Cyrrus (Cyrrus)
Czech markets  |  November 07, 2012 09:03:42

Fortuna: prediction results for 3Q2012

The company will report its results for 3Q at 8 November before the start of trading on the Prague Stock Exchange. We expect that, as occurs in the second quarter year on year increase in the volume of bets received, by 9.6% to 97.51 million. The rate of growth will, however, due to the absence of Fortune and major sporting events such as Euro 2012 only about half the 18.8% yoy increase in bets received for the previous quarter. The growth in total bets received while the markets will participate in very different degrees, with the highest increase recorded should Poland (estimated +19.8% yoy) and the worst development will contrast evident in the Slovak Republic (estimate -1.1% yoy) .Negative trends in the volume of bets received in this market is due to the departure of key customers from the beginning of this year.

Total Staked, ie with the help lottery should 3Q grow by 10.3% yoy to EUR 102.15 million. Total Gross Win (GW) in the same period increased only by 2.3% to 23.62 million, implying an impairment GW margins. The explanation for this is simple - the higher the tendency for players to online gambling, which carries lower margins than betting through stone branches.

After adding items such as other revenues (estimated at 0,15 million) and tax levies (estimate 3.02 million), we expect sales in Q3 by 1.3% yoy higher, ie 20.75 million. Total operating costs should climb to 17.04 millionEUR (betting tax from operations on the Czech market, 2.44 million, 6.85 million, personnel costs and other expenses of EUR 7.75 million) and EBITDA would be 3.71 million, which means 60 , 6% increase over EBITDA of 2Q 2011, which strongly affected the landed costs associated with running a lottery.

Now the project will be most closely monitored lottery factor in Thursday's results. Management is currently looking for ways to lottery more attractive and simplified, and all for the whole project to get out of the red by the end of 1H 2013th This year the company expects even with 4-5 million total losses from the lottery in EBITDA and exceeding this framework will be taken investors strongly negative.Continuing loss of lottery business is having a direct impact on the amount of dividends from this year's net profit, which will most likely be less than the dividend paid this year, ie € 0.23.

Complete forecast for download here. (523.29 kilobytes)

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Fortuna: predikce výsledků za 3Q2012

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