DGAP-News: Betbull Holding SE / Key word(s): Final Results Betbull Holding SE ('Betbull') announces the release of group consolidated audited financial statements for the year ended 31st December 2012 28.03.2013 / 18:05
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Betbull Holding SE Press Release - 28th March 2013 Betbull Holding SE ('Betbull') announces the release of group consolidated audited financial statements for the year ended 31st December 2012 1. Financial highlights for the year 2012 - Betting stakes of EUR 72.5m down 3.7% compared to EUR 75.3m last year. - Net gaming revenue of EUR 13.0m down 5.1% compared to EUR 13.7m last year. - EBITDA of EUR (6.5)m (including impairment charge of EUR (5.5)m) down EUR (6.4)m compared to EUR (0.1)m last year. - Adjusted EBITDA (before goodwill impairment and share benefit charges) of EUR (1.0)m down EUR (0.9)m compared to EUR (0.1)m last year. - Loss for the year of EUR (6.9)m up EUR 6.7m compared to loss of EUR (0.2)m last year. - Cash position as at 31st December 2012 of EUR 6.7m compared to EUR 8.5m as at 31st December 2011. The audited financial statements and the annual report for the year ended 31st December 2012 will be published on our corporate website www.betbullse.com. 2. Business highlights in 2012 Betbull's business performance in 2012 was mainly affected by a steadily increasing grey market, the consolidation of Betbull's existing network of betting outlets and an unusual low betting margin in Q3/2012 leading to a decline in betting stakes and profit. However the performance of Betbull's gaming halls and slot machines in the betting outlets is stable and promising even though competition is increasing steadily. Betbull's EBITDA was additionally negatively affected by a goodwill impairment of EUR 5.5m. In accordance with IAS 36 Betbull regularly monitors the carrying value of its intangible assets by determining the future cash flow projections and comparing these to the carrying value of goodwill. The impairment test was performed on the two segments (i) betting and (ii) gaming halls/ slot machines both located in Germany. Due to the uncertainty of the outcome of the current tender process (issuance of only up to 20 sports betting licenses valid in Germany under the State Treaty on Gambling ('Erster Glücksspieländerungsstaatsvertrag')) Betbull used three different scenarios in the impairment test (including a scenario in which no license will be obtained) and all three scenarios have been weighted with an occurrence probability. Based on this approach the segment 'betting' has been impaired by EUR 5.5m. Commenting on today's press release Georg Höcherl, Managing Director of Betbull Holding SE, said: 'We really appreciate the work of the licensing authority carrying out the tender process. Unfortunately all efforts to waive the highly controversial debated limitation of licenses to be issued failed. Based on the uncertainty whether or not Betbull will obtain one of the 20 sports betting licenses we need to impair EUR 5.5m of the goodwill allocated to the segment of betting. We hope that the regulation of the gaming market in Germany will be executed in due course and a fair manner. We believe that Betbull is prepared to expand its retail betting business in a fully regulated market fast and significantly - through organic growth, acquisitions and strategic partnerships. Betbull already managed to obtain two sports betting licenses in Schleswig-Holstein - this was the first step to be recognised as a fully licensed and fully complaint sports betting operator in Germany.' Betbull Holding SE Consolidated income statement for the year ended 31 December 2012
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28.03.2013 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@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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205606 28.03.2013
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Betbull Holding SE Press Release - 28th March 2013 Betbull Holding SE ('Betbull') announces the release of group consolidated audited financial statements for the year ended 31st December 2012 1. Financial highlights for the year 2012 - Betting stakes of EUR 72.5m down 3.7% compared to EUR 75.3m last year. - Net gaming revenue of EUR 13.0m down 5.1% compared to EUR 13.7m last year. - EBITDA of EUR (6.5)m (including impairment charge of EUR (5.5)m) down EUR (6.4)m compared to EUR (0.1)m last year. - Adjusted EBITDA (before goodwill impairment and share benefit charges) of EUR (1.0)m down EUR (0.9)m compared to EUR (0.1)m last year. - Loss for the year of EUR (6.9)m up EUR 6.7m compared to loss of EUR (0.2)m last year. - Cash position as at 31st December 2012 of EUR 6.7m compared to EUR 8.5m as at 31st December 2011. The audited financial statements and the annual report for the year ended 31st December 2012 will be published on our corporate website www.betbullse.com. 2. Business highlights in 2012 Betbull's business performance in 2012 was mainly affected by a steadily increasing grey market, the consolidation of Betbull's existing network of betting outlets and an unusual low betting margin in Q3/2012 leading to a decline in betting stakes and profit. However the performance of Betbull's gaming halls and slot machines