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OEG konsolideeritud auditeerimata majandustulemused 2008
Teade
2008. AASTA TULEMUSI MÕJUTANUD PEAMISED TEGURID, KONTSERNI KONKURENTSIVÕIME JA
TULEMUS
Balti riikide hasartmänguturg langes 2008. aasta 4. kvartalis 20% võrra. Kuigi
oktoober oli Kontserni tegevuses 2008. aasta edukaim kuu, ei suudetud siiski
vastu seista tugevale langustrendile pea kõikidel turgudel, kus tegutsetakse.
Samas on Kontsern suutnud jätkuvalt tegutseda edukamalt turu keskmisest - Eestis
tõusis OEG turuosa 42%-lt 45%-le, Lätis 15%-lt 16%-le ning Leedus 51%-lt 54%-le.
Aasta lõikes suurima tulude kasvu saavutasid Kontserni ettevõtted Poolas ja
Slovakkias.
2008. aasta jooksul viis Kontsern läbi ulatusliku optimeerimis- ja
restruktureerimisprogrammi. Kontsern sulges 10 negatiivse rahavooga kasiinot,
2008. aasta lõpu seisuga opereeris Kontsern kokku 133 kasiino tegevust kaheksas
riigis. Aasta jooksul vähendas Kontsern töökohti 288 positsiooni võrra (ligi 7%)
ning 2008. aasta lõpu seisuga oli Kontsernis kokku 3924 töötajat. Nimetatud
tegevustega seotud kulud 2008. aastal olid 17,7 miljonit krooni (1,1 miljonit
eurot). 2008. aastal teostunud optimeerimisprogrammi tulemusena ootame
positiivset mõju Kontserni 2009. aasta kasumile kogumahus ligikaudu 166 miljonit
krooni (10,6 miljonit eurot).
Kontserni 2008. aasta tulemustele avaldasid tugevat mõju valuutakursside
(Ukraina grivna, Poola zlott, Rumeenia leu) suured muutused ning mitmete
investeeringute ümberhindlusest tekkinud arvestuslikud kahjumid, mis ei mõjuta
otseselt Kontserni rahavoogusid. Arvestuslikud valuutakursside kahjumid
tulenevad Kontsernisisestest laenulepingutest.
Kontserni ärikasum enne mittekapitaliseeritavaid investeerimiskulutusi,
struktuuride optimeerimisega ja kasiinode sulgemisega seotud kulusid ning
investeeringute ümberhindlusest ja valuutakursside muutustest tulenevaid kulusid
oli 2008. aastal 135,8 miljonit krooni (8,7 miljonit eurot). Kontserni 2008.
aasta tulumaksu eelseks kahjumiks kujunes siiski 446,1 miljonit krooni (28,5
miljonit eurot), millesse andsid oma panuse optimeerimisprogrammi elluviimisega
seotud täiendavad ühekordsed kulud 17,7 miljonit krooni (1,1 miljonit eurot),
valuutakursside muutuste kahjum 263,4 miljonit krooni (16,8 miljonit eurot),
varade ümberhindlus 197,1 miljonit krooni (12,6 miljonit eurot) ning
mittekapitaliseeritavad investeerimiskulutused 104,4 miljonit krooni (6,7
miljonit eurot).
OLULISED MUUTUSED KONTSERNI TEGEVUSES 2009. AASTA I KVARTALIS
2009. aasta esimeses kvartalis vähendas Kontsern töötajatele makstavaid tasusid
20% võrra.
2009. aasta I kvartali jooksul sulgeb Kontsern täiendavalt 15 negatiivse
rahavooga kasiinot, lisaks on teravdatud vaatluse all veel mitme kasiino
kasumlikkus. Samal perioodil vähendab Kontsern töötajate arvu 356 positsiooni
ehk 9% võrra.
Kontsern uuendab oluliselt oma meelelahutuslikku kasiinokontseptsiooni, muutes
enamuse opereeritavatest kasiinodest kasiino-lounge'ideks. Muudatuste tulemusena
laieneb kasiinodes ala, kus külastajad saavad oma vaba aega veeta kasiinomänge
mängimata. Samuti laieneb märkimisväärselt kasiinobaarides pakutav sortiment -
senisele mahukale joogikaardile lisandub soodsate hindadega toiduvalik.
Esimesed uuele kasiino-lounge'i kontseptsioonile vastavad kasiinod valmivad
2009. aasta II kvartali alguses.
Lähtudes kahanenud nõudlusest ning uue kontseptsiooni elluviimiseks vähendatakse
2009. aasta I kvartalis enamikes Kontserni kasiinodes seal paiknevate
mänguautomaatide arvu, mis toob kaasa olulise hasartmängumaksust tingitud
püsikulude vähenemise. Samuti lühendatakse mitmete kasiinode lahtiolekuaega
(varasemal perioodil on kõik Olympic kasiinod olnud avatud 24h ööpäevas).
Kontserni rendikulu väheneb 2009. aasta I kvartali jooksul lisaks kasiinode
sulgemisele ka olemasolevate kasiinode pindade rendihindade vähenemise kaudu -
erinevate rendipindade omanikega saavutatud uued kokkulepped avaldavad
positiivset mõju Kontserni kulustruktuurile alates 2009. aasta II kvartalist.
TULEMUSTE LÜHIKOKKUVÕTE 2008:
Äritulud: 2 800,8 miljonit krooni
EBITDA tavapärasest äritegevusest*: 528,0 miljonit krooni
EBIT tavapärasest äritegevusest*: 135,8 miljonit krooni
Ühekordse iseloomuga kulud, sh
mittekapitaliseeritavad investeerimiskulutused: -104,4 miljonit krooni
struktuuride optimeerimine ja kasiinode sulgemine: - 17,7 miljonit krooni
eraldised 2009.a 1.kvartalis suletavatele kasiinodele:-84,2 miljonit krooni
firmaväärtuse langus: -98,4 miljonit krooni
kinnisvara investeeringu väärtuse langus: -14,5 miljonit krooni
Valuutakursside muutuste mõjud: -263,4 miljonit krooni
Intressitulud ja kulud neto: 0,7 miljonit krooni
Puhaskahjum enne tulumaksu: -446,1 miljonit krooni
*tavapärase äritegevusena on käsitletud äritegevust enne investeerimistegevusi,
struktuuride optimeerimist, kasiinode sulgemistegevusi, investeeringute
ümberhindlust ja valuutakursside muutuseid
1 EUR = 15,6466 EEK
Kontserni 2008. aasta konsolideeritud müügitulud moodustasid 2 788,1 miljonit
krooni (178,2 miljonit eurot) ning äritulud moodustasid kokku 2 800,8 miljonit
krooni (179,0 miljonit eurot), mis on 11,3% enam kui 2007. aasta teenitud 2
517,4 miljoni kroonine (160,9 miljonit eurot) kogutulu. Kontserni
konsolideeritud äritulud koosnesid 2008. aasta lõikes 94% hasartmängutulust ja
6% muudest tuludest. 2007. aastal moodustasid hasartmängutulud 93% ja muud tulud
7% kogutuludest.
