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Avenir S.A.: Consolidated 9M 2011 Financial Results

Avenir Group is presenting its consolidated financial results for the period 01/01/2011 – 30/09/2011 according to the International Financial Reporting Standards.

Consolidated turnover for 01.01.2011 – 30.09.2011 reached €120.015.110 versus €92.858.134 for last year’s respective period results, an increase of 29,25%.

Group’s Gross Profit reached €6.985.278 versus €7.155.302 for last year’s respective period results a decrease of 2,38% due to a different sales mix policy.

EBITDA for the Group reached - €1.341.377 versus - €542.811 for last year’s same period results.

Net Profits for the Group present losses of €4.914.787 versus losses €10.486 for last year’s respective period results.

It is important to note that the amount of €2.500.000 which decreased the financial results of the period 01.01.2011 – 30.09.2011, 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 remains 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 3rd quarter of 2011 initiated its third 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 fourth company which is internationally active in the cruises sector.
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