Earnings Release • Feb 10, 2012
Earnings Release
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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 INFORMATIONAPPLIES TO THE GROUP, UNLESS STATED
OTHERWISE.
| Q4 | Q4 | Jan-Dec | Jan-Dec | |
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Totals | ||||
| Revenues | 515,2 | 484,3 | 1 736,6 | 1 603,2 |
| Gross Profit | 433,3 | 391,5 | 1 428,9 | 1 282,1 |
| of which Sportsbook | 97.2 | 128.2 | 326.9 | 367,7 |
| Operating Income | 172,3 | 127,7 | 559,7 | 380,6 |
| Cash | 509,7 | 497,1 | 509,7 | 497,1 |
| Active Customers (thousands) | 403,6 | 300,5 | 403,6 | 300,5 |
| Registered Customers (thousands) | 3 662,4 | 3 158,2 | 3 662,4 | 3 158,2 |
| Customer Deposits | 1 093,5 | 1,104,5 | 3 931,6 | 3 894,1 |
| Customer Deposits, all gaming solutions | 1 484,5 | 1,104,5 | 5 237,9 | 3 894,1 |
| B2C Sportsbook 1) | ||||
| Gross Turnover Sportsbook | 590,1 | 1 894,1 | 2 588,8 | 5 355,7 |
| - of which Live Betting | 194,4 | 1 143,6 | 1 253,8 | 2 962,2 |
| - of which Live Betting percentage | 32,9% | 60,4% | 48,4% | 55,3% |
| Margin after free bets, Sportsbook | 6,4% | 7,6% | 6,9% | 7,8% |
| Grossprofit Sportsbook, B2C | 37,6 | 128,2 | 151,2 | 367,7 |
| B2B Sportsbook | ||||
| Gross Turnover Sportsbook | 1 581,2 | - | 4 991,6 | - |
| - of which Live Betting | 1 141,7 | - | 3 473,6 | - |
| - of which Live Betting percentage | 72,2% | - | 69,6% | - |
| Grossprofit Sportsbook from third party | 59,6 | - | 175,7 | - |
1) First quarter 2011and earlier contains both B2B and B2C.
"- Betsson now ranks as one of the world's most influential gaming companies. We have achieved this position thanks to our strong growth and profitability as well as Betsson's long-term efforts to create attractive gaming solutions for both partners and end users. During the fourth quarter, Betsson has experienced an all-time high in both activity and deposits, while the Group sits at the forefront in the technological development towards a new, reregulated reality in Europe." states Magnus Silfverberg, President and CEO of Betsson.
Today, Friday 10 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 storm.zoomvisionmamato.com/player/betsson/objects/pyqsbm5d 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 GAMES THROUGH PARTNERSHIPS AND THE WEBSITES WWW.BETSSON.COM, WWW.BETSAFE.COM, WWW.CASINOEURO.COM AND WWW.CHERRYCASINO.COM. 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 515.2 (484.3) million. Gross profit was SEK 433.3 (391.5) million. Operating income increased by 35 percent to SEK 172.3 (127.7) million and the operating margin was 33.4 (26.4) percent. Betsafe has contributed to gross profit in an amount of SEK 110.3 million and to operating income in an amount of SEK 32.2 million. The Group's income before tax increased to SEK 172.9 (128.7) million and net income was SEK 165.8 (125.2) million, which is equivalent to SEK 4.01 (3.19) per share.
Marketing costs during the quarter amounted to SEK 123.1 (163.2) million. The significant reduction in marketing costs can be explained by the fact that no marketing costs are derived from Turkey due to the divestment of the Turkish customer base. Management has made the decision to focus more heavily on traditional marketing in the future, in conjunction with activities on newly-regulated markets. It is assessed that this will, initially, have a minor negative impact on the Company's margins.
Personnel costs amounted to SEK 56.3 (47.2) million, corresponding to an increase of 19 percent. The increase in personnel costs is, primarily, attributable to the acquisition of Betsafe. Personnel costs have decreased somewhat in comparison with the third quarter, as a result of the closure of Betsafe's office in Malmö. Personnel costs are deemed to be in line with the Company's development and further recruitments are planned, in order to ensure, and create, the Company's future growth.
Other external expenses amounted to SEK 73.5 (45.8) million. The substantial increase in other external expenses can be explained, primarily, by the acquisition of Betsafe and the use of a higher number of consultants than during the corresponding period in the previous year. As the organisation, as it currently stands, has a very high work load, Management is of the opinion that the Company will require the services of a somewhat higher number of consultants in the near future. Other external expenses are also increasing due to the expanded offering of livestreamed sporting events.
Betsson continuously invests in improving its offering to end users with integrated payment and product solutions. The amortization of capitalized development costs exceeded capitalizations by SEK 1.8 (1.5) million, which had a negative impact in the income statement.
Betsson's B2C segment continues to deliver all-time high Gross profit levels, which amounted to SEK 300.7 (153.2) million during the quarter, an increase of 96 percent. The segment was strengthened significantly as a result of the acquisition of Betsafe, which in the fourth quarter contributed to the Gross profit with SEK 110.3 million. Excluding the Betsafe contribution the segment grew organically with 24 percent. The Nordic countries account for 80 (75) percent of the segment and EU outside of the Nordic countries represents 18 (27) percent. As a whole, the segment continues to offer substantial growth opportunities.
During the fourth quarter, Betsson received a gaming license in on the newly-regulated Danish market. Betsson began to operate in Denmark under the new license on 1 January 2012.
In the mobile technology area, Betsson complemented its existing Livescore and Sportsbook apps with a Casino app during the fourth quarter. These apps are developing strongly and are available on a number of mobile platforms. Betsson predicts a high demand for mobile solutions and further launches are planned for the first quarter. These mobile solutions currently generate no material revenues.
Gross profit in B2B amounted to SEK 132.6 (238.3) million. The decrease can, primarily, be explained by the divestment of the Turkish customer base and the weak development of the Turkish Lira. The underlying activity is steadily increasing, with more B2B collaborations and ever more activity being seen in these.
Betsson's B2B segment has been successful for a number of years and Betsson is now both financially and technically well-positioned to meet the trend for B2B currently seen within the gaming industry. A new B2B agreement was signed with the Danish media company, Berlingske Media, during the quarter, the cooperation is planned to be launched within the first six months of 2012. The gaming solution offered through Realm Entertainment continues to develop positively. The beta version of the gaming site which has been operating in China has been evaluated, whereby Betsson has made the decision to concentrate on further technological development before undertaking larger marketing investments on the Chinese market. The new developments to the site in China are expected to be implemented during the second half of 2012.
