Annual Report • Feb 8, 2013
Annual Report
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ALL FIGURES IN THIS REPORT ARE EXPRESSED IN SEK. FIGURES IN PARENTHESES REFER TO THE CORRESPONDING FIGURES FOR THE PREVIOUS YEAR, UNLESS STATED OTHERWISE. THIS INFORMATION APPLIES TO THE GROUP, UNLESS STATED OTHERWISE.
| Q4 | Q4 | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| 2012 | 2011 | 2012 | 2011 | |
| Totals | ||||
| Revenues | 651.9 | 515.2 | 2 203.7 | 1 736.6 |
| Gross Profit | 548.8 | 433.3 | 1 853.7 | 1 428.9 |
| of which Sportsbook | 165.5 | 97.2 | 266.5 | 326.9 |
| Operating Income | 173.4 | 172.3 | 577.1 | 559.7 |
| Liquid funds | 467.2 | 509.7 | 467.2 | 509.7 |
| Active Customers (thousands) | 520.4 | 403.6 | 520,4 | 403.6 |
| Registered Customers (thousands) | 5 777.9 | 3 662.4 | 5 777,9 | 3 662.4 |
| Customer Deposits | 1 586.5 | 1 093.5 | 5 092,4 | 3 931.6 |
| Customer Deposits, all gaming solutions | 2 154.8 | 1 484.5 | 6 888,2 | 5 237.9 |
| B2C | ||||
| Gross Turnover Sportsbook | 1 271.1 | 590.1 | 3 735.5 | 1 525.4 |
| Gross Margin Sportsbook 1) | 7.5% | 6.4% | 5.7% | 5.4% |
| Grossprofit Sportsbook | 95.0 | 37.6 | 214.5 | 82.5 |
| B2B | ||||
| Gross Turnover Sportsbook | 2 511.7 | 1 581.2 | 8 357.6 | 6 055.0 |
| Gross Margin Sportsbook 1) | 2.8% | 3.8% | 2.6% | 4.0% |
| Grossprofit Sportsbook | 70.5 | 59.6 | 217.5 | 244.3 |
1) Refers to margin after allocated expenses. The margin after free bets in all gaming solutions amounted to 7.4 (8.1) percent.
"- The strong organic growth of 23 percent in revenues, 30 percent in Sportsbook turnover and more than 100 percent in mobile revenues from last quarter, shows that Betsson is on the right track. Betsson's growth is built on historical investments, and the company continues to invest large amounts in marketing and technology, which intends to secure a future growth rate above that of the market growth." states Magnus Silfverberg, President and CEO of Betsson.
Today, Friday 8 February, at 09.00 CET, Betsson's CEO Magnus Silfverberg will present the Year-End Report from Betsson's office at Regeringsgatan 28, and through webcast at www.betssonab.com or http://storm.zoomvisionmamato.com/player/betsson/objects/9mx3a08r or by phone on +46 (0)8 505 598 53 (Sweden) or +44 (0)20 3043 2436 (UK). The presentation will be in English and will be followed by a question and answer session.
BETSSON AB'S CORE BUSINESS CONSISTS OF INVESTING AND ADMINISTERING SHAREHOLDING IN COMPANIES, WHICH THROUGH PARTNERS OR BY THEMSELVES, OFFER GAMES TO THE END USERS VIA THE INTERNET. BETSSON AB OWNS BETSSON MALTA WHICH OPERATES GAMING TO THE END USERS BOTH THROUGH ITS OWN WEBSITES AND THROUGH PARTNERSHIPS. BETSSON MALTA OFFERS POKER, CASINO, SPORTS BETTING, SCRATCH CARDS, BINGO AND GAMES. THE CUSTOMERS MAINLY ORIGINATE FROM THE SCANDINAVIAN COUNTRIES AND OTHER PARTS OF EUROPE. BETSSON AB IS LISTED ON NASDAQ OMX NORDIC MID CAP LIST, (BETS).
Group revenue amounted to SEK 651.9 (515.2) million. Gross profit was SEK 548.8 (433.3) million. Operating income amounted to SEK 173.4 (172.3) million and the operating margin was 26.6 (33.4) percent. The Group's income before tax was SEK 173.4 (172.9) million and net income was SEK 166.9 (165.8) million, which is equivalent to SEK 3.95 (4.01) per share. Net income in the fourth quarter has been negatively impacted by restructuring costs related to the acquisition of NGG amounting to SEK 5.8 million, as well as by SEK 35.1 million attributable to investments in marketing in newly-regulated markets where the associated anticipated increase in revenues will arise primarily in future quarters.
Income during the quarter was negatively impacted by expenses relating to software development in Betsson's Chinese project, amounting to SEK 4.1 (1.5) million. For the full year, these expenses amounted to SEK 15.3 (2.9) million. During the first quarter of 2013, up to approximately SEK 10,0 million referring to the China project is expected to negatively impact income. It is still uncertain as to when the project can begin to deliver any meaningful revenues.
Denmark is developing well and, as planned, provided a positive net contribution during the fourth quarter. In Italy, online slot games were permitted from the beginning of December 2012 and, in conjunction with this, a comprehensive marketing campaign was launched on the Italian market. It is, as yet, too early to fully evaluate the activity in Italy.
Marketing expenses amounted to SEK 189.4 (123.1) million, of which SEK 21.4 million was attributable to NGG. Marketing expenses include SEK 35.1 million referring to newly-regulated markets. Marketing expenses also include profit shares paid to partners and affiliates. As a result of the acquisition of NGG, increased activity on newlyregulated markets and generally good growth opportunities, Betsson has the ambition to increase the level of its traditional marketing. This implies that marketing will remain, more or less, at current levels in relation to the prevalent activity level seen across all of Betsson's gaming solutions.
Personnel expenses increased to SEK 85.8 (56.3) million, of which SEK 23.8 million is attributable to NGG. Excluding personnel expenses deriving from the acquisition of NGG, the increase of personnel costs is in line with the Company's development.
Other external expenses amounted to SEK 89.6 (73.5) million, of which SEK 10.0 million is attributable to NGG.
Capitalised development costs amounted to SEK 22.0 (13.4) million. Betsson's operating subsidiaries consistently invest in improvements to their offerings to end users and partners, creating the conditions for growth. Furthermore, the subsidiary is investing in migrating its gaming solutions to the same platform, contributing to costeffective operations in the long term.
Group revenue amounted to SEK 2,203.7 (1,736.6) million, equivalent to an increase of 27 percent. Gross profit amounted to SEK 1,853.7 (1,428.9) million, which corresponds to an increase of 30 percent. Operating income increased to SEK 577.1 (559.7) million and the operating margin was 26.2 (32.2) percent. Income before tax rose to SEK 547.8 (527.8) million and net income increased to SEK 547.8 (527.8) million, equivalent to SEK 13.04 (13.12) per share.
