DGAP-News: Tipp24 still on successful course (english)
Aug 6, 2012 10:53 AM
Tipp24 still on successful course
DGAP-News: Tipp24 SE / Key word(s): Half Year Results
Tipp24 still on successful course
06.08.2012 / 08:52
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Report on the first six months of 2012
- Successful spin-off of German online brokerage business
- Consolidated net profit up 28.7 percent
- EBIT forecast raised to EUR 48 million due to cash-neutral special item
(Hamburg, 6 August 2012) Following a strong first quarter, Tipp24 remains
firmly on course for success in the first six months of 2012. The company's
consolidated revenue for the first half-year amounted to EUR 68.2 (prior
year: EUR 68.6) million. Earnings before interest and taxes (EBIT) rose by
12.4 percent to EUR 38.5 (34.3) million. Consolidated net profit was up
28.7 percent to EUR 30.0 (23.3) million. The EBIT margin increased by 6.5
percentage points to 56.5 (50.0) percent. In the period under review,
Tipp24 improved earnings per share from continued operations from EUR 3.02
to EUR 3.65.
Tipp24's successful development was once again driven by its Abroad
segment. At EUR 68.7 (69.8) million, revenues were almost on a par with the
first six months of last year. EBIT amounted to EUR 26.4 (38.3) million.
Revenue in Germany totalled EUR 0.3 (0.3) million. EBIT was up strongly to
EUR 11.3 (-3.05) million.
Special items
The spin-off of Lotto24 AG had a particularly positive impact on EBIT of
EUR 18.2 million in total. This figure resulted mainly from disclosing
hidden reserves when providing Lotto24 AG with the business opportunity of
online lottery brokerage in Germany. This disclosure of hidden reserves had
no impact on cash.
Further special items included a favourable payout ratio in the first half
of 2012 and the settlement of a dispute involving MyLotto24 Limited with
regard to the payment of an insurance amount in the comparative prior-year
period.
Outlook
On 1 July 2012, the 'First State Treaty to Revise the State Treaty on Games
of Chance in Germany' (GlüÄndStV) came into force in 14 federal states,
with the exception of Schleswig-Holstein and North-Rhine Westphalia. It
continues many of the illegal restrictions of its predecessor which were
criticised by both the European Court of Justice and the EU Commission.
Tipp24 does not therefore expect any clarification of the unchanged legal
uncertainties in the short term.
Tipp24 SE will focus in future on its international business, and
especially the creation of a new business division offering Internet
services for lottery companies.
Dr Hans Cornehl, CEO of Tipp24 SE, states: 'Compared to other sectors, the
international online lottery market is remarkably underdeveloped - the
opportunities for significant growth in the coming years are therefore
great. Tipp24 is excellently placed to benefit strongly from such growth.
Moreover, we see attractive additional potential in new product categories
and in the course of any liberalisation of the European lottery markets.'
Guidance upgraded
Due to the special items resulting from the spin-off of Lotto24 AG, Tipp24
has upgraded its guidance and now expects consolidated EBIT in fiscal year
2012 of at least EUR 48 million, instead of the previous EUR 35 million,
with unchanged revenue of EUR 130 million. This forecast includes
consideration of uncertainties regarding negative statistical fluctuations
amounting to EUR 10 million as well as EUR 5 million for the establishment
of new business.
The complete half-yearly report is published on the website of Tipp24 SE in
the Investor Relations section: www.tipp24-se.de.
^
Quarter comparison: Q.II 2012 / Q.II Half-year comparison: 2012 / 2011
2011
°
^
in EUR thsd. 2012 2011 in EUR thsd. 2012 2011
Revenue 32,758 35,101 Revenue 68,194 68,629
- Germany 122 134 - Germany 265 306
- Abroad 32,795 35,664 - Abroad 68,660 69,768
EBIT 26,479 22,641 EBIT 38,527 34,282
- Germany 14,397 -1,468 - Germany 11,325 -3,047
- Abroad 11,087 24,674 - Abroad 26,403 38,278
Net profit 21,305 15,774 Net profit 30,034 23.328
°
(Possible rounding differences due to presentation in EUR thousand)
About Tipp24 SE: Tipp24 SE (formerly Tipp24 AG) was founded in September
1999 and holds equity interests in a number of companies in Spain, Italy
and the UK, which enable participation in lottery-based games via the
Internet, especially via the websites www.ventura24.es, www.giochi24.it,
www.mylotto24.co.uk and www.tipp24.com. From its foundation to the end of
2008, Tipp24 SE brokered tickets worth over 1.5 billion euros to the state
lottery companies - in the latter years over 330 million euros annually.
Following its successful IPO in 2005 (Prime Standard), the company was
admitted to the SDAX index in June 2009 and has been trading as a European
public limited company since December 2009. In July 2012, German online
brokerage activities were successful spun off from Tipp24 SE in the form of
the listed company Lotto24 AG.
Press contact:
Tipp24 SE
Andrea Fratini
Head of Media and Public Relations
Tel.: +49 40 32 55 33-660
E-mail: presse@tipp24.de
Internet: www.tipp24.de/press/
End of Corporate News
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Language: English
Company: Tipp24 SE
Straßenbahnring 11
20251 Hamburg
Germany
Phone: Tel.: +49 (0)40 325533-661
Fax: +49 (0)40 325533-5600
E-mail: presse@tipp24.de
Internet: www.tipp24-se.de
ISIN: DE0007847147
WKN: 784714
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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180401 06.08.2012
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