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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)
2024-03-06 / 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 

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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).

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Statement of financial position (in EUR 1,000)  31/12/2023   31/12/2022 
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 

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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

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