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06.03.2024 10:00:32 - dpa-AFX: EQS-News: bet-at-home.com AG: group company figures for 2023 (01.01.2023 until 31.12.2023) (english)
bet-at-home.com AG: group company figures for 2023 (01.01.2023 until
31.12.2023)
EQS-News: bet-at-home.com AG / Key word(s): Annual Results/Annual Results
bet-at-home.com AG: group company figures for 2023 (01.01.2023 until
31.12.2023)
06.03.2024 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
CORPORATE NEWS
bet-at-home.com AG: group company figures for 2023 (01.01.2023 until
31.12.2023)
Düsseldorf, March 6, 2024. The bet-at-home.com AG Group (hereinafter also
referred to as 'BaH Group') announces its full-year 2023 IFRS financial
results.
Major developments in the financial year 2023
In February 2023, after months of preparation, the Malta-licensed offering
of bet-at-home.com Internet Ltd was outsourced to the external service
provider EveryMatrix Holding plc. The outsourcing of the Germany-licensed
offering to www.bet-at-home.de was successfully completed in October 2023.
The BaH Group henceforth concentrates its internal development and operation
solely on those customer- and revenue-relevant components that cannot be
sourced externally, or can only be done so insufficiently. The increased
operational focus is made on efficient and effective customer management and
marketing.
The reduction in internal complexity and resource requirements associated
with the increased outsourcing has resulted in lower IT costs and positively
impacted the BaH Group's financial performance. This strategic reorientation
will continue to form the basis for a lean and cost-efficient organisational
structure in the future.
The Group's performance in previous financial years was significantly
impacted by the situation, when Austrian and German customers with the
support of litigation financiers claimed their gambling losses back from the
Group's companies in court. Due to the favourable case law to date,
statutory provisions on limitations and far-reaching settlement solutions,
potential legal risks in Austria can now be classified as significantly
lower. In Germany, there is still legal uncertainty, due to inconsistent
case law. From today's perspective it is therefore difficult to predict
further developments. The Management Board endeavours to reduce potential
risks further through the active risk management and successful litigations.
Revenue development in the financial year 2023
Gross betting and gaming revenue in the financial year 2023 amounted to EUR
46,176 thousand and falls thus within the forecast range adjusted in October
2023 (previous year: EUR 53,532 thousand). The major reasons for the revenue
decline were the imposition of cross-product and cross-provider monthly
betting limits in Germany effective from mid-2022, the regulatory obligation
to report increased deposit limits starting from the second quarter of 2023,
as well as losses from migration of customers from the own '.com' and '.de'
platforms to the new system of EveryMatrix.
Gross revenue from online sports betting (less paid out winnings) in 2023
amounted to EUR 42,339 thousand, which is below the previous year's level
(previous year: EUR 49,068 thousand).
Gross revenue from online gaming (less paid out winnings) decreased by EUR
627 thousand compared to the previous year, to EUR 3,837 thousand (previous
year: EUR 4,464 thousand). Online gaming segment includes mainly slots for
the German market.
Taking into consideration betting taxes and gambling levies, as well as VAT
on electronic supplied services, net gaming revenue in the financial year
2023 amounted to EUR 36,090 thousand (previous year: EUR 42,036 thousand).
Earnings development in the financial year 2023
Advertising expenses in the financial year 2023, amounting to EUR 17,029
thousand, were higher than in the previous year (previous year: EUR 13,628
thousand), which is attributable to intensified marketing of the company's
brand with a large-scale advertising campaign and numerous bonus promotions
before the start of the football season 2023/2024.
Personnel expenses in the financial year 2023 reduced to EUR 8,653 thousand
(previous year: EUR 13,508 thousand) as a result of the headcount reduction
in 2022.
Other operating expenses were at EUR 12,615 thousand (previous year: EUR
16,242 thousand), which is below the level posted in 2022, resulting from a
decrease in legal and consulting fees associated with bet-at-home.com
Entertainment Ltd. (in Liquidation), which was deconsolidated in the
previous year, as well as lower costs for information services and software
maintenance.
As a result, EBITDA in 2023 amounted to EUR 807 thousand and was below the
same period of previous year but in the upper range of the initially
announced forecast for the financial year 2023 (previous year: EUR 2,105
thousand).
Consolidated net income in the financial year 2023 amounted to EUR -1,505
thousand (previous year: EUR 11,907 thousand).