--------------------------------------------------------------------------------
| Kontsernivälised äritulud | | | | | |
| segmenditi | | | | | |
--------------------------------------------------------------------------------
| | 2008 | Kasv | Osakaal | 2007 | Osakaal |
--------------------------------------------------------------------------------
| Eesti | 741 825 | -14,3% | 26,5% | 865 977 | 34,4% |
--------------------------------------------------------------------------------
| Läti | 656 494 | -5,2% | 23,4% | 692 758 | 27,5% |
--------------------------------------------------------------------------------
| Leedu | 415 332 | -11,7% | 14,8% | 470 480 | 18,7% |
--------------------------------------------------------------------------------
| Ukraina | 333 756 | 77,9% | 11,9% | 187 640 | 7,5% |
--------------------------------------------------------------------------------
| Valgevene | 34 363 | 172,4% | 1,2% | 12 617 | 0,5% |
--------------------------------------------------------------------------------
| Poola | 548 715 | 102,6% | 19,6% | 270 838 | 10,8% |
--------------------------------------------------------------------------------
| Rumeenia | 38 914 | 127,4% | 1,4% | 17 114 | 0,6% |
--------------------------------------------------------------------------------
| Slovakkia | 31 442 | - | 1,2% | - | - |
--------------------------------------------------------------------------------
| Kokku | 2 800 841 | 11,3% | 100,0% | 2 517 424 | 100,0% |
--------------------------------------------------------------------------------
1 EUR = 15,6466 EEK
2008. aasta lõpus oli Kontsernis kokku 133 kasiinot, üldpinnaga 38 877 m². 2007.
aasta lõpus oli Kontserni kasiinode arv 122 ja kasiinode üldpind kokku 33 828
m². Käesoleva aasta jooksul avati Kontsernis kokku 21 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 | | |
--------------------------------------------------------------------------------
| | 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| Eesti | 36 | 35 |
--------------------------------------------------------------------------------
| Läti | 33 | 38 |
--------------------------------------------------------------------------------
| Leedu | 16 | 15 |
--------------------------------------------------------------------------------
| Ukraina | 24 | 19 |
--------------------------------------------------------------------------------
| Valgevene | 5 | 4 |
--------------------------------------------------------------------------------
| Poola | 9 | 8 |
--------------------------------------------------------------------------------
| Rumeenia | 9 | 3 |
--------------------------------------------------------------------------------
| Slovakkia | 1 | - |
--------------------------------------------------------------------------------
| Kokku | 133 | 122 |
--------------------------------------------------------------------------------
2008. aasta tulemustele avaldas enim mõju üldisest keerulisest
majandusolukorrast tulenev 2. poolaastal süvenenud hasartmänguturgude
langustrend. Eesti hasartmänguturg vähenes 2008. aastal kokku võrreldes 2007.
aastaga 17% ning Läti ja Leedu turg 12%. Osaliselt mõjutavad hasartmängutulude
laekumist ka 1. poolaasta lõpus hasartmänguoperaatoritele seatud täiendavad
administratiivsed meetmed: kasiinoklientide registreerimiskohustus Leedus ning
suitsetamiskeeld kasiinodes Eestis ja Leedus.
Seoses üldise majanduskeskkonna ning sellest tuleneva turusituatsiooni
halvenemisega on juhtkond läbi viinud varade hindamise, mille käigus hinnati
varasid alla kokku 197,1 miljoni krooni (12,6 miljonit eurot). Juhtkonna poolsed
otsused ja hinnangud põhinevad ajaloolisel kogemusel ning prognoosidel tulevaste
perioodide sündmuste, sh majanduskeskkonna arengu suhtes.
Kontserni 2008. aasta ärikahjumiks kujunes -183,3 miljonit krooni (-11,7
miljonit eurot), 2007. aastal teeniti ärikasumit 431,5 miljonit krooni (27,6
miljonit eurot). Konsolideeritud puhaskahjumiks 2008. aastal kujunes -452,6
miljonit krooni (-28,9 miljonit eurot), 2007. aastal teeniti puhaskasumit 380,7
miljonit krooni (24,3 miljonit eurot).
Kontserni 2008. aasta konsolideeritud ärikulud kasvasid võrreldes 2007. aastaga
43,1% ning moodustasid 2 984,2 miljonit krooni (190,7 miljonit eurot). Suurima
osa Kontserni ärikuludest moodustavad tööjõukulud koos sotsiaalmaksudega 852,9
miljonit krooni (54,5 miljonit eurot), järgnevad hasartmängumaksude kulud 483,3
miljonit krooni (30,9 miljonit eurot), amortisatsioonikulu 387,6 miljonit krooni
(24,8 miljonit eurot), rendikulu 313,1 miljonit krooni (20,0 miljonit eurot) ja
turunduskulud koos jackpottide kuludega 212,2 miljonit krooni (13,6 miljonit
eurot).
Absoluutnumbrina kasvasid võrreldes eelmise aasta sama perioodiga kõige enam
personalikulud, kokku 201 miljonit krooni (12,8 miljonit eurot) ehk 30,8%,
hasartmängumaksude kulud 153,3 miljonit krooni (9,8 miljonit eurot) ehk 46,5%,
hoonete rendikulud 83,1% ehk 142,2 miljonit krooni (9,1 miljonit eurot) ja
amortisatsioonikulud 130,4 miljonit krooni (8,3 miljonit eurot) ehk 50,7%
Eesti segment
2008. aasta jooksul moodustasid Eesti segmendi kontsernivälised äritulud kokku
741,8 miljonit krooni (47,4 miljonit eurot), millest hasartmängutulud
moodustasid 681,6 miljonit krooni (43,6 miljonit eurot). Eesti segment teenis
Kontserni ärituludest 26,5%, eelmise aastal 34,4%. Eesti segmendi äritulud
kahanesid võrreldes möödunud aastaga 14,3%, viimase kvartali äritulud võrrelduna
eelmise aasta sama perioodiga kahanesid 30%.
Äritulude kahanemine peegeldab Eesti hasartmänguturu arengut - 2008. aasta
jooksul on Eesti Hasartmängukorraldajate Liidu andmetel turu kogukäive vähenenud
ligikaudu 17%. Lisaks makroökonoomilistele teguritele avaldab hasartmängutulude
laekumisele negatiivset mõju juunist jõustunud suitsetamiskeeld kasiinoruumides.
Käesoleva aasta jooksul avas Kontsern Eestis 4 uut kasiinot ning sulges 4
kasiinot. Esimese poolaasta jooksul renoveeriti 4 endist Kristiine Kasiinot.
2008. aasta lõpus tegutses Eestis kokku 36 Olympic kasiinot, milles oli kokku 1
415 mänguautomaati ja 22 mängulauda.
Eesti segmendi ärikasum kahanes 2008. aasta kokkuvõttes võrreldes eelmise
aastaga 72,2% ja ulatus 59,0 miljoni kroonini (3,8 miljonit eurot). Kasumi
kahanemist põhjustavad eelkõige tulude laekumise pidurdumine. Ühekordsete kulude
mõju kasumile oli kokku 31,5 miljonit krooni (2,0 miljonit eurot).
Läti segment
Läti turusegment moodustab Kontserni ärituludest 23,4%. Läti segmendi 2008.
aasta kontsernivälised äritulud moodustasid kokku 656,5 miljonit krooni (42,0
miljonit eurot), millest hasartmängutulud moodustasid 603,7 miljonit krooni
(38,6 miljonit eurot). Läti segmendi kontsernivälised äritulud kahanesid
võrreldes eelmise aastaga 5,2%. Läti hasartmänguturu maht kahanes käesoleval
aastal 12%.
