Unibet Group plc Year end report January - December 2010 (unaudited)

Transcription

1 Unibet Group plc Year end report January - December (unaudited) Gross Winnings Revenue amounted to GBP 35.5 (42.1) million for the fourth quarter of and GBP (138.3) million for the full year. Profit from operations amounted to GBP 9.6 (11.0) million for the fourth quarter of and GBP 34.2 (32.8) million for the full year. Profit before tax for the fourth quarter of amounted to GBP 9.2 (8.7) million. Profit before tax for the full year amounted to GBP 33.8 (28.9) million. Profit after tax for the fourth quarter of amounted to GBP 10.0 (8.4) million. Profit after tax for the full year amounted to GBP 32.4 (26.8) million. Earnings per share was GBP (0.301) for the fourth quarter of and GBP (0.957) for the full year. Operating cash flow before movements in working capital amounted to GBP 11.7 (13.3) million for the fourth quarter and GBP 44.2 (42.7) million for the full year. Number of active customers at the end of the quarter was 308,872 (365,865). The Board of Directors does not propose to pay a dividend for the financial year. The cash reserve being built up combined with the Group s strong profitability and cash flow gives the Board flexibility to consider strategic opportunities including acquisitions. The cash reserve may be distributed at a later stage should the opportunities not materialise. AGM to be held on 12 May 2011, in Stockholm. Strong performance across core markets We are very happy to announce a strong set of results including 15 per cent growth over the prior quarter, which demonstrates the underlying resilience of our business model. Even though the comparisons with the fourth quarter of were challenging, we have been able to improve our EPS through tight control over our operating costs, including improved marketing focus. We also continue to invest according to plan in the development of Kambi Sports Solutions and in the core Unibet platforms to address the evolving markets in Europe. During the first six weeks of 2011 we see healthy revenue numbers for the Group across our major markets. In particular, mobile betting is showing excellent growth combined with strong performance in Casino & Games. We will continue to focus on our core markets to strengthen our position in the changing European landscape. Unibet will apply for licenses in the markets where conditions are evaluated as sound and profitable and with a low risk seen from a shareholder value perspective, says Henrik Tjärnström, CEO of Unibet. Today, Wednesday 16 February 2011, Unibet s CEO Henrik Tjärnström will host a presentation in English at FinancialHearings, Operaterrassen in Stockholm at 9.00 CET. Please go to to sign in. For those who would like to participate in the telephone conference in connection with the presentation, the telephone number is +44 (0) , Confirmation Code: Please call in, well in advance and register. The presentation is also web cast live on

2 2 SUMMARY TABLE AND FULL YEAR This table and the contents of this announcement are unaudited GBP Full Year GBPm GBPm GBPm GBPm Gross winnings Revenue EBITDA¹ Profit before tax Profit after tax Net cash Bank debt GBP GBP GBP GBP EBITDA 1 per share Earnings per share Net cash 2 per share SEK Full Year SEKm SEKm SEKm SEKm Gross winnings Revenue , ,649.7 EBITDA¹ Profit before tax Profit after tax Net cash Bank debt SEK SEK SEK SEK EBITDA 1 per share Earnings per share Net cash 2 per share No. No. No. No. Active customers 308, ,865 Registered customers (million) Currency rate 10 average: 1GBP = SEK, 09 average: 1GBP = SEK, FY 10 average: 1GBP = , FY 09 average: 1GBP = , 31 Dec : 1GBP = SEK, 31 Dec : 1GBP = SEK. Unibet reports in GBP and the SEK figures presented above at period end rates are for information only and are not intended to comply with IFRS. 1 EBITDA = Profit from operations before depreciation / amortisation 2 Net cash = Total cash at period end less customer balances Unibet Group plc Significant events during the fourth quarter of On 22 October, Unibet received the licenses for France that the Company applied for in May. This is in line with earlier communication where Unibet has also stressed that under the current restrictive terms of the licence, it will be hard for any operator to make a reasonable return. Unibet plans, subject to final business assessment of whether resources can better be used in other markets, to roll out poker on the unibet.fr platform during Sportsbook and French Horse Racing can follow towards the end of On 27 October, Unibet s Sportsbook B2B services, Kambi Sports Solutions, signed an agreement to supply Nordicbet, Triobet and Tobet with the Pool Betting products Supertoto and Superscore. On 29 October the term of the Revolving Credit Facility with a maximum value of EUR 24 million with a leading international bank was extended until the end of December During the fourth quarter EUR 16 million of the Revolving Credit Facility was repaid resulting in an outstanding balance of EUR 8 million. On 16 December, Unibet launched its own platform in Italy. On unibet.it, the Italian players are offered Sit & Go, scheduled and multi-table poker tournaments on the Ongame P5 Poker Engine. During the second quarter of 2011 poker cash games, casino offerings and sports betting will be added. Significant events after the period end No significant events after the period end.

