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mybet Holding SE: First half-year characterised by negative revenue trend and sale of pferdewetten.de AG. New IT platform started and convertible bond mandatory buyback completed

DGAP-News: mybet Holding SE / Key word(s): Half Year Results

2016-08-11 / 08:02
The issuer is solely responsible for the content of this announcement.

mybet Holding SE: First half-year characterised by negative revenue trend and sale of pferdewetten.de AG. New IT platform started and convertible bond mandatory buyback completed

- Negative revenue trend of first quarter continues as main influencing factors remain unchanged

- Results dominated by sale of pferdewetten.de AG, but also internal optimizations show positive effects

- Conversion process to new mybet platform officially started

- Buyback of convertible bond completed: future outstanding nominal bond volume EUR 1.8 million

Berlin, August 11, 2016. The financial results published today in mybet Holding SE's half-year report 2016 present a continuation of the negative revenue trend of the first quarter. mybet discloses a group revenue of around EUR 24.0 million and thereby a decline of 16.6 percent compared to the first half of the previous year. The continuation of the negative revenue trend on group level reflects the unchanged presence of the known influencing factors: the deficient competitiveness of the old product offering and the weak market in Greece. Even the further continuing growth in the retail sports betting business and the European Football Championship taking place during the end of the reporting period could only partly counteract this primary trend.

The further financial key figures as well as the balance sheet of the group are strongly influenced by the effects of the sale and corresponding deconsolidation of the investment in pferdewetten.de AG. The EBIT including one-off effect pferdewetten.de AG in the first half-year was around EUR 4.8 million and the EBIT without one-off effect EUR -1.8 million. Therefor, the EBIT without one-off effect remained unchanged compared to the previous year (PY: -1,8) in spite of the much lower revenue level. Above all, this shows the effectiveness of the on-going internal optimization measures. The profit/loss for the period in the first half-year 2016 amounts to a clearly positive EUR 4.2 million compared to previous year's EUR -0.2 million. It is also significantly characterised by the pferdewetten.de AG transaction.

Even after the deconsolidation of the Horse Betting segment the financial reports of mybet Group will still include three group segments. The B2B segment was newly formed, presenting the service business of the company especially in Ghana and Belgium. Before, these results were recorded within the Sports Betting segment, too. In the first half-year the Sports Betting segment shows a revenue of EUR 14.5 million (PY: 17.5) and an EBIT of EUR -2.0 million (PY: 0.2). The Casino segment, re-named after the closing of the poker offering, recorded a revenue of EUR 8.4 million (PY: 11.3) and an EBIT of EUR 0.2 million (PY: -0.2). The B2B segment shown for the first time reached a revenue of EUR 1.1 million and an EBIT of EUR 1.0 million during the first half-year 2016.

New IT platform officially started
As announced in Mai mybet has now officially started the conversion process to the new IT platform. The new platform with a totally new visual design offers around four times as many sports betting options and doubles the number of casino games. In addition the new mybet website eliminates a blind spot in the sales channels by making a mobile casino offering available. But also new functions for the internal controlling and marketing processes will be made available during the conversion process of the system, the registration and deposit process for clients was improved and further additional features will be put into operation step by step as well.

"The foundation for the operative turn-around of the mybet Group was layed with the implementation of the new platform and the internal optimizations increasingly coming into effect. This turn-around will not happen overnight and it will still be lots of work and a gradual process. But from now on it is promising to aim at this target", says Markus Peuler, CFO of mybet Holding SE, who will lead the group as of September 1, 2016 in sole management responsibility.

The outlook for the financial year 2016 still states a revenue of EUR 59 to 62 million and an EBIT (incl. one-off effect pferdewetten.de AG) in the positive lower single-digit millions.

Liquidity position and convertible bond buyback
The group's liquidity as of the reporting date June 30, 2016, amounts to around EUR 2.7 million. At the beginning of the year it had amounted to EUR 6.8 million, however it had included EUR 3.2 million from pferdewetten.de AG, so as the strong decline occurred mainly due to the deconsolidation. Without taking into account these funds the liquidity of mybet Group declined by EUR 0.9 million during the first half of the year. The sale of the subsidiary C4U, that is still not approved by the authorities, remains part of the budget for the year due to the overall unsatisfactory financing of the group. The Management Board still expects a positive closing of the transaction during the current year.

On August 8, 2016, the acceptance period for the mandatory buyback offer for the convertible bond 2015/2020 of mybet Holding SE (ISIN DE000A1X3GJ8) expired. Around 3.2 million bonds were tendered at the buyback price of 105 percent. The still outstanding nominal volume of the bond amounts to EUR 1.8 million correspondingly. The future interest charge for mybet thus declines significantly.

The half-year report 2016 of mybet Holding SE is available on the website of the company via
https://mybet-se.com/en/category/finanzberichte/ .

mybet Holding SE
The mybet Group, licensed in several European countries to offer sports betting and online casino games, has its registered office in Berlin and locations in Hamburg, Cologne and Malta. mybet offers its betting and gaming products over the internet platforms mybet.com and mybet.de as well as at physical betting shops operating under a franchise system. In addition, the group supplies regional betting providers in Europe and Africa as a B2B service provider.
mybet Holding SE is the parent company of the mybet Group. The shares of mybet Holding SE (ISIN DE000A0JRU67) are listed on the Frankfurt Stock Exchange in the Prime Standard.
For further information, visit www.mybet-se.com

mybet Holding SE
Sebastian Bucher
Investor & Public Relations

tel +49 30 22 90 83 161
fax +49 30 22 90 83 150
e-mail sebastian.bucher@mybet.com

2016-08-11 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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