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Olympic Entertainment Group AS 2007.a auditeerimata majandustulemused
Teade
Olympic Entertainment Group AS (edaspidi nimetatud ka „Grupp”) on juhtiv
hasartmänguteenuste osutaja Balti riikides (Eestis, Lätis ja Leedus) ning
opereerib kasiinosid Ukrainas, Valgevenes, Poolas ja Rumeenias.
Ülevaade Grupi olulisematest sündmustest 2007.aastal:
Aprillis allkirjastas tütarettevõte Olympic Casino Bucharest S.r.l lepingu
Rumeenia kasiinooperaatori Empire International Game World´i varade
omandamiseks, mille alusel omandati kolm kasiinot Rumeenia pealinnas Bukarestis.
Aprillis omandas Grupp Kristiine Kasiino AS aktsiad ja Casinova OÜ osa. Teise
kvartali jooksul ühendati Kristiine Kasiino AS ja Olympic Casino Eesti AS
äritegevus. Tehingu tulemusel kasvas Grupi hinnanguline turuosa Eesti
hasartmänguturul 45%-ni.
Aprillis asutas tütarettevõtte Olympic Entertainment Slovakkia S.r.o.
Slovakkias. Tegevuslitsents, mis võimaldab ettevõttel alustada
kasiinooperatsioonidega Slovakkia hasartmänguturul, saadi 2008 veebruari
alguses.
Aprilli lõpus sõlmis Grupp lõpliku lepingu 80% Casino Polonia- Wroclaw Sp.
z.o.o. (edaspidi nimetatud ka "CP") aktsiate omandamiseks. Mai lõpus avas CP uue
kasiino Hiltoni hotellis Varssavis, investeerides sellesse ligi 110 miljonit
krooni (7 miljonit eurot). Avatud Olympic Casino Sunrise on Poola suurim kasiino
- 1500 ruutmeetri suuruses kasiinos on 100 mänguautomaati ning 20 mängulauda.
Mais viidi lõpuni Olympic Casino Latvia SIA ja Baltic Gaming AS juriidiline
ühendamine.
Juulis sõlmis Grupi tütarfirma Olympic Casino Ukraine TOV ostu-müügi eellepingu
Ukraina juhtiva kasiinooperaatori Eldorado ostuks. Septembris allkirjastati
lõplik ostu-müügileping, millega omandati kolm ettevõtet, mis opereerivad viit
mängusaali Kiievi kesklinnas või selle lähirajoonides hästi sissetöötatud
kohtades, neist kolm on mängulaudadega kasiinod.
Juulis soetas Grupp 97,5%-lise osaluse Kesklinna Hotelli OÜ-s, mille eesmärgiks
on alustada Grupi uut kasiinohotellide ning kasiinokomplekside arenduse suunda.
Augustis sisenes Grupp Leedus uude B-kategooria mängusaalide turusegmenti.
Alates 26. septembrist kaubeldakse OEG aktsiatega Varssavi börsil. Liikmeksolek
Euroopa suuruselt neljandal väärtpaberiturul toetab OEG tulevikuambitsioone ja
rahvusvahelist haaret.
Olympic Entertainment Group AS 2008. aasta konsolideeritud auditeerimata
majandustulemused
Tulemuste lühikokkuvõte, 12 kuud 2008:
Äritulud: 2 517,5 miljonit krooni (+ 50,9%)
Ärikasum: 432,5 miljonit krooni (- 2,7%)
Ärirentaablus*: 17,2% (2006: 26,6%)
Kasum enne makse: 425,5 miljonit krooni (- 4,3%)
Puhaskasum: 381,7 miljonit krooni (-5,6%)
Puhasrentaablus**: 14,6% (2006: 23,3%)
Rahavood äritegevusest: 664,6 miljonit krooni
(2006: 627,9 miljonit krooni)
Rahavood investeerimistegevusest: -1 243,6 miljonit krooni
(2006: -426,4 miljonit krooni)
Rahavood finantseermistegevusest: -151,1 miljonit krooni
(2006: 849,0 miljonit krooni)
* Ärirentaablus = Ärikasum / Äritulud
** Puhasrentaablus = Puhaskasum / Äritulud
1 EUR = 15,6466 EEK
Grupi majandustulemustesse on konsolideeritud 2007. aastal omandatud ettevõtete
järgmiste perioodide majandustulemused:
Kristiine Kasiino ja Casinova OÜ aprill - detsember 2007;
Casino Polonia Wroclaw Sp. Z.o.o. mai - detsember 2007;
Olympic Casino Bucharest S.r.l juuni - detsember 2007;
Elodorado ettevõtted oktoober - detsember 2007.
Grupi 2007. aasta 4.kvartali konsolideeritud äritulud olid 826,0 miljonit krooni
(52,8 miljonit eurot) suurenedes eelmise aasta sama perioodiga võrreldes 62,6%.
Grupi 4. kvartali ärikasum oli 134,8 miljonit krooni (8,6 miljonit eurot) ning
kvartali puhaskasumiks kujunes 98,4 miljoni kroonini (6,3 miljonit eurot).
Neljanda kvartali ärirentaablus oli 16,3% ning puhasrentaablus 11,9%.
Olympic Entertainment Group AS 2007. aasta konsolideeritud müügitulud
moodustasid kokku 2 487,3 miljonit krooni (159,0 miljonit eurot),äritulud
moodustasid kokku 2 517,5 miljonit krooni (160,9 miljonit eurot), mis on 50,9%
enam 2006. aastal teenitud 1 668,8 miljoni kroonisest (106,7 miljonit eurot)
kogutulust.
Grupi ärikasumiks kujunes 432,5 miljonit krooni (27,6 miljoni eurot), mis on
võrreldes 2006. aastaga 2,7% vähem. Konsolideeritud puhaskasum kahanes 5,6%
võrreldes möödunud aasta 404,3 miljoni krooniga (25,8 miljonit eurot) ulatudes
381,7 miljoni kroonini (24,4 miljonit eurot).
2007. aasta korrigeeritud prognooside kohaselt plaanis Grupp teenida äritulusid
2,3 miljardit krooni (147,0 miljonit eurot) ning ärikasumit 450 miljonit krooni
(28,8 miljonit eurot). Auditeerimata andmetel ületasid äritulud koos ühekordsete
tuludega prognoosi 217,5 miljonit krooni (13,9 miljonit eurot, mis moodustab
9,5% planeeritust rohkem. Auditeerimata ärikasum erines prognoosist -3,9% ning
moodustas 432,6 miljonit krooni (27,6 miljonit eurot). Ärikasumit mõjutavad uute
kasiinode avamise ettevalmistamisega seotud kulud ning muud ühekordse iseloomuga
kulud.
Grupi juhtkonna hinnangul ei ole 2007. aastal toimunud ettevõtete omandamised
aruandeaasta jooksul veel täispotentsiaali saavutanud. Gruppi lisandunud
ettevõtete kasumimarginaalide paranemist planeeritakse alates 2008. aasta
teisest poolest.
