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betbull

Datum/Zeit: 01.06.2009 08:30
Quelle: betbull - Presseaussendung

betbull Holding SE, formerly betbull plc, ('Betbull') announces the release of group consolidated financial statements for the quarter ended 31 March 2009

1. Financial highlights for the period

- Betting stakes of EUR 21.1m for the quarter down 20% compared to EUR 26.4m in QIV 2008 and down 5% compared to EUR 22.2m in QI 2008.
- Net gaming revenue of EUR 4.0m for the quarter down 10% compared to EUR 4.4m in QIV 2008 and up 5% compared to EUR 3.8m in QI 2008.
- EBITDA (including the joint venture in Madrid) of EUR 0.1m for the quarter up EUR 2.8m compared to EUR (2.9)m in QIV 2008 and down 67% compared to EUR 0.3m in QI 2008.
- Cash position as at 31 March 2009 (including the joint venture in Madrid) of EUR 7.6m compared to EUR 8.2m as at 31 December 2008.
- EBITDA excluding the joint venture in Madrid of EUR 0.5m for the quarter and cash position as at 31 March 2009 also excluding the joint venture in Madrid of EUR 6.9m.

2. Business highlights for the quarter

Germany: The business continues to provide consistent and solid results despite the challenging legislative conditions. While turnover for Q1 2009 was down 5% on the same period last year, NGR was 5% higher at EUR 4.0m and in line with forecasts.
Betbull remains confident about the long term opportunity for retail betting in Germany.

Spain: The development of Betbull Bwin Espana SA has accelerated during the quarter. The first 3rd party premises opened in February and one 'own' premises under the brand 'w1nners' has been added, with two further premises under reformation.

Online: The group's online activities are limited to providing a complimentary product for retail clients. Betting exchange activities have been curtailed and at present there are no plans to increase online product offers.

Other activities: Betbull is concentrating its resources entirely on the German and Spanish markets.

Commenting on today's release Simon Bold, Director of Betbull Holding SE, said: 'The Q1 performance is very satisfactory, particularly given that we have invested heavily in Betbull Bwin Espana SA. Betbull recorded a positive EBITDA of EUR 0.1m down EUR 0.2m on the same period last year, due mainly to the company's investment in Madrid.
Our German business has again proved resilient to the difficult conditions in that jurisdiction.
In Spain we have made significant progress this quarter, opening the first premises and securing the purchase of further licensed premises which will be converted into 'w1nners' branded outlets offering a full range of betting and gaming products in a sports bar environment. We are confident that our concept of predominantly 'own' shops will prove to be the successful formula, benefiting from the strong gaming machine revenues in Spain, as well as the rapidly growing sports and greyhound markets. Betbull has now completely exited the online betting exchange business and will benefit from the associated cost savings during the forthcoming months. Other online activities are restricted to providing a web based service to our retail clients, we do not intend to expand those activities during this year and there will not be any allocation of marketing funds. Our energy and funds are very clearly focused in the sector of retail betting in our core market in Germany and the very quickly growing and fully licensed retail market in Madrid. We will compete for licences in other Spanish autonomous communities as and when they become available. betbull Holding SE is continuing and close to completing the process of relocation from London to Vienna, part of the overall plan to reduce costs and streamline central and operational activities.
Second quarter hold margins have been disappointing to date, with football results particularly favouring clients..

Betbull Holding SE
Consolidated Profit and Loss account
For the quarter ended 31 March 2009

   
                                                 2009            2008
                                            (3 months)      (3 months)
                                                  EUR             EUR

Betting stakes                             21,064,192      22,157,748
Customer winnings                        (16,165,466)    (17,544,095)

Gross hold                                  4,898,726       4,613,653
Other gaming income                           302,897         233,759
Commissions to third party agents
and bonuses                               (1,206,050)     (1,011,784)
   
Net gaming revenue                          3,995,573       3,835,628
Other operating income                         54,234         205,717

Total income                                4,049,807       4,041,345
Direct costs and betting taxes              (731,540)       (651,812)

Gross profit                                3,318,267       3,389,533
Personnel costs                           (1,596,717)     (1,463,038)
Cost of premises                            (954,151)       (992,390)
Mobility and distribution costs             (182,541)       (208,881)
Other operating costs                       (478,942)       (396,946)
Valuation adjustments                              68           4,662
   
EBITDA and before share benefit charge        105,984         332,940
Share benefit charge                         (29,449)        (48,815)

EBITDA                                         76,535         284,125
Depreciation & amortisation of investments  (227,571)       (282,194)

EBIT                                        (151,036)           1,931
Financial result                             (21,621)           8,212

Loss before tax                             (172,657)          10,143
Taxation                                    (275,793)       (244,562)

Loss after tax                              (448,450)       (234,419)

Attributable to 
- Equity holders of the parent              (237,063)        (96,968)
- Minority interest                         (211,387)       (137,451)
                                            (448,450)       (234,419)

Betbull Holding SE
Consolidated balance sheet
As at 31 March 2009

                                                   2009            2008
                                                    EUR             EUR
Goodwill, intangible assets and investments  17,641,590      18,893,195
Fixed assets                                  1,854,784       2,293,737
Non-current assets                              281,704         195,878
Current assets                                4,450,276       3,596,824
Cash and cash equivalents                     7,568,827      10,079,621
Total assets                                 31,797,181      35,059,255
     
Equity                                       29,496,781      34,356,518
Losses                                     (10,118,968)    (11,746,414)
Reserves                                      5,343,017       5,449,790
Current liabilities                           4,185,078       5,913,940
Minority interest                           (1,169,603)       (164,579)
Long tern liabilities  
   - Shareholder's convertible loan           2,240,000       1,250,000
   - Loan to Betbull Bwin Espana SA           1,820,876               -

Total equity and liabilities                 31,797,181      35,059,255

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