NGG has been consolidated as a wholly-owned subsidiary as of 20 June 2012. Since this date and until 31 December, NGG has contributed a total of SEK 202.7 million to the Group's gross profit and SEK 38.3 million to the Group's net income, including depreciation/amortisation initiated in conjunction with the acquisition totalling SEK 14.1 million and restructuring costs of SEK 5.8 million. As well as the effects mentioned above, net income has been negatively impacted during the year by acquisition-related expenses for financial and legal advisory services amounting to SEK 14.1 million.
Had NGG been a subsidiary for the full year, Betsson's gross profit would have amounted to SEK 2,042.9 million rather than SEK 1,853.7 million. Net income would have been SEK 585.1 million rather than SEK 547.8 million, excluding acquisition costs of SEK 14.1 million and restructuring costs of SEK 5.8 million, but including amortisation of the customer base and technical platform amounting to SEK 26.8 million.
NGG's gross profit during the full year amounted to SEK 392.0 million and NGG's net income during the full year amounted to SEK 79.5 million, including depreciation/amortisation initiated in conjunction with the acquisition totalling SEK 26.8 million and restructuring costs of SEK 5.8 million.
Betsson's subsidiaries on Malta offer Internet gaming to end customers via partner co-operations and its own gaming portals. Betsson also offers systems solutions to other operators.
A high demand for mobile solutions has followed in the wake of strong growth in the use of smartphones. Betsson has previously developed and now provides one of the market's broadest and most advanced gaming solutions for smartphones, the latest version of which includes live streaming. During the fourth quarter, end users bet SEK 308.5 million via mobile Sportsbook, comprising 8 percent of total gross turnover in Sportsbook across all gaming solutions. Revenues from mobile gaming solutions comprise 7 percent of total revenues, representing an increase of over 100 percent compared with the previous quarter.
Gross revenue for B2C in the fourth quarter amounted to SEK 401.4 (300.7) million, an increase of 33 percent.
Activity in the segment has increased markedly as a result of the acquisitions of NGG and Betsafe. Subsequent to these acquisitions, the Nordic Countries' significance, in relation to other geographical areas, has increased, and comprised 82 (79) percent of the segment during the fourth quarter, while EU outside Nordic Region represented 17 (18) percent.
Gross profit from B2B amounted to SEK 147.4 (132.6) million. The underlying activity, spread among a number of partnerships, is steadily increasing, where, for example, gross turnover in sports gaming amounted to SEK 2,511.7 (1,581.2) million, equivalent to an increase of 59 percent.
Gross profit in Casino during the fourth quarter amounted to SEK 335.8 (290.4) million, which represented 61 (67) percent of the Group's total gross profit.
Gross profit in Sportsbook during the quarter totalled SEK 165.5 (97.2) million. Gross profit includes SEK 70.5 (59.6) million regarding licensing revenues and gaming contributions to gross profit from B2B. Sportsbook's share of the Group's gross profit amounted to 30 (22) percent. The underlying activity in Sportsbook has never been higher. Gross turnover in Sportsbook, in all of Betsson's gaming solutions, amounted to SEK 3,782.8 (2,171.3) million, which is equivalent to an increase of 74 percent compared with the fourth quarter during the previous year. Gross turnover in Live betting in Sportsbook, including all of Betsson's gaming solutions, was SEK 2,476.8 (1,336.1) million, equivalent to an increase of 85 percent compared with the previous year. The margin after free bets in all of Betsson's gaming solutions in Sportsbook amounted to 7.4 (8.1) percent.
Gross profit in Poker during the quarter came in at SEK 31.6 (24.8) million, equivalent to an increase of 27 percent.
Gross profit in Other products amounted to SEK 15.9 (20.9) million during the fourth quarter.
Customer deposits vary between the quarters but, in a longer perspective, the deposits show a correlation with the activities in Betsson's various offerings. During the fourth quarter, a total of SEK 1,586.5 (1,093.5) million was deposited. Deposits in all of Betsson's gaming solutions amounted to SEK 2,154.8 (1,484.5) million during the quarter, which is equivalent to ATH and is an increase of 45 percent.
At the end of the quarter, the number of registered customers was 5.8 (3.7) million players. The number of active customers during the quarter increased to 520,400 (403,600). During the
quarter, Betsson has reviewed its customer register and removed 119,530 previously registered customers from markets which are blocked by Betsson.
An active customer is defined as a customer who has played for cash during the last three months. This definition also includes players who have played on the basis of free of charge offerings.
Equity in the Group amounted to SEK 1,577.8 (1,334.3) million, equivalent to SEK 37.33 (32.24) per share.
At the end of the quarter, liquid funds totalled SEK 467.2 (509.7) million. Liabilities to credit institutions amounted to SEK 344.5 million and unutilised credits totaled SEK 133.6 million. During the year, liquid funds have been negatively impacted with SEK 86.6 million, referring to a cash purchase consideration paid in conjunction with the acquisition of NGG, and with SEK 395.6 (275.8) million in conjunction with a value transfer to the shareholders. Furthermore, liquid funds have been negatively impacted by SEK 21.8 million in conjunction with the distribution of the shares in the gaming company Angler. At the end of the third quarter, tax of SEK 91.0 million was paid. A total of SEK 75.7 million of this tax was recovered at the beginning of the fourth quarter.
Customer liabilities, including the provision for earned jackpots, amounted to SEK 280.9 (202.9) million. This amount may impose restrictions on the utilisation of the Group's liquid funds, due to stipulations in the Maltese gaming authority's regulations. The Group's current receivables with payment providers referring to unsettled client payments total SEK 245.1 (206.9) million.
At the end of the fourth quarter, there was a total of 748 (412) employees. The average number of employees during the full year was 591 (340) in the Group, of which 432 (254) were employed in Malta.
In addition to these employees, the Group had, at the end of the quarter, 184 (169) consultants employed on a full-time basis, of which 62 were based in Kiev.
The operations of the Parent Company, Betsson AB (publ), consist of the ownership and administration of shares in companies through which Betsson, itself or through partner co-operation, offers games to end users via the Internet. The Company provides and sells internal services to certain Group companies regarding finance, accounting and administration.
Turnover for the year amounted to
SEK 15.9 (15.6) million and income before tax for the interim period amounted to SEK 575.7 (483.9) million.
The Parent Company's investments in tangible fixed assets amounted to SEK 0.6 (1.1) million during the year. Liquid funds amounted to SEK 114.2 (68.0) million.
The Company's Class B shares are listed on the NASDAQ OMX NORDIC MID CAP LIST, (BETS). At the end of the period, the Company had 17,225 (12,507) shareholders. The largest owners (owners with more than 10 percent of votes) were Per Hamberg including company, with 8.3 percent of the capital and 20.6 percent of votes, the Knutsson family with company, with 6.0 percent of capital and 10.7 percent of votes and Rolf Lundström with company, with 3.7 percent of capital and 10.2 percent of votes.
