Tipp24 AG: State Gaming Treaty slows long-standing growth rate
Mar 5, 2009 7:19 AM
Tipp24 AG / Final Results Release 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 2008, earnings before interest and taxes (EBIT) of the Tipp24 Group were down by 0.6 percent to EUR 8,897 thousand (prior year: EUR 8,949 thousand). The EBIT margin fell by 0.5 percentage points to 19.4 percent. Consolidated net profit grew 5.3 percent to EUR 6,606 thousand (prior year: EUR 6,272 thousand). Compared with the previous year, the domestic EBIT margin was raised by 2.3 percentage points to 27.5 percent. The segment was burdened by start-up costs for the establishment of the skill-based games division and increased other operating expenses for legal and project consultation services. Foreign subsidiaries contributed EUR -2,079 thousand (prior year: EUR -1,127 thousand) in the period under review. This figure was strongly influenced by start-up costs for the Group's entry into the UK market. Billings of the Tipp24 Group fell by 3.1 percent to EUR 335,947 thousand in fiscal year 2008 (prior year: EUR 346,776 thousand). Revenues grew by 1.9 percent to EUR 45,838 thousand (prior year: EUR 44,974 thousand). At 13.6 percent, gross margin - the ratio of billings to revenues - was above the prior-year level of 13.0 percent (+0.6 percentage points). Only 203 thousand registered customers were gained in fiscal year 2008 (prior year: 574 thousand), whereby the major share was added outside Germany. The main reason was the more restrictive registration process as of 1 January 2008 as a result of the changed regulatory conditions. Against the backdrop of considerable legal uncertainty in our core market to date, Germany, it is not possible to reliably forecast revenues and earnings for fiscal year 2009. Following the current market transition phase and the settlement of the legal position in Germany, Tipp24 continues to expect a return to its historically proven medium-term growth targets - an annual increase in revenue of 30% and a disproportionately stronger increase in EBIT. 05.03.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Tipp24 AG Straßenbahnring 11-13 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 Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service ---------------------------------------------------------------------------