DGAP-News

mybet Holding SE: Negative trend in revenue development from the previous quarters continues one more time in first quarter 2017 - Seite 2

The earnings before interest, taxes, amortisation and depreciation (EBITDA) of mybet Group was EUR -2.2 million and due to the revenue development also very clearly below the comparable figure of the previous year (PY: EUR -0.8 million). Correspondingly the earnings before interest and taxes (EBIT) of EUR -2.6 million also fell clearly behind of previous year's value in the first quarter of 2017 (PY: EUR -1.0 million).

Retail and B2B business continue to develop well

With regard to the group segments the first quarter produced a mixed development. While in the Sports betting segment the online stakes decreased by 27.4 percent the retail stakes in the mybet betting shops continued its steady growth with an increase of 8.4 percent in an unchanged way. However, the unusually negative outcome of many bets for mybet in the end lead to a decrease in revenue in the segment by 19.9 percent to EUR 6.1 million compared to the previous year (PY: EUR 7.6 million).

The group segment Casino was burdened especially by the blockade of our online casino in Greece. The segment revenue fell in the first quarter 2017 compared to the previous year by 48.2 percent to EUR 2.2 million (PY: EUR 4.3 million).

In contrast, the segment B2B, in which mybet reports on the service business for regional betting providers, developed very stable during the first quarter 2017. Revenue was EUR 0.6 million (PY: EUR 0.6 million).

Financing situation improved, earnings and liquidity forecast raised

After agreeing on an out-of-court settlement with Westdeutsche Lotterie GmbH & Co. OHG to end the legal proceedings on damage claims for cartel infringement after the end of the reporting period the financing situation of mybet Group improves significantly. The legal dispute that had lasted for around ten years will now come to an end by a payment of EUR 11.8 million from Westlotto to SWS Service GmbH, a group company of mybet Group. As mybet Group has to pay back an interim financing for the possible proceeds for the legal proceedings after receiving this payment the company receives free liquid funds in the amount of EUR 4.9 million from the settlement after the redemption of the financing.