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15.11.2007 17:00:01
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Konsolideeritud auditeerimata majandustulemused, 9 kuud 2007
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Konsolideeritud auditeerimata majandustulemused, 9 kuud 2007
2007. aasta kolmandas kvartalis on Olympic Entertainment Group AS (edaspidi
nimetatud ka "Grupp") äritegevuses toimunud mitmed olulised arengud.
Alates 26. septembrist kaubeldakse OEG aktsiatega Varssavi börsil. Liikmeksolek
Euroopa suuruselt neljandal väärtpaberiturul toetab OEG tulevikuambitsioone ja
rahvusvahelist haaret. Varssavi börsi liikmena saab OEG aktsiatega kaubelda
suurem hulk välisinvestoreid.
Teisel poolaastal jätkus laienemisplaanide ellu viimine. Juulis soetati
97,5%-line osalus Kesklinna Hotelli OÜ-s, mille eesmärgiks on alustada Grupi uut
kasiinohotellide ning kasiinokomplekside arenduse suunda. Septembris
allkirjastatud lepinguga omandas Grupi Ukraina tütarettevõte Olympic Casino
Ukraine TOV lõplikult Ukraina tuntuima kasiinooperaatori Eldorado. Eldorado
kaubamärgi all tegutsevate kasiinode opereerimisega seotud kolm ettevõtet Alea
Private Company, Eldorado Leisure Company ja Ukraine Leisure Company opereerivad
viit mängusaali, mis asuvad Kiievi kesklinnas või selle lähirajoonides hästi
sissetöötatud kohtades, neist kolm on mängulaudadega kasiinod. Tehingu
maksumuseks kujunes ligi 144 miljonit krooni (9,2 miljonit eurot). Elodrado
kasiinode tulemused konsolideeritakse Grupi majandustulemustesse alates
käesoleva aasta neljandast kvartalist.
Juulis jõudis lõpule Olympic Casino Eesti AS ja Kristiine Kasiino AS
ühinemisprotsess. Aasta jooksul viiakse Olympic Casino nime alla kõik Kristiine
Kasiinod, välja arvatud Kristiine Keskuse kasiino. Kokku plaanitakse Kristiine
Kasiinode kaasajastamisesse investeerida ligi 80 miljonit krooni (5 miljonit
eurot).
Augustis sisenes Grupp Leedus uude B-kategooria mängusaalide turusegmenti.
Aasta viimases veerandis sõlmis Grupi Läti tütarettevõte Olympic Casino Latvia
SIA eellepingu Admirāļu klubs AS`s 100% osaluse ostuks. Aktsiate esialgselt
kokkulepitud maksimaalne müügihind on 625,9 miljonit krooni (40 miljonit eurot).
Tehingu järgselt suureneb OEG kontserni turuosa Läti hasartmänguturul ligi
25%-ni. Admirāļu klubs AS 2007. aasta porgnoositav käive on 18 miljonit latti
ning ettevõte opereerib ligikaudu 2400 mänguautomaadiga. Tehing plaanitakse
lõpule viia 2008. aasta alguses.
Tulemuste lühikokkuvõte,
9 kuud 2007:
Äritulud: 1691,5 miljonit krooni (aastane muutus 45,7%)
Ärikasum: 297,8 miljonit krooni (aastane muutus -6,7%)
Ärirentaablus*: 17,6% (9 kuud 2006 27,5%)
Kasum enne makse: 309,4 miljonit krooni (aastane muutus -0,7%)
Puhaskasum **: 283,3 miljonit krooni (aastane muutus -2,0%)
Puhasrentaablus***: 16,7% (9 kuud 2006 24,9%)
* Ärirentaablus = Ärikasum / Äritulud
** Puhaskasum enne vähemusosalust
*** Puhasrentaablus = Puhaskasum / Äritulud
1 EUR = 15,6466 EEK
Grupi 2007. aasta 9 kuu äritulud ulatusid 1 691,5 miljoni kroonini (108,1
miljonit eurot), kasvades eelmise aasta 9 kuuga võrreldes 45,7%.
Grupi ärikasum ulatus käesoleva aasta 9 kuuga 297,8 miljoni kroonini (19,0
miljonit eurot) ning puhaskasum 283,3 miljoni kroonini (18,1 miljonit eurot),
muutused eelmise aasta sama perioodiga võrreldes olid ärikasumi osas -6,7% ja
puhaskasumi osas -2,0%. 2006. aasta 9 kuu ärirentaablus oli 27,5% ning
puhasrentaablus 24,9%.
2007. aasta 9 kuu ärituludele ja kasumile avaldavad mõju 3.kvartali Poola
Sunrise kasiino suurvõidud, millega seoses oli saamata jäänud äritulusid
ligikaudu 10 miljonit krooni (0,7 miljonit eurot). Negatiivse mõjuga ärituludele
on ka Kaunases asuva esinduskasiino hotelli renoveerimistööde lõpetamise jätkuv
edasilükkumine, Eestis Rocca al Mare ja Grand Hotell Tallinn tulude kahanemine
seoses asukoha hoone renoveerimistöödega, planeeritust hilisemad kasiinode
avamised Ukrainas ja Valgevenes.
Grupi 2007. aasta 9 kuu konsolideeritud ärituludest moodustas 94,3%
hasartmängutulu, muud tulud moodustasid 5,7%.
Tulude jaotus geograafiliste segmentide lõikes (tuhandetes kroonides):
--------------------------------------------------------------------------------
| | 9 kuud | Osakaal | 9 kuud 2006 | Osakaal | Tulude kasv |
| | 2007 | | | | |
--------------------------------------------------------------------------------
| Eesti | 624 804 | 36,9% | 468 015 | 40,3% | 33,5% |
--------------------------------------------------------------------------------
| Läti | 498 105 | 29,4% | 351 838 | 30,3% | 41,6% |
--------------------------------------------------------------------------------
| Leedu | 312 672 | 18,5% | 278 554 | 24,0% | 12,2% |
--------------------------------------------------------------------------------
| Ukraina | 107 451 | 6,4% | 62 015 | 5,4% | 73,3% |
--------------------------------------------------------------------------------
| Valgevene | 6 940 | 0,4% | 405 | - | - |
--------------------------------------------------------------------------------
| Poola | 131 566 | 7,8% | - | - | - |
--------------------------------------------------------------------------------
| Rumeenia | 9 979 | 0,6% | - | - | - |
--------------------------------------------------------------------------------
| Kokku | 1 691 517 | 100% | 1 160 827 | 100% | 45,7% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
Suurima osakaalu Grupi tuludest annavad Eesti ettevõtted. Eelmise aasta sama
perioodiga võrreldes on Eesti ettevõtete osakaal Grupi konsolideeritud
ärituludes vähenenud 36,9%-le. Suurenenud on Ukraina ja Poola osakaal Grupi
kogutuludes. Kiireim tulude kasv on jätkuvalt olnud aastaga Ukrainas 73,3% ja
Lätis 41,6%. Leedu osakaalu vähenemine tuludes ning Grupi keskmisest kasvust
aeglasem kasv on seotud Kaunase esinduskasiino ajutise sulgemisega seoses
renoveerimistöödega hotellis, kus kasiino asub ning Grupi investeeringute
suunamisega kiiresti arenevatele turgudele Ukrainas, Poolas ja Rumeenias. Leedus
sisenes Grupp 3. kvartalis uude B-kategooria kasiinode turusegmenti, millest
tulenevat tulude kasvuefekti oodatakse järgmise aasta alguseks.
