Online Bingo News - Tipp24 Revenues Increase by 8.9 Percent
16th of November 2010 Author: Glo Wood
Highlights in the first nine months of 2010:
- 8.9 percent increase of consolidated revenues to EUR66.5 million (2009: EUR61.1 million)
- 58.9 percent drop of consolidated earnings before interest and tax (EBIT) to EUR13.6 million (2009: EUR33.1 million)
- 66.7 percent decrease in consolidated net profit to EUR8.4 million (2009: EUR25.1 million)
- German branch revenues reached EUR2.3 million (2009: Euro 2.3 million), whereas EBIT was EUR-6.4 million (2009: EUR-9.3 million)
- Revenues of the abroad segment were at EUR66.0 million (2009: EUR60.2 million), and EBIT reached EUR20.0 million (2009: EUR42.7 million)
In terms of the company’s business development, Tipp24’s first nine months of 2010 saw a special item – the secondary lottery winnings paid in MyLotto24 Limited (a fully consolidated minority shareholding of Tipp24 SE), had a negative impact on EBIT (by EUR18.3 million), because they exceeded the statistical average by Euro 18.9 million.
Politics and legislation in the domain:
The gambling monopoly in Germany was proclaimed non-applicable by the European Court of Justice (ECJ) on 8 September 2010. It was assessed that it infringes basic European freedoms, which incited Tipp24’s plans to resume its brokerage of state-run lotteries in Germany asap. As a result of this ECJ verdict, the company’s share price saw a 14-percent boost by the end of the trimester.
Tipp 24 CEO Dr. Hans Cornehl commented: “There are signs that Germany’s political leaders are now revising their views. We are confident that a solution can be found which serves the interests of all market participants.” The premiers of Germany’s federal states have commissioned a working committee which is currently investigating two options regarding the future of the State Treaty on Games of Chance, both of which involve the opening of the internet and advertising for lotteries.
The committee’s proposal is to serve as a foundation for a new State Treaty on Games of Chance, which is to be passed by the state premiers. The act is expected to enter into force in early 2012.
According to the Executive Board forecast for the fiscal year 2010, Tipp24 is supposed to reached at least EUR20 million of consolidated EBIT, as well as a minimum of EUR90 million of consolidated revenue.
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