EBITDA before special items (*) as an alternative performance measure
(non-IFRS measure), which was introduced in 2023 as a new control parameter,
amounted to EUR 2,361 thousand in the financial year 2023 (previous year:
EUR 4,361 thousand). In the financial year 2023 for the calculation of
EBITDA before special items, expenses for legal cases/ customer claims in
the amount of EUR 2,692 thousand (previous year: EUR 4,781 thousand) were
added to EBITDA and income from reversals of impairment losses in the amount
of EUR 1,138 thousand (previous year: EUR 2,524 thousand) was extracted from
EBITDA.
Asset and capital structure as of December 31, 2023
The Group's consolidated equity as of December 31, 2023 totalled EUR 27,444
thousand (December 31, 2022: EUR 28,949 thousand). The decline resulted from
the consolidated net income in 2023 in the amount of EUR -1,505 thousand.
The consolidated equity ratio increased to 48.3% (December 31, 2022: 46.2%).
Cash and cash equivalents within the bet-at-home.com AG Group amounted to
EUR 34,645 thousand as of December 31, 2023 (December 31, 2022: EUR 35,327
thousand).
The combined management report and the consolidated financial statements of
the BaH Group for the financial year 2023 will be published on April 8, 2024
at https://www.bet-at-home.ag/de/financial-figures/download/.
Outlook for the financial year 2024
In the financial year 2024, the strategic transformation will be continued.
In terms of technology, the focus of in-house development is made on the
creation and introduction of an innovative customer loyalty programme based
on real-time data processing and machine learning. Continuous investment in
the internal data platform enables to increasingly automate core value
creation processes and constantly increase their efficiency. In close
cooperation with EveryMatrix, the online casino and sports betting product
as well as the customer platform are being constantly improved and adapted
to the customer needs and legal requirements of the German-speaking markets.
Due to a high level of awareness and acceptance of the 'bet-at-home' brand
in the core markets of Germany and Austria, the BaH Group aims to further
expand its market position in the sports betting segment in the financial
year 2024. Targeted marketing measures are planned in this respect.
Particular attention will be paid to the first half of 2024, especially to
the start of the European Football Championship 2024, which will take place
in the core market of Germany. The Management Board expects the upcoming
European Football Championship to provide positive impetus for business
development.
As a result of extensive initiatives and supported by the European Football
Championship 2024, the Management Board expects the following revenue and
earnings results:
* Gross betting and gaming revenue: EUR 45 million to EUR 53 million
* EBITDA before special items (*): EUR -1 million to EUR 2.5 million
About bet-at-home.com AG
The bet-at-home.com AG Group is active in the domain of online sports
betting and online gaming. With 5.7 million registered customers, the
company (which is listed on the Frankfurt stock exchange in the Prime
Standard segment) represents together with its subsidiaries, one of the
largest providers in Europe. The bet-at-home.com AG Group has companies in
Germany, Austria, Malta and Gibraltar. The bet-at-home.com AG Group holds
various licenses via its Maltese companies for online sports betting and
online gambling. These licences authorise the company to organise and to
sell online sports betting and online casinos in Germany as well as in other
countries of the European Union. bet-at-home is certified according to
ISO/IEC 27001:2013 for all Group companies in Germany, Austria and Malta.
Since 2009, bet-at-home.com AG has been part of the Betclic Everest SAS
Group, a French group specialising in online gambling and online sports
betting. FL Entertainment N.V. holds the majority of shares and voting
rights in bet-at-home.com AG via Betclic Everest SAS. The bet-at-home.com AG
Group is therefore included in the consolidated financial statements of FL
Entertainment N.V., which are disclosed on a regular basis on the dates
specified in the FL Entertainment N.V. financial calendar.
Forward-looking statements
This publication contains forward-looking statements. These are based on the
current assumptions and forecasts of the Management Board of bet-at-home.com
AG as well as on the information currently available. The forward-looking
statements are not to be understood as binding predictions or guarantees
that the future developments and results mentioned therein will occur.
Future developments and results depend on a variety of factors; they involve
various risks and uncertainties and are based on assumptions that may not
prove to be accurate. Known and unknown risks, uncertainties and other
factors could lead to material differences between the forward-looking
statements made here and the actual development of bet-at-home.com AG Group,
in particular its results, financial position and business. The risk factors
include, in particular, the factors contained in the respective forecast,
opportunity and risk report. The forecast, opportunity and risk report is
part of the respective combined management report, which is included in the
respective annual report. The annual reports are available at:
https://www.bet-at-home.ag/de/financial-figures/download/. Beyond the
statutory requirements, the company assumes no obligation to update the
forward-looking statements made in this announcement.
