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31.03.2011 20:30:05
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DGAP-News: Betbull Holding SE Austrian Cert.
DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the year ended 31st December 2010
- Net gaming revenue of EUR 14.6m up 14.1% compared to EUR 12.8m last year.
- EBITDA of EUR 1.2m up EUR 5.3m compared to EUR (4.1)m last year.
- Adjusted EBITDA (before share benefit charges and goodwill impairment in 2009) of EUR 1.3m up EUR 2.3m compared to EUR (1.0)m last year.
- Profit for the year of EUR 0.9m up EUR 7.6m compared to EUR (6.7)m last year. Extraordinary profit of EUR 0.9m (2009 - EUR 5.8m) include profit (loss in 2009) in connection with discontinued operations, share benefit charges and during 2009 impairment charge.
- Cash position as at 31 December 2010 of EUR 8.8m compared to EUR 4.8m as at 31 December 2009.
The audited financial statements and the annual report for the year ended 31st December 2010 will be published on the corporate website www.betbullse.com on 6th April 2011.
- Business highlights for the year
Spain As previously announced Betbull has sold 100% of Winners Apuestas SA (Winners), it's Spanish subsidiary, to bwin Interactive Entertainment AG for EUR 4m. The sale released Betbull from the funding obligations required by Winners. Betbull can now concentrate fully on its core retail business in Germany plus a limited online offer supporting the retail activities.
Germany During the year 2010 Betbull continued with the reorganisation process and shut down premises with below standard performances. Betbull further invested in fully licensed betting shops. Betting stakes of EUR 77.2m for the year down by 7.2% compared to those in 2009 of EUR 83.7m. This reduction reflects the difficult trading conditions in Germany, in particular during the period until the rulings of the European Court of Justice (ECJ) on 8 September 2010. Due to the positive ECJ rulings and the stronger trading period in QIV no impairment has been charged in the Income Statement (compared to an impairment charge of EUR 3.0m in 2009).
Corporate Setup With effect from 6 November 2010 the transfer of the registered seat of Betbull from London to Vienna has successfully been effected. Post relocation Betbull finalized the formation of the Administration Organ and the Managing Board. Betbull appointed Nicolas Mathys as member of the Administrative Organ and Georg Höcherl as Managing Director. Simon Bold, David De Marco, Simon Fielder and David Morgan resigned as members of the Administrative Organ. Alexander Leip resigned as a member of the Administrative Organ and was appointed as joint Managing Director.
Commenting on today's press release Alexander Leip, Managing Director of Betbull Holding SE said:
'2010 has been a year of consolidation with the clear focus on the German retail betting market plus a complementary offer of slot machines and a complementary online offering.
As a result of the transfer of the registered seat Betbull reduced costs at Holding level.
Betbull's healthy cash position would help to expand and develop the German business under an eagerly awaited new legislation.'
Betbull Holding SE
Consolidated income statement for the year ended 31 December 2010
2010 2009 EUR EUR Continuing operations
Net gaming revenue 14,581,779 12,790,949 Operating expenses (2,545,809) (3,138,836) Gross profit 12,035,970 9,652,113 Personnel expenses (5,593,936) (6,254,571) Depreciation, amortisation and impairment (570,601) (3,874,927) Other operating income 94,766 387,479 Administrative expenses (5,368,143) (4,839,843) Operating profit/(loss) 598,056 (4,929,749)
Finance income 10,557 113,452 Finance expense (67,789) (111,048) Profit/(loss) before tax 540,824 (4,927,345)
Taxation (685,261) 859,511 Loss after tax for the year from continuing operations (144,437) (4,067,834) __________ __________ Discontinued operations Profit/(loss) for the year from discontinued operations 1,034,844 (2,680,450) Profit/(loss) for the year 890,407 (6,748,284) Attributable to - Equity holders of the parent 890,407 (5,708,937) - Non controlling interest - (1,039,347) 890,407 (6,748,284) Profit/(loss) per share Basic EUR0.08 EUR(0.65) Diluted EUR0.08 EUR(0.65)
Betbull Holding SE
Consolidated balance sheet at 31 December 2010
Company register number FN 353397b 2010 2009 EUR EUR Assets
Non-current assets Property, plant and equipment 723,161 2,151,112 Goodwill 15,495,381 15,853,562 Intangible assets - 380,899 Investments 23,400 23,400 Deferred tax assets 70,614 334,474 16,312,556 18,743,447 Current assets Inventories 349,156 295,020 Trade and other receivables 1,788,173 3,130,955 Cash and cash equivalents 8,828,671 4,783,936
10,966,000 8,209,911 Total 27,278,556 26,953,358 Equity attributable to equity holders of the company Share capital 11,714,624 10,994,624 Retained earnings (13,095,008) (15,587,925) Share benefit reserve 747,160 2,240,751 Cumulative translation reserve 210,821 212,986 Capital reserves 25,393,397 25,213,397 24,970,994 23,073,833 Current liabilities Trade and other payables 1,835,351 3,301,074 Corporation tax payable 472,211 578,451 2,307,562 3,879,525 Total 27,278,556 26,953,358 Betbull Holding SE
