Research (J&T BANKA)
Czech markets  |  March 06, 2013 09:28:18

Fortuna tomorrow will present results for the year 2012


Fortuna published tomorrow (March 7) the results of its operations for the year 2012. The volume of bets should be higher by 14% at 454 million euros. In addition to running a lottery to grow significantly helped start an online betting in Poland and major sporting events throughout the year. Operating profit (EBITDA) should grow annually by 6% to 21.2 million. In November, the presentation of results for 3Q management said it expects EBITDA in the range of 21 to 22 million, so our projection is consistent with this view. Compared slightly higher depreciation, finance costs and taxation (introduction of corporate tax in the Czech Republic) are the cause of the expected decline in net profit by 9% to 12.1 million. Regarding dividends management probably only clarifies the range over which it will move. Our design allows for a dividend of 21 cents per share (90% payout ratio, 6.2% gross dividend yield).

Results should continue to pull good performance in key business areas, which are odds betting. Monitored will include, besides themselves, numbers and dividends, especially comments on the development of online betting in Poland and other strategies in a lottery, where the company is currently looking for a partner.

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In millions of EUR

e2012

2,011

r / r

Staked

453.6

399.5

13.50%

Lottery

19

9.9

92.10%

Sports Betting

434.6

399.5

8.80%

Gross win

105.7

101.8

3.90%

Lottery

9.5

5.1

86.30%

Sports Betting

96.2

96.6

-0.40%

EBITDA

21.2

20

6.20%

Lottery

-4

-6.7

-40.60%

Sports Betting

25.2

26.7

-5.50%

Net profit

12.1

13.3

-8.80%

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-Webkit-text-size-adjust: auto;-webkit-text-stroke-width: 0px; "> Source: J & T Banka, Fortuna

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Fortuna zítra představí výsledky za r. 2012

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