Käesoleva aasta esimese kvartalis prognoosis Grupp tulenevalt geograafilisest
laienemisest ning ärimahtude kasvust olemasolevatel turgudel 2007. aasta
kogutuludeks 2,67 miljardit krooni (170,5 miljonit eurot) ning aasta ärikasumiks
595 miljonit krooni (38,0 miljonit eurot). Aastaseks äritulude kasv oli
vastavalt prognoosile 60% ning ärikasum kasv 34%.
2007. aasta kogutulude ja ärikasumi prognoosides oli arvestatud Admirāļu klubs
AS soetamisega käesoleva aasta teise poolaasta alguses. Prognoos baseerus
operatiivtuludel ja -kuludel ning ei sisaldanud mittekapitaliseeritavaid
renoveerimiste ja laienemiste kulusid, mis esimese üheksa kuu jooksul
moodustasid 37,8 miljonit krooni (2,4 miljonit eurot). Seoses uute ettevõtete
omandamise ja uute kasiinode avamiste edasi lükkumisega ning uute kasiinode
käivitumisperioodiga prognoosib Grupp 2007. aasta kogutuludeks senise 2,67
miljardit krooni (170,5 miljonit eurot) asemel 2,3 miljardit krooni (147,0
miljonit eurot). Tulenevalt laienemise kuludest ning äritulude prognoosi
korrigeerimisest, prognoosib Grupp senise 595 miljonit krooni (38,0 miljonit
eurot) asemel ärikasumiks 450 miljonit krooni (28,8 miljonit eurot).
Grupi 2007. aasta 9 kuu konsolideeritud tegevuskulud kasvasid võrreldes möödunud
aasta sama perioodiga 65,6% ning moodustasid 1 393,8 miljonit krooni (89,1
miljonit eurot), 2006. aasta 9 kuu tegevuskulude maht oli 841,7 miljonit krooni
(53,8 miljonit eurot). Tegevuskulude kasvutempo on 3. kvartalis pidurdunud,
kulude nominaalkasv on seotud 2. kvartalis omandatud Casino Polonia ja Kristiine
Kasiinoga. Grupi tegevuskulude struktuur ei ole aasta jooksul muutunud, kõige
suurema osa Grupi kuludest moodustavad personalikulud, mis ulatusid käesoleva
aasta 9 kuu seisuga 443,2 miljoni kroonini (28,3 miljonit eurot), järgnevad
hasartmängumaksude ja tegevuslitsentside kulud 204,4 miljonit krooni (13,0
miljonit eurot), amortisatsioonikulud 174,6 miljonit krooni (11,2 miljonit
eurot), marketingikulud 129,6 miljonit krooni (8,3 miljonit eurot), hoonete
rendikulu 113,1 miljonit krooni (7,2 miljonit eurot). Tegevuskulude kasv
tingitud ettevõtte kasvust ja uute kasiinode avamisest.
2007. aasta 9 kuu tegevuskulud sisaldavad 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 maksud 16,9 miljonit krooni (1,1 miljonit eurot).
2007. aasta 9 kuu puhaskasumit mõjutavad -12,3 miljoni krooniga (-0,8 miljonit
eurot) realiseerimata kursivahed, mis tulenevad euro ja USA dollari kursi
kõikumisest. Kursivahed kajastuvad kasumiaruande real „finantstulud ja -kulud
neto”.
Bilanss ja investeeringud
30.09.2007 seisuga oli Grupi konsolideeritud bilansimaht 2 498,9 miljonit krooni
(159,7 miljonit eurot), mis on kasvanud 8,2% võrreldes möödunud aasta lõpu
seisuga (2 309,2 miljonit krooni ehk 147,6 miljonit eurot).
Käibevarad moodustasid varadest 577,9 miljonit krooni (36,9 miljonit eurot) ehk
23,1% kogu varadest. Põhivarade maht oli 1 920,9 miljonit krooni (122,8 miljonit
eurot) ehk 76,9% bilansimahust. Käibevarade osakaalu vähenemist põhjustasid
laienemised tütarettevõtete soetamise näol ja investeeringud põhivarasse ning
dividendide välja maksmine.
Grupi kohustused olid kokku 278,2 miljonit krooni (17,8 miljonit eurot) ning
ettevõtte konsolideeritud omakapital moodustas 2 220,7 miljoni kroonini (141,9
miljonit eurot). Grupi kohustused koosnevad tavapärastest äritegevuse käigus
tekkivatest kohustustest, millest suurema osa moodustavad maksukohustused 70,7
miljonit krooni (4,5 miljonit eurot), hankijate tasumata arved 68,9 miljonit
krooni (4,4 miljonit eurot), kohustused töövõtjatele 59,9 miljonit krooni (3,8
miljonit eurot) ja kapitalirendikohustus 27,2 miljonit krooni (1,7 miljonit
eurot).
Grupi investeeringud ilma äriühendusteta ulatusid 2007. aasta 9 kuul kokku 438,5
miljoni kroonini (28,0 miljonit eurot). 108,6 miljonit krooni (6,9 miljonit
eurot) investeeriti rendipindade rekonstrueerimisse, investeeringud seadmetesse
moodustasid 258,3 miljonit krooni (16,5 miljonit eurot), 40,9 miljonit krooni
(2,6 miljonit eurot) olid investeeringud muudesse põhivaradesse. Ettemaksed
põhivara eest moodustasid 30,6 miljonit krooni (2,0 miljonit eurot).
Äriühendustest lisandus materiaalseid põhivarasid kokku 152,5 miljonit krooni
(9,8 miljonit eurot).
Immateriaalse põhivara suurenemine on seotud äriühenduste käigus omandatud
immateriaalsete varadega ning tekkinud firmaväärtusega kogusummas 541,6 miljoni
krooni (34,6 miljonit eurot). Investeeringud tarkvarasse moodustasid 3,4
miljonit krooni (0,2 miljonit eurot).
Personal
Uute kasiinode avamisest tulenevalt kasvas Grupi personali arv aastaga üle 59%
ja ulatus 30.09.2007 seisuga 3 779 töötajani (30.09.2006: 2 243 töötajat). Grupi
Eesti ettevõtetes töötas septembri lõpus 700, Lätis 1055, Leedus 732, Ukrainas
656, Valgevenes 75, Poolas 426 ja Rumeenias 135 inimest.
2007. aasta 9 kuu eest arvestati Grupi töötajatele töötasusid koos
sotsiaalmaksudega kokku 443,2 miljonit krooni (28,3 miljonit eurot), eelmise
aasta samal perioodil arvestati töötasusid koos sotsiaalmaksudega 263,9 miljonit
krooni (16,9 miljonit eurot).
