mybet Raise of earnings and cash position forecast 2017
After approval by the Supervisory Board has been granted, the Management Board of mybet Holding SE today has raised the target values for the earnings before interest and taxes (EBIT) as well as for the cash position at the end of the financial year 2017.
The new forecast 2017, with an unchanged revenue target of EUR 44.5 to 47 million, holds out the prospect of an EBIT between EUR 4.5 to 5.5 million as well as of a cash position between EUR 1.0 and 2.0 million. Until now, the forecast had included a revenue of EUR 44.5 to 47 million, an EBIT between EUR -3.2 and -2.7 million and a cash position between EUR 0.3 and 1.0 million.
The reason for the raise of the earnings and cash position forecast is the out-of-court settlement agreed on and announced on 15 May 2017 with Westdeutsche Lotterie GmbH & Co. OHG (Westlotto) in the legal proceedings about damage claims for cartel infringement. The settlement includes the payment of EUR 11.8 million by Westlotto to SWS Service GmbH, a group company of mybet Group.
After having redeemed a financing agreement directly connected with the legal proceedings, this payment leads to an inflow of additional liquid funds in the amount of around EUR 4.9 million during the second quarter 2017. Based on this new financing situation, the Management Board has adjusted the operational plans for the financial year 2017.