Betbull Holding SE, formerly Betbull plc ('Betbull') announces the release
of group consolidated unaudited financial statements for the 9 months ended
30 September 2008
1. Financial highlights for the period
- Betting stakes of EUR 74.0m for the nine months up 28% compared to EUR
57.8m in the same period last year.
- Net gaming revenue of EUR 11.7m for the nine months up 19% compared to
EUR 9.8m in the same period last year.
- EBITDA (including the joint venture in Madrid) of EUR 0.1m for the nine
months down EUR 0.6m compared to EUR 0.7m in the same period last year.
- Cash position as at 30 September 2008 (including the joint venture in
Madrid) of EUR 9.2m compared to EUR 8.0m as at
30 September 2007.
- EBITDA excluding the joint venture in Madrid of EUR 1.3m for the nine
months and cash position as at 30 September 2008 also excluding the joint
venture in Madrid of EUR 8.1m.
2. Business highlights for the period
Germany
Turnover for the 9 months was EUR 74m which continues to exceed that of
last year at a consistent rate of 28%. Gross hold of EUR 14.0m for the nine
months is 25% up on the same period last year and Net Gaming Revenue of EUR
11.7m is 19% up on last year. Overall an excellent result from the German
operations, where the group has managed to achieve steady growth and stable
trading results despite the unfavourable legislative environment.
Spain
Betbull Bwin Espana (BBE) was awarded a retail betting licence by the
Community of Madrid on 23 September, in line with forecasts stated in the
last quarterly release. BBE is now one of only 4 licensed operators in the
Province of Madrid. A roll out of approximately 100 betting premises,
including agencies and own shops is planned within the next 4 years in the
Province.
It is widely believed that other Provinces will follow Madrid in licensing
retail betting and BBE intends to extend operations to those Provinces when
possible. The central office operations and management already established
will be capable of supporting retail activities in further Provinces,
producing future economies of scale.
Online
Online betting continues to be a complimentary product for retail clients.
Other
Betbull’s focus is concentrated fully on Germany and Spain, with other
activities being gradually curtailed. Management feels that the two regions
offer such immense opportunities that it is essential to apply all
available resources to those regions.
Commenting on today’s press release, Simon Bold director of Betbull plc
said:
'Betbull achieved a solid trading result in the 9 months to 30 September,
this has been distorted somewhat by the group’s investment in the Spanish
market through the Joint Venture company BBE, whose financial results are
fully consolidated into the foregoing accounts.
Betbull has identified itself as a strong and credible betting retailer by
its presence in the Spanish market, being one of only four licensed betting
operators to date in the Province of Madrid. Early signs in the Spanish
market are very promising and we see this market as the most exciting
opportunity in Europe at the moment. First shops will open in the next one
or two months and Q1 will see the first trading reports from Madrid
activities.
The company continues to operate a tight financial control and closely
monitor costs. The concentration of resources on just 2 regions, Germany
and Spain will help to streamline the company and we will curtail
operations not associated with these core areas during the coming months.'
Betbull Holding SE
Consolidated Profit and Loss account
For the quarter ended 30 September 2008
2008 2007
(9 months) (9 months)
EUR EUR
Betting stakes 73,988,225 57,834,817
Customer winnings (60,036,205) (46,651,938)
Gross hold 13,952,020 11,182,879
Other gaming income 819,638 944,216
Commissions to third party agents and bonuses (3,026,037) (2,354,360)
Net gaming revenue 11,745,621 9,772,735
Other operating income 289,374 714,472
Total income 12,034,995 10,487,207
Direct costs and betting taxes (2,030,095) (1,918,695)
Gross profit 10,004,900 8,568,512
Personnel costs (4,691,892) (4,255,175)
Cost of premises (2,938,293) (1,991,122)
Mobility and distribution costs (726,892) (676,701)
Other operating costs (1,410,885) (973,719)
Valuation adjustments (2,546) -
EBITDA and before share benefit charge 234,392 671,795
Share benefit charge (146,444) (46,500)
EBITDA 87,948 625,295
Depreciation & amortisation of investments (657,890) (922,556)
EBIT (569,942) (297,261)
Financial result (280,503) 82,964
Loss before tax (850,445) (214,297)
Taxation (357,253) (581,994)
Loss after tax (1,207,698) (796,291)
Attributable to
- Equity holders of the parent (623,966) (796,291)
- Minority interest (583,732) -
(1,207,698) (796,291)
Certain figures have been restated to conform with the current more
detailed presentation. Due to the new presentation the following line items
have been added or restated:
1.Betting stakes.
2.Customer winnings.
3.Other gaming revenue which include income from slot machines, betting
fees income, and rentals fees.
4.Commissions to third party agents and bonuses.
5.Personnel costs.
6.Cost of premises which include rental of premises, maintenance and
running costs.
7.Mobility and distribution costs which include travel costs, printing
postage and stationery costs, motor vehicle running costs and communication
costs.
8.Other operating costs which include insurance costs, legal and
professional costs, accountancy and audit costs and bank charges.
9.Valuation adjustments which include differences on exchange and
differences in valuation of investments.
10.EBITDA is now shown before share benefit charge and after share benefit
charge.
11.EBIT.
The above changes are merely changes in presentation. The annual accounts
format has not been changed.
Betbull Holding SE
Consolidated balance sheet
As at 30 September 2008
2008 2007
EUR EUR
Goodwill, intangible assets and investments 18,582,544 18,522,700
Fixed assets 2,541,122 2,838,415
Non-current assets 195,878 206,133
Current assets 4,986,436 4,651,953
Cash and cash equivalents 9,193,147 7,998,114
Total assets 35,499,127 34,217,315
Equity 34,356,519 34,299,994
Losses (12,370,380) (10,561,117)
Reserves 5,547,420 5,022,335
Current liabilities 5,833,386 4,754,192
Minority interest (610,860) -
Long tern liabilities
- Shareholder’s convertible loan 1,250,000 -
- Loan to Betbull Bwin Espana SA 1,493,042 -
- Others - 701,911
Total equity and liabilities 35,499,127 34,217,315
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. 