Läti segmendi 2008. aasta ärikasumiks kujunes 29,0 miljonit krooni (1,9 miljonit
eurot), mis jääb eelmise aasta sama perioodi tulemusele alla 72,1%. Ühekordsete
kulude mõju kasumile oli kokku 37,0 miljonit krooni (2,4 miljonit eurot).
Käesoleva aasta jooksul renoveeriti 6 ja suleti 5 endist Baltic Gaming kasiinot.
Detsembri lõpus opereeris Läti segment kokku 33 kasiinot 1 112
mänguautomaadiga ja 36 mängulauaga.
Leedu segment
2008. aasta kokkuvõttes moodustas Leedu segmendi osakaal konsolideeritud
ärituludes 14,8%, kontsernivälised äritulud kokku olid 415,3 miljonit krooni
(26,5 miljonit eurot), millest hasartmängutulud olid 393,5 miljonit krooni (25,1
miljonit eurot). Võrreldes möödunud aasta sama perioodiga kahanesid Leedu
segmendi äritulud -11,7%. Leedu hasartmänguturu maht kahanes 2008. aastal 12%.
Leedu segmendi ärikasumiks kujunes 21,6 miljonit krooni (1,4 miljonit eurot),
mis on 84,4% vähem eelmise aasta 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. Ühekordsete kulude mõju kasumile moodustas
27,8 miljonit krooni (1,8 miljonit eurot).
Aasta lõpu seisuga tegutses Olympic Casino kaubamärgi all Leedus 16 kasiinot,
kokku 640 mänguautomaadiga ja 74 mängulauaga.
Ukraina segment
Ukraina segmendi kontsernivälised äritulud 2008. aastal kasvasid võrreldes
eelmise aastaga 77,9%. Ukraina segmendi osakaal konsolideeritud ärituludest
moodustas 11,9%. Aruandeperioodi kontsernivälised äritulud kokku olid 333,8
miljonit krooni (21,3 miljonit eurot), millest hasartmängutulud moodustasid
311,7 miljonit krooni (19,9 miljonit eurot).
Ukraina segmendi ärikahjum oli 2008.aastal kokku 76,7 miljonit krooni (4,9
miljonit eurot). Eelmise aasta sama perioodi ärikasum moodustas 20,5 miljonit
krooni (1,3 miljonit eurot). Ärikahjumi käesoleva aasta lõikes põhjustasid
ühekordsed uute kasiinoprojektidega ning varade ümberhindlusega seotud kulud
kokku 106,3 miljonit krooni (6,8 miljonit eurot).
2008. aasta jooksul avati Ukrainas 5 uut kasiinot ning uuendati 3 endist
Eldorado kasiinot. Ukraina segmendi ettevõtted opereerisid detsembri lõpu
seisuga kokku 24 kasiinot 1 138 mänguautomaadiga ja 25 mängulauaga.
Valgevene segment
Olympic Casino Bel IP tegutses aasta 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 1,2% Kontserni konsolideeritud ärituludest. 2008.
aastal on võrreldes eelmise aastaga tulud kasvanud 172,4% moodustades 34,4
miljonit krooni (2,2 miljonit eurot). 2008.aasta ärikahjumiks kujunes 16,9
miljonit krooni (1,1 miljonit eurot).
Poola segment
Poola segmendi 2008. aasta äritulud olid 548,7 miljonit krooni (35,1 miljonit
eurot), moodustades 19,6% konsolideeritud ärituludest. Võrreldes eelmiste aasta
sama perioodiga kasvasid tulud 2 korda. Tulude kasv on seotud asjaoluga, et
Olympic Casino Sunrise hotellis Hilton avati eelmise aasta teise kvartali lõpus.
Aasta jooksul uuendati üks endine Casino Polonia kasiino ja avati kaks uut
Olympic kasiinot, millega seotud kulud mõjutasid kasumit negatiivselt 16,6
miljoni krooniga (1,1 miljonit eurot). Poola segmendi ärikahjumiks kujunes 40,5
miljonit krooni (2,6 miljonit eurot), 2007.aastal teeniti ärikasumit 7,3
miljonit krooni (0,5 miljonit eurot). Poola tulemust mõjutasid suurenenud
amortisatsioonikulud seoses Kontserni arvestuspõhimõtetele vastavusse viimisega.
Kontsern opereeris Poolas aasta lõpus 391 mänguautomaadiga ja 61 mängulauaga
kokku 9-s kasiinos.
Rumeenia segment
Rumeenia segment lõpetas 2008. aastat ärituludega 38,9 miljonit krooni (2,5
miljonit eurot). 2008. aasta jooksul avati Rumeenia pealinnas Bucharestis 7 uut
kasiinot. Uute saalide avamise ettevalmistustööd, avatud kasiinode
käivitumisfaas ning varade ümberhindlused tõid kaasa kulud, mille tulemusena
kujunes ärikahjumiks 134,5 miljonit krooni (8,6 miljonit eurot). Varade
ümberhindlusega seotud kulud moodustasid 78,7 miljonit krooni (5,0 miljonit
eurot) ning muud ühekordsed kulud 10,6 miljonit krooni (0,7 miljonit eurot).
Kontsern opereeris Rumeenias aasta lõpus 9 kasiinot 344 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. 2009. aasta jaanuaris avati teine kasiino Slovakkias, Trnavas.
Slovakkia segment lõpetas 2008. aastat ärituludega 31,4 miljonit krooni (2,0
miljonit eurot) ning ärikahjumiga 24,3 miljonit krooni (1,6 miljonit eurot).
Kasiinode avamisega seotud kulud mõjutasid tulemust 8,1 miljoni krooniga (0,5
miljoni euroga).
Bilanss
31.12.2008 seisuga oli Kontserni konsolideeritud bilansimaht 2 405,4 miljonit
krooni (153,7 miljonit eurot). 31.12.2007 seisuga oli Kontserni konsolideeritud
bilansimaht 2 703,9 miljonit krooni (172,8 miljonit eurot). Bilansimahu kahanes
11%.
Käibevarad moodustasid varadest 460,7 miljonit krooni (29,4 miljonit eurot) ehk
19,2% kogu varadest ja põhivarad 1 944,8 miljonit krooni (124,3 miljonit eurot)
ehk 80,8% bilansimahust. Immateriaalsed varad moodustasid põhivaradest 508,6
miljonit krooni (32,5 miljonit eurot) ehk 26,2%.
Kontserni kohustused moodustasid bilansipäeval kokku 559,7 miljonit krooni
(35,8 miljonit eurot) ning konsolideeritud omakapital 1 845,8 miljonit krooni
(118,0 miljonit eurot).
Personal
31.12.2008 seisuga andis Kontsern tööd 3 924 inimesele (31.12.07: 4 004). Eesti
ettevõtetes töötas aasta lõpus 752, Lätis 780, Leedus 794, Ukrainas 704,
Valgevenes 98, Poolas 543, Rumeenias 157 ja Slovakkias 96 inimest.
2008. aastal arvestati Kontsernis töötajatele töötasusid koos sotsiaalmaksudega
kokku 852,9 miljonit krooni (54,5 miljonit eurot), möödunud aasta sama perioodi
eest 651,9 miljonit krooni (41,7 miljonit eurot).
