http://www.bwinparty.com/Investors/FinancialNews/2011/110831%202011%20Half%20Year%20Results.aspx 2011 Half Year Results back 31 August 2011 bwin.party digital entertainment plc Half year report for the six months ended 30 June 2011 Strong current trading and higher expected synergies ● Pro forma# total revenue down 3% to €398.0m primarily due to competitive pressures in poker, the closure of French casino and the 2010 FIFA World Cup. Actual total revenue up 51% to €273.1m driven by the Merger* ● Pro forma Clean EBITDA from Continuing operations down 21% to €81.9m due to the reasons above and increased gaming duties from regulated markets. On a like-for-like basis, adjusting for French casino, the 2010 FIFA World Cup and increased gaming taxes, pro forma Clean EBITDA was up 8% to €98.9m. Actual Clean EBITDA from Continuing operations up 16% to €50.9m ● Net cash, taking into account client liabilities and amounts held by processors, at 30 June 2011 of €183.0m (2010: €53.5m) ● Half year dividend of 1.56 pence per share (2010: nil) ● Initiation of authorised share buy-back programme for up to €75m of Ordinary shares ● Expected annual synergies increased from €55m to €65m in 2013 ● Current trading strong - Board remains confident about full year and outlook Financial summary (unaudited) | Pro forma | Actual | Six months ended 30 June | 2011 €million | 2010 €million | 2011 €million | 2010 €million | | | | | | Revenue | | | | | Sports betting | 125.7 | 128.1 | 59.9 | 10.2 | Casino & Games | 124.3 | 121.9 | 99.1 | 76.7 | Poker | 104.9 | 116.5 | 79.8 | 64.1 | Bingo | 33.0 | 36.0 | 27.8 | 25.8 | | | | | | | | | | | Net revenue | 387.9 | 402.5 | 266.6 | 176.8 | Other revenue | 10.1 | 7.6 | 6.5 | 4.4 | | | | | | | | | | | Total revenue | 398.0 | 410.1 | 273.1 | 181.2 | | | | | | | | | | | Clean EBITDA~ from Continuing operations | 81.9 | 104.1 | 50.9 | 43.9 | Clean EBITDA~ from Discontinued operations^ | (9.5) | (12.1) | (5.1) | - | | | | | | | | | | | Total Clean EBITDA~ | 72.4 | 92.0 | 45.8 | 43.9 | | | | | | | | | | | Clean profit before tax~ - Continuing operations | 46.8 | 42.5 | 77.0 | 102.8 | (Loss) profit after tax§ - Continuing operations | (29.0) | 56.4 | (42.5) | 20.3 | (Loss) profit after tax | (41.0) | 35.0 | (49.1) | 19.7 |
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