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Mybet Earnings Plunge in 2013
Friday March 28,2014 : BAD YEAR FOR MYBET
German online gambling operator records a Euro 5.4 million loss.
2013 has not been kind to the German online gambling group Mybet, which has just released unaudited numbers that record a loss of Euro 5.4 million, and a negative EBIT of Euro 10,2 million.
Management attributes the weak performance to extensive special write-downs and provisions and non-recurring effects, with consolidated revenue down 2.5 percent.
The new management and supervisory board aims to put the negativity behind them and turn the situation around, according to the company's statement.
Details from the report include:
* Consolidated revenue down 2.5 percent to Euro 67 million;
* Sports betting slightly up at Euro 33.3 million;
* Casino and poker up 8.1 percent at Euro 23.4 million;
* Lotteries down 49 percent to Euro 3.1 million following the sale of JAXX and poor performance in Spain, where the company plans to sell off its interests
* Horseracing down 11 percent to Euro 5.6 million;
* The Italian sports betting market was disappointing, adding a loss to the overall numbers;
* Mybet left the French market due to "regulatory aspects";
* Provisions and non-recurring effects of Euro 7.3 million weighed on the result, as did restructuring expenditure of Euro 0.9 million;
* Provisions of Euro 3.5 million were made as a precaution for litigation costs and possible additional claims for gaming levies. This includes provisions "in the low six-digit range" for the lawsuit by Management Board member and former CFO Stefan Hänel, who was dismissed in October 2013.
* Loans, goodwill and participating interests totaling Euro 2.4 million were written down along with the deconsolidation and reassessment of the business potential of the Spanish companies, and a deconsolidation expense of Euro 0.5 million was booked.
* There was a 21 percent year-on-year rise in online sports betting hold (betting stakes less betting winnings) to Euro 14 million (previous year Euro 11.6 million).
* Retail shop business fell by 13 percent to Euro 17.8 million (previous year Euro 20.5 million) due to system instability issues at the start of 2013 and the quality-led consolidation of the franchise structure.
* Mybet's interest in pferdewetten.de AG was reduced to 52.2 percent at the end of 2013 through the sale of shares. The strategic relevance and role of the participating interest within Mybet is currently being assessed.
* With an equity ratio of 49 percent (previous year 65 percent) and financial resources totaling Euro 9.7 million (previous year Euro 14.9 million), of which Euro 5 million is not freely available, the leeway of the Mybet group is currently limited.
The Management Board is considering whether to improve the group's capital base through the placement of a convertible bond, the disposal of operations and participating interests or other financing measures.
The aim behind raising extra financial resources is to give the company more flexibility for action, among other reasons against the backdrop of Germany-wide sports betting licenses being awarded.
Management has undertaken to "concentrate on the tasks required to set its house in order once again, and also on its operational core skills in the sports betting and casino areas." This will involve some cost-cutting and paring of activities that are not producing the right results.
Concluding on a positive note, the Mybet report notes that Q1-2014 is off to a better start than expected, leading Management to anticipate slight revenue growth to between Euro 70 and 75 million for the 2014 financial year. On the earnings side, the target is a balanced EBIT.
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