Kontserni põhilised arvnäitajad:
--------------------------------------------------------------------------------
| | 2008 | 2007 | Muutus |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Äritulud (miljon krooni) | 2 800,8 | 2 517,4 | 11,3% |
--------------------------------------------------------------------------------
| EBITDA (miljon krooni) | 401,4 | 688,7 | -41,7% |
--------------------------------------------------------------------------------
| Ärikasum (miljon krooni) | -183,3 | 431,5 | -142,5% |
--------------------------------------------------------------------------------
| Puhaskasum (miljon krooni) | -452,6 | 380,7 | -218,9% |
--------------------------------------------------------------------------------
| EBITDA marginaal | 14,3% | 27,3% | |
--------------------------------------------------------------------------------
| Ärirentablus | -6,5% | 17,1% | |
--------------------------------------------------------------------------------
| Puhasrentaablus | -16,2% | 15,1% | |
--------------------------------------------------------------------------------
| Omakapitali suhtarv | 76,7% | 86,4% | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasiinode arv perioodi lõpus | 133 | 122 | 11 |
--------------------------------------------------------------------------------
| Kasiinode pind m2 perioodi lõpus | 38 877 | 33 828 | 5 049 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mänguautomaatide arv perioodi | 5 301 | 4 690 | 611 |
| lõpus | | | |
--------------------------------------------------------------------------------
| Mängulaudade arv perioodi lõpus | 218 | 202 | 16 |
--------------------------------------------------------------------------------
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
--------------------------------------------------------------------------------
| BILANSS | | | | |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | | 31.12.200 | 31.12.200 |
| | | | 8 | 7 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | | 317 295 | 501 800 |
--------------------------------------------------------------------------------
| Lühiajalised | | | 0 | 10 929 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 4 832 | 14 309 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | | 87 115 | 68 461 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | | 19 183 | 2 567 |
--------------------------------------------------------------------------------
| Varud | | | 32 257 | 20 441 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 460 682 | 618 507 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksuvara | | | 13 178 | 3 575 |
--------------------------------------------------------------------------------
| Muud finantsinvesteeringud | | | 15 943 | 7 248 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | | 48 050 | 11 955 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | | 45 309 | 52 924 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | | 1 313 691 | 1 319 338 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | | 508 592 | 690 379 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 1 944 763 | 2 085 419 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 2 405 445 | 2 703 926 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | | | 31.12.200 | 31.12.200 |
| | | | 8 | 7 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | | 82 802 | 4 682 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | | 15 266 | 12 600 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | | 67 943 | 125 749 |
--------------------------------------------------------------------------------
| Muud võlad | | | 9 310 | 9 293 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | | 447 | 13 617 |
--------------------------------------------------------------------------------
| Muud maksukohustused | | | 87 233 | 70 870 |
--------------------------------------------------------------------------------
| Viitvõlad | | | 74 440 | 73 662 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | | 12 797 | 15 297 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 350 238 | 325 770 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 14 448 | 18 280 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 194 968 | 24 787 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 209 416 | 43 067 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 559 654 | 368 837 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Ülekurss | | | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 37 759 | 19 444 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | 34 838 | -1 344 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | -29 943 | 518 394 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 1 779 927 | 2 273 768 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 65 864 | 61 321 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 1 845 791 | 2 335 089 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 2 405 445 | 2 703 926 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BILANSS | | | | |
--------------------------------------------------------------------------------
| VARAD | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | | 31.12.200 | 31.12.200 |
| | | | 8 | 7 |
--------------------------------------------------------------------------------
| Käibevara | | | | |
--------------------------------------------------------------------------------
| Raha ja pangakontod | | | 20 279 | 32 071 |
--------------------------------------------------------------------------------
| Lühiajalised | | | 0 | 698 |
| finantsinvesteeringud | | | | |
--------------------------------------------------------------------------------
| Nõuded ostjate vastu | | | 309 | 915 |
--------------------------------------------------------------------------------
| Muud nõuded ja ettemaksed | | | 5 568 | 4 375 |
--------------------------------------------------------------------------------
| Ettemakstud tulumaks | | | 1 226 | 164 |
--------------------------------------------------------------------------------
| Varud | | | 2 062 | 1 306 |
--------------------------------------------------------------------------------
| Käibevara kokku | | | 29 443 | 39 530 |
--------------------------------------------------------------------------------
| Põhivara | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud tulumaksunõue | | | 842 | 229 |
--------------------------------------------------------------------------------
| Muud aktsiad ja väärtpaberid | | | 1 019 | 463 |
--------------------------------------------------------------------------------
| Muud pikaajalised nõuded | | | 3 071 | 764 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | | | 2 896 | 3 382 |
--------------------------------------------------------------------------------
| Materiaalne põhivara | | | 83 960 | 84 321 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara | | | 32 505 | 44 123 |
--------------------------------------------------------------------------------
| Põhivara kokku | | | 124 293 | 133 283 |
--------------------------------------------------------------------------------
| VARAD KOKKU | | | 153 736 | 172 812 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | | | 31.12.200 | 31.12.200 |
| | | | 8 | 7 |
--------------------------------------------------------------------------------
| KOHUSTUSED | | | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Võlakohustused | | | 5 292 | 299 |
--------------------------------------------------------------------------------
| Ostjate ettemaksed | | | 976 | 805 |
--------------------------------------------------------------------------------
| Võlad hankijatele | | | 4 342 | 8 037 |
--------------------------------------------------------------------------------
| Muud võlad | | | 595 | 594 |
--------------------------------------------------------------------------------
| Tulumaksukohustus | | | 29 | 870 |
--------------------------------------------------------------------------------
| Maksukohustused | | | 5 575 | 4 529 |
--------------------------------------------------------------------------------
| Viitvõlad | | | 4 758 | 4 708 |
--------------------------------------------------------------------------------
| Lühiajalised eraldised | | | 818 | 978 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | | 22 384 | 20 821 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | | |
--------------------------------------------------------------------------------
| Edasilükkunud | | | 923 | 1 168 |
| tulumaksukohustus | | | | |
--------------------------------------------------------------------------------
| Pikaajalised võlakohustused | | | 12 461 | 1 584 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | | 13 384 | 2 753 |
| kokku | | | | |
--------------------------------------------------------------------------------
| Kohustused kokku | | | 35 768 | 23 573 |
--------------------------------------------------------------------------------
| OMAKAPITAL | | | | |
--------------------------------------------------------------------------------
| Aktsiakapital | | | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Ülekurss | | | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Kohustuslik reservkapital | | | 2 413 | 1 243 |
