&amortisation (92.040) (103.281)
__________ __________
EBIT 133.696 373.684
Financial result 13.262 5.741
__________ __________
Profit before tax 146.958 379.425
Taxation (26.372) (184.013)
__________ __________
Profit for the quarter 120.586 195.412
Consolidated balance sheet
at 31 March 2012
____________________________________________________________________
2012 2011- ENDS -
(3 months) (3 months)
EUR EUR
Goodwill and investments 15.684.454 15.552.281
Fixed Assets 1.212.616 823.905
Non-current assets 180.154 70.614
Current assets 2.322.274 2.136.209
Cash and cash equivalents 7.682.361 8.939.094
__________ __________
Total assets 27.081.859 27.522.103
__________ __________
Equity 11.714.624 11.714.624
Profits/(losses) 5.130.131 (12.899.596)
Reserves 8.168.552 26.363.385
Current liabilities 2.068.552 2.343.690
__________ __________
Total equity and liabilities 27.081.859 27.522.103
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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31.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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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Datum: 31.05.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 649951
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