Betbull Holding SE
Betbull Holding SE (‘Betbull’) announces the release of group consolidated unaudited financial statements for the year ended 31st December 2010

Betbull Holding SE / Key word(s): Miscellaneous

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.


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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))  
 
 
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