TNBiz (TNBiz)
Markets  |  May 05, 2012 09:15:00

Fortuna on Thursday published financial results for first quarter

PRAGUE (MEDIAFAX) - Fortuna Entertainment Group on Thursday published results for the first quarter of the 2012th Last year the company increased its gross profit from betting year by 8.8 percent to 80 million euros (two billion CZK).

Total revenues in 2011 totaled 89.8 million euros, up by 10.7 percent more than the company achieved in the previous year.

This represented the proceeds of sports betting € 84.8 million, up by 4.4 percent more. Lottery revenues in 2011 amounted to a total of 5.1 million euros.

Total operating expenses in 2011 amounted to 69.9 million euros, up by 24.5 percent more. Personnel costs rose by 5.3 percent to 26.9 million euros, primarily due to new employees in the segment of the lottery. Personnel costs in the segment of sports betting fell by 1.6 percent.

EBITDA from the segment of sports betting amounted to 26.7 million euros, 6.3 percent more than in 2010. EBITDA from negative lottery numbers reached 6.7 million euros. Total consolidated EBITDA in 2011 was 20 million, by 20.4 percent yoy. Depreciation in 2011 increased by 19.1 percent to € 3.1 million, depreciation of what the sports betting segment accounted for € 2.8 million (+5.8%) accounted for the other lotteries.

Operating profit (EBIT) in 2011 reached 16.8 million euros, 25 percent less than the previous year. The amount was influenced by the amount of EBITDA and increased depreciation.

Fortuna is the largest Central European betting operator acting on the markets in Poland, Czech Republic, Slovak Republic and Hungary.

Libor Popel,

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