Betsson argues that in 1997, the Government, in breach of applicable law, applied a ban on wheel of fortune games which has negatively impacted the financial position of Betsson. In 2010, the Stockholm District Court rejected Betsson's claim for SEK 102 million in damages from the Government, based on this ban. The Court agreed that the Government had acted in breach of applicable EU law, but that this was not sufficient for the Government to be forced to pay claims for damages. Betsson appealed this decision to the Svea Court of Appeal and was granted leave to appeal. The Court of Appeal upheld the District Court's decision in November 2011. Betsson has appealed this decision to the Supreme Administrative Court, which is yet to announce whether the decision will be upheld. Furthermore, Betsson has appealed directly to the Supreme Court in order to ensure that the claim is tried according to the Swedish Tort Liability Act. This appeal will be considered by the Supreme Court.
The number of shares and votes in Betsson at the end of 2012 amounted to 42,269,108 and 91,049,108, respectively, of which 5,420,000 are Class A shares representing 10 votes per share and 36,849,108 are Class B shares, representing 1 vote per share. This amount includes Betsson's holding of 638 own Class B shares. A further 100,000 Class B Shares were subscribed for during 2012 within the framework of the incentive programme described below. As these shares were not issued until 2013, they are not included in the totals above.
In conjunction with the implementation of the incentive programme for senior executives resolved upon by the extraordinary general meeting held on 23 August 2010, the number of shares in the Company has increased by 49,925 Class B Shares to a total of 42,269,108 shares.
Betsson's holding of own shares has decreased by 3,584 Class B Shares down to 638 Class B Shares, which were acquired during previous years at an average rate of SEK 58.27. Following these changes, the number of outstanding shares, excluding repurchased shares, amounts to 42,268,470 shares, of which 5,420,000 are Class A shares and 36,848,470 are Class B shares. Each Class A Share entitles the holder to 10 votes per share, while each Class B Share entitles the holder to one vote per share.
The incentive programme for senior executives resolved upon by the extraordinary general meeting held on 23 August 2010 concluded during the fourth quarter.
The programme was split into two parts, one comprising warrants offered to personnel in Sweden and one comprising stock options offered to personnel employed outside Sweden. The former President, and current Chairman, of Betsson AB, subscribed to 90,000 Class B Shares in the Company at a rate of SEK 113.4 per share. Other senior executives subscribed to or sold their warrants, respectively, at the market rate, receiving a cash payment, or, alternatively, shares.
In total, SEK 17,782 thousand was paid out and 13,162 Class B Shares were transferred to other senior executives. 400,600 warrants were initially offered, of which varav 359,800 were exercised upon the conclusion of the programme, implying that 90 percent of the warrants offered have been exercised.
Furthermore, the personnel were offered 494,400 stock options, of which 52 percent were exercised upon the conclusion of the programme. A total of 67,541 Class B Shares were transferred to other key personnel.
On 14 November 2011, an extraordinary general meeting resolved to implement an incentive programme for the period 2011–2014, through offering financial instruments in the form of options to employees. Warrants were offered to personnel in Sweden while stock options were offered to other personnel.
The President of Betsson AB was allocated 100,000 warrants. Another three senior executives were allocated a total of 50,000 warrants and 63,380 stock options. Other key personnel employed in the Group subscribed for 299,000 warrants and 331,950 stock options.
The Board of Directors proposes that the Annual General Meeting resolves in favour of a distribution to the shareholders in accordance with the Company's dividend policy, implying that the
equivalent of 75 percent of net income for the year will be transferred to the shareholders. The proposal corresponds to a distribution of SEK 410.9 (395.9) million. If the total outstanding shares, excluding those in own custody, remain at 42,368,470 the distribution corresponds to 9.7 SEK per share.
The Board of Directors proposes that the transfer to the shareholders be conducted in the form of an automatic redemption procedure, which means that no dividend in the traditional sense will be paid.
The initial stages of the first quarter have been stable, with an all time high (ATH) in customer deposits and revenues. This corresponds to levels above the average in previous quarter and is driven by high activity.
In the beginning of 2013, Betsson Malta launced its first social betting app.
February the fourth, Betsson received Fair Play award at IGA 2013.
There have been no other significant events after the end of the period.
Betsson complies with the IFRS standards adopted by the EU, as well as with the interpretations of those standards (IFRIC). This Year-End Report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's Recommendation RFR 2.
Betsson's B2C segment is defined as games by players acquired by the Company itself and games from players originating from Betsson's network of affiliated websites (www.affiliatelounge.com). Betsson classes anything which cannot be included in these categories as B2B.
The portion of a gain or loss on a hedging instrument which is deemed to be an effective hedge is reported under Other comprehensive income. The gain or loss which is attributable to the ineffective portion is reported in the income statement.
In other respects, the accounting principles remain unchanged from the preparation of the Annual Report for 2011. Further information regarding the Group's accounting and valuation principles can be found in Note 2 of the Annual Report for 2011, which is available at www.betssonab.com or at the head office.
The legal situation regarding online gaming is constantly changing in different geographical areas. There is continued pressure on countries in the EU to bring their legislation in line with applicable EU
law, with unrestricted mobility for goods and services. A number of countries have reported that they are working on new legislation which will be compatible with EU requirements, and certain countries have presented proposals for concrete legislation. There is still uncertainty as to the point in time at which such legislation will be introduced into Betsson's main markets, other than on the Danish market, for which a new regulation was introduced at the beginning of 2012.
New legislation could result in market conditions regarding, for example, changes in taxes, product range and local licensing fees, changing and might have a negative impact on Betsson's profitability.
Meanwhile, new legislation may lead to a significant growth for Betsson's gaming markets, as well as possibly providing Betsson with increased opportunities for marketing and an increased presence on the market.
At the start of June 2010, Norway introduced its ban on promoting games organised from abroad. This ban impacts banks, in that payment services for transactions to gaming companies made using debit and credit cards, have been classified as unlawful.
Today, there seems to be a consensus among representatives of the various Swedish political parties to introduce new regulations on the Swedish gaming market in line with those applicable on the Danish market. It is, however, too early to draw any concrete conclusions from this situation.
After the divestment of the Turkish customer base, Betsson has license revenues for, among other things, system delivery to a gaming operator, for which parts of the revenues derive from players in Turkey. These license revenues are reported under B2B. Revenues arising from Turkey may be considered to have higher operational risk than revenues from other markets.
A more detailed description of the risks above and other risks and uncertainties can be found in the Annual Report for 2011.
No transactions significantly affecting Betsson's financial position and results for the quarter have been undertaken between Betsson and related parties.
Betsson is of the opinion that the online gaming market will continue to develop strongly. The number of Internet users across the globe is growing rapidly, which is a fundamental driver for the business. The confidence in Internet and ecommerce is increasing as more people use the Internet to perform their banking and stock market transactions, insurance business and other purchases. This changing behavior and increasing
confidence in e-commerce is important for the online gaming industry.