Furthermore, Management believes that the Company has good opportunities to sign additional partner agreements over the next twelve month period.
Group revenue amounted to SEK 1,736.6 (1,603.2) million, equivalent to an increase of 8 percent. The underlying growth in gaming activity is significantly higher than what is reflected in reported revenues. The explanation for this has its origins in the divestment of the Turkish customer base and the effects of this divestment on the financial reports. Gross profit amounted to SEK 1,428.9 (1,282.1) million, which corresponds to an increase of 11 percent. Operating income increased to SEK 559.7 (380.6) million and the operating margin was 32.2 (23.7) percent. Income before tax increased to SEK 555.4 (382.5) million and net income increased to SEK 527.8 (365.7) million, equivalent to SEK 13.12 (9.32) per share.
The amortization of capitalized development costs exceeded capitalizations by SEK 13.3 (4.3) million, which had a negative impact in the income statement.
Income from financial items amounts to SEK minus 4.3 (plus 1.9) million. Of this amount, SEK minus 6 (-) million can be explained by the difference in market value between the valuation date and the delivery date for shares supplied in conjunction with the payment of the purchase consideration to the previous owners of Betsafe during the third quarter.
Betsson's subsidiaries on Malta offer Internet gaming to end customers via partner co-operations and its own gaming portals www.betsson.com, www.betsafe.com, www.casinoeuro.com and www.cherrycasino.com. Betsson also offers system solutions to other operators.
Gross profit in Casino during the fourth quarter amounted to SEK 290.4 (216.7) million, which represented 67 (55) percent of the Group's total gross profit.
Gross profit in Sportsbook during the quarter amounted to SEK 97.2 (128.2) million. Gross profit includes SEK 59.6 (-) million regarding license and gaming contributions to gross profit from B2B. Sportsbook's share of the Group's gross profit amounted to 22 (33) percent. The underlying activity in Sportsbook has never been higher. Gross turnover in Sportsbook, in all of Betsson's gaming solutions, amounted to SEK 2,171.3 (1,894.1) million, which is equivalent to an increase of 15 percent compared with the fourth quarter during the previous year. Gross turnover in Live betting in Sportsbook including all of Betsson's gaming solutions amounted to SEK 1,336.1 (1,143.6) million, equivalent to an increase of 17 percent. The gross margin after free bets in B2C in Sportsbook amounted to 6.4 (7.6) percent.
Gross profit in Poker during the quarter amounted to SEK 24.8 (26.7) million. Gross profit in Other products amounted to SEK 20.9 (19.9) million during the fourth quarter.
Customer deposits vary between the quarters but, in a longer perspective, the deposits show a strong correlation with the activities in Betsson's various offerings. During the fourth quarter, a total of SEK 1,093.5 (1,104.5) million was deposited. Deposits in all of Betsson's gaming solutions amounted to SEK 1,484.5 (1,104.5) million during the quarter, which is equivalent to ATH and an increase of 34 percent.
At the end of the year, the number of registered customers, amounted to 3.7 (3.2) million players, which is equivalent to an increase of 16 percent. The number of active customers during the quarter amounted to 403,600 (300,500).
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 1,334.2 (825.6) million, equivalent to SEK 32.24 (20.96) per share.
At the end of the year, liquid funds amounted to SEK 509.7 (497.1) million. Customer liabilities including the
provision for earned jackpots, amounted to SEK 202.9 (183.4) million. The Group's current receivables with payment providers referring to unsettled client payments amounted to SEK 206.9 (270.6) million.
At the end of the year, there was a total of 412 (282) employees, of which 84 individuals have been added through the acquisition of Betsafe. The average number of employees during the year was 340 (268) in the Group, of which 254 (192) were employed in Malta.
In addition to these employees, the Group had, at the end of the quarter, 169 consultants employed on a fulltime basis, of which 72 were based in Kiev and Manila.
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, offer games to end users via the Internet. The Company provides and sells internal services to certain Group companies regarding finance, accounting and administration. During the year, the Parent Company acquired Betsafe AB. See page 9 for further details.
Net sales for the year amounted to SEK 15.6 (16.3) million and net income for the year amounted to SEK 491.3 (340.4) million.
The Parent Company's investments in tangible fixed assets amounted to SEK 1.1 (5.3) million during the year. Liquid funds amounted to SEK 68.0 (283.0) 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 12,507 (11,484) shareholders. The largest owners (owners with more than 10 percent of votes) were Per Hamberg with 8.5 percent of the capital and 20.8 percent of votes, the Knutsson family with 6.1 percent of capital and 10.8 percent of votes and Rolf Lundström, with 3.5 percent of capital and 10.1 percent of votes.
In May 2008, Betsson opened a betting shop in Stockholm. The Swedish Gaming Board was of the opinion that the shop's operations were in conflict with the Lotteries Act and demanded, with threat of a fine, that the shop should stop marketing gaming activities. This decision was appealed by Betsson on several occasions and, in 2009, the Administrative Court of Appeal informed of its decision that the shop should cease to market gaming activities. However, after a further appeal, the Supreme Administrative Court informed that they had accepted Betsson's claim for suspension of implementation, which concretely implied that Betsson, once again, had the right to undertake operations whilst waiting for the Administrative Court of Appeal's decision to come into effect or the Supreme Administrative Court granting leave to appeal. The shop was reopened in January
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.
Betsson holds own shares amounting to 4,222 Class B shares, acquired before 2011 at an average rate of SEK 58.27.
The number of shares and votes in Betsson amount to 41,394,392 and 90,174,392, respectively, of which 5,420,000 are Class A shares representing 10 votes per share and 35,974,392 are Class B shares, representing 1 vote per share.
The Board of Directors proposes that the Annual General Meeting resolves in favour of a transfer to the shareholders in accordance with the Company's dividend policy, implying that 75 percent of net income for the year will be transferred to the shareholders. The proposal corresponds to a distribution of SEK 395.9 (275.8) million to the shareholders, representing an increase of 44 percent. In the situation were the outstanding purchase consideration amounting to EUR 12.5 million will be transferred in March in newly issued Betsson shares to the former shareholders in Betsafe, the distribution per share will be changed. Therefore, the distribution corresponds to a transfer to the shareholders in the amount of SEK 9.40 – 9.60 (7.00) per share, which is an increase of 34-37 percent.
The Board of Directors proposes that the transfer to the shareholders be conducted in the form of an automatic redemption programme.