--------------------------------------------------------------------------------
| Realiseerimata kursivahed | | | 2 227 | -86 |
--------------------------------------------------------------------------------
| Jaotamata kasum | | | -1 914 | 33 131 |
--------------------------------------------------------------------------------
| Emaettevõtte omanikele | | | 113 758 | 145 320 |
| kuuluv omakapital kokku | | | | |
--------------------------------------------------------------------------------
| Vähemusosalus | | | 4 209 | 3 919 |
--------------------------------------------------------------------------------
| Omakapital kokku | | | 117 968 | 149 239 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | | 153 736 | 172 812 |
| KOKKU | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EEK) | 4. kv | 4. kv | 2008 | 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 722 350 | 802 305 | 2 788 073 | 2 487 298 |
--------------------------------------------------------------------------------
| Muud äritulud | 0 | 23 601 | 12 768 | 30 126 |
--------------------------------------------------------------------------------
| Äritulud kokku | 722 350 | 825 906 | 2 800 841 | 2 517 424 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -16 268 | -19 530 | -65 678 | -60 289 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -437 487 | -370 170 | -1 448 | -1 103 |
| | | | 143 | 019 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -217 722 | -208 761 | -852 943 | -651 911 |
--------------------------------------------------------------------------------
| Põhivara kulum | -313 496 | -82 588 | -584 665 | -257 154 |
--------------------------------------------------------------------------------
| Muud ärikulud | -4 450 | -11 115 | -32 727 | -13 558 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -989 423 | -692 164 | -2 984 | -2 085 |
| | | | 156 | 931 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -267 073 | 133 742 | -183 315 | 431 493 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Kasum investeeringutelt | 0 | 11 | 0 | 11 |
--------------------------------------------------------------------------------
| Intressitulud | 2 328 | 3 551 | 10 858 | 27 791 |
--------------------------------------------------------------------------------
| Intressikulud | -5 740 | -318 | -10 601 | -604 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | -298 472 | -22 025 | -262 996 | -34 289 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | -301 884 | -18 781 | -262 739 | -7 091 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | -568 957 | 114 961 | -446 054 | 424 402 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | 12 892 | -17 582 | -6 593 | -43 752 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | -556 065 | 97 379 | -452 647 | 380 650 |
--------------------------------------------------------------------------------
| Vähemusosalus | -9 | 6 707 | 4 525 | 14 356 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | -556 056 | 90 672 | -457 172 | 366 294 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | -3,68 | 0,60 | -3,03 | 2,43 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | -3,68 | 0,60 | -3,03 | 2,42 |
| kohta (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| KASUMIARUANNE | | | | |
--------------------------------------------------------------------------------
| (tuhandetes EUR) | 4. kv | 4. kv | 2008 | 2007 |
| | 2008 | 2007 | | |
--------------------------------------------------------------------------------
| Äritulud | | | | |
--------------------------------------------------------------------------------
| Müügitulud | 46 167 | 51 277 | 178 190 | 158 967 |
--------------------------------------------------------------------------------
| Muud äritulud | 0 | 1 508 | 816 | 1 925 |
--------------------------------------------------------------------------------
| Äritulud kokku | 46 167 | 52 785 | 179 006 | 160 893 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikulud | | | | |
--------------------------------------------------------------------------------
| Kaubad, toore, materjal ja | -1 040 | -1 248 | -4 198 | -3 853 |
| teenused | | | | |
--------------------------------------------------------------------------------
| Mitmesugused tegevuskulud | -27 961 | -23 658 | -92 553 | -70 496 |
--------------------------------------------------------------------------------
| Tööjõu kulud | -13 915 | -13 342 | -54 513 | -41 665 |
--------------------------------------------------------------------------------
| Põhivara kulum | -20 036 | -5 278 | -37 367 | -16 435 |
--------------------------------------------------------------------------------
| Muud ärikulud | -284 | -710 | -2 092 | -867 |
--------------------------------------------------------------------------------
| Ärikulud kokku | -63 236 | -44 237 | -190 722 | -133 315 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Ärikasum | -17 069 | 8 548 | -11 716 | 27 577 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud | | | | |
--------------------------------------------------------------------------------
| Kasum investeeringutelt | 0 | 1 | 0 | 1 |
--------------------------------------------------------------------------------
| Intressitulud | 149 | 227 | 694 | 1 776 |
--------------------------------------------------------------------------------
| Intressikulud | -367 | -20 | -678 | -39 |
--------------------------------------------------------------------------------
| Kasum (kahjum) valuutakursi | -19 076 | -1 408 | -16 809 | -2 191 |
| muutustest | | | | |
--------------------------------------------------------------------------------
| Finantstulud ja -kulud kokku | -19 294 | -1 200 | -16 792 | -453 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Kasum majandustegevusest | -36 363 | 7 347 | -28 508 | 27 124 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tulumaksukulu | 824 | -1 124 | -421 | -2 796 |
--------------------------------------------------------------------------------
| PERIOODI PUHASKASUM | -35 539 | 6 224 | -28 929 | 24 328 |
--------------------------------------------------------------------------------
| Vähemusosalus | -1 | 429 | 289 | 918 |
--------------------------------------------------------------------------------
| Emaettevõtte omanike osa | -35 538 | 5 795 | -29 219 | 23 410 |
| puhaskasumist | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Tava kasum aktsia kohta | -0,24 | 0,04 | -0,19 | 0,16 |
| (EUR) | | | | |
--------------------------------------------------------------------------------
| Lahustatud kasum aktsia | -0,24 | 0,04 | -0,19 | 0,16 |
| kohta (EUR) | | | | |
--------------------------------------------------------------------------------
Lisainfo:
Andri Avila
Tegevdirektor
Olympic Entertainment Group
Tel + 372 667 1250
E-post [email protected]
www.olympic-casino.com
Teate sisu inglise keeles
Pealkiri
OEG unaudited consolidated operating results of 2008
Teade
MAIN FACTORS THAT INFLUENCED THE RESULT FOR 2008, COMPETITIVENESS OF THE GROUP
AND RESULTS
The Baltic gaming market contracted 20% in the fourth quarter of 2008. Although
October was the most successful month for the Group in 2008, almost all markets
where the Group operates were in strong decline. At the same time the Group has
managed to outperform the market average: during the year the market share of
OEG increased from 42% to 45% in Estonia, from 15% to 16% in Latvia and from 51%
to 54% in Lithuania. For the year as a whole, the biggest income gains were
recorded by the Group companies in Poland and Slovakia.
During 2008 the Group implemented an extensive efficiency program. The Group
closed 10 casinos that had negative cash flows and at the end of 2008 operated
133 casinos in eight countries. During the year the Group reduced the number of
jobs by 288 (approximately 7%) and at the end of the year had 3 924 employees.
Costs related to these activities amounted to 17.7 million kroons (1.1 million
euros) in 2008. The efficiency program implemented in 2008 is expected to have a
positive impact on the Group's earnings in 2009 in the total estimated amount of
166 million kroons (10.6 million euros).
The Group's results in 2008 were strongly affected by fluctuations in foreign
exchange rates (Ukrainian grivna, Polish zloty, Romanian leu) and accounting
losses resulting from re-assessment of several investments that will not have a
direct effect on the Group cash flows. Behind accounted foreign exchange rate
losses were intra-Group loan agreements.
The Group's operating earnings before non-capitalised investment costs, costs
related to optimization of structure and closure of casinos as well as costs
related to the adjustment of investments and changes in foreign exchange rates
were 135.9 million kroons in 2008 (8.7 million euros). However, the Group's
pre-income tax loss for 2008 amounted to 446.1 million kroons (28.5 million
euros) that was influenced by additional one-off costs of implementing the
efficiency program in the amount of 17.7 million kroons (1.1 million euros),
loss from changes in currency exchange rates in the amount of 263.4 million
kroons (16.8 million euros), re-assessment of assets in the amount of 197.1
million kroons (12.6 million euros) and non-capitalised investment costs in the
amount of 104.4 million kroons (6.7 million euros).