3 3 Market Unibet is one of Europe s leading companies in Moneytainment, operating in 28 different languages in more than 100 countries. Unibet offers sports betting, live betting, poker, casino and games on unibet.com. Unibet also offers Sportsbook B2B services through Kambi Sports Solutions, kambi.com. Current products Sports betting Unibet s sports betting service offers a comprehensive range of odds on a variety of international and local sports events, to a worldwide customer base (excluding the USA, Turkey and similar markets) 24 hours a day, 7 days a week. Bets are placed via Unibet s site or via mobile phone. The fourth quarter was a busy football quarter with the big European Leagues and Cups in action as well as Euro 2012 Qualifying. One of the highlights was El Clasico between Barcelona and Real Madrid in November. Other popular pre-game betting sports during the quarter were ice hockey, basketball and tennis. Livebetting continued to grow in the fourth quarter with the Nadal v Murray and Federer v Söderling matches played at the Tennis World Tour Finals in London as the most popular events. Unibet has streamed over 1,500 events in the fourth quarter providing pictures from all around the globe, at all hours of the day from high profile events such as the Tennis World Tour Finals, Italian Serie A, Spanish La Liga, English Carling Cup and Euro 2012 qualifiers, to events such as snooker, darts, table tennis and volleyball events which provide betting opportunities during traditionally quiet periods. The majority of Unibet s business is largely determined by the seasons for key sports such as the major football leagues in Europe, major golf and tennis tournaments as well as ice hockey leagues in the Nordic countries and North America. The seasonality of these events results in fluctuations in the Group s quarterly performance, especially in terms of Gross Turnover. However, quarterly results can also vary widely, due to the volatility of gross winnings margins in sports betting. Please also refer to page 4. Non-sports betting Casino The Unibet browser casino consists of more than 80 games such as Roulette, Black Jack, Caribbean Stud, Video Slots and Video Poker. A wide variety of promotions are offered regularly as well as daily and monthly tournaments with prize pools of up to EUR 20,000. The fourth quarter saw the addition of 3 new slot machines in the browser casino, Jack Hammer, Hall of Gods and Boom Brothers. The downloadable casino offers over 140 games including higher quality casino classics such as Roulette and Blackjack Gold series, as well as the highly popular branded Video Slots, Tomb Raider, Hitman and The Osbournes to give players the perfect casino experience. Six new games were added to the portfolio in the fourth quarter including Coast, Retro Reels with a new re-spin feature and the Christmas slot machine Santa s Wild Ride. Unibet s Live Casino offers Unibet branded Blackjack tables, Roulette and Baccarat. The Live Casino is the closest you can get to a real bricks and mortar casino online, with real dealers spinning the roulette wheel and dealing the cards. The fourth quarter saw for the first time male dealers being introduced on the new London Roulette table and a new VIP Baccarat table being added. Games Unibet Games focuses on the entertainment aspects of Games play including branded content and many different styles of Games to interest as wide an audience as possible. The games are a softer version of the casino and in addition to its wide base of Keno, Sports based and other themes, saw an increased focus on Slots and the introduction of enhanced local content. The fourth quarter saw more new games bringing the total of new Games for the year to 38. The highlight of the quarter was the introduction of Kronesautomaten, the popular Norwegian off-line game, developed exclusively for Unibet. Launched with a significant advertising campaign in Norway, the Game has proved to be the most successful new soft game to date drawing in a high number of new customers. Poker For Unibet Poker a strong global promotion schedule drove activity with a new single table tournament schedule and the innovative Santa Box promotion. The Unibet Open continues its success as one of Europe s leading poker tours with the events in Valencia with 361 players participating, and in London with 273 players from all over Europe and as always, strong media coverage.

