06.03.2023 10:00:03

EQS-News: bet-at-home.com AG: group company figures for 2022 (01.01.2022 until 31.12.2022)

EQS-News: bet-at-home.com AG / Key word(s): Annual Results
bet-at-home.com AG: group company figures for 2022 (01.01.2022 until 31.12.2022)

06.03.2023 / 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 2022 (01.01.2022 until 31.12.2022)

 

Düsseldorf, March 6, 2023. The bet-at-home.com AG Group announces its full-year 2022 IFRS financial results.

Major developments in the financial year 2022

During the financial year 2022, the bet-at-home.com AG Group undertook numerous measures to reorganise and streamline its operations, following the challenges faced in the previous year.

The company has changed its historical approach of extensive in-house development and initiated a shift towards an increased outsourcing, which will be deployed in the course of the financial year 2023. In the second half of 2022, the operational focus was made on the development and provision of comprehensive specifications as well as on implementation support and testing of the new platform. Extensive adaptations of the software to regulatory requirements for the German market were specified and implemented.

In the financial year 2022, the planned reduction in certain types of costs was successfully pursued. The preparations for the outsourcing and cost-cutting measures led to a significant reduction in the Group's own workforce. We expect thereby the efficiency of operational processes to increase.

The business performance in the core market of Germany was largely stable despite additional regulatory requirements. In order to achieve a high degree of legal and planning certainty, the Group undertook appropriate legal actions and in the fourth quarter 2022 extended the existing sports betting license and obtained a nationwide license for virtual slot machines.

In 2022, the Management Board together with the Supervisory Board decided to discontinue the offer in the market in the United Kingdom. The gambling license was returned to the UK regulatory authority in July 2022. 

Revenue development in the financial year 2022

Gross betting and gaming revenue from continuing operations in the financial year 2022 amounts to  EUR 53.5 million and is thus below the previous years level (FY 2021: EUR 59.3 million), mainly due to the discontinuation of the offering in the United Kingdom, and the implementation of cross-product deposit limits in Germany from mid-2022.

Gross revenue from online sports betting (less paid out winnings) from continuing operations in 2022 amounts to EUR 49.0 million, which is below the previous years level (FY 2021: EUR 56.6 million).

Gross revenue from online gaming (less paid out winnings) from continuing operations is higher than in the previous year, at EUR 4.5 million (FY 2021: EUR 2.8 million). Online gaming segment includes casino, games and virtual sports products.

Taking into consideration betting taxes and gambling levies, as well as VAT on electronic supplied services, net gaming revenue in the financial year 2022 amounts to EUR 42.0 million (FY 2021: EUR 47.6 million).

Earnings development in the financial year 2022

Advertising expenses in the financial year 2022, amounting to EUR 13.6 million, were higher than in the previous year (FY 2021: EUR 11.9 million), due to more active customer acquisition and retention efforts in the form of bonuses and vouchers, as well as marketing campaigns, including a campaign launched before the FIFA World Cup 2022.

Personnel expenses in the financial year 2022, amounting to EUR 13.5 million, decreased compared to the previous year (FY 2021: EUR 18.6 million), due to the alignment of the cost structure as part of two announced and implemented restructuring programs.

Other operating expenses were at EUR 16.2 million (FY 2021: EUR 7.1 million), which is above the level posted in 2021, resulting from an increase in legal and consulting fees, transaction costs, which are mainly associated with the fact that it is no longer possible to charge costs to the discontinued operations compared with the previous year, as well as higher other costs (mainly attributable to expenses on the reconciliation of legal disputes in connection with bet-at-home.com Entertainment Ltd. (in liquidation) and valuation of allowances on receivables from the former Group company bet-at-home.com Entertainment Ltd. (in liquidation)).

As a result, EBITDA from continuing operations in the financial year 2022 amounts to EUR 2.1 million (FY 2021: EUR 14.0 million). Taking into account the negative EBITDA from the discontinued operations at EUR -1.7 million for the period from January to April 2022, the Group EBITDA amounts to EUR 0.4 million.

Consolidated net income is at EUR 11.9 million (FY 2021: EUR -16.3 million). Thereof, a result of EUR 11.4 million (FY 2021: EUR -27.0 million) is attributable to the discontinued operations. The net income from continuing operations comes to EUR 0.6 million (FY 2021: EUR 10.7 million).

