Good earnings for Bet at Home
Monday March 4,2013 : BET-AT-HOME DELIVERS RESPECTABLE RESULTS
But impacted by high marketing expenditure, gaming taxes and betting fees
Bet-At-Home.com AG delivered a 17 percent increase in GGR in its 2012 year-end report this week. Despite a good performance, the company’s results were negatively affected by gaming taxes and a significant increase in advertising expenses in pursuit of its growth strategy.
Key performance indicators include:
– Group financial result for financial year 2012 increased to Euro 1.08 million (2011: Euro 0.53 million).
– Group result before taxes was Euro 2.27 million (2011: Euro 5.52 million)
– Group annual net profit of Euro 1.71 million (2011: Euro 4.60 million).
– Group EBITDA amounted to Euro 1.83 million (2011: Euro 5.53 million), influenced by betting fees and gaming taxes reducing profits.
– Gross gaming revenue increased by 17.4 percent to Euro 85.46 million (2011: Euro 72.81 million)
– Net gaming revenue improved significantly in financial year 2012 up by 14.2 percent to Euro 75.51 million (2011: Euro 66.12 million).
– Almost unchanged cash, cash equivalents and marketable securities amounting to Euro 39.60 million as of 31/12/2012 (Euro 11.3 per share) (31/12/2011: Euro 40.12 million (Euro 11.4 per share))
– Betting and gaming turnover increased by 14.8 percent to Euro 2,039.78 million (2011: EUR 1,776.30 million).
– Group betting taxes and gaming duties for financial year 2012 of Euro -9.94 million (2011: Euro -6.70 million) were recorded as expenditure reducing profits
– Group equity of Euro 32.59 million is reconciled with the Group’s annual net profit for 2012 of Euro 1.71 million to Group equity in the amount of Euro 34.29 million.
– Equity ratio increased to 64.16 percent year-over-year (31/12/2011: 62.12 percent).
Bet-At-Home increased its advertising spend by 22.6 percent to Euro 50.02 million in financial year 2012 in a bid to increase customer acquisitions during the European Football Championship in Poland and the Ukraine, reactivate existing clients and improve efficiencies in marketing activities.
"We see the large-scale advertising activities as an investment in the future for the further strengthening of the bet-at-home.com brand," said a company statement. "We now have considerably more than 3.23 million registered customers. This is a marked increase of 19.0 percent or 518,000 customers in the number of customers compared to the balance sheet at the end of 2011.
The Bet-At-Home Board said it expects to further strengthen profitability for the bet-at-home.com AG Group in financial year 2013.