4 4 Bingo Unibet Bingo offers a new product with a unique design and new functions which enables customers to play in up to five different room and pre-buy bingo tickets in up to four games. New to the bingo is also the integrated side games and the new social community features. Maria Maria, the female brand in the Unibet family, offers mainly bingo, casino, games and poker in a social environment to her customers. During the fourth quarter Maria switched to a brand new bingo network, Virtue Fusion, and introduced a seamless wallet, enabling the customers to play games, casino and bingo from the same wallet. Financial review The financial information has been presented in accordance with International Financial Reporting Standards and IFRIC interpretations as adopted by the European Union. Other than as described in the June Interim report (Note 3 on page 13), the accounting policies remain unchanged from the last published Annual Report and Accounts for the year ended 31 December. The new and amended policies as described in the June Interim report do not have a material impact on the financial information presented in this report. Gross winnings revenue Gross winnings revenue on sports betting represents the net receipt of bets and payouts for the financial period, as reduced for Free Bets. Free Bets are bonuses granted or earned in connection with customer acquisition. Gross winnings revenue for sports betting, before Free Bets, amounted to GBP 14.7 (20.3) million for the fourth quarter of. For the full year, gross winnings revenue for sports betting, before Free Bets, amounted to GBP 68.8 (57.0) million. Gross winnings for non-sports betting amounted to GBP 22.2 (23.3) million for the fourth quarter of. For the full year, gross winnings revenue for non-sports betting amounted to GBP 84.8 (87.2) million. Of the non-sports betting gross winnings in the fourth quarter, poker represents circa 20 per cent and casino circa 65 per cent. Please refer to page 12 for more information on gross winnings revenue per region and products. Gross margin on sports betting The gross margin for pre-game sports betting before Free Bets for the fourth quarter was 9.7 (11.9) per cent. The gross margin for total sports betting for the fourth quarter before Free Bets was 6.8 (8.4) per cent. The gross margin for total sports betting for the fourth quarter after Free Bets was 6.2 (7.7) per cent. Live betting accounted for 34.9 (27.8) per cent of gross winnings revenue on sports betting, excluding Free Bets, in the fourth quarter of. Please refer to page 12 for more information on sports betting margins. Sports betting gross margins can vary significantly from one quarter to the next, depending on the outcome of sporting events. However, over time these margins will even out. This can be seen in the table below. The bars show sports betting gross margin quarter and full year. 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% YR Sportsbetting Gross Win % (before and after free bets) YR Sports Betting before free bets YR Sports Betting after free bets YR YR

5 5 Customers For the fourth quarter of the number of active customers amounted to 308,872 (365,865) compared with 320,573 for the third quarter. An active customer is defined as one placing a bet in the last three months. The total number of registered customers has continued to increase during the quarter and exceeded 5.1 (4.1) million at 31 December, whilst at 30 September, over 4.9 million customers were registered. Cost of sales Cost of sales covers betting duties, revenue share and affiliate programmes. Of these, the marketing related revenue share and affiliate cost amounted to GBP 3.2 (4.5) million for the fourth quarter of. Marketing related revenue share and affiliate cost for the full year amounted to GBP 15.3 (14.6) million. Gross profit Gross profit for the fourth quarter was GBP 32.0 (36.7) million. Gross profit for the full year was GBP (120.7) million. Operating costs (Marketing and Administrative expenses) Operating costs include all indirect costs of running the business and are a combination of activity-related costs and fixed costs such as marketing, salaries etc. During the fourth quarter of, ongoing operating costs were GBP 22.4 (25.6) million and during the full year GBP 94.8 (87.9) million. Of the operating costs in the fourth quarter, GBP 7.7 (11.5) million were marketing costs and GBP 6.0 (6.1) million were salaries. Of the administrative expenses for the fourth quarter GBP 2.1 (2.2) million is related to Kambi Sports Solutions and for the full year GBP 8.1 (6.0) million. During the full year marketing expenses were GBP 34.1 (36.6) million, and salaries were GBP 23.8 (21.9) million. FX rates The following FX rates are those used for translation of the Group s SEK, NOK, DKK and EUR Balance Sheet items into GBP: Balance sheet rates: Rate to GBP 30-Sep Dec-10 v Delta SEK % NOK % EUR % DKK % P&L averages for quarter: Rate to GBP Avg 10 Avg 10 v Delta SEK % NOK % EUR % DKK % EBITDA and Profit from operations Earnings before interest, tax and depreciation and amortisation (EBITDA) for the fourth quarter of was GBP 11.6 (13.2) million. EBITDA for the full year, was GBP 43.8 (41.9) million. Profit from operations for the fourth quarter of was GBP 9.6 (11.0) million. Profit from operations for the full year was GBP 34.2 (32.8) million. Capitalised internal development expenditure In the fourth quarter of, expenditure of GBP 1.9 (0.9) million has been capitalised, before amortisation, bringing the full year total to GBP 6.2 (2.6) million. The key drivers to the increase in capitalised development costs during demonstrate a response to local licensing requirements and development of the Kambi business during the period.

