Corporate | 7 November 2016 10:00
DGAP-News: bet-at-home.com AG / Key word(s): 9-month figures/Quarterly /
Interim Statement
2016-11-07 / 10:00
The issuer is solely responsible for the content of this announcement.
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Group figures of the first three quarters of 2016 (1 January to 30
September 2016):
- Gross betting and gaming revenue increased by 14.7% to EUR 100.4 million
- EBITDA of EUR 12.3 million in the third quarter - accumulated EBITDA of
EUR 21.3 million
- Cash and cash equivalents and marketable securities of EUR 59.3 million
Düsseldorf, 7 November 2016. In the first three quarters of 2016, the
listed online sports betting and gaming provider continued its successful
development and used targeted advertising campaigns relating to the
European Football Championship in France to further increase the popularity
of the brand in its core markets.
Strong earnings development and increased investments to strengthen the
brand popularity:
In the first three quarters of 2016, the bet-at-home.com AG Group further
increased its gross betting and gaming revenue significantly thanks to
continuing investments in the bet-at-home.com brand. The marketing
campaigns relating to the European Football Championship in France were
among the key investments. They will contribute significantly to the
sustainable development of the bet-at-home.com brand.
In the first three quarters of the 2016 reporting period, EBITDA amounted
to EUR 21.3 million (Q1-Q3 2015: EUR 22.1 million). In the third quarter of
2016, EBITDA amounted to EUR 12.3 million due to the strong development of
the operating business. This constitutes the highest quarterly result in
the history of the company (Q3 2015: EUR 6.1 million).
In the first three quarters of the 2016 reporting period, EBIT amounted to
EUR 20.5 million, thus falling slightly below the comparative figure in the
previous year by EUR 1.0 million, as expected, due to the targeted
investments in marketing regarding the European Football Championship in
France, the majority of which occurred in the first half of 2016 (Q1-Q3
2015: EUR 21.5 million).
By investing the large amount of cash and cash equivalents and issuing
short-term loans at arm's length terms and conditions to the majority
shareholder of bet-at-home.com AG, the Group's financial result increased
to EUR 1.7 million in the first three quarters of 2016 (Q1-Q3 2015: EUR 1.6
million). In the first three quarters of 2016, earnings before taxes (EBT)
therefore amounted to EUR 22.2 million (Q1-Q3 2015: EUR 23.1 million).
Significant increase in gross betting and gaming revenue:
In the first three quarters of 2016, the gross betting and gaming revenue
amounted to EUR 100.4 million, thus 14.7% higher year-on-year (Q1-Q3 2015:
EUR 87.5 million). The total betting and gaming volume of the
bet-at-home.com AG Group amounted to EUR 2,081.2 million (Q1-Q3 2015: EUR
1,773.0 million) thus 17.4% higher year-on-year.
In the first three quarters of 2016, the betting fees and gambling levies
amounted to EUR 11.8 million, which is 13.1% higher year-on-year due to the
increase in gross betting and gaming revenue (Q1-Q3 2015: EUR 10.5
million). In the reporting period, the VAT regulations for electronic
service providers in the European Union resulted in an expense of EUR 6.8
million (Q1-Q3 2015: EUR 5.0 million).
The net betting and gaming revenue therefore increased by 13.5% to EUR 81.8
million (Q1-Q3 2015: EUR 72.1 million).
Further strengthening of the popularity of the brand and development of the
customer base:
Within the scope of the European Football Championship in France,
bet-at-home.com was represented throughout Europe in the form of
international advertising campaigns such as TV spots, posters and online
media as well as an extensive bonus campaign in the first three quarters of
2016. An event of this magnitude is always an ideal time for
bet-at-home.com to sustainably increase the number of registered customers.
In addition to the advertising measures surrounding the European Football
Championship, the sponsoring of Hertha BSC and other individual marketing
measures in the European core markets further increased the brand's
popularity.
In the first three quarters of 2016, total marketing costs therefore
amounted to EUR 34.2 million, as planned, thus 27.3% higher year-on-year
(Q1-Q3 2015: EUR 26.9 million).
At the end of the third quarter of 2016, the bet-at-home.com AG Group had
more than 4.5 million registered customers (Q3 2015: 4.2 million).
In the first three quarters of 2016, other operating expenses amounted to
EUR 14.3 million, thus EUR 2.1 million higher than the previous year (Q1-Q3
2015: EUR 12.2 million). This increase primarily resulted from further
investments in the broad product portfolio within the reporting period.
Stable asset and capital structure:
Adjusted for dividends paid from equity in the amount of EUR 15.8 million
in May 2016, total Group equity amounted to EUR 93.0 million as at 30
September 2016 (31 December 2015: EUR 94.0 million) resulting in a
consolidated equity ratio of 76.2% (31 December 2015: 74.2%)
As at 30 September 2016, liquid funds and securities of the bet-at-home.com
AG Group totalled EUR 59.3 million (31 December 2015: EUR 50.1 million) and
contained EUR 4.0 million from the first repayments of the short-term loan
issued to the majority shareholder of bet-at-home.com AG. As at 30
September 2016, a total of EUR 51.0 million was therefore reported in
short-term loans to the majority shareholder. These loans were issued at
arm's length terms and conditions and secured with a joint and several
guarantee by the owners of the majority shareholder.
Outlook:
From the current perspective, and assuming an unchanged regulatory and tax
law environment, the Management Board assumes growth in gross betting and
gaming revenue in the 2016 fiscal year of 10% to reach EUR 134.0 million.
The Management Board expects EBITDA to reach a level of about EUR 30.0
million in the 2016 fiscal year.
Report for the first three quarters of 2016:
The detailed quarterly statement can be downloaded on the Company's
Investor Relations website at
https://www.bet-at-home.ag/en/finance/download.
About bet-at-home.com:
The bet-at-home.com AG group is active in the domain of online gaming and
online sports betting. With more than 4.5 million registered customers
throughout the world, the company (which is listed on the Frankfurt stock
exchange) represents, together with its subsidiaries, one of Europe's most
successful gambling providers. The varied options offered on
www.bet-at-home.com include sports betting, poker, casino, games and
virtual sports. bet-at-home.com has companies in Germany, Austria, Malta
and Gibraltar. The successful development of the company can be attributed
to its 294 employees as at 30 September 2016. The group holds various
licences via its Maltese companies for online sports betting and gaming.
The licences allow the company to organise and market online sports betting
and online casinos. Since 2009, bet-at-home.com AG has been a part of the
Betclic Everest SAS Group, which is a leading French group in the domain of
online gaming and sports betting.
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2016-11-07 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: bet-at-home.com AG
Tersteegenstrasse 30
40474 Düsseldorf
Germany
Phone: +49 211 17934 770
Fax: +49 211 17934 757
E-mail: ir@bet-at-home.com
Internet: www.bet-at-home.ag
ISIN: DE000A0DNAY5
WKN: A0DNAY
Listed: Regulated Market in Frankfurt; Regulated Unofficial Market
in Berlin, Hamburg, Stuttgart, Tradegate Exchange
11.08.16 Wechsel vom Entry in den Prime Standard;
End of News DGAP News Service