Market announcement
Olympic Entertainment Group AS
Category
Management interim statement or quarterly financial report
Date
08.05.2009 08:29:44
Title
OEG konsolideeritud auditeerimata majandustulemused, I kvartal 2009
Message
OEG konsolideeritud auditeerimata majandustulemused, I kvartal 2009
2009. aasta I kvartali tulemuste lühikokkuvõte:
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| Äritulud: | 489,7 | miljonit krooni |
--------------------------------------------------------------------------------
| EBITDA tavapärasest äritegevusest*: | 16,8 | miljonit krooni |
--------------------------------------------------------------------------------
| EBIT tavapärasest äritegevusest*: | -81,9 | miljonit krooni |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ühekordse iseloomuga kulud, sh | | |
--------------------------------------------------------------------------------
| mittekapitaliseeritavad | -6,7 | miljonit krooni |
| investeerimiskulutused: | | |
--------------------------------------------------------------------------------
| struktuuride optimeerimine ja | -9,6 | miljonit krooni |
| kasiinode sulgemine: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finantstulud ja -kulud neto: | 1,1 | miljonit krooni |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Puhaskahjum enne tulumaksu**: | -97,1 | miljonit krooni |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
*Tavapärase äritegevusena on käsitletud äritegevust enne investeerimistegevusi,
struktuuride optimeerimist, kasiinode sulgemistegevusi ning finantstulusid ja
-kulusid
** Puhaskahjum enne vähemusosalust
Kontserni 2009. aasta peamine eesmärk on oma tegevuse kohandamine järsult
muutuvatele turuoludele, turuosa kasvatamine ning põhitegevuse efektiivsuse
tõstmine. Nende eesmärkide täitmiseks langetab Kontserni juhtkond äritegevuse
muudatuste otsuseid eelkõige üksuste rahavooliste näitajate baasil.
Käesoleva aasta 1. kvartalis jätkus üldise majanduskeskkonna ning sellest
tuleneva turusituatsiooni halvenemine. Hasartmänguturu langus 2009.a 1.kvartalis
võrreldes eelmise aasta sama perioodiga oli Eestis 58%, Lätis 36% ja Leedus 26%.
2009. aasta 1. kvartali parimaid majandustulemused saavutati märtsis, kus
konsolideeritud äritulud kasvasid võrreldes kahe esimese kuu keskmiste tuludega
20% ning teeniti positiivne äritegevuse rahavoog. Käesolevaks hetkeks on
Kontserni äritulude tase peale märgatavaid langusi aasta kahel esimesel kuul
stabiliseerunud. Samas on oluline rõhutada, et märtsis ja aprillis olukorra
stabiliseerumise näol toimunud positiivne areng ei anna tänase seisuga veel
mingit kindlat alust pikemaajaliste prognooside tegemiseks.
Muutuva turuolukorraga kohanemiseks viis Kontsern juba 2008. aastal läbi
ulatusliku optimeerimis- ja restruktureerimisprogrammi, sulgedes 10 negatiivse
rahavooga kasiinot ja vähendades Kontserni töötajate arvu 288 positsiooni ehk
ligikaudu 7% võrra. Kontsern jätkas opereerimise efektiivsuse tõstmise tegevusi
2009. aasta 1. kvartalis: töötajatele makstavaid tasusid vähendati 20% võrra
ning töötajate arvu vähendati võrreldes eelmise aasta lõpuga 442 positsiooni ehk
11,3% võrra, käesoleva aasta jooksul on suletud 26 negatiivse rahavooga
kasiinot, neist 14 kasiinot 1. kvartali jooksul. Kokku on möödunud aasta jooksul
ja käesoleva aasta 1. kvartalis vähendatud töötajate arvu 730 positsiooni ehk
ligikaudu 17% võrra.
Lähtudes kahanenud nõudlusest ning uue kasiino-lounge'ide kontseptsiooni
elluviimiseks vähendati 2009. aasta 1. kvartalis enamikes Kontserni kasiinodes
seal paiknevate mänguautomaatide arvu, mis tõi kaasa olulise hasartmängumaksust
tingitud püsikulude vähenemise. Samuti lühendati mitmete kasiinode
lahtiolekuaega, varasemalt on kõik Olympic kasiinod olnud avatud 24h ööpäevas.
Alates 2009. aasta 2. kvartalist avaldavad positiivset mõju Kontserni
kulustruktuurile rendihindade vähendamise kokkulepped keskmiselt 30% ulatuses,
mille oodatav kuluefekt aasta lõpuni on 58,2 miljonit krooni (3,7 miljonit
eurot).
Möödunud aasta ja käesoleva aasta jooksul läbi viidud optimeerimistegevustest on
2009. aastal oodatav kuluefekt kokku 497,3 miljonit krooni (31,8 miljonit
eurot), mis moodustab 16,7% 2008. aasta tegevuskuludest. 457,7 miljonit krooni
(29,3 miljonit eurot) on oodatav mõju kuludele perioodil aprill - detsember
2009.a.
Kontserni 2009. aasta 1. kvartali konsolideeritud müügitulud moodustasid 487,6
miljonit krooni (31,2 miljonit eurot) ning äritulud moodustasid kokku 489,7
miljonit krooni (31,3 miljonit eurot), mis on 29,5% vähem kui 2008. aasta 1.
kvartalis teenitud 695,0 miljoni kroonine (44,4 miljonit eurot) kogutulu.
Kontserni konsolideeritud äritulud koosnesid 2009. aasta 1. kvartalis 93%
hasartmängutulust ja 7% muudest tuludest. 2008. aasta 1. kvartalis moodustas
hasartmängutulu 94% ja muud tulud 6% kogutuludest.
Kontsernivälised äritulud
--------------------------------------------------------------------------------
| | 1.kv 2009 | Muutus | Osakaal | 1.kv 2008 | Osakaal |
--------------------------------------------------------------------------------
| Eesti | 91 220 | -55,90% | 18,60% | 206 882 | 29,80% |
--------------------------------------------------------------------------------
| Läti | 98 038 | -39,70% | 20,00% | 162 612 | 23,40% |
--------------------------------------------------------------------------------
| Leedu | 81 476 | -27,50% | 16,60% | 112 364 | 16,20% |
--------------------------------------------------------------------------------
| Ukraina | 59 266 | -18,20% | 12,10% | 72 441 | 10,40% |
--------------------------------------------------------------------------------
| Valgevene | 10 768 | 72,90% | 2,20% | 6 227 | 0,90% |
--------------------------------------------------------------------------------
| Poola | 112 295 | -8,00% | 23,00% | 122 010 | 17,60% |
--------------------------------------------------------------------------------
| Rumeenia | 10 593 | -15,20% | 2,20% | 12 486 | 1,70% |
--------------------------------------------------------------------------------
| Slovakkia | 26 069 | - | 5,30% | - | - |
--------------------------------------------------------------------------------
| Kokku | 489 725 | -29,50% | 100,00% | 695 022 | 100,00% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
2009. aasta 1. kvartali lõpus oli Kontsernis kokku 121 kasiinot, üldpinnaga
35 998 m². 2008. aasta 1.kvartali lõpus oli Kontserni kasiinode arv 124 ja
kasiinode üldpind kokku 35 630 m². Käesoleva aasta 1. kvartali jooksul avati
Leedus ja Slovakkias kokku 2 uut kasiinot ning suleti Eestis, Lätis, Leedus ja
Rumeenias kokku 14 kasiinot.