Management is of the opinion that revenues from mobile devices will increase significantly during the coming twelve-month period.
H2 Gambling Capital made the assessment in November 2012 that the global Internet gaming market will increase by 9.1 percent during 2013. Betsson intends to continue growing at a rate faster than the market rate.
A period of growth, both through acquisitions and organically, combined with more brands and an improved product range has given Betsson a stronger position. This, combined with the high demand for Betsson's products, creates a sound base for continued positive growth within both B2B and B2C.
The annual general meeting of shareholders in Betsson AB will be held at 12.00 CET on 8 May 2013, at Betsson's office, Regeringsgatan 28, Stockholm.
Shareholders wishing to submit proposals for the Nomination Committee may do so via email to [email protected] or by post to the address; Betsson AB, Valberedning, Regeringsgatan 28, 111 53 Stockholm.
Betsson intends to publish its financial reports as follows. The interim report for the first quarter will be made public on 26 April, for the second quarter on 19 July, for the third quarter on 25 October and the Year-End Report for 2013 (fourth quarter) on 7 February 2014.
The Annual Report for 2012 will be available from www.betssonab.com by latest three weeks before annual general meeting.
Today, Friday 8 February, at 09.00 CET, Betsson's CEO Magnus Silfverberg will present the Year-End Report at Betsson's office on Regeringsgatan 28, as well as through webcast at www.betssonab.com or http://storm.zoomvisionmamato.com/player/betsso n/objects/9mx3a08r or by phone at +46 (0)8 505 598 53 (Sweden) or +44 (0)20 3043 2436 (UK). This presentation will be in English and will be followed by a question and answer session.
A copy of the presentation is available at www.betssonab.com as of Friday 8 February.
Betsson AB (publ), Regeringsgatan 28, 111 53 Stockholm Registered office: Stockholm, Corporate Identity Number 556090-4251
For more information, please contact: Magnus Silfverberg, President and CEO Tel, +46 702714700, [email protected] or Fredrik Rüdén, CFO, Tel, +46 733-11 72 62, [email protected].
The information in this Year-End Report is information which Betsson AB (Publ) shall publish in accordance with the Securities Market Act and /or the Financial Instruments Trading Act. The information was presented for publication on 8 February 2013, 07:30 CET.
This report has not been subject to review by the Company's auditors.
This document is a translation of the Swedish original.
| Consolidated Income Statement (MSEK) | Q4 2012 |
Q4 2011 |
YTD 2012 |
Full year 2011 |
Full year 2010 |
|---|---|---|---|---|---|
| Revenues | 651.9 | 515.2 | 2203.7 | 1 736.6 | 1 603.2 |
| Cost of Sale | -103.1 | -81.9 | -350.0 | -307.7 | -321.1 |
| Gross Profit | 548.8 | 433.3 | 1853.7 | 1 428.9 | 1 282.1 |
| Marketing expenses | -189.4 | -123.1 | -626.8 | -414.8 | -527.7 |
| Personnel expenses | -85.8 | -56.3 | -290.9 | -197.0 | -179.6 |
| Other external expenses | -89.6 | -73.5 | -329.3 | -232.8 | -160.1 |
| Capitalized development costs | 22.0 | 13.4 | 81.0 | 41.4 | 35.7 |
| Depreciation | -31.7 | -22.3 | -105.0 | -73.8 | -49.7 |
| Other operating income/-expenses | -0.8 | 0.8 | -5.6 | 7.8 | -20.1 |
| Operating expenses | -375.4 | -261.0 | -1276.6 | -869.2 | -901.5 |
| Operating income | 173.4 | 172.3 | 577.1 | 559.7 | 380.6 |
| Financial items, net | 0.0 | 0.6 | -3.5 | -4.3 | 1.9 |
| Income before tax | 173.4 | 172.9 | 573.6 | 555.4 | 382.5 |
| Tax | -6.5 | -7.1 | -25.8 | -27.6 | -16.8 |
| Net income | 166.9 | 165.8 | 547.8 | 527.8 | 365.7 |
| Earnings per share before dilution (SEK) Earnings per share after dilution (SEK) Operating margin (percent of Revenues) Operating margin (percent of Gross Profit) Profit margin (percent) Average number of outstanding shares (millions) Number of outstanding shares at end of period (millions) Return on equity (percent) Return on total capital (percent) Return on capital employed (percent) |
3.95 3.94 26.6 31.6 26.6 42.2 42.3 |
4.01 4.00 33.4 39.8 33.6 41.4 41.4 |
13.04 12.98 26.2 31.1 26.0 42.0 42.3 38 22 24 |
13.12 13.10 32.2 39.2 32.0 40.2 41.4 49 30 30 |
9.32 9.32 23.7 29.7 23.9 39.2 39.3 44 26 27 |
| Consolidated Statement of | Q4 | Q4 | YTD | Full year | Full year |
| Comprehensive Income (MSEK) | 2012 | 2011 | 2012 | 2011 | 2010 |
| Net income Other comprehensive income |
166.9 | 165.8 | 547.8 | 527.8 | 365.7 |
Hedge of net investments in foreign currency incl deferred tax -9,2 10.7 Exchange differencies on translating foreign operations 43,9 -46.2 --57,0 -20.4 -10.3 Other comprehensive income of the period (after tax) 34,7 -46,2 -46,3 -20.4 -10.3
Total comprehensive income for the period 201,6 119,6 501,5 507.4 355.4
| Consolidated Balance Sheet (MSEK | 2012-12-31 | 2011-12-31 |
|---|---|---|
| Intangible fixed assets | 1 664,6 | 982.3 |
| Tangible fixed assets | 28,5 | 26.9 |
| Financial fixed assets | 25,2 | 10.2 |
| Deferred tax receivables | 18,4 | 14.4 |
| Total non-current assets | 1 736,8 | 1 033.8 |
| Current receivables | 752,7 | 729.6 |
| Cash and liquid assets | 467,2 | 509.7 |
| Total current assets | 1 219,9 | 1 239.3 |
| Total assets | 2 956,7 | 2 273.1 |
| Equity | 1577,8 | 1 334.3 |
| Deferred tax liabilities | 9,3 | 8.0 |
| Liabilities to financial institutes | 344,5 | |
| Total non-current liabilities | 353,8 | 8.0 |
| Other current liabilities | 1 025,0 | 930.8 |
| Total current liabilities | 1 025,0 | 930.8 |
| Total equity and liabilities | 2 956,7 | 2 273.1 |
| 2012 | 2011 | |
|---|---|---|
| Income after financial items | 573,6 | 555.4 |
| Adjustments for non-cash items | 110,4 | 63.1 |
| Taxes paid | 2,7 | 28.8 |
| Cash flows from operating activities | ||
| before changes in working capital | 686,6 | 647.3 |
| Changes in working capital | -20,6 | -110.1 |
| Cash flows from operating activities | 666,1 | 537.2 |
| Investments | -101,0 | -50.9 |
| Sale of intangible assets | 17.2 | |
| Acquisition of shares, subsidiaries | -518,4 | -203.8 |
| Acquisition of shares, associated companies | -15,0 | -11.0 |
| Cash flows from investing activities | -634,4 | -248.5 |
| Redemption of shares | -395,6 | -275.8 |
| Cost of Share Redemption Program | -0,1 | -0.1 |
| Dividend | -21,8 | |
| Share issue at exercise of warrants | 431,8 | - |
| Bank loan | -74,1 | - |
| Payment at exercise of options Premiums received for warrants |
-10,4 | -0.6 2.7 |
| Cash flows from financing activities | -70,2 | -273.8 |
| Changes to cash and liquid assets | -38,4 | 14.9 |
| Cash and liquid assets at beginning of period | 509,7 | 497.1 |
| Exchange rate differences | -4,1 | -2.3 |
| Cash and liquid assets at end of period | 467,2 | 509.7 |
| Change in Group Equity (MSEK) | YTD | YTD |
| 2012 | 2011 | |
| Opening balance | 1 334,3 | 825.6 |
| Total comprehensive income for the period | 501,5 | 507.4 |
| Total change, excluding transactions | ||
| with company owners | 501,5 | 507.4 |
| Share Redemption | -395,6 | -275.8 |
| Dividend | -21,8 | |
| Cost of Share Redemption Program after tax | -0,1 | -0.1 |
| Share issue at exercise of warrants | 159,6 | 274.6 |
| Payment at exercise of options | -0.6 |
Change of equity share in associated companies 10,1 - Premiums received for warrants 2.7 Repurchase of warrants -11,4 Share options - value of employee services 1,2 0.5 Equity at end of period 1 577,8 1 334.3 Attributable to:
During the spring, Betsson AB announced that the Company was to acquire 100 percent of the shares in NGG. Betsson AB announced on 20 June 2012 that the acquisition had been completed, implying that the controlling influence over NGG's operations was transferred to Betsson from that date.