The activity level going into the first quarter is stable, with revenues in line with average revenue level in the fourth quarter.
On 19 January, Betsson received a gaming license for the Italian market, and the commercial launch under the new license is planned for the beginning of the second quarter.
On 23 January, the title of "Online Sportsbook Operator of the Year" was bestowed on Betsson by IGA.
There have been no other significant events after the end of the interim 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. therefore, partner markets under the brand name www.betsson.com, among other things, are included in the B2B segment.
During 2011, Betsson began to report licensing revenues for a section of their operations in which the provision and operation of a technological platform is undertaken by a third party.
In other respects, the accounting principles remain unchanged from the preparation of the Annual Report for 2010. Further information regarding the Group's accounting and valuation principles can be found in Note 2 of the Annual Report for 2010, 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, excluding the Danish market, for which a new regulation was introduced at the beginning of 2012.
New legislation could lead to that market conditions, regarding for example changes in taxes, product range and local licensing fees, may 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 provide Betsson
with increased opportunities for marketing and an increased presence on the market.
The European Court of Justice has recently made a ruling on Internet gaming (Carmen Media, Marcus Stoss, WinnerWetten and Engelman), further strengthening the obligations for national monopolies to comply with applicable EU law. The major purpose, today, for having national monopolies is to generate cash inflows to the states, and this leads to the fact that this limitation on the free movement of services created by the states cannot be defended in compliance with applicable EU law. The conclusion is that, based on these new rulings, it will be more difficult for domestic courts to rule within the "margin of appreciation" in favor of the monopolies. Betsson conclude that these rulings will continue to be an important precedent for other court cases as regards whether local monopoly legislations in other EU/EEC countries are in breach of applicable EU law.
At the start of June 2010, Norway introduced its ban on promoting games organized 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.
In Sweden, a public inquiry on gaming was undertaken in December 2008, preceding the introduction of new gambling legislation. This proposed new legislation has met hard criticism. Betsson's view is that this law would be in conflict with EU law and that it will not, in the end, be introduced in its proposed form. During the final months of 2011 and the beginning of 2012, a renewed interest in these issues has been noted amongst Swedish politicians and other interested parties, although it is too early to draw any conclusions as to the possible results of this interest.
After the divestment of the Turkish customer base, Betsson also has license revenues for system delivery to a gaming operator, which is reported in the segment B2B. Parts of this revenue derive from players in Turkey. Revenues arising from Turkey may be considered to have higher operational risk than revenues from other markets.
A deeper description of above risks and other risks and uncertainties can be found in the Annual Report for 2010.
No transactions significantly affecting Betsson's financial position and results for the year have been undertaken between Betsson and related parties.
Betsson is of the opinion that the online gaming market will continue to develop strongly. A considerable portion of the world´s citizens still have no or limited access to the Internet. The number of Internet users is growing rapidly, which is a fundamental driver for the business. The confidence in Internet and e-commerce 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.
H2 Gambling Capital stated in September 2011 that the European Internet gaming market will increase by 18.4 percent to USD 18.5 billion during 2012. Betsson intends to continue growing at a rate faster than the market.
Betsson is a stronger company after the acquisition of Betsafe. ATH in customer deposits and general high activity in Betsson's gaming sites indicate continued healthy growth.
The annual general meeting of shareholders in Betsson AB will be held at 10.00 – 12.00 CET on Friday, 11 May 2012, at the Company's premises in Stockholm.
Betsson intends to publish its financial reports as follows. The interim report for the first quarter will be made public on 27 April, for the second quarter on 24 July, for the third quarter on 26 October and the Year-End Report for 2012 (fourth quarter) on 8 February 2013.
The Annual Report for 2011 will be available from www.betssonab.com no later than 27 April 2011.
An extraordinary general meeting of shareholders in Betsson AB was held on 14 November 2011. The meeting resolved to implement an incentive program, whereby the total allocation of warrants and employee stock options were not to exceed 1,000,000 options, implying a maximum dilution of 2.4 percent of the share capital and 1.1 percent of the votes. Upon the expiry of the subscription period, 84 percent of the options in the program had been subscribed for, corresponding to the issuance of 844,330 options. Further information regarding the extraordinary general meeting is available on the Company's website at www.betssonab.com.
Today, Friday 10 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 /betsson/objects/pyqsbm5d or by phone at +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.
A copy of the presentation will be available at www.betssonab.com from Friday 10 February.
Betsson AB (publ), Regeringsgatan 28, 111 53 Stockholm Registered office: Stockholm, Corporate ID no. 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 10 February 2012, 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 | Q4 | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| 2011 | 2010 | 2011 | 2010 | |
| Revenues | 515.2 | 484.3 | 1 736.6 | 1 603.2 |
| Cost of Sale | -81.9 | -92.8 | -307.7 | -321.1 |
| Gross Profit | 433.3 | 391.5 | 1 428.9 | 1 282.1 |
| Marketing expenses Personnel expenses Other external expenses Capitalized development costs Depreciation Other operating income/-expenses Operating expenses |
