Annual Report 2011
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Annual Report 2011 Novomatic Group Global Operations NOVOMATIC activities NOVOMATIC core markets NOVOMATIC production and R&D locations Organizational Chart* NOVOMATIC Group ACE Casino Holding AG NOVOMATIC AG Gryphon Invest AG (Switzerland, 100%) Company (Switzerland, 100%) (Austria, 92% direct and 8% indirect Gryphon Invest AG) Casino operator Casino Mendrisio (100%) European Data Project s.r.o. Austrian Gaming Industries GmbH (Czech Republic, 100%): (Austria, 100%): casino and gaming Casino Locarno (54,5%) production operations, casino and facility operator, R&D, production, Casino Bad Ragaz (33,3%) gaming machine operation rental, sale ADMIRAL Casinos & Entertainment AG ATSI S.A. (Austria, 100%): gaming facility operator (Advanced Technology Systems International) (Poland, 82%): technology center ADMIRAL Sportwetten GmbH (Austria, 100%): sports betting provider Greentube Internet Entertainment Solutions GmbH (Austria, 100%): gaming solutions developer for the Internet, mobile devices and iTV HTM Hotel und Tourismus Management GmbH (Austria, 100%): casino operator, including Hotel Admiral am Kurpark in Baden Spielbank Berlin Gustav Jaenecke GmbH & Co. KG (Germany, 92.04%): casino operator EXTRA Games Entertainment GmbH (Germany, 93%): gaming facility operator NSM-LÖWEN Entertainment GmbH (Germany, 100%): R&D, production, rental and sale Crown Technologies GmbH (Germany, 100%): R&D, production, rental and sale Adria Gaming International S.p.A. (Italy, 100%): gaming facility operator and rental Astra Games Holdings Ltd. (Great Britain, 100%): R&D, production and sale Alfor (Latvia, 60%): gaming facility operator Novo Sun (Chile, 50%): Monticello Grand Casino, casino joint venture *) Selected shareholdings 4 Annual Report 2011 Organisation Chart/Contents Contents 2 World Map of the NOVOMATIC Group 4 Organizational Chart of the NOVOMATIC Group 5 Contents 6 Corporate Key Figures of NOVOMATIC AG (Group) 8 Our Corporate History 10 Foreword by the Founder and Majority Shareholder 12 Foreword by the Board of Directors 14 The World of NOVOMATIC 18 The Strategy 20 Gaming Machines 22 Research & Development 24 Production 26 Sales 28 Casino Operations, Electronic Casinos and Sports Betting 32 Employees* 34 Regulatory Environment 36 Sustainability Report 38 Foreword by the CEO 39 Our Stakeholders & Partners 40 Responsible Gaming 48 Our Employees* 54 Our Responsibility for the Environment 58 Sustainable Business 62 Legal Framework Conditions & Data Protection 64 Corporate Citizenship 68 The Novomatic Forum 73 Independent Limited Assurance Statement 75 Consolidated Financial Statements of the NOVOMATIC AG Group 76 Management Report Regarding the Individual and Consolidated Financial Statements 2011 94 Consolidated Balance Sheet 95 Consolidated Profit and Loss Statement 99 Appendix to the Consolidated Financial Statements 149 Statement by the Board of Directors 150 Auditor’s Report 153 Individual Financial Statements of NOVOMATIC AG 154 Balance Sheet of NOVOMATIC AG 156 Profitand Loss Statement 158 Appendix for the 2011 Fiscal Year 171 Auditor’s Report 173 Report of the Supervisory Board of NOVOMATIC AG *) In order to improve readability, some terminology is used only in its masculine form. Nevertheless, all passages refer equally to members of both genders. Annual Report 2011 5 Sales revenue, Earnings Employees, NOVOMATIC AG before taxes, NOVOMATIC AG (in million EUR) NOVOMATIC AG (annual average) (in million EUR) 11,818 1,387 10,544 1,184 225 10,331 1,200 215 10,500 1,058 198 168 800 150 7,000 75 400 3,500 2009 2010 2011 2009 2010 2011 2009 2010 2011 6 Annual Report 2011 Company Key Figures Consolidated Prot and Loss Statement (in million EUR)* 2009 2010 2011 Sales revenue 1,058.4 1,183.7 1,386.8 EBITDA 399.2 449.4 490.9 EBITDA margin (EBITDA/sales) in % 37.7 38.0 35.4 Earnings before interest and taxes (EBIT) 185.8 223.1 254.5 EBIT margin (EBIT/sales) in % 17.6 18.8 18.4 Earnings before taxes 167.7 198.2 215.1 Consolidated annual profit after taxes 58.9 131.5 160.3 Consolidated Balance Sheet (in million EUR)* 2009 2010 2011 Balance sheet total 1,515.5 1,825.7 2,183.7 Equity 639.6 738.0 841.5 Equity ratio (equity capital/total assets) in % 42.2 40.4 38.5 Number of employees annual average 10,331 10,544 11,818 *) Source: Annual Financial Statements as of 12/31/2011 and 12/31/2010 as per IFRS Annual Report 2011 7 Our Corporate History Growing Success First NOVOMATIC multiplayer machines revolutionize the market Market entry in Central, Eastern and Southeastern Europe 1980 1989 1991 1995 Sports betting company ADMIRAL Sportwetten established Founded by Prof. Johann F. Graf NSM-LÖWEN revolutionizes NOVOMATIC AG issues the German gaming market EUR 150 million with its new multi-game corporate bond concept NOVOLINE 2005 2006 2007 2008 Acquisition of Crown Technologies CASINO ADMIRAL Prater, Vienna, (German premium gaming machine Europe’s biggest gaming and betting manufacturer) facility, opens Acquisition of Crown Gaming, Peru 8 Annual Report 2011 Our