European betting firm Bet-At-Home has released its 2012 financial results that were negatively affected by gaming revenue taxes and advertising costs.
Key financial indicators for the fiscal period ending December 31st, 2012 were:
Group financial result for financial year 2012 increased to €1.08 million (2011: €0.53 million)
Group result before taxes was €2.27 million (2011: €5.52 million)
Group annual net profit of €1.71 million (2011: €4.60 million)
Group EBITDA amounted to €1.83 million (2011: €5.53 million), influenced by betting fees and gaming taxes reducing profits
Gross gaming revenue increased by 17.4% to €85.46 million (2011: €72.81 million)
Net gaming revenue improved significantly in financial year 2012 up by 14.2% to €75.51 million (2011: €66.12 million)
Almost unchanged cash, cash equivalents and marketable securities amounting to €39.60 million as of 31/12/2012 (€11.3 per share) (31/12/2011: €40.12 million (€11.4 per share)
Betting and gaming turnover increased by 14.8% to €2,039.78 million (2011: EUR 1,776.30 million).
Group betting taxes and gaming duties for financial year 2012 of Euro -9.94 million (2011: Euro -6.70 million) were recorded as expenditure reducing profits
Group equity of €32.59 million is reconciled with the Group’s annual net profit for 2012 of €1.71 million to Group equity in the amount of €34.29 million
Equity ratio increased to 64.16% year-over-year (31/12/2011: 62.12%)
The company released a statement which commented on the company's performance, noting: "We see the large-scale advertising activities as an investment in the future for the further strengthening of the bet-at-home.com brand. We now have considerably more than 3.23 million registered customers. This is a marked increase of 19.0% or 518,000 customers in the number of customers compared to the balance sheet at the end of 2011."