Other financial information - EBITDA before special items as an alternative
performance measure
The financial information included in this press release is prepared in
accordance with the actual financial reporting standards. In addition to the
information and key measures required therein, the BaH Group discloses in
the financial year 2023 for the first time an EBITDA before special items as
an alternative performance measure (Alternative Performance Measures = APM),
which is not included in these reporting standards and for which there is no
generally accepted reporting standard (non-IFRS measure). Although the data
has been extracted or derived from the consolidated financial statements,
neither this data nor the underlying assumptions have been audited or
reviewed. This key measure should therefore only be regarded as
supplementary information. EBITDA before special items represents the
Group's operating result before special effects, i.e. the Group's result
adjusted for special expenses and special income (i.e. effects that are
special in terms of their nature and amount for management of the Group).
Special items may include restructuring, legal cases in connection with
customer claims, as well as closures or disposals of parts of the company.
The EBITDA before special items calculated in this manner applies to all
periods and is used both internally to manage the business and externally to
assess the performance and efficiency of the BaH Group starting 2023.
Contact
Investor Relations
+49 211 179 34 770
ir@bet-at-home.com
www.bet-at-home.ag
(*) For the definition of the non-IFRS performance measure of 'EBITDA before
special items' refer to the Section 'Other financial information - EBITDA
before special items as an alternative performance measure' of this press
release
(*) For the definition of the non-IFRS performance measure of 'EBITDA before
special items' refer to the Section 'Other financial information - EBITDA
before special items as an alternative performance measure' of this press
release
---------------------------------------------------------------------------
06.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1852231 06.03.2024 CET/CEST
31.12.2023)
EQS-News: bet-at-home.com AG / Key word(s): Annual Results/Annual Results
bet-at-home.com AG: group company figures for 2023 (01.01.2023 until
31.12.2023)
06.03.2024 / 10:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
CORPORATE NEWS
bet-at-home.com AG: group company figures for 2023 (01.01.2023 until
31.12.2023)
Düsseldorf, March 6, 2024. The bet-at-home.com AG Group (hereinafter also
referred to as 'BaH Group') announces its full-year 2023 IFRS financial
results.
Major developments in the financial year 2023
In February 2023, after months of preparation, the Malta-licensed offering
of bet-at-home.com Internet Ltd was outsourced to the external service
provider EveryMatrix Holding plc. The outsourcing of the Germany-licensed
offering to www.bet-at-home.de was successfully completed in October 2023.
The BaH Group henceforth concentrates its internal development and operation
solely on those customer- and revenue-relevant components that cannot be
sourced externally, or can only be done so insufficiently. The increased
operational focus is made on efficient and effective customer management and
marketing.
The reduction in internal complexity and resource requirements associated
with the increased outsourcing has resulted in lower IT costs and positively
impacted the BaH Group's financial performance. This strategic reorientation
will continue to form the basis for a lean and cost-efficient organisational
structure in the future.
The Group's performance in previous financial years was significantly
impacted by the situation, when Austrian and German customers with the
support of litigation financiers claimed their gambling losses back from the
Group's companies in court. Due to the favourable case law to date,
statutory provisions on limitations and far-reaching settlement solutions,
potential legal risks in Austria can now be classified as significantly
lower. In Germany, there is still legal uncertainty, due to inconsistent
case law. From today's perspective it is therefore difficult to predict
further developments. The Management Board endeavours to reduce potential
risks further through the active risk management and successful litigations.
Revenue development in the financial year 2023
Gross betting and gaming revenue in the financial year 2023 amounted to EUR
46,176 thousand and falls thus within the forecast range adjusted in October
2023 (previous year: EUR 53,532 thousand). The major reasons for the revenue
decline were the imposition of cross-product and cross-provider monthly
betting limits in Germany effective from mid-2022, the regulatory obligation
to report increased deposit limits starting from the second quarter of 2023,
as well as losses from migration of customers from the own '.com' and '.de'
platforms to the new system of EveryMatrix.
Gross revenue from online sports betting (less paid out winnings) in 2023
amounted to EUR 42,339 thousand, which is below the previous year's level
(previous year: EUR 49,068 thousand).
Gross revenue from online gaming (less paid out winnings) decreased by EUR
627 thousand compared to the previous year, to EUR 3,837 thousand (previous
year: EUR 4,464 thousand). Online gaming segment includes mainly slots for
the German market.
Taking into consideration betting taxes and gambling levies, as well as VAT
on electronic supplied services, net gaming revenue in the financial year
2023 amounted to EUR 36,090 thousand (previous year: EUR 42,036 thousand).
Earnings development in the financial year 2023
Advertising expenses in the financial year 2023, amounting to EUR 17,029
thousand, were higher than in the previous year (previous year: EUR 13,628
thousand), which is attributable to intensified marketing of the company's
brand with a large-scale advertising campaign and numerous bonus promotions
before the start of the football season 2023/2024.