The acquisition increases Betsson's presence and enables continued strong growth in Betsson's main markets in the Nordic countries. Seen from a longer perspective, the acquisition creates good premises for an efficient cost structure through synergy effects. Taken as a whole, this explains the surplus value of goodwill.
No portion of reported goodwill is expected to be tax deductible upon taxation of income. The acquired customer base amounts to SEK 33.5 million and the ongoing amortization of this will impact the Group's net income for a period of two years. The table below summarizes the purchase price paid and the fair value of the acquired assets and assumed liabilities.
The purchase price is divided into an initial portion and a supplementary purchase price. The initial purchase price was settled on 20 June 2012 and constituted delivery of cash and cash equivalents and 217,974 newly issued Betsson B shares, which altogether corresponds to a value of approximately SEK 627.0 million.
A supplementary purchase price may be payable depending on the develpment of the acquired entity in 2012. Betsson has the right to chose to settle the supplementary purchase price by transferring cash and cash equivalents or newly issued shares in Betsson AB. The total supplementary purchase price is estimated to amount to a maximum of EUR 20 million (SEK 177.0 million), which implies that the total maximum purchase price (without adjustments for changes in the market value of delivered Betsson shares) is EUR 85 million. If any additional purchase price becomes payable, the final acquisition value will be determined by the market value of Betsson shares issued on the relevant day.
| Total purchase consideration | 804.0 |
|---|---|
| Remaining supplementary purchase 1) | 177.0 |
| Total purchase consideration paid | 627.0 |
| Equity instrument (217 974 B-aktier) | 44.3 |
| Cash and cash equivalents | 582.7 |
acquired assets and assumed liabilities
| Cash and cash equivalents | 65.8 |
|---|---|
| Tangible fixed assets | 9.5 |
| Customer base | 33.5 |
| Brand name | 130.1 |
| Other intangible assets | 14.1 |
| Current receivables | 115.6 |
| Long-term liabilities | - |
| Current liabilities | 123.9 |
| Total identifiable net assets | 245.3 |
Goodwill 558.7
1) Remaining estimated supplementary purchaseprice depending on performance 2012.
NGG has been consolidated as a wholly-owned subsidiary as of 20 June 2012. Since this date and until 31 December, NGG has contributed a total of SEK 202.7 million to the Group's gross profit and SEK 38.3 million to the Group's net income, including depreciation/amortisation initiated in conjunction with the acquisition totalling SEK 14.1 million and restructuring costs of SEK 5.8 million. As well as the effects mentioned above, net income has been negatively impacted during the year by acquisition-related expenses for financial and legal advisory services amounting to SEK 14.1 million.
Had NGG been a subsidiary for the full year, Betsson's gross profit would have amounted to SEK 2,042.9 million rather than SEK 1,853.7 million. Net income would have been SEK 585.1 million rather than SEK 547.8 million, excluding acquisition costs of SEK 14.1 million and restructuring costs of SEK 5.8 million, but including amortisation of the customer base and technical platform amounting to SEK 26.8 million.
NGG's gross profit during the full year amounted to SEK 392.0 million and NGG's net income during the full year amounted to SEK 79.5 million, including depreciation/amortisation initiated in conjunction with the acquisition totalling SEK 26.8 million and restructuring costs of SEK 5.8 million.
