Betbull Holding SE
Betbull release annual accounts 2011

Betbull Holding SE / Key word(s): Final Results

30.03.2012 / 17:15

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Betbull Holding SE ('Betbull') announces the release of group consolidated
audited financial statements for the year ended 31st December 2011

1. Financial highlights for the year 2011

  - Betting stakes of EUR 75.3m down 2.5% compared to EUR 77.2m last year.

  - Net gaming revenue of EUR 13.7m down 6.2% compared to EUR 14.6m last
    year.

  - EBITDA of EUR (0.1)m down EUR 1.3m compared to EUR 1.2m last year. 

  - Adjusted EBITDA (before share benefit charges) of EUR 0.1m down EUR
    1.4m compared to EUR 1.3m last year.

  - Loss for the year of EUR (0.2)m down EUR 1.1m compared to profit of EUR
    0.9m last year.

  - Cash position as at 31 December 2011 of EUR 8.5m compared to EUR 8.8m
    as at 31 December 2010.

The audited financial statements and the annual report for the year ended
31st December 2011 will be published on the corporate website
www.betbullse.com.


2. Business highlights in 2011

Betbull's business performance in 2011 was still affected by administrative
actions taken against Betbull's betting outlets in the Federal States of
Lower Saxony and Rhineland-Palatinate. Compared to the figures of 2010 the
shop closures in the above mentioned Federal States caused the decline of
stakes and profit. However the performance of the betting shops and betting
halls is stable and promising even though competition is increasing
steadily.

With effect of 1 January 2012 the new Gaming Act in Schleswig-Holstein is
in force. Betbull will file its licence applications under the new Gaming
Act in due course and expects a positive response.

The Prime Ministers of the other 15 Federal States signed a new State
Treaty on Gaming ('Glückspieländerungsstaatsvertrag') in December 2011; the
new State Treaty on Gaming is expected to come into force by 1 July 2012.
According to the Glückspieländerungsstaatsvertrag up to 20 sports betting
licences (retail and online) will be issued. Sports betting turnovers will
be levied with 5%.

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

'We really appreciate the approach of Schleswig-Holstein to establish a
liberalized gaming market which is consistent with Federal and European
law. We hope that the regulation of the gaming market in the other Federal
States under the given terms will be executed in due course and a fair
manner. We believe that Betbull is prepared to expand its retail betting
business in a fully regulated market fast and significantly - through
organic growth, acquisitions and strategic partnerships.

Betbull is in the process of filing the necessary betting licences under
the new Gaming Act in Schleswig-Holstein and prepares itself to apply for a
betting licence under the new State Treaty on Gaming.'


Betbull Holding SE

Consolidated income statement for the year ended 31 December 2011
__________________________________________________________________________
Continuing operations                           2011                   2010
                                                 EUR                    EUR

Net gaming revenue                        13,651,486             14,581,779
Operating expenses                        (2,993,116)           (2,545,809)
____________________

Gross profit                              10,658,370             12,035,970

Personnel expenses                        (5,846,564)           (5,593,936)
Depreciation, amortisation and impairment   (455,974)             (570,601)
Other operating income                        49,148                 94,766
Administrative expenses                   (4,949,725)           (5,368,143)
____________________                  
                                         
Operating (loss)/profit                     (544,745)               598,056
Financial income                              52,387                 10,557
Financial expenses                              (711)              (67,789)
____________________
                                              
(Loss)/profit before tax                    (493,069)               540,824
Taxation                                     260,959              (685,261)
____________________

Continuing Operations (continued)

Loss after tax for the year from 
continuing operations                       (232,110)             (144,437)
____________________

Discontinued operations

Profit for the year from discontinued            -                1,034,844
operations  

(Loss)/profit for the year                 (232,110)                890,407
____________________

Attributable to  
- Equity holders of the parent             (232,110)                890,407