Kasiinoettevõtete tulemused
2007. aasta septembri lõpu seisuga oli Grupis kokku 114 kasiinot üldpinnaga
32823 m2. Eelmisel aastal samal ajal oli Grupi kasiinode arv 73 ja kasiinode
üldpind oli kokku 20979 m2.
Kasiinode arv riikide lõikes:
--------------------------------------------------------------------------------
| | 30.09.2007 | 30.09.2006 |
--------------------------------------------------------------------------------
| Eesti | 35 | 20 |
--------------------------------------------------------------------------------
| Läti | 36 | 38 |
--------------------------------------------------------------------------------
| Leedu | 12 | 8 |
--------------------------------------------------------------------------------
| Ukraina | 18 | 6 |
--------------------------------------------------------------------------------
| Valgevene | 3 | 1 |
--------------------------------------------------------------------------------
| Poola | 8 | 0 |
--------------------------------------------------------------------------------
| Rumeenia | 3 | 0 |
--------------------------------------------------------------------------------
| KOKKU | 115 | 73 |
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OLYMPIC CASINO EESTI AS
2007. aasta septembri lõpus tegutses Eestis kokku 35 Olympic kasiinot (sh 9
väljaspool Tallinna), neist 28 kasiinot Olympic Casino kaubamärgi all ning 7
Kristiine Kasiino kaubamärgi all, milles oli kokku 1 217 mänguautomaati ja 25
mängulauda.
OCE 2007. aasta 9 kuu müügitulu kasvas 568,6 miljoni kroonini (36,3 miljonit
eurot), mis teeb müügitulude aastaseks kasvuks 25,8%. OCE puhaskasum kasvas
võrreldes eelmise aasta 9 kuu tulemusega 7,1% ja ulatus 225,6 miljoni kroonini
(14,4 miljonit eurot). Kasumi suurenemine saavutati läbi olemasolevate kasiinode
tulude kasvu ning käesoleva aasta jooksul uute kasiinode lisandumisega.
OLYMPIC CASINO LATVIA SIA
Olympic Casino Latvia SIA (OCL) ja Baltic Gaming AS (BG) juriidilise ühendamine
lõppes edukalt 5. juulil. Kolmandas kvartalis renoveeriti 3 BG kasiinot, mis
tegutsevad Bumerangsi kaubamärgi all ning uuendustööd jätkuvad viimases
kvartalis. 2007. aasta juuni lõpus opereeris OCL kokku 36 kasiinot 1184
mänguautomaadiga ja 40 mängulauaga.
OCL ja BG 2007. aasta 9 kuu müügitulu oli kokku 475,0 miljonit krooni (30,4
miljonit eurot), mis on ligi 45% rohkem kui OCL ja BG 9 kuu 2006 tulemus kokku.
2007. aasta 9 kuu puhaskasumiks kujunes 66,6 miljonit krooni (4,3 miljonit
eurot), mis on samas suurusjärgus eelmise aasta sama perioodi tulemusega. 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) sisenes käesoleval aastal uude
B-kategooria hasartmängu segmenti ja avas 2007. aasta septembris 2 uut kasiinot.
Jätkuvalt on suletud hotelli renoveerimistööde tõttu OCGB Kaunase
esinduskasiino. 2007. aasta septembri lõpus tegutses Olympic Casino kaubamärgi
all Leedus 10 kasiinot (arvestades ka ajutiselt renoveerimiseks suletud Kaunase
kasiinot) ning Bumerangase kaubamärgi all 2 kasiinot, kokku 460 mänguautomaadiga
ja 62 mängulauaga.
OCGB 2007. aasta 9 kuu müügitulu oli 298,8 miljonit krooni (19,1 miljonit
eurot), mis on 11,7% suurem kui möödunud aasta 9 kuu müügitulu. Võrreldes 2006.
aasta 9 kuuga kasvas puhaskasum 10,9% ulatudes 65,5 miljoni kroonini (4,2
miljonit eurot).
OLYMPIC CASINO UKRAINE TOV
Olympic Casino Ukraine TOV (OCU) opereeris septembri lõpu seisuga 13 Olympic
Casinot. Septembris sõlmiti lõplik ostu-müügileping Eldorado kaubamärgi all
tegutseva 5 kasiino ostuks, millest 2 on lauakasiinod. Elodrado kasiinode
tulemused konsolideeritakse Grupi majandustulemustesse alates käesoleva aasta
neljandast kvartalist.
OCU lõpetas 2007. aasta 9 kuu müügituluga 107,4 miljonit krooni (6,9 miljonit
eurot). Müügitulu suurenes võrreldes eelmise aasta sama perioodiga 73,8%. Tulud
suurenemine on tingitud nii tulude kasvust olemasolevates kasiinodes kui ka uute
kasiinode avamisest. OCU puhaskasum moodustas jooksva aasta 9 kuu seisuga 2,5
miljonit krooni (0,2 miljonit eurot) puhaskasumit, mis on eelmise aasta sama
perioodiga võrreldes 6,4 miljonit krooni (0,4 miljonit eurot) vähem. Kasumi
kahanemist põhjustasid laienemisest tulenevad kulud, eelkõige rendikulud ning
investeeringute kasvavast mahust tulenev amortisatsioonikulude tõus.
OLYMPIC CASINO BEL IP
Olympic Casino Bel IP (OCB) tegutseb septembri lõpu seisuga Minskis 3 kasiinoga
ning oktoobris avati neljas Olympic Casino. Aasta lõpuks planeeritakse avada
veel üks kasiino.
2007. aasta 9 kuu müügitulud olid 6,4 miljonit krooni (0,4 miljonit eurot).
Seoses kasiinode avamiste edasilükkumisega ja uute kasiinode
sissetöötamisperioodiga on OCB 2007. aasta 9 kuu puhaskahjum -14,8 miljonit
krooni (-0,9 miljonit eurot).
CASINO POLONIA - WROCLAW SP. Z.O.O
Casino Polonia Wroclaw Sp. Z.o.o (CP)lõpetas perioodi 2007. aasta mai-september
müügituluga 130,8 miljonit krooni (8,6 miljonit eurot). CP müügitulud jäid
oodatust väiksemaks Poola Sunrise kasiino septembris võidetud suurvõitude tõttu,
millega seoses oli saamata jäänud äritulusid ligikaudu 10 miljonit krooni (0,7
miljonit eurot). Tulenevalt teenimata ärituludest ning CP organisatsiooni
reorganiseerimisega kaasnevatest kuludest kujunes 2007. aasta 9 kuu
puhaskahjumiks -18,7 miljonit krooni (-1,2 miljonit eurot)
OLYMPIC CASINO BUCHAREST S.R.L.
Käesoleval hetkel on kaks kasiinot Rumeenia paelinnas Bukarestis jätkuvalt
renoveerimiseks suletud, tööde lõpptähtajaks on planeeritud 2007.aasta lõpp.
Sofiteli hotellis asuv kasiino alustas tööd 1. juunil.