Consolidated cash flow statement for year ended 31 December 2010
2010 2009 EUR EUR Cash flows from operating activities Profit/(loss) before tax from continuing operations 540,824 (4,927,345) Profit/(loss) before tax from discontinued operations 1,034,844 (2,680,450) 1,575,668 (7,607,795) Adjustments for: Depreciation and amortisation 570,601 1,432,475 Finance income (10,557) (113,452) Finance expense 67,789 111,048 Income tax received/(paid) (606,523) 266,558 Share benefit expenses 108,919 100,525 Impairment - 3,000,000 Adjustment for subsidiary sold (2,707,859) - (1,001,962) (2,810,641)
Movements in trade and other receivables 1,113,912 380,289 Movements in trade and other payables 534,649 (391,355) Movements in inventories (54,136) 35,390 1,594,425 24,324 Net cash used in operating activities 592,463 (2,786,317)
Cash flows from investing activities Purchase of property, plant and equipment (445,420) (1,250,521) Acquisitions (251,836) (1,200,000) Finance income 10,557 113,452 Earnout payments (525,000) (100,000) Proceeds of sale of subsidiary 3,831,760 - Net Cash used in investing activities 2,620,061 (2,437,069)
Cash flows from financing activities Convertible and other loans - 1,836,252 Issue of ordinary shares 900,000 100,000 Finance expense (67,789) (111,048) Net cash generated from financing activities 832,211 1,825,204 Net movement in cash and cash equivalents 4,044,735 (3,398,182) Cash and cash equivalents at the beginning of the year 4,783,936 8,182,118 Cash and cash equivalents at the end of the year 8,828,671 4,783,936 _________ _________
- 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
---------------------------------------------------------------------
31.03.2011 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 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; Wien (Dritter Markt (MTF) / Third Market (MTF)) End of News DGAP News-Service --------------------------------------------------------------------- 117993 31.03.2011
DGAP-News: Betbull Holding SE / Key word(s): Miscellaneous
Betbull Holding SE ('Betbull') announces the release of group
consolidated unaudited financial statements for the year ended 31st
December 2010
31.03.2011 / 20:30
---------------------------------------------------------------------
Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the year ended
31st December 2010
1. Financial highlights for the year 2010
- Betting stakes of EUR 77.2m down 7.2% compared to EUR 83.2m last year.
- Net gaming revenue of EUR 14.6m up 14.1% compared to EUR 12.8m last year.
- EBITDA of EUR 1.2m up EUR 5.3m compared to EUR (4.1)m last year.
- Adjusted EBITDA (before share benefit charges and goodwill impairment in 2009) of EUR 1.3m up EUR 2.3m compared to EUR (1.0)m last year.
- Profit for the year of EUR 0.9m up EUR 7.6m compared to EUR (6.7)m last year. Extraordinary profit of EUR 0.9m (2009 - EUR 5.8m) include profit (loss in 2009) in connection with discontinued operations, share benefit charges and during 2009 impairment charge.
- Cash position as at 31 December 2010 of EUR 8.8m compared to EUR 4.8m as at 31 December 2009.
The audited financial statements and the annual report for the year ended 31st December 2010 will be published on the corporate website www.betbullse.com on 6th April 2011.
- Business highlights for the year
Spain As previously announced Betbull has sold 100% of Winners Apuestas SA (Winners), it's Spanish subsidiary, to bwin Interactive Entertainment AG for EUR 4m. The sale released Betbull from the funding obligations required by Winners. Betbull can now concentrate fully on its core retail business in Germany plus a limited online offer supporting the retail activities.
Germany During the year 2010 Betbull continued with the reorganisation process and shut down premises with below standard performances. Betbull further invested in fully licensed betting shops. Betting stakes of EUR 77.2m for the year down by 7.2% compared to those in 2009 of EUR 83.7m. This reduction reflects the difficult trading conditions in Germany, in particular during the period until the rulings of the European Court of Justice (ECJ) on 8 September 2010. Due to the positive ECJ rulings and the stronger trading period in QIV no impairment has been charged in the Income Statement (compared to an impairment charge of EUR 3.0m in 2009).
Corporate Setup With effect from 6 November 2010 the transfer of the registered seat of Betbull from London to Vienna has successfully been effected. Post relocation Betbull finalized the formation of the Administration Organ and the Managing Board. Betbull appointed Nicolas Mathys as member of the Administrative Organ and Georg Höcherl as Managing Director. Simon Bold, David De Marco, Simon Fielder and David Morgan resigned as members of the Administrative Organ. Alexander Leip resigned as a member of the Administrative Organ and was appointed as joint Managing Director.
