Preliminary Unaudited Financial Results for 2016
Amsterdam - Fortuna Entertainment Group N.V. announces its preliminary unaudited consolidated financial results for the fiscal year to 31st December 2016, prepared according to International Financial Reporting Standards (IFRS).
· Total Amounts Staked in 2016 increased by 22.6% to EUR 1,039.6 million
· Online Sports Betting Gross Win in 2016 increased by 21.7% to EUR 103.1 million
· Total EBITDA amounted to EUR 22.1 million down 18.5% yoy
„We are pleased to report on strong growth in total Amounts Staked for the full year 2016. Fortuna accepted total bets in the amount of EUR 1,039.6 million, which is 22.6% more than last year. The Amounts Staked grew double digits in all our key markets, primarily driven by the online betting growth and in particular mobile sports betting while Retail grew single digit. Our EBITDA was impacted by the increase in the betting tax rate in the Czech Republic, unfavourable sports results in 2016 and by planned increase of operating costs to support growth opportunities of the company.” said Per Widerström, CEO and Chairman of the Management Board of Fortuna Entertainment Group.
Fortuna recorded in 2016 a total Amounts Staked figure of EUR 1,039.6 million, 22.6% more than in 2015 and exceeded Company´s guidance given for the year. The Amounts Staked from sports betting reached EUR 1,019.4 million, 23.1% more than in 2015 on the back of strong performance in all countries where Fortuna operates. Amounts Staked from Lottery bets in 2016 totalled to EUR 20.2 million, 2.8% increase yoy, driven by growth of both scratch cards and numerical lottery segments.
In 2016, total Gross Win reached EUR 163.0 million, an increase of 10.5% compared with 2015. Gross Win from sports betting equalled EUR 153.8 million, a 10.9% increase yoy. Of which, Gross Win from online betting in 2016 increased to EUR 103.1 million, a substantial increase of 21.7% over 2015.
The solid Amounts Staked and Gross Win performance in 2016 was driven by growing online web and mobile sports betting and it was also supported by the UEFA EURO 2016 football tournament in France.
Total consolidated EBITDA recorded in 2016 was EUR 22.1 million, down 18.5% yoy. EBITDA from sports betting reached EUR 21.1 million, 19.5% less than previous year. EBITDA from lottery was EUR 1 million, up 11.0% yoy.
In 2016 the Company recorded Net Profit for the period of EUR 11.2 million, 42.4% less than in the previous year. If adjusted by the deferred tax income in Poland in 2015, the decline in the Net Profit would be 29.6%.
Selected financial indicators – FEG total
|(EUR million)||FY 2016||FY 2015||% change|
|Net Profit for the Year||11.2||19.5||(42.4%)|
|Adjusted Net Profit for the Year||11.2||16.0||(29.6%)|
 Adjusted by deferred tax income from the Group reorganisation in Poland in 2015
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