-123.1 -56.3 -73.5 13.4 -22.3 0.8 -261.0 |
-163.2 -47.2 -45.8 9.3 -14.1 -2.8 -263.8 |
-414.8 -197.0 -232.8 41.4 -73.8 7.8 -869.2 |
-527.7 -179.6 -160.1 35.7 -49.7 -20.1 -901.5 |
| Operating income | 172.3 | 127.7 | 559.7 | 380.6 |
| Financial items. net | 0.6 | 1.0 | -4.3 | 1.9 |
| Income before tax | 172.9 | 128.7 | 555.4 | 382.5 |
| Tax | -7.1 | -3.5 | -27.6 | -16.8 |
| Net income | 165.8 | 125.2 | 527.8 | 365.7 |
| Earnings per share before dilution (SEK) Earnings per share after dilution (SEK) |
4.01 4.00 |
3.19 3.19 |
13.12 13.10 |
9.32 9.32 |
| Operating margin (percent of Revenues) Operating margin (percent of Gross Profit) Profit margin (percent) |
33.4 39.8 33.6 |
26.4 32.6 26.6 |
32.2 39.2 32.0 |
23.7 29.7 23.9 |
| Average number of outstanding shares (millions) Number of outstanding shares at end of period (millions) |
41.4 41.4 |
39.2 39.3 |
40.2 41.4 |
39.2 39.3 |
| Return on equity (percent) Return on total capital (percent) Return on capital employed (percent) |
49 30 30 |
44 26 27 |
| Consolidated Statement of | Q4 | Q4 | Jan-Dec | Jan-Dec |
|---|---|---|---|---|
| Comprehensive Income (MSEK) | 2011 | 2010 | 2011 | 2010 |
| Net income | 165.8 | 125.2 | 527.8 | 365.7 |
| Other comprehensive income | ||||
| Exchange differencies on translating foreign operations | -46.2 | -5.4 | -20.4 | -10.3 |
| Other comprehensive income of the period (after tax) | -46.2 | -5.4 | -20.4 | -10.3 |
| Total comprehensive income for the period | 119.6 | 119.8 | 507.4 | 355.4 |
| Consolidated Balance Sheet (MSEK | 2011-12-31 | 2010-12-31 |
|---|---|---|
| Intangible fixed assets | 982.3 | 450.2 |
| Tangible fixed assets | 26.9 | 25.7 |
| Deferred tax receivables | 14.4 | 6.1 |
| Financial assets | 10.2 | - |
| Total non-current assets | 1 033.8 | 482.0 |
| Current receivables Cash and liquid assets |
729.6 509.7 |
509.0 497.1 |
| Total current assets | 1 239.3 | 1 006.1 |
| Total assets | 2 273.1 | 1 488.1 |
| Equity | 1 334.3 | 825.6 |
| Deferred tax liabilities | 8.0 | 4.2 |
| Total non-current liabilities | 8.0 | 4.2 |
| Other current liabilities | 930.8 | 658.3 |
| Total current liabilities | 930.8 | 658.3 |
| Total equity and liabilities | 2 273.1 | 1 488.1 |
| Consolidated Cash Flow Statement (MSEK) | Jan-Dec 2011 |
Jan-Dec 2010 |
| Income after financial items | 555.4 | 382.5 |
| Adjustments for non-cash items | 63.1 | 73.6 |
| Taxes paid Cash flows from operating activities |
28.8 | -18.9 |
| before changes in working capital | 647.3 | 437.2 |
| Changes in working capital | -110.1 | -40.7 |
| Cash flows from operating activities | 537.2 | 396.5 |
| Investments | -50.9 | -44.9 |
| Sale of intangible assets | 17.2 | - |
| Acquisition of shares. subsidiaries Acquisition of shares. associated companies |
-203.8 -11.0 |
- - |
| Cash flows from investing activities | -248.5 | -44.9 |
| Redemption of shares | -275.8 | -353.2 |
| Cost of Share Redemption Program | -0.1 | -0.2 |
| Share issue at exercise of warrants | - | 7.5 |
| Payment at exercise of options Premiums received for warrants |
-0.6 2.7 |
-6.7 1.4 |
| Cash flows from financing activities | -273.8 | -351.2 |
| Changes to cash and liquid assets | 14.9 | 0.4 |
| Cash and liquid assets at beginning of period | 497.1 | 529.1 |
| Exchange rate differences | -2.3 | -32.4 |
| Cash and liquid assets at end of period | 509.7 | 497.1 |
| Change in Group Equity (MSEK) | Jan-Dec | Jan-Dec |
| 2011 | 2010 | |
| Opening balance | 825.6 | 820.4 |
| Total comprehensive income for the period | 507.4 | 355.4 |
| Total change. excluding transactions | ||
| with company owners | 507.4 | 355.4 |
| Share Redemption | -275.8 | -353.2 |
| Cost of Share Redemption Program after tax Share issue at exercise of warrants |
-0.1 274.6 |
-0.2 7.5 |
| Payment at exercise of options | -0.6 | -6.7 |
| Premiums received for warrants | 2.7 | 1.4 |
| Share options - value of employee services | 0.5 | 1.0 |
| Equity at end of period Attributable to parent company's shareholders |
1 334.3 | 825.6 |
On 13 May 2011, Betsson AB stated that the Company was to acquire 100 percent of the shares in Betsafe. Betsson AB stated on 15 June 2011 that the acquisition had been completed, implying that the controlling influence over Betsafe's operations was transferred to Betsson on the same date.
The acquisition increases Betsson's presence and facilitates continued positive growth in Betsson's core markets in the Nordic countries. Seen from a longer perspective, the acquisition creates good premises for an efficient cost structure through synergy effects.
No portion of reported goodwill is expected to be tax deductible upon taxation of income. The acquired customer base amounts to EUR 2.5 million and the ongoing amortization of this will impact the group's net income for a period of two years. The table below displays the purchase consideration paid and the fair value of the acquired assets and assumed liabilities.
| (MEUR) | (MSEK) | |
|---|---|---|
| Purchase consideration | ||
| Cash and cash equivalents | 27,1 | 248.2 |
| Equity instruments (918,824 class B shares) | 14,4 | 131.4 |
| Total purchase consideration paid | 41,5 | 379.6 |
| Paid supplementary purchase | ||
| Equity instruments (1056,403 class B shares) |
15,0 | 137.2 |
| Remaining supplementary purchase | ||
| Supplementary purchase consideration | 12,5 | 114.4 |
| Total purchase consideration | 69,0 | 631.2 |
| Reported values of identifiable | ||
| acquired assets and assumed liabilities | ||
| Cash and cash equivalents | 4,8 | 44,4 |
| Tangible fixed assets | 0,5 | 4,5 |
| Customer base |
2,5 | 22.9 |
| Brand name | 7,4 | 67.7 |
| Other intangible assets | 0,8 | 7.1 |
| Long term receivables | 0.0 | 0.1 |
| Current receivables | 9,9 | 90.3 |
| Long-term liabilities | -0,5 | -4,5 |
| Current liabilities | -7,9 | -72.7 |
| Total identifiable net assets | 17,5 | 159.8 |
| Goodwill | 51,5 | 471.4 |
Betsafe was consolidated as a wholly-owned subsidiary as of 15 June 2011. Since this date and until the 31 December, Betsafe has contributed to the Group's gross profit in an amount of SEK 229.0 million and to the Group's net income in an amount of SEK 73.1 million. In the fourth quarter, Betsafe´s gross profit
amounted to SEK 110.3 million and Betsafe´s operating income amounted to SEK 32.2 million.
The Group's net income was negatively impacted during the second quarter by acquisition-related expenses of SEK 10.1 million, which refer to financial and legal advisory services and which are reported under Other external expenses.
