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06.11.2008 16:01:46
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OEG konsolideeritud auditeerimata majandustulemused,9 kuud 2008
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Olulised kommentaarid OEG üheksa kuu auditeerimata majandustulemustele
Majanduskeskkonna mõjud, trendid ja arendustegevus:
3. kvartalisse langes Kontserni ulatusliku optimeerimis- ja
restruktureerimiskava raskuskese.
Majanduskeskkonna üldise jahenemise ja täiendavate administratiivsete
meetmete (suitsetamiskeelud kasiinodes Eestis ja Leedus ning kasiinoklientide
registreerimise kohustus Leedus) mõjud Kontserni tegevusele olid endiselt
tugevad, juuli ja august kujunesid Kontserni tegevuses viimaste
aastate keeruliseimateks kuudeks.
Septembri majandustulemused näitasid tõusutrendi algust, jõudes 2008 kevade
tulemuste tasemele.
Tõusutrend jätkus veelgi kindlamalt oktoobris, mille jooksul Kontserni
müügitulemused saavutasid majanduslanguse-eelse ehk 2007 detsembriga võrreldava
taseme.
Oktoober oli tulude laekumises kõigi aegade edukaim kuu Kontserni ettevõtetele
Ukrainas, Poolas, Valgevenes ja Rumeenias.
2008. aasta 4. kvartalist tervikuna ootame käesoleva aasta tugevaimat
kvartalitulemust, mille peaksid tagama mitmed teises ja kolmandas kvartalis ette
võetud olulised sammud tegevuse restruktureerimiseks ning äritulude
suurendamiseks.
3. kvartalis jätkus arendustegevus, mille tulemusel avas Kontsern 8 uut kasiinot
ning kandis kokku 33,9 miljonit krooni (2,2 miljonit eurot) kasumiaruandes
kajastuvaid mittekapitaliseeritavaid lainemisega seotud kulusid. 9
kuu kokkuvõttes avas Kontsern 19 uut kasiinot, millega seotud
mittekapitaliseeritavad kulud kasumiaruandes moodustasid 81 miljonit krooni
(5,2 miljonit eurot).
OEG jätkab oma arengu - ja laienemisstrateegia ellu viimist.
3.kvartalis läbi viidud optimeerimiskava esialgsed tulemused:
Kasiinode sulgemisega ja töötajate arvu vähendamisega seotud kulud 3. kvartalis
moodustasid 16,7 miljonit krooni (1,1 miljon eurot).
9 kuu jooksul oleme sulgenud kokku 10 negatiivse rahavooga kasiinot, neist 3.
kvartalis 8. Perioodil august-detsember eeldame nimetatud tegevusest
tulenevat positiivset mõju kasumile kuni 30 miljoni krooni (2 miljonit
eurot) ulatuses.
Kontsernis tervikuna on restruktureerimise käigus 2008. aasta jooksul vähendatud
töötajaskonda 288 positsiooni (ligikaudu 7%) võrra. 4. kvartalis jätkub
optimeerimiskava ellu viimine, mille käigus liigub põhitähelepanu Baltimaadest
Poolasse ja Ukrainasse.
Käesoleva sasta lõpuks on planeeritud Kontserni töötajate arvu võrreldes
aasta algusega vähendada 10% võrra. Perioodil mai-detsember ootame selle
tulemusena kulude vähenemist 37,5 miljonit krooni (2,4 miljonit eurot) võrra.
2009. aastal ootame positiivset mõju kasumiaruandele kuni 94 miljonit krooni
(6,0 miljonit eurot).
2. kvartalis Lätis alanud tegevuse efektiivistamine andis juba 3.
kvartalis positiivse tulemuse, Kontserni Läti ettevõtete ärikasum kasvas 3.
kvartalis 1. kvartaliga võrreldes ligikaudu üheksakordseks: 2,2 miljonilt
kroonilt (0,14 miljonit eurot) 20,1 miljoni kroonini (1,3 miljonit eurot).
Tulemuste lühikokkuvõte,
9 kuud 2008:
Äritulud: 2 078,5 miljonit krooni (aastane muutus +22,9%)
EBIDTA: 354,9 miljonit krooni (aastane muutus -24,9%)
Ärikasum: 83,8 miljonit krooni (aastane muutus -71,9%)
Ärirentaablus*: 4,0% (9 kuud 2007 17,6%)
Kasum enne makse: 122,9 miljonit krooni (aastane muutus -60,3%)
Puhaskasum **: 103,4 miljonit krooni (aastane muutus -63,5%)
Puhasrentaablus***: 5,0% (9 kuud 2007 16,7%)
* Ärirentaablus = Ärikasum / Äritulud
** Puhaskasum enne vähemusosalust
*** Puhasrentaablus = Puhaskasum / Äritulud
1 EUR = 15,6466 EEK
Kontserni 2008. aasta 9 kuu konsolideeritud müügitulud moodustasid 2 065,5
miljonit krooni (132,0 miljonit eurot) ning äritulud moodustasid kokku 2 078,5
miljonit krooni (132,8 miljonit eurot), mis on 22,9% enam kui 2007. aasta 9
kuuga teenitud 1 691,5 miljoni kroonine (108,1 miljonit eurot) kogutulu.
Kontserni konsolideeritud äritulud koosnesid 2008. aasta 9 kuu lõikes 94%
hasartmängutulust ja 6% muudest tuludest. 2007. aasta 9 kuuga moodustasid
hasartmängutulud 93% ja muud tulud 7% kogutuludest.
Kontsernivälised äritulud segmenditi
--------------------------------------------------------------------------------
| | 9 kuud | Kasv | Osakaal | 9 kuud 2007 | Osakaal |
| | 2008 | | | | |
--------------------------------------------------------------------------------
| Eesti | 572 500 | -8,4% | 27,5% | 624 804 | 36,9% |
--------------------------------------------------------------------------------
| Läti | 501 147 | 0,6% | 24,1% | 498 105 | 29,4% |
--------------------------------------------------------------------------------
| Leedu | 318 760 | 1,9% | 15,3% | 312 672 | 18,5% |
--------------------------------------------------------------------------------
| Ukraina | 248 335 | 131,1% | 11,9% | 107 451 | 6,4% |
--------------------------------------------------------------------------------
| Valgevene | 21 375 | 208,0% | 1,0% | 6 940 | 0,4% |
--------------------------------------------------------------------------------
| Poola | 367 858 | 179,6% | 17,7% | 131 566 | 7,8% |
--------------------------------------------------------------------------------
| Rumeenia | 29 482 | - | 1,4% | 9 979 | 0,6% |
--------------------------------------------------------------------------------
| Slovakkia | 19 034 | - | 0,9% | 0 | - |
--------------------------------------------------------------------------------
| Kokku | 2 078 491 | 22,9% | 100,0% | 1 691 517 | 100,0% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
2008. aasta septembri lõpus oli Kontsernis kokku 131 kasiinot, üldpinnaga 38 482
m². 2007. aasta septembri lõpus oli Kontserni kasiinode arv 115 ja kasiinode
üldpind kokku 32 823 m². Käesoleva aasta 9 kuu jooksul avati Kontsernis kokku 19
uut kasiinot ning suleti 10 kasiinot, renoveeriti kokku 15 kasiinot - 4 endist
Kristiine Kasiinot Eestis, 6 endist Baltic Gaming kasiinot Lätis, 4 endist
Eldorado kasiinot Ukrainas ja 1 kasiino Poolas.
