Preliminary Unaudited Financial Results for 2015
Fortuna Entertainment Group N.V., the leading Central European fixed-odds betting operator present in the markets of Poland, the Czech Republic and Slovakia, announces its preliminary unaudited consolidated financial results for the fiscal year to 31 December 2015, prepared according to International Financial Reporting Standards (IFRS).
· Total Amounts Staked in 2015 increased by 26.1% to EUR 847.7 million
· On-line Sports Betting Gross Win in 2015 increased by 26.4% to EUR 84.7 million
· Total EBITDA amounted to EUR 27.2 million down 2.1% yoy
· Net profit in 2015 increased by 22.5% to EUR 19.5 million impacted by deferred tax one-off
„We are pleased to report on strong profitable growth for the full year 2015 despite the absence of big sport events as well as the abolishment of the online handling fee in Slovakia. Fortuna accepted total bets in the amount of EUR 847.7 million, which is 26.1% more than last year. Despite the continuous margin pressure, our strong performance in the third and the fourth quarters of 2015 impacted positively also our Gross Win that went up by 11.2% to EUR 147.4 million. The main driver of our performance was expansion of online sports betting and in particular mobile sports betting in all Fortuna´s markets, as well as our focus on operational excellence and solid margins,” said Per Widerstrom, CEO and Chairman of the Management Board of Fortuna Entertainment Group.
Fortuna recorded in 2015 a total Amounts Staked figure of EUR 847.7 million, 26.1% more than in 2014, according to the preliminary unaudited financial results. The Amount Staked from sports betting reached EUR 828.0 million, 26.3% more than in 2014 on the back of strong performance in all countries where Fortuna operates and despite the absence of major sporting events last year. Amounts Staked from lottery bets in 2015 totalled to EUR 19.7 million, 17.8% increase yoy, driven by growth of both scratch cards and numerical lottery segments.
In 2015, total Gross Win reached EUR 147.4 million, an increase of 11.2% compared with 2014. Gross Win from sports betting equalled EUR 138.7 million, a 10.9% increase yoy. Of which, Gross Win from on-line betting in 2015 increased to EUR 84.7 million, a substantial gain of 26.4% over 2014. On-line betting expansion was supported by popularity of “live betting” and especially mobile. Also, on-line betting growth was accelerated by the abolishment of on-line handling fee in Slovakia as well as by start of prosecution of players playing with offshore operators in Poland. Gross Win from retail betting in 2015 amounted to EUR 54 million, a 7.0% decrease from the previous year. Gross Win from lottery was EUR 8.7 million (+15.5% yoy) growing both on the scratch cards as well as numerical games.
Total consolidated EBITDA recorded in 2015 was EUR 27.2 million, down 2.1% yoy. If adjusted by one-off impact from VAT claim in Poland which had impact on 2014 EBITDA, the year-on-year change in the EBITDA would be zero. EBITDA from sports betting reached EUR 26.3 million, 4.1% less than previous year. EBITDA from lottery was EUR 0.9 million, up 147.3% yoy.
In 2015 the Company recorded Net Profit for the period of EUR 19.5 million, 22.5% more than in the previous year. If adjusted by the deferred tax income in Poland, Net Profit for the period would be EUR 16.0 million.
Selected financial indicators – FEG total
|(EUR million)||FY 2014||FY 2015||% change|
|- Sports betting||655.7||828.0||26.3%|
|- Sports betting||125.1||138.7||10.9%|
|- Sports betting||27.41||26.3||(4.1%)|
|Net Profit for the Year||15.9||19.5||22.5%|
|Adjusted Net Profit for the Year3||15.9||16.03||0.01%|
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