SIGNIFICANT CHANGES IN THE OPERATION OF THE GROUP IN Q1 2009
In the first quarter 2009 the Group reduced the remuneration payable to
employees by 20%.
During the first quarter 2009, the Group will additionally close 15 casinos that
have negative cash flows and continue to closely monitor the profitability of
several other casinos. During the same period the number of Group employees will
decrease by 356 positions or approximately 9%.
The Group plans to significantly modify its casino entertainment concept by
transforming most casinos that it operates into casino lounges. As a result of
these changes, casinos will have a wider floor area where customers can spend
leisure time without gaming. In addition, the range of products on offer in
casino bars will be expanded significantly: in addition to the current extensive
drinks' variety there will also be a food menu with favourable prices. The first
casino lounges complying with the new concept will be completed at the beginning
of the second quarter 2009.
In the light of shrinking demand and with the aim of implementing a new concept,
the Group plans to reduce the number of slot machines in most of its casinos
during the first quarter 2009. As a result of this, the fixed costs related to
the gaming tax will fall significantly. In addition, the Group plans to shorten
the opening time of several casinos (before, all casinos operated by Olympic
Casino were opened 24 hours a day).
The Group's rent cost will decline in the course of the first quarter 2009 both
through closure of casinos and fall of rentals of premises in existing casinos.
New agreements reached with owners of various rented premises will have a
positive influence on the cost structure of the Group since the second quarter
of 2009.
Financial highlights 2008:
Revenue: 2 800.8 million kroons
EBITDA from day-to-day operations*: 528.0 million kroons
EBIT from day-to-day operations*: 135.8 million kroons
Extraordinary expenses, incl
Non-capitalized investment expenses: -104.4 million kroons
Structure optimization and closure of casinos: - 17.7 million kroons
Provisions for casinos to be closed within 2009 Q1: -84.2 million kroons
Decline of goodwill: -98.4 million kroons
Decline of real estate investment value: -14.5 million kroons
Influence of currency Exchange rates changes: -263.4 million kroons
Interest revenues and costs net: 0.7 million kroons
Net profit before income tax: -446.1 million kroons
*Ordinary business activity is referred to as business activity excluding
investment activities, structure optimization, casinos closures, investment
value adjustment and currency exchange rates fluctuations.
€1 = 15.6466 kroons
The Group's consolidated sales revenue for the year of 2008 totaled 2,788.1
million kroons (178.1 million euros). Total consolidated revenue (sales revenue
and other income) surged to 2,800.8 million kroons (179.0 million euros), 11.3%
up on the 2007 total consolidated revenue of 2,517.4 million kroons (160.9
million euros). In the of 2008 94% of concern consolidated revenues was formed
by gaming operations and 6% of other income. In the year of 2007 gaming revenue
accounted for 93% and other revenues for 7% of consolidated revenue.
External revenue by segments
--------------------------------------------------------------------------------
| | 2008 | Growth | Proportio | 2007 | Proportio |
| | | | n | | n |
--------------------------------------------------------------------------------
| Estonia | 741,825 | -14.3% | 26.5% | 865,977 | 34.4% |
--------------------------------------------------------------------------------
| Latvia | 656,494 | -5.2% | 23.4% | 692,758 | 27.5% |
--------------------------------------------------------------------------------
| Lithuania | 415,332 | -11.7% | 14.8% | 470,480 | 18.7% |
--------------------------------------------------------------------------------
| Ukraine | 333,756 | 77.9% | 11.9% | 187,640 | 7.5% |
--------------------------------------------------------------------------------
| Belarus | 34,363 | 172.4% | 1.2% | 12,617 | 0.5% |
--------------------------------------------------------------------------------
| Polands | 548,715 | 102.6% | 19.6% | 270,838 | 10.8% |
--------------------------------------------------------------------------------
| Romania | 38,914 | 127.4% | 1.4% | 17,114 | 0.6% |
--------------------------------------------------------------------------------
| Slovakia | 31,442 | - | 1.2% | - | - |
--------------------------------------------------------------------------------
| Total | 2,800,84 | 11.3% | 100.0% | 2,517,42 | 100.0% |
| | 1 | | | 4 | |
--------------------------------------------------------------------------------
€1 = 15.6466 kroons
At the end of 2008, the Group had 133 casinos, with a total area of 38,877
square meters. At the end of 2007 the number of casinos was 122 and their total
area was 33,828 m². Within of the current year 21 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 | |
--------------------------------------------------------------------------------
| | 31 December 2008 | 31 December 2007 | |
--------------------------------------------------------------------------------
| Estonia | 36 | 35 | |
--------------------------------------------------------------------------------
| Latvia | 33 | 38 | |
--------------------------------------------------------------------------------
| Lithuania | 16 | 15 | |
--------------------------------------------------------------------------------
| Ukraine | 24 | 19 | |
--------------------------------------------------------------------------------
| Belarus | 5 | 4 | |
--------------------------------------------------------------------------------
| Poland | 9 | 8 | |
--------------------------------------------------------------------------------
| Romania | 9 | 3 | |
--------------------------------------------------------------------------------
| Slovakia | 1 | - | |
--------------------------------------------------------------------------------
| Total | 133 | 122 | |
--------------------------------------------------------------------------------
Results of 2008 were majorly influenced by decreasing trend of the gaming
markets, which has sharpened in the second half year due to overall difficult
economic situation. Estonian gaming market has decreased by approximately 17% in
comparison with the 2007 and Latvian and Lithuanian markets by 12%. 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).
Due to decrease of market situation in connection with overall economic
environment decline the management has conducted assets evaluation, which led to
assets value adjustment by a total amount of 197.1 million kroons (12.6 millon
Euros). Management decisions and evaluations are based on historical experience
and prognosis of events of the future periods, including development of overall
economic environment.
Group´s operating profit for the year of 2008 composed -183.3 million kroons
(-11.7 million euros), the operating profit for the year of 2007 totalled 431.5
million kroons (27.6 million euros). Consolidated net loss for the year of 2008
totalled -452.7 million kroons (-28.9 million euros), in 2007 the net profit
amounted 380.7 million kroons (24.3 million euros).
Consolidated expenses for the year of 2008 have grown 41.3% compared to the year
of 2007 and totaled to 2,984.2 million kroons (190.7 million euros). The largest
expense items were personnel expenses including social charges which amounted to
852.9 million kroons (54.5 million euros), followed by gaming tax expenses of
483.3 million kroons (30.9 million euros), depreciation expenses of 483.3
million kroons (30.9 million euros), premises rental expenses of 313.1 million
kroons (20 million euros) and marketing and jackpot expenses of 212.2 million
kroons (13.6 million euros).
In comparison with last year, the strongest cost growth in absolute figures came
from personnel expenses - total 201 million kroons (12.8 million euros) - a
30.8% up on year ago, gaming tax expenses - 153.3 million kroons (9.8 million
euros) - a 46.5% growth, premises rent expenses - 142.2 million kroons (9.1
million euros) - a 83.1% growth and depreciation expenses - total 130.4 million
kroons (8.3 million euros) - a 50.7%,
Estonian segment
In the year of 2008, the segment's external revenue amounted to 741.8 million
kroons (47.4 million euros) including gaming revenue of 681.6 million kroons
(43.6 million euros). Estonian segment has earned 26.5 % of Group's revenues,
while last year segment's proportion was 34.4%. The segment's external revenue
decreased by 14.3 % compared to 2007, 4th quarter revenues decreased 30% 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 17%. 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 4 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 2008, there were 35 Olympic Casinos in Estonia with a
total of 1,415 slot machines and 22 gaming tables.