--------------------------------------------------------------------------------
| Kasiinode arv segmenditi | |
--------------------------------------------------------------------------------
| | 30.09.2008 | 31.12.2007 | 30.09.2007 |
--------------------------------------------------------------------------------
| Eesti | 34 | 35 | 35 |
--------------------------------------------------------------------------------
| Läti | 33 | 38 | 36 |
--------------------------------------------------------------------------------
| Leedu | 16 | 15 | 12 |
--------------------------------------------------------------------------------
| Ukraina | 24 | 19 | 18 |
--------------------------------------------------------------------------------
| Valgevene | 5 | 4 | 3 |
--------------------------------------------------------------------------------
| Poola | 9 | 8 | 8 |
--------------------------------------------------------------------------------
| Rumeenia | 9 | 3 | 3 |
--------------------------------------------------------------------------------
| Slovakkia | 1 | - | - |
--------------------------------------------------------------------------------
| Kokku | 131 | 122 | 115 |
--------------------------------------------------------------------------------
2008. aasta 9 kuu tulemustele avaldas enim mõju üldisest keerulisest
majandusolukorrast tulenev 3. kvartalis süvenenud hasartmänguturgude
langustrend. Eesti hasartmänguturg vähenes võrreldes eelmise aasta 3. kvartaliga
hinnanguliselt 25% ning Läti ja Leedu turg 20%. Osaliselt mõjutavad
hasartmängutulude laekumist ka 1. poolaasta lõpus hasartmänguoperaatoritele
seatud täiendavad administratiivsed meetmed: kasiinoklientide
registreerimiskohustus Leedus ning suitsetamiskeeld kasiinodes Eestis ja Leedus.
3. kvartalis viis Kontsern ellu optimiseerimiskava, mille käigus suleti
negatiivse rahavooga kasiinosid Eestis, Lätis ja Rumeenias ning vähendati
töötajaskonda kõikides riikides. Optimeerimisega kaasnevad täiendavad hüvitised
töötajatele ning kasiinode sulgemisest tulenevad kulud mõjutasid Kontserni
kvartali tulemust negatiivselt kokku 16,7 miljoni krooniga (1,0 miljon eurot).
Samuti jätkus viimases kvartalis tegevus kontserni ettevõtete struktuuride
ühtlustamiseks, tegevuskulude jätkuv optimeerimine ning 2007. aastal omandatud
ettevõtete jätkuv integreerimine teiste OEG operatsioonidega.
3. kvartali jooksul avati kokku 8 uut kasiinot: 3 Eestis, 1 Ukrainas, 3
Rumeenias ja 1 Poolas. Uute kasiinode avamisega seotud kulud mõjutasid
Kontserni viimase kvartali tulemust 33,9 miljonit krooniga (2,2 miljonit eurot).
Kontserni 2008.aasta 9 kuu ärikasumiks kujunes 83,7 miljonit krooni (5,3
miljonit eurot), mis on võrreldes 2007. aastaga sama perioodiga 71,9% vähem.
Konsolideeritud puhaskasum kahanes 63,5% võrreldes möödunud aasta 283,3 miljoni
krooniga (18,1 miljonit eurot), ulatudes 103,4 miljoni kroonini (6,6 miljonit
eurot).
Kontserni 2008. aasta 9 kuu konsolideeritud ärikulud kasvasid võrreldes 2007.
aasta 9 kuuga 43,1% ning moodustasid 1 994,7 miljonit krooni (127,5 miljonit
eurot). Suurima osa Kontserni ärikuludest moodustavad tööjõukulud koos
sotsiaalmaksudega 635,2 miljonit krooni (40,6 miljonit eurot), järgnevad
hasartmängumaksude kulud 352,3 miljonit krooni (22,5 miljonit eurot),
amortisatsioonikulu 271,2 miljonit krooni (17,3 miljonit eurot), rendikulu 222,4
miljonit krooni (14,2 miljonit eurot) ja turunduskulud koos jackpottide kuludega
164,0 miljonit krooni (10,5 miljonit eurot).
Absoluutnumbrina kasvasid võrreldes eelmise aasta sama perioodiga kõige enam
personalikulud, kokku 192,1 miljonit krooni (12,3 miljonit eurot) ehk 43,3%,
hasartmängumaksude kulud 148,0 miljonit krooni (9,5 miljonit eurot) ehk 73,4% ja
hoonete rendikulud 96,5% ehk 109,2 miljonit krooni (7,0 miljonit eurot).
Eesti segment
2008. aasta 9 kuu jooksul moodustasid Eesti segmendi kontsernivälised äritulud
kokku 572,5 miljonit krooni (36,6 miljonit eurot), millest hasartmängutulud
moodustasid 525,4 miljonit krooni (33,6 miljonit eurot). Eesti segment teenis
Kontserni ärituludest 27,5%, eelmise aasta samal perioodil 36,9%. Eesti segmendi
äritulud kahanesid võrreldes möödunud aasta 9 kuuga 8,4%, viimase kvartali
äritulud võrrelduna eelmise aasta sama perioodiga kahanesid 22,4%.
Äritulude kahanemine peegeldab Eesti hasartmänguturu arengut - 2008. aasta
jooksul on Eesti Hasartmängukorraldajate Liidu andmetel turu kogukäive vähenenud
ligikadu 20%. Lisaks makroökonoomilistele teguritele avaldab hasartmängutulude
laekumisele negatiivset mõju juunist jõustunud suitsetamiskeeld kasiinoruumides.
Käesoleva aasta jooksul avas Kontsern Eestis 3 uut kasiinot ning sulges 4
kasiinot. Esimese poolaasta jooksul renoveeriti 4 endist Kristiine Kasiinot.
2008. aasta septembri lõpus tegutses Eestis kokku 34 Olympic kasiinot, milles
oli kokku 1 391 mänguautomaati ja 25 mängulauda.
Eesti segmendi ärikasum kahanes 2008. aasta 9 kuu kokkuvõttes võrreldes eelmise
aasta sama perioodiga 48,8% ja ulatus 81,2 miljoni kroonini (5,2 miljonit
eurot). Kasumi kahanemist põhjustavad eelkõige tulude laekumise pidurdumine.
Kasiinode reorganiseerimisega seotud kulud mõjutasid tulemust 8,9 miljoni
krooniga (0,6 miljonit eurot).
Läti segment
Läti turusegment moodustab Kontserni ärituludest 24,1%. Läti segmendi 2008.
aasta 9 kuu kontsernivälised äritulud moodustasid kokku 501,1 miljonit krooni
(32,0 miljonit eurot), millest hasartmängutulud moodustasid 459,8 miljonit
krooni (29,4 miljonit eurot). Läti segmendi kontsernivälised äritulud kasvasid
võrreldes eelmise aasta sama ajaga 0,6%. Läti hasartmänguturu maht kahanes
käesoleva aasta 9 kuuga 20%.
Läti segmendi 2008. aasta 9 kuu ärikasumiks kujunes 33,9 miljonit krooni (2,2
miljonit eurot), mis jääb eelmise aasta sama perioodi tulemusele alla 58,4%.
Seoses käesoleva aasta 2. ja 3. kvartalis Läti tütarettevõtetes läbi viidud
organisatsiooni ja töötajaskonna restruktureerimisega kasvas 3. kvartali kasum
20,1 miljoni kroonini (1,3 miljonit eurot). 3. kvartali kasumit mõjutasid
negatiivselt 10,4 miljoni kooniga (0,7 miljonit eurot) 4 kasiino sulgemise ja
töötajate koondamisega seotud kulud. Täielik restruktureerimisest tulenev
kuluefekt saavutatakse käesoleva aasta lõpuks.
Käesoleva aasta 9 kuu jooksul renoveeriti 6 ja suleti 5 endist Baltic Gaming
kasiinot. Septembri lõpus opereeris Läti segment kokku 33 kasiinot 1 131
mänguautomaadiga ja 39 mängulauaga.