2007. aasta ärituludele avaldasid positiivset mõju tulude lisandumine aasta
jooksul soetatud ettevõtetest, tulude kasv olemasolevates operatsioonides ning
laienemise tulemusel avatud kasiinode lisandumine. 2007. aastal äriühendustest
lisandunud ettevõtted moodustasid äritulude kasvust 402,3 miljonit krooni (25,7
miljonit eurot) ehk 47,4% äritulude kogukasvust. 2007. aasta ärituludes kajastub
ühekordse iseloomuga tulusid 33,2 miljonit krooni (2,1 miljonit eurot).
Grupi 2007. aasta konsolideeritud äritulud koosnesid 92% hasartmängutulust, ja
8% muudest tuludest.
Tulude jaotus geograafiliste segmentide lõikes (tuhandetes kroonides):
--------------------------------------------------------------------------------
| | 4. kv | 4. kv | Muutus | 2007 | 2006 | Muutus |
| | 2007 | 2006 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eesti | 241 253 | 203 618 | 18,5% | 866 057 | 671 535 | 29,0% |
--------------------------------------------------------------------------------
| Läti | 194 655 | 159 372 | 22,1% | 692 760 | 511 211 | 35,5% |
--------------------------------------------------------------------------------
| Leedu | 157 808 | 110 815 | 42,4% | 470 480 | 389 467 | 20,8% |
--------------------------------------------------------------------------------
| Ukraina | 80 188 | 32 867 | 144,0% | 187 640 | 94 881 | 97,8% |
--------------------------------------------------------------------------------
| Valgevene | 5 677 | 1 271 | 346,5% | 12 617 | 1 676 | 652,7% |
--------------------------------------------------------------------------------
| Poola | 139 272 | - | - | 270 838 | - | - |
--------------------------------------------------------------------------------
| Rumeenia | 7 136 | - | - | 17 115 | - | - |
--------------------------------------------------------------------------------
| KOKKU | 825 989 | 507 944 | 62,6% | 2 517 506 | 1 668 770 | 50,9% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
Grupi 2007. aasta konsolideeritud tegevuskulud kasvasid võrreldes 2006. aastaga
70,3% ning moodustasid 2 085,0 miljonit krooni (133,3 miljonit eurot). Suurima
osa Grupi tegevuskuludest moodustavad tööjõukulud 651,9 miljonit krooni (41,7
miljonit eurot), järgnevad amortisatsioonikulu 257,1 miljonit krooni (16,4
miljonit eurot), hasartmängumaksude kulud 330,0 miljonit krooni (21,1 miljonit
eurot), marketingikulud 193,4 miljonit krooni (12,4 miljonit eurot), hoonete
rendikulu 171,0 miljonit krooni (10,9 miljonit eurot).
Grupi tegevuskulude struktuur ei ole aasta jooksul muutunud ning kulude kasv on
seotud eelkõige Grupi laienemisega. Absoluutnumbrina kasvasid kõige enam
personalikulud, kokku 269,9 miljonit krooni (17,2 miljonit eurot), kasvades
võrreldes eelmise aastaga 70,7%. Hasartmängumaksu kulud kasvasid 2007. aastal
127,2% ehk 184,8 miljonit krooni (11,8 miljonit eurot) ja hoonete rendikulud
92,4% ehk 82,1 miljonit krooni (5,2 miljonit eurot).
2007.aasta konsolideeritud ärikuludes kajastuvad uute kasiinode avamise
ettevalmistamisega seotud kulud kogusummas 52,0 miljonit krooni (3,3 miljonit
eurot)ning 27,0 miljonit krooni (1,7 miljonit eurot) ühekordse iseloomuga
kulusid: uute turgude uurimisega seotud kulud 4,1 miljonit krooni (0,3 miljonit
eurot), Poola turule sisenemise kulud 6,0 miljonit krooni (0,4 miljonit eurot),
nõukogu, juhatuse ja võtmetöötajate optsioonidega seotud kulud 16,9 miljonit
krooni (1,1 miljonit eurot).
2007. aasta puhaskasumit mõjutavad -31,2 miljonit krooni (2,0 miljonit eurot)
realiseerimata kursivahed, mis tulenevad euro ja USA dollari kursi kõikumisest.
Kursivahed kajastuvad kasumiaruande real „finantstulud ja -kulud neto“.
Bilanss
31.12.07 seisuga oli Olympic Entertainment Group AS-i konsolideeritud
bilansimaht 2 706,9 miljonit krooni (173,0 miljonit eurot), mis on 17,2% suurem
31.12.06 bilansimahust.
Käibevarad moodustasid varadest 596,5 miljonit krooni (38,1 miljonit eurot) ehk
22,0% kogu varadest ja põhivarad 2 110,4 miljonit krooni (134,9 miljonit eurot)
ehk 78% bilansimahust. Immateriaalsed varad moodustasid põhivaradest 699,7
miljonit krooni (44,7 miljonit eurot) ehk 33,2%.
Grupi kohustused olid kokku 368,5 miljonit krooni (23,6 miljonit eurot) ning
ettevõtte konsolideeritud omakapital 2 338,4 miljoni kroonini (149,5 miljonit
eurot). Grupi kohustustest suurema osa moodustavad võlad hankijatele 125,7
miljonit krooni (8,0 miljonit eurot), maksukohustused 84,5 miljonit krooni (5,3
miljonit eurot), võlad töövõtjatele 66,5 miljonit krooni (4,3 miljonit eurot),
muud viitvõlad 24,3 miljonit krooni (1,6 miljonit eurot). Muud kohustused
koosnevad kapitalirendi kohustusest 22,9 miljonit krooni (1,5 miljonit eurot),
edasilükkunud tulumaksukohutusest 18,3 miljonit krooni (1,2 miljonit eurot),
klientide nõuetest ning võidufondidest kogusummas 26,3 miljonit krooni (1,7
miljonit eurot).
Personal
31.12.2007 seisuga andis Grupp tööd 4 004 inimesele (31.12.06: 2342). Grupi
Eesti ettevõtetes töötas detsembri lõpus 779, Lätis 1077, Leedus 764, Ukrainas
646, Valgevenes 88, Poolas 489, Rumeenias 159 ja Slovakkias 2 inimest.
2007. aasta eest arvestati Grupi töötajatele töötasusid koos sotsiaalmaksudega
kokku 651,9 miljonit krooni (41,7 miljonit eurot), 2006. aastal vastavalt 382,0
miljonit krooni (24,4 miljonit eurot).
2007. aastal sõlmiti optsioonilepingud Olympic Entertainment Group AS juhatuse
liikmete ning Grupi võtmetöötajatega. Juhatuse liige saab sõlmitud
optsioonilepingu alusel perioodil 2008 - 2010 märkida kokku 333 624 Olympic
Entertainment Group'i aktsiat ning iga töötaja vastavalt 133 446 aktsiat.
Aktsiate täpne arv, mida iga juhatuse liige ja töötaja märkida saab sõltub Grupi
finantseesmärkide ning iga juhatuse liikme ja töötaja valdkonnaga seotud
eesmärkide täitmisest. Optsioone saab kasutada igal aastal alates 2008. a kuni
2010. a.
