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bet-at-home.com AG
Earnings Release • Nov 9, 2020
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Earnings Release
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GROUP QUARTERLY STATEMENT Q1-Q3 2020
bet-at-home.com AG – 9 November 2020
DAS LEBEN IST EIN SPIEL!
REPORT BY THE MANAGEMENT BOARD
Dear ladies and gentlemen, dear shareholders,
after interruptions or cancellations of almost all national and international sports events in spring 2020, which were triggered by the wavelike worldwide spread of COVID-19, the resumption and finalization of the national soccer leagues and the delayed hosting of the Champions League or Europa League had a positive effect on the summer months, which are usually weak in terms of revenues. In addition, international tennis tournaments were held again in the course of the summer months, which means that the second most important source of revenue in the sports betting segment after football, was once again included in the betting program. The online gaming segment was not negatively affected by COVID-19.
In times of the global pandemic and the associated economic turbulence, it was nevertheless possible to pay out a dividend of EUR 2.00 per share in July 2020. We were also able to increase group equity to EUR 42 million as of September 30, 2020. This corresponds to an equity ratio of over 47%, with the group equity ratio still being 43% as of December 31, 2019. In addition, cash and cash equivalents amounted to EUR 49 million at the end of September.
We would like to take this opportunity to thank again our employees, who not only show patience and great commitment in this challenging phase, but also complete all work processes without restriction and in the usual professional manner in teleworking mode. We would also like to thank our shareholders for the trust they have placed in us.
Franz Ömer CEO Michael Quatember CEO
Development of betting and gaming revenue in the first three quarters 2020
- Gross betting and gaming revenue in the first three quarters of 2020 was EUR 93.0 million (Q1-Q3 2019: EUR 106.8 million) and thus below the previous year's figure due to the negative effects of the pandemic and legal restrictions in individual markets.
- Betting and gaming volume in the bet-at-home.com AG Group totaled EUR 2.1 billion in this period (Q1-Q3 2019: EUR 2.4 billion).
- Betting fees and gaming levies were EUR 16.1 million in the first three quarters 2020 (Q1-Q3 2019: EUR 15.4 million). In the same period, VAT on electronic services had a negative impact on earnings of EUR 3.4 million (Q1-Q3 2019: EUR 3.5 million).
- Net betting and gaming revenue amounted to EUR 73.5 million in the first three quarters of 2020 (Q1-Q3 2019: EUR 87.9 million).
bet-at-home.com AG
Segment reporting
| 01/01-30/09/2020 ǀ in EUR 1,000 |
Online sports betting |
Online gaming* | Total |
|---|---|---|---|
| Betting and gaming volume |
303,881 | 1,793,516 | 2,097,397 |
| Paid out winnings |
-269,477 | -1,734,888 | -2,004,365 |
| Gross betting and gaming revenue |
34,405 | 58,628 | 93,033 |
| Betting fees and gambling levies | -6,332 | -9,815 | -16,147 |
| VAT on electronic services | -141 | -3,243 | -3,384 |
| Net betting and gaming revenue |
27,932 | 45,570 | 73,502 |
| 01/01-30/09/2019 ǀ in EUR 1,000 |
Online sports betting |
Online gaming* | Total |
|---|---|---|---|
| Betting and gaming volume |
390,988 | 2,046,413 | 2,437,401 |
| Paid out winnings |
-347,373 | -1,983,222 | -2,330,595 |
| Gross betting and gaming revenue |
43,615 | 63,190 | 106,805 |
| Betting fees and gambling levies | -7,547 | -7,884 | -15,431 |
| VAT on electronic services | -150 | -3,329 | -3,479 |
| Net betting and gaming revenue |
35,918 | 51,977 | 87,896 |
* includes casino, live casino, vegas games, poker and virtual sports
DEVELOPMENT OF MARKETING EXPENSES
Investments in brand awareness in the first three quarters of 2020
Marketing expenses
- Marketing expenses reached EUR 21.4 million in the first three quarters of 2020 and are thus below the comparative period in the previous year (Q1-Q3 2019: EUR 29.3 million), as the decrease compared to the previous year is due to the postponement of the European Football Championship to 2021.
