Financial Statements as at 31 December 2024 Combined Management Report for the financial year 2024 Independent Auditors Report
bet-at-home.com AG, Düsseldorf
Disclaimer:
Translation. German version prevails.
bet-at-home.com AG
Düsseldorf
Statement of financial position at 31 December 2024
ASSETS EQUITY & LIABILITIES
31.12.2024 31.12.2023 31.12.2024 31.12.2023
EUR EUR EUR EUR
A. | Non-current assets Financial assets | A. | Equity | ||||
Interests in affiliated companies | 10,871,313.19 | 10,871,313.19 | I. | Share capital | 7,018,000.00 | 7,018,000.00 | |
B. | Current assets | II. | Capital reserves | 7,366,000.00 | 7,366,000.00 | ||
I. | Receivables and other assets | III. | Total comprehensive income | -2,777,536.24 | -2,254,267.98 | ||
11,606,463.76 | 12,129,732.02 | ||||||
1. | Receivables from affiliated companies | 8,093,154.26 | 2,722,520.81 | B. | Provisions | ||
2. Other assets 674,734.23 7,624,024.18 Other provisions 162,520.00 163,799.56
8,767,888.49 10,346,544.99
II. Cash at banks 1,921,960.65 1,258,684.24 C. Liabilities
10,689,849.14 | 11,605,229.23 | 1. Liabilities from goods and services | 5,065.18 | 3,312.66 | |
thereof with a residual maturity of up to one year | |||||
C. Prepaid expenses and deferred charges | 13,750.44 | 39,292.13 | 5,065.18 EUR (FY 2023: 3,312.66 EUR) | ||
2. Liabilities to affiliated companies thereof a remaining term of up to one year 9,591,194.46 (FY 2023: 7,567,083.33 EUR) | 9,591,194.46 | 7,567,083.33 | |||
3. Other liabilities | 209,669.37 | 2,651,906.98 | |||
thereof taxes | |||||
57,762.34 EUR (FY 2023: 130,061.74 EUR) | |||||
thereof relating to social security | |||||
4,320.21 EUR (FY 2023: 3,598.79 EUR) | |||||
thereof with a residual maturity of up to one year | |||||
209,699.37 EUR (FY 2023: 2,651,906.98 EUR) | 9,805,929.01 | 10,222,302.97 | |||
21,574,912.77 22,515,834.55 21,574,912.77 22,515,834.55
bet-at-home.com AG
Düsseldorf
Income Statement
for the year ended 31 December 2024
01.01.-31.12.2024 EUR | 01.01.-31.12.2023 EUR | |
1. Revenues | 828,672.69 | 764,384.13 |
2. Other operating income | 33,910.34 | 143,261.29 |
3. Personnel expenses | ||
a) Wages and salaries | -786,078.80 | -679,813.93 |
b) Social security contributions and expenses | ||
for pensions and other employee benefits | -51,793.05 | -51,742.45 |
thereof for pensions | -837,871.85 | -731,556.38 |
9.987,15 EUR (FY 2023: 10,139.32 EUR) 4 Amortisation/depreciation of current assets, insofar as this exceeds the usual depreciation in the corporation | -6,975,091.89 | 0.00 |
5 Other operating expenses | -733,246.25 | -2,053,827.71 |
6 Operating result | -7,683,626.96 | -1,877,738.67 |
7 Income from investments | 7,500,000.00 | 2,500,000.00 |
thereof from affiliated companies
7,500,000.00 EUR (FY 2023: 2,500,000.00 EUR)
8 Other interest and similar income | 24,919.04 | 0.00 |
9 Interest and similar expenses | -364,560.34 | -170,878.83 |
thereof from affiliated companies
346,462.34 EUR (FY 2023: 152,395.83 EUR)
10 Income tax expense | 0.00 | 101,883.78 |
11 Earnings after taxes = Net profit for the year | -523,268.26 | 553,266.28 |
12 Net loss/surplus for the year | -523,268.26 | 553,266.28 |
13 Loss/Profit carried forward from previous year | -2,254,267.98 | -2,807,534.26 |
14 Accumulated loss/profit | -2,777,536.24 | -2,254,267.98 |
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Disclosures to the Financial Statement
bet-at-home.com AG has its registered office in Düsseldorf and is entered in the Commercial Register B of the Düsseldorf Local Court under the registration number HRB 52673.
The annual financial statements have been prepared in accordance with Sections 242 et seq. and 264 et seq. of the German Commercial Code (HGB) and in accordance with the relevant provisions of the German Stock Corporation Act (AktG). Pursuant to Section 267 (3) sentence 2 of the German Commercial Code (HGB) in connection with Section 264d of the German Commercial Code (HGB), the Company is a large capital company, due to admission of its shares to an organized market (Frankfurt Stock Exchange).
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Disclosures on accounting and valuation methods
The accounting and valuation methods comply with legal requirements and are unchanged from the previous year.
Financial assets were recognised at the lower of cost or fair value.
Receivables and other assets are recognised at cost less any necessary write-downs. Bank balances are recognised at their nominal value.
Prepaid expenses relate to expenses of the fiscal year that represent expenses for a certain period after the balance sheet date.
In accordance with the option under Section 274 (1) HGB, deferred tax assets were not recognised.
The provisions were recognised on the basis of prudent business judgement and take into account all identifiable risks and contingent liabilities at the time the balance sheet was prepared. They are recognised at the settlement amount. No compounding or discounting was necessary.
Liabilities were recognized at the settlement amount.
- Disclosures on the balance sheet and income statement
The composition and development of fixed assets are shown in the statement of changes in fixed assets (appendix to the notes).
Financial assets exclusively comprise investment in bet-at-home.com Entertainment GmbH, Linz (Austria).
Receivables from affiliated companies mainly include receivables from dividend claims against bet-at-home.com Entertainment GmbH, Linz, in the amount of EUR 7,500,000.00.
Other assets mainly include acquired player claims against bet-at-home.com Entertainment Ltd. (in liquidation) in the amount of EUR 7,623,051.24. The acquired claims were written down by 91.5% in the 2024 financial year, as the insolvency administrator of bet-at-home.com Entertainment Ltd. (in liquidation) cannot recognise all player claims, including external consultants and other fees, due to the Gaming Act 56 (formerly known as Bill 55). During the court hearing on 10 April 2024 in Malta, the judge ruled in favour of the insolvency administrator. The carrying amount of the acquired claims as at 31 December 2024 is EUR 672,878.39 (previous year: EUR 7,623,051.24). All other receivables have a remaining term of less than one year.
The subscribed capital amounts to EUR 7,018,000.00 as of December 31, 2024 (previous year: EUR 7,018,000.00) and is divided into 7,018,000 bearer shares with a notional interest in the subscribed capital of EUR 1.00 per share. The capital reserve amounts to EUR 7,366,000.00 as of December 31, 2024 (previous year: EUR 7,366,000.00).
By resolution of the Annual General Meeting on July 16, 2024, the Management Board is authorised, with the approval of the Supervisory Board, to increase the Company's subscribed capital by up to EUR 3,509,000.00 by July 15, 2029 by issuing up to 3,509,000 no-par value bearer shares on one or more occasions in return for cash contributions and/or contributions in kind (Authorized Capital 2024). New shares shall be offered to shareholders for subscription. However, the Management Board is authorised, with the consent of the Supervisory Board, to exclude shareholders' subscription rights in certain cases.