DGAP-News: Tipp24: best-ever results for twelfth year running (english)
Mar 27, 2012 11:51 AM
Tipp24: best-ever results for twelfth year running
DGAP-News: Tipp24 SE / Key word(s): Final Results
Tipp24: best-ever results for twelfth year running
27.03.2012 / 09:51
---------------------------------------------------------------------
- EBIT grows to EUR 51.9 million
- Consolidated revenues reach all-time-high of EUR 139.3 million
(Hamburg, 27 March 2012) For the twelfth consecutive year, Tipp24 SE 2011
posted the best annual results in the company's history: consolidated
revenue with grew by 36.7% to a record EUR 139.3 (prior year: EUR 101.9)
million. There was a disproportionately strong increase in earnings before
interest and taxes (EBIT), which climbed 58.8% to EUR 51.9 (32.7) million.
The EBIT margin was up 5.2 %-points from 32.1% to 37.3%. Consolidated net
profit rose by 85.9% to EUR 36.3 (19.6) million. Earnings per share from
continued operations amount to EUR 4.80 (2.85). Available funds at the end
of the year amounted to around EUR 129 million.
As in the previous years, the Abroad segment was largely responsible for
the development of business with revenue of EUR 141.5 (103.7) million and
an EBIT result of EUR 60.0 (40.2) million. The Germany segment contributed
just EUR 0.6 (0.6) million to Group revenue and EUR -8.8 (-6.4) million to
EBIT.
The Skill-Based Games business model in Germany proved unable to match the
profitability of Tipp24's core lottery brokerage business over the long
term. In order to focus on its lottery business in future, Tipp24 has
decided to sell its Skill-Based Games activities.
Light on the regulatory horizon - no green light for gaming legislation of
15 federal states
Schleswig-Holstein played a pioneering role in re-opening the German market
for online brokerage at the beginning of the year - on the basis of the
only German gaming law notified by the EU. There has been no green light so
far however for the draft legislation of Germany's other 15 federal states.
In its latest statement last week, the EU Commission criticized the large
number of permits required for online lottery brokerage. It repeated that
restrictions must only serve to prevent addiction and crime.
Dr. Hans Cornehl, CEO of Tipp24 SE, states: 'Using the risk of addiction to
justify extensive bans for private lottery providers is no longer tenable.
There is simply no such thing as lottery addiction - a fact which has since
been confirmed in court. Moreover, it was neglected to notify the
implementation laws of the 15 states which are still seeking to restrict
our basic freedoms - thus making them inapplicable. It is high time that
commercial lottery brokers were once again granted non-discriminatory
market access in line with EU legislation.'
Lotto24: relaunch on German market
In view of what the company regards as highly promising regulatory
prospects, Tipp24 relaunched its activities on the German market this year
- and from a position of strength, as it dominated the German online
lottery market until the introduction of the last State Treaty on Games of
Chance in early 2009.
As Petra von Strombeck, Marketing Director of Tipp24 SE, explains: 'Within
the framework of the Schleswig-Holstein gaming laws, lottery players can
conveniently submit their tickets online and round the clock via the
www.lotto24.de website as of February. We are convinced that we can
successfully utilize the considerable opportunities which this market
offers and establish a strong and distinctive brand with Lotto24.de.'
Ongoing internationalisation
Tipp24 will continue to focus on the further expansion of its international
lottery business in future. Dr. Hans Cornehl, CEO of Tipp24 SE: 'In
addition to the existing growth activities of our minority shareholdings in
Spain and the UK, we plan to establish a new business field in the medium
term which will offer Internet services for international lottery
organizers. Initial market feedback has strengthened our view that this is
a promising international business for us in an attractive growth market
for which we are excellently placed.'
Outlook
Against a backdrop of frequent change in its operating environment, Tipp24
has succeeded in generating sustainable growth in both revenue and
earnings. The encouraging development of the past years has given the
company a solid platform on which to reach its core strategic targets: the
re-establishment of its activities in Germany and the growth of its
international business, especially as a service provider for lottery
companies.
2012 will therefore be a year of sweeping change and the economic potential
ahead is still difficult to forecast. In the current fiscal year, Tipp24
expects to reach an EBIT result of at least EUR 35 million on revenue of at
least EUR 130 million. This forecast includes consideration of
uncertainties regarding negative statistical fluctuations amounting to EUR
10 million. Expenses for the re-establishment of German operations are not
included in these figures.
^
Fiscal year 2011 2010
Revenues EUR thsd. 139,316 101,882
- Germany EUR thsd. 572 637
- Abroad EUR thsd. 141,457 103,733
EBIT EUR thsd. 51,905 32,681
- Germany EUR thsd. -8,779 -6,385
- Abroad EUR thsd. 59,974 40,202
Net profit EUR thsd. 36,339 19,551
°
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. In Germany, Tipp24 Entertainment
GmbH operates the games platform www.tipp24games.de. 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.
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/presse/
End of Corporate News
---------------------------------------------------------------------
27.03.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: Tipp24 SE
Straßenbahnring 11
20251 Hamburg
Germany
Phone: +49 (0)40 325533-0
Fax: +49 (0)40 325533-77
E-mail: office@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
---------------------------------------------------------------------
162398 27.03.2012
Weitere Informationen: www.dpa-AFX.de