Commenting on today's press release Alexander Leip, Managing Director of Betbull Holding SE said:
'2010 has been a year of consolidation with the clear focus on the German retail betting market plus a complementary offer of slot machines and a complementary online offering.
As a result of the transfer of the registered seat Betbull reduced costs at Holding level.
Betbull's healthy cash position would help to expand and develop the German business under an eagerly awaited new legislation.'
Betbull Holding SE
Consolidated income statement for the year ended 31 December 2010
2010 2009 EUR EUR Continuing operations
Net gaming revenue 14,581,779 12,790,949 Operating expenses (2,545,809) (3,138,836) Gross profit 12,035,970 9,652,113 Personnel expenses (5,593,936) (6,254,571) Depreciation, amortisation and impairment (570,601) (3,874,927) Other operating income 94,766 387,479 Administrative expenses (5,368,143) (4,839,843) Operating profit/(loss) 598,056 (4,929,749)
Finance income 10,557 113,452 Finance expense (67,789) (111,048) Profit/(loss) before tax 540,824 (4,927,345)
Taxation (685,261) 859,511 Loss after tax for the year from continuing operations (144,437) (4,067,834) __________ __________ Discontinued operations Profit/(loss) for the year from discontinued operations 1,034,844 (2,680,450) Profit/(loss) for the year 890,407 (6,748,284) Attributable to - Equity holders of the parent 890,407 (5,708,937) - Non controlling interest - (1,039,347) 890,407 (6,748,284) Profit/(loss) per share Basic EUR0.08 EUR(0.65) Diluted EUR0.08 EUR(0.65)
Betbull Holding SE
Consolidated balance sheet at 31 December 2010
Company register number FN 353397b 2010 2009 EUR EUR Assets
Non-current assets Property, plant and equipment 723,161 2,151,112 Goodwill 15,495,381 15,853,562 Intangible assets - 380,899 Investments 23,400 23,400 Deferred tax assets 70,614 334,474 16,312,556 18,743,447 Current assets Inventories 349,156 295,020 Trade and other receivables 1,788,173 3,130,955 Cash and cash equivalents 8,828,671 4,783,936
10,966,000 8,209,911 Total 27,278,556 26,953,358 Equity attributable to equity holders of the company Share capital 11,714,624 10,994,624 Retained earnings (13,095,008) (15,587,925) Share benefit reserve 747,160 2,240,751 Cumulative translation reserve 210,821 212,986 Capital reserves 25,393,397 25,213,397 24,970,994 23,073,833 Current liabilities Trade and other payables 1,835,351 3,301,074 Corporation tax payable 472,211 578,451 2,307,562 3,879,525 Total 27,278,556 26,953,358 Betbull Holding SE
Consolidated cash flow statement for year ended 31 December 2010
2010 2009 EUR EUR Cash flows from operating activities Profit/(loss) before tax from continuing operations 540,824 (4,927,345) Profit/(loss) before tax from discontinued operations 1,034,844 (2,680,450) 1,575,668 (7,607,795) Adjustments for: Depreciation and amortisation 570,601 1,432,475 Finance income (10,557) (113,452) Finance expense 67,789 111,048 Income tax received/(paid) (606,523) 266,558 Share benefit expenses 108,919 100,525 Impairment - 3,000,000 Adjustment for subsidiary sold (2,707,859) - (1,001,962) (2,810,641)
Movements in trade and other receivables 1,113,912 380,289 Movements in trade and other payables 534,649 (391,355) Movements in inventories (54,136) 35,390 1,594,425 24,324 Net cash used in operating activities 592,463 (2,786,317)
Cash flows from investing activities Purchase of property, plant and equipment (445,420) (1,250,521) Acquisitions (251,836) (1,200,000) Finance income 10,557 113,452 Earnout payments (525,000) (100,000) Proceeds of sale of subsidiary 3,831,760 - Net Cash used in investing activities 2,620,061 (2,437,069)
Cash flows from financing activities Convertible and other loans - 1,836,252 Issue of ordinary shares 900,000 100,000 Finance expense (67,789) (111,048) Net cash generated from financing activities 832,211 1,825,204 Net movement in cash and cash equivalents 4,044,735 (3,398,182) Cash and cash equivalents at the beginning of the year 4,783,936 8,182,118 Cash and cash equivalents at the end of the year 8,828,671 4,783,936 _________ _________
- 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
---------------------------------------------------------------------
31.03.2011 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
---------------------------------------------------------------------
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; Wien (Dritter Markt (MTF) / Third Market (MTF)) End of News DGAP News-Service --------------------------------------------------------------------- 117993 31.03.2011
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