Olympic Casino Bucharest S.r.l. lõpetas 2007. aasta juuni-september müügituluga
10,0 miljonit krooni (0,7 miljonit eurot). Uute saalide avamise
ettevalmistustööd ja operatsioonide ümber kujundamine tõid kaasa kulud, mille
tulemusena kujunes 2007. aasta juuni-september kahjumiks -17,8 miljonit krooni
(-1,1 miljonit eurot).
Kontserni põhilised arvnäitajad
9 kuud 9 kuud Muutus
2007 2006
Äritulud (miljon krooni) 1691,5 1160,8 45,7%
EBITDA (miljon krooni) 472,3 443,2 6,6%
Ärikasum (miljon krooni) 297,8 319,2 -6,7%
Puhaskasum (miljon krooni) 283,3 289,0 -2,0%
EBITDA marginaal 27,9% 38,2% -26,9%
Ärirentaablus 17,6% 27,5% -36,0%
Puhasrentaablus 16,7% 24,9% -32,7%
Omakapitali suhtarv 88,9% 68,7% 29,4%
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 / Äritulud
o Ärirentaablus = Ärikasum / Äritulud
o Puhasrentaablus = Puhaskasum / Äritulud
o Omakapitali suhtarv = Omakapital / Varad kokku
1 EUR = 15,6466 EEK
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| KONSOLIDEERITUD BILANSS | | | | |
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| VARAD | | | | |
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| (auditeerimata, tuhandetes | | | 30.09.2007 | 31.12.200 |
| EEK) | | | | 6 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
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| Raha ja pangakontod | | | 476 253 | 1 234 658 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 8 335 | 7 181 |
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| Muud nõuded ja ettemaksed | | | 53 344 | 41 902 |
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| Ettemakstud tulumaks | | | 14 764 | 6 388 |
--------------------------------------------------------------------------------
| Varud | | | 25 251 | 10 507 |
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| Käibevara kokku | | | 577 948 | 1 300 637 |
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| Põhivara | | | | |
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| Edasilükkunud tulumaksuvara | | | 2 379 | 3 204 |
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| Muud finantsinvesteeringud | | | 18 209 | 18 311 |
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| Muud pikaajalised nõuded | | | 10 460 | 42 554 |
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| Kinnisvarainvesteeringud | | | 31 819 | 31 819 |
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| Materiaalne põhivara | | | 1 177 190 | 770 471 |
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| Immateriaalne põhivara | | | 680 866 | 142 206 |
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| Põhivara kokku | | | 1 920 924 | 1 008 564 |
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| VARAD KOKKU | | | 2 498 872 | 2 309 201 |
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| | | | | |
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| KOHUSTUSED JA OMAKAPITAL | | | | |
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| (auditeerimata, tuhandetes | | | 30.09.2007 | 31.12.200 |
| EEK) | | | | 6 |
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| KOHUSTUSED | | | | |
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| Lühiajalised kohustused | | | | |
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| Võlakohustused | | | 8 207 | 174 |
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| Ostjate ettemaksed | | | 18 543 | 15 340 |
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| Võlad hankijatele | | | 68 889 | 97 139 |
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| Tulumaksukohustus | | | 23 414 | 20 304 |
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| Muud maksukohustused | | | 47 320 | 30 330 |
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| Viitvõlad | | | 73 424 | 43 515 |
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| Lühiajalised eraldised | | | 8 386 | 16 213 |
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| Lühiajalised kohustused | | | 248 183 | 223 015 |
| kokku | | | | |
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| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 11 046 | 12 182 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 18 984 | 991 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 30 030 | 13 173 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 278 213 | 236 188 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 1 510 000 | 754 000 |
--------------------------------------------------------------------------------
| Ülekurss | | | 227 273 | 968 800 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 19 444 | 4 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | -11 052 | -2 217 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 420 691 | 315 308 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 2 166 357 | 2 035 896 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 54 303 | 37 118 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 2 220 659 | 2 073 013 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 2 498 872 | 2 309 201 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KONSOLIDEERITUD BILANSS | | | | |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| (auditeerimata, tuhandetes | | | 30.09.2007 | 31.12.200 |
| EUR) | | | | 6 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | | 30 438 | 78 909 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 533 | 459 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | | 3 409 | 2 678 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | | 944 | 408 |
--------------------------------------------------------------------------------
| Varud | | | 1 614 | 672 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 36 938 | 83 126 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksunõue | | | 152 | 205 |
--------------------------------------------------------------------------------
| Muud aktsiad ja | | | 1 164 | 1 170 |
| väärtpaberid | | | | |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | | 669 | 2 720 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | | 2 034 | 2 034 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | | 75 236 | 49 242 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | | 43 515 | 9 089 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 122 769 | 64 459 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 159 707 | 147 585 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| (auditeerimata, tuhandetes | | | 30.09.2007 | 31.12.200 |
| EUR) | | | | 6 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | | 524 | 11 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | | 1 185 | 980 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | | 4 403 | 6 208 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | | 1 496 | 1 298 |
--------------------------------------------------------------------------------
| Maksukohustused | | | 3 024 | 1 938 |
--------------------------------------------------------------------------------
| Viitvõlad | | | 4 693 | 2 781 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | | 536 | 1 036 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 15 862 | 14 253 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 706 | 779 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 1 213 | 63 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 1 919 | 842 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 17 781 | 15 095 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 96 507 | 48 189 |
--------------------------------------------------------------------------------
| Ülekurss | | | 14 525 | 61 918 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 1 243 | 0 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | -706 | -142 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | 26 887 | 20 152 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 138 455 | 130 117 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 3 471 | 2 372 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 141 926 | 132 490 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 159 707 | 147 585 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KONSOLIDERITUD | | | | |
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (auditeerimata, tuhandetes | 3. kv | 3. kv | 9 k 2007 | 9 k 2006 |
| EEK) | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 654 131 | 434 148 | 1 684 993 | 1 155 124 |
--------------------------------------------------------------------------------
| Muud äritulud | 3 003 | 2 158 | 6 524 | 5 702 |
--------------------------------------------------------------------------------