--------------------------------------------------------------------------------
| Kasiinode arv segmenditi | | | |
--------------------------------------------------------------------------------
| | 31.03.2009 | 31.12.2008 | 31.03.2008 |
--------------------------------------------------------------------------------
| Eesti | 29 | 36 | 35 |
--------------------------------------------------------------------------------
| Läti | 28 | 33 | 38 |
--------------------------------------------------------------------------------
| Leedu | 16 | 16 | 16 |
--------------------------------------------------------------------------------
| Ukraina | 24 | 24 | 20 |
--------------------------------------------------------------------------------
| Valgevene | 5 | 5 | 4 |
--------------------------------------------------------------------------------
| Poola | 9 | 9 | 8 |
--------------------------------------------------------------------------------
| Rumeenia | 8 | 9 | 4 |
--------------------------------------------------------------------------------
| Slovakkia | 2 | 1 | - |
--------------------------------------------------------------------------------
| Kokku | 121 | 133 | 125 |
--------------------------------------------------------------------------------
Kontserni ärikahjumiks kujunes 98,2 miljonit krooni (6,3 miljonit eurot), 2008.
aasta samal perioodil oli ärikasum 75,3 miljonit krooni (4,8 miljonit eurot).
Konsolideeritud puhaskahjumiks kujunes 97,4 miljonit krooni (6,2 miljonit eurot.
2008. aasta samal perioodil oli puhaskasum 61,9 miljonit krooni (4,0 miljonit
eurot).
Kontserni 2009. aasta 1. kvartali konsolideeritud ärikulud kahanesid võrreldes
2008. aasta 1. kvartaliga võrreldes kokku 5,1% ehk 31,8 miljoni krooni (2,0
miljonit eurot) võrra. Kõige enam kahanesid võrreldes eelmise aasta sama
perioodiga tööjõukulud - 19,8% ehk 41,8 miljonit krooni (2,7 miljonit eurot)
ning turunduskulud -24,5% ehk 11,9 miljonit krooni (0,7 miljonit eurot). Suurima
osa Kontserni ärikuludest moodustavad tööjõukulud koos sotsiaalmaksudega 168,7
miljonit krooni (10,8 miljonit eurot), järgnevad hasartmängumaksude kulud 112,0
miljonit krooni (7,2 miljonit eurot), amortisatsioonikulu 98,7 miljonit krooni
(6,3 miljonit eurot), rendikulu 77,5 miljonit krooni (5,0 miljonit eurot) ja
turunduskulud 36,7 miljonit krooni (2,3 miljonit eurot). Kontserni 2009. aasta
1. kvartali konsolideeritud ärikulud sisaldavad kasiinode avamisega seotud
mittekapitaliseeritavaid kulutusi 6,7 miljonit krooni (0,4 miljonit eurot) ning
kasiinode sulgemisega ja töötajate arvu vähendamisega kaasnevaid kulusid 9,6
miljonit krooni (0,6 miljonit eurot). 84,2 miljonit krooni (5,4 miljonit eurot)
2009. aasta jooksul suletavate kasiinodega seotud kulusid kajastub 2008. aasta
viimase kvartali kuludes.
Käesoleva aasta 1. kvartali tulemuste konsolideerimisel on juhtkond muutnud
Kontserni siseste laenulepingute hindamise põhimõtteid seoses asjaoluga, et
Kontserni siseste laenude arveldamist lähitulevikus ei toimu. Tulenevalt
kajastatakse edaspidi Kontserni siseste laenulepingute kursivahed otse
omakapitali koosseisus.
Eesti segment
2009. aasta 1. kvartalis moodustasid Eesti segmendi kontsernivälised äritulud
kokku 91,2 miljonit krooni (5,8 miljonit eurot), millest hasartmängutulud
moodustasid 82,6 miljonit krooni (5,3 miljonit eurot). Eesti turusegmendi
osakaal Kontserni ärituludes on langenud 18,6%-ni. Eesti segmendi
kontsernivälised äritulud kahanesid võrreldes möödunud aasta sama ajaga 55,9%.
Hasartmänguturu langus oli Eestis 1. Kvartalis võrreldes sama perioodiga
eelmisel aastal 58%.
Eesti segmendi ärikahjumiks kujunes 1. kvartalis 42,7 miljonit krooni (2,7
miljonit eurot). 2008. aasta 1. kvartalis teenis Eesti segment ärikasumit 44,7
miljonit krooni (2,9 miljonit eurot).
1. kvartali jooksul suleti Eestis 7 kasiinot. Kvartali lõpus tegutses Eestis
kokku 29 Olympic kasiinot, milles oli kokku 804 mänguautomaati ja 22 mängulauda.
Läti segment
Läti turusegment moodustab Kontserni ärituludest 20,0%. 2009. aasta 1. kvartalis
moodustasid Läti segmendi kontsernivälised äritulud kokku 98,0 miljonit krooni
(6,3 miljonit eurot), millest hasartmängutulud moodustasid 90,1 miljonit krooni
(5,8 miljonit eurot) ning muud tulud 7,9 miljonit krooni (0,5 miljonit eurot).
Läti segmendi kontsernivälised äritulud kahanesid võrreldes eelmise aasta sama
ajaga 39,7%. Samas suurusjärgus kahanes ka Läti hasartmänguturg.
Läti segmendi ärikahjumiks kujunes 16,7 miljonit krooni (1,1 miljonit eurot).
Eelmise aasta sama perioodi ärikasum oli 2,2 miljonit krooni (0,1 miljonit
eurot).
Käesoleva aasta 1. kvartali jooksul suleti Lätis 5 kasiinot ning märtsi lõpu
seisuga opereeris Läti segment kokku 28 kasiinot 773 mänguautomaadiga ja 25
mängulauaga.
