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BWIN.PARTY DIGITAL HALF YEAR RESULTS POSTED
03/29/2012 : BWIN.PARTY DIGITAL HALF YEAR RESULTS POSTED
Pro forma and actual results revealed
Europe's mega online gambling group Bwin.party digital entertainment plc has posted its half year report covering operations for the six months ended June 30, 2011 and including both pro forma and actual performance numbers.
The company also reports strong current trading and higher expected synergies following its creation by the merger of Bwin and Party Gaming in March last year.
The company defines 'pro forma' as those results that set out the financial performance of the group as if the merger had always been in place, whilst 'actual results' are those that include Party Gaming’s stats throughout the entire period and the results of Bwin Interactive Entertainment AG with effect from the merger on 31 March 2011.
Pro forma results show:
Source 2011 2010
Sports betting Euro 125.7 million Euro 128.1 million
Casino and Games Euro 124.5 million Euro 121.9 million
Poker Euro 104.9 million Euro 116.5 million
Bingo Euro 33 million Euro 36 million
Net Revenue Euro 387.9 million Euro 402.5 million
Total Revenue Euro 398 million Euro 410.1 million
EBITDA Euro 81.9 million Euro 104.1 million
Actual results were:
Source 2011 2010
Sports betting Euro 59.9 million Euro 10.2 million
Casino and Games Euro 99.1 million Euro 76.7 million
Poker Euro 79.8 million Euro 64.1 million
Bingo Euro 27.8 million Euro 25.8 million
Net Revenue Euro 266.6 million Euro 176.8 million
Total Revenue Euro 273.1 million Euro 181.2 million
EBITDA Euro 50.9 million Euro 43.9 million
Management reported that pro forma EBITDA was down 3 percent due to competitive pressures in poker, the closure of the French casino and the absence of replacement betting on the 2010 FIFA World Cup. However, actual total revenue was up 51 percent to Euro 273.1 million, driven by the merger.
Pro forma Clean EBITDA from continuing operations was down 21 percent to Euro 81.9 million due to the reasons above and increased gaming duties from regulated markets. Actual Clean EBITDA from continuing operations was up 16 percent to Euro 50.9 million.
Net cash, taking into account client liabilities and amounts held by processors, at 30 June 2011 was Euro 183 million (2010: Euro 53.5 million)
The company initiated a share buy-back programme for up to Euro 75 million of its ordinary shares.
Management says that that annual synergies will increase from Euro 55 million to Euro 65 million in 2013, and that current trading is strong.
Joint chief executive officers Jim Ryan and Norbert Teufelberger issued a statement saying:
“We have made excellent progress on integrating Bwin and PartyGaming since the merger was completed at the end of March 2011. The results for the first half reflect our transition to becoming a global leader in all four product verticals with strong market positions in all key regulated markets.
"The expansion of online gaming in newly regulating markets has delivered promising levels of revenue growth, albeit with additional costs in the form of gaming taxes and compliance costs. However, we are encouraged by a number of recent developments where governments are recognising the need to create a commercially sustainable regulated market without which consumers will simply seek out more attractive offers on the ‘black market’. We expect that this will result in further favourable long-term changes to existing and future regulatory frameworks.
“The absence of the FIFA World Cup, the closure of French casino and increased gaming taxes need to be taken into account when comparing our year-on-year performance. Excluding these factors, pro forma revenue increased by 1 pecent and Clean EBITDA increased by 8 percent.”
On current trading and outlook they added:
“Since 30 June 2011, the group’s revenue performance has been strong. The suspension of Full Tilt Poker’s gaming licence at the end of June removed a major competitor in poker and consequently we have seen an improvement in player numbers and average daily revenues.
"In addition, our launch of cash game poker and certain casino games in Italy has started well, even though this is the seasonally weak trading period. Whilst the new regulatory regime in Spain requires gaming duties to be paid with effect from 29 May 2011, this is being met by our strong current trading performance.
“The regulatory picture can be expected to continue to shift against a challenging macroeconomic and competitive backdrop, but our strong brands and market positions, healthy balance sheet and net cash resources mean that we remain confident about the group’s prospects for the rest of the year and beyond.
“Further to the announcement on 30 June 2011, the Board has declared an interim dividend totalling Euro 15 million and has also initiated a programme to buy up to Euro 75 million of Ordinary shares in the period ending 30 June 2012."
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