Leedu segment
2008. aasta 9 kuu kokkuvõttes moodustas Leedu segmendi osakaal konsolideeritud
ärituludes 15,5%, kontsernivälised äritulud kokku olid 318,8 miljonit krooni
(20,4 miljonit eurot), millest hasartmängutulud olid 303,4 miljonit krooni (19,4
miljonit eurot). Võrreldes möödunud aasta sama perioodiga kasvasid Leedu
segmendi äritulud 1,9%.
Leedu segmendi ärikasumiks kujunes 43,1 miljonit krooni (2,8 miljonit eurot),
mis on 46,6% vähem eelmise aasta sama perioodi tulemusest. Leedu segmendi
ärituludele ja kasumile avaldab negatiivset mõju alates juunist jõustunud nõue
kasiino külastajate registreerimiseks ja juulist jõustunud seaduse muudatus, mis
keelustab suitsetamise kasiinodes.
Septembri lõpu seisuga tegutses Olympic Casino kaubamärgi all Leedus 16
kasiinot, kokku 640 mänguautomaadiga ja 74 mängulauaga.
Ukraina segment
Ukraina segmendi kontsernivälised äritulud 2008. aasta 9 kuuga kasvasid
võrreldes eelmise aasta sama perioodiga 2,3 korda. Ukraina segmendi osakaal
konsolideeritud ärituludest moodustas 11,9%. Aruandeperioodi kontsernivälised
äritulud kokku olid 248,3 miljonit krooni (15,9 miljonit eurot), millest
hasartmängutulud moodustasid 231,8 miljonit krooni (14,8 miljonit eurot).
Ukraina segmendi ärikahjum oli esimesel 9 kuul kokku 9,8 miljonit krooni (0,6
miljonit eurot). Eelmise aasta sama perioodi ärikasum moodustas 14,9 miljonit
krooni (1,0 miljonit eurot). Ärikahjumi käesoleva aasta 9 kuu lõikes põhjustasid
laienemisest tulenevad kulud ning renoveerimiseks suletud endiste Eldorado
kasiinodega seotud kulud kogusummas 46,4 miljonit krooni (3,0 miljonit eurot).
2008. aasta 9 kuu jooksul avati Ukrainas 5 uut kasiinot ning uuendati 3 endist
Eldorado kasiinot. Ukraina segmendi ettevõtted opereerisid septembri lõpu
seisuga kokku 24 kasiinot 1117 mänguautomaadiga ja 25 mängulauaga.
Valgevene segment
Olympic Casino Bel IP tegutseb septembri lõpu seisuga Minskis 5 kasiinoga,
milles on 261 mänguautomaati. Viies Olympic Casino Valgevenes avati Minskis
asuvas kaubanduskeskuses Aleksandrov Passazh käesoleva aasta juulis.
Valgevene segment moodustab 1% Kontserni konsolideeritud ärituludest. 2008.
aasta 9 kuuga on võrreldes eelmise aasta sama perioodiga tulud kasvanud 3,1
korda moodustades 21,4 miljonit krooni (1,4 miljonit eurot). 9 kuu ärikahjumiks
kujunes 13,9 miljonit krooni (0,9 miljonit eurot).
Poola segment
Poola segmendi 2008. aasta 9 kuu äritulud olid 367,9 miljonit krooni (23,5
miljonit eurot), moodustades 17,7% konsolideeritud ärituludest. Võrreldes
eelmiste aasta sama perioodiga kasvasid tulud 2,8 korda. Tulude kasv on seotud
asjaoluga, et Olympic Casino Sunrise hotellis Hilton avati eelmise aasta teise
kvartali lõpus.
9 kuu jooksul uuendati üks endine Casino Polonia kasiino ja avati üks uus
Olympic Casino, millega seotud kulud mõjutasid kasumit negatiivselt 3,2 miljoni
krooniga (0,2 miljonit eurot). Poola segemendi ärikasumiks kujunes 9 kuuga 3,5
miljonit krooni (0,2 miljonit eurot).
Kontsern opereeris Poolas 3. kvartali lõpus 354 mänguautomaadiga ja 61
mängulauaga kokku 9-s kasiinos.
Rumeenia segment
Rumeenia segment lõpetas 2008. aasta 9 kuud ärituludega 29,5 miljonit krooni
(1,9 miljonit eurot). 9 kuu jooksul avati Rumeenia pealinnas Bucharestis 6 uut
kasiinot. Uute saalide avamise ettevalmistustööd ja avatud kasiinode
käivitumisfaas tõid kaasa kulud, mille tulemusena kujunes ärikahjumiks 41,1
miljonit krooni (2,6 miljonit eurot).
Kontsern opereeris Rumeenias kvartali lõpus 9 kasiinot 341 mänguautomaadiga.
Alates juunist on Sofiteli hotellis asuv kasiino renoveerimistöödeks suletud,
taasavamine on planeeritud 2009. aasta 1. kvartalisse.
Slovakkia segment
Käesoleva aasta juuni lõpus avas Kontsern oma esimese kasiino Slovakkias,
Bratislava kesklinnas asuvas Radisson SAS Carlton hotellis 61 mänguautomaadi ja
11 mängulauaga.
Slovakkia segment lõpetas 2008. aasta 9 kuud ärituludega 19,0 miljonit krooni
(1,2 miljonit eurot) ning ärikahjumiga 13,2 miljonit krooni (0,8 miljonit
eurot).
Bilanss
30.09.2008 seisuga oli Kontserni konsolideeritud bilansimaht 2 928,9 miljonit
krooni (187,2 miljonit eurot). 31.12.2007 seisuga oli Kontserni konsolideeritud
bilansimaht 2 703,9 miljonit krooni (172,8 miljonit eurot). Bilansimahu kasv
moodustas 2008. aasta 9 kuuga 8,3%.
Käibevarad moodustasid varadest 488,1 miljonit krooni (31,2 miljonit eurot) ehk
16,7% kogu varadest ja põhivarad 2 440,8 miljonit krooni (156,0 miljonit eurot)
ehk 83,3% bilansimahust. Immateriaalsed varad moodustasid põhivaradest 690,5
miljonit krooni (44,1 miljonit eurot) ehk 28,2%.
Kontserni kohustused moodustasid bilansipäeval kokku 587,3 miljonit krooni
(37,5 miljonit eurot) ning konsolideeritud omakapital 2 341,6 miljonit krooni
(149,7 miljonit eurot). Kontserni kohustustest olulisema osa moodustavad
laienemiste finantseerimiseks võetud pangalaen 215,9 miljonit krooni (13,8
miljonit eurot) ning jooksvad kohustused tavapärasest äritegevusest -
maksukohustused 72,5 miljonit krooni (4,6 miljonit eurot), võlad hankijatele
149,3 miljonit krooni (9,5 miljonit eurot), võlad töövõtjatele 61,8 miljonit
krooni (3,9 miljonit eurot).
Investeeringud
Kontsern investeeris materiaalsesse põhivarasse 2008. aasta 9 kuuga 610,7
miljonit krooni (39,0 miljonit eurot), millest 414,0 miljonit krooni (26,5
miljonit eurot) investeeriti mänguseadmetesse, 148,6 miljonit krooni (9,5
miljonit eurot) investeeriti kasiinode rekonstrueerimisse, muud materiaalset
põhivara soetati 35,8 miljonit krooni (2,3 miljonit eurot). Ettemaksed põhivara
eest moodustasid 30.09.2008 seisuga 12,3 miljonit krooni (0,7 miljonit eurot).
Investeeringud immateriaalsesse põhivarasse moodustasid 2008. aasta 9 kuuga 7,4
miljonit krooni (0,5 miljonit eurot).