Leedu segment
2009. aasta 1. kvartalis moodustasid Leedu segmendi kontsernivälised äritulud
kokku 81,5 miljonit krooni (5,2 miljonit eurot), millest hasartmängutulud olid
76,3 miljonit krooni (4,9 miljonit eurot) ning muud tulud 5,2 miljonit krooni
(0,3 miljonit eurot). Leedu segmendi äritulud kahanesid võrreldes möödunud
aastaga 27,5%, samas suurusjärgus kahanes Leedu hasartmänguturg. Leedu segmendi
osakaal konsolideeritud ärituludes oli 16,6%.
Leedu segmendi ärikahjum moodustas 3,7 miljonit krooni (0,2 miljonit eurot),
2008. aasta sama perioodi ärikasum oli 22,8 miljonit krooni (1,5 miljonit
eurot).
Leedus avati 1. kvartalis üks kasiino ning suleti samuti üks kasiino. Kvartali
lõpu seisuga tegutses Leedus 16 kasiinot, kokku 595 mänguautomaadiga ja 76
mängulauaga.
Ukraina segment
Ukraina segmendi aruandeperioodi kontsernivälised äritulud kokku olid 59,2
miljonit krooni (3,8 miljonit eurot), 2008. aasta samal ajal teeniti tulusid
72,4 miljonit krooni (4,6 miljonit eurot). Ukraina segmendi müügitulude tõus
võrreldavatel perioodidel grivnas moodustas 17,6%. Hasartmängutulud moodustasid
1. kvartalis 2009 54,5 miljonit krooni (3,5 miljonit eurot) ning muud tulud 4,7
miljonit krooni (0,3 miljonit eurot).
Ukraina segmendi ärikahjum oli esimeses kvartalis 10,2 miljonit krooni (0,7
miljonit eurot), eelmise aasta samal perioodil oli ärikasum 2,8 miljonit krooni
(0,2 miljonit eurot).
Ukraina segmendi ettevõtted opereerisid kvartali lõpu seisuga kokku 24 kasiinot
1 138 mänguautomaadiga ja 25 mängulauaga.
Valgevene segment
Olympic Casino Bel IP tegutseb märtsi lõpu seisuga Minskis 5 kasiinoga, milles
on 261 mänguautomaati.
Valgevene segment moodustab 2,2% Kontserni konsolideeritud ärituludest. 2009.
aasta 1. kvartalis on võrreldes eelmise aasta sama perioodiga tulud kasvanud
72,9%, moodustades 10,8 miljonit krooni (0,7 miljonit eurot). Valgevene segmendi
müügitulud tõusis võrreldavatel perioodidel rublas 1,8 korda. 1. kvartali
ärikahjumiks kujunes 2,9 miljonit krooni (0,2 miljonit eurot). 2008. aasta samal
perioodil teeniti äritulusid 6,2 miljonit krooni (0,4 miljonit eurot) ning
ärikahjumit 4,5 miljonit krooni (0,3 miljonit eurot).
Poola segment
Poola segmendi 2009. aasta 1. kvartali äritulud olid 112,3 miljonit krooni (7,2
miljonit eurot), moodustades suurima ehk 23,0% osakaalu konsolideeritud
ärituludest. Äritulud kroonides langesid võrreldes eelmise aasta sama perioodiga
8,0%, kuid müügitulude tõus võrreldavatel perioodidel zlottides moodustas 21,7%.
Poola segmendi ärikahjumiks kujunes 8,1 miljonit krooni (0,5 miljonit eurot).
Poola segmendi tulemusele avaldavad mõju kasiinode asukoha muutuse ja
uuendamisega seotud kulud 1,8 miljonit krooni (0,1 miljonit eurot) ning 2008.
aasta investeeringutest tulenev amortisatsioonikulu tõus 5,8 miljonit krooni
(0,4 miljonit eurot).
Kontsern opereeris Poolas kvartali lõpus 418 mänguautomaadiga ja 64 mängulauaga
kokku üheksas kasiinos.
Rumeenia segment
Rumeenia segment lõpetas 2009. aasta 1. kvartali ärituluga 10,6 miljonit krooni
(0,7 miljonit eurot). Ärikahjumiks kujunes 13,8 miljonit krooni (0,9 miljonit
eurot). Bukarestis käesoleval aastal avatava esinduskasiino avamisega seotud
kulud mõjutasid ärikahjumit 3,0 miljoni krooniga (0,2 miljonit eurot).
Kvartali jooksul suleti Rumeenias üks kasiino ning kontsern opereeris Rumeenias
kvartali lõpus 312 mänguautomaadiga kokku kaheksas kasiinos.
Slovakkia segment
2009. aasta jaanuaris avati teine kasiino Slovakkias, Trnavas.
Slovakkia segment lõpetas 2009. aasta 1. kvartali ärituludega 26,1 miljonit
krooni (1,7 miljonit eurot) ning ärikasumiga 0,3 miljonit krooni (0.02 miljonit
eurot).
Bilanss
31.03.2009 seisuga oli Kontserni konsolideeritud bilansimaht 2 234,7 miljonit
krooni (142,8 miljonit eurot). 31.12.2008 seisuga oli Kontserni konsolideeritud
bilansimaht 2 403,6 miljonit krooni (153,6 miljonit eurot).
Käibevarad moodustasid varadest 346,2 miljonit krooni (22,1 miljonit eurot) ehk
15,5% kogu varadest ja põhivarad 1 888,5 miljonit krooni (120,7 miljonit eurot)
ehk 84,5% bilansimahust. Immateriaalsed varad moodustasid põhivaradest 493,3
miljonit krooni (31,5 miljonit eurot) ehk 26,1%. Kontserni kohustused
moodustasid bilansipäeval kokku 526,3 miljonit krooni (33,6 miljonit eurot) ning
konsolideeritud omakapital 1 708,4 miljonit krooni (109,2 miljonit eurot).
Kontserni kohustustest suurema osa moodustavad laenukohustused 311,9 miljonit
krooni (19,9 miljonit eurot), kohustused töötavõtjatele 66,6 miljonit krooni
(4,3 miljonit eurot) ja maksukohustused 55,7 miljonit krooni (3,6 miljonit
eurot).
Investeeringud
Kontsern investeeris materiaalsesse põhivarasse 2009. aasta 1. kvartalis 44,2
miljonit krooni (2,8 miljonit eurot), millest 13,4 miljonit krooni (0,9 miljonit
eurot) investeeriti mänguseadmetesse, 18,8 miljonit krooni (1,2 miljonit eurot)
investeeriti kasiinode rekonstrueerimisse, muud materiaalset põhivara soetati
3,7 miljonit krooni (0,2 miljonit eurot), ettemaksed põhivara eest moodustasid
8,3 miljonit krooni (0,5 miljonit eurot).