Personnel expenses in the financial year 2023 reduced to EUR 8,653 thousand
(previous year: EUR 13,508 thousand) as a result of the headcount reduction
in 2022.
Other operating expenses were at EUR 12,615 thousand (previous year: EUR
16,242 thousand), which is below the level posted in 2022, resulting from a
decrease in legal and consulting fees associated with bet-at-home.com
Entertainment Ltd. (in Liquidation), which was deconsolidated in the
previous year, as well as lower costs for information services and software
maintenance.
As a result, EBITDA in 2023 amounted to EUR 807 thousand and was below the
same period of previous year but in the upper range of the initially
announced forecast for the financial year 2023 (previous year: EUR 2,105
thousand).
Consolidated net income in the financial year 2023 amounted to EUR -1,505
thousand (previous year: EUR 11,907 thousand).
Income Statement (in EUR 1,000) FY 2023 FY 2022
Gross betting and gaming revenue 46,176 53,532
Betting fees and gaming levies -10,058 -11,396
Value-added tax (VAT) -28 -99
Net betting and gaming revenue 36,090 42,036
Other income 3,014 3,446
Personnel expenses -8,653 -13,508
Advertising expenses -17,029 -13,628
Other operating expenses -12,615 -16,242
EBITDA 807 2,105
Amortisation/Depreciation -1,643 -2,209
EBIT -835 -105
Financial result -595 -585
EBT -1,431 -690
Taxes on income and earnings -74 1,240
Earnings from Continuing Operations -1,505 551
Result from Discontinued Operations 0 11,356
Consolidated net result Total -1,505 11,907
EBITDA before special items (*) as an alternative performance measure
(non-IFRS measure), which was introduced in 2023 as a new control parameter,
amounted to EUR 2,361 thousand in the financial year 2023 (previous year:
EUR 4,361 thousand). In the financial year 2023 for the calculation of
EBITDA before special items, expenses for legal cases/ customer claims in
the amount of EUR 2,692 thousand (previous year: EUR 4,781 thousand) were
added to EBITDA and income from reversals of impairment losses in the amount
of EUR 1,138 thousand (previous year: EUR 2,524 thousand) was extracted from
EBITDA.
Asset and capital structure as of December 31, 2023
The Group's consolidated equity as of December 31, 2023 totalled EUR 27,444
thousand (December 31, 2022: EUR 28,949 thousand). The decline resulted from
the consolidated net income in 2023 in the amount of EUR -1,505 thousand.
The consolidated equity ratio increased to 48.3% (December 31, 2022: 46.2%).
Cash and cash equivalents within the bet-at-home.com AG Group amounted to
EUR 34,645 thousand as of December 31, 2023 (December 31, 2022: EUR 35,327
thousand).
Statement of financial position (in EUR 31/12/202- 31/12/202- 1,000) 3 2 Non-current assets 18,047 18,773 Tax receivables 1,196 5,113 Other receivables and assets 2,890 3,449 Cash and cash equivalents 34,645 35,327 Current assets 38,732 43,889 Total ASSETS 56,779 62,662
Equity 27,444 28,949 Non-current liabilities 9,275 11,792 Short-term provisions 3,027 1,903 Trade payables 1,655 1,548 Liabilities from taxes 7,213 11,852 Customer payables 4,281 4,940 Lease liabilities 322 443 Other liabilities 3,561 1,235 Current liabilities 20,060 21,921 Total Equity & Liabilities 56,779 62,662
The combined management report and the consolidated financial statements of
the BaH Group for the financial year 2023 will be published on April 8, 2024
at https://www.bet-at-home.ag/de/financial-figures/download/.
Outlook for the financial year 2024
In the financial year 2024, the strategic transformation will be continued.
In terms of technology, the focus of in-house development is made on the
creation and introduction of an innovative customer loyalty programme based
on real-time data processing and machine learning. Continuous investment in
the internal data platform enables to increasingly automate core value
creation processes and constantly increase their efficiency. In close
cooperation with EveryMatrix, the online casino and sports betting product
as well as the customer platform are being constantly improved and adapted
to the customer needs and legal requirements of the German-speaking markets.
Due to a high level of awareness and acceptance of the 'bet-at-home' brand
in the core markets of Germany and Austria, the BaH Group aims to further
expand its market position in the sports betting segment in the financial
year 2024. Targeted marketing measures are planned in this respect.
Particular attention will be paid to the first half of 2024, especially to
the start of the European Football Championship 2024, which will take place
in the core market of Germany. The Management Board expects the upcoming
European Football Championship to provide positive impetus for business
development.