Had Betsafe been a subsidiary for the entire year, Betsson's gross profit would have amounted to SEK 1,574.7 million instead of the actual SEK 1,428.9 million and operating income to SEK 601.3 million instead of the actual SEK 559.7 million, excluding acquisition costs of SEK 10.1 million but including amortization of the customer base amounting to SEK 11.4 million. Betsafe's gross profit during the year amounted to SEK 374.9 million and Betsafe's net income during the year amounted to SEK 104,6 million.
The purchase consideration is divided between an initial portion and supplementary purchase consideration.
The initial portion of the purchase consideration for the operations in Betsafe amounted to SEK 34.0 million, comprised of cash and cash equivalents at a value of EUR 19.6 million and class B shares in Betsson at a value of EUR 14.4 million, corresponding to 234,555 shares held by the Company and 684,269 newly-issued shares, which were delivered to the sellers on 15 June. Thereby, the total initial portion of the purchase consideration amounted to EUR 34 million. In addition, Betsson paid EUR 7.5 million regarding acquired cash and cash equivalents and acquired net income. The total initial portion of the purchase consideration amounted to EUR 41.5 million, comprised of EUR 27.1 million of cash and cash equivalents and EUR 14.4 million of class B shares in Betsson. During the third quarter, a portion of the supplementary purchase consideration in an amount of EUR 15.0 million was paid, by means of the transfer of 1,056,403 class B shares in Betsson.
Betsson retains the right to provide potential remaining supplementary purchase consideration in the form of cash or the Company's own shares. The total supplementary purchase consideration amounts to approximately EUR 12.5 million, implying that the total purchase consideration for the operations may amount to EUR 61.5 million and the total purchase consideration (including the acquisition of cash and cash equivalents and acquired net income) may amount to approximately EUR 69.0 million. Any possible change to the market value of the shares after the date of valuation will be reported in the income statement.
The criteria for supplementary purchase consideration based on the achievement of pre-determined performance targets for 2011 have been fulfilled. The supplementary purchase consideration will be transferred to Betsafe's former shareholders during the first quarter of 2012, either in the form of shares or liquid funds.
| Parent Company Income Statement (MSEK) |
Jan-Dec 2011 |
Jan-Dec 2010 |
|---|---|---|
| Revenues | 15.6 | 16.3 |
| Operating expenses | -68.4 | -57.8 |
| Operating Income | -52.8 | -41.5 |
| Financial items | 536.7 | 377.0 |
| Income before tax | 483.9 | 335.5 |
| Tax | 7.4 | 4.9 |
| Net income | 491.3 | 340.4 |
| Parent Company Balance Sheet (MSEK) |
2011-12-31 | 2010-12-31 |
|---|---|---|
| Tangible fixed assets | 5.4 | 6.0 |
| Financial assets | 1 256.6 | 590.8 |
| Total non-current assets | 1 262.0 | 596.8 |
| Current receivables | 443.3 | 374.4 |
| Cash and liquid assets | 68.0 | 283.0 |
| Total current assets | 511.3 | 657.4 |
| Total assets | 1 773.3 | 1 254.2 |
| Restricted equity Unrestricted equity |
336.1 1 242.0 |
332.6 753.1 |
| Total equity | 1 578.1 | 1 085.7 |
| Untaxed reserves | 0.0 | 0.4 |
| Current liabilities | 195.2 | 168.1 |
| Total equity and liabilities | 1 773.3 | 1 254.2 |
| Consolidated Income Statement (MSEK) | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Revenues | 515.2 | 465.8 | 338.2 | 417.4 | 484.3 | 385.1 | 366.1 | 367.7 | 382.9 | 316.7 | 284.6 | 315.5 |
| Cost of Sale | -81.9 | -76.7 | -62.5 | -86.6 | -92.8 | -83.5 | -74.4 | -70.4 | -70.7 | -63.7 | -60.5 | -59.8 |
| Gross Profit | 433.3 | 389.1 | 275.7 | 330.8 | 391.5 | 301.6 | 291.7 | 297.3 | 312.2 | 253.0 | 224.1 | 255.7 |
| Marketing expenses Personnel expenses Other external expenses Capitalized development costs Depreciation |
-123.1 -56.3 -73.5 13.4 -22.3 |
-100.6 -60.5 -56.5 9.4 -21.9 |
-70.9 -37.2 -56.7 7.5 -15.7 |
-120.2 -43.0 -46.1 11.1 -13.9 |
-163.2 -47.2 -45.8 9.3 -14.1 |
-124.0 -39.6 -39.0 7.3 -12.5 |
-120.3 -47.4 -39.0 9.2 -12.0 |
-120.2 -45.4 -36.3 9.9 -11.1 |
-136.4 -43.9 -38.9 14.9 -10.6 |
-104.4 -34.9 -34.6 12.2 -9.6 |
-86.1 -39.3 -37.7 12.5 -8.9 |
-113.1 -32.3 -39.7 13.7 -7.5 |