(Loss)/profit per share
Basic                                      EUR(0.02)                EUR0.08
Diluted                                    EUR(0.02)                EUR0.08

 
 
 
 

Betbull Holding SE

Consolidated balance sheet at 31 December 2011
__________________________________________________________________________


Assets                                         2011                    2010
                                                EUR                     EUR

Non-current assets   
Property, plant and equipment             1,214,035                 723,161
Goodwill                                 15,661,054              15,495,381
Investments                                  23,400                  23,400
Deferred tax assets                         180,154                  70,614
___________________

                                         17,078,643              16,312,556
__________________
Current assets
Inventories                                 312,859                 349,156
Trade and other receivables               1,763,894               1,788,173
Cash and cash equivalents                 8,456,325               8,828,671
__________________

                                         10,533,078              10,966,000
__________________

Total                                    27,611,721              27,278,556
__________________

Equity attributable to equity holders
of the company
Share capital                            11,714,624              11,714,624
Retained earnings                         5,009,547            (13,095,008)
Share benefit reserve                       870,234                 747,160
Cumulative translation reserve              210,821                 210,821
Capital reserves                          7,056,732              25,393,397
__________________

                                         24,861,958              24,970,994
__________________

Current liabilities
Trade and other payables                  2,084,733               1,835,351
Corporation tax payable                     665,030                 472,211

__________________

                                          2,749,763               2,307,562
__________________
     
Total                                     27,611,721             27,278,556
__________________

 
 
 
 


Betbull Holding SE

Consolidated cash flow statement for year ended 31 December 2011

                                                        2011           2010
                                                         EUR            EUR
Cash flows from operating activities 
(Loss)/profit before tax from continuing operations (493,069)       540,824
Profit before tax from discontinued operations             -      1,034,844
___________________

                                                    (493,069)     1,575,668
Adjustments for:
Depreciation and amortisation                        455,974        570,601
Interest received                                    (52,387)      (10,557)
Interest paid                                            711         67,789
Income tax received/(paid)                           344,047      (606,523)
Share benefit expenses                               123,074        108,919
Loss on sale of fixed assets                           8,946              -
Adjustment for subsidiary sold                             -    (2,707,859)
__________________
                                                     387,296    (1,001,962)

Movements in trade and other receivables              24,279      1,113,912
Movements in trade and other payables                249,572        534,649
Movements in inventories                              36,297       (54,136)
__________________
                                                     310,148      1,594,425
__________________

Net cash used in operating activities                697,444        592,463

Cash flows from investing activities
Purchase of property, plant and equipment           (958,091)     (445,420)
Acquisitions                                        (165,673)     (251,836)
Interest received                                     52,387         10,557
Proceeds of sale of fixed assets                       2,298              -
Earn out payments                                          -      (525,000)
Proceeds of sale of subsidiary                             -      3,831,760
__________________

Net Cash used in investing activities             (1,069,079)     2,620,061

Cash flows from financing activities
Issue of ordinary shares                                   -        900,000
Interest paid                                           (711)      (67,789)
__________________

Net cash generated from financing activities            (711)       832,211
__________________

Net movement in cash and cash equivalents           (372,346)     4,044,735
__________________

Cash and cash equivalents at
the beginning of the year                           8,828,671     4,783,936
__________________
Cash and cash equivalents at
the end of the year                                 8,456,325     8,828,671

__________________




- 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

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Language:    English                                                
Company:     Betbull Holding SE                                     
             Mariahilfer Straße 116                                 
             1070 Wien                                              
             Austria                                                
Phone:       +356 21480131                                          
Fax:         +356 21480132                                          
E-mail:      info@betbull.com                                       
Internet:    www.betbullse.com                                      
ISIN:        AT0000A0KPX9                                           
WKN:         A1C86G                                                 
Listed:      Freiverkehr in Berlin, Stuttgart; Wien (Dritter Markt  
             (MTF) / Third Market (MTF))                            
 
 
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163353 30.03.2012