Corporate History Acquisition of the majority share in Astra Games, UK AGI founded 1995 1996 2003 2004 Acquisition of NSM-LÖWEN Entertainment GmbH (German gaming machine manufacturer) NOVOMATIC market entry in Italy NOVOMATIC AG issues two corporate bonds Opening of Monticello Grand Casino worth EUR 350 million in total with Sun International and other Entry to the online market with the partners, Chile (one of the biggest acquisition of Greentube resort casinos in Latin America) 2008 2009 2010 2011 New NOVOMATIC headquarters in Gumpoldskirchen opened Acquisition of Spielbank Berlin, 92.04% Increase in capital stock G. Matica, Italy, 80.94% Annual Report 2011 9 Dear Ladies and Gentlemen, In the wake of the global financial and economic crisis, the 2011 fiscal year was once again initially characterized by shadows. Thankfully, however, these brightened up noticeably over the course of the year. Despite a challenging fiscal year, the NOVOMATIC Group has been able to celebrate a new record turnover in its 32nd year of existence: combined, non-consolidated turnover of NOVOMATIC AG and its two Swiss sister holding companies, ACE Casino Holding AG and Gryphon Invest AG, reached its highest level in its corporate history, at 3.2 billion euro. The fact that our strategy has proven to be the correct one is something about which I am happier than about this record figure. At this point two years ago I stated that, in difficult economic times, securing jobs was more important to me than maximizing profit in the short term. I am therefore quite pleased that this evaluation has proven to be correct: the 2011 fiscal year bore impres- sive witness to just how much commitment, creativity, diligence and creative drive NOVOMATIC employees are willing and able to display in particularly challenging economic times. In the 2011 fiscal year, NOVOMATIC was not only able to hold on to its status as one of the biggest integrated gaming groups in the world and as the clear number one and top player in Europe, but also to expand it. Our well-developed abilities to introduce cost-reducing measures promptly even in difficult economic times, thanks to our excellent market knowledge, to optimize our locations and to invest anti-cyclically in new business opportunities have borne the desired fruits. This, paired with our successful principle of combining innovative gaming devices and services with first-class service for the benefit of our guests, means that we, as a global player in the premium segment of the global entertainment industry, have developed an exceptional market position which we now must safeguard for the long-term. NOVOMATIC was already very successful as a multicultural group of companies before the catch-phrase “globalization of the economy” had even been invented. Today, the geographic radius of our production subsidiaries and competence centers extends from Gumpoldskirchen, the location of the Group’s global headquarters in Austria, to Astra Games Ltd. in England, from NSM- LÖWEN Entertainment and Crown Technologies in Germany to Octavian in Argentina and back to our online gaming subsidiary Greentube in Vienna. 10 Annual Report 2011 Foreword by the Founder and Majority Shareholder Foreword by the Founder and Majority Shareholder Exporting to 73 countries and operating casinos in 32 countries entails direct contact with different cultures every day, mean- ing that at NOVOMATIC, the words “economy” and “integration” are not mere buzzwords but rather a reality that we live on a daily basis. But a key factor in our success and future prospects is and remains our position as a trend setter in the research and development of highly innovative gaming equipment. The dynamic of the global gaming industry means that we are constantly faced with chal- lenges, for example with the development of networked system solutions, our growing role as a content provider for online gaming solutions for licensed third party suppliers, and the future potential of PCs, smart phones and tablet computers. I am utterly convinced that we are well equipped to deal with these challenges. As constant technological development is so important to the Group, our employees represent the basis for the company’s long-term success. This is because the most important decisions made in the company are always related to people. Thus, our NOVOMATIC family–which grew last year to number over 18,000 members–remains our most valuable capital. Our employees prove this to us on a daily basis Gumpoldskirchen, April 2012 Professor Johann F. Graf Founder and Majority Shareholder Annual Report 2011 11 DI Ryszard Presch Dr. Franz Wohlfahrt Mag. Thomas Graf Mag. Peter Stein Dear Ladies and Gentlemen, In the 2011 financial year, NOVOMATIC AG managed to increase sales revenue by 17.2 percent to EUR 1,386.8 million. This suc- cess came thanks in no small measure to our strategy of implementing the correct optimization measures at the right time in this difficult economic climate as well as with anti-cyclical investments and our employees’ high level of efficiency and commitment.