Rahavood
Kontserni rahavood äritegevuse rahavood 2009. aasta 1. kvartalis olid -52,8
miljonit krooni (-3,3 miljonit eurot). Investeerimistegevuse rahavood
moodustasid -81,1 miljonilt kroonilt (-5,2 miljonit eurot) ja
finantseerimistegevuse rahavood 34,8 miljonit krooni (2,2 miljonit eurot).
Netorahavood kokku moodustasid -99,1 miljonit krooni (-6,3 miljonit eurot).
Personal
31.03.2009 seisuga andis Kontsern tööd 3 482 inimesele (31.12.08: 3 924). Eesti
ettevõtetes töötas märtsi lõpus 558, Lätis 566, Leedus 772, Ukrainas 655,
Valgevenes 95, Poolas 492, Rumeenias 224 ja Slovakkias 120 inimest.
2009. aasta 1 kvartalis arvestati Kontsernis töötajatele töötasusid koos
sotsiaalmaksudega kokku 168,7 miljonit krooni (10,8 miljonit eurot), möödunud
aastal samal ajal 210,5 miljonit krooni (13,5 miljonit eurot).
Kontserni põhilised arvnäitajad:
--------------------------------------------------------------------------------
| | 1 . kv 2009 | 1 . kv 2008 | Muutus |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud (miljon krooni) | 489,7 | 695,0 | -29,5% |
--------------------------------------------------------------------------------
| EBITDA (miljon krooni) | 0,5 | 156,0 | -99,7% |
--------------------------------------------------------------------------------
| Ärikasum/-kahjum (miljon | -98,2 | 75,3 | |
| krooni) | | | |
--------------------------------------------------------------------------------
| Puhaskasum (miljon krooni) | -97,4 | 61,9 | |
--------------------------------------------------------------------------------
| EBITDA marginaal | 0,1% | 22,4% | |
--------------------------------------------------------------------------------
| Ärirentablus | -20,1% | 10,8% | |
--------------------------------------------------------------------------------
| Puhasrentaablus | -19,9% | 8,9% | |
--------------------------------------------------------------------------------
| Omakapitali suhtarv | 73,5% | 85,9% | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasiinode arv perioodi | 121 | 125 | -4 |
| lõpus | | | |
--------------------------------------------------------------------------------
| Kasiinode pind (m2) | 35 998 | 35 630 | 368 |
| perioodi lõpus | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mänguautomaatide arv | 4 301 | 4 715 | -414 |
| perioodi lõpus | | | |
--------------------------------------------------------------------------------
| Mängulaudade arv perioodi | 212 | 204 | 8 |
| lõpus | | | |
--------------------------------------------------------------------------------
Suhtarvude valemid
o EBITDA = kasum enne finants-, maksu- ning põhivara kulumi- ja väärtuse languse
kulusid
o Ärikasum = kasum enne finants- ja maksukulusid
o Puhaskasum = aruandeperioodi puhaskasum enne vähemusosalust
o EBITDA marginaal = EBITDA / Aritulud
o Ärirentaablus = Ärikasum / Äritulud
o Puhasrentaablus = Puhaskasum / Aritulud
o Omakapitali suhtarv = Omakapital / Varad kokku
1 EUR = 15,6466 EEK
--------------------------------------------------------------------------------
| KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE | | |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | | 216 932 | 315 919 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 8 517 | 6 507 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | | 64 766 | 86 174 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | | 25 948 | 20 464 |
--------------------------------------------------------------------------------
| Varud | | | 29 929 | 29 576 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 346 092 | 458 640 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksuvara | | | 16 607 | 16 847 |
--------------------------------------------------------------------------------
| Muud finantsinvesteeringud | | | 61 263 | 15 930 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | | 41 879 | 45 292 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | | 45 330 | 45 330 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | | 1 230 066 | 1 313 076 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | | 493 269 | 508 459 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 1 888 414 | 1 944 934 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 2 234 506 | 2 403 574 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | | 80 959 | 82 802 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | | 13 655 | 16 041 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | | 35 244 | 70 101 |
--------------------------------------------------------------------------------
| Muud võlad | | | 8 321 | 9 273 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | | 1 963 | 1 249 |
--------------------------------------------------------------------------------
| Muud maksukohustused | | | 55 679 | 87 156 |
--------------------------------------------------------------------------------
| Viitvõlad | | | 73 446 | 73 879 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | | 14 021 | 12 797 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 283 288 | 353 298 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 12 089 | 10 924 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 230 927 | 194 968 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 243 016 | 205 892 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 526 304 | 559 190 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Ülekurss | | | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 37 759 | 37 759 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | -3 325 | 35 407 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | -128 429 | -31 989 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 1 643 278 | 1 778 450 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 64 924 | 65 934 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 1 708 202 | 1 844 384 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 2 234 506 | 2 403 574 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KONSOLIDEERITUD FINANTSSEISUNDI ARUANNE | | |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | | 13 864 | 20 191 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 544 | 416 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | | 4 139 | 5 508 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | | 1 658 | 1 308 |
--------------------------------------------------------------------------------
| Varud | | | 1 913 | 1 890 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 22 119 | 29 312 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksunõue | | | 1 061 | 1 077 |
--------------------------------------------------------------------------------
| Muud aktsiad ja väärtpaberid | | | 3 915 | 1 018 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | | 2 677 | 2 895 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | | 2 897 | 2 897 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | | 78 616 | 83 921 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | | 31 526 | 32 496 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 120 692 | 124 304 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 142 811 | 153 616 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | | 31.03.2009 | 31.12.2008 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | | 5 174 | 5 292 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | | 873 | 1 025 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | | 2 253 | 4 480 |
--------------------------------------------------------------------------------
| Muud võlad | | | 532 | 593 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | | 125 | 80 |
--------------------------------------------------------------------------------
| Maksukohustused | | | 3 559 | 5 570 |
--------------------------------------------------------------------------------
| Viitvõlad | | | 4 694 | 4 722 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | | 896 | 818 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 18 105 | 22 580 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 773 | 698 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 14 759 | 12 461 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 15 532 | 13 159 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 33 637 | 35 739 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Ülekurss | | | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 2 413 | 2 413 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | -213 | 2 263 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | -8 208 | -2 044 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 105 025 | 113 664 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 4 149 | 4 214 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 109 174 | 117 878 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 142 811 | 153 616 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KONSOLIDEERITUD | | | | |