| Äritulud kokku | 657 134 | 436 305 | 1 691 517 | 1 160 827 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -15 153 | -12 422 | -40 759 | -34 723 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -301 814 | -155 879 | -732 848 | -417 110 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -170 669 | -90 579 | -443 150 | -263 912 |
--------------------------------------------------------------------------------
| Põhivara kulum | -66 869 | -36 169 | -174 566 | -97 932 |
--------------------------------------------------------------------------------
| Firmaväärtuse langus | 0 | 0 | 0 | -26 141 |
--------------------------------------------------------------------------------
| Muud ärikulud | -906 | -33 | -2 443 | -1 857 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -555 411 | -295 083 | -1 393 766 | -841 675 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 101 723 | 141 223 | 297 751 | 319 152 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 4 849 | 1 303 | 24 240 | 3 328 |
--------------------------------------------------------------------------------
| Intressikulud | -272 | -2 950 | -286 | -8 949 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | -9 325 | 674 | -12 263 | -1 762 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | -4 748 | -973 | 11 691 | -7 383 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 96 974 | 140 250 | 309 442 | 311 769 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -2 736 | -2 941 | -26 170 | -22 720 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 94 238 | 137 309 | 283 273 | 289 049 |
--------------------------------------------------------------------------------
| Vähemusosalus | 1 392 | 4 380 | 7 650 | 10 850 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 92 846 | 132 929 | 275 623 | 278 199 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,61 | 1,11 | 1,83 | 2,32 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,61 | 1,11 | 1,83 | 2,32 |
| kohta (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KONSOLIDEERITUD | | | | |
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (auditeerimata, tuhandetes | 3. kv | 3. kv | 9 k 2007 | 9 k 2006 |
| EUR) | 2007 | 2006 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 41 807 | 27 747 | 107 691 | 73 826 |
--------------------------------------------------------------------------------
| Muud äritulud | 192 | 138 | 417 | 364 |
--------------------------------------------------------------------------------
| Äritulud kokku | 41 999 | 27 885 | 108 108 | 74 190 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -968 | -794 | -2 605 | -2 219 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -19 289 | -9 963 | -46 838 | -26 658 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -10 908 | -5 789 | -28 322 | -16 867 |
--------------------------------------------------------------------------------
| Põhivara kulum | -4 274 | -2 312 | -11 157 | -6 259 |
--------------------------------------------------------------------------------
| Firmaväärtuse väärtuse | 0 | 0 | 0 | -1 671 |
| langus | | | | |
--------------------------------------------------------------------------------
| Muud ärikulud | -58 | -2 | -156 | -119 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -35 497 | -18 859 | -89 078 | -53 793 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | 6 501 | 9 026 | 19 030 | 20 398 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 310 | 83 | 1 549 | 213 |
--------------------------------------------------------------------------------
| Intressikulud | -17 | -189 | -18 | -572 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | -596 | 43 | -784 | -113 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | -303 | -62 | 747 | -472 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 6 198 | 8 964 | 19 777 | 19 926 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -175 | -188 | -1 673 | -1 452 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 6 023 | 8 776 | 18 104 | 18 474 |
--------------------------------------------------------------------------------
| Vähemusosalus | 89 | 280 | 489 | 693 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 5 934 | 8 496 | 17 616 | 17 780 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,04 | 0,07 | 0,12 | 0,15 |
| (EUR) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,04 | 0,07 | 0,12 | 0,15 |
| kohta (EUR) | | | | |
--------------------------------------------------------------------------------
Lisainfo:
Andri Avila
Juhatuse liige
Olympic Entertainment Group,
Tel +372 667 1250
E-post andri.avila@ocg.ee
http://www.olympic-casino.com
Pealkiri
Unaudited consolidated operating results for nine months of 2007
Teade
Unaudited consolidated operating results for nine months of 2007
The third quarter of 2007 saw several significant developments in the operations
of Olympic Entertainment Group AS (“OEG” or the “Group”).
Since 26 September, the shares of OEG have been traded on the Warsaw Stock
Exchange. Membership in the fourth-largest stock exchange in Europe supports our
future ambitions, broadens our international reach and makes OEG's shares
available to a larger number of foreign investors.
We continued implementing our expansion plans. In July, we acquired a 97.5%
interest Kesklinna Hotelli OÜ with a view to launching a new business line - the
development of casino hotels and casino complexes. In September, our Ukrainian
subsidiary Olympic Casino Ukraine TOV signed an agreement by which it completed
the acquisition of the best-known Ukrainian casino operator Eldorado. Eldorado
casinos, which are operated by Alea Private Company, Eldorado Leisure Company
and Ukraine Leisure Company, comprise five gaming halls, including three with
game tables, all situated in prime locations in Kiev's city centre and the
surrounding areas. The cost of the transaction amounted to approx. 144 million
kroons (9.2 million euros). The results of the Eldorado casinos will be
consolidated from the fourth quarter of 2007.
The merger of Olympic Casino Eesti AS and Kristiine Kasiino AS was finalised in
July. Within a year, all Kristiine Kasiino casinos, except the casino in
Kristiine Trading Center, will be integrated under the Olympic Casino brand
name. The revamp and refurbishment of the Kristiine Kasiino facilities will cost
approx. 80 million kroons (5 million euros).
In August, the Group penetrated a new, category B gaming halls segment in
Lithuania.
In the last quarter of the year, our Latvian subsidiary Olympic Casino Latvia
SIA concluded a preliminary agreement for the acquisition of Admirāļu klubs AS
(AK). The preliminary price of the 100% shareholding is 625.9 million kroons (40
million euros). After the transaction, the Group's share in the Latvian gaming
market will increase to 25%. AK`s current year turnover prognosis is approx. 18
million Latvian lats, AK operates approx. 2400 slots. We expect to finalise the
transaction at the beginning of 2008.
Selected financial data
9 months 2007
Revenue: 1,691.5 million kroons (year-over-year growth 45.7%)
Operating profit: 297.8 million kroons (year-over-year decrease 6.7%)
Operating margin*: 17.6% (9 months 2006: 27.5%)
Profit before tax: 309.4 million kroons (year-over-year decrease 0.7%)
Net profit **: 283.3 million kroons (year-over-year decrease 2.0%)
Net margin***: 16.7% (9 months 2006: 24.9%)
* Operating margin = operating profit / revenue
** Net profit before minority interest
** Net margin = net profit / revenue
EUR 1 = EEK 15.6466
The Group ended the first nine months of 2007 with consolidated revenue of
1,691.5 million kroons (108.1 million euros), a 45.7% improvement on the
corresponding period in 2006.
Consolidated operating profit for the first nine months amounted to 297.8
million kroons (19.0 million euros), a 6.7% decrease compared with the same
period in 2006, and consolidated net profit amounted to 283.3 million kroons
(18.1 million euros), a 2.0% decline compared with a year ago. The operating
margin of the first nine months of 2006 was 27.5% and net margin 24.9%.
The revenue and profit for the first nine months of 2007 were influenced by
major third-quarter wins at the Polish Casino Sunrise which reduced revenue by
approx. 10 million kroons (0.7 million euros). In addition, operating results
were adversely affected by the continuing renovation of the hotel building were
our leading casino in Kaunas is situated, a decline in the revenue generated by
our Rocca al Mare and Grand Hotel Tallinn casinos in Estonia (caused by the
renovation of related premises), and delays in the launch of casinos in Ukraine
and Belarus.
Gaming operations accounted for 94.3% of consolidated revenue while other
operations contributed 5.7%.
