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OEG: OEG consolidated unaudited results for Q1, 2009

Spekuliantai.lt | 2009-05-08 | NASDAQ OMX biržų naujienos | perskaitė: 1346
Raktiniai žodžiai: Olympic Entertainment Group, OEG
OEG: OEG consolidated unaudited results for Q1, 2009

Olympic Entertainment Group Quarterly report 08.05.2009

OEG consolidated unaudited results for Q1, 2009

OEG consolidated unaudited results for Q1, 2009

Selected financial data, 3 months 2009:


Revenue: 489.7 million kroons

EBITDA from day-to-day operations*: 16.8 million kroons
EBIT from day-to-day operations*: -81.9 million kroons

Extraordinary expenses, incl

Non-capitalized investment expenses: -6.7 million kroons
Structure optimization and closure of casinos: -9.6 million kroons

Financial income and expenses net: 1.1 million kroons

Net loss before income tax**: -97.1 million kroons

€1 = 15.6466 kroons

*Ordinary business activity is referred to as business activity excluding
investment activities, structure optimization, casinos closures, and financial
income and expenses.

**Net loss before minority interest.


The main objective of the Group in 2009 is to adapt to rapidly changing market
situation, raising the market share and improving the efficiency in core
activity. In order to comply, Group management will make decisions regarding the
changes in operating activities based on cash flow indicators.

In the first quarter 2009 the overall degradation of the economic situation and
resultant decreasing trend of the gaming markets continued. The gaming markets
contracted in the first quarter of 2009 compared to the first quarter of 2008 by
58% in Estonia, by 36% in Latvia and by 26% in Lithuania.

The best performing month in the first quarter of 2009 was March, the
consolidated revenue increased by 20% in comparison with the average revenue of
the first two month of this year and positive cash flows were gained. Currently,
the level of consolidated revenues has stabilised after significant decline
during the first two months of this year. At the same time, it is important to
impress, that stabilization as a positive development in March and April does
not create any solid basis for long-term prognosis.


Already during 2008 the Group implemented an extensive efficiency program in
order to adapt the Group operations to changing market situation. The Group
closed 10 casinos that had negative cash flows and reduced the number of jobs by
288 or approximately 7%. In the first quarter 2009 the Group continued its
activities for increasing the efficiency: the remuneration payable to employees
was reduced by 20% and number of employees was reduced by 442 positions or
11.3%, during the current year 26 casinos with negative cash flows were closed,
including 14 casinos closed within the first quarter. The number of employees
reduced within the last year and first quarter of this year totals 730 positions
or 17%.

In the light of shrinking demand and with the aim of implementing a new concept
of casino lounges the Group has reduced the number of slot machines in most of
its casinos during the first quarter 2009. As a result of this, the fixed costs
related to the gaming tax decreased significantly. In addition, the Group
shortened the opening time of several casinos, before, all casinos operated by
Olympic Casino were opened 24 hours a day. The positive influence on the cost
structure of the Group since the second quarter of 2009 will appear as
agreements of reducing the rental prices on average 30% have been concluded. The
expected cost impact until the end of the year is 58.2 million kroons (3.7
million euros).

The total cost effect of optimisation activities implemented within the last
year and first quarter of the current year is expected to be 497.3 million
kroons (31.8 million euros), constituting 16.7% of the year 2008 total operating
expenses. The impact on expenses during the period from April to December this
year is expected to be 457.7 million kroons (29.3 million euros).

The Group ended the quarter with sales revenue of 487.6 million kroons (31.2
million euros). Total consolidated revenue (sales revenue and other income)
surged to 489.7 million kroons (31.3 million euros), 29.5% less than the first
quarter of 2008 total consolidated revenue of 695.0 million kroons (44.4 million
euros).

In the first quarter of 2009 93% consolidated revenue was formed by gaming
operations and 7% of other income. In the first quarter of 2008 gaming revenues
accounted for 94% and other revenues for 6% of consolidated revenue.


--------------------------------------------------------------------------------
| External revenue by segments | | | |
--------------------------------------------------------------------------------
| | 3 months | Change | Proportion | 3 months | Proportion |
| | 2009 | | | 2008 | |
--------------------------------------------------------------------------------
| Estonia | 91,220 | -55.9% | 18.6% | 206,882 | 29.8% |
--------------------------------------------------------------------------------
| Latvia | 98,038 | -39.7% | 20.0% | 162,612 | 23.4% |
--------------------------------------------------------------------------------
| Lithuania | 81,476 | -27.5% | 16.6% | 112,364 | 16.2% |
--------------------------------------------------------------------------------
| Ukraine | 59,266 | -18.2% | 12.1% | 72,441 | 10.4% |
--------------------------------------------------------------------------------
| Belarus | 10,768 | 72.9% | 2.2% | 6,227 | 0.9% |
--------------------------------------------------------------------------------
| Poland | 112,295 | -8.0% | 23.0% | 122,010 | 17.6% |
--------------------------------------------------------------------------------
| Romania | 10,593 | -15.2% | 2.2% | 12,486 | 1.7% |
--------------------------------------------------------------------------------
| Slovakia | 26,069 | - | 5.3% | - | - |
--------------------------------------------------------------------------------
| Total | 489,725 | 29.5% | 100.0% | 695,022 | 100.0% |
--------------------------------------------------------------------------------

€1 = 15.6466 kroons

At the end of the first quarter 2009, the Group had 121 casinos with a total
area of 35,998 square metres. At the end of the first quarter 2008, the number
of casinos was 124 and their total area was 35,630 square metres. During the
first quarter, in total 2 new casinos were opened in Lithuania and Slovakia and
in total 14 casinos were closed in Estonia, Latvia, Lithuania and Romania.