Kasiinoettevõtete tulemused
2007. aasta lõpus oli Grupis kokku 122 kasiinot, üldpinnaga 33 828 m2. 2006.
aasta lõpus oli Grupi kasiinode arv 79 ja kasiinode üldpind kokku 22 316 m2.
Kasiinode arv riikide lõikes:
31.12.2007 31.12.2006
Eesti 35 22
Läti 38 38
Leedu 15 10
Ukraina 19 8
Valgevene 4 1
Poola 8 -
Rumeenia 3 -
KOKKU 122 79
OLYMPIC CASINO EESTI AS
2007. aasta lõpus tegutses Eestis kokku 35 Olympic kasiinot, milles oli kokku 1
335 mänguautomaati ja 24 mängulauda. Aasta jooksul renoveeriti 3 Olympic
kasiinot ning viidi Olympicu kaubamärgi alla 6 endist Kristiine Kasiinot.
Olympic Casino Eesti AS (OCE) 2007. aasta müügitulu kasvas 23,7% 794,8 miljoni
kroonini (50,8 miljonit eurot). OCE ärikasum moodustas 288 miljonit krooni (18,4
miljonit eurot) jäädes samale tasemele 2006. aasta tulemusega. OCE ärikasumit
mõjutas üldine Eesti hinnatõus, tööjõuturu olukorra survest tulenev töötasude
kasv, Olympic kasiinode ja Kristiine Kasiinode kaasajastamisega seotud kulud ja
uute seadmete amortisatsioonikulud. Kristiine Kasiinode kaasajastamisega seotud
kulud 2007. aastal olid kokku 11,8 miljonit krooni (0,8 miljonit eurot).
OLYMPIC CASINO LATVIA SIA
2007. aasta viidi lõpuni Olympic Casino Latvia SIA (OCL) ja Baltic Gaming AS
(BG) juriidiline ühendamine. Aasta jooksul renoveeriti 10 BG kasiinot ning
uuendati 2 Olympic kasiinot. Aasta lõpus opereeris OCL kokku 38 kasiinot 1 235
mänguautomaadiga ja 40 mängulauaga.
OCL ja BG 2007. aasta müügitulu oli kokku 661,1 miljonit krooni (42,3 miljonit
eurot), mis on 38,6% rohkem kui OCL ja BG 2006 tulemus kokku. Ärikasumiks
kujunes 106,0 miljonit krooni (6,8 miljonit eurot), mis jääb eelmise aasta sama
perioodi tulemusele alla 7,1% . Kasumi kasvu pidurdavad suurenenud kulud
personalile, maksumäära tõusust tulenevalt hasartmängumaksule ning käibe
suurenemisest tingitud jackpottide ning boonuspunktide kulude suurenemine, BG ja
OCL ühendamisega seotud kulud ning investeeringute kasvul baseeruv
amortisatsioonikulu tõus.
OLYMPIC CASINO GROUP BALTIJA UAB
Olympic Casino Group Baltija UAB (OCGB) avas 2007. aastal 5 uut B-kategooria
kasiinot.
Jätkuvalt on suletud hotelli renoveerimistööde tõttu OCGB Kaunase
esinduskasiino. 2007. aasta lõpus tegutses Olympic Casino kaubamärgi all Leedus
10 kasiinot (arvestades ka ajutiselt renoveerimiseks suletud Kaunase kasiinot)
ning Bumerangase kaubamärgi all 5 kasiinot, kokku 546 mänguautomaadiga ja 64
mängulauaga.
OCGB lõpetas 2007. aasta müügituluga 429,8 miljonit krooni (27,5 miljonit
eurot), mis on ligi 15% rohkem kui aasta varem. Ettevõtte ärikasum kasvas 41,7%
115,6 miljoni kroonini (7,4 miljonit eurot). Kasumi kasvu põhjustas OCGB
müügitulude suurenemine. OCGB teenis 2007.aasta viimases kvartalis seoses
Kaunase hotelli renoveerimistööde hilinemisega ja kasiino sulgemisega hüvitisi
8,6 miljonit krooni (0,5 miljonit eurot).
OLYMPIC CASINO UKRAINE TOV
Olympic Casino Ukraine TOV (OCU) opereeris aasta lõpu seisuga 14 Olympic
Casinot. Septembris sõlmiti lõplik ostu-müügileping Eldorado kaubamärgi all
tegutseva 5 kasiino ostuks, millest 2 on lauakasiinod. Elodrado kasiinode
tulemused on konsolideeritud Grupi majandustulemustesse alates neljandast
kvartalist. Aasta lõpus opereeris OCU kokku 683 mänguautomaadiga ning Eldorado
ettevõtted 274 mänguautomaadiga ja 17 mängulauaga.
OCU lõpetas 2007. aasta müügituluga 154,2 miljonit krooni (9,9 miljonit eurot).
Müügitulu suurenes võrreldes eelmise aasta sama perioodiga 62,6%. Tulud
suurenemine on tingitud nii tulude kasvust olemasolevates kasiinodes kui ka uute
kasiinode avamisest. OCU ärikasum moodustas 2007. aastal 13,3 miljonit krooni
(0,9 miljonit eurot, mis on eelmise aasta sama perioodiga võrreldes 2,2 miljonit
krooni (0,1 miljonit eurot) vähem.
Eldorado ettevõtete müügitulud olid 2007. aasta neljandas kvartalis 33,4
miljonit krooni (2,1 miljonit eurot) ning ärikasum 5,3 miljonit krooni (0,3
miljonit eurot). Grupi Ukraina segmendi ärikasumile avaldasid mõju laienemisest
tulenevad kulud, eelkõige rendikulud ning investeeringute kasvavast mahust
tulenev amortisatsioonikulude tõus.
OLYMPIC CASINO BEL IP
Olympic Casino Bel IP (OCB) tegutseb detsembri lõpu seisuga Minskis 4 kasiinoga.
Aasta jooksul avati 3 uut kasiinot.
2007. aasta müügitulud olid 12,1 miljonit krooni (0,8 miljonit eurot). Seoses
kasiinode avamiste edasilükkumisega ja uute kasiinode sissetöötamisperioodiga on
OCB 2007. aasta ärikahjum -23,3 miljonit krooni (-1,5 miljonit eurot).
CASINO POLONIA - WROCLAW SP. Z.O.O
Casino Polonia Wroclaw Sp. Z.o.o (CP) 2007. aasta mai-detsember müügitulu oli
270,1 miljonit krooni (17,3 miljonit eurot). CP müügitulud kasvasid 2007. aasta
4. kvartalis võrreldes 3. kvartaliga 53,9%. CP opereeris aasta lõpus 310
mänguautomaadiga ja 44 mängulauaga. CP organisatsiooni reorganiseerimisega
kaasnevatest kuludest tulenevalt kujunes 2007. aasta mai-detsember ärikasumiks
2,5 miljonit krooni (0,2 miljonit eurot).
OLYMPIC CASINO BUCHAREST S.R.L.
