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Avenir: Consolidated Financial Results for the 1st Semester 2011

Avenir Group is presenting its consolidated financial results for the period 01/01/2011 – 30/06/2011 according to the International Financial Reporting Standards.

Consolidated turnover for the 1st Semester 2011 reached € €78.298.823 versus €62.561.079 for last year’s 1st semester results, an increase of 25,16%.

Group’s Gross Profit reached €4.532.871 versus €5.283.484 for last year’s respective period results a decrease of 14.2% due to a different sales mix policy.

EBITDA for the Group reached -€922.596 versus -€55.357 for last year’s 1st Semester results.

Net Profits for the Group present losses of €4.102.152 versus losses €604.240 for last year’s 1st Semester results.

It is important to note that the amount of €2.500.000 which decreased the financial results of the 1st Semester 2011, is not repetitive.

Furthermore, the Group’s management is committed to its chosen business strategy which concerns its engagement in the field of Fixed Odd Bets and Online Gaming and Gambling.

The Group’s aim is to fully accomplish its reformation and to further develop its activities in the field of Betting and Online Gaming and Gambling through its LBO network in Cyprus as well as through its International Licences which possesses in the field of online Gaming and Gambling. The Group’s endmost goal is to create the conditions in order to increase market share and further strengthen the position of its two subsidiaries EUROGOAL and MEGABET.

In addition, the Group during the 2nd quarter of 2011 initiated its second collaboration in the field of ‘On Board Casinos’ with a coastal shipping company which operates ferries in the Adriatic Sea. Moreover, the company is in the process of negotiating with a third company which is internationally active in the cruises sector.

During 2011 the Group will introduce new products and services thus continuing its successful effort in order to create added value for the shareholders and net profitability for the Group.
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