Estonian segment's operating profit for the 2008 has decreased by 72.2% in
comparison with 2007 and amounted to 59.0 million kroons (3.8 million euros).
Profit decrease has been primarily caused by slowdown of the revenues.
Extraordinary costs influenced a result by 31.5 million kroons (2.0 million
euros).
Latvian segment
The Latvian segment accounts for 23.4% of the Group's consolidated revenue. In
the 2008, the segment's external revenue amounted to 656.5 million kroons (42.0
million euros) including gaming revenue of 603.7 million kroons (38.6 million
euros). In the 2008, the segment's external revenue decreased by 5.2% compared
to the same period last year. Within 2008 Latvian gaming market has decreased by
12%.
The Latvian segment's operating profit for the 2008 amounted to 29.0 million
kroons (1.9 million euros), 72.1% down compared to the same period of 2007.
Extraordinary costs influenced a result by 37.0 million kroons (2.4 million
euros).
During the year of 2008, 6 former Baltic Gaming casinos were renovated and 5
former Baltic Gaming casinos were closed. At the end of December 2008, the
Latvian segment was operating 33 casinos with a total of 1,112 slot machines and
36 gaming tables.
Lithuanian segment
The Lithuanian segment accounts for 14.8% of the group´s consolidated revenue.
The segment's external revenue amounted to 415.3 million kroons (26.5 million
euros) including gaming revenue of 393.5 million kroons (25.1 million euros). In
comparison with the same period of last year, the revenue decrease composed
7.9%. Within 2008 Lithuanian gaming market has decreased by 12%.
Lithuanian segment operating profit composed 21.6 million kroons (1.4 million
euros), 84.4% down compared to the 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. Extraordinary costs influenced a
result by 27.8 million kroons (1.8 million euros).
At the end of December 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 77.9% times compared to the revenues of
2007. The segment`s proportion grew up to 11.9% of the Group's consolidated
revenue. In the 2008, the segment's external revenue amounted to 333.8 million
kroons (21.3 million euros) including gaming revenue of 311.7 million kroons
(19.9 million euros).
The Ukrainian segment's operating loss for the 2008 amounted to 76.7 million
kroons (4.9 million euros). The operating profit of the 2007 year was 20.5
million kroons (1.3 million euros). The segment's operating result was
influenced by expansion costs and extraordinary costs related to revaluation of
assets in the total amount of 106.3 million kroons (6.8 million euros).
During the year 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 1,138 slot machines and 25 gaming tables.
Belarus segment
At the end of December 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 1.2% of the Group's consolidated revenue.
During the 2008, revenue has grown 172.4% compared to the year of 2007 and
amounted to 34.2 million kroons (2.2 million euros). 2008 operating loss of
Belarus segment was 16.9 million kroons (1.1 million euros).
Polish segment
In the year of 2008, the Polish segment's external revenue amounted to 548.7
million kroons (35.1 million euros) accounting for 19.6% of the Group's
consolidated revenue. Within the 2008, revenue has grown 2 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 2008, 1 former Casino Polonia casino was renovated and 2 new casinos was
opened, which related costs negatively affected operating profit by 16.6 million
kroons (1.1 million euros). The segment's operating loss for the 2008 amounted
to 40.5 million kroons (2.6 million euros). Polish results were influenced by
growing depreciation expenses connected with unifying of calculation methods
with Concern accounting principles.
At the end of the 4rd quarter, concern was operating 9 casinos with 391 slots
and 61 gaming tables in Poland.
Romanian segment
The Romanian segment ended the year of 2008 with the revenue of 38.9 million
kroons (2.5 million euros). During the 2008 7 new casinos were opened in
Romanian capital Bucharest. Preparation works connected with new casinos´
openings, start-up period of the new casinos and extraordinary costs related to
revaluation of assets have brought along the expenses, which resulted in the
operating loss of 134.5 million kroons (8.6 million euros).
At the end of December 2008, concern was operating 9 casinos in Romania with a
total of 344 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. In January 2009 a second Olympic casino was opened in Trnava.
Slovakia segment finished the year of 2008 with revenue of 31.4 million kroons
(2.0 million euros) and operating loss of 24.3 million kroons (1.6 million
euros). The segment's operating result was influenced by expansion costs in the
total amount of 8.1 million kroons (0.5 million euros).
Balance sheet
At 31 December 2008, the consolidated balance sheet of Group composed 2,405.4
million kroons (153.7 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 decline composed 8.3%.
Current assets accounted for 460.7 million kroons (29.4 million euros) or 19.2%
of total assets and non-current assets for 1,944.8 million kroons (124.3 million
euros) or 80.8% of total assets. Intangible assets accounted for 508.6 million
kroons (32.5 million euros) or 26.2% of non-current assets.
At 31 December 2008, Group's consolidated liabilities amounted to 559.7 million
kroons (35.8 million euros) and consolidated equity amounted to 2,845.8 million
kroons (118.0 million euros).
People
At 31 December 2008, the Group employed 3,924 people (31 December 2007: 4,004):
752 in Estonia, 780 in Latvia, 794 in Lithuania, 704 in Ukraine, 98 in Belarus,
543 in Poland, 157 in Romania and 96 in Slovakia.
During 2008 employee remuneration expenses including relevant social charges
amounted to 852.9 million kroons (54.5 million euros), in 2007 the responding
figure was 651.9 million kroons (41.7 million euros).