Personal
30.09.2008 seisuga andis Kontsern tööd 3 849 inimesele (31.12.07: 4 004). Eesti
ettevõtetes töötas juuni lõpus 660, Lätis 818, Leedus 725, Ukrainas 747,
Valgevenes 97, Poolas 587, Rumeenias 123 ja Slovakkias 92 inimest.
2008. aasta 9 kuu jooksul arvestati Kontsernis töötajatele töötasusid koos
sotsiaalmaksudega kokku 635,2 miljonit krooni (40,6 miljonit eurot), möödunud
aasta sama perioodi eest 443,1 miljonit krooni (28,3 miljonit eurot).
Kontserni põhilised arvnäitajad:
--------------------------------------------------------------------------------
| | 9 kuud 2008 | 9 kuud 2007 | Muutus |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud (miljon krooni) | 2 078,5 | 1 691,5 | 22,9% |
--------------------------------------------------------------------------------
| EBITDA (miljon krooni) | 354,9 | 472,3 | -24,9% |
--------------------------------------------------------------------------------
| Ärikasum (miljon krooni) | 83,7 | 297,8 | -71,9% |
--------------------------------------------------------------------------------
| Puhaskasum (miljon krooni) | 122,9 | 309,4 | -60,3% |
--------------------------------------------------------------------------------
| EBITDA marginaal | 17,1% | 27,9% | -38,8% |
--------------------------------------------------------------------------------
| Ärirentablus | 4,0% | 17,6% | -77,1% |
--------------------------------------------------------------------------------
| Puhasrentaablus | 5,9% | 18,3% | -67,7% |
--------------------------------------------------------------------------------
| Omakapitali suhtarv | 79,9% | 88,9% | -10,1% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasiinode arv perioodi lõpus | 131 | 115 | 16 |
--------------------------------------------------------------------------------
| Kasiinode pind m2 perioodi lõpus | 38 482 | 32 823 | 5 659 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mänguautomaatide arv perioodi | 5 296 | 4 473 | 823 |
| lõpus | | | |
--------------------------------------------------------------------------------
| Mängulaudade arv perioodi lõpus | 235 | 203 | 32 |
--------------------------------------------------------------------------------
Suhtarvude valemid
o EBITDA = kasum enne finants-, maksu- ning põhivara kulumi- ja väärtuse languse
kulusid
o Ärikasum = kasum enne finants- ja maksukulusid
o Puhaskasum = aruandeperioodi puhaskasum enne vähemusosalust
o EBITDA marginaal = EBITDA / Aritulud
o Ärirentaablus = Ärikasum / Äritulud
o Puhasrentaablus = Puhaskasum / Aritulud
o Omakapitali suhtarv = Omakapital / Varad kokku
1 EUR = 15,6466 EEK
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | 3. kv | 3. kv | 9 k 2008 | 9 k 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 675 993 | 654 131 | 2 065 492 | 1 684 993 |
--------------------------------------------------------------------------------
| Muud äritulud | 7 226 | 3 003 | 12 999 | 6 524 |
--------------------------------------------------------------------------------
| Äritulud kokku | 683 219 | 657 134 | 2 078 491 | 1 691 517 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -13 381 | -15 153 | -49 410 | -40 759 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -352 017 | -301 814 | -1 010 | -732 848 |
| | | | 656 | |
--------------------------------------------------------------------------------
| Tööjõu kulud | -213 554 | -170 669 | -635 221 | -443 150 |
--------------------------------------------------------------------------------
| Põhivara kulum | -101 784 | -66 869 | -271 170 | -174 566 |
--------------------------------------------------------------------------------
| Muud ärikulud | -18 104 | -906 | -28 277 | -2 443 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -698 840 | -555 411 | -1 994 | -1 393 766 |
| | | | 734 | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -15 621 | 101 723 | 83 757 | 297 751 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 2 318 | 4 848 | 8 529 | 24 240 |
--------------------------------------------------------------------------------
| Intressikulud | -1 769 | -272 | -4 860 | -286 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | 25 091 | -9 325 | 35 475 | -12 263 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | 25 640 | -4 749 | 39 144 | 11 691 |
| kokku | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 10 019 | 96 974 | 122 901 | 309 442 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -4 045 | -2 736 | -19 485 | -26 169 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 5 974 | 94 238 | 103 416 | 283 273 |
--------------------------------------------------------------------------------
| Vähemusosalus | -1 451 | 1 392 | 4 533 | 7 650 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 7 425 | 92 846 | 98 883 | 275 623 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,05 | 0,61 | 0,65 | 1,83 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,05 | 0,61 | 0,65 | 1,83 |
| kohta (EEK) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | 3. kv | 3. kv | 9 k 2008 | 9 k 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 43 204 | 41 807 | 132 009 | 107 691 |
--------------------------------------------------------------------------------
| Muud äritulud | 462 | 192 | 831 | 417 |
--------------------------------------------------------------------------------
| Äritulud kokku | 43 666 | 41 999 | 132 840 | 108 108 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -855 | -968 | -3 158 | -2 605 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -22 498 | -19 289 | -64 593 | -46 838 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -13 649 | -10 908 | -40 598 | -28 322 |
--------------------------------------------------------------------------------
| Põhivara kulum | -6 505 | -4 274 | -17 331 | -11 157 |
--------------------------------------------------------------------------------
| Muud ärikulud | -1 157 | -58 | -1 807 | -156 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -44 664 | -35 497 | -127 487 | -89 078 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -998 | 6 501 | 5 353 | 19 030 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Intressitulud | 148 | 310 | 545 | 1 549 |
--------------------------------------------------------------------------------
| Intressikulud | -113 | -17 | -311 | -18 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | 1 604 | -596 | 2 267 | -784 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | 1 639 | -304 | 2 502 | 747 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | 640 | 6 198 | 7 855 | 19 777 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | -259 | -175 | -1 245 | -1 673 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | 382 | 6 023 | 6 609 | 18 104 |
--------------------------------------------------------------------------------
| Vähemusosalus | -93 | 89 | 290 | 489 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | 475 | 5 934 | 6 320 | 17 616 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | 0,003 | 0,04 | 0,04 | 0,12 |
| (EUR) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | 0,003 | 0,04 | 0,04 | 0,12 |
| kohta (EUR) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BILANSS | | |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 316 087 | 501 800 |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 0 | 10 929 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 7 401 | 14 309 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 115 842 | 68 461 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | 12 982 | 2 567 |
--------------------------------------------------------------------------------
| Varud | 35 872 | 20 441 |
--------------------------------------------------------------------------------
| Käibevara kokku | 488 184 | 618 507 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksuvara | 2 808 | 3 575 |
--------------------------------------------------------------------------------
| Muud finantsinvesteeringud | 13 919 | 7 248 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 23 181 | 11 955 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 57 909 | 52 924 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 1 652 481 | 1 319 338 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 690 458 | 690 379 |
--------------------------------------------------------------------------------
| Põhivara kokku | 2 440 756 | 2 085 419 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 2 928 940 | 2 703 926 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 120 666 | 4 682 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | 19 359 | 12 600 |
--------------------------------------------------------------------------------
| Võlad hankijatele | 149 271 | 125 749 |
--------------------------------------------------------------------------------
| Muud võlad | 9 090 | 9 293 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | 4 723 | 13 617 |
--------------------------------------------------------------------------------
| Muud maksukohustused | 67 784 | 70 870 |
--------------------------------------------------------------------------------
| Viitvõlad | 66 510 | 73 662 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 11 649 | 15 297 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 449 052 | 325 770 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksukohustus | 16 580 | 18 280 |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | 121 688 | 24 787 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 138 268 | 43 067 |
--------------------------------------------------------------------------------
| Kohustused kokku | 587 320 | 368 837 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Ülekurss | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 37 759 | 19 444 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -22 729 | -1 344 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 523 462 | 518 394 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv omakapital | 2 275 765 | 2 273 768 |
| kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 65 855 | 61 321 |