2007. aasta kolmandas kvartalis renoveeriti 2 endist Empire International Game
World`i mänguautomaadi kasiinot ning avati 1 uus mänguautomaadi kasiino.
Olympic Casino Bucharest S.r.l. lõpetas 2007. aasta müügituluga 17,2 miljonit
krooni (1,1 miljonit eurot). Uute saalide avamise ettevalmistustööd ja
operatsioonide ümber kujundamine tõid kaasa kulud, mille tulemusena kujunes
2007. aasta ärikahjumiks -26,2 miljonit krooni (-1,7 miljonit eurot).
Kontserni põhilised arvnäitajad
--------------------------------------------------------------------------------
| | 2007 | 2006 | Muutus |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud (miljon krooni) | 2 517,50 | 1 668,80 | 50,9% |
--------------------------------------------------------------------------------
| EBITDA (miljon krooni) | 689,6 | 630,4 | 9,4% |
--------------------------------------------------------------------------------
| Ärikasum (miljon krooni) | 432,5 | 444,4 | -2,7% |
--------------------------------------------------------------------------------
| Puhaskasum (miljon krooni) | 381,7 | 404,3 | -5,6% |
--------------------------------------------------------------------------------
| EBITDA marginaal | 27,4% | 37,8% | -27,5% |
--------------------------------------------------------------------------------
| Ärirentaablus | 17,2% | 26,6% | -35,5% |
--------------------------------------------------------------------------------
| Puhasrentaablus | 15,2% | 24,2% | -37,2% |
--------------------------------------------------------------------------------
| Omakapitali suhtarv | 86,4% | 89,8% | -3,8% |
--------------------------------------------------------------------------------
| ROA | 14,7% | 23,9% | -38,5% |
--------------------------------------------------------------------------------
| ROE | 16,7% | 29,1% | -42,6% |
--------------------------------------------------------------------------------
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 miinus vähemusosalus
o EBITDA marginaal = EBITDA / Aritulud
o Ärirentaablus = Ärikasum / Äritulud
o Puhasrentaablus = Puhaskasum / Aritulud
o Omakapitali suhtarv = Omakapital / Varad kokku
o ROA = Puhaskasum / Keskmised varad kokku
o ROE = Puhaskasum/ Keskmine omakapital kokku
1 EUR = 15,6466 EEK
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | 4. kv | 4. kv | 2007 | 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 802 306 | 503 625 | 2 487 298 | 1 658 749 |
--------------------------------------------------------------------------------
| Muud äritulud | 23 683 | 4 319 | 30 207 | 10 021 |
--------------------------------------------------------------------------------
| Äritulud kokku | 825 989 | 507 944 | 2 517 506 | 1 668 770 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -19 538 | -21 710 | -60 297 | -56 433 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -369 136 | -175 485 | -1 101 984 | -592 595 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -208 761 | -118 085 | -651 911 | -381 997 |
--------------------------------------------------------------------------------
| Põhivara kulum | -82 203 | -61 924 | -256 769 | -159 855 |
--------------------------------------------------------------------------------
| Firmaväärtuse langus | 0 | 0 | 0 | -26 141 |
--------------------------------------------------------------------------------
| Muud ärikulud | -11 205 | -5 495 | -13 648 | -7 352 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -691 193 | -382 698 | -2 084 959 | -1 224 373 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 134 795 | 125 246 | 432 547 | 444 398 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Kasum tütarettevõtte osade | 0 | 8 409 | 0 | 8 409 |
| müügist | | | | |
--------------------------------------------------------------------------------
| Kasum investeeringutelt | 11 | -11 | 11 | -11 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 3 551 | 6 572 | 27 791 | 9 900 |
--------------------------------------------------------------------------------
| Intressikulud | -318 | -1 376 | -604 | -10 325 |
--------------------------------------------------------------------------------
| Kasum (kahjum) | -22 024 | -5 874 | -34 288 | -7 636 |
| valuutakursi muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | -18 781 | 7 721 | -7 090 | 337 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 116 015 | 132 967 | 425 457 | 444 735 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -17 582 | -17 754 | -43 752 | -40 473 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 98 433 | 115 213 | 381 705 | 404 262 |
--------------------------------------------------------------------------------
| Vähemusosalus | 6 707 | 4 613 | 14 356 | 15 463 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 91 726 | 110 600 | 367 349 | 388 799 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,61 | 0,79 | 2,43 | 3,11 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,61 | 0,79 | 2,43 | 3,11 |
| kohta (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | 4. kv | 4. kv | 2007 | 2006 |
| | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 51 277 | 32 188 | 158 967 | 106 013 |
--------------------------------------------------------------------------------
| Muud äritulud | 1 514 | 276 | 1 931 | 640 |
--------------------------------------------------------------------------------
| Äritulud kokku | 52 790 | 32 464 | 160 898 | 106 654 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -1 249 | -1 388 | -3 854 | -3 607 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -23 592 | -11 216 | -70 430 | -37 874 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -13 342 | -7 547 | -41 665 | -24 414 |
--------------------------------------------------------------------------------
| Põhivara kulum | -5 254 | -3 958 | -16 411 | -10 217 |
--------------------------------------------------------------------------------
| Firmaväärtuse väärtuse | 0 | 0 | 0 | -1 671 |
| langus | | | | |
--------------------------------------------------------------------------------
| Muud ärikulud | -716 | -351 | -872 | -470 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -44 153 | -24 459 | -133 231 | -78 252 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 8 637 | 8 005 | 27 667 | 28 402 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Kasum tütarettevõtte osade | 0 | 537 | 0 | 537 |
| müügist | | | | |
--------------------------------------------------------------------------------
| Kasum investeeringutelt | 1 | -1 | 1 | -1 |
| sidusettevõtetesse | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 227 | 420 | 1 776 | 633 |
--------------------------------------------------------------------------------
| Intressikulud | -20 | -88 | -39 | -660 |
--------------------------------------------------------------------------------
| Kasum (kahjum) | -1 408 | -375 | -2 191 | -488 |
| valuutakursi muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | -1 200 | 493 | -453 | 22 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 7 437 | 8 498 | 27 214 | 28 424 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -1 124 | -1 135 | -2 796 | -2 587 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 6 313 | 7 363 | 24 418 | 25 837 |
--------------------------------------------------------------------------------
| Vähemusosalus | 429 | 295 | 918 | 988 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 5 885 | 7 069 | 23 500 | 24 849 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,04 | 0,05 | 0,16 | 0,20 |
| (EUR) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,04 | 0,05 | 0,16 | 0,20 |
| kohta (EUR) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BILANSS | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| Käibevara | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | 501 801 | 1 234 658 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | 14 115 | 7 181 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | 57 570 | 41 902 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | 2 567 | 6 388 |
--------------------------------------------------------------------------------
| Varud | | 20 431 | 10 507 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 596 484 | 1 300 637 |
--------------------------------------------------------------------------------
| Põhivara | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksuvara | | 3 575 | 3 204 |
--------------------------------------------------------------------------------
| Muud finantsinvesteeringud | | 18 176 | 18 311 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | 11 955 | 42 554 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | 52 924 | 31 819 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | 1 324 075 | 770 471 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | 699 663 | 142 206 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 2 110 368 | 1 008 564 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 2 706 852 | 2 309 201 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | 4 682 | 174 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | 12 509 | 15 340 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 125 677 | 97 139 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | 13 613 | 20 304 |
