betbull Holding SE, formerly betbull plc, ('betbull') announces the release of group consolidated audited financial statements for the year 2009

1. Financial highlights for the year 2009

- Betting stakes of EUR 83.7m down 16.6% compared to EUR 100.4m last year.
- Net gaming revenue of EUR 13.1m down 18.6% compared to EUR 16.1m last year.
- Adjusted EBITDA (before goodwill impairment and share benefit charges) of EUR (2.9)m down EUR 2.3m compared to EUR (0.6)m last year. Adjusted EBITDA before Spanish result of EUR (0.6)m down EUR 2.2m compared to EUR 1.6m last year.
- Loss of EUR (6.7)m up EUR 2.4m compared to EUR (4.3)m last year. Extraordinary losses of EUR 3.1m (2007 - EUR 2.1m) include goodwill impairment and share benefit charges.
- Cash position as at 31 December 2009 of EUR 4.8m compared to EUR 8.2m as at 31 December 2008. Cash position as at 31 December 2009 excluding the Spanish operations of EUR 4.6m compared to EUR 7.5m as at 31 December 2008.

2. Business highlights for the year

Betbull has eliminated the companies and licences associated with exchange betting activities also other minor retail projects, leaving only retail operations in Germany and Spain - plus a limited online offer to support retail operations.

Germany

Turnover EUR 83.7m for the period was down by over 16.6% compared to 2008 turnover of EUR 100.4m. This was partly due to the effect of the European Championships on 2008 turnover. But it also reflects the difficult trading conditions in Germany. The weak trading period in QII, which was caused by an accumulation of adverse soccer results, could not be compensated by the stronger periods in QIII and QIV. Overall the still difficult regulatory and trading situation of the German business resulted in an impairment charge of EUR (3.0) m.

Spain

Betbull Bwin Espana S.A. finished the year trading from 6 premises, 4 own shops which include mini casino and 2 agency units. Performance of own shops is very encouraging and whilst in a ramp up phase the units are ahead of budget. Betbull Bwin Espana is 100% owned by Betbull Holding SE since 23 October 2009. The Spanish business contributed EUR (2.9)m to overall losses, which was in line with mangement's expectations for the year 2009.

Corporate Setup

During December, the administrative organ of betbull Holding SE appointed Simon Bold and Alexander Leip as Managing Directors, implementing the first step in forming the Executive Board.
Gunter Schmid resigned as an Executive Director and has taken up a non-executive position on the administrative organ. Relocation to Vienna is currently scheduled to take place at the end of April.

Commenting on today's press release, Simon Bold, Director of betbull Holding SE said:

'This has been a year of reorganisation, with a focus now clearly on Germany and Spain. betbull could further reduce costs and streamline operations.
German operations have performed well in difficult legislative conditions, continuing to support the significant development funding required in Madrid.
The investment in Madrid provides the Group with a fully licensed retail environment which has readily accepted betting.'