--------------------------------------------------------------------------------
| Omakapital kokku | 2 341 620 | 2 335 089 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 2 928 940 | 2 703 926 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BILANSS | | |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | 20 202 | 32 071 |
--------------------------------------------------------------------------------
| Lühiajalised finantsinvesteeringud | 0 | 698 |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | 473 | 915 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | 7 404 | 4 375 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | 830 | 164 |
--------------------------------------------------------------------------------
| Varud | 2 293 | 1 306 |
--------------------------------------------------------------------------------
| Käibevara kokku | 31 201 | 39 530 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksunõue | 179 | 229 |
--------------------------------------------------------------------------------
| Muud aktsiad ja väärtpaberid | 890 | 463 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | 1 482 | 764 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 3 701 | 3 382 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | 105 613 | 84 321 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | 44 128 | 44 123 |
--------------------------------------------------------------------------------
| Põhivara kokku | 155 993 | 133 283 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 187 193 | 172 812 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | 30.09.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Võlakohustused | 7 712 | 299 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | 1 237 | 805 |
--------------------------------------------------------------------------------
| Võlad hankijatele | 9 540 | 8 037 |
--------------------------------------------------------------------------------
| Muud võlad | 581 | 594 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | 302 | 870 |
--------------------------------------------------------------------------------
| Maksukohustused | 4 332 | 4 529 |
--------------------------------------------------------------------------------
| Viitvõlad | 4 251 | 4 708 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | 745 | 978 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 28 700 | 20 821 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksukohustus | 1 060 | 1 168 |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | 7 777 | 1 584 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 8 837 | 2 753 |
--------------------------------------------------------------------------------
| Kohustused kokku | 37 537 | 23 573 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Ülekurss | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | 2 413 | 1 243 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | -1 453 | -86 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 33 455 | 33 131 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele kuuluv omakapital | 145 448 | 145 320 |
| kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 4 209 | 3 919 |
--------------------------------------------------------------------------------
| Omakapital kokku | 149 657 | 149 239 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 187 193 | 172 812 |
--------------------------------------------------------------------------------
Lisainfo:
Andri Avila
Tegevdirektor
Olympic Entertainment Group
Tel + 372 667 1250
E-post andri.avila@oc.eu
www.olympic-casino.com
Pealkiri
OEG unaudited consolidated operating results, 9 months of 2008
Teade
Important comments to the unaudited operating results of 9 months of OEG
Impact of the business environment, trends and development activities:
The third quarter was dominated by the implementation of the Group's extensive
efficiency and restructuring programme.
The impact of the overall economic slowdown and additional administrative
restrictions (smoking bans in casinos in Estonia and Lithuania and obligation to
register casino customers in Lithuania) on the Group operations remained strong.
July and August turned out to be the most difficult months in the operations of
the Group in recent years.
The operating results of September showed that the growth trend has begun, with
the results reaching the level of spring 2008.
The growth trend continued more strongly in October when the sales results of
the Group were comparable with those of December 2007, i.e. before the start of
the economic slowdown.
In terms of income, October was the most successful month of all time for the
Group companies in Ukraine, Poland, Belarus and Romania.
Overall, we expect the fourth quarter of 2008 to be the strongest quarter for
the whole year due to several key measures taken in the second and third quarter
aimed at restructuring our operations and increasing operating income.
Development activities continued in the third quarter, as a result of which the
Group opened 8 new casinos and recorded in the income statement 33.9 million
kroons (2.2 million euros) as non-capitalised expansion-related costs. In nine
months the Group opened a total of 19 new casinos and recorded in the income
statement 81 million kroons (5.2 million euros) as non-capitalised costs.
OEG will continue the fulfillment of the expansion and development targets.
Preliminary results of the implementation of the efficiency programme in the
third quarter:
Costs related to the closure of casinos and reduction of the number of employees
amounted to 16.7 million kroons (1.1 million euros) in the third quarter.
In nine months we have closed a total of 10 casinos that had negative cash flow,
including 8 in the third quarter. We expect these measures to increase our
profit from August until December by up to 30 million kroons (2 million euros).
In the course of restructuring during 2008, the Group has reduced the number of
employees by 288 positions (approximately 7%). The implementation of the
efficiency programme will continue in the fourth quarter, with the main focus
moving from the Baltic countries on Poland and Ukraine.
By the end of this year the Group plans to reduce the number of employees by 10%
in comparison with the beginning of the year. This is expected to cut costs by
37.5 million kroons (2.4 million euros) between May and December. We expect its
positive impact on our income statement in 2009 to reach 94 million kroons (6.0
million euros).
Measures taken in the second quarter to increase efficiency in Latvia had a
positive result already in the third quarter. The operating profit of the
Group's Latvian companies in the third quarter increased almost nine times in
comparison with the first quarter, from 2.2 million kroons (0.14 million euros)
to 20.1 million kroons (1.3 million euros).
Financial highlights,
9 months of 2008:
Revenue: 2 078.5 million kroons (year-on-year growth +22.9%)
EBIDTA: 354.9 million kroons (year-on-year decrease -24.9%)
Operating profit: 83.8 million kroons (year-on-year decrease -71.9%)
Operating margin *: 4.0% (9 months of 2007 17.6%)
Profit before tax: 122.9 million kroons (year-on-year decrease -60.3%)
Net profit **: 103.4 million kroons (year-on-year decrease -63.5%)
Net margin ***: 5.0% (9 months of 2007 16.7%)
* Operating margin = operating profit / revenue
** Net profit before minority interest
*** Net margin = net profit / revenue
€1 = 15.6466 kroons
The Group's consolidated sales revenue for the first 9 months of 2008 totaled
2,065.5 million kroons (132.0 million euros). Total consolidated revenue (sales
revenue and other income) surged to 2,078.5 million kroons (132,8 million
euros), 22,9% up on the 2007 first 9 months total consolidated revenue of
1,691.5 million kroons (108.1 million euros). In the first 9 months of 2008 94%
of concern consolidated revenues was formed by gaming operations and 6% of other
income. In the first 9 months of 2007 gaming revenue accounted for 93% and other
revenues for 7% of consolidated revenue.
External revenue by segments
--------------------------------------------------------------------------------
| | 9 months | Growth | Proportion | 9 months of | Proportion |
| | of 2008 | | | 2007 | |
--------------------------------------------------------------------------------
| Estonia | 572,500 | -8.4% | 27.5% | 624,804 | 36.9% |
--------------------------------------------------------------------------------
| Latvia | 501,147 | 0.6% | 24.1% | 498,105 | 29.4% |
--------------------------------------------------------------------------------
| Lithuania | 318,760 | 1.9% | 15.3% | 312,672 | 18.5% |
--------------------------------------------------------------------------------
| Ukraine | 248,335 | 131.1% | 11.9% | 107,451 | 6.4% |
--------------------------------------------------------------------------------
| Belarus | 21,375 | 208.0% | 1.0% | 6,940 | 0.4% |
--------------------------------------------------------------------------------
| Poland | 367,858 | 179.6% | 17.7% | 131,566 | 7.8% |
--------------------------------------------------------------------------------
| Romania | 29,482 | - | 1.4% | 9,979 | 0.6% |
--------------------------------------------------------------------------------
| Slovakia | 19,034 | - | 0.9% | 0 | - |
--------------------------------------------------------------------------------
| Total | 2 078,491 | 22.9% | 100.0% | 1,691,517 | 100.0% |
--------------------------------------------------------------------------------
€1 = 15.6466 kroons
At the end of September 2008, the Group had 131 casinos, with a total area of
38,482 square meters. At the end of September 2007 the number of casinos was 115
and their total area was 32,823 m². Within 9 months of the current year 19 new
casinos were opened and 10 casinos were closed. 15 casinos were renovated- 4
former Kristiine Kasiino´s in Estonia, 6 former Baltic Gaming casinos in Latvia,
4 former Eldorado casinos in Ukraine and 1 casino in Poland.