--------------------------------------------------------------------------------
| Muud maksukohustused | | 70 866 | 30 330 |
--------------------------------------------------------------------------------
| Viitvõlad | | 84 294 | 43 515 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | 13 748 | 16 213 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 325 390 | 223 015 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksukohustus | | 18 280 | 12 182 |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | 24 787 | 991 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 43 067 | 13 173 |
--------------------------------------------------------------------------------
| Kohustused kokku | | 368 457 | 236 188 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 1 510 000 | 754 000 |
--------------------------------------------------------------------------------
| Ülekurss | | 227 273 | 968 800 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 19 444 | 4 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | 7 939 | -2 217 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | 512 417 | 315 308 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv | | 2 277 074 | 2 035 896 |
| omakapital kokku | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 61 321 | 37 118 |
--------------------------------------------------------------------------------
| Omakapital kokku | | 2 338 395 | 2 073 013 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 2 706 852 | 2 309 201 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BILANSS | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| VARAD | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| Käibevara | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | 32 071 | 78 909 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | 902 | 459 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | 3 679 | 2 678 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | 164 | 408 |
--------------------------------------------------------------------------------
| Varud | | 1 306 | 672 |
--------------------------------------------------------------------------------
| Käibevara kokku | | 38 122 | 83 126 |
--------------------------------------------------------------------------------
| Põhivara | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksunõue | | 229 | 205 |
--------------------------------------------------------------------------------
| Muud aktsiad ja väärtpaberid | | 1 162 | 1 170 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | 764 | 2 720 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | 3 382 | 2 034 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | 84 624 | 49 242 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | 44 717 | 9 089 |
--------------------------------------------------------------------------------
| Põhivara kokku | | 134 877 | 64 459 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | 172 999 | 147 585 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | 299 | 11 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | 799 | 980 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | 8 032 | 6 208 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | 870 | 1 298 |
--------------------------------------------------------------------------------
| Maksukohustused | | 4 529 | 1 938 |
--------------------------------------------------------------------------------
| Viitvõlad | | 5 387 | 2 781 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | 879 | 1 036 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | | 20 796 | 14 253 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksukohustus | | 1 168 | 779 |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | 1 584 | 63 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | | 2 752 | 842 |
--------------------------------------------------------------------------------
| Kohustused kokku | | 23 549 | 15 095 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | 96 507 | 48 189 |
--------------------------------------------------------------------------------
| Ülekurss | | 14 525 | 61 918 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | 1 243 | 0 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | 507 | -142 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | 32 749 | 20 152 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv | | 145 532 | 130 117 |
| omakapital kokku | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | 3 919 | 2 372 |
--------------------------------------------------------------------------------
| Omakapital kokku | | 149 451 | 132 490 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | | 172 999 | 147 585 |
--------------------------------------------------------------------------------
Lisainfo:
Andri Avila
Juhatuse liige
Olympic Entertainment Group
Tel + 372 667 1250
E-post andri.avila@ocg.ee
www.olympic-casino.com
Pealkiri
Olympic Entertainment Group AS 2007. unaudited operating results
Teade
Olympic Entertainment Group AS (the “Group”) is the leading gaming services
provider in the Baltic countries - Estonia, Latvia and Lithuania, and a rapidly
expanding gaming facilities operator in Ukraine, Belarus, Poland and Romania.
An overview of the Group's key events in 2007:
In April, the subsidiary Olympic Casino Bucharest S.r.l signed an agreement by
which it acquired the assets of the Romanian casino operator Empire
International Game World, including three casinos in the Romanian capital
Bucharest.
In April, the Group completed the acquisition of Kristiine Kasiino AS and
Casinova OÜ. In the second quarter, Kristiine Kasiino AS was combined with
Olympic Casino Eesti AS. The transaction increased the Group's estimated share
in the Estonian gaming market to 45%.
In April, a subsidiary - Olympic Entertainment Slovakia S.r.o. was established
in Slovakia. The activity licence required for operating casinos and penetrating
the Slovakian gaming market was obtained at the beginning of February 2008.
At the end of April, the Group signed the final agreement for the acquisition of
an 80% stake in Casino Polonia-Wroclaw Sp. z.o.o. ("CP"). At the end of May, CP
launched a spectacular new casino in the Hilton Hotel in Warsaw. Investments in
the new casino totalled 110 million kroons (7 million euros). With its 1500
square metres, 100 slot machines and 20 game tables, the new Olympic Casino
Sunrise is the largest casino in Poland.
In May, the legal merger of Olympic Casino Latvia SIA and Baltic Gaming AS was
completed.
In July, the subsidiary Olympic Casino Ukraine TOV signed a preliminary
agreement for the acquisition of the leading Ukrainian casino operator Eldorado.
The final agreement by which the Group acquired three entities which operate
five game halls in prime locations in and around the centre of Kiev (including
three with game tables) was signed in September.
In July, the Group acquired a 97.5% interest in Kesklinna Hotelli OÜ with a view
to launching a new business line - the development of casino hotels and casino
complexes.
In August, the Group entered a new, category B gaming halls segment in
Lithuania.
Since 26 September, the shares of OEG have been traded at the Warsaw Stock
Exchange. Membership in the fourth-largest stock exchange in Europe supports
OEG's future ambitions and broadens its international reach.
Olympic Entertainment Group AS' unaudited consolidated operating results for
2007
Selected financial data, 12 months 2007:
Revenue: 2,517.5 million kroons (+50.9%)
Operating profit: 432.5 million kroons (-2.7%)
Operating margin*: 17.2% (2006: 26.6%)
Profit before tax: 425.5 million kroons (-4.3%)
Net profit: 381.7 million kroons (-5.6%)
Net margin**: 14.6% (2006: 23.3%)
Operating cash flows: 664.6 million kroons
(2006:627.9 million kroons)
Investing cash flows: - 1 243.6 million kroons
(2006: -426.4 million kroons)
Financing cash flows: -151,1 million kroons
(2006: 849.0 million kroons)
* Operating margin = operating profit / revenue
** Net margin = net profit / revenue
1 euro = 15.6466 kroons
The results of entities acquired in 2007 have been included in the consolidated
accounts as follows:
Kristiine Kasiino and Casinova OÜ April - December 2007;
Casino Polonia Wroclaw Sp. Z.o.o. May - December 2007;
Olympic Casino Bucharest S.r.l June - December 2007;
Eldorado companies October - December 2007.
Consolidated revenue for the fourth quarter of 2007 soared to 826.0 million
kroons (52.8 million euros), a 62.6% improvement year-over-year.
Consolidated operating profit and net profit for the fourth quarter amounted to
134.8 million kroons (8.6 million euros) and 98.4 million kroons (6.3 million
euros) respectively. Fourth quarter operating margin was 16.3% and net margin
11.9%.