6 6 Finance cost Finance costs for the fourth quarter were 0.4 (2.3) million. Finance costs for the full year were 0.5 (4.3) million. Profit before tax Result before tax for the fourth quarter was GBP 9.2 (8.7) million. Profit before tax for the full year was GBP 33.8 (28.9) million. Tax Certain deferred tax provisions arising as a result of the Group re-organisation in are no longer required, and have been released to the Income statement giving rise to an overall tax credit for the fourth quarter. Profit after tax Result after tax for the fourth quarter was GBP 10.0 (8.4) million. Profit after tax for the full year was GBP 32.4 (26.8) million. Financial position and cash flow The gross cash in hand position at the end of the fourth quarter stood at GBP 38.5 (39.8) million while at the beginning of the quarter it was GBP 46.3 (58.2) million. This is before deducting GBP 6.9 (21.4) million for borrowings. During the fourth quarter EUR 16 million of the Revolving Credit Facility was repaid. The net cash outflow for the fourth quarter was GBP 8.0 (outflow 17.7) million. The operating cash flow before movements in working capital amounted to GBP 11.7 (13.3) million for the fourth quarter and GBP 44.2 (42.7) million for the full year. The quarterly profit and operating cash flow before movements in working capital is shown in the table below. Profit and Operating Cashflow before movements in working capital GBP million Profit from Operations Operating Cashflow before movements in working capital Principal risks Unibet manages strategic, operational and financing risks on a group-wide basis. The principal risks affecting the Group are market risks, foreign exchange risks, credit risks and legal risks. Further details of Unibet s risk management and risks arising from the legal environment can be found on pages and pages of the Annual Report for the year ended 31 December, available from Option Scheme Total outstanding options at year end under the rules of Unibet s option schemes were 753,904 corresponding to 2.67 per cent of the share capital after dilution. The total amount of shares outstanding in Unibet Group plc is 28,258,038 ordinary shares with a par value of GBP Of the total outstanding shares, 190,975 from the Share buy back programme initiated in continue to be held by Unibet as a deduction to equity. Employees Unibet had 493 (465) employees equivalent to 450 (429) full time employees at 31 December compared to 487 equivalent to 444 full time employees at 30 September. Of these, 129 (108) equivalent to 108 (95) full time, are employees related to the B2B Sportsbook Kambi Sports Solutions.

7 7 Dividend Unibet s normal dividend policy is to pay a dividend of up to 75 per cent of the Group s net income after tax to the shareholders, provided that other financial objectives are met and an appropriate capital structure is maintained. The Board of Directors does not propose to pay a dividend for the financial year. The cash reserve being built up combined with the Group s strong profitability and cash flow gives the Board flexibility to consider strategic opportunities including acquisitions. The cash reserve may be distributed at a later stage should the opportunities not materialise. For the financial year, Unibet paid a dividend of GBP 0.71 per share/sdr. AGM The Annual General Meeting of Unibet Group plc 2011 will be held on Thursday 12 May 2011 in Stockholm. In view of the scheduled date for publishing the Notice of the Annual General Meeting, proposals have to be received by the Company and the Nomination Committee not later than Tuesday 1 March 2011 in order to have sufficient time for including them in the Notice and the Meeting s agenda. The nomination committee consists of Anders Ström, chairman, Carina Tovi, Swedbank Robur Fonder, Jesper Bonnivier, Länsförsäkringar Fondförvaltning, Ulf Strömsten, Catella Fondförvaltning and Mikael Nordberg, Danske Capital. The nomination committee can be contacted at the following address: Unibet Group plc, "Fawwara Bldgs", Msida Road, Gzira GZR1402, Malta, or by to: Nomination@unibet.com. Annual Report Unibet Group plc s Annual Report for the financial year will be available on the website as from 4 April The figures in this report have been extracted from the audited consolidated financial statements. Forthcoming financial reporting timetable Interim Report January March May 2011 Interim Report January June August 2011 Interim Report January September November 2011 The Board of Directors and the CEO certify that the year end report gives a fair review of the Group's operations, financial position and results of operations, and describes significant risks and uncertainties facing the Group. Malta, 16 February 2011 Henrik Tjärnström CEO For further information please contact: Inga Lundberg, Investor Relations Henrik Tjärnström, CEO This report is unaudited. Unibet Group plc Company number C Registered in Malta. About Unibet Unibet was founded in 1997 and is an online gambling company listed on NASDAQ OMX Nordic Exchange in Stockholm. Unibet is one of the largest privately-owned gambling operators in the European market and provides services in 28 languages through Today, Unibet has more than 5.1 million customers in over 100 countries Unibet is a member of the EGBA, European Gaming and Betting Association, RGA, Remote Gambling Association in the UK and is audited and certified by ecogra in relation to responsible and fair gaming. More information about Unibet Group plc can be found on