--------------------------------------------------------------------------------
| Number of casinos by segments | |
--------------------------------------------------------------------------------
| | 30 September 2008 | 31 December 2007 | 30 September 2007 |
--------------------------------------------------------------------------------
| Estonia | 34 | 35 | 35 |
--------------------------------------------------------------------------------
| Latvia | 33 | 38 | 36 |
--------------------------------------------------------------------------------
| Lithuania | 16 | 15 | 12 |
--------------------------------------------------------------------------------
| Ukraine | 24 | 19 | 18 |
--------------------------------------------------------------------------------
| Belarus | 5 | 4 | 3 |
--------------------------------------------------------------------------------
| Poland | 9 | 8 | 8 |
--------------------------------------------------------------------------------
| Romania | 9 | 3 | 3 |
--------------------------------------------------------------------------------
| Slovakia | 1 | - | - |
--------------------------------------------------------------------------------
| Total | 131 | 122 | 115 |
--------------------------------------------------------------------------------
Results of 2008 first 9 months were majorly influenced by decreasing trend of
the gaming markets, which has sharpened in the 3rd quarter due to overall
difficult economic situation. Estonian gaming market has decreased by
approximately 25% in comparison with the 3rd quarter of 2007 and Latvian and
Lithuanian markets by 20%. Additional administrative measures set up on gaming
operators in the end of first part of 2008 also partially influence gaming
revenues (obligation of casinos´ clients registration in Lithuania and smoking
ban in casinos in Estonia and Lithuania).
In the 3rd quarter of 2008 the Group has put into practice an optimization plan,
within the frames of which casinos with negative cash flow were closed in
Estonia, Latvia and Romania and staff number has been decreased in all the
states. Additional compensations to employees connected with optimization and
costs of casinos´ closings influenced concern 3rd quarter result negatively by
16.7 million kroons (1.0 million euros). Concern activities aimed for
unification of companies' structure, constant optimization of operating expenses
and integration of companies acquired in 2007 into other operations of OEG were
also continued in the 3rd quarter.
Within the 3rd quarter 8 new casinos were opened: 3 in Estonia, 1 in Ukraine, 3
in Romania and 1 in Poland. Expenses connected with new casinos´ openings have
influenced concern last quarter´s result by 33.9 million kroons (2.2 million
euros).
Group´s operating profit for the first 9 months of 2008 composed 83.7 million
kroons (5.3 million euros), which is 71.9% less compared to the same period of
2007. Consolidated net profit has decreased 63.5% in comparison with 283.3
million kroons (18.1 million euros) of last year, amounting to 103.4 million
kroons (6.6 million euros).
Consolidated expenses for the first 9 months of 2008 have grown 43.1% compared
to the 9 months of 2007 and totaled to 1,994.7 million kroons (127.5 million
euros). The largest expense items were personnel expenses including social
charges which amounted to 635.2 million kroons (40.6 million euros), followed by
gaming tax expenses of 352.3 million kroons (22.5 million euros), depreciation
and amortisation expense of 271.2 million kroons (17.3 million euros), premises
rental expenses of 222.4 million kroons (14.2 million euros) and marketing and
jackpot expenses of 164.0 million kroons (10.5 million euros).
In comparison with last year, the strongest cost growth in absolute figures came
from personnel expenses - total 192.1 million kroons (12.3 million euros) - a
43,3% up on year ago, gaming tax expenses - 148.0 million kroons (9.5 million
euros) - a 73,4% growth, and premises rent expenses - 109.2 million kroons (7.0
million euros) - a 96.5% growth.
Estonian segment
In the first 9 months of 2008, the segment's external revenue amounted to 572.5
million kroons (36.6 million euros) including gaming revenue of 525.4 million
kroons (33.6 million euros). Estonian segment has earned 27.5% of Group's
revenues, while last year segment's proportion was 36.9%. The segment's external
revenue decreased by 8.4% compared to the first 9 months of 2007, 3rd quarter
revenues decreased 22.4% in comparison with the same period last year.
Decrease in revenues reflects the development trend of Estonian gaming market -
according to the Estonian Gaming Operators´ association revenue decrease in 2008
composed approximately 20%. In addition to macroeconomical factors, gaming
revenues were negatively influenced by a smoking ban in casinos since June.
Within the year of 2008 the Group has opened 3 and closed 4 casinos in Estonia.
During the first half of the year 4 former casinos of Kristiine Kasiino were
renovated. At the end of September 2008, there were 34 Olympic Casinos in
Estonia with a total of 1,391 slot machines and 25 gaming tables.
Estonian segment's operating profit for the first 9 months of 2008 has decreased
by 48.8% in comparison with the same period of 2007 and amounted to 81.2 million
kroons (5.2 million euros). Profit decrease has been primarily caused by
slowdown of the revenues. Costs connected with casinos reorganization influenced
a result by 8.9 million kroons (0.6 million euros).
Latvian segment
The Latvian segment accounts for 24.1% of the Group's consolidated revenue. In
the first 9 months of 2008, the segment's external revenue amounted to 501.1
million kroons (32.0 million euros) including gaming revenue of 459.8 million
kroons (29.4 million euros). In the first 9 months of 2008, the segment's
external revenue grew by 0.6% compared to the same period last year. Within 9
moths of 2008 Latvian gaming market has decreased by 20%.
The Latvian segment's operating profit for the 9 months of 2008 amounted to 33.9
million kroons (2.2 million euros), 58.4% down compared to the same period of
2007. In connection with the realization of the process of streamlining
organizational and staff structures in Latvian subsidiaries during the 2nd and
3rd quarters, the operating profit in the 3rd quarter of the current year has
grown up to 20.1 million kroons (1.3 million euros). Costs connected to closing
of 4 casinos and staff optimization have influenced 3rd quarter´s profit
negatively by 10.4 million kroons (0.7 million euros). The full cost effect of
restructuring process will appear at the end of the year.
During the first 9 months of 2008, 6 former Baltic Gaming casinos were renovated
and 5 former Baltic Gaming casinos were closed. At the end of September 2008,
the Latvian segment was operating 33 casinos with a total of 1,131 slot machines
and 39 gaming tables.
Lithuanian segment
The Lithuanian segment accounts for 15.5% of the group´s consolidated revenue.
The segment's external revenue amounted to 318.8 million kroons (20.4 million
euros) including gaming revenue of 303.4 million kroons (19.4 million euros). In
comparison with the same period of last year, the revenue growth composed 1.9%.
Lithuanian segment operating profit composed 43.1 million kroons (2.8 million
euros), 46.6% down compared to the first 9 months of 2007. Lithuanian segment
revenues and profit were negatively influenced by casino clients´ registration
obligation, which came into force since June, and by total smoking ban at
casinos, which came into force with a legal adjustment since July.
At the end of September 2008, the Lithuanian segment was operating 16 casinos
with the total of 640 slot machines and 74 gaming tables.
Ukrainian segment
The segment`s external revenue increased 2.3 times compared to the revenues of
the 9 months of 2007. The segment`s proportion grew up to 11.9% of the Group's
consolidated revenue. In the 9 months of 2008, the segment's external revenue
amounted to 248.3 million kroons (15.9 million euros) including gaming revenue
of 231.8 million kroons (14.8 million euros).