Income Statement (in EUR 1,000) FY 2022   FY 2021
Gross betting and gaming revenue 53,532   59,347
Betting fees and gaming levies -11,396   -11,737
Value-added tax (VAT) -99   -45
Net betting and gaming revenue 42,036   47,564
Other income 3,446   4,001
Personnel expenses -13,508   -18,604
Advertising expenses -13,628   -11,867
Other operating expenses -16,242   -7,124
EBITDA 2,105   13,970
Amortisation/Depreciation -2,209   -2,297
EBIT -105   11,673
Financial result -585   -241
EBT -690   11,432
Taxes on income and earnings 1,240   -733
Earnings from Continuing Operations   551       10,700
Result from Discontinued Operations  11,356         -27,005
Consolidated net result Total   11,907        -16,306

Asset and capital structure as of December 31, 2022

The Groups consolidated equity as of December 31, 2022 totals EUR 28.9 million (December 31, 2021: EUR 17.0 million), which is above the previous years level, due to a gain, amounting to EUR 13.1 million, from the deconsolidation of bet-at-home.com Entertainment Ltd. (in liquidation) as a result of the disposal of assets and liabilities. The consolidated equity ratio is therefore at 46.2% (December 31, 2021: 22.5%).

Cash and cash equivalents within the bet-at-home.com AG Group total EUR 35.3 million as of December 31 2022 (December 31, 2021: EUR 42.0 million). In addition to cash-related items from operating activities, cash flow from continuing operations includes essentially the result of the disposal of assets and liabilities of the discontinued operations.

Cash flow from operating activities was negatively impacted by an increase in non-current other receivables and assets, associated with bet-at-home.com Entertainment Ltd. (in Liquidation) and resulting from various transactions. We expect this item to result in a cash inflow by the end of 2024.  

Statement of financial position (in EUR 1,000) 31/12/2022   31/12/2021
Non-current assets 18,773   8,388
Tax receivables 5,113   8,381
Other receivables and assets 3,449   4,196
Cash and cash equivalents 35,327   41,989
Assets held for closure 0   12,830
Current assets 43,889   67,396
Total ASSETS   62,662   75,783
       
Equity 28,949   17,042
Non-current liabilities 11,792   891
Short-term provisions 1,903   1,709
Trade payables 1,548   1,432
Liabilities from taxes 11,852   14,608
Customer payables 4,940   5,437
Lease liabilities 443   900
Other liabilities 1,235   6,443
Liabilities in connection with
assets held for closure
0   27,322
Current liabilities 21,921   57,850
Total Equity & Liabilities 62,662   75,783

 


Outlook for the financial year 2023

In the financial year 2023, the implementation of the strategic reorientation towards increased out-sourcing and the corresponding adjustment of key processes, as well as the renewal of revenue growth, will be the key focus areas of the operating activities.

Due to a high level of awareness and acceptance of the bet-at-home brand, the strategic focus in terms of revenue in the financial year 2023 will be made on the expansion in the core markets of Germany and Austria. In 2023, the Group will offer all products in Germany based on national licenses.

Financial resources, resulting from the reduction in the number of employees and various fixed cost cutting measures, will be used primarily for customer acquisition and marketing measures for existing customers.

The Management Board expects an increase in market shares in the existing core markets, driven by a more attractive product experience, resulting from a redesign of the platform and the companys sports betting products, as well as by a focus of internal capacities on marketing and customer relations management. National licenses will continue to gain importance in the EU member states and contribute to corresponding legal certainty.

As a result, from todays perspective the Management Board expects the key financial metrics of the bet-at-home.com AG Group in the financial year 2023 to be in the following range: 

 Gross betting and gaming revenue: EUR 50 million to EUR 60 million

 EBITDA: EUR -3 million to EUR 1 million

 

 

About bet-at-home

The bet-at-home.com AG Group is active in the domain of online sports betting and online gaming. With 5.6 million registered customers, the company (which is listed on the Frankfurt stock exchange) represents, together with its subsidiaries, one of the most popular providers in Europe. The bet-at-home.com AG Group has companies in Germany, Austria, Malta and Gibraltar. The 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. Since 2009, bet-at-home.com AG has been a part of the Betclic Everest SAS Group, a French group specialising in online gambling and online sports betting. bet-at-home is certified according to ISO/IEC 27001:2013 for all Group companies in Germany, Austria and Malta.

 

 

Contact

Investor Relations

+49 211 179 34 770

ir@bet-at-home.com

www.bet-at-home.ag

 



06.03.2023 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.

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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: 1574961

 
End of News EQS News Service

1574961  06.03.2023 CET/CEST

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