8 8 CONSOLIDATED INCOME STATEMENT Unaudited Unaudited Unaudited Audited GBP '000 Full Year Full Year Continuing operations: Gross Winnings Revenue 35,516 42, , ,318 Cost of Sales -3,504-5,399-18,486-17,641 Gross profit 32,012 36, , ,677 Marketing costs -7,725-11,481-34,113-36,637 Foreign currency (loss)/gain on operating items ,244 1,114 Other administrative expenses -14,233-13,572-59,419-52,403 Administrative expenses -14,653-14,138-60,663-51,289 PROFIT FROM OPERATIONS 9,634 11,049 34,217 32,751 Finance costs arising on bond repurchase - -1, ,353 Other finance costs , ,984 Finance costs , ,337 Finance income Share of loss from Associate Profit before tax 9,228 8,749 33,813 28,882 Income tax credit/(expense) ,431-2,116 PROFIT FOR THE PERIOD 10,015 8,429 32,382 26,766 Earnings per share (GBP) Weighted average number of ordinary 28,067,063 27,992,280 28,062,245 27,955,464 shares for the purposes of calculating basic earnings per share Fully diluted earnings per share (GBP) Weighted average number of ordinary 28,067,063 28,092,574 28,088,435 27,989,238 shares for the purposes of calculating diluted earnings per share CONSOLIDATED STATEMENT OF COMPREHENSIVE Unaudited Unaudited Unaudited Audited INCOME Full Year Full Year GBP '000 Profit for the period 10,015 8,429 32,382 26,766 Other comprehensive income Translation adjustment taken to equity 1,414 1,076 5, COMPREHENSIVE INCOME 11,429 9,505 38,241 26,630

9 9 CONSOLIDATED BALANCE SHEET Unaudited Audited GBP ' Dec 31 Dec ASSETS Non-current assets Goodwill 127, ,369 Other intangible assets 26,299 26,597 Investment in associate 1,362 - Property, plant and equipment 2,572 2,952 Deferred tax assets , ,087 Current assets Trade and other receivables 12,936 9,538 Income tax recoverable 10,220 11,327 Cash and cash equivalents 38,495 39,764 61,651 60,629 TOTAL ASSETS 219, ,716 EQUITY AND LIABILITIES Capital and reserves Share capital Share premium 74,044 74,044 Currency translation reserve 15,780 9,921 Re-organisation reserve -42,889-42,889 Retained earnings 94,719 81,517 TOTAL EQUITY 141, ,734 Non-current liabilities Deferred tax liabilities 654 2, ,048 Current liabilities Trade and other payables 29,035 24,205 Customer balances 27,191 28,305 Tax liabilities 13,685 14,021 Borrowings 6,885 21,403 76,796 87,934 Total liabilities 77,450 89,982 TOTAL EQUITY AND LIABILITIES 219, ,716