| Parent Company Income Statement (MSEK) |
YTD 2012 |
YTD 2011 |
|---|---|---|
| Revenues | 15.9 | 15.6 |
| Operating expenses | -59.7 | -68.4 |
| Operating Income | -43.8 | -52.8 |
| Financial items | 619,6 | 536.7 |
| Income before tax | 575,7 | 483.9 |
| Tax | 2,1 | 7.4 |
| Net income | 577,8 | 491.3 |
| Parent Company Balance Sheet (MSEK) |
2012-12-31 | 2011-12-31 |
| Tangible fixed assets | 4,0 | 5.4 |
| Financial assets | 2 071,2 | 1 256.6 |
| Total non-current assets | 2075,1 | 1 262.0 |
| Current receivables | 305,1 | 443.3 |
| Cash and liquid assets | 114,2 | 68.0 |
| Total current assets | 419,3 | 511.3 |
| Total assets | 2 494,5 | 1 773.3 |
| Restricted equity | 337,8 | 336.1 |
| Unrestricted equity | 1 543,6 | 1 242.0 |
| Total equity | 1 881,4 | 1 578.1 |
| Untaxed reserves | 353,8 | 0.0 |
| Current liabilities | 259,3 | 195.2 |
| Total equity and liabilities | 2 494,5 | 1 773.3 |
| Statement (MSEK) | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY |
| Revenues | 651.9 | 529.5 | 486.2 | 536.0 | 515.2 | 465.8 | 338.2 | 417.4 | 2 203.7 | 1 736.6 |
| Cost of Sale | -103.1 | -90.8 | -79.0 | -77.1 | -81.9 | -76.7 | -62.5 | -86.6 | -350.0 | -307.7 |
| Gross Profit | 548.8 | 438.7 | 407.2 | 458.9 | 433.3 | 389.1 | 275.7 | 330.8 | 1 853.6 | 1 428.9 |
| Marketing expenses | -189.4 | -152.4 | -149.8 | -135.2 | -123.1 | -100.6 | -70.9 | -120.2 | -626.8 | -414.8 |
| Personnel expenses | -85.8 | -73.5 | -71.3 | -60.2 | -56.3 | -60.5 | -37.2 | -43.0 | -290.9 | -197.0 |
| Other external expenses | -89.6 | -80.4 | -79.2 | -80.1 | -73.5 | -56.5 | -56.7 | -46.1 | -329.3 | -232.8 |
| Capitalized development costs | 22.0 | 17.9 | 25.7 | 15.3 | 13.4 | 9.4 | 7.5 | 11.1 | 80.9 | 41.4 |
| Depreciation | -31.7 | -28.0 | -23.2 | -22.1 | -22.3 | -21.9 | -15.7 | -13.9 | -105.0 | -73.8 |
| Other operating income/-expenses | -0.8 | -2.2 | 0.1 | -2.6 | 0.8 | -6.2 | 0.1 | 13.1 | -5.5 | 7.8 |
| Operating expenses | -375.4 | -318.7 | -297.7 | -284.9 | -261.0 | -236.3 | -172.9 | -199.0 | -1276.6 | -869.2 |
| Operating income | 173.4 | 120.0 | 109.5 | 174.0 | 172.3 | 152.8 | 102.8 | 131.8 | 577.0 | 559.7 |
| Financial items, net | 0.0 | -1.7 | 1.3 | -3.0 | 0.6 | -6.3 | 0.6 | 0.8 | -3.4 | -4.3 |
| Income before tax | 173.4 | 118.3 | 110.9 | 171.0 | 172.9 | 146.5 | 103.4 | 132.6 | 573.6 | 555.4 |
| Tax | -6.5 | -5.2 | -5.5 | -8.7 | -7.1 | -8.1 | -5.4 | -7.0 | -25.8 | -27.6 |
| Net income (continuing operations) |
166.9 | 113.1 | 105.4 | 162.3 | 165.8 | 138.4 | 98.0 | 125.6 | 547.7 | 527.8 |
| Consolidated Balance Sheet | ||||||||||
| (MSEK) | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY | |
| Non-current assets | 1 735.2 | 1 692.6 | 1 754.0 | 1 020.7 | 1 033.8 | 1 059.8 | 1 052.2 | 493.5 | 1 735.2 | 1 033.8 |
| Current assets | 1 212.5 | 989.2 | 1 088.8 | 1 339.2 | 1 239.3 | 1 140.7 | 872.8 | 1 101.2 | 1 212.5 | 1 239.3 |
| Total assets | 2 947.7 | 2 681.8 | 2 842.7 | 2 359.9 | 2 273.1 | 2 200.5 | 1 925.0 | 1 594.7 | 2 947.7 | 2 273.1 |
| Equity | 1 576.0 | 1382.4. | 1 347.7 | 1 604.4 | 1 334.3 | 1 212.2 | 910.5 | 952.3 | 1 576.0 | 1 334.3 |
| Non-current liabilities | 355.6 | 410.8 | 439.4 | 7.8 | 8.0 | 8.7 | 8.7 | 4.1 | 355.6 | 8.0 |
| Current liabilities | 1 016.1 | 888.6 | 1 055.6 | 747.7 | 930.8 | 979.6 | 1 005.8 | 638.3 | 1 016.1 | 930.8 |
| Total equity and liabilities | 2 947.7 | 2 681.8 | 2 842.7 | 2 359.9 | 2 273.1 | 2 200.5 | 1 925.0 | 1 594.7 | 2 947.7 | 2 273.1 |
| Group Review Consolidated Cash Flow |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Statement (MSEK) | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY |
| Operating cashlow | 326.2 | -23.7 | 265.6 | 97.9 | 54.2 | 352.5 | 79.1 | 51.4 | 665.9 | 537.2 |
| Cashflow from investing activities | -48.1 | -21.6 | -547.4 | -17.3 | -24.4 | -63.6 | -150.6 | -9.9 | -634.3 | -248.5 |
| Cashflow from financing activities | -67.0 | -39.2 | 36.2 | 0.0 | 2.7 | 0.0 | -276.5 | 0.0 | -70.0 | -273.8 |
| Totals | 211.1 | -84.5 | -245.7 | 80.6 | 32.5 | 288.9 | -348.0 | 41.5 | -38.4 | 14.9 |
| Key Ratios | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY |
| Quarterly top-line growth (%) Growth compared to same period last year (%) |
23 27 |
9 14 |
-9 44 |
4 28 |
11 6 |
38 21 |
-19 -8 |
-14 14 |
27 | 8 |
| Gross Margin (percent of Revenues) | 84.2 | 82.9 | 83.7 | 85.6 | 84.1 | 83.5 | 81.5 | 79.3 | 84.1 | 82.3 |
| EBITDA-margin (percent of Revenues) EBITDA-margin (percent of Gross |
31.5 | 28.0 | 27.3 | 36.6 | 37.8 | 37.5 | 35.0 | 34.9 | 30.9 | 36.5 |
| Profit) | 37.4 | 33.7 | 32.6 | 42.7 | 44.9 | 44.9 | 43.0 | 44.0 | 36.8 | 44.3 |
| EBIT-margin (percent of Revenues) | 26.6 | 22.7 | 22.5 | 32.5 | 33.4 | 32.8 | 30.4 | 31.6 | 26.2 | 32.2 |