The Group's key financials
--------------------------------------------------------------------------------
| | 2008 | 2007 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 2,800.8 | 2,517.4 | 11.3% |
--------------------------------------------------------------------------------
| EBITDA (kroons, millions) | 401.4 | 688.7 | -41.7% |
--------------------------------------------------------------------------------
| Operating profit (kroons, | -183.3 | 431.5 | -142.5% |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | -452.6 | 380.7 | -218.9% |
--------------------------------------------------------------------------------
| EBITDA margin | 14.3% | 27.3% | |
--------------------------------------------------------------------------------
| Operating margin | -6.5% | 17.1% | |
--------------------------------------------------------------------------------
| Net margin | -16.2% | 15.1% | |
--------------------------------------------------------------------------------
| Equity ratio | 76.7% | 86,4% | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of | 133 | 122 | 11 |
| period | | | |
--------------------------------------------------------------------------------
| Total area of casinos at end of | 38,482 | 33,828 | 5,049 |
| period (in square meters) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slot machines at end | 5,301 | 4,690 | 611 |
| of period | | | |
--------------------------------------------------------------------------------
| Number of gaming tables at end | 218 | 202 | 16 |
| 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
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | | 31 Dec | 31 Dec |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 317 295 | 501 800 |
--------------------------------------------------------------------------------
| Short-term financial | | | 0 | 10 929 |
| investments | | | | |
--------------------------------------------------------------------------------
| Trade receivables | | | 4 832 | 14 309 |
--------------------------------------------------------------------------------
| Other receivables and | | | 87 115 | 68 461 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 19 183 | 2 567 |
--------------------------------------------------------------------------------
| Inventories | | | 32 257 | 20 441 |
--------------------------------------------------------------------------------
| Total current assets | | | 460 682 | 618 507 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 13 178 | 3 575 |
--------------------------------------------------------------------------------
| Other financial | | | 15 943 | 7 248 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term | | | 48 050 | 11 955 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property | | | 45 309 | 52 924 |
--------------------------------------------------------------------------------
| Property, plant and | | | 1 313 691 | 1 319 338 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 508 592 | 690 379 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 1 944 763 | 2 085 419 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 2 405 445 | 2 703 926 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | | 31 Dec | 31 Dec |
| | | 2008 | 2007 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 82 802 | 4 682 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 15 266 | 12 600 |
--------------------------------------------------------------------------------
| Trade payables | | | 67 943 | 125 749 |
--------------------------------------------------------------------------------
| Other payables | | | 9 310 | 9 293 |
--------------------------------------------------------------------------------
| Income tax liability | | | 447 | 13 617 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 87 233 | 70 870 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 74 440 | 73 662 |
--------------------------------------------------------------------------------
| Provisions | | | 12 797 | 15 297 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 350 238 | 325 770 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 14 448 | 18 280 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 194 968 | 24 787 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 209 416 | 43 067 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 559 654 | 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 | | | 34 838 | -1 344 |
--------------------------------------------------------------------------------
| Retained earnings | | | -29 943 | 518 394 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 1 779 927 | 2 273 768 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 65 864 | 61 321 |
--------------------------------------------------------------------------------
| Total equity | | | 1 845 791 | 2 335 089 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 2 405 445 | 2 703 926 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 20 279 | 32 071 |
--------------------------------------------------------------------------------
| Short-term financial | | | 0 | 698 |
| investments | | | | |
--------------------------------------------------------------------------------
| Trade receivables | | | 309 | 915 |
--------------------------------------------------------------------------------
| Other receivables and | | | 5 568 | 4 375 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 1 226 | 164 |
--------------------------------------------------------------------------------
| Inventories | | | 2 062 | 1 306 |
--------------------------------------------------------------------------------
| Total current assets | | | 29 443 | 39 530 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 842 | 229 |
--------------------------------------------------------------------------------
| Other financial | | | 1 019 | 463 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term | | | 3 071 | 764 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property | | | 2 896 | 3 382 |
--------------------------------------------------------------------------------
| Property, plant and | | | 83 960 | 84 321 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 32 505 | 44 123 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 124 293 | 133 283 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 153 736 | 172 812 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2008 | 2007 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 5 292 | 299 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 976 | 805 |
--------------------------------------------------------------------------------
| Trade payables | | | 4 342 | 8 037 |
--------------------------------------------------------------------------------
| Other payables | | | 595 | 594 |
--------------------------------------------------------------------------------
| Income tax liability | | | 29 | 4 529 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 5 575 | 870 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 4 758 | 4 708 |
--------------------------------------------------------------------------------
| Provisions | | | 818 | 978 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 22 384 | 20 821 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 923 | 1 168 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 12 461 | 1 584 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 13 384 | 2 753 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 35 768 | 23 573 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Share premium | | | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 2 413 | 1 243 |
--------------------------------------------------------------------------------
| Translation reserves | | | 2 227 | -86 |
--------------------------------------------------------------------------------
| Retained earnings | | | -1 914 | 33 131 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 113 758 | 145 320 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 4 209 | 3 919 |
--------------------------------------------------------------------------------
| Total equity | | | 117 968 | 149 239 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 153 736 | 172 812 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | Q4 2008 | Q4 2007 | 2008 | 2007 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 722 350 | 802 305 | 2 788 073 | 2 487 298 |
--------------------------------------------------------------------------------
| Other income | 0 | 23 601 | 12 768 | 30 126 |
--------------------------------------------------------------------------------
| Total revenue | 722 350 | 825 906 | 2 800 841 | 2 517 424 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -16 268 | -19 530 | -65 678 | -60 289 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -437 487 | -370 170 | -1 448 143 | -1 103 019 |
--------------------------------------------------------------------------------
| Labour costs | -217 722 | -208 761 | -852 943 | -651 911 |
--------------------------------------------------------------------------------
| Depreciation and | -313 496 | -82 588 | -584 665 | -257 154 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses | -4 450 | -11 115 | -32 727 | -13 558 |
--------------------------------------------------------------------------------
| Total expenses | -989 423 | -692 164 | -2 984 156 | -2 085 931 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | -267 073 | 133 742 | -183 315 | 431 493 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 0 | 11 | 0 | 11 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 2 328 | 3 551 | 10 858 | 27 791 |
--------------------------------------------------------------------------------
| Interest expense | -5 740 | -318 | -10 601 | -604 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -298 472 | -22 025 | -262 996 | -34 289 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -301 884 | -18 781 | -262 739 | -7 091 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | -568 957 | 114 961 | -446 054 | 424 402 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | | | | |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | -556 065 | 97 379 | -452 647 | 380 650 |
--------------------------------------------------------------------------------
| Attributable to minority | -9 | 6 707 | 4 525 | 14 356 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | -556 056 | 90 672 | -457 172 | 366 294 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | -3,68 | 0,60 | -3,03 | 2,43 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | -3,68 | 0,60 | -3,03 | 2,43 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | Q4 2008 | Q4 2007 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 46 167 | 51 277 | 178 190 | 158 967 |
--------------------------------------------------------------------------------
| Other income | 0 | 1 508 | 816 | 1 925 |
--------------------------------------------------------------------------------
| Total revenue | 46 167 | 52 785 | 179 006 | 160 893 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -1 040 | -1 248 | -4 198 | -3 853 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -27 961 | -23 658 | -92 553 | -70 496 |
--------------------------------------------------------------------------------
| Labour costs | -13 915 | -13 342 | -54 513 | -41 665 |
--------------------------------------------------------------------------------
| Depreciation and | -20 036 | -5 278 | -37 367 | -16 435 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses | -284 | -710 | -2 092 | -867 |
--------------------------------------------------------------------------------
| Total expenses | -63 236 | -44 237 | -190 722 | -133 315 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | -17 069 | 8 548 | -11 716 | 27 577 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 0 | 1 | 0 | 1 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 149 | 227 | 694 | 1 776 |
--------------------------------------------------------------------------------
| Interest expense | -367 | -20 | -678 | -39 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -19 076 | -1 408 | -16 809 | -2 191 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -19 294 | -1 200 | -16 792 | -453 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | -36 363 | 7 347 | -28 508 | 27 124 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | 824 | -1 124 | -421 | -2 796 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | -35 539 | 6 224 | -28 929 | 24 328 |
--------------------------------------------------------------------------------
| Attributable to minority | -1 | 429 | 289 | 918 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | -35 538 | 5 795 | -29 219 | 23 410 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | -0,24 | 0,04 | -0,19 | 0,16 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | -0,24 | 0,04 | -0,19 | 0,16 |
| (€) | | | | |
--------------------------------------------------------------------------------
Additional information:
Andri Avila
CEO
Olympic Entertainment Group
Tel + 372 667 1250
E-mail: [email protected]
www.olympic-casino.com