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Annual Report & Accounts 2009 - Report of the Finance Director
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9 REPORT OF THE FINANCE DIRECTOR Introduction The results of the group reflect for the first time the impact of the acquisition of Betboo completed on 2 July 2009. There are four areas of impact: Cash balances $4 million (c3 million) was paid to the founders in July 2009 NGR & EBITDA c2.2 million of revenues were earned and c103k of EBITDA was generated Non-cash items Amortisation of c607k, together with c467k of the unwinding of the discount on deferred consideration (re: accounting treatment prescribed under IFRS3) were taken to the Income Statement Balance sheet Reflects the assessment of the total consideration, of which the total amount expected to be paid (c12 million), the discounted value (c8 million), and the discounted value of the deferred consideration at 31 December 2009 (c5.4 million). Financial highlights • Net Gaming Revenue ("NGR") increased 7.7% to c54.0 million (2008: c50.1 million) • Clean EBITDA c17.4 million (2008: c19.5 million) • Like-for-like costs c8.1 million (2008: c8.4 million) • Profit before tax c13.8 million (2008: c16.9 million) • Own funds at bank c17.6 million despite c3.0 million initial consideration for Betboo and c12.4 million paid in dividends during the year • Non-CasinoClub business now generating 45% of NGR (2008: 27%) and 25% of contribution (2008: 7.5%) • Basic earnings per share of c0.432 (2008: c0.531) • Intended special dividend of c0.50 per share The group's activities now consist of four distinct brands serving different market places: CasinoClub High-roller casino targeting German speaking customers Licensed in Malta Employs staff and has office in Tel Aviv Uses software from Boss Media Clean EBITDA margins > 60% in 2009 Betaland Retail sports betting and gaming site targeting Italian customers Licensed in Malta Employs staff and has office in Malta Uses software from Boss Media Gamologist, Net Entertainment and others Clean EBITDA margins of 8% in 2009 Betboo Retail gaming portal targeting Brazilians/other South American customers Licensed in Netherlands Antilles Operations outsourced to a third party Uses in-house and Playtech software Break-even in 2009