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | | 1. kv 2009 | 1. kv 2008 |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | | | 487 606 | 692 253 |
--------------------------------------------------------------------------------
| Muud äritulud | | | 2 119 | 2 770 |
--------------------------------------------------------------------------------
| Äritulud kokku | | | 489 725 | 695 022 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | | | -13 796 | -17 184 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | | | -295 938 | -304 108 |
--------------------------------------------------------------------------------
| Tööjõu kulud | | | -168 686 | -210 452 |
--------------------------------------------------------------------------------
| Põhivara kulum | | | -98 677 | -80 685 |
--------------------------------------------------------------------------------
| Muud ärikulud | | | -10 819 | -7 290 |
--------------------------------------------------------------------------------
| Ärikulud kokku | | | -587 916 | -619 718 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | | -98 191 | 75 304 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | | | 2 874 | 3 450 |
--------------------------------------------------------------------------------
| Intressikulud | | | -5 412 | -312 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi muutustest | | 3 698 | -14 210 |
--------------------------------------------------------------------------------
| Muud finantstulud ja -kulud | | | -49 | 0 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | | 1 111 | -11 072 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | | | -97 080 | 64 232 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | | -370 | -2 298 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | | | -97 450 | 61 934 |
--------------------------------------------------------------------------------
| Vähemusosalus | | | -1 009 | 6 150 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | | | -96 441 | 55 785 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | | | -0,64 | 0,37 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | | | -0,64 | 0,37 |
| kohta (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KONSOLIDEERITUD | | | | |
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | | 1. kv 2009 | 1. kv 2008 |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | | | 31 164 | 44 243 |
--------------------------------------------------------------------------------
| Muud äritulud | | | 135 | 177 |
--------------------------------------------------------------------------------
| Äritulud kokku | | | 31 299 | 44 420 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | | | -882 | -1 098 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | | | -18 914 | -19 436 |
--------------------------------------------------------------------------------
| Tööjõu kulud | | | -10 781 | -13 450 |
--------------------------------------------------------------------------------
| Põhivara kulum | | | -6 307 | -5 157 |
--------------------------------------------------------------------------------
| Muud ärikulud | | | -691 | -466 |
--------------------------------------------------------------------------------
| Ärikulud kokku | | | -37 575 | -39 607 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | | | -6 276 | 4 813 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | | | 184 | 221 |
--------------------------------------------------------------------------------
| Intressikulud | | | -346 | -20 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | | | 236 | -908 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Muud finantstulud ja -kulud | | | -3 | 0 |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | | | 71 | -708 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | | | -6 205 | 4 105 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | | | -24 | -147 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | | | -6 228 | 3 958 |
--------------------------------------------------------------------------------
| Vähemusosalus | | | -64 | 393 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | | | -6 164 | 3 565 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | | | -0,04 | 0,02 |
| (EUR) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | | | -0,04 | 0,02 |
| kohta (EUR) | | | | |
--------------------------------------------------------------------------------
Lisainfo:
Andri Avila
Tegevdirektor
Olympic Entertainment Group AS
Tel + 372 667 1250
E-post andri.avila@oc.eu
http://www.olympic-casino.com
Title
OEG consolidated unaudited results for Q1, 2009
Message
OEG consolidated unaudited results for Q1, 2009
Selected financial data, 3 months 2009:
Revenue: 489.7 million kroons
EBITDA from day-to-day operations*: 16.8 million kroons
EBIT from day-to-day operations*: -81.9 million kroons
Extraordinary expenses, incl
Non-capitalized investment expenses: -6.7 million kroons
Structure optimization and closure of casinos: -9.6 million kroons
Financial income and expenses net: 1.1 million kroons
Net loss before income tax**: -97.1 million kroons
€1 = 15.6466 kroons
*Ordinary business activity is referred to as business activity excluding
investment activities, structure optimization, casinos closures, and financial
income and expenses.
**Net loss before minority interest.
The main objective of the Group in 2009 is to adapt to rapidly changing market
situation, raising the market share and improving the efficiency in core
activity. In order to comply, Group management will make decisions regarding the
changes in operating activities based on cash flow indicators.
In the first quarter 2009 the overall degradation of the economic situation and
resultant decreasing trend of the gaming markets continued. The gaming markets
contracted in the first quarter of 2009 compared to the first quarter of 2008 by
58% in Estonia, by 36% in Latvia and by 26% in Lithuania.
The best performing month in the first quarter of 2009 was March, the
consolidated revenue increased by 20% in comparison with the average revenue of
the first two month of this year and positive cash flows were gained. Currently,
the level of consolidated revenues has stabilised after significant decline
during the first two months of this year. At the same time, it is important to
impress, that stabilization as a positive development in March and April does
not create any solid basis for long-term prognosis.
Already during 2008 the Group implemented an extensive efficiency program in
order to adapt the Group operations to changing market situation. The Group
closed 10 casinos that had negative cash flows and reduced the number of jobs by
288 or approximately 7%. In the first quarter 2009 the Group continued its
activities for increasing the efficiency: the remuneration payable to employees
was reduced by 20% and number of employees was reduced by 442 positions or
11.3%, during the current year 26 casinos with negative cash flows were closed,
including 14 casinos closed within the first quarter. The number of employees
reduced within the last year and first quarter of this year totals 730 positions
or 17%.
In the light of shrinking demand and with the aim of implementing a new concept
of casino lounges the Group has reduced the number of slot machines in most of
its casinos during the first quarter 2009. As a result of this, the fixed costs
related to the gaming tax decreased significantly. In addition, the Group
shortened the opening time of several casinos, before, all casinos operated by
Olympic Casino were opened 24 hours a day. The positive influence on the cost
structure of the Group since the second quarter of 2009 will appear as
agreements of reducing the rental prices on average 30% have been concluded. The
expected cost impact until the end of the year is 58.2 million kroons (3.7
million euros).
The total cost effect of optimisation activities implemented within the last
year and first quarter of the current year is expected to be 497.3 million
kroons (31.8 million euros), constituting 16.7% of the year 2008 total operating
expenses. The impact on expenses during the period from April to December this
year is expected to be 457.7 million kroons (29.3 million euros).
The Group ended the quarter with sales revenue of 487.6 million kroons (31.2
million euros). Total consolidated revenue (sales revenue and other income)
surged to 489.7 million kroons (31.3 million euros), 29.5% less than the first
quarter of 2008 total consolidated revenue of 695.0 million kroons (44.4 million
euros).
In the first quarter of 2009 93% consolidated revenue was formed by gaming
operations and 7% of other income. In the first quarter of 2008 gaming revenues
accounted for 94% and other revenues for 6% of consolidated revenue.
