DGAP-News: Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the half year ended 30th June 2011

ID: 471467
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(pressekat) - DGAP-News: Betbull Holding SE / Key word(s): Half Year Results
Betbull Holding SE ('Betbull') announces the release of group
consolidated unaudited financial statements for the half year ended
30th June 2011

31.08.2011 / 17:00

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Betbull Holding SE ('Betbull') announces the release of group consolidated
unaudited financial statements for the half year ended 30th June 2011

1. Financial highlights for the half year to 30th June 2011

- Betting stakes of EUR 37.3m for the half year down 6.5% compared to EUR
39.9m in HY1 2010.

- Net gaming revenue of EUR 6.8m for the half year down 11.7% compared to
EUR 7.7m in HY1 2010.

- EBITDA of EUR 0.4m for the half year down EUR 0.6m compared to EUR 1.0m
in HY1 2010.

- Profit for the half year of EUR 0.4m up EUR 1.5m compared to EUR (1.1)m
in HY1 2010. Extraordinary loss of EUR 1.0m in HY1 2010 include loss in
connection with discontinued operations and share benefit charge.

- Cash position as at 30 June 2011 of EUR 8.6m compared to EUR 5.5m as at
30 June 2010.

- Business highlights for the half year to 30th June 2011

During the first six months of 2011 Betbull's business performance was
stable even though it is operating in a still vague and inconsistent
legislative environment. In the notification process of the future German
State Gaming Treaty ('Glückspielstaatsvertrag') the European Commission
criticised major parts of the proposed terms presenting a so called
'detailed opinion'. In the light of the above mentioned detailed opinion
the federal state Schleswig-Holstein emphasized to adopt its own Gambling
Law which has passed the notification process without appreciable
objections. The legislative body in Germany faces the challenge to


establish adequate and fair regulations on gaming which will not lead
directly to a new treaty violation proceeding and to further years of legal
uncertainties.

Commenting on today's press release Alexander Leip, Managing Director of
Betbull Holding SE, said:

'We are happy with the performance of our retail betting chain and our
gaming halls. The reduction in Betting Stakes and Net Gaming Revenue is due
to reduced online betting and mainly the result of the renewed actions of
the authorities against betting shops as well as the prohibition of the
live betting product. In the light of the foreseen liberalization of the
German betting market and the ruling of the Federal Administrative Court
('Bundesverwaltungsgericht') the latest actions of the German authorities
against our branch is acceptable.
Nevertheless we are hopeful that the legislative body in Germany will
establish adequate and fair regulations on gaming which will abandon the
years of legal uncertainty in the sector of sports betting.'

Betbull Holding SE
Consolidated Profit and Loss account

For the half year ended 30 June 2011
2011 2010
(6 months) (6 months)
Continuing operations EUR EUR

Betting stakes 37,306,230 39,921,745
Customer winnings (29,801,601) (30,765,586)

Gross hold7,504,629 9,156,159
Other gaming income 1,055,355 796,870
Commissions to third party agents and bonuses (1,795,102) (2,261,548)

Net gaming revenue 6,764,882 7,691,481
Other operating income 75,241 58,160

Total income 6,840,123 7,749,641
Direct costs and betting taxes (1,291,922) (1,324,858)

Gross profit 5,548,201 6,424,783
Personnel costs (2,709,428) 2,743,476)
Cost of premises (1,706,519) (1,598,257)
Mobility and distribution costs (239,943) (281,508)
Other operating costs (468,100) (818,982)

EBITDA and before share benefit charge 424,211 982,560
Share benefit charge (24,014) (54,460)

EBITDA 400,197 928,100
Depreciation&amortisation of investments (235,799) (293,633)

EBIT 164,398 634,467
Financial result 18,442 (46,686)

Profit before tax 182,840 587,781
Taxation 248,185 (620,946)

Profit/(loss) for the half year from continuing 431,025 (33,165)
operations

Discontinued operations

Loss for the half year from discontinued - (995,470)
operations

Profit/(loss) for the half year 431,025 (1,028,635)
Betbull Holding SE
Consolidated balance sheet
As at 30 June 2011
2011           2010
EUR EUR

Goodwill, intangible assets and investments 15,752,681 16,257,881
Fixed assets 928,262 2,047,332
Non-current assets 70,614 334,475
Current assets 2,429,847 3,746,017
Cash and cash equivalents 8,552,025 5,522,828
Total assets 27,733,429 27,908,533

Equity 11,714,624 34,058,130
Losses (12,663,983) (16,612,668)
Reserves 26,375,391 5,558,089
Current liabilities 2,307,397 4,904,982
Total equity and liabilities 27,733,429 27,908,533
- 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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31.08.2011 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
United Kingdom
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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137734 31.08.2011



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Datum: 31.08.2011 - 17:00
Sprache: Deutsch
News-ID 471467
Anzahl Zeichen: 9980
Kontakt-Informationen:
Firma: Betbull Holding SE


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