| EBIT-margin (percent of Gross Profit) | 31.6 | 27.4 | 26.9 | 37.9 | 39.8 | 39.3 | 37.3 | 39.8 | 31.1 | 39.2 |
| Profit margin (percent of Revenues) | 26.6 | 22.3 | 22.8 | 31.9 | 33.6 | 31.5 | 30.6 | 31.8 | 26.0 | 32.0 |
| Profit margin (percent of Gross Profit) | 31.6 | 27.0 | 27.2 | 37.3 | 39.9 | 37.7 | 37.5 | 40.1 | 30.9 | 38.9 |
| Marketing expenses (percent of Revenues) |
29.1 | 28.8 | 30.8 | 25.2 | 23.9 | 21.6 | 21.0 | 28.8 | 28.4 | 23.9 |
| Marketing expenses (percent of Gross Profit) |
34.5 | 34.7 | 36.8 | 29.5 | 28.4 | 25.9 | 25.7 | 36.3 | 33.8 | 29.0 |
| Earnings per share (SEK) | 3.95 | 2.68 | 2.54 | 3.91 | 4.01 | 3.40 | 2.48 | 3.19 | 13.04 | 13.12 |
| Operating cashflow per share (SEK) | 7.72 | 0.56 | 6.29 | 2.36 | 1.31 | 8.66 | 2.00 | 1.30 | 15.86 | 13.35 |
| Equity per share (SEK) Executed dividend/redemption per |
37.33 | 32.75 | 31.92 | 38.20 | 32.24 | 29.29 | 22.58 | 24.17 | 37.29 | 32.15 |
| share (SEK) | 9.42 | - | - | - | 7.00 | - | 9.42 | 7.00 | ||
| Average share price (SEK) | 177.78 | 189.09 | 210.34 | 181.23 | 146.29 | 132.91 | 142.49 | 126.03 | 189.60 | 136.54 |
| Last paid share price (SEK) | 200.50 | 174.50 | 206.00 | 194.50 | 151.50 | 129.50 | 151.00 | 139.25 | 200.50 | 151.50 |
| Highest share price (SEK) Lowest share price (SEK) |
200.50 158.50 |
207.00 164.00 |
224.50 195.00 |
199.50 152.00 |
159.50 125.25 |
157.50 109.75 |
162.00 126.50 |
141.50 112.75 |
207.00 152.00 |
162.00 109.75 |
| Equity/asset ratio (percent) | 54 | 52 | 48 | 68 | 59 | 55 | 47 | 60 | 54 | 59 |
| Investments (MSEK) Average number of employees |
33.1 | 21.6 | 29.1 | 17.3 | 13.5 | 13.8 | 8.2 | 15.4 | 101.0 | 50.9 |
| (accumulated) | 591 | 529 | 464 | 439 | 340 | 317 | 282 | 266 | 591 | 340 |
| Number of employees at end of period | 748 | 723 | 610 | 459 | 412 | 378 | 385 | 278 | 748 | 412 |
| Number of registered shareholders at end of period |
17 225 | 16 195 | 15 246 | 14 568 | 12 507 | 11 936 | 11 151 | 11 105 | 17 225 | 12 507 |
| Customers | 2012 Q4 |
2012 Q3 |
2012 Q2 |
2012 Q1 |
2011 Q4 |
2011 Q3 |
2011 Q2 |
2011 Q1 |
2012 FY |
2011 FY |
| 5 777.9 | 5 633.7 | 5 418.0 | 3 906.3 | 3 662.4 | 3 424.1 | 3 229.5 | 2 587.3 | 5 777.9 | 3 662.4 | |
| Registered Customers (thousands) Quarterly growth (%) |
3 58 |
4 65 |
39 68 |
7 51 |
7 16 |
6 21 |
25 19 |
-18 7 |
58 | 16 |
| Growth compared to same period last | ||||||||||
| year (%) | 520.4 | 463.6 | 508.7 | 405.0 | 403.6 | 382.9 | 335.9 | 335.5 | 520.4 | 403.6 |
| Active Customers (thousands) Quarterly growth (%) |
12 29 |
-8.9 21 |
25.6 51 |
0 21 |
5 34 |
14 50 |
0 16 |
12 5 |
29 | 34 |
| Growth compared to same period last | ||||||||||
| year (%) | 9 | 8 | 9 | 10 | 11 | 11 | 10 | 13 | 9 | 11 |
| Customer Deposits | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY | |
| Customer Deposits (MSEK) | 1586.5 | 1 362.9 | 1 097.8 | 1 045.3 | 1 093.5 | 1 122.6 | 756.5 | 959.0 | 5 092.4 | 3 931.6 |
| Quarterly growth (%) | 16 | 24 | 5 | -4 | -3 | 48 | -21 | -13 | ||
| Growth compared to same period last year (%) |
45 | 21 | 45 | 9 | -1 | 23 | -17 | -1 | 30 | 1 |
| 2154.8 | 1 756.0 | 1 509.5 | 1 468.6 | 1 484.5 | 1 483.6 | 1 148.2 | 1 121.6 | 6 889.0 | 5 237.9 | |
| Customer Deposits, all gaming |
Quarterly growth (%) 45 18 31 31 34 62 26 16 32 35
solutions (MSEK) 23 16 3 -1 0 29 2 2
| Sportbook Margin | 2012 Q4 |
2012 Q3 |
2012 Q2 |
2012 Q1 |
2011 Q4 |
2011 Q3 |
2011 Q2 |
2011 Q1 |
2012 FY |
2011 FY |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Turnover, all gaming solutions (MSEK) Quarterly growth (%) |
3 782.8 29.5 |
2 921.4 6.4 |
2 744.8 3.8 |
2 644.1 22 |
2 171.3 20 |
1 816.6 1 |
1 805.0 1 |
1 787.5 -6 |
12 093.1 | 7 580.4 |
| Growth compared to same period last year (%) |
74 | 61 | 52 | 48 | 15 | 49 | 46 | 76 | 60 | 42 |
| Of which Gross Turnover Live Betting (MSEK) |
2 476.8 | 1 910.9 | 1 904.8 | 1 740.1 | 1 336.1 | 1 072.4 | 1 199.5 | 1 119.4 | 8 032.5 | 4 727.4 |
| Live Betting (% of Gross Turnover Soortsbook) |
65.5 | 65.4 | 69.4 | 65.8 | 61.5 | 59.0 | 66.5 | 62.6 | 66.4 | 62.4 |
| Quarterly growth (%) Growth compared to same period last year (%) |
29.6 85 |
0.3 78 |
9.5 59 |
30 55 |
25 17 |
-11 46 |
7 71 |
-2 191 |
70 | 60 |
| Margin after free bets (%) Gross Profit (MSEK) |
7.4% 165.5 |
5.5% 89.8 |
4.6% 68.9 |
7.2% 107.8 |
8.1% 97.2 |
7.6% 84.1 |
5.9% 41.3 |
8.3% 104.3 |
6.2% 432.0 |
7.5% 326.9 |
| Gross Margin Sportsbook (%) 1) 1) Margin after allocated costs |
4.4% | 3.1% | 2.5% | 4.1% | 4.5% | 4.6% | 2.3% | 5.8% | 3.6% | 4.3% |
| Segment Reporting | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY | |
