[Poland] Fortuna: investors not satisfied with results

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The EBITDA result (operating income plus losses) of the Fortuna betting company fell by almost 10% to €15.9 million in the first nine months of this year compared with the same period last year.

In response to this information the company’s rating went down by 5.1% to 14.1 PLN on Thursday afternoon.

“Our profit from commissions, expressed in EBITDA units, was influenced by the tax increase on betting in the Czech Republic, the unfavorable development of bets (especially in February) and the planned boost of operating costs to support future growth opportunities of the company,” explains Per Widerstrom, CEO of Fortuna . Let’s remember that in the Czech Republic, which is our most important market, where we receive over 50 % of our bets, taxes betting and gaming were increased by 20%-23%. as of January 1. The company has calculated that the tax change will have a negative impact of €2 million on the annual EBITDA result.

Poland’s participation in the bets taken in the first nine months of 2016 amounted to 12%.

Widerstrom also states that during the analyzed period the company took bets with a total value of €756 million, which meant a nearly 23% increase compared to the same period last year. “The number of bets we were taking was growing at a double-digit rate in all our key markets. This was influenced mainly by betting online and via moblile phones. At the same time, the number of bets made in our branches grew at a single digit rate,” said Widerstrom.

When the EBITDA results were published, the company took the opportunity to comment on its forecasts. It maintained its estimates for 2016,  expecting the value of approved bets to rise to €1 billion and its EBITDA ratings to fall by 10%-15% compared to 2015. It has confirmed that this year’s capital expenditure will absorb €11-13 million.

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