| Other operating income/-expenses | 0.8 | -6.2 | 0.1 | 13.1 | -2.8 | -13.1 | 5.8 | -10.0 | -3.8 | -2.3 | -3.0 | 5.6 |
| Operating expenses | -261.0 | -236.3 | -172.9 | -199.0 | -263.8 | -220.9 | -203.7 | -213.1 | -218.7 | -173.6 | -162.5 | -173.3 |
| Operating income | 172.3 | 152.8 | 102.8 | 131.8 | 127.7 | 80.7 | 88.0 | 84.2 | 93.5 | 79.4 | 61.6 | 82.4 |
| Financial items. net | 0.6 | -6.3 | 0.6 | 0.8 | 1.0 | 0.0 | 0.5 | 0.4 | 0.8 | 0.2 | 0.4 | 0.6 |
| Income before tax | 172.9 | 146.5 | 103.4 | 132.6 | 128.7 | 80.7 | 88.5 | 84.6 | 94.3 | 79.6 | 62.0 | 83.0 |
| Tax | -7.1 | -8.1 | -5.4 | -7.0 | -3.5 | -4.4 | -4.5 | -4.4 | -4.3 | -4.0 | -3.1 | -4.2 |
| Net income (continuing operations) | 165.8 | 138.4 | 98.0 | 125.6 | 125.2 | 76.3 | 84.0 | 80.2 | 90.0 | 75.6 | 58.9 | 78.8 |
| Consolidated Balance Sheet (MSEK) | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Non-current assets Current assets |
1 033.8 1 239.3 |
1 059.8 1 140.7 |
1 052.2 872.8 |
493.5 1 101.2 |
482.0 1 013.6 |
473.6 824.1 |
482.4 1 026.0 |
477.3 937.6 |
482.9 909.3 |
475.3 728.1 |
478.7 607.6 |
474.6 802.3 |
| Total assets | 2 273.1 | 2 200.5 | 1 925.0 | 1 594.7 | 1 495.6 | 1 297.7 | 1 508.4 | 1 414.9 | 1 392.2 | 1 203.4 | 1 086.3 | 1 276.9 |
| Equity Non-current liabilities Current liabilities |
1 334.3 8.0 930.8 |
1 212.2 8.7 979.6 |
910.5 8.7 1 005.8 |
952.3 4.1 638.3 |
825.6 4.2 665.8 |
704.6 3.6 589.5 |
632.5 3.9 872.0 |
903.3 4.1 507.5 |
820.4 4.5 567.3 |
728.1 4.0 471.3 |
657.8 4.3 424.2 |
798.9 4.3 473.7 |
| Total equity and liabilities | 2 273.1 | 2 200.5 | 1 925.0 | 1 594.7 | 1 495.6 | 1 297.7 | 1 508.4 | 1 414.9 | 1 392.2 | 1 203.4 | 1 086.3 | 1 276.9 |
| Group Review | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Cash Flow Statement (MSEK) | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Operating cashlow | 54.2 | 352.5 | 79.1 | 51.4 | 138.9 | 227.2 | 18.5 | 11.9 | 149.9 | 129.6 | 65.0 | 80.4 |
| Cashflow from investing activities | -24.4 | -63.6 | -150.6 | -9.9 | -16.4 | -5.3 | -17.0 | -6.2 | -19.9 | -6.3 | -12.8 | -19.5 |
| Cashflow from financing activities | 2.7 | 0.0 | -276.5 | 0.0 | 0.8 | -351.9 | -0.1 | 0.0 | 0.0 | 0.0 | -200.3 | 0.0 |
| Totals | 32.5 | 288.9 | -348.0 | 41.5 | 123.3 | -130.0 | 1.4 | 5.7 | 130.0 | 123.3 | -148.1 | 60.9 |
| Key Ratios | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| (Continuing operations) | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Quarterly top-line growth (%) | 11 | 38 | -19 | -14 | 26 | 5 | 0 | -4 | 21 | 11 | -10 | -2 |
| Growth compared to same period last year (%) | 6 | 21 | -8 | 14 | 26 | 22 | 29 | 17 | 19 | 26 | 20 | 38 |
| Gross Margin (percent of Revenues) | 84.1 | 83.5 | 81.5 | 79.3 | 80.8 | 78.3 | 79.7 | 80.9 | 81.5 | 79.9 | 78.7 | 81.0 |
| EBITDA-margin (percent of Revenues) | 37.8 | 37.5 | 35.0 | 34.9 | 29.3 | 24.2 | 27.3 | 25.9 | 27.2 | 28.1 | 24.8 | 28.5 |
| EBITDA-margin (percent of Gross Profit) | 44.9 | 44.9 | 43.0 | 44.0 | 36.2 | 30.9 | 34.3 | 32.1 | 33.3 | 35.2 | 31.5 | 35.2 |
| EBIT-margin (percent of Revenues) | 33.4 | 32.8 | 30.4 | 31.6 | 26.4 | 21.0 | 24.0 | 22.9 | 24.4 | 25.1 | 21.6 | 26.1 |
| EBIT-margin (percent of Gross Profit) | 39.8 | 39.3 | 37.3 | 39.8 | 32.6 | 26.8 | 30.2 | 28.3 | 29.9 | 31.4 | 27.5 | 32.2 |
| Profit margin (percent of Revenues) | 33.6 | 31.5 | 30.6 | 31.8 | 26.6 | 21.0 | 24.2 | 23.0 | 24.6 | 25.1 | 21.8 | 26.3 |
| Profit margin (percent of Gross Profit) | 39.9 | 37.7 | 37.5 | 40.1 | 32.9 | 26.8 | 30.3 | 28.5 | 30.2 | 31.5 | 27.7 | 32.5 |
| Marketing expenses (percent of Revenues) | 23.9 | 21.6 | 21.0 | 28.8 | 33.7 | 32.2 | 32.9 | 32.7 | 35.6 | 33.0 | 30.3 | 35.8 |
| Marketing expenses (percent of Gross Profit) | 28.4 | 25.9 | 25.7 | 36.3 | 41.7 | 41.1 | 41.2 | 40.4 | 43.7 | 41.3 | 38.4 | 44.2 |
| Earnings per share (SEK) | 4.01 | 3.40 | 2.48 | 3.19 | 3.19 | 1.94 | 2.14 | 2.04 | 2.29 | 1.93 | 1.50 | 2.01 |
| Operating cashflow per share (SEK) | 1.31 | 8.66 | 2.00 | 1.30 | 3.54 | 5.79 | 0.47 | 0.30 | 3.82 | 3.30 | 1.66 | 2.05 |
| Equity per share (SEK) | 32.24 | 29.29 | 22.58 | 24.17 | 20.96 | 17.95 | 16.12 | 23.02 | 20.91 | 18.54 | 16.75 | 20.35 |
| Executed dividend/redemption per share (SEK) | - | - | 7.00 | - | - | - | 9.00 | - | - | - | 5.10 | - |
| Average share price (SEK) | 146.29 | 132.91 | 142.49 | 126.03 | 103.37 | 94.73 | 109.65 | 122.36 | 111.59 | 91.35 | 91.79 | 87.92 |
