betbull Holding SE, formerly betbull plc, ('Betbull') announces the
release of group consolidated financial statements for the half
year ended 30th June 2010
Betbull Holding SE / Half Year Results
01.09.2010 09:20
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announcement.
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betbull Holding SE, formerly betbull plc, ('Betbull') announces the
release of group consolidated financial statements for the half year ended
30th June 2010
1. Financial highlights for the half year to 30th June 2010
- Betting stakes of EUR 41.4m for the half year down 7% compared to EUR
44.3m in HY1 2009.
- Net gaming revenue of EUR 8.3m for the half year up 38% compared to EUR
6.0m in HY1 2009.
- EBITDA (including the Spanish operations) of EUR 0.2m for the half year
up EUR 1.5m compared to EUR (1.3)m in HY1 2009.
- Cash (position including Spanish operations) as at 30 June 2010 of EUR
5.5m compared to EUR 4.8m as at 31 December 2009 and 5.7m in HY1 2009.
- EBITDA (excluding the Spanish operations) of EUR 0.9m for the half year
and cash position as at 30 June 2010 also excluding the Spanish
operations of EUR 4.6m.
2. Business highlights for the half year to 30th June 2010
Germany
The first 6 months of 2010 produced an impressive performance from a
reduced number of operating units compared to the same period 2009,
yielding a gross hold margin of 23% or EUR 9.2m on betting stakes of EUR
39.9m.
Spain
Early trading in the newly opened premises produced a turnover of EUR 1.5m
and a gross hold 19% or EUR 0.28m in the first 6 months of 2010. New
locations in Madrid are being negotiated, both own and agency units,
applications for licences in other autonomous communities are in progress.
Growth is solid and in line with expectations.
Commenting on today's release, Simon Bold director of Betbull Holding SE
said:
'We have significantly improved on performance in this period compared to
2009, net gaming revenue is up by 38% to EUR 8.3m, EBITDA is up by EUR 1.5m
to EUR 0.2m.The group improved its cash position in the first 6 months to
finish the period with EUR 5.5, up from EUR 4.8m at the end of December
2009.
Overall it is a very solid trading result particularly from our core German
business. The Spanish business is starting to gain momentum and there is a
clear indication that the business model is sustainable.'
Betbull Holding SE
Consolidated Income Statement
^
For the half year ended 30 June 2010
2010 2009
(6 months) (6 months)
EUR EUR
Betting stakes 41,393,632 44,270,849
Customer winnings (31,954,765) (37,099,288)
---------------------------
Gross hold 9,438,867 7,171,561
Other gaming income 1,120,837 625,306
Commissions to third party agents and bonuses (2,274,986) (1,771,782)
---------------------------
Net gaming revenue 8,284,718 6,025,085
Other operating income 79,053 164,057
---------------------------
Total income 8,363,771 6,189,142
Direct costs and betting taxes (1,599,989) (1,228,385)
---------------------------
Gross profit 6,763,782 4,960,757
Personnel costs (3,425,805) (3,311,698)
Cost of premises (1,842,649) (1,508,785)
Mobility and distribution costs (349,815) (345,906)
Other operating costs (956,102) (1,052,741)
Valuation adjustments - (1,520)
---------------------------
EBITDA and before share benefit charge 189,411 (1,259,893)
Share benefit charge (54,460) (58,898)
---------------------------
EBITDA 134,951 (1,318,791)
Depreciation & amortisation of investments (493,968) (497,133)
---------------------------
EBIT (359,017) (1,815,924)
Financial result (48,672) (122,169)
---------------------------
(Loss)/Profit before tax (407,689) (1,938,093)
Taxation (620,946) (51,668)
---------------------------
(Loss)/Profit after tax (1,028,635) (1,989,761)
---------------------------
Attributable to
- Equity holders of the parent - (1,469,768)
- Minority interest - (519,993)
---------------------------
- (1,989,761)
---------------------------
°
Betbull Holding SE
Consolidated balance sheet
As at 30 June 2010
^
2010 2009
EUR EUR
Goodwill, intangible assets and investments 16,257,881 17,723,493
Fixed assets 2,047,332 1,939,037
Non-current assets 334,475 281,704
Current assets 3,746,017 4,228,707
Cash and cash equivalents 5,522,828 5,741,524
--------------------------
Total assets 27,908,533 29,914,465
--------------------------
Equity 34,058,130 29,496,781
Losses (16,612,668) (11,348,753)
Reserves 5,558,089 5,368,232
Current liabilities 4,904,982 3,541,785
Minority interest - (1,478,210)
Long term liabilities
- Shareholder's convertible loan - 2,240,000
- Loan to Betbull Bwin Espana SA - 2,094,630
--------------------------
Total equity and liabilities 27,908,533 29,914,465
--------------------------
°
Contact
David De Marco, Group Finance Director
d.demarco@betbull.com
Phone +356 21494443
Fax +356 21480132
betbull Holding SE
15 Fetter Lane,
London EC4A 1JP
United Kingdom
Betbull Holding SE (formerly betbull plc) is registered in England & Wales
under the Registration Number SE12 (formerly 05044730).
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 London. betbull offers its customers principally horse and sports
betting at licensed betting shops, complemented by slot machines, internet
betting and sports bars. betbull accepts bets based on licences in England
and Wales, Malta and Germany, and is also licensed in Madrid, Spain. In
Germany, betbull products are available above all under the 'Wettenleip'
brand. In Madrid, Spain, the launch of the retail brand 'w1nners' is to be
piloted following the granting of a licence. betbull itself has been quoted
on the Third Market of the Vienna Stock Exchange since October 2004 (ISIN
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.
01.09.2010 09:20 Ad hoc announcement, Financial News and Press Release
distributed by DGAP. Medienarchiv 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
Großbritannien
Phone: +356 21480131
Fax: +356 21480132
E-mail: info@betbull.com
Internet: www.betbullplc.com
ISIN: AT0000615331
WKN: A0DKM0
Listed: Freiverkehr in Berlin, Stuttgart; Open Market in Frankfurt;
Foreign Exchange(s) Wien (Dritter Markt (MTF) / Third Market
(MTF))
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