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

DGAP-News: Betbull Holding SE / Key (NYSE: KEY - Nachrichten) word(s): Quarter Results Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the nine months ended 30th September 2011

30.11.2011 / 15:00

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Betbull Holding SE ('Betbull') announces the release of group consolidated unaudited financial statements for the nine months ended 30th September 2011

1. Financial highlights for the nine months to 30th September 2011

- Betting stakes of EUR 55.5m for the nine months down 2.3% compared to EUR 56.8m in the same period last year.

- Net (Frankfurt: A0Z22E - Nachrichten) gaming revenue of EUR 10.1m for the nine months down 7.3% compared to EUR 10.9m in the same period last year.

- EBITDA of EUR 0.1m for the nine months down EUR 0.9m compared to EUR 1.0m in the same period last year.

- Loss for the nine months EUR 0.03m down by EUR 0.21m compared to EUR 0.24m for the same period last year.

- Cash position as at 30 September 2011 of EUR 8.6m compared to EUR 5.7m as at 30 September 2010.

- Business highlights for the nine months to 30th September 2011

Betbull's business performance in Q3/2011 was still under pressure due to permanent administrative actions taken against Betbull's betting outlets in the federal states of Lower Saxony and Rhineland-Palatine and the steadily increasing grey market offerings. The decline of stakes and profit compared to the 2010 figures can be attributed to the shop closures suffered in the above mentioned federal states. Where business is not affected by legal measures of the authorities, the performance of the betting shops is stable and promising though competition is increasing steadily.

In September the legislative body of Schleswig-Holstein passed a new Gaming Act (Taiwan OTC: 3492.TWO - Nachrichten) ('Glücksspielgesetz Schleswig-Holstein') that has been successfully notified with the European Commission. This new Gaming Act will establish a liberalized gaming market in Schleswig-Holstein with effect from 1 January 2012 including sports betting and online poker and casino games. The issuing of licences under the new Gaming Act shall commence in March 2012.

Since notification of the draft State Treaty on Gaming ('Glücksspieländerungsstaatsvertrag') has failed, the Prime Ministers of the involved 15 federal states made material changes to the terms of the draft State Treaty; the number of sports betting licenses to be issued has been increased from 7 to 20 licenses as well as the levy on sports betting has been reduced from 16 2/3% to 5% on betting stakes.

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

'Even though we are still operating in an unsatisfactory situation with the authorities in certain German regions and the still existing legal uncertainties there, we are happy with the performance of our retail betting chain and our gaming halls. In a fully regulated market and under the commercial terms proposed in the latest draft State Treaty on Gaming, in particular the reduced levy on sports betting, our team is well prepared to expand our retail chain fast and significantly - through organic growth, due to acquisitions and with strategic partnerships.

Betbull intends to apply for licenses under the new Gaming Act in Schleswig-Holstein as well as under the new State Treaty on Gaming.'

Betbull Holding SE Consolidated (Berlin: YO3.BE - Nachrichten) income statement

For the nine months ended 30 September 2011
Continuing operations 2011 2010 (9 months) (9 months) EUR EUR Betting stakes 55,459,725 56,790,481 Customer winnings (44,291,928)(44,051,607) Gross hold 11,167,797 12,738,874 Other gaming income 1,639,370 1,201,550 Commissions to third party agents and bonuses (2,687,620) (3,060,127) Net gaming revenue 10,119,547 10,880,297 Other operating income 24,056 80,475 Total (Other OTC: TTFNF.PK - Nachrichten) income 10,143,603 10,960,772 Direct costs and betting taxes (2,193,192) (1,988,252) Gross profit 7,950,411 8,972,520 Personnel costs (4,077,174) (4,001,866) Cost of premises (2,404,697) (1,999,235) Mobility and distribution costs (337,408) (369,902) Other operating costs (1,022,061) (1,504,488) EBITDA before share benefit charge 109,071 1,097,029 Share benefit charge (36,021) (81,689) EBITDA 73,050 1,015,340 Depreciation & amortisation of investments (366,935) (411,271) EBIT (293,885) 604,069 Financial result 34,962 (43,794) (Loss)/profit before tax (258,923) 560,275 Taxation 226,108 (804,250) Loss for the nine months from continuing operations (32,815) (243,975) Discontinued operations: Loss for the nine months from discontinued - (1,694,751) operations Loss for the nine months (32,815) (1,938,726) 

Betbull Holding SE Consolidated balance sheet As at 30 September 2011

 2011 2010 EUR EUR Goodwill, intangible assets and investments 15,689,681 16,316,025 Fixed assets 866,070 2,077,172 Non-current assets 70,614 284,475 Current assets 2,419,528 2,477,074 Cash and cash equivalents 8,589,829 5,691,910 Total assets 27,635,722 26,846,656 Equity 11,714,624 34,144,752 Losses (13,127,825) (17,526,651) Reserves 26,387,397 5,498,696 Current liabilities 2,661,526 4,729,859 Total equity and liabilities 27,635,722 26,846,656
 

- 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 15 Fetter Lane EC4A 1JP London United Kingdom 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)) End of News DGAP News-Service
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148031 30.11.2011