The Ukrainian segment's operating loss for the 9 months of 2008 amounted to 9.8
million kroons (0.6 million euros). The operating profit of the same period of
2007 year was 14.9 million kroons (1.0 million euros). The segment's operating
result was influenced by expansion costs and expenses related to Eldorado
casinos closed for renovation in the total amount of 46.4 million kroons (3.0
million euros).
During the first 9 months of 2008, 5 new casinos were opened and 3 former
Eldorado casinos were renovated. At the end of September 2008, the Ukrainian
segment was operating 24 casinos with a total of 1,117 slot machines and 25
gaming tables.
Belarus segment
At the end of September 2008, Olympic Casino Bel IP was operating 5 casinos with
a total of 261 slot machines in Minsk. In July a fifth Belarus Olympic Casino
was opened at Aleksandrov Passazh mall in Minsk.
The Belarus segment accounts for 1% of the Group's consolidated revenue. During
the first 9 months of 2008, revenue has grown 3.1 times compared to the same
period of 2007 and amounted to 21.4 million kroons (1.4 million euros). 9
months´ operating loss of Belarus segment was 13.9 million kroons (0.9 million
euros).
Polish segment
In the first 9 months of 2008, the Polish segment's external revenue amounted to
367.9 million kroons (23.5 million euros) accounting for 17.7% of the Group's
consolidated revenue. Within the first 9 months of 2008, revenue has grown 2.8
times compared to the same period last year. The growth in revenues is related
to the fact, that Olympic Casino Sunrise at Hilton hotel was opened at the end
of the last year´s second quarter.
During the first 9 months, 1 former Casino Polonia casino was renovated and 1
new casino was opened, which related costs negatively affected operating profit
by 3.2 million kroons (0.2 million euros). The segment's operating profit for
the first 9 months of 2008 amounted to 3.5 million kroons (0.2 million euros).
At the end of the 3rd quarter, concern was operating 9 casinos with 354 slots
and 61 gaming tables in Poland.
Romanian segment
The Romanian segment ended the first 9 months of 2008 with the revenue of 29.5
million kroons (1.9 million euros). During 9 months of 2008 6 new casinos were
opened in Romanian capital Bucharest. Preparation works connected with new
casinos´ openings, and start-up period of the new casinos have brought along the
expenses, which resulted in the operating loss of 41.1 million kroons (2.6
million euros).
At the end of September 2008, concern was operating 9 casinos in Romania with a
total of 341 slot machines. Starting from June, the casino located at Sofitel
hotel in Bucharest is closed for renovation, reopening is planned for the first
quarter of 2009.
Slovakian segment
At the end of June 2008 Group has opened its first casino in Slovakia, at the
Radisson SAS Hotel located in the center of Bratislava with 61 slot machines and
11 gaming tables.
Slovakia segment finished the first 9 months of 2008 with revenue of 19.0
million kroons (1.2 million euros) and operating loss of 13.2 million kroons
(0.8 million euros).
Balance sheet
At 30 September 2008, the consolidated balance sheet of Group composed 2,928.9
million kroons (187.2 million euros). At 31 December 2007, the consolidated
balance sheet of Group amounted to 2,703.9 million kroons (172.8 million euros).
The balance sheet volume growth within 9 months composed 8.3%.
Current assets accounted for 488.1 million kroons (31.2 million euros) or 16.7%
of total assets and non-current assets for 2,440.8 million kroons (156.0 million
euros) or 83.3% of total assets. Intangible assets accounted for 690.5 million
kroons (44.1 million euros) or 28.2% of non-current assets.
At 30 September 2008, Group's consolidated liabilities amounted to 587.3 million
kroons (37.5 million euros) and consolidated equity amounted to 2,341.6 million
kroons (149.7 million euros). The largest part of liabilities is formed by bank
loan for expansion financing in amount of 215.9 million kroons (13.8 million
euros) and current liabilities from operations - tax commitments of 72.5 million
kroons (4.6 million euros), trade payables in amount of 149.3 million kroons
(9.5 million euros), payables to employees of 61.8 million kroons (3.9 million
euros).
Investments
In the first 9 months of 2008, the Group's expenditures on property, plant and
equipment totalled 610.7 million kroons (39.0 million euros) including
investment in gaming equipment of 414.0 million kroons (26.5 million euros),
renovation of casinos in amount of 148.6 million kroons (9.5 million euros), and
acquisition of other items of property, plant and equipment in amount of 35.8
million kroons (2.3 million euros). Prepayments for fixed assets at 30 September
totalled 12.3 million kroons (0.7 million euros).
Expenditures on intangible assets in the first 9 month amounted to 7.4 million
kroons (0.5 million euros).
People
At 30 September 2008, the Group employed 3,849 people (31 December 2007: 4,004):
660 in Estonia, 818 in Latvia, 725 in Lithuania, 747 in Ukraine, 97 in Belarus,
587 in Poland, 123 in Romania and 92 in Slovakia.
During 9 months of 2008 employee remuneration expenses including relevant social
charges amounted to 635.2 million kroons (40.6 million euros), in the same
period of 2007 the responding figure was 443.1 million kroons (28.3 million
euros).
The Group's key financials
--------------------------------------------------------------------------------
| | 9 months 2008 | 9 months 2007 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 2,078.5 | 1,691.5 | 22.9% |
--------------------------------------------------------------------------------
| EBITDA (kroons, millions) | 354.9 | 472.3 | -24.9% |
--------------------------------------------------------------------------------
| Operating profit (kroons, | 83.7 | 297.8 | -71.9% |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | 122.9 | 309.4 | -60.3% |
--------------------------------------------------------------------------------
| EBITDA margin | 17.1% | 27.9% | -38.8% |
--------------------------------------------------------------------------------
| Operating margin | 4.0% | 17.6% | -77.1% |
--------------------------------------------------------------------------------
| Net margin | 5.9% | 18.3% | -67.7% |
--------------------------------------------------------------------------------
| Equity ratio | 79.9% | 88.9% | -10.1% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of | 131 | 115 | 16 |
| period | | | |
--------------------------------------------------------------------------------
| Total area of casinos at end of | 38,482 | 32,823 | 5,659 |
| period (in square meters) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slot machines at end | 5,296 | 4,473 | 823 |
| of period | | | |
--------------------------------------------------------------------------------
| Number of gaming tables at end | 235 | 203 | 32 |
| of period | | | |
--------------------------------------------------------------------------------
Underlying formulas
o EBITDA = earnings before financial expenses, taxes, depreciation, amortisation
and impairment losses
o Operating profit = profit before financial expenses and taxes
o Net profit = net profit for the period before minority interest
o EBITDA margin = EBITDA / revenue
o Operating margin = operating profit / revenue
o Net margin = net profit / revenue
o Equity ratio = equity / total assets
€1 = 15.6466 kroons
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | Q3 2008 | Q3 2007 | 9M 2008 | 9M 2007 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 675 993 | 654 131 | 2 065 492 | 1 684 993 |
--------------------------------------------------------------------------------
| Other income | 7 226 | 3 003 | 12 999 | 6 524 |
--------------------------------------------------------------------------------
| Total revenue | 683 219 | 657 134 | 2 078 491 | 1 691 517 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Cost of materials, goods | -13 381 | -15 153 | -49 410 | -40 759 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -352 | -301 814 | -1 010 656 | -732 848 |
| | 017 | | | |
--------------------------------------------------------------------------------
| Labour costs | -213 | -170 669 | -635 221 | -443 150 |
| | 554 | | | |
--------------------------------------------------------------------------------
| Depreciation and | -101 | -66 869 | -271 170 | -174 566 |
| amortisation | 784 | | | |
--------------------------------------------------------------------------------
| Other expenses | -18 104 | -906 | -28 277 | -2 443 |
--------------------------------------------------------------------------------
| Total expenses | -698 | -555 411 | -1 994 734 | -1 393 766 |
| | 840 | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | -15 621 | 101 723 | 83 757 | 297 751 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | 2 318 | 4 848 | 8 529 | 24 240 |
--------------------------------------------------------------------------------
| Interest expense | -1 769 | -272 | -4 860 | -286 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | 25 091 | -9 325 | 35 475 | -12 263 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | 25 640 | -4 749 | 39 144 | 11 691 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 10 019 | 96 974 | 122 901 | 309 442 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | | |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 5 974 | 94 238 | 103 416 | 283 273 |
--------------------------------------------------------------------------------
| Attributable to minority | -1 451 | 1 392 | 4 533 | 7 650 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 7 425 | 92 846 | 98 883 | 275 623 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,05 | 0,61 | 0,65 | 1,83 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,05 | 0,61 | 0,65 | 1,83 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | Q3 2008 | Q3 2007 | 9M 2008 | 9M 2007 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 43 204 | 41 807 | 132 009 | 107 691 |
--------------------------------------------------------------------------------