Olympic Entertainment Group AS ended the financial year with sales revenue of
2,487.3 million kroons (159.0 million euros). Total consolidated revenue surged
to 2,517.5 million kroons (160.9 million euros), up 50.9% on the 1,668.8 million
kroons (106.7 million euros) earned in 2006.
Consolidated operating profit slipped to 432.5 million kroons (27.6 million
euros), 2.7% down from 2006, while consolidated net profit decreased from the
404.3 million kroons (25.8 million euros) earned in 2006 to 381.7 million kroons
(24.4 million euros), down 5.6%.
The Group corrected forecast of annual revenue was 2.3 billion kroons (147.0
million euros) and corrected forecast of annual operating profit was 450.0
million kroons (28.8 million euros). Unaudited annual revenue including
nonrecurrent revenues exceeded the forecast by 217.5 million kroons (13.9
million euros), which is 9.5% more than forecasted. Unaudited annual operating
profit was lower than forecasted by -3.9% and amounted 432.6 million kroons
(27.6 million euros). Operating profit was affected by costs incurred in
connection with the opening of new casinos and non-recurring items.
According to management's estimates, the acquisitions of 2007 have not yet
reached their full potential. The margins of recently acquired entities should
begin improving in the second half of 2008.
Consolidated revenue was boosted by the contribution of companies acquired in
2007, organic revenue growth and the opening of new casinos. Entities acquired
through business combinations contributed 402.3 million kroons (25.7 million
euros) or 47,4% of total revenue growth. Non-recurring items totalled 33.2
million kroons (2.1 million euros).
Gaming operations accounted for 92% of consolidated revenue while other
operations contributed 8%.
Revenue by markets (in thousands of kroons):
--------------------------------------------------------------------------------
| | Q4 2007 | Q4 2006 | Change | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Estonia | 241,253 | 203,618 | 18.5% | 866,057 | 671,535 | 29.0% |
--------------------------------------------------------------------------------
| Latvia | 194,655 | 159,372 | 22.1% | 692,760 | 511,211 | 35.5% |
--------------------------------------------------------------------------------
| Lithuania | 157,808 | 110,815 | 42.4% | 470,480 | 389,467 | 20.8% |
--------------------------------------------------------------------------------
| Ukraine | 80,188 | 32,867 | 144.0% | 187,640 | 94,881 | 97.8% |
--------------------------------------------------------------------------------
| Belarus | 5,677 | 1,271 | 346.5% | 12,617 | 1,676 | 652.7% |
--------------------------------------------------------------------------------
| Poland | 139,272 | - | - | 270,838 | - | - |
--------------------------------------------------------------------------------
| Romania | 7,136 | - | - | 17,115 | - | - |
--------------------------------------------------------------------------------
| TOTAL | 825,989 | 507,944 | 62.6% | 2,517,506 | 1,668,770 | 50.9% |
--------------------------------------------------------------------------------
1 euro = 15.6466 kroons
Consolidated operating expenses for 2007 totalled 2,085.0 million kroons (133.3
million euros), up 70.3% on 2006. The largest expense item was personnel
expenses which amounted to 651.9 million kroons (41.7 million euros). The next
in size were depreciation and amortisation expense of 257.1 million kroons (16.4
million euros) and gaming tax expenses of 330.0 million kroons (21.1 million
euros), followed by marketing expenses of 193.4 million kroons (12.4 million
euros) and rental expenses on buildings of 171.0 million kroons (10.9 million
euros).
The structure of operating expenses has not changed. The main growth driver is
still rapid expansion. In absolute numbers, the largest growth occurred in
personnel expenses which increased by 269.9 million kroons (17.2 million euros)
or 70.7% year-over-year. Gambling tax expenses grew by 127.2% or 184.8 million
kroons (11.8 million euros) and rental expenses rose by 92.4% or 82.1 million
kroons (5.2 million euros).
Expenses for 2007 include costs of 52.0 million kroons (3.3 million euros)
incurred in connection with the opening of new casinos, and non-recurring items
of 27.0 million kroons (1.7 million euros), including the costs of researching
new markets (4.1 million kroons (0.3 million euros)), the costs of penetrating
the Polish market (6.0 million kroons (0.4 million euros)), and the costs in
connection with options provided to members of the management and supervisory
boards and the key executives (16.9 million kroons (1.1 million euros)).
Consolidated net profit for 2007 was affected by unrealised exchange losses of
31.2 million kroons (2.0 million euros) incurred from fluctuations in the euro -
US dollar exchange rate. Exchange differences have been recognised in the income
statement in Net financial items.
Balance sheet
At 31 December 2007, the consolidated balance sheet of Olympic Entertainment
Group AS totalled 2,706.9 million kroons (173.0 million euros), up 17.2% on 31
December 2006.
Current assets accounted for 596.5 million kroons (38.1 million euros) or 22.0%
of total assets and non-current assets to 2,110.4 million kroons (134.9 million
euros) or 78% of total assets. Intangible assets accounted for 699.7 million
kroons (44.7 million euros) or 33.2% of non-current assets.
At 31 December, consolidated liabilities totalled 368.5 million kroons (23.6
million euros) and consolidated equity amounted to 2,338.4 million kroons (149.5
million euros). The largest liabilities were trade payables of 125.7 million
kroons (8.0 million euros), tax commitments of 84.5 million kroons (5.3 million
euros), payables to employees of 66.5 million kroons (4.3 million euros) and
other accrued expenses of 24.3 million kroons (1.6 million euros). Other
liabilities included finance lease liabilities of 22.9 million kroons (1.5
million euros), deferred tax liabilities of 18.3 million kroons (1.2 million
euros), and amounts due to customers and provisions for winnings of 26.3 million
kroons (1.7 million euros).
People
At 31 December 2007, the Group employed 4 004 people (31 December 2006: 2342)
including 779 in Estonia, 1077 in Latvia, 764 in Lithuania, 646 in Ukraine, 88
in Belarus, 489 in Poland,159 in Romania and 2 in Slovakia.
Employee remuneration expenses including social charges amounted to 651.9
million kroons (41.7 million euros) against 382.0 million kroons (24.4 million
euros) in 2006.
In 2007, option agreements were made with members of the management board of
Olympic Entertainment Group AS and the Group's key executives. According to the
agreements, a member of the management board may subscribe a total of 333,624
shares and a key executive a total of 133,446 shares in Olympic Entertainment
Group AS during the period 2008 - 2010. The exact number of the shares that may
be subscribed by a member of the management board or a key executive will depend
on the achievement of the Group's financial targets and the performance of the
department in which the member of the board or the key executive is employed.
The options may be exercised every year from 2008 to 2010.
Results of casino operators
At the end of 2007, the Group had 122 casinos with a total area of 33,828 square
metres. At the end of 2006, the number of casinos was 79 and their total area
22,316 square metres.
