Betbull Holding SE
betbull Holding SE, formerly betbull plc, (‘betbull’) announces the release of group consolidated audited financial statements for the year 2008

Betbull Holding SE / Final Results

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.
----------------------------------------------------------------------

betbull Holding SE, formerly betbull plc, ('betbull') announces the release
of group consolidated audited financial statements for the year 2008

1. Financial highlights for the year 2008

  - Betting stakes of EUR 100.4m up 28.5% compared to EUR 78.1m last year.
  - Net gaming revenue of EUR 16.1m up 21.1% compared to EUR 13.3m last
year.
  - EBITDA (including the joint venture in Madrid) of EUR (2.8)m down EUR
2.3m compared to EUR (0.5)m last year.
  - Loss of EUR (4.3)m down EUR 2.4m compared to EUR (1.9)m last year.
Extraordinary losses of EUR 1.9m include the write off of investment
associated with discontinuance of betting operations in Andalucia and
goodwill impairment.
  - Change of the share denomination of 5 Pence per share to EUR 0.05 per
share resulting in a reduction in share capital of EUR 0.2m.
  - Cash position as at 31 December 2008 (including the joint venture in
Madrid) of EUR 8.2m compared to EUR 7.7m as at 31 December 2007.
  - EBITDA excluding the joint venture in Madrid of EUR (1.0)m and cash
position as at 31 December 2008 also excluding the joint venture in Madrid
of EUR 7.6m.

 2. Business highlights for the period

betbull intends to focus business development entirely in Spain and Germany
whilst continuing to provide a complementary online offering to retail
customers. Management feels that these two regions offer a high level of
growth opportunity and warrant the full attention of the company's
investments.

Germany
Turnover was EUR 100.4m which continues to exceed last year's EUR 78.1m at
a rate of 28.5%. Gross hold of EUR 19.3m is 24.5% up on last
year's EUR 15.5m and Net Gaming Revenue of EUR 16.1m is 21.1% up on last
year's EUR 13.3m. Overall an excellent result from the German operations,
where the group has managed to achieve steady growth and stable trading
results despite the unfavorable legislative environment.  Several cases
before the European Court of Justice are pending with high relevance for
the regulatory environment in Germany.

Spain
Betbull Bwin Espana S.A. (BBE) was awarded a retail betting licence by the
Community of Madrid on 23 September 2008. BBE is now one of only four
licensed operators in the Province of Madrid. The first premises started
trading on 6 February 2009.

It is widely believed that other Provinces will follow Madrid and the
Basque Country in licensing retail betting and BBE intends to extend
operations to those Provinces when possible. The central office operations
and management already established will be capable of supporting retail
activities in further Provinces, producing future economies of scale.

Retail betting operations in Andalucia were suspended since 2007 pending
legislative amendments, which to date have not been forthcoming,
accordingly, betbull has surrendered leasehold interests in two properties
and is in the process of liquidating the subsidiary Betpoint SL.

Italy
betbull has disposed of their Italian retail betting operation, producing a
profit on original investment of EUR 0.2m

Online
Online betting via www.primebet.com  continues to be a complimentary
product for retail clients.  The exchange betting sites www.betbull.de  and
www.betbull.com  were discontinued with effect from Q4 2008 and Q1 2009
respectively.

Corporate Setup

betbull plc has transformed into betbull Holding SE on 31 October 2008. On
20 January 2009 an EGM has approved the relocation of betbull Holding SE
from London to Vienna.  The Directors intend to file for relocation as soon
as HMRC has specified their requirements for a guarantee on potentially
owed taxes in the UK. Upon relocation the management board shall be formed
by Simon Bold and Alexander Leip and the administrative board shall be
formed by Nicolas Mathys, Günter Schmid, and Norbert Teufelberger.  Also
effective upon relocation will be the replacement of the currently listed
ADCs with betbull Holding SE stock.

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

'betbull has again achieved handsome growth amid difficult trading
conditions in the core German market, increasing turnover to over EUR100m
as compared to EUR 78m last year. Net Gaming Revenue of EUR 16m against EUR
13m last year, showed a consistency in operating margin which highlights
the groups competence in the retail betting sector.

Group activities in Germany continue to provide solid net results,
supporting the significant start-up funding required in Madrid, where the
JV,  Betbull Bwin Espana SA (BBE) is in the process of opening the first
trading units. It is important to note that BBE accounts are fully
consolidated into betbull Holding SE accounts above.

We believe our investment in Madrid will provide significant contributions
to group profits in the future, we are pleased with the development of the
fully licensed market and actively await the opportunity to apply for
licences in further regions as and when available.

The concentration of resources on just 2 regions, Germany and Spain will
help to streamline the company and reduce costs. Non core activities,
including online exchange betting, are being discontinued and will be
eliminated during 2009. '

- 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 for a joint venture with bwin
Interactive Entertainment AG.  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.
06.04.2009  Financial News transmitted by DGAP
----------------------------------------------------------------------
 
Language:     English
Issuer:       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
 
---------------------------------------------------------------------------