in the betting outlets is stable and promising even though competition is increasing steadily. Betbull's EBITDA was additionally negatively affected by a goodwill impairment of EUR 5.5m. In accordance with IAS 36 Betbull regularly monitors the carrying value of its intangible assets by determining the future cash flow projections and comparing these to the carrying value of goodwill. The impairment test was performed on the two segments (i) betting and (ii) gaming halls/ slot machines both located in Germany. Due to the uncertainty of the outcome of the current tender process (issuance of only up to 20 sports betting licenses valid in Germany under the State Treaty on Gambling ('Erster Glücksspieländerungsstaatsvertrag')) Betbull used three different scenarios in the impairment test (including a scenario in which no license will be obtained) and all three scenarios have been weighted with an occurrence probability. Based on this approach the segment 'betting' has been impaired by EUR 5.5m. Commenting on today's press release Georg Höcherl, Managing Director of Betbull Holding SE, said: 'We really appreciate the work of the licensing authority carrying out the tender process. Unfortunately all efforts to waive the highly controversial debated limitation of licenses to be issued failed. Based on the uncertainty whether or not Betbull will obtain one of the 20 sports betting licenses we need to impair EUR 5.5m of the goodwill allocated to the segment of betting. We hope that the regulation of the gaming market in Germany will be executed in due course and a fair manner. We believe that Betbull is prepared to expand its retail betting business in a fully regulated market fast and significantly - through organic growth, acquisitions and strategic partnerships. Betbull already managed to obtain two sports betting licenses in Schleswig-Holstein - this was the first step to be recognised as a fully licensed and fully complaint sports betting operator in Germany.' Betbull Holding SE Consolidated income statement for the year ended 31 December 2012
2012 2012 2011 2011
Net gaming revenue 12,994,793 13,651,486
Operation expenses (3,224,268) (2,993,116)
Gross profit 9,770,525 10,658,370
Personnel expenses (5,926,798) (5,846,564)
Depreciation, amortisation and (5,973,350) (455,974)
impairment
Other operating income 146,413 49,148
Administrative expenses (4,944,498) (4,949,725)
(16,698,233) (11,203,115)
Operating loss (6,927,708) (544,745)
Financial income 51,527 52,387
Financial expenses (4,000) (711)
47,527 51,676
Loss before tax (6,880,181) (493,069)
Taxation (17,614) 260,959
Loss after tax for the year (6,897,795) (232,110)
Attributable to:
Equity holders of the parent (6,897,795) (232,110)
Loss per share
Basic (0.59) (0.02)
Diluted (0.59) (0.02)
Betbull Holding SE Consolidated balance sheet as at 31 December 2012
2012 2012 2011 2011
Assets
Non-current assets
Property, plant and equipment 2,081,704 1,214,035
Goodwill 10,154,093 15,661,054
Investments 23,400 23,400
Deferred tax assets 95,099 180,154
12,354,296 17,078,643
Current assets
Inventories 249,037 312,859
Trade and other receivables 992,542 1,763,894
Cash and cash equivalents 6,676,289 8,456,325
7,917,868 10,533,078
Total assets 20,272,164 27,611,721
Equity attributable to equity
holders of the company
Share capital 11,714,624 11,714,624
Retained earnings (1,888,248) 5,009,547
Share benefit reserve 916,051 870,234
Cumulative translation reserve 210,821 210,821
Capital reserves 7,056,732 7,056,732
18,009,980 24,861,958
Current liabilities
Trade and other payables 2,082,721 2,084,733
Corporation tax payable 179,463 665,030
2,262,184 2,749,763
Total equity and liabilities 20,272,164 27,611,721
Betbull Holding SE Consolidated cash flow statement for the year ended 31 December 2012
2012 2012 2011 2011
Cash Flows from operating activities
Loss before tax (6,880,181) (493,069)
Adjustments for:
Depreciation and amortisation 466,388 455,974
Interest received (51,527) (52,387)
Interest paid 4,000 711
Income tax (paid)/received (418,126) 344,047
Share benefit expense 45,817 123,074
Impairment 5,506,961 -
(Profit)/loss on sale of fixed (18,998) 8,946
assets
5,534,515 880,365
(1,345,666) 387,296
Movements in trade and other 771,352 24,279
receivables
Movements in trade and other (2,012) 249,572
payables
Movements in inventories 63,822 36,297
833,162 310,148
(512,504) 697,444
Cash flows from investing activities
Purchase of property, plant and (1,335,059) (958,091)
equipment
Acquisitions - (165,673)
Interest received 51,527 52,387
Proceeds of sale of fixed assets 20,000 2,298
Net cash used in investing (1,263,532) (1,069,079)
activities
Cash flows from financing activities
Interest paid (4,000) (711)
Net cash generated from finance (4,000) (711)
activities
Net movement in cash and cash (1,780,036) (372,346)
equivalents
Cash and cash equivalents at the 8,456,325 8,828,671
beginning of the year
Cash and cash equivalents at the 6,676,289 8,456,325
end of the year
- ENDS - Contact David De Marco. d.demarco@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---------------------------------------------------------------------
28.03.2013 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@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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