Distribution of revenue by geographical segments (in thousands of kroons)
--------------------------------------------------------------------------------
| | 9 months | Proportion | 9 months | Proportion | Revenue |
| | 2007 | | 2006 | | growth |
--------------------------------------------------------------------------------
| Estonia | 624,804 | 36.9% | 468,015 | 40.3% | 33.5% |
--------------------------------------------------------------------------------
| Latvia | 498,105 | 29.4% | 351,838 | 30.3% | 41.6% |
--------------------------------------------------------------------------------
| Lithuan | 312,672 | 18.5% | 278,554 | 24.0% | 12.2% |
| ia | | | | | |
--------------------------------------------------------------------------------
| Ukraine | 107,451 | 6.4% | 62,015 | 5.4% | 73.3% |
--------------------------------------------------------------------------------
| Belarus | 6,940 | 0.4% | 405 | - | - |
--------------------------------------------------------------------------------
| Poland | 131,566 | 7.8% | - | - | - |
--------------------------------------------------------------------------------
| Romania | 9,979 | 0.6% | - | - | - |
--------------------------------------------------------------------------------
| Total | 1,691,517 | 100% | 1,160,827 | 100% | 45.7% |
--------------------------------------------------------------------------------
EUR 1 = EEK 15.6466
The largest proportion of the Group's revenue was earned in Estonia. Compared
with the same period in 2006, the contribution of the Group's Estonian entities
has decreased to 36.9%. The contributions of Ukraine and Poland have increased
notably but the highest year-over-year growth rates have been achieved in
Ukraine (a 73.3% increase) and Latvia (a 41.6% increase). The decline in the
proportion of Lithuanian revenues and the fact that revenue growth in Lithuania
is lagging behind the Group's average may be attributed to the temporary closure
of the leading casino in Kaunas (the hotel in which the casino is located is
being renovated) and the allocation of the Group's investments to swiftly
developing markets in Ukraine, Poland and Romania. In the third quarter, the
Group entered a new, category B casino segment in Lithuania, which should start
boosting revenues at the beginning of next year.
In the first quarter, the Group forecast that in view of geographical expansion
and growth in existing markets annual revenue would amount to 2.67 billion
kroons (170.5 million euros) and annual operating profit to 595 million kroons
(38.0 million euros). Anticipated annual growth rates were 60% for revenue and
34% for operating profit.
The revenue and operating profit forecasts for 2007 were made assuming that
Admirāļu klubs AS would be acquired at the beginning of the second half-year.
The forecasts were based on operating revenues and expenses without taking into
account non-capitalisable renovation and expansion expenses which totalled 37.8
million kroons (2.4 million euros) in the first nine months of 2007. In
connection with unexpected delays in the acquisitions and opening of new casinos
and the fact that some facilities are still in their start-up phase, the Group
now forecasts that annual revenue will amount to 2.3 billion kroons (147.0
million euros) in place of the formerly projected 2.67 billion kroons (170.5
million euros). Because of expansion expenses and the adjustment of the revenue
forecast, the annual operating profit forecast is set at 450 million kroons
(28.8 million euros) in place of the previously projected 595 million kroons
(38.0 million euros).
Consolidated operating expenses for the first nine months totalled 1,393.8
million kroons (89.1 million euros), 65.6% up on the 841.7 million kroons (53.8
million euros) incurred a year ago. The growth rate of operating expenses has
been inhibited and the nominal growth of expenses is related to acquisition of
Casino Polonia and Kristiine Kasiino in Q2, 2007. The structure of operating
expenses has not changed. The period's largest expense item was personnel
expenses which amounted to 443.2 million kroons (28.3 million euros). The next
in size were gaming tax and activity licence expenses of 204.4 million kroons
(13.0 million euros) and depreciation and amortisation expenses of 174.6 million
kroons (11.2 million euros), followed by marketing expenses of 129.6 million
kroons (8.3 million euros) and buildings-related lease expenses of 113.1 million
kroons (7.2 million euros). The growth in operating expenses is related to
Group's expansion and the opening of new casinos.
Operating expenses for the first nine months of 2007 include non-recurring items
of 27.0 million kroons (1.7 million euros): the expenses of researching new
markets (4.1 million kroons (0.3 million euros)), the costs of entering the
Polish market (6.0 million kroons (0.4 million euros)), and taxes related to
options provided to supervisory and management boards members and the key
personnel (16.9 million kroons (1.1 million euros)).
Consolidated net profit for the period is affected by an unrealised exchange
differences - a net exchange loss of 12.3 million kroons (0.8 million euros)
arisen from fluctuations in the euro-US dollar exchange rate. Exchange
differences are recognised in the income statement in Net financial items.
Balance sheet and capital expenditures
At 30 September 2007, the consolidated balance sheet stood at 2,498.9 million
kroons (159.7 million euros), up 8.2% on the 2,309.2 million kroons (147.6
million euros) measured at 31 December 2006.
Current assets amounted to 577.9 million kroons (36.9 million euros), accounting
for 23.1% of total assets, while non-current assets amounted to 1,920.9 million
kroons (122.8 million euros), accounting for 76.9% of total assets. The
proportion of current assets has decreased due to the acquisition of
subsidiaries, investment and the distribution of dividends.
Consolidated liabilities totalled 278.2 million kroons (17.8 million euros) and
consolidated equity equalled 2,220.7 million kroons (141.9 million euros). The
Group's liabilities consist of items incurred in the ordinary course of
business. The largest liabilities include tax commitments of 70.7 million kroons
(4.5 million euros), trade payables of 68.9 million kroons (4.4 million euros),
payables to employees of 59.9 million kroons (3.8 million euros), and finance
lease liabilities of 27.2 million kroons (1.7 million euros).
In the first nine months of 2007, the Group's investments excluding business
combinations totalled 438.5 million kroons (28.0 million euros). Expenditures on
the renovation of leased premises amounted to 108.6 million kroons (6.9 million
euros), equipment acquisitions totalled 258.3 million kroons (16.5 million
euros), and expenditures on other items of property, plant and equipment
equalled 40.9 million kroons (2.6 million euros). Prepayments for tangible
assets totalled 30.6 million kroons (2.0 million euros. Business combinations
increased the carrying amount of property, plant and equipment by 152.5 million
kroons (9.8 million euros).
Intangible assets increased on account of assets and goodwill of 541.6 million
kroons (34.6 million euros) acquired through business combinations.
Software-related investments totalled 3.4 million kroons (0.2 million euros).
People
In connection with the opening of new casinos, the number of staff grew by more
than 59% year-over-year, reaching 3,779 on 30 September 2007 (30 September 2006:
2,243). At the end of September, the Group employed 700 people in Estonia, 1055
in Latvia, 732 in Lithuania, 656 in Ukraine, 75 in Belarus, 426 in Poland and
135 in Romania.
Employee remuneration expenses for the first nine months of 2007 including
social charges amounted to 443.2 million kroons (28.3 million euros) against
263.9 million kroons (16.9 million euros) a year ago.
Results of casino operators
At the end of September 2007, the Group had 114 casinos with a total area of
32,823 square metres. A year ago, the number of casinos was 73 and their total
area 20,979 square metres.
Number of casinos by markets
30 Sept 2007 30 Sept 2006
--------------------------------------------------------------------------------
| Estonia | 35 | 20 |
--------------------------------------------------------------------------------
| Latvia | 36 | 38 |
--------------------------------------------------------------------------------
| Lithuania | 12 | 8 |
--------------------------------------------------------------------------------
| Ukraine | 18 | 6 |
--------------------------------------------------------------------------------
| Belarus | 3 | 1 |
--------------------------------------------------------------------------------
| Poland | 8 | 0 |
--------------------------------------------------------------------------------
| Romania | 3 | 0 |
--------------------------------------------------------------------------------
| TOTAL | 115 | 73 |
--------------------------------------------------------------------------------
OLYMPIC CASINO EESTI AS
At the end of September 2007, there were 35 Olympic casinos in Estonia including
9 outside Tallinn; 28 of the casinos operated under the Olympic Casino and 7
under the Kristiine Kasiino brand name. The casinos had a total of 1,217 slot
machines and 25 game tables.