- As at 30 September 2020, the bet-at-home.com AG Group had more than 5.3 million registered customers (30.09.2019: 5.2 million).
bet-at-home.com AG
DEVELOPMENT OF EARNINGS
Earnings development in the first three quarters of 2020
- After the first three quarters of 2020, EBITDA of EUR 23.0 million is below the previous year's comparison period (Q1-Q3 2019: EUR 27.0 million). The EBITDA for Q3 2020 was increased to EUR 7.2 million (Q3 2019: EUR 5.6 million).
- Earnings before taxes (EBT) were at EUR 21.5 million in the first three quarters of 2020 (Q1-Q3 2019: EUR 25.6 million).
- Overall, the consolidated profit for the period in the first three quarters 2020 was EUR 14.4 million (Q1-Q3 2019: EUR 5.8 million).
bet-at-home.com AG
STABLE ASSET AND CAPITAL STRUCTURE
Development of cash & cash equivalents and group equity
Capital reserves 7,366 7,366 Total comprehensive income 27,251 27,648 Group equity 41,635 42,032
- Considering the equity-reducing distribution of a dividend in July 2020 in the amount of EUR 14.0 million – thus EUR 2.00 per share - the consolidated group equity as of September 30, 2020 totaled EUR 42.0 million (December 31, 2019: EUR 41.6 million). The group equity ratio is 47.4% (December 31, 2019: 43.7%).
- Liquid funds and short-term fixed deposits within the betat-home.com AG Group totaled EUR 49.0 million as of September 30, 2020 (December 31, 2019: EUR 54.8 million).
bet-at-home.com AG
Group quarterly statement Q1-Q3 2020 (unaudited) ǀ 9 November 2020
THE SHARE
Performance compared to the DAX and SDAX
| CHARACTERISTICS | FUNDAMENTALS 30/09/2020 | SHAREHOLDER STRUCTURE | |||
|---|---|---|---|---|---|
| ISIN | DE000A0DNAY5 | Market capitalisation | EUR 249.8 million | Betclic Everest SAS | 53.90% |
| Stock exchange | Frankfurt | Cash & cash equivalents | EUR 49.0 million | Freefloat | 45.10% |
| Market segment | Prime Standard | Enterprise Value* | EUR 200.8 million | Management | 1.00% |
| Number of shares |
7.018.000 | *) Enterprise Value = market capitalisation – cash & cash equivalents |
bet-at-home.com AG
Group quarterly statement Q1-Q3 2020 (unaudited) ǀ 9 November 2020
OUTLOOK
Guidance Financial Year 2020
From the current perspective, the Management Board still expects a gross betting and gaming revenue between EUR 120 million and EUR 132 million in the financial year 2020. Furthermore, the Management Board still expects EBITDA to amount between EUR 23 million and EUR 27 million for the financial year 2020.
INVESTOR RELATIONS
FINANCIAL CALENDAR 2020
08/03/2021 Full Year Results 2020
Klaus Fahrnberger
Head of Investor Relations
+49 211 179 34 770 [email protected] www.bet-at-home.ag
Consolidated Financial Statements Q1-Q3 2020
CONSOLIDATED STATEMENT OF INCOME
| Income Statement (in EUR 1,000) | 01/01/- 30/09/2019 |
01/01/- 30/09/2020 |
∆ in % |
|---|---|---|---|
| Gross betting and gaming revenue | 106,805 | 93,033 | -12.9% |
| Betting fees and gaming levies | -15,431 | -16,147 | +4.6% |
| Value-added tax (VAT) |
-3,479 | -3,384 | -2.7% |
| Net betting and gaming revenue |
87,896 | 73,502 | -16.4% |
| Other income | 896 | 1,131 | +26.3% |
| Personnel expenses |
-14,389 | -14,635 | +1.7% |
| Advertising expenses | -29,301 | -21,365 | -27.1% |
| Other operating expenses |
-18,140 | -15,611 | -13.9% |
| EBITDA | 26,962 | 23,022 | -14.6% |
| Amortisation/Depreciation | -1,400 | -1,451 | +3.6% |
| EBIT | 25,562 | 21,572 | -15.6% |
| Financial result |
9 | -72 | - |
| EBT | 25,571 | 21,499 | -15.9% |
| Taxes on income and earnings |
-19,737 | -7,066 | -64.2% |
| Consolidated profit for the period |
5,833 | 14,433 | +147.4% |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
bet-at-home.com AG
Group quarterly statement Q1-Q3 2020 (unaudited) ǀ 9 November 2020
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