--------------------------------------------------------------------------------
| External revenue by segments | | | |
--------------------------------------------------------------------------------
| | 3 months | Change | Proportion | 3 months | Proportion |
| | 2009 | | | 2008 | |
--------------------------------------------------------------------------------
| Estonia | 91,220 | -55.9% | 18.6% | 206,882 | 29.8% |
--------------------------------------------------------------------------------
| Latvia | 98,038 | -39.7% | 20.0% | 162,612 | 23.4% |
--------------------------------------------------------------------------------
| Lithuania | 81,476 | -27.5% | 16.6% | 112,364 | 16.2% |
--------------------------------------------------------------------------------
| Ukraine | 59,266 | -18.2% | 12.1% | 72,441 | 10.4% |
--------------------------------------------------------------------------------
| Belarus | 10,768 | 72.9% | 2.2% | 6,227 | 0.9% |
--------------------------------------------------------------------------------
| Poland | 112,295 | -8.0% | 23.0% | 122,010 | 17.6% |
--------------------------------------------------------------------------------
| Romania | 10,593 | -15.2% | 2.2% | 12,486 | 1.7% |
--------------------------------------------------------------------------------
| Slovakia | 26,069 | - | 5.3% | - | - |
--------------------------------------------------------------------------------
| Total | 489,725 | 29.5% | 100.0% | 695,022 | 100.0% |
--------------------------------------------------------------------------------
€1 = 15.6466 kroons
At the end of the first quarter 2009, the Group had 121 casinos with a total
area of 35,998 square metres. At the end of the first quarter 2008, the number
of casinos was 124 and their total area was 35,630 square metres. During the
first quarter, in total 2 new casinos were opened in Lithuania and Slovakia and
in total 14 casinos were closed in Estonia, Latvia, Lithuania and Romania.
--------------------------------------------------------------------------------
| Number of casinos by | | | |
| segments | | | |
--------------------------------------------------------------------------------
| | 31 March | 31 December | 31 March |
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Estonia | 29 | 36 | 35 |
--------------------------------------------------------------------------------
| Latvia | 28 | 33 | 38 |
--------------------------------------------------------------------------------
| Lithuania | 16 | 16 | 16 |
--------------------------------------------------------------------------------
| Ukraine | 24 | 24 | 20 |
--------------------------------------------------------------------------------
| Belarus | 5 | 5 | 4 |
--------------------------------------------------------------------------------
| Poland | 9 | 9 | 8 |
--------------------------------------------------------------------------------
| Romania | 8 | 9 | 4 |
--------------------------------------------------------------------------------
| Slovakia | 2 | 1 | - |
--------------------------------------------------------------------------------
| Total | 121 | 133 | 125 |
--------------------------------------------------------------------------------
Consolidated operating loss for the first 3 months of 2009 amounted to 98.2
million kroons (6.3 million euros. The operating profit for the first 3 months
of 2008 totalled 75.3 million kroons (4.8 million euros). Consolidated net loss
for the first 3 months of 2009 totalled 97.4 million kroons (-6.2 million
euros), in the first quarter of 2008 the net profit amounted 61.9 million kroons
(4.0 million euros).
Consolidated expenses for 3 months of 2009 decreased in total by 5.1% or 31.8
million kroons (2.0 million euros) in comparison to consolidated expenses of 3
months of 2008. In comparison with the same quarter of the last year the
strongest cost deacline came from personnel expenses -19.8% or 41.8
million kroons (2.7 million euros) and marketing expenses -24.5% or 11.9 million
kroons (0.7 million euros). The largest expense item was personnel expenses
including social charges which amounted to 168.7 million kroons (10.8 million
euros), followed by gaming tax expenses of 112.0 million kroons (7.2 million
euros), depreciation and amortisation expense of 98.7 million kroons (6.3
million euros), rental expenses of 77.5 million kroons (5.0 million euros) and
marketing expenses of 36.7 million kroons (2.3 million euros). Consolidated
expenses of the first quarter of the 2009 include non-capitalizable expenses
related to opening of new casinos in total 6.7 million krrons (0.4 million
euros) and expenses related to closure of casinos and reducing the number of
personnel in total 9.6 million kroons (0.6 million euros). Expenses related to
closure of casinos in 2009 in amount of 84,2 million kroons (5.4 million euros)
are reflected in the results of the last quarter of 2008.
The management of Group has revised its estimations regarding the intra Group
loan contracts in preparing consolidated interim financial results of the first
quarter of 2009, as the intra Group loans will not be settled in the forseeable
future. Consequently, the exchange differences will be recognised directly in
the separate component of equity.
Estonian segment
In the first quarter of 2009, the segment's external revenue amounted to 91.2
million kroons (5.8 million euros) including gaming revenue of 82.6 million
kroons (5.3 million euros). The Estonian segment`s importance in the Group's
consolidated revenue has been decreased to 18.6%. In first quarter 2009, the
segment's external revenue declined by 55.9% compared to the same period of last
year. In first quarter 2009 the gaming market in Estonia shrank by 58%.
In first quarter of 2009 the segment's operating loss reached 42.7 million
kroons (2.7 million euros). In first quarter of 2008 the segment earned
operating profit in amount of 44.7 million kroons (2.9 million euros).
During the quarter, 7 casinos were closed in Estonia. At the end of quarter,
there were 29 Olympic Casinos in Estonia with a total of 804 slot machines and
22 game tables.
Latvian segment
The Latvian segment accounts for 20.0% of the Group's consolidated revenue. In
the first quarter of 2009, the segment's external revenue amounted to 98.0
million kroons (6.3 million euros) including gaming revenue of 90.1 million
kroons (5.8 million euros) and other revenues of 7.9 million kroons (0.5 million
euros). In the first quarter of 2009, the segment's external revenue declined by
39.7% compared to the same period last year. The Latvian gaming market declined
with the same magnitude.
The Latvian segment's operating loss amounted to 16.7 million kroons (1.1
million euros). In first quarter of 2008 the segment earned operating profit in
amount of 2.2 million kroons (0.1 million euros).
During the quarter, 5 casinos were closed in Latvia. At the end of March, there
were 28 Olympic Casinos in Latvia with a total of 773 slot machines and 25 game
tables.
Lithuanian segment
In the first quarter of 2009, the segment's external revenue amounted to 81.5
million kroons (5.2 million euros) including gaming revenue of 76.3 million
kroons (4.9 million euros) and other revenues of 5.2 million kroons (0.3 million
euros). In the first quarter of 2009, the segment's external revenue declined by
27.5%, the Lithuanian gaming market declined with the same extent. The
Lithuanian segment accounts for 16.6% of the Group's consolidated revenue.
In the first quater the segments`s operating loss reached 3.7 million kroons
(0.2 million euros). The operating profit of the last year`s the same periood
was 22.8 million kroons (1.5 million euros).
Within the quarter 1 casino was opened and 1 casino was closed. At the end of
March 2009, the Lithuanian segment was operating 16 casinos with a total of 595
slot machines and 76 game tables.
