Tipp24 SE: Further success for Tipp24 SE in third quarter

Tipp24 SE / Key word(s): Quarter Results

06.11.2013 / 09:07

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Press release

Report on the first nine months of 2013

Further success for Tipp24 SE in third quarter - relocation to London progressing as planned

- Revenue of EUR 104.4 million - adjusted EUR 97.9 million - at     prior-year level

- EBIT of EUR 26.2 million - adjusted EUR 24.3 million
  - Guidance confirmed

(Hamburg, 6 November 2013) Tipp24 SE continued its successful development in the third quarter of 2013. Consolidated revenue of EUR 104.4 million in the first nine months was on a par with the previous year (EUR 105.1) million. The adjusted figure amounted to EUR 97.9 million, compared to EUR 95.8 million in the previous year. Although consolidated EBIT fell to EUR 26.2 million, after EUR 47.5 million in the previous year, adjusted EBIT reached EUR 24.3 (25.4) million with an EBIT margin of 24.8 percent, compared to 26.5 percent in the previous year.

The adjustment results from the statistic deviation from the expected level of payouts, as well as the special item from the spin-off of Lotto24 AG in 2012.

At EUR 18.4 million, consolidated net profit was below the prior-year figure of EUR 36.6 million. Earnings per share from continued operations amounted to EUR 2.24 (EUR 4.47) in the reporting period.
Relocation of Tipp24 SE in January 2014

Dr. Hans Cornehl, CEO of Tipp24 SE, states: 'We continued to drive our activities in connection with the strategic realignment of Tipp24 SE in the third quarter: the relocation of our company's registered office to London is progressing as planned and is now expected to be completed in January 2014.'

Joint venture with Geonomics in London

After already acquiring a stake in the UK-based Geonomics Global Games Limited in December 2012, Tipp24 founded a joint venture with Geonomics on 1 October to jointly market their 'GeoLotto' products to end-users in the UK. Tipp24 holds a 50 percent stake in GeoLotto Limited, based in London. The product design and marketing of the offering are currently being optimized - Tipp24 expects a contribution to revenues as of 2014. GeoLotto Limited is carried at equity in the balance sheet as a joint venture.
Tipp24 SE confirms guidance

After consideration of price increases, Tipp24 SE still expects to achieve revenues of EUR 130 to 140 million and EBIT of EUR 20 to 30 million in its fiscal year 2013. This forecast takes account of costs for necessary adjustments to hedging structures in the company's secondary lottery business and additional, mostly non-recurring, costs for the preparation of new business fields totalling EUR 11 million. Moreover, Tipp24 SE expects to pay a non-recurring fee levied by the UK tax authorities (Stamp Duty Reserve Tax) in connection with the transfer of Tipp24 shares. It is expected to be around EUR 4 million and will be recognized in the fourth quarter as an other operating expense.
 
The stated ranges for revenue and EBIT also take account of statistical fluctuations in payouts for the secondary lottery business.
Quarter comparison: Q. III 2013/2012


Nine-month comparison: 2013/2012 


(Possible rounding differences due to presentation in EUR thousand)
About Tipp24 SE: Tipp24 SE was founded in September 1999 and holds equity interests in a number of companies in Spain and the UK, which enable participation in lottery-based games via the Internet, especially via the websites www.ventura24.es, www.mylotto24.co.uk, www.tipp24.com and www.geosweep.com. From its foundation to the current day, Tipp24 has generated stakes of 2.5 billion euros and thus contributed over 650 million euros in taxes and duties. Following its successful IPO in 2005 (Prime Standard), the company was admitted to the SDAX index in June 2009. In July 2012, German online brokerage activities were successfully spun off from Tipp24 SE in the form of the company Lotto24 AG, which is listed separately on the stock exchange. With the acquisition of a stake in the UK-based company Geonomics Global Games Limited in December 2012, Tipp24 SE laid the foundation for the expansion of its international business.
Press contact:
Tipp24 SE
Andrea Fratini
Head of Media and Public Relations
Tel.: +49 (0)40 32 55 33 660
E-mail: presse@tipp24.de
Internet: www.tipp24.de/press/


End of Corporate News

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Language: English Company: Tipp24 SE Straßenbahnring 11 20251 Hamburg Germany Phone: Tel.: +49 (0)40 325533-142 Fax: +49 (0)40 325533-5600 E-mail: ir@tipp24.de Internet: www.tipp24-se.de ISIN: DE0007847147 WKN: 784714 Indices: SDAX Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, München, Stuttgart  
 
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