| Last paid share price (SEK) | 151.50 | 129.50 | 151.00 | 139.25 | 117.00 | 96.25 | 89.25 | 124.00 | 109.75 | 109.25 | 87.25 | 91.50 |
| Highest share price (SEK) | 159.50 | 157.50 | 162.00 | 141.50 | 117.75 | 101.50 | 130.50 | 134.25 | 121.00 | 109.75 | 103.00 | 105.25 |
| Lowest share price (SEK) | 125.25 | 109.75 | 126.50 | 112.75 | 94.25 | 87.00 | 89.25 | 110.00 | 102.75 | 77.50 | 78.00 | 67.75 |
| Equity/asset ratio (percent) | 59 | 55 | 47 | 60 | 55 | 54 | 42 | 64 | 59 | 60 | 61 | 63 |
| Investments (MSEK) | 13.5 | 13.8 | 8.2 | 15.4 | 16.4 | 5.2 | 17.1 | 6.2 | 19.9 | 6.3 | 12.8 | 19.5 |
| Average number of employees (accumulated) | 340 | 317 | 282 | 266 | 268 | 266 | 266 | 261 | 225 | 210 | 197 | 182 |
| Number of employees at end of period Number of registered shareholders at end of |
412 | 378 | 385 | 278 | 282 | 276 | 275 | 276 | 258 | 251 | 225 | 196 |
| period | 12 507 | 11 936 | 11 151 | 11 105 | 11 484 | 11 970 | 11 782 | 10 677 | 9 905 | 8 316 | 7 826 | 6 413 |
| Customers | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Registered Customers (thousands) | 3 662.4 | 3 424.1 | 3 229.5 | 2 587.3 | 3 158.2 | 2 833.9 | 2 719.3 | 2 414.9 | 2 117.8 | 1 916.7 | 1 777.1 | 1 629.1 |
| Quarterly growth (%) | 7 | 6 | 25 | -18 | 11 | 4 | 13 | 14 | 10 | 8 | 9 | 9 |
| Growth compared to same period last year (%) | 16 | 21 | 19 | 7 | 49 | 48 | 53 | 48 | 41 | 42 | 44 | 42 |
| Active Customers (thousands) | 403.6 | 382.9 | 335.9 | 335.5 | 300.5 | 255.7 | 288.7 | 318.6 | 288.7 | 220.9 | 185.3 | 174.6 |
| Quarterly growth (%) | 5 | 14 | 0 | 12 | 18 | -11 | -9 | 10 | 31 | 19 | 6 | 4 |
| Growth compared to same period last year (%) | 34 | 50 | 16 | 5 | 4 | 16 | 56 | 82 | 72 | 74 | 33 | 14 |
| Activity Rate. Active/Registered customers (%) | 11 | 11 | 10 | 13 | 10 | 9 | 11 | 13 | 14 | 12 | 10 | 11 |
| Customer Deposits | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Customer Deposits (MSEK) | 1 093.5 | 1 122.6 | 756.5 | 959.0 | 1 104.5 | 913.6 | 911.1 | 964.9 | 915.7 | 823.6 | 783.1 | 735.6 |
| Quarterly growth (%) | -3 | 48 | -21 | -13 | 21 | 0 | -6 | 5 | 11 | 5 | 6 | 5 |
| Growth compared to same period last year (%) | -1 | 23 | -17 | -1 | 21 | 11 | 16 | 31 | 30 | 41 | 52 | 54 |
| Customer Deposits. all gaming solutions (MSEK) | 1 484.5 | 1 483.6 | 1 148.2 | 1 121.6 | 1 104.5 | 913.6 | 911.1 | 964.9 | 915.7 | 823.6 | 783.1 | 735.6 |
| Quarterly growth (%) Growth compared to same period last year (%) |
0 34 |
29 62 |
2 26 |
2 16 |
21 21 |
0 11 |
-6 16 |
5 31 |
11 30 |
5 41 |
6 52 |
5 54 |
| Sportbook Margin | 2011 Q4 |
2011 Q3 |
2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2009 Q4 |
2009 Q3 |
2009 Q2 |
2009 Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Turnover. all gaming solutions (MSEK) Quarterly growth (%) Growth compared to same period last year (%) |
2 171.3 20 15 |
1 816.6 1 49 |
1 805.0 1 46 |
1 787.5 -6 76 |
1 894.1 56 151 |
1 215.7 -1 91 |
1 233.1 22 91 |
1 012.8 34 89 |
755.3 19 45 |
634.9 -2 78 |
644.8 20 73 |
536.5 3 69 |
| Of which Gross Turnover Live Betting (MSEK) Live Betting (% of Gross Turnover Soortsbook) Quarterly growth (%) Growth compared to same period last year (%) |
1 336.1 61.5% 25 17 |
1 072.4 59.0% -11 46 |
1 199.5 66.5% 7 71 |
1 119.4 62.6% -2 191 |
1 143.6 60.4% 56 390 |
733.7 60.4% 5 278 |
699.7 56.7% 82 207 |
385.2 38.0% 65 162 |
233.4 30.9% 20 90 |
194.0 30.6% -15 430 |
228.1 35.4% 55 236 |
147.1 27.4% 20 198 |
| Margin after free bets (%) Gross Profit (MSEK) Gross Margin Sportsbook (%) 1) 1) Margin after allocated costs |
8.1% 97.2 4.5% |
7.6% 84.1 4.6% |
5.9% 41.3 2.3% |
8.3% 104.3 5.8% |
7.6% 128.2 6.8% |
8.6% 89.5 7.4% |
7.4% 78.0 6.3% |
7.6% 72.0 7.1% |
12.0% 82.0 10.9% |
7.2% 41.4 6.5% |
4.7% 25.8 4.0% |
11.7% 57.4 10.7% |
| Segment Reporting | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Gross Profit (MSEK) | ||||||||||||
| B2B. Business to business | 132.6 | 123.0 | 124.0 | 188.4 | 238.3 | 180.0 | 154.0 | 151.8 | 150.9 | 110.6 | 84.3 | 106.6 |
| B2C. Business to consumers Total Gross Profit |
300.7 433.3 |
266.1 389.1 |
151.7 275.7 |
142.4 330.8 |
153.2 391.5 |
121.6 301.6 |
137.7 291.7 |
145.5 297.3 |
161.3 312.2 |
142.4 253.0 |
139.8 224.1 |
149.1 255.7 |
| Share of total Gross Profit (%) | ||||||||||||
| B2B B2C |
30.6 69.4 |
31.6 68.4 |
45.0 55.0 |
57.0 43.0 |
60.9 39.1 |
59.7 40.3 |
52.8 47.2 |