Olympic Casino Eesti AS (OCE) ended the first nine months of 2007 with revenue
of 568.6 million kroons (36.3 million euros), 25.8% up on a year ago. OCE's net
profit for nine months amounted to 225.6 million kroons (14.4 million euros),
7.1% up year-over-year. Profit growth was attained thanks to revenue growth at
existing casinos and a successful launch of new casinos.
OLYMPIC CASINO LATVIA SIA
The legal merger of Olympic Casino Latvia SIA (OCL) and Baltic Gaming AS (BG)
was successfully finalised on 5 July. In the third quarter, three BG casinos
which operate under the Bumerangs brand name were refurbished and renovation
will continue in the last quarter of the year. At the end of September 2007, OCL
was operating 36 casinos with a total of 1,184 slot machines and 40 game tables.
OCL's and BG's revenues for the first nine months of 2007 totalled 475.0 million
kroons (30.4 million euros), a more than 45% improvement on their combined
revenue for the first nine months of 2006. Net profit for the period amounted to
66.6 million kroons (4.3 million euros), a figure similar to the one achieved a
year ago. Profit growth is impeded by surging personnel expenses, larger gaming
tax expenses (caused by a rise in the tax rate), increasing sales which boost
jackpot and bonus point expenses, the costs of combining BG and OCL, and
investment-triggered expansion in depreciation and amortisation expenses.
OLYMPIC CASINO GROUP BALTIJA UAB
In the reporting period, Olympic Casino Group Baltija UAB (OCGB) penetrated a
new, category B gaming segment and opened two new casinos in September 2007.
OCGB's leading casino in Kaunas is still closed because the hotel in which it is
located is undergoing renovation. At the end of September 2007, OCGB was
operating 10 casinos under the Olympic Casino brand name (including the one
temporarily closed for renovation) and 2 under the Bumerangas brand name. The
casinos have a total of 460 slot machines and 62 game tables.
OCGB ended the first nine months of 2007 with revenue of 298.8 million kroons
(19.1 million euros), 11.7% up year-over-year. Compared with the first nine
months of 2006, net profit increased by 10.9% to 65.5 million kroons (4.2
million euros).
OLYMPIC CASINO UKRAINE TOV
At the end of September, Olympic Casino Ukraine TOV (OCU) was operating 13
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 will be consolidated from the fourth quarter
of 2007.
OCU ended the first nine months of 2007 with revenue of 107.4 million kroons
(6.9 million euros), a 73.8% upswing on a year ago. The increase may be
attributed to revenue growth at existing casinos and the opening of new gaming
facilities. OCU's net profit amounted to 2.5 million kroons (0.2 million euros),
6.4 million kroons (0.4 million euros) down from a year ago. Profit has shrunk
due to rapid expansion which has increased expenses (especially lease expenses)
and an investment-related rise in depreciation and amortisation expenses.
OLYMPIC CASINO BEL IP
At the end of September, Olympic Casino Bel IP (OCB) was operating 3 casinos in
Minsk. In October the fourth Olympic Casino was opened and another one should be
launched before the year-end.
OCB's revenue for the first nine months of 2007 amounted to 6.4 million kroons
(0.4 million euros). Due to delays in the opening of new casinos and the
start-up phases of launched facilities, the period ended in a loss of 14.8
million kroons (0.9 million euros).
CASINO POLONIA - WROCLAW SP. Z.O.O
Casino Polonia Wroclaw Sp. Z.o.o (CP) ended the period May-September 2007 with
revenue of 130.8 million kroons (8.6 million euros). CP's revenues remained
smaller than expected due to major wins at Casino Sunrise in September which
reduced revenue by approx. 10 million kroons (0.7 million). Due to the wins and
restructuring expenses, the period ended in a loss of 18.7 million kroons (1.2
million euros).
OLYMPIC CASINO BUCHAREST S.R.L.
Two casinos in the Romanian capital Bucharest are still closed for renovations
which should be completed by the end of 2007. The casino located in the Sofitel
Hotel was opened for business on 1 June.
Olympic Casino Bucharest S.r.l. ended the period June-September with revenue of
10.0 million kroons (0.7 million euros). Because of expenses incurred in
connection with preparations made for the opening of new gaming halls and
reorganisation of operations, the period June-September ended in a loss of 17.8
million kroons (1.1 million euros).
The Group's key financials
--------------------------------------------------------------------------------
| | 9 months 2007 | 9 months 2006 | Change |
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 1691.5 | 1160.8 | 45.7% |
--------------------------------------------------------------------------------
| EBITDA(kroons, millions) | 472.3 | 443.2 | 6.6% |
--------------------------------------------------------------------------------
| Operating profit (kroons, | 297.8 | 319.2 | -6.7% |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | 283.3 | 289.0 | -2.0% |
--------------------------------------------------------------------------------
| EBITDA margin | 27.9% | 38.2% | -26.9% |
--------------------------------------------------------------------------------
| Operating margin | 17.6% | 27.5% | -36.0% |
| | | | |
--------------------------------------------------------------------------------
| Net margin | 16.7% | 24.9% | -32.7% |
--------------------------------------------------------------------------------
| Equity ratio | 88.9% | 68.7% | 29.4% |
--------------------------------------------------------------------------------
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 BALANCE SHEET | | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of Estonian | 30 Sept 2007 | 31 Dec 2006 |
| kroons) | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 476 253 | 1 234 658 |
--------------------------------------------------------------------------------
| Trade receivables | 8 335 | 7 181 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 53 344 | 41 902 |
--------------------------------------------------------------------------------
| Prepaid income tax | 14 764 | 6 388 |
--------------------------------------------------------------------------------
| Inventories | 25 251 | 10 507 |
--------------------------------------------------------------------------------
| Total current assets | 577 948 | 1 300 637 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 2 379 | 3 204 |
--------------------------------------------------------------------------------
| Other financial investments | 18 209 | 18 311 |
--------------------------------------------------------------------------------
| Other long-term receivables | 10 460 | 42 554 |
--------------------------------------------------------------------------------
| Investment property | 31 819 | 31 819 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1 177 190 | 770 471 |
--------------------------------------------------------------------------------
| Intangible assets | 680 866 | 142 206 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 920 924 | 1 008 564 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 498 872 | 2 309 201 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of Estonian | 30 Sept 2007 | 31 Dec 2006 |
| kroons) | | |
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 8 207 | 174 |
--------------------------------------------------------------------------------
| Customer advances | 18 543 | 15 340 |
--------------------------------------------------------------------------------
| Trade payables | 68 889 | 97 139 |
--------------------------------------------------------------------------------
| Income tax liability | 47 320 | 20 304 |
--------------------------------------------------------------------------------
| Other tax liabilities | 23 414 | 30 330 |
--------------------------------------------------------------------------------
| Other accrued payables | 73 424 | 43 515 |
--------------------------------------------------------------------------------
| Provisions | 8 386 | 16 213 |
--------------------------------------------------------------------------------
| Total current liabilities | 248 183 | 223 015 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 11 046 | 12 182 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 18 984 | 991 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 30 030 | 13 173 |
--------------------------------------------------------------------------------
| Total liabilities | 278 213 | 236 188 |
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 1 510 000 | 754 000 |
--------------------------------------------------------------------------------
| Share premium | 227 273 | 968 800 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 19 444 | 4 |
--------------------------------------------------------------------------------
| Translation reserves | -11 052 | -2 217 |
--------------------------------------------------------------------------------
| Retained earnings | 420 691 | 315 308 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | 2 166 357 | 2 035 896 |
| holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 54 303 | 37 118 |
--------------------------------------------------------------------------------
| Total equity | 2 220 659 | 2 073 013 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 2 498 872 | 2 309 201 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of euro) | 30 Sept 2007 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 30 438 | 78 909 |
--------------------------------------------------------------------------------
| Trade receivables | 533 | 459 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 3 409 | 2 678 |
--------------------------------------------------------------------------------
| Prepaid income tax | 944 | 408 |
--------------------------------------------------------------------------------
| Inventories | 1 614 | 672 |
--------------------------------------------------------------------------------
| Total current assets | 36 938 | 83 126 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 152 | 205 |
--------------------------------------------------------------------------------
| Other financial investments | 1 164 | 1 170 |
--------------------------------------------------------------------------------
| Other long-term receivables | 669 | 2 720 |
--------------------------------------------------------------------------------
| Investment property | 2 034 | 2 034 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 75 236 | 49 242 |
--------------------------------------------------------------------------------
| Intangible assets | 43 515 | 9 089 |
--------------------------------------------------------------------------------
| Total non-current assets | 122 769 | 64 459 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 159 707 | 147 585 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of euro) | 30 Sept 2007 | 31 Dec 2006 |
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 524 | 11 |
--------------------------------------------------------------------------------
| Customer advances | 1 185 | 980 |
--------------------------------------------------------------------------------
| Trade payables | 4 403 | 6 208 |
--------------------------------------------------------------------------------
| Income tax liability | 3 024 | 1 938 |
--------------------------------------------------------------------------------
| Other tax liabilities | 1 496 | 1 298 |
--------------------------------------------------------------------------------
| Other accrued payables | 4 693 | 2 781 |
--------------------------------------------------------------------------------
| Provisions | 536 | 1 036 |
--------------------------------------------------------------------------------
| Total current liabilities | 15 862 | 14 253 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 706 | 779 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 1 213 | 63 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 1 919 | 842 |
--------------------------------------------------------------------------------
| Total liabilities | 17 781 | 15 095 |
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 96 507 | 48 189 |
--------------------------------------------------------------------------------
| Share premium | 14 525 | 61 918 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 1 243 | 0 |
--------------------------------------------------------------------------------
| Translation reserves | -706 | -142 |
--------------------------------------------------------------------------------
| Retained earnings | 26 887 | 20 152 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | 138 455 | 130 117 |
| holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 3 471 | 2 372 |
--------------------------------------------------------------------------------
| Total equity | 141 926 | 132 490 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 159 707 | 147 585 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME | | | | |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of | Q3, 2007 | Q3, | 9 months | 9 months |
| Estonian kroons) | | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 654 131 | 434 148 | 1 684 993 | 1 155 124 |
--------------------------------------------------------------------------------
| Other income | 3 003 | 2 158 | 6 524 | 5 702 |
--------------------------------------------------------------------------------
| Total revenue | 657 134 | 436 305 | 1 691 517 | 1 160 827 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods and | -15 153 | -12 422 | -40 759 | -34 723 |
| services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -301 814 | -155 | -732 848 | -417 110 |
| | | 879 | | |
--------------------------------------------------------------------------------
| Labour costs | -170 669 | -90 579 | -443 150 | -263 912 |
--------------------------------------------------------------------------------
| Depreciation and | -66 869 | -36 169 | -174 566 | -97 932 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -26 141 |
--------------------------------------------------------------------------------
| Other expenses | -906 | -33 | -2 443 | -1 857 |
--------------------------------------------------------------------------------
| Total expenses | -555 411 | -295 | -1 393 766 | -841 675 |
| | | 083 | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 101 723 | 141 223 | 297 751 | 319 152 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | 4 849 | 1 303 | 24 240 | 3 328 |
--------------------------------------------------------------------------------
| Interest expense | -272 | -2 950 | -286 | -8 949 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -9 325 | 674 | -12 263 | -1 762 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -4 748 | -973 | 11 691 | -7 383 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 96 974 | 140 250 | 309 442 | 311 769 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -2 736 | -2 941 | -26 170 | -22 720 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 94 238 | 137 309 | 283 273 | 289 049 |
--------------------------------------------------------------------------------
| Attributable to minority | 1 392 | 4 380 | 7 650 | 10 850 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 92 846 | 132 929 | 275 623 | 278 199 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,61 | 1,11 | 1,83 | 2,32 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,61 | 1,11 | 1,83 | 2,32 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME | | | | |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (Unaudited, in thousands of | Q3, 2007 | Q3, | 9 months | 9 months |
| euro) | | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 41 807 | 27 747 | 107 691 | 73 826 |
--------------------------------------------------------------------------------
| Other income | 192 | 138 | 417 | 364 |
--------------------------------------------------------------------------------
| Total revenue | 41 999 | 27 885 | 108 108 | 74 190 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods and | -968 | -794 | -2 605 | -2 219 |
| services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -19 289 | -9 963 | -46 838 | -26 658 |
--------------------------------------------------------------------------------
| Labour costs | -10 908 | -5 789 | -28 322 | -16 867 |
--------------------------------------------------------------------------------
| Depreciation and | -4 274 | -2 312 | -11 157 | -6 259 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -1 671 |
--------------------------------------------------------------------------------
| Other expenses | -58 | -2 | -156 | -119 |
--------------------------------------------------------------------------------
| Total expenses | -35 497 | -18 859 | -89 078 | -53 793 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 6 501 | 9 026 | 19 030 | 20 398 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | 310 | 83 | 1 549 | 213 |
--------------------------------------------------------------------------------
| Interest expense | -17 | -189 | -18 | -572 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -596 | 43 | -784 | -113 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -303 | -62 | 747 | -472 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 6 198 | 8 964 | 19 777 | 19 926 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -175 | -188 | -1 673 | -1 452 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 6 023 | 8 776 | 18 104 | 18 474 |
--------------------------------------------------------------------------------
| Attributable to minority | 89 | 280 | 489 | 693 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 5 934 | 8 496 | 17 616 | 17 780 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share (€) | 0,04 | 0,07 | 0,12 | 0,15 |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,04 | 0,07 | 0,12 | 0,15 |
| (€) | | | | |
--------------------------------------------------------------------------------
Further information:
Andri Avila
Member of the Management Board
Olympic Entertainment Group,
Tel +372 667 1250
E-post andri.avila@ocg.ee
http://www.olympic-casino.com