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DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the year ended 31st December 2010
ID: 378661
(firmenpresse) - 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
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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 aresult 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 EURCash 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(at)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
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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: EnglishCompany: Betbull Holding SE
15 Fetter Lane
EC4A 1JP London
Großbritannien
Phone: +356 21480131
Fax: +356 21480132
E-mail: info(at)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
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117993 31.03.2011
  
  
  
Datum: 31.03.2011 - 20:30 Uhr
Sprache: Deutsch
News-ID 378661
Anzahl Zeichen: 14312
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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