10 10 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Unaudited Unaudited Unaudited Audited GBP '000 Full Year Full Year OPENING BALANCE AT BEGINNING OF PERIOD 130, , , ,678 Comprehensive income Profit for the period 10,015 8,429 32,382 26,766 Other comprehensive income: Translation adjustment 1,414 1,076 5, ,429 9,505 38,241 26,630 Transactions with owners Share options - value of employee services Exercise of share options Disposal of treasury shares Dividend paid ,928-6, ,365-19,180-4,574 CLOSING BALANCE AT END OF PERIOD 141, , , ,734 CONSOLIDATED CASH FLOW STATEMENT Unaudited Unaudited Unaudited Audited GBP '000 Full Year Full Year OPERATING ACTIVITIES Profit from operations 9,634 11,049 34,217 32,751 Adjustments for: Depreciation of property, plant and equipment ,714 1,741 Amortisation of intangible assets 1,508 1,692 7,833 7,400 Loss on disposal of property, plant & equipment Share-based payment Operating cashflows before movements in working capital 11,694 13,346 44,223 42,650 (Increase)/decrease in receivables -1,393 1,851-3, (Decrease)/increase in payables ,539 3,757 3,107 Cash generated from operations 9,321 16,736 44,582 46,387 Income taxes (paid)/received ,417-2,076-1,992 NET CASH GENERATED FROM OPERATING ACTIVITIES 8,677 26,153 42,506 44,395 INVESTING ACTIVITIES Acquisition of subsidiaries, net of cash acquired and debt assumed Investment in associate ,484 - Interest received Interest paid , ,132 Purchases of property, plant and equipment , Development and acquisition costs of intangible assets -1, ,179-2,642 NET CASH USED IN INVESTING ACTIVITIES -2,756-6,864-9,779-8,777 FINANCING ACTIVITIES Dividends paid ,928-6,427 Proceeds of issue of new shares for share options Disposal of treasury shares Bond buy back - -59, ,266 (Repayment)/proceeds from borrowings -13,907 21,602-13,995 21,602 NET CASH USED IN FINANCING ACTIVITIES -13,907-36,987-33,600-47,897 NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS -7,986-17, ,279 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 46,273 58,236 39,764 53,383 Effect of foreign exchange rate changes ,340 CASH AND CASH EQUIVALENTS AT END OF PERIOD 38,495 39,764 38,495 39,764

11 11 KEY RATIOS Unaudited Unaudited Unaudited Audited Full Year Full Year Operating margin, % 27% 26% 23% 24% (Profit from operations/revenue for the period) Return on total assets, % 5% 4% 15% 12% (Profit after tax/average of opening and closing assets for the period) Return on average equity, % (annualised) 28% 40% 26% 29% (EBIT/average of opening and closing equity for the period) Equity/assets ratio, % 65% 58% 65% 58% EBITDA margin, % 33% 31% 30% 30% Net cash/ebitda (rolling 12 months basis) Employees at period end Gross cash per share (GBP) (cash at end of period/number of shares at end of period) Net cash less debt per share (GBP) (total cash at period end less customer liabilities and borrowings/number of shares at end of period) Operating cashflow before movements in working capital per share (GBP) Earnings per share (GBP) Fully diluted earnings per share (GBP) Number of shares at period end 1 28,258,038 28,258,038 28,258,038 28,258,038 Fully diluted number of shares at period end 28,268,771 28,322,407 28,268,771 28,322,407 Average number of shares 28,067,063 27,992,280 28,062,245 27,955,464 Average number of fully diluted shares 28,067,063 28,092,574 28,088,435 27,989,238 1 The total of 28,258,038 shares includes the balance of 190,975 shares that were bought back by the company in and the intention of the Board is either to cancel the shares (requires further shareholder approval), use as consideration for an acquisition or issue to employees under Share Option programmes. During, 25,695 of the shares originally bought by the company in were used in connection with the exercise of share options by employees.

