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Cherry Releases Fourth Quarter, Full Year 2013 Financials

Internet betting giant Cherry AB has released its fourth quarter and full year 2013 financial results, noting an increase in quarterly turnover and online betting.

Key financial indicators for the quarter ending December 31st, 2013 were:

  • Group turnover increased by 16% and amounted to SEK 75.0 million (Q4/2012: SEK 64.8 million).

  • EBITDA amounted to SEK -10.7 million (Q4/2012:SEK 1.9 million). EBIT amounted to SEK -11.9 million (Q4/2012: SEK 0.2 million).

  • The result after tax amounted to SEK -10.6 million (Q4/2012: SEK 0.4 million) equivalent to SEK -0.80 million (Q4/2012: SEK 0.03 million) per share after dilution.

  • Online Gaming grew 31% and active customers increased 56%. Deposit increased 45% and customer intake increased 44%.

  • Cherry has acquired the online gaming company Web Resorts , which among others operate the brands NordicSlots.com and NorgesSpill.com. The purchase price amounted to €3.3 Million in a cash consideration and an additional performance based purchase price of up to €1.0 million. The business has so far developed slightly above expectations.

  • Restaurant Casino reported all time high turnover and EBIT. The turnover increased 4% and EBIT 26%.

  • Yggdrasil Gaming has successfully launched its first online slot.

  • Group cash amounted to SEK 68.4 million (Q4/2012: SEK 59.0 million) at the end of the period, excluding additional purchase price of SEK 60.0 from the sales of Automatensites, which will be paid in February.

Full year results were:

  • Group turnover increased 15% and amounted to SEK 266.3 million (FY2012: SEK 231.5 million).

  • EBITDA amounted to SEK -24.0 million (FY2012: SEK 11.8 million). EBIT amounted to SEK -33.9 million (FY2012: SEK 6.1 million).

  • The result after tax amounted to SEK -33.7 million (FY2012: SEK 2.1 million) equivalent SEK -2.53 million (FY2012: SEK 0.16 million) per share after dilution.

  • Online Gaming grew during 2013 by 32%.

  • Restaurant Casino increased turnover by 3% and EBIT by 2%.

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