Ukrainian segment
In the first quarter of 2009, the segment's external revenue amounted to 59.2
million kroons (3.8 million euros), in the first quarter of 2008, the segment's
external revenue amounted to 72.4 million kroons (4.6 million euros). The
Ukrainian segment's sales revenue has grown in grivnas up to 17.6% compared to
the first quarter of 2008. In the first quarter of 2009 the gaming revenue
constituted 54.5 million kroons (3.5 million euros) and other revenues 4.7
million kroons (0.3 million euros).
The Ukrainian segment's operating loss for the first 3 months of 2009 amounted
to 10.2 million kroons (0.7 million euros), in the first quarter of 2008
operating profit amounted to 2.8 million kroons (0.2 million euros).
At the end of quarter, the Ukrainian segment was operating 24 casinos with a
total of 1,138 slot machines and 25 game tables.
Belarusian segment
At the end of March, Olympic Casino Bel IP was operating 5 casinos with a total
of 261 slot machines in Minsk.
The Belarusian segment accounts for 2.2% of the Group's consolidated revenue.
The Belarusian segment's sales revenue has grown 72.9% compared to the first
quarter of 2008 and amounted to 10.8 million kroons (0.7 million euros). The
Belarusian segment's sales revenue has grown in roubles 1.8 times compared to
the first quarter of 2008. The operating loss of Belarusian segment was 2.9
million kroons (0.2 million euros). In the first quarter of 2008, the Belarusian
segment's external revenues amounted to 6.2 million kroons (0.4 million euros)
and operating loss was 4.5 million kroons (0.3 million euros).
Polish segment
In the first quarter of 2009, the segment's external revenue amounted to 112.3
million kroons (7.2 million euros), accounting for largest part or 23.0% of the
Group's consolidated revenue. During the first quarter of 2009, segment's
revenue has declined by 8.0% compared to the first quarter of 2008, but in
zlotys the segment's sales revenue has grown by 21.7%. The operating loss of
Polish segment was 8.1 million kroons (0.5 million euros). The segment's
operating result was influenced by expenses related to the removal and
renovation of casinos in total amount of 1.8 million kroons (0.1 million euros)
and by increase in investment related depreciation cost in amount of 5.8 million
kroons (0.4 million euros).
At the end of quarter, Group was operating 9 casinos in Poland with 418 slots
and 64 gaming tables.
Romanian segment
The Romanian segment finished the first quarter of 2009 with a revenue of 10.6
million kroons (0.7 million euros) and operating loss 13.8 million kroons (0.9
million euros). Expenses related to the preparations of opening of the flagship
casino in Bucharest in this year influenced the operating result by 3.0 million
kroons (0.2 million euros).
Within the quarter 1 casino was closed in Romania, the segment was operating 8
casinos with a total of 312 slot machines.
Slovakian segment
In January 2009 a second Olympic casino was opened in Trnava.
The Slovakian segment finished the first quarter of 2009 with a revenue of 26.1
million kroons (1.7 million euros) and operating profit 0.3 million kroons (0.02
million euros).
Balance sheet
At 31 March 2009, the consolidated balance sheet of Group totalled 2,234.7
million kroons (142.8 million euros). At 31 December 2008, the consolidated
balance sheet of Group amounted to 2,403.6 million kroons (153.6 million euros).
Current assets accounted for 346.2 million kroons (22.1 million euros) or 15.5%
of total assets and non-current assets for 1,888.5 million kroons (120.7 million
euros) or 84.5% of total assets. Intangible assets accounted for 493.3 million
kroons (31.5 million euros) or 26.1% of non-current assets.
At 31 March, Group´s consolidated liabilities amounted to 526.3 million kroons
(33.6 million euros) and consolidated equity amounted to 1,708.4 million kroons
(109.2 million euros). The largest part of liabilities were loans in amount of
311.9 million kroons (19.9 million euros), payables to employees of 66.6 million
kroons (4.3 million euros), tax commitments of 55.7 million kroons (3.6 million
euros)
Investment
In the first quarter of 2009, the Group's expenditures on property, plant and
equipment totalled 44.2 million kroons (2.8 million euros) including investment
in gaming equipment of 13.4 million kroons (0.9 million euros), renovation of
casinos in amount of 18.8 million kroons (1.2 million euros), and acquisition of
other items of property, plant and equipment in amount of 3.7 million kroons
(0.2 million euros), prepayments for tangible assets amounted to 8.3 million
kroons (0.5 million euros).
Cash flows
Group's operating cash outflows during the first 3 months of 2009 were 52.8
million kroons (3.3 million euros), cash outflows from investing activities were
81.1 million kroons (5.2 million euros), cash flows from financing activities
were 34.8 million kroons (2.2 million euros) Net cash outflows amounted to 99.1
million kroons (6.3 million euros).
People
At 31 March 2009, the Group employed 3,482 people (31 December 2008: 3,924): 558
in Estonia, 566 in Latvia, 772 in Lithuania, 655 in Ukraine, 95 in Belarus, 492
in Poland, 224 in Romania and 120 in Slovakia.
Employee remuneration expenses including relevant social charges amounted to
168.7 million kroons (10.8 million euros), in first quarter of 2008 the relevant
figure was 210.5 million kroons (13.5 million euros).