| Gross Profit (MSEK) | ||||||||||
| B2B, Business to business | 147.4 | 120.8 | 115.3 | 142.8 | 132.6 | 123.0 | 124.0 | 188.4 | 526.3 | 568.0 |
| B2C, Business to consumers | 401.4 | 317.9 | 291.9 | 316.2 | 300.7 | 266.1 | 151.7 | 142.4 | 1 327.4 | 860.9 |
| Subtotal Others, adjustments |
548.8 0.0 |
438.7 0.0 |
407.2 0.0 |
459.0 0.0 |
433.3 0.0 |
389.1 0.0 |
275.7 0.0 |
330.8 0.0 |
1 853.7 0.0 |
1 428.9 0.0 |
| Total Gross Profit | 548.8 | 438.7 | 407.2 | 459.0 | 433.3 | 389.1 | 275.7 | 330.8 | 1 853.7 | 1 428.9 |
| Share of total Gross Profit (%) | ||||||||||
| B2B | 26.9 | 27.5 | 28.3 | 31.1 | 30.6 | 31.6 | 45.0 | 57.0 | 28.4 | 39.8 |
| B2C | 73.1 | 72.5 | 71.7 | 68.9 | 69.4 | 68.4 | 55.0 | 43.0 | 71.6 | 60.2 |
| Quarterly Growth (%) | ||||||||||
| B2B B2C |
22 26 |
5 9 |
-19 -8 |
8 5 |
8 13 |
-1 75 |
-34 7 |
-21 -7 |
||
| Totals Growth compared to same period last year (%) |
25 | 8 | -11 | 6 | 11 | 41 | -17 | -16 | ||
| B2B | 11 | -2 | -7 | -24 | -44 | -32 | -19 | 24 | -7 | -22 |
| B2C | 33 | 19 | 92 | 122 | 96 | 119 | 10 | -2 | 54 | 54 |
| Totals | 27 | 13 | 48 | 39 | 11 | 29 | -5 | 11 | 30 | 11 |
| 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 | |
| Gross Profit by Products | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY |
| Gross Profit (MSEK) | 335.8 | 301.7 | 303.1 | 308.3 | 290.4 | 275.1 | 202.1 | 188.3 | 1 248.8 | 955.9 |
| Casino | 31.6 | 32.2 | 25.4 | 27.5 | 24.8 | 21.5 | 17.1 | 20.5 | 116.7 | 83.9 |
| Poker Sportsbook |
165.5 15.9 |
89.8 15.0 |
68.9 9.8 |
107.8 15.4 |
97.2 20.9 |
84.1 8.4 |
41.3 15.2 |
104.3 17.7 |
432.0 56.1 |
326.9 62.2 |
| Other products | 548.8 | 438.7 | 407.2 | 459.0 | 433.3 | 389.1 | 275.7 | 330.8 | 1 853.7 | 1 428.9 |
| Total Gross Profit | ||||||||||
| Share of total Gross Profit (%) | 61.2 | 68.8 | 74.4 | 67.2 | 67.0 | 70.7 | 73.3 | 56.9 | 67.4 | 66.9 |
| Casino Poker |
5.8 30.2 |
7.3 20.5 |
6.2 16.9 |
6.0 23.5 |
5.7 22.4 |
5.5 21.6 |
6.2 15.0 |
6.2 31.5 |
6.3 23.3 |
5.9 22.9 |
| Sportsbook | 2.9 | 3.4 | 2.4 | 3.4 | 4.8 | 2.2 | 5.5 | 5.4 | 3.0 | 4.4 |
| Other products | ||||||||||
| Quarterly Growth (%) | 11 | 0 | -2 | 6 | 6 | 36 | 7 | -13 | ||
| Casino Poker |
-2 84 |
27 30 |
-8 -36 |
11 11 |
15 16 |
26 104 |
-17 -60 |
-23 -19 |
||
| Sportsbook | 6 | 53 | -36 | -26 | 149 | -45 | -14 | -11 | ||
| Other products | 25 | 8 | -11 | 6 | 11 | 41 | -17 | -16 | ||
| Growth compared to same period | ||||||||||
| last year (%) Casino |
16 27 |
10 50 |
50 49 |
64 34 |
34 -7 |
58 -12 |
16 -32 |
4 -32 |
61 39 |
28 -21 |
| Poker Sportsbook |
70 -24 |
7 79 |
67 -35 |
3 -13 |
-24 5 |
-6 -38 |
-47 4 |
45 25 |
32 -10 |
-11 0 |
| Other products | 27 | 13 | 48 | 39 | 11 | 29 | -5 | 11 | 30 | 11 |
| B2C by Geographical Area | 2012 | 2012 | 2012 | 2012 | 2011 | 2011 | 2011 | 2011 | 2012 | 2011 |
|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | FY | FY | |
| Gross Profit (MSEK) | ||||||||||
| Nordic Countries | 330.2 | 253.4 | 238.7 | 259.0 | 239.0 | 199.4 | 115.7 | 105.5 | 1 081.3 | 659.6 |
| EU, outside Nordic region | 68.1 | 58.3 | 49.7 | 48.2 | 55.3 | 57.9 | 34.9 | 35.0 | 224.3 | 183.1 |
| Others Europe | 1.3 | 2.4 | 1.5 | 1.1 | 0.8 | 1.4 | 0.7 | 1.0 | 6.3 | 3.9 |
| Rest of the world | 1.8 | 3.8 | 1.9 | 7.9 | 5.6 | 7.4 | 0.5 | 0.9 | 15.4 | 14.4 |
| Total Gross Profit | 401.4 | 317.9 | 291.9 | 316.2 | 300.7 | 266.1 | 151.8 | 142.4 | 1 327.4 | 861.0 |
| Share of total Gross Profit (%) | ||||||||||
| Nordic Countries | 82.3 | 79.7 | 81.8 | 81.9 | 79.5 | 74.9 | 76.2 | 74.1 | 325.7 | 76.6 |
| EU, outside Nordic region | 17.0 | 18.3 | 17.0 | 15.2 | 18.4 | 21.8 | 23.0 | 24.6 | 67.6 | 21.3 |
| Others Europe | 0.3 | 0.8 | 0.5 | 0.3 | 0.3 | 0.5 | 0.5 | 0.7 | 2.0 | 0.5 |
| Rest of the world | 0.4 | 1.2 | 0.7 | 2.5 | 1.9 | 2.8 | 0.3 | 0.6 | 4.8 | 1.7 |
| Quarterly Growth (%) | ||||||||||
| Nordic Countries | 30 | 6 | -8 | 8 | 20 | 72 | 10 | -8 | ||
| EU, outside Nordic region | 17 | 17 | 3 | -13 | -4 | 66 | 0 | -15 | ||
| Others Europe | -46 | 57 | 39 | 38 | -43 | 100 | -30 | 136 | ||
| Rest of the world | -53 | 96 | -75 | 41 | -24 | 1 380 | -44 | 1 000 | ||
| Total all countries | 26 | 9 | -8 | 5 | 13 | 75 | 7 | -7 | ||
| Growth compared to same period last year | ||||||||||
| (%) | ||||||||||
| Nordic Countries | 38 | 27 | 106 | 145 | 108 | 111 | 18 | -1 | 64 | 59 |
| EU, outside Nordic region | 23 | 1 | 42 | 38 | 34 | 108 | 2 | -2 | 23 | 32 |
| Others Europe | 63 | 71 | 119 | 10 | 129 | 180 | -22 | -38 | 62 | 1 850 |
| Rest of the world | -68 | -49 | 287 | 778 | 5 700 | 717 | -90 | -40 | 7 | 188 |
| Total all countries | 33 | 19 | 92 | 122 | 96 | 119 | 10 | -2 | 54 | 54 |
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