As a result of extensive initiatives and supported by the European Football
Championship 2024, the Management Board expects the following revenue and
earnings results:
* Gross betting and gaming revenue: EUR 45 million to EUR 53 million
* EBITDA before special items (*): EUR -1 million to EUR 2.5 million
About bet-at-home.com AG
The bet-at-home.com AG Group is active in the domain of online sports
betting and online gaming. With 5.7 million registered customers, the
company (which is listed on the Frankfurt stock exchange in the Prime
Standard segment) represents together with its subsidiaries, one of the
largest providers in Europe. The bet-at-home.com AG Group has companies in
Germany, Austria, Malta and Gibraltar. The bet-at-home.com AG Group holds
various licenses via its Maltese companies for online sports betting and
online gambling. These licences authorise the company to organise and to
sell online sports betting and online casinos in Germany as well as in other
countries of the European Union. bet-at-home is certified according to
ISO/IEC 27001:2013 for all Group companies in Germany, Austria and Malta.
Since 2009, bet-at-home.com AG has been part of the Betclic Everest SAS
Group, a French group specialising in online gambling and online sports
betting. FL Entertainment N.V. holds the majority of shares and voting
rights in bet-at-home.com AG via Betclic Everest SAS. The bet-at-home.com AG
Group is therefore included in the consolidated financial statements of FL
Entertainment N.V., which are disclosed on a regular basis on the dates
specified in the FL Entertainment N.V. financial calendar.
Forward-looking statements
This publication contains forward-looking statements. These are based on the
current assumptions and forecasts of the Management Board of bet-at-home.com
AG as well as on the information currently available. The forward-looking
statements are not to be understood as binding predictions or guarantees
that the future developments and results mentioned therein will occur.
Future developments and results depend on a variety of factors; they involve
various risks and uncertainties and are based on assumptions that may not
prove to be accurate. Known and unknown risks, uncertainties and other
factors could lead to material differences between the forward-looking
statements made here and the actual development of bet-at-home.com AG Group,
in particular its results, financial position and business. The risk factors
include, in particular, the factors contained in the respective forecast,
opportunity and risk report. The forecast, opportunity and risk report is
part of the respective combined management report, which is included in the
respective annual report. The annual reports are available at:
https://www.bet-at-home.ag/de/financial-figures/download/. Beyond the
statutory requirements, the company assumes no obligation to update the
forward-looking statements made in this announcement.
Other financial information - EBITDA before special items as an alternative
performance measure
The financial information included in this press release is prepared in
accordance with the actual financial reporting standards. In addition to the
information and key measures required therein, the BaH Group discloses in
the financial year 2023 for the first time an EBITDA before special items as
an alternative performance measure (Alternative Performance Measures = APM),
which is not included in these reporting standards and for which there is no
generally accepted reporting standard (non-IFRS measure). Although the data
has been extracted or derived from the consolidated financial statements,
neither this data nor the underlying assumptions have been audited or
reviewed. This key measure should therefore only be regarded as
supplementary information. EBITDA before special items represents the
Group's operating result before special effects, i.e. the Group's result
adjusted for special expenses and special income (i.e. effects that are
special in terms of their nature and amount for management of the Group).
Special items may include restructuring, legal cases in connection with
customer claims, as well as closures or disposals of parts of the company.
The EBITDA before special items calculated in this manner applies to all
periods and is used both internally to manage the business and externally to
assess the performance and efficiency of the BaH Group starting 2023.
Contact
Investor Relations
+49 211 179 34 770
ir@bet-at-home.com
www.bet-at-home.ag
(*) For the definition of the non-IFRS performance measure of 'EBITDA before
special items' refer to the Section 'Other financial information - EBITDA
before special items as an alternative performance measure' of this press
release
(*) For the definition of the non-IFRS performance measure of 'EBITDA before
special items' refer to the Section 'Other financial information - EBITDA
before special items as an alternative performance measure' of this press
release
---------------------------------------------------------------------------
06.03.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: bet-at-home.com AG
Tersteegenstrasse 30
40474 Düsseldorf
Germany
Phone: +49 211 545 598 77
Fax: +49 211 545 598 78
E-mail: ir@bet-at-home.com
Internet: www.bet-at-home.ag
ISIN: DE000A0DNAY5
WKN: A0DNAY
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1852231
End of News EQS News Service
---------------------------------------------------------------------------
1852231 06.03.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
BET-AT-HOME.COM AG O.N. | A0DNAY | Xetra | 2,510 | 26.04.24 17:38:33 | +0,130 | +5,46% | 0,000 | 0,000 | 2,330 | 2,510 |
