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DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the nine months ended 30th September 2011
ID: 530931
(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 nine months ended
30th September 2011
30.11.2011 / 15:00
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Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the nine months ended 30th September
2011
1. Financial highlights for the nine months to 30th September 2011
- Betting stakes of EUR 55.5m for the nine months down 2.3% compared to
EUR 56.8m in the same period last year.
- Net gaming revenue of EUR 10.1m for the nine months down 7.3% compared
to EUR 10.9m in the same period last year.
- EBITDA of EUR 0.1m for the nine months down EUR 0.9m compared to EUR
1.0m in the same period last year.
- Loss for the nine months EUR 0.03m down by EUR 0.21m compared to EUR
0.24m for the same period last year.
- Cash position as at 30 September 2011 of EUR 8.6m compared to EUR 5.7m
as at 30 September 2010.
- Business highlights for the nine months to 30th September 2011
Betbull's business performance in Q3/2011 was still under pressure due to
permanent administrative actions taken against Betbull's betting outlets in
the federal states of Lower Saxony and Rhineland-Palatine and the steadily
increasing grey market offerings. The decline of stakes and profit compared
to the 2010 figures can be attributed to the shop closures suffered in the
above mentioned federal states. Where business is not affected by legal
measures of the authorities, the performance of the betting shops is stable
and promising though competition is increasing steadily.
In September the legislative body of Schleswig-Holstein passed a new Gaming
Act ('Glücksspielgesetz Schleswig-Holstein') that has been successfully
notified with the European Commission. This new Gaming Act will establish a
liberalized gaming market in Schleswig-Holstein with effect from 1 January
2012 including sports betting and online poker and casino games. The
issuing of licences under the new Gaming Act shall commence in March 2012.
Since notification of the draft State Treaty on Gaming
('Glücksspieländerungsstaatsvertrag') has failed, the Prime Ministers of
the involved 15 federal states made material changes to the terms of the
draft State Treaty; the number of sports betting licenses to be issued has
been increased from 7 to 20 licenses as well as the levy on sports betting
has been reduced from 16 2/3% to 5% on betting stakes.
Commenting on today's press release Alexander Leip, Managing Director of
Betbull Holding SE, said:
'Even though we are still operating in an unsatisfactory situation with the
authorities in certain German regions and the still existing legal
uncertainties there, we are happy with the performance of our retail
betting chain and our gaming halls. In a fully regulated market and under
the commercial terms proposed in the latest draft State Treaty on Gaming,
in particular the reduced levy on sports betting, our team is well prepared
to expand our retail chain fast and significantly - through organic growth,
due to acquisitions and with strategic partnerships.
Betbull intends to apply for licenses under the newGaming Act in
Schleswig-Holstein as well as under the new State Treaty on Gaming.'
Betbull Holding SE
Consolidated income statement
For the nine months ended 30 SeptemberBetbull Holding SE
2011
Continuing operations
2011 2010
(9 months) (9 months)
EUR EUR
Betting stakes 55,459,725 56,790,481
Customer winnings (44,291,928)(44,051,607)
Gross hold 11,167,797 12,738,874
Other gaming income 1,639,370 1,201,550
Commissions to third party agents and bonuses (2,687,620) (3,060,127)
Net gaming revenue 10,119,547 10,880,297
Other operating income 24,056 80,475
Total income 10,143,603 10,960,772
Direct costs and betting taxes (2,193,192) (1,988,252)
Gross profit 7,950,411 8,972,520
Personnel costs (4,077,174) (4,001,866)
Cost of premises (2,404,697) (1,999,235)
Mobility and distribution costs (337,408) (369,902)
Other operating costs (1,022,061) (1,504,488)
EBITDA before share benefit charge 109,071 1,097,029
Share benefit charge (36,021) (81,689)
EBITDA 73,050 1,015,340
Depreciation&amortisation of investments (366,935) (411,271)
EBIT (293,885) 604,069
Financial result 34,962 (43,794)
(Loss)/profit before tax (258,923) 560,275
Taxation 226,108 (804,250)
Loss for the nine months from continuing operations (32,815) (243,975)
Discontinued operations:
Loss for the nine months from discontinued - (1,694,751)
operations
Loss for the nine months (32,815) (1,938,726)
Consolidated balance sheet
As at 30 September 2011
2011 2010- ENDS -
EUR EUR
Goodwill, intangible assets and investments 15,689,681 16,316,025
Fixed assets 866,070 2,077,172
Non-current assets 70,614 284,475
Current assets 2,419,528 2,477,074
Cash and cash equivalents 8,589,829 5,691,910
Total assets 27,635,722 26,846,656
Equity 11,714,624 34,144,752
Losses (13,127,825) (17,526,651)
Reserves 26,387,397 5,498,696
Current liabilities 2,661,526 4,729,859
Total equity and liabilities 27,635,722 26,846,656
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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30.11.2011 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
15 Fetter Lane
EC4A 1JP London
United Kingdom
Phone: +356 21480131
Fax: +356 21480132
E-mail: info(at)betbull.com
Internet: www.betbullplc.com
ISIN: AT0000615331
WKN: A0DKM0
Listed: Freiverkehr in Berlin, Stuttgart; Open Market in
Frankfurt; Wien (Dritter Markt (MTF) / Third Market (MTF))
End of News DGAP News-Service
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148031 30.11.2011
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Datum: 30.11.2011 - 15:00 Uhr
Sprache: Deutsch
News-ID 530931
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