Tipp24: Successful realignment of business fields completed in 2009
Mar 31, 2010 7:18 AM
Tipp24 SE / Final Results 31.03.2010 07:18 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- In its fiscal year 2009, Tipp24 increased revenues by 95.4% to EUR 89,551 (prior year: 45,838) thousand. Consolidated earnings before interest and taxes (EBIT) grew to EUR 23,052 (8,897) thousand. There was strong growth in revenues generated outside Germany to EUR 88,537 (5,856) thousand and a corresponding rise in EBIT of the Abroad segment to EUR 32,708 (-2,079) thousand. As a result of the virtually complete withdrawal of its business base in Germany following the introduction of the State Treaty on Gaming (GlüStV), revenues of Tipp24's Germany segment fell by 91.9% to EUR 3,256 (39,983) thousand. Consequently, the EBIT result of the Germany segment fell to EUR -11,344 (10,976) thousand. The new legislation in Germany completely bans the online brokering and advertising of the state-run lottery (Lotto). Non-recurring restructuring costs and start-up losses in the Skill-Based Games division placed a further burden on earnings. Earnings after taxes according to German Commercial Law (HGB) of Tipp24 SE (net profit) amounted to EUR 22 thousand in fiscal year 2009. The net profit could only be achieved due to a non-recurring effect from the restructuring of business. The company must bear considerable running costs - mainly for administration and legal advice - but has very few revenue streams itself from its own activities. The profits of associated companies in the Abroad segment, however, are currently being carried forward and not distributed to Tipp24 SE. As the balance sheet profit of Tipp24 SE was zero, no dividend will be paid for fiscal year 2009. In view of the earnings and experience gained in its Abroad segment in 2009, Tipp24 expects consolidated revenues to increase to at least EUR 100 million and EBIT to reach at least EUR 40 million in 2010. Statistically unusually high or frequent payments of large winnings, however, would also dampen these expectations. Should the current legal and economic conditions remain stable beyond 2010, our forecast for 2010 would apply in the same way for 2011. Against the backdrop of an extremely unstable regulatory environment at present, however, this is subject to considerable uncertainties. 31.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Tipp24 SE Straßenbahnring 11 20251 Hamburg Deutschland Phone: +49 (0)40 325533-0 Fax: +49 (0)40 325533-77 E-mail: office@tipp24.de Internet: www.tipp24-ag.de ISIN: DE0007847147 WKN: 784714 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, München, Hamburg, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------