The Group's key financials
--------------------------------------------------------------------------------
| | 3 months 2009 | 3 months | Change |
| | | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 489.7 | 695.0 | -29.5% |
--------------------------------------------------------------------------------
| EBITDA(kroons, millions) | 0.5 | 156.0 | -99.7% |
--------------------------------------------------------------------------------
| Operating profit (kroons, | -98.2 | 75.3 | |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | -97.4 | 61.9 | |
--------------------------------------------------------------------------------
| EBITDA margin | 0.1% | 22.4% | |
--------------------------------------------------------------------------------
| Operating margin | -20.1% | 10.8% | |
--------------------------------------------------------------------------------
| Net margin | -19.9% | 8.9% | |
--------------------------------------------------------------------------------
| Equity ratio | 73.5% | 85.9% | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of | 121 | 125 | -4 |
| period | | | |
--------------------------------------------------------------------------------
| Total area of casinos at end of | 35,998 | 35,630 | 368 |
| period (in square metres) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slots at end of period | 4,301 | 4,715 | -414 |
--------------------------------------------------------------------------------
| Number of game tables at end of | 212 | 204 | 8 |
| period | | | |
--------------------------------------------------------------------------------
Underlying formulas
o EBITDA = earnings before financial expenses, taxes, depreciation, amortisation
and impairment losses
o Operating profit = profit before financial expenses and taxes
o Net profit = net profit for the period before minority interest
o EBITDA margin = EBITDA / revenue
o Operating margin = operating profit / revenue
o Net margin = net profit / revenue
o Equity ratio = equity / total assets
EUR 1 = EEK 15.6466
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL | | |
| POSITION | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 216 932 | 315 919 |
--------------------------------------------------------------------------------
| Trade receivables | | | 8 517 | 6 507 |
--------------------------------------------------------------------------------
| Other receivables and | | | 64 766 | 86 174 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 25 948 | 20 464 |
--------------------------------------------------------------------------------
| Inventories | | | 29 929 | 29 576 |
--------------------------------------------------------------------------------
| Total current assets | | | 346 092 | 458 640 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 16 607 | 16 847 |
--------------------------------------------------------------------------------
| Other financial | | | 61 263 | 15 930 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term | | | 41 879 | 45 292 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property | | | 45 330 | 45 330 |
--------------------------------------------------------------------------------
| Property, plant and | | | 1 230 066 | 1 313 076 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 493 269 | 508 459 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 1 888 414 | 1 944 934 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 2 234 506 | 2 403 574 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 80 959 | 82 802 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 13 655 | 16 041 |
--------------------------------------------------------------------------------
| Trade payables | | | 35 244 | 70 101 |
--------------------------------------------------------------------------------
| Other payables | | | 8 321 | 9 273 |
--------------------------------------------------------------------------------
| Income tax liability | | | 1 963 | 1 249 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 55 679 | 87 156 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 73 446 | 73 879 |
--------------------------------------------------------------------------------
| Provisions | | | 14 021 | 12 797 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 283 288 | 353 298 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 12 089 | 10 924 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 230 927 | 194 968 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 243 016 | 205 892 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 526 304 | 559 190 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Share premium | | | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 37 759 | 37 759 |
--------------------------------------------------------------------------------
| Translation reserves | | | -3 325 | 35 407 |
--------------------------------------------------------------------------------
| Retained earnings | | | -128 429 | -31 989 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 1 643 278 | 1 778 450 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 64 924 | 65 934 |
--------------------------------------------------------------------------------
| Total equity | | | 1 708 202 | 1 844 384 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 2 234 506 | 2 403 574 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL | | |
| POSITION | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 13 864 | 20 191 |
--------------------------------------------------------------------------------
| Trade receivables | | | 544 | 416 |
--------------------------------------------------------------------------------
| Other receivables and | | | 4 139 | 5 508 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 1 658 | 1 308 |
--------------------------------------------------------------------------------
| Inventories | | | 1 913 | 1 890 |
--------------------------------------------------------------------------------
| Total current assets | | | 22 119 | 29 312 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 1 061 | 1 077 |
--------------------------------------------------------------------------------
| Other financial | | | 3 915 | 1 018 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term | | | 2 677 | 2 895 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property | | | 2 897 | 2 897 |
--------------------------------------------------------------------------------
| Property, plant and | | | 78 616 | 83 921 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 31 526 | 32 496 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 120 692 | 124 304 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 142 811 | 153 616 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 5 174 | 5 292 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 873 | 1 025 |
--------------------------------------------------------------------------------
| Trade payables | | | 2 253 | 4 480 |
--------------------------------------------------------------------------------
| Other payables | | | 532 | 593 |
--------------------------------------------------------------------------------
| Income tax liability | | | 125 | 80 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 3 559 | 5 570 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 4 694 | 4 722 |
--------------------------------------------------------------------------------
| Provisions | | | 896 | 818 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 18 105 | 22 580 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 773 | 698 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 14 759 | 12 461 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 15 532 | 13 159 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 33 637 | 35 739 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Share premium | | | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 2 413 | 2 413 |
--------------------------------------------------------------------------------
| Translation reserves | | | -213 | 2 263 |
--------------------------------------------------------------------------------
| Retained earnings | | | -8 208 | -2 044 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 105 025 | 113 664 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 4 149 | 4 214 |
--------------------------------------------------------------------------------
| Total equity | | | 109 174 | 117 878 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 142 811 | 153 616 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME | | | | |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | | | Q1 2009 | Q1 2008 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | | | 487 606 | 692 253 |
--------------------------------------------------------------------------------
| Other income | | | 2 119 | 2 770 |
--------------------------------------------------------------------------------
| Total revenue | | | 489 725 | 695 022 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | 0 | 0 |
--------------------------------------------------------------------------------
| Cost of materials, goods | | | -13 796 | -17 184 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | | | -295 938 | -304 108 |
--------------------------------------------------------------------------------
| Labour costs | | | -168 686 | -210 452 |
--------------------------------------------------------------------------------
| Depreciation and | | | -98 677 | -80 685 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses | | | -10 819 | -7 290 |
--------------------------------------------------------------------------------
| Total expenses | | | -587 916 | -619 718 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | -98 191 | 75 304 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | | | 2 874 | 3 450 |
--------------------------------------------------------------------------------
| Interest expense | | | -5 412 | -312 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | | | 3 698 | -14 210 |
| losses | | | | |
--------------------------------------------------------------------------------
| Other financial income and expenses | -49 | 0 |
--------------------------------------------------------------------------------
| Net financing costs | | | 1 111 | -11 072 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | | | -97 080 | 64 232 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | | |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | | -97 450 | 61 934 |
--------------------------------------------------------------------------------
| Attributable to minority | | | -1 009 | 6 150 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | | | -96 441 | 55 785 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | | -0,64 | 0,37 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | | -0,64 | 0,37 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME | | | | |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | Q1 2009 | Q1 2008 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | | | 31 164 | 44 243 |
--------------------------------------------------------------------------------
| Other income | | | 135 | 177 |
--------------------------------------------------------------------------------
| Total revenue | | | 31 299 | 44 420 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | | | -882 | -1 098 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | | | -18 914 | -19 436 |
--------------------------------------------------------------------------------
| Labour costs | | | -10 781 | -13 450 |
--------------------------------------------------------------------------------
| Depreciation and | | | -6 307 | -5 157 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses | | | -691 | -466 |
--------------------------------------------------------------------------------
| Total expenses | | | -37 575 | -39 607 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | | | -6 276 | 4 813 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | | | 184 | 221 |
--------------------------------------------------------------------------------
| Interest expense | | | -346 | -20 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | | | 236 | -908 |
| losses | | | | |
--------------------------------------------------------------------------------
| Other financial income and expenses | -3 | 0 |
--------------------------------------------------------------------------------
| Net financing costs | | | 71 | -708 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | | | -6 205 | 4 105 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | -24 | -147 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | | | -6 228 | 3 958 |
--------------------------------------------------------------------------------
| Attributable to minority | | | -64 | 393 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | | | -6 164 | 3 565 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | | | -0,04 | 0,02 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | | | -0,04 | 0,02 |
| (€) | | | | |
--------------------------------------------------------------------------------
Further information:
Andri Avila
CEO
Olympic Entertainment Group,
Tel +372 667 1250
E-post andri.avila@oc.eu
http://www.olympic-casino.com