DGAP-News: Tipp24 SE: Successful start to the new fiscal year
Press Release Report on the first quarter of 2012
- EBIT up 3.5 percent in first quarter to EUR 12.0 million
- Resumption of business on German market
- Plans to spin off German business as Lotto24 AG
(Hamburg, 7 May 2012) Tipp24 got off to a successful start in its fiscal year 2012. The company enjoyed further growth with an increase in consolidated revenue of 5.7 percentin the first quarter to EUR 35.4 (prior year: 33.5) million. Earnings before interest and taxes (EBIT) improved by 3.5 percent to EUR 12.0 (11.6) million. Consolidated net profit rose by 15.5 percentto EUR 8.7 (7.6) million. The EBIT margin reached 34.0 percent, compared to 34.7 percent in the same period last year. In the period under review, Tipp24 raised earnings per share from continued operations from EUR 0.99 to EUR 1.08.
The Abroad segment once again made the strongest contribution to business with revenue of EUR 35.9 (34.1) million in the first quarter. Segment EBIT grew strongly to EUR 15.3 (13.6) million.
Revenue in the German segment totalled EUR 0.1 (0.2) million in the first three months. The EBIT result of the German segment amounting to EUR -3.1 (-1.6) million was dominated by expenditure in connection with the planned spin-off of the companys operations in Germany. In late February 2012, Tipp24 Deutschland GmbH (a subsidiary of Tipp24 SE) resumed online lottery brokerage in Schleswig-Holstein and Saxony-Anhalt. Due to the prevailing regulatory situation, however, business on the German market is still highly restricted.
Relaunch on the German market despite ongoing legal uncertainties
After the German federal state of Schleswig-Holstein reopened the market for online lottery brokerage in early 2012 with its new gaming legislation, Tipp24 decided to re-enter the German market via its subsidiary Tipp24 Deutschland GmbH (in future Lotto24 AG). The service launched in February via the website http://www.lotto24.de currently targets only those customers who are residents of Schleswig-Holstein or Saxony-Anhalt. In Schleswig-Holstein, there is a legislative basis for business, while in Saxony-Anhalt Tipp24 SE successfully fought in court to gain unrestricted permission for its online lottery brokerage.
However, there are still considerable regulatory uncertainties for the German market. In its statement on 20 March 2012, the European Commission criticized - among other things - the large number of permits for online lottery brokerage required by the planned Revised State Treaty on Games of Chance of the other 15 federal states. Nevertheless, the Minister Presidents of the 15 states adopted the disputed State Treaty in late March and will put the legislation to a vote in their respective state parliaments with the aim of enforcing it as of 1 July 2012.
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DGAP-News: Tipp24 SE: Successful start to the new fiscal year
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