Number of casinos by markets:
31 Dec 2007 31 Dec 2006
Estonia 35 22
Latvia 38 38
Lithuania 15 10
Ukraine 19 8
Belarus 4 1
Poland 8 -
Romania 3 -
TOTAL 122 79
OLYMPIC CASINO EESTI AS
At the end of 2007, there were 35 Olympic casinos in Estonia with a total of
1,335 slot machines and 24 game tables. During the year, 3 Olympic casinos were
renovated and 6 former Kristiine Kasiino facilities were re-branded.
Olympic Casino Eesti AS (OCE) ended 2007 with sales of 794.8 million kroons
(50.8 million euros), up 23.7% on 2006. Operating profit remained stable at 288
million kroons (18.4 million euros). OCE's operating profit was adversely
affected by the overall price hike in Estonia, the situation in the labour
market which pushed up personnel expenses, the renovation of Olympic casinos and
the re-branding of Kristiine Kasiino facilities, and the acquisition of new
equipment which increased depreciation expense. The costs incurred in connection
with the renovation and re-branding of Kristiine Kasiino casinos totalled 11.8
million kroons (0.8 million euros).
OLYMPIC CASINO LATVIA SIA
The past financial year saw the completion of the legal merger of Olympic Casino
Latvia SIA (OCL) and Baltic Gaming AS (BG). During the year, 10 BG casinos were
renovated and 2 Olympic casinos refurbished. At the end of the year, OCL was
operating 38 casinos with 1,235 slot machines and 40 game tables.
OCL's and BG's sales for 2007 totalled 661.1 million kroons (42.3 million
euros), a 38.6% improvement on their combined sales for 2006. Operating profit
amounted to 106.0 million kroons (6.8 million euros), a 7.1% decrease compared
with 2006. In 2007, profit growth was impeded by surging personnel expenses,
larger gaming tax expenses (caused by a rise in the tax rate), increasing sales
which boosted jackpot and bonus point expenses, the costs of combining BG and
OCL, and investment-triggered expansion in depreciation and amortisation
expense.
OLYMPIC CASINO GROUP BALTIJA UAB
In 2007, Olympic Casino Group Baltija UAB (OCGB) opened 5 new, category B
casinos.
OCGB's flagship casino in Kaunas is still closed because of the renovation of
the hotel in which the casino is located. At the end of 2007, OCGB was operating
10 casinos under the Olympic Casino brand name (including the one temporarily
closed for renovation) and 5 under the Bumerangas brand name. The casinos have a
total of 546 slot machines and 64 game tables.
OCGB ended 2007 with sales revenue of 429.8 million kroons (27.5 million euros),
a roughly 15% improvement on 2006. Operating profit grew by 41.7% to 115.6
million kroons (7.4 million euros), mainly thanks to an increase in sales. In
the fourth quarter, OCGB received compensation of 8.6 million kroons (0.5
million euros) for delays in the renovation of the hotel and the continuing
closure of its casino.
OLYMPIC CASINO UKRAINE TOV
At the end of 2007, Olympic Casino Ukraine TOV (OCU) was operating 14 Olympic
Casinos. In September, a final contract was signed for the acquisition of 5
casinos including 2 table casinos operating under the Eldorado brand name. The
results of the Eldorado casinos have been consolidated from the fourth quarter
of 2007. At 31 December, OCU was operating 683 slot machines under the Olympic
Casino brand name and Eldorado casinos were operating 274 slot machines and 17
game tables.
OCU ended 2007 with sales revenue of 154.2 million kroons (9.9 million euros), a
62.7% upswing on 2006. The rise may be attributed to both organic revenue growth
and the opening of new casinos. OCU's operating profit for 2007 amounted to 13.3
million kroons (0.9 million euros), a 2.2 million kroon (0.1 million euro)
decrease compared with 2006.
Eldorado casinos ended the fourth quarter with sales of 33.4 million kroons (2.1
million euros) and an operating profit of 5.3 million kroons (0.3 million
euros). The operating profit of the Group's Ukrainian operations was impacted by
expansion, especially growth in rental expenses and an investment-related rise
in depreciation and amortisation expense.
OLYMPIC CASINO BEL IP
At the end of December, Olympic Casino Bel IP (OCB) was operating 4 casinos in
Minsk. During the year, 3 new casinos were opened.
OCB's sales revenue for 2007 amounted to 12.1 million kroons (0.8 million
euros). Due to delays in the opening of new casinos and the start-up phase of
launched facilities, the period ended in an operating loss of 23.3 million
kroons (1.5 million euros).
CASINO POLONIA - WROCLAW SP. Z.O.O
Casino Polonia Wroclaw Sp. Z.o.o (CP) ended the period May-December 2007 with
sales revenue of 270.1 million kroons (17.3 million euros). In the fourth
quarter CP's revenues grew by 53.9% on the third quarter. At the year-end, CP
was operating 310 slot machines and 44 game tables. Due to organisational
restructuring, operating profit for May-December amounted to 2.5 million kroons
(0.2 million euros).
OLYMPIC CASINO BUCHAREST S.R.L.
In the third quarter of 2007, 2 former Empire International Game World slot
casinos were renovated and 1 new slot casino was opened.
Olympic Casino Bucharest S.r.l. ended 2007 with sales revenue of 17.2 million
kroons (1.1 million euros). Because of expenses incurred in connection with the
opening of new game halls and organisational restructuring, the period ended in
an operating loss of 26.2 million kroons (1.7 million euros).
