DGAP-News
Tipp24 SE: strict pursuit of internationalisation strategy in fiscal year 2013
DGAP-News: Tipp24 SE / Key word(s): Final Results
Tipp24 SE: strict pursuit of internationalisation strategy in fiscal
year 2013
26.03.2014 / 08:00
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Press release
Fiscal year 2013
Tipp24 SE: strict pursuit of internationalisation strategy in fiscal year
2013
- Revenue and earnings forecast surpassed
- Transfer of company's registered office to UK completed
- Special dividend of EUR 7.50 per share planned
- Outlook 2014: expected growth in revenue and earnings
(London, 26 March 2014) Tipp24 SE strictly pursued its internationalisation
strategy in fiscal year 2013 and surpassed its own revenue and earnings
forecast for its operating business. Despite exceptionally high winnings
payouts totalling EUR 22.5 million in the second half of the year, the
company posted consolidated revenue of EUR 129.9 (prior year: EUR 142.7)
million. This development is due to the company's positive performance,
especially in December 2013. Adjusted for random statistic deviations,
revenue rose by 3.5 percent to EUR 133.1 (128.6) million.
Consolidated EBIT of EUR 19.5 (56.5) million exceeded expectations of
around EUR 17 million. Adjusted for random effects, EBIT amounted to EUR
27.0 (50.3) million - whereby the prior-year result was influenced by
unusually low winnings payouts and a positive special item of EUR 18.2
million from the spin-off of Lotto24 AG. In addition to jackpot payouts,
the year-on-year decline in EBIT was due to additional, mainly
non-recurring expenses of EUR 14.5 million. These resulted from the
relocation of the company's registered office, the preparation of new
business fields, the necessary adjustment to hedging structures in the
secondary lottery business and investments in the IT platform. The
consolidated net profit amounted to EUR 10.2 (40.9) million. At year-end,
there were available funds (cash plus short-term financial assets) of EUR
155.8 (131.7) million.
As part of its internationalisation strategy, Tipp24 successfully completed
preparations to relocate its registered office to the UK in the past fiscal
year. The transfer became effective on 7 February 2014 with its entry in
the Commercial Register.
Dr. Hans Cornehl, Chief Executive Officer of Tipp24 SE, states: "2013 was a
successful year from both a strategic and operational perspective. Our
relocation to London has created the ideal conditions for the further
implementation of our internationalisation strategy. We are planning, for
Fiscal year 2013
Tipp24 SE: strict pursuit of internationalisation strategy in fiscal year
2013
- Revenue and earnings forecast surpassed
- Transfer of company's registered office to UK completed
- Special dividend of EUR 7.50 per share planned
- Outlook 2014: expected growth in revenue and earnings
(London, 26 March 2014) Tipp24 SE strictly pursued its internationalisation
strategy in fiscal year 2013 and surpassed its own revenue and earnings
forecast for its operating business. Despite exceptionally high winnings
payouts totalling EUR 22.5 million in the second half of the year, the
company posted consolidated revenue of EUR 129.9 (prior year: EUR 142.7)
million. This development is due to the company's positive performance,
especially in December 2013. Adjusted for random statistic deviations,
revenue rose by 3.5 percent to EUR 133.1 (128.6) million.
Consolidated EBIT of EUR 19.5 (56.5) million exceeded expectations of
around EUR 17 million. Adjusted for random effects, EBIT amounted to EUR
27.0 (50.3) million - whereby the prior-year result was influenced by
unusually low winnings payouts and a positive special item of EUR 18.2
million from the spin-off of Lotto24 AG. In addition to jackpot payouts,
the year-on-year decline in EBIT was due to additional, mainly
non-recurring expenses of EUR 14.5 million. These resulted from the
relocation of the company's registered office, the preparation of new
business fields, the necessary adjustment to hedging structures in the
secondary lottery business and investments in the IT platform. The
consolidated net profit amounted to EUR 10.2 (40.9) million. At year-end,
there were available funds (cash plus short-term financial assets) of EUR
155.8 (131.7) million.
As part of its internationalisation strategy, Tipp24 successfully completed
preparations to relocate its registered office to the UK in the past fiscal
year. The transfer became effective on 7 February 2014 with its entry in
the Commercial Register.
Dr. Hans Cornehl, Chief Executive Officer of Tipp24 SE, states: "2013 was a
successful year from both a strategic and operational perspective. Our
relocation to London has created the ideal conditions for the further
implementation of our internationalisation strategy. We are planning, for