| Other income | 462 | 192 | 831 | 417 |
--------------------------------------------------------------------------------
| Total revenue | 43 666 | 41 999 | 132 840 | 108 108 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -855 | -968 | -3 158 | -2 605 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -22 498 | -19 289 | -64 593 | -46 838 |
--------------------------------------------------------------------------------
| Labour costs | -13 649 | -10 908 | -40 598 | -28 322 |
--------------------------------------------------------------------------------
| Depreciation and | -6 505 | -4 274 | -17 331 | -11 157 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses | -1 157 | -58 | -1 807 | -156 |
--------------------------------------------------------------------------------
| Total expenses | -44 664 | -35 497 | -127 487 | -89 078 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | -998 | 6 501 | 5 353 | 19 030 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income | 148 | 310 | 545 | 1 549 |
--------------------------------------------------------------------------------
| Interest expense | -113 | -17 | -311 | -18 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | 1 604 | -596 | 2 267 | -784 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | 1 639 | -304 | 2 502 | 747 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 640 | 6 198 | 7 855 | 19 777 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -259 | -175 | -1 245 | -1 673 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 382 | 6 023 | 6 609 | 18 104 |
--------------------------------------------------------------------------------
| Attributable to minority | -93 | 89 | 290 | 489 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 475 | 5 934 | 6 320 | 17 616 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,003 | 0,04 | 0,04 | 0,12 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,003 | 0,04 | 0,04 | 0,12 |
| (€) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | 30 Sept 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 316 087 | 501 800 |
--------------------------------------------------------------------------------
| Short-term financial investments | 0 | 10 929 |
--------------------------------------------------------------------------------
| Trade receivables | 7 401 | 14 309 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 115 842 | 68 461 |
--------------------------------------------------------------------------------
| Prepaid income tax | 12 982 | 2 567 |
--------------------------------------------------------------------------------
| Inventories | 35 872 | 20 441 |
--------------------------------------------------------------------------------
| Total current assets | 488 184 | 618 507 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 2 808 | 3 575 |
--------------------------------------------------------------------------------
| Other financial investments | 13 919 | 7 248 |
--------------------------------------------------------------------------------
| Other long-term receivables | 23 181 | 11 955 |
--------------------------------------------------------------------------------
| Investment property | 57 909 | 52 924 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1 652 481 | 1 319 338 |
--------------------------------------------------------------------------------
| Intangible assets | 690 458 | 690 379 |
--------------------------------------------------------------------------------
| Total non-current assets | 2 440 756 | 2 085 419 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 928 940 | 2 703 926 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | 30 Sept 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 120 666 | 4 682 |
--------------------------------------------------------------------------------
| Customer advances | 19 359 | 12 600 |
--------------------------------------------------------------------------------
| Trade payables | 149 271 | 125 749 |
--------------------------------------------------------------------------------
| Other payables | 9 090 | 9 293 |
--------------------------------------------------------------------------------
| Income tax liability | 4 723 | 13 617 |
--------------------------------------------------------------------------------
| Other tax liabilities | 67 784 | 70 870 |
--------------------------------------------------------------------------------
| Other accrued payables | 66 510 | 73 662 |
--------------------------------------------------------------------------------
| Provisions | 11 649 | 15 297 |
--------------------------------------------------------------------------------
| Total current liabilities | 449 052 | 325 770 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 16 580 | 18 280 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 121 688 | 24 787 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 138 268 | 43 067 |
--------------------------------------------------------------------------------
| Total liabilities | 587 320 | 368 837 |
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Share premium | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 37 759 | 19 444 |
--------------------------------------------------------------------------------
| Translation reserves | -22 729 | -1 344 |
--------------------------------------------------------------------------------
| Retained earnings | 523 462 | 518 394 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | 2 275 765 | 2 273 768 |
| holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 65 855 | 61 321 |
--------------------------------------------------------------------------------
| Total equity | 2 341 620 | 2 335 089 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 2 928 940 | 2 703 926 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | 30 Sept 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 20 202 | 32 071 |
--------------------------------------------------------------------------------
| Short-term financial investments | 0 | 698 |
--------------------------------------------------------------------------------
| Trade receivables | 473 | 915 |
--------------------------------------------------------------------------------
| Other receivables and prepayments | 7 404 | 4 375 |
--------------------------------------------------------------------------------
| Prepaid income tax | 830 | 164 |
--------------------------------------------------------------------------------
| Inventories | 2 293 | 1 306 |
--------------------------------------------------------------------------------
| Total current assets | 31 201 | 39 530 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Deferred tax assets | 179 | 229 |
--------------------------------------------------------------------------------
| Other financial investments | 890 | 463 |
--------------------------------------------------------------------------------
| Other long-term receivables | 1 482 | 764 |
--------------------------------------------------------------------------------
| Investment property | 3 701 | 3 382 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 105 613 | 84 321 |
--------------------------------------------------------------------------------
| Intangible assets | 44 128 | 44 123 |
--------------------------------------------------------------------------------
| Total non-current assets | 155 993 | 133 283 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 187 193 | 172 812 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | 30 Sept 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 7 712 | 299 |
--------------------------------------------------------------------------------
| Customer advances | 1 237 | 805 |
--------------------------------------------------------------------------------
| Trade payables | 9 540 | 8 037 |
--------------------------------------------------------------------------------
| Other payables | 581 | 594 |
--------------------------------------------------------------------------------
| Income tax liability | 302 | 4 529 |
--------------------------------------------------------------------------------
| Other tax liabilities | 4 332 | 870 |
--------------------------------------------------------------------------------
| Other accrued payables | 4 251 | 4 708 |
--------------------------------------------------------------------------------
| Provisions | 745 | 978 |
--------------------------------------------------------------------------------
| Total current liabilities | 28 700 | 20 821 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 1 060 | 1 168 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 7 777 | 1 584 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 8 837 | 2 753 |
--------------------------------------------------------------------------------
| Total liabilities | 37 537 | 23 573 |
--------------------------------------------------------------------------------
| EQUITY | | |
--------------------------------------------------------------------------------
| Share capital | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Share premium | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 2 413 | 1 243 |
--------------------------------------------------------------------------------
| Translation reserves | -1 453 | -86 |
--------------------------------------------------------------------------------
| Retained earnings | 33 455 | 33 131 |
--------------------------------------------------------------------------------
| Total equity attributable to equity | 145 448 | 145 320 |
| holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 4 209 | 3 919 |
--------------------------------------------------------------------------------
| Total equity | 149 657 | 149 239 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 187 193 | 172 812 |
--------------------------------------------------------------------------------
Additional information:
Andri Avila
CEO
Olympic Entertainment Group
Tel + 372 667 1250
E-mail: andri.avila@oc.eu
www.olympic-casino.com