Betbull Holding SE
Betbull Holding SE: Financial Statements for the Quarter ended 31 March 2010

Betbull Holding SE / Quarter Results

01.06.2010 08:30

Dissemination of a Corporate News, transmitted by
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betbull Holding SE, formerly betbull plc, ('Betbull') announces the
release of group consolidated financial statements for the quarter ended 31
March 2010

1. Financial highlights for the quarter

  - Betting stakes of EUR 20.8m for the quarter up 1% compared to EUR 20.6m
    in QIV 2009 and down 1% compared to EUR 21.1m in QI 2009.

  - Net gaming revenue of EUR 4.2m for the quarter up 5% compared to EUR
    4.0m in QIV 2009 and up 5% compared to EUR 4.0m in QI 2009.

  - EBITDA (including the Spanish operations) of EUR 0.2m for the quarter
    up EUR 3.1m compared to EUR (2.9)m in QIV 2009 and up 100% compared to
    EUR 0.1m in QI 2009.  

  - Cash position as at 31 March 2010 of EUR 5.1m compared to EUR 4.8m as
    at 31 December 2009.

  - EBITDA excluding the Spanish operations of EUR 0.6m for the quarter and
    cash position as at 31 March 2010 also excluding the Spanish operations
    of EUR 4.7m.

2. Business highlights for the quarter

Germany: The Group's core business performed well in the first quarter of
the year, positive contributions from German operations continue to support
the Group activities and a growth in net gaming revenue in this period
compared to the previous quarter is an encouraging sign that the German
market is buoyant despite ongoing legislative challenges.

Betbull has a sound structure and market position in Germany.

Spain: Business in the Spanish shops is growing month on month, both in
betting and machine revenues. Central costs still exceed shop contribution
and further investment is required to reach profitability. With more
autonomous communities regulating retail betting, Spain is an exciting and
developing market.

General: Relocation of Betbull Holding from London to Vienna is expected to
be completed in Q2 this year. The process has taken longer than originally
envisaged and therefore associated costs have exceeded budget.

Commenting on today's press release, Simon Bold, Director of Betbull
Holding SE said:

'I am happy to be able to report positive EBITDA of EUR 0.2m for the
period, representing a significant increase of EUR 3.1m compared to a loss
of EUR (2.9)m  in QIV of 2009.  In light of the costs incurred with the
relocation of our holding company and the losses of our developing Spanish
operations, this represents a considerable achievement.

Germany continues to provide a stable and profitable trading base for the
group operations, we remain optimistic about the long term potential of the
business despite the turbulent trading environment.

In Madrid we are experiencing growth and the signs are that, with further
investment, a profitable and stable business can be developed. Spain is an
exciting opportunity, with further regions announcing legislation for
retail betting this year there is potential to expand nationally and
develop a strong brand in a fully regulated environment where there is no
incumbent competitor.'


Betbull Holding SE
Consolidated Profit and Loss account

For the quarter ended 31 March 2010
   
   
                                               2010                  2009
                                     (1st 3 months)        (1st 3 months)
                                               EUR                    EUR
   

Betting stakes                          20,832,605             21,064,192
Customer winnings                     (16,005,853)            (16,165,466)

Gross hold                               4,826,752              4,898,726
Other gaming income                        529,372                302,897
Commissions to third party agents 
and bonuses                            (1,178,386)             (1,206,050)

Net gaming revenue                       4,177,738              3,995,573
Other operating income                      19,431                 54,234

Total income                             4,197,169              4,049,807
Direct costs and betting taxes            (754,221)              (731,540)

Gross profit                             3,442,948              3,318,267
Personnel costs                         (1,617,422)            (1,596,717)
Cost of premises                          (938,649)              (954,151)
Mobility and distribution costs           (168,254)              (182,541)
Other operating costs                     (508,195)              (478,942)
Valuation adjustments                            -                     68

EBITDA and before share benefit charge     210,428                105,984
Share benefit charge                       (27,230)               (29,449)

EBITDA                                     183,198                 76,535
Depreciation & amortisation 
of investments                            (264,442)              (227,571)

EBIT                                       (81,244)              (151,036)
Financial result                           (11,533)               (21,621)
   
Loss before tax                            (92,777)              (172,657)
Taxation                                  (420,594)              (275,793)

Loss after tax                            (513,371)              (448,450)
   
Attributable to 

- Equity holders of the parent                   -               (237,063)
- Minority interest                              -               (211,387)
                                                 
                                                 -               (448,450)
 

 

 
Betbull Holding SE
Consolidated balance sheet
As at 31 March 2010
                                                 2010                2009
                                                  EUR                 EUR
     
     
Goodwill, intangible assets 
and investments                            16,257,881          17,641,590
Fixed assets                                1,986,144           1,854,784
Non-current assets                            334,475             281,704
Current assets                              3,429,340           4,450,276
Cash and cash equivalents                   5,061,966           7,568,827

Total assets                               27,069,806          31,797,181
 
 
Equity                                     34,058,129          29,496,781
Losses                                    (16,101,295)        (10,118,968)
Reserves                                    5,530,858           5,343,017
Current liabilities                         3,582,114           4,185,078
Minority interest                                   -          (1,169,603)
Long tern liabilities
- Shareholder's convertible loan                    -           2,240,000
- Loan to Betbull Bwin Espana SA                    -           1,820,876
 
Total equity and liabilities               27,069,806          31,797,181
     
     



- ENDS -

Contact

David De Marco, Group Finance Director

d.demarco@betbull.com
Phone +356 21494443
Fax +356 21480132

betbull Holding SE

15 Fetter Lane,
London EC4A 1JP
United Kingdom

Betbull Holding SE (formerly betbull plc) is registered in England & Wales
under the Registration Number SE12 (formerly 05044730).

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 London.  betbull offers its customers principally horse and sports
betting at licensed betting shops, complemented by slot machines, internet
betting and sports bars. betbull accepts bets based on licences in England
and Wales, Malta and Germany, and is also licensed in Madrid, Spain.  In
Germany, betbull products are available above all under the 'Wettenleip'
brand.  In Madrid, Spain, the launch of the retail brand 'w1nners' is to be
piloted following the granting of a licence. betbull itself has been quoted
on the Third Market of the Vienna Stock Exchange since October 2004 (ISIN
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.


01.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
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;
              Foreign Exchange(s) Wien
 
End of News                                     DGAP News-Service
 
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