51.1 48.9 |
48.3 51.7 |
43.7 56.3 |
37.6 62.4 |
41.7 58.3 |
| Quarterly Growth (%) | ||||||||||||
| B2B B2C |
8 13 |
-1 75 |
-34 7 |
-21 -7 |
32 26 |
17 -12 |
1 -5 |
1 -10 |
36 13 |
31 2 |
-21 -6 |
|
| Totals | 11 | 41 | -17 | -16 | 30 | 3 | -2 | -5 | 23 | 13 | -12 | |
| Growth compared to same period last year (%) | ||||||||||||
| B2B | -44 | -32 | -19 | 24 | 58 | 63 | 83 | 42 | ||||
| B2C Totals |
96 11 |
119 29 |
10 -5 |
-2 11 |
-5 25 |
-15 19 |
-2 30 |
-2 16 |
||||
| Gross Profit by Products | 2011 Q4 |
2011 Q3 |
2011 Q2 |
2011 Q1 |
2010 Q4 |
2010 Q3 |
2010 Q2 |
2010 Q1 |
2009 Q4 |
2009 Q3 |
2009 Q2 |
2009 Q1 |
| Gross Profit (MSEK) | ||||||||||||
| Casino Poker |
290.4 24.8 |
275.1 21.5 |
202.1 17.1 |
188.3 20.5 |
216.7 26.7 |
174.1 24.4 |
173.8 25.3 |
180.8 30.3 |
186.9 31.5 |
173.2 27.5 |
158.4 31.9 |
151.9 41.0 |
| Sportsbook | 97.2 | 84.1 | 41.3 | 104.3 | 128.2 | 89.5 | 78.0 | 72.0 | 82.0 | 41.4 | 25.8 | 57.4 |
| Other products | 20.9 | 8.4 | 15.2 | 17.7 | 19.9 | 13.6 | 14.6 | 14.2 | 11.8 | 10.9 | 8.0 | 5.4 |
| Total Gross Profit | 433.3 | 389.1 | 275.7 | 330.8 | 391.5 | 301.6 | 291.7 | 297.3 | 312.2 | 253.0 | 224.1 | 255.7 |
| Share of total Gross Profit (%) | ||||||||||||
| Casino | 67.0 | 70.7 | 73.3 | 56.9 | 55.4 | 57.7 | 59.6 | 60.8 | 59.9 | 68.5 | 70.7 | 59.4 |
| Poker Sportsbook |
5.7 22.4 |
5.5 21.6 |
6.2 15.0 |
6.2 31.5 |
6.8 32.7 |
8.1 29.7 |
8.7 26.7 |
10.2 24.2 |
10.1 26.3 |
10.9 16.4 |
14.2 11.5 |
16.0 22.4 |
| Other products | 4.8 | 2.2 | 5.5 | 5.4 | 5.1 | 4.5 | 5.0 | 4.8 | 3.8 | 4.3 | 3.6 | 2.1 |
| Quarterly Growth (%) | ||||||||||||
| Casino | 6 | 36 | 7 | -13 | 24 | 0 | -4 | -3 | 8 | 9 | 4 | |
| Poker Sportsbook |
15 16 |
26 104 |
-17 -60 |
-23 -19 |
9 43 |
-4 15 |
-17 8 |
-4 -12 |
15 98 |
-14 60 |
-22 -55 |
|
| Other products | 149 | -45 | -14 | -11 | 46 | -7 | 3 | 20 | 8 | 36 | 48 | |
| Total all products | 11 | 41 | -17 | -16 | 30 | 3 | -2 | -5 | 23 | 13 | -12 | |
| Growth compared to same period last year (%) | ||||||||||||
| Casino | 34 | 58 | 16 | 4 | 16 | 1 | 10 | 19 | ||||
| Poker | -7 | -12 | -32 | -32 | -15 | -11 | -21 | -26 | ||||
| Sportsbook Other products |
-24 5 |
-6 -38 |
-47 4 |
45 25 |
56 69 |
116 25 |
202 83 |
25 163 |
||||
| Total all products | 11 | 29 | -5 | 11 | 25 | 19 | 30 | 16 |
STOCKHOLM, 10 FEBRUARY 2012
| B2C by Geographical Area | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Gross Profit (MSEK) | ||||||||||||
| Nordic Countries | 239.0 | 199.4 | 115.7 | 105.5 | 114.8 | 94.4 | 97.8 | 106.6 | 125.9 | 115.9 | 109.7 | 115.0 |
| EU. outside Nordic region | 55.3 | 57.9 | 34.9 | 35.0 | 41.3 | 27.9 | 34.2 | 35.8 | 35.1 | 26.6 | 29.4 | 32.9 |
| Others Europe | 0.8 | 1.4 | 0.7 | 1.0 | -2.8 | 0.5 | 0.9 | 1.6 | 0.1 | -1.2 | 0.1 | 0.7 |
| Rest of the world | 5.6 | 7.4 | 0.5 | 0.9 | -0.1 | -1.2 | 4.8 | 1.5 | 0.2 | 1.1 | 0.6 | 0.5 |
| Total Gross Profit | 300.7 | 266.1 | 151.8 | 142.4 | 153.2 | 121.6 | 137.7 | 145.5 | 161.3 | 142.4 | 139.8 | 149.1 |
| Share of total Gross Profit (%) | ||||||||||||
| Nordic Countries | 79.5 | 74.9 | 76.2 | 74.1 | 74.9 | 77.6 | 71.0 | 73.3 | 78.1 | 81.4 | 78.5 | 77.1 |
| EU. outside Nordic region | 18.4 | 21.8 | 23.0 | 24.6 | 27.0 | 22.9 | 24.8 | 24.6 | 21.8 | 18.7 | 21.0 | 22.1 |
| Others Europe | 0.3 | 0.5 | 0.5 | 0.7 | -1.8 | 0.4 | 0.7 | 1.1 | 0.1 | -0.8 | 0.1 | 0.5 |
| Rest of the world | 1.9 | 2.8 | 0.3 | 0.6 | -0.1 | -1.0 | 3.5 | 1.0 | 0.1 | 0.8 | 0.4 | 0.3 |
| Quarterly Growth (%) | ||||||||||||
| Nordic Countries | 20 | 72 | 10 | -8 | 22 | -3 | -8 | -15 | 9 | 6 | -5 | |
| EU. outside Nordic region | -4 | 66 | 0 | -15 | 48 | -18 | -4 | 2 | 32 | -10 | -11 | |
| Others Europe | -43 | 100 | -30 | 136 | -660 | -44 | -44 | 1 500 | 108 | -1 300 | -86 | |
| Rest of the world | -24 | 1 380 | -44 | 1 000 | 92 | -125 | 220 | 650 | -82 | 83 | 20 | |
| Total all countries | 13 | 75 | 7 | -7 | 26 | -12 | -5 | -10 | 13 | 2 | -6 | |
| Growth compared to same period last year (%) | ||||||||||||
| Nordic Countries | 108 | 111 | 18 | -1 | -9 | -19 | -11 | -7 | ||||
| EU. outside Nordic region | 34 | 108 | 2 | -2 | 18 | 5 | 16 | 9 | ||||
| Others Europe | 129 | 180 | -22 | -38 | -2 900 | 142 | 800 | 129 | ||||
| Rest of the world | 5 700 | 717 | -90 | -40 | -150 | -209 | 700 | 200 | ||||
| Total all countries | 96 | 119 | 10 | -2 | -5 | -15 | -2 | -2 | ||||
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