The Group's key financials
--------------------------------------------------------------------------------
| | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 2,517.50 | 1,668.80 | 50.9% |
--------------------------------------------------------------------------------
| EBITDA (kroons, millions) | 689.6 | 630.4 | 9.4% |
--------------------------------------------------------------------------------
| Operating profit (kroons, millions) | 432.5 | 444.4 | -2.7% |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | 381.7 | 404.3 | -5.6% |
--------------------------------------------------------------------------------
| EBITDA margin | 27.4% | 37.8% | -27.5% |
--------------------------------------------------------------------------------
| Operating margin | 17.2% | 26.6% | -35.3% |
--------------------------------------------------------------------------------
| Net margin | 15.2% | 24.2% | -37.2% |
--------------------------------------------------------------------------------
| Equity ratio | 86.4% | 89.8% | -3.8% |
--------------------------------------------------------------------------------
| ROA | 14.7% | 23.9% | -38.5% |
--------------------------------------------------------------------------------
| ROE | 16.7% | 29.1% | -42.6% |
--------------------------------------------------------------------------------
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
o ROA = net profit / average total assets
o ROE = net profit / average total equity
1 euro = 15.6466 kroons
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | Q4, 2007 | Q4, 2006 | 2007 | 2006 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 802 306 | 503 625 | 2 487 298 | 1 658 749 |
--------------------------------------------------------------------------------
| Other income | 23 683 | 4 319 | 30 207 | 10 021 |
--------------------------------------------------------------------------------
| Total revenue | 825 989 | 507 944 | 2 517 506 | 1 668 770 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -19 538 | -21 710 | -60 297 | -56 433 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -369 136 | -175 485 | -1 101 984 | -592 595 |
--------------------------------------------------------------------------------
| Labour costs | -208 761 | -118 085 | -651 911 | -381 997 |
--------------------------------------------------------------------------------
| Depreciation and | -82 203 | -61 924 | -256 769 | -159 855 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -26 141 |
--------------------------------------------------------------------------------
| Other expenses | -11 205 | -5 495 | -13 648 | -7 352 |
--------------------------------------------------------------------------------
| Total expenses | -691 193 | -382 698 | -2 084 959 | -1 224 373 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 134 795 | 125 246 | 432 547 | 444 398 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 11 | -11 | 11 | -11 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 3 551 | 6 572 | 27 791 | 9 900 |
--------------------------------------------------------------------------------
| Interest expense | -318 | -1 376 | -604 | -10 325 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 116 015 | 132 967 | 425 457 | 444 735 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -17 582 | -17 754 | -43 752 | -40 473 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 98 433 | 115 213 | 381 705 | 404 262 |
--------------------------------------------------------------------------------
| Attributable to minority | 6 707 | 4 613 | 14 356 | 15 463 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 91 726 | 110 600 | 367 349 | 388 799 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,61 | 0,79 | 2,43 | 3,11 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,61 | 0,79 | 2,43 | 3,11 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | Q4, 2007 | Q4, 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 51 277 | 32 188 | 158 967 | 106 013 |
--------------------------------------------------------------------------------
| Other income | 1 514 | 276 | 1 931 | 640 |
--------------------------------------------------------------------------------
| Total revenue | 52 790 | 32 464 | 160 898 | 106 654 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -1 249 | -1 388 | -3 854 | -3 607 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -23 592 | -11 216 | -70 430 | -37 874 |
--------------------------------------------------------------------------------
| Labour costs | -13 342 | -7 547 | -41 665 | -24 414 |
--------------------------------------------------------------------------------
| Depreciation and | -5 254 | -3 958 | -16 411 | -10 217 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -1 671 |
--------------------------------------------------------------------------------
| Other expenses | -716 | -351 | -872 | -470 |
--------------------------------------------------------------------------------
| Total expenses | -44 153 | -24 459 | -133 231 | -78 252 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 8 637 | 8 005 | 27 667 | 28 402 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Gain on sale of shares in | 0 | 537 | 0 | 537 |
| subsidiaries | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 1 | -1 | 1 | -1 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 227 | 420 | 1 776 | 633 |
--------------------------------------------------------------------------------
| Interest expense | -20 | -88 | -39 | -660 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -1 408 | -375 | -2 191 | -488 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -1 200 | 493 | -453 | 22 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 7 437 | 8 498 | 27 214 | 28 424 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -1 124 | -1 135 | -2 796 | -2 587 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 6 313 | 7 363 | 24 418 | 25 837 |
--------------------------------------------------------------------------------
| Attributable to minority | 429 | 295 | 918 | 988 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 5 885 | 7 069 | 23 500 | 24 849 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,04 | 0,05 | 0,16 | 0,20 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,04 | 0,05 | 0,16 | 0,20 |
| (€) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | | | 31 Dec | 31 Dec |
| kroons) | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 501 801 | 1 234 658 |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 2 567 | 6 388 |
--------------------------------------------------------------------------------
| Inventories | | | 20 431 | 10 507 |
--------------------------------------------------------------------------------
| Total current assets | | | 596 484 | 1 300 637 |
--------------------------------------------------------------------------------
| Other financial investments | | | 18 176 | 18 311 |
--------------------------------------------------------------------------------
| Other long-term receivables | | | 11 955 | 42 554 |
--------------------------------------------------------------------------------
| Investment property | | | 52 924 | 31 819 |
--------------------------------------------------------------------------------
| Property, plant and | | | 1 324 075 | 770 471 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 699 663 | 142 206 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 2 110 368 | 1 008 564 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 2 706 852 | 2 309 201 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | | | 31 Dec | 31 Dec |
| kroons) | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 4 682 | 174 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 12 509 | 15 340 |
--------------------------------------------------------------------------------
| Trade payables | | | 125 677 | 97 139 |
--------------------------------------------------------------------------------
| Income tax liability | | | 70 866 | 20 304 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 13 613 | 30 330 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 84 294 | 43 515 |
--------------------------------------------------------------------------------
| Provisions | | | 13 748 | 16 213 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 325 390 | 223 015 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 18 280 | 12 182 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 24 787 | 991 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 43 067 | 13 173 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 368 457 | 236 188 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 1 510 000 | 754 000 |
--------------------------------------------------------------------------------
| Share premium | | | 227 273 | 968 800 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 19 444 | 4 |
--------------------------------------------------------------------------------
| Translation reserves | | | 7 939 | -2 217 |
--------------------------------------------------------------------------------
| Retained earnings | | | 512 417 | 315 308 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 2 277 074 | 2 035 896 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 61 321 | 37 118 |
--------------------------------------------------------------------------------
| Total equity | | | 2 338 395 | 2 073 013 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 2 706 852 | 2 309 201 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 32 071 | 78 909 |
--------------------------------------------------------------------------------
| Trade receivables | | | 902 | 459 |
--------------------------------------------------------------------------------
| Other receivables and | | | 3 679 | 2 678 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 164 | 408 |
--------------------------------------------------------------------------------
| Inventories | | | 1 306 | 672 |
--------------------------------------------------------------------------------
| Total current assets | | | 38 122 | 83 126 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 229 | 205 |
--------------------------------------------------------------------------------
| Other financial investments | | | 1 162 | 1 170 |
--------------------------------------------------------------------------------
| Other long-term receivables | | | 764 | 2 720 |
--------------------------------------------------------------------------------
| Investment property | | | 3 382 | 2 034 |
--------------------------------------------------------------------------------
| Property, plant and | | | 84 624 | 49 242 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 44 717 | 9 089 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 134 877 | 64 459 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 172 999 | 147 585 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 299 | 11 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 799 | 980 |
--------------------------------------------------------------------------------
| Trade payables | | | 8 032 | 6 208 |
--------------------------------------------------------------------------------
| Income tax liability | | | 4 529 | 1 938 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 870 | 1 298 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 5 387 | 2 781 |
--------------------------------------------------------------------------------
| Provisions | | | 879 | 1 036 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 20 796 | 14 253 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 1 168 | 779 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 1 584 | 63 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 2 752 | 842 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 23 549 | 15 095 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 96 507 | 48 189 |
--------------------------------------------------------------------------------
| Share premium | | | 14 525 | 61 918 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 1 243 | 0 |
--------------------------------------------------------------------------------
| Translation reserves | | | 507 | -142 |
--------------------------------------------------------------------------------
| Retained earnings | | | 32 749 | 20 152 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 145 532 | 130 117 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 3 919 | 2 372 |
--------------------------------------------------------------------------------
| Total equity | | | 149 451 | 132 490 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 172 999 | 147 585 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
For further information, please contact:
Andri Avila
Member of the Management Board
Olympic Entertainment Group
Telephone: + 372 667 1250
E-mail: andri.avila@ocg.ee
Website: www.olympic-casino.com