12 12 NON-STATUTORY ANALYSIS OF GROSS WINNINGS REVENUE Sports Betting gross margins GBP '000 This table is for information only and does not form part of the condensed financial statements FY FY Sports Betting Stakes 216, , , , , , , , , ,706 Sports Betting Gross Winnings Revenue (GWR): Live Betting 5,138 4,679 7,273 7,173 5,643 3,656 3,941 3,380 24,263 16,621 Live Betting Margin % 4.4% 4.2% 4.6% 4.8% 4.7% 3.3% 3.5% 3.7% 4.5% 3.8% Live Betting Share % 34.9% 31.7% 37.0% 36.5% 27.8% 35.9% 37.3% 21.2% 35.3% 29.2% Pre-game Betting 9,571 10,102 12,395 12,458 14,653 6,524 6,622 12,599 44,526 40,397 Pre-game Betting Margin % 9.7% 12.2% 9.5% 9.0% 11.9% 6.0% 6.3% 11.3% 9.9% 9.0% Pre-game Betting Share % 65.1% 68.3% 63.0% 63.5% 72.2% 64.1% 62.7% 78.8% 64.7% 70.8% Total before Free Bets 14,709 14,781 19,668 19,631 20,296 10,180 10,563 15,979 68,789 57,018 Sports Betting margin % (before Free Bets) 6.8% 7.6% 6.8% 6.8% 8.4% 4.6% 4.9% 7.9% 7.0% 6.5% Free Bets -1,357-1,211-1,595-1,987-1,557-1,381-1,218-1,696-6,150-5,852 Total after Free Bets 13,352 13,570 18,073 17,644 18,739 8,799 9,345 14,283 62,639 51,166 Sports Betting margin % (after Free Bets) 6.2% 7.0% 6.3% 6.1% 7.7% 4.0% 4.3% 7.0% 6.3% 5.8% Gross Winning Revenue (GWR) by region (based on country of residence of customer) GBP '000 SPORTS BETTING Sports Betting GWR by region FY FY Nordics 7,854 7,139 7,559 6,418 7,798 3,805 3,896 5,926 28,970 21,425 Western Europe 4,523 4,427 9,314 9,928 9,601 5,015 5,472 6,360 28,192 26,448 Central, Eastern and Southern Europe 2,287 2,514 2,072 2,717 2,400 1,466 1,109 3,494 9,590 8,469 Other , Total GWR before Free Bets 14,709 14,781 19,668 19,631 20,296 10,180 10,563 15,979 68,789 57,018 Free Bets -1,357-1,211-1,595-1,987-1,557-1,381-1,218-1,696-6,150-5,852 Total GWR after Free Bets 13,352 13,570 18,073 17,644 18,739 8,799 9,345 14,283 62,639 51,166 NON-SPORTS BETTING Non-Sports Betting GWR by region FY FY Nordics 13,088 10,597 10,908 11,528 11,915 11,062 10,240 11,676 46,121 44,893 Western Europe 5,389 4,392 8,295 8,766 7,923 7,157 7,296 7,600 26,842 29,976 Central, Eastern and Southern Europe 3,366 2,185 1,586 3,555 3,229 2,910 2,987 2,348 10,692 11,474 Other , Total 22,164 17,416 21,154 24,106 23,328 21,301 20,697 21,826 84,840 87,152 TOTAL Total GWR by region FY FY Nordics 20,942 17,736 18,467 17,946 19,713 14,867 14,136 17,602 75,091 66,318 Western Europe 9,912 8,819 17,609 18,694 17,524 12,172 12,768 13,960 55,034 56,424 Central, Eastern and Southern Europe 5,653 4,699 3,658 6,272 5,629 4,376 4,096 5,842 20,282 19,943 Other , ,222 1,485 Total GWR before Free Bets 36,873 32,197 40,822 43,737 43,624 31,481 31,260 37, , ,170 Free Bets -1,357-1,211-1,595-1,987-1,557-1,381-1,218-1,696-6,150-5,852 Total GWR after Free Bets 35,516 30,986 39,227 41,750 42,067 30,100 30,042 36, , ,318 Share of total GWR % (before Free Bets) Nordics 57% 55% 45% 41% 45% 47% 45% 47% 49% 46% Western Europe 27% 27% 43% 43% 40% 39% 41% 37% 36% 39% Central, Eastern and Southern Europe 15% 15% 9% 14% 13% 14% 13% 15% 13% 14% Other 1% 3% 3% 2% 2% 0% 1% 1% 2% 1% Gross Winning Revenue (GWR) by product (after Free Bets) GBP '000 Total GWR by product FY FY Sports Betting 13,352 13,570 18,073 17,644 18,739 8,799 9,345 14,283 62,639 51,166 Casino 14,549 11,077 14,236 14,284 13,619 13,155 12,713 12,589 54,146 52,077 Poker 4,458 3,948 4,695 7,109 6,705 5,657 5,379 6,698 20,210 24,439 Other 3,157 2,391 2,223 2,713 3,004 2,489 2,605 2,539 10,484 10,636 Total 35,516 30,986 39,227 41,750 42,067 30,100 30,042 36, , ,318 Share of total GWR % (after Free Bets) Sports Betting 38% 44% 46% 42% 45% 29% 31% 40% 42% 37% Casino 41% 36% 36% 34% 32% 44% 42% 34% 37% 37% Poker 12% 13% 12% 17% 16% 19% 18% 19% 14% 18% Other 9% 7% 6% 7% 7% 8% 9% 7% 7% 8%