--------------------------------------------------------------------------------
| Number of casinos by | | | |
| segments | | | |
--------------------------------------------------------------------------------
| | 31 March | 31 December | 31 March |
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Estonia | 29 | 36 | 35 |
--------------------------------------------------------------------------------
| Latvia | 28 | 33 | 38 |
--------------------------------------------------------------------------------
| Lithuania | 16 | 16 | 16 |
--------------------------------------------------------------------------------
| Ukraine | 24 | 24 | 20 |
--------------------------------------------------------------------------------
| Belarus | 5 | 5 | 4 |
--------------------------------------------------------------------------------
| Poland | 9 | 9 | 8 |
--------------------------------------------------------------------------------
| Romania | 8 | 9 | 4 |
--------------------------------------------------------------------------------
| Slovakia | 2 | 1 | - |
--------------------------------------------------------------------------------
| Total | 121 | 133 | 125 |
--------------------------------------------------------------------------------

Consolidated operating loss for the first 3 months of 2009 amounted to 98.2
million kroons (6.3 million euros. The operating profit for the first 3 months
of 2008 totalled 75.3 million kroons (4.8 million euros). Consolidated net loss
for the first 3 months of 2009 totalled 97.4 million kroons (-6.2 million
euros), in the first quarter of 2008 the net profit amounted 61.9 million kroons
(4.0 million euros).

Consolidated expenses for 3 months of 2009 decreased in total by 5.1% or 31.8
million kroons (2.0 million euros) in comparison to consolidated expenses of 3
months of 2008. In comparison with the same quarter of the last year the
strongest cost deacline came from personnel expenses -19.8% or 41.8
million kroons (2.7 million euros) and marketing expenses -24.5% or 11.9 million
kroons (0.7 million euros). The largest expense item was personnel expenses
including social charges which amounted to 168.7 million kroons (10.8 million
euros), followed by gaming tax expenses of 112.0 million kroons (7.2 million
euros), depreciation and amortisation expense of 98.7 million kroons (6.3
million euros), rental expenses of 77.5 million kroons (5.0 million euros) and
marketing expenses of 36.7 million kroons (2.3 million euros). Consolidated
expenses of the first quarter of the 2009 include non-capitalizable expenses
related to opening of new casinos in total 6.7 million krrons (0.4 million
euros) and expenses related to closure of casinos and reducing the number of
personnel in total 9.6 million kroons (0.6 million euros). Expenses related to
closure of casinos in 2009 in amount of 84,2 million kroons (5.4 million euros)
are reflected in the results of the last quarter of 2008.

The management of Group has revised its estimations regarding the intra Group
loan contracts in preparing consolidated interim financial results of the first
quarter of 2009, as the intra Group loans will not be settled in the forseeable
future. Consequently, the exchange differences will be recognised directly in
the separate component of equity.


Estonian segment

In the first quarter of 2009, the segment's external revenue amounted to 91.2
million kroons (5.8 million euros) including gaming revenue of 82.6 million
kroons (5.3 million euros). The Estonian segment`s importance in the Group's
consolidated revenue has been decreased to 18.6%. In first quarter 2009, the
segment's external revenue declined by 55.9% compared to the same period of last
year. In first quarter 2009 the gaming market in Estonia shrank by 58%.

In first quarter of 2009 the segment's operating loss reached 42.7 million
kroons (2.7 million euros). In first quarter of 2008 the segment earned
operating profit in amount of 44.7 million kroons (2.9 million euros).

During the quarter, 7 casinos were closed in Estonia. At the end of quarter,
there were 29 Olympic Casinos in Estonia with a total of 804 slot machines and
22 game tables.


Latvian segment

The Latvian segment accounts for 20.0% of the Group's consolidated revenue. In
the first quarter of 2009, the segment's external revenue amounted to 98.0
million kroons (6.3 million euros) including gaming revenue of 90.1 million
kroons (5.8 million euros) and other revenues of 7.9 million kroons (0.5 million
euros). In the first quarter of 2009, the segment's external revenue declined by
39.7% compared to the same period last year. The Latvian gaming market declined
with the same magnitude.

The Latvian segment's operating loss amounted to 16.7 million kroons (1.1
million euros). In first quarter of 2008 the segment earned operating profit in
amount of 2.2 million kroons (0.1 million euros).

During the quarter, 5 casinos were closed in Latvia. At the end of March, there
were 28 Olympic Casinos in Latvia with a total of 773 slot machines and 25 game
tables.


Lithuanian segment

In the first quarter of 2009, the segment's external revenue amounted to 81.5
million kroons (5.2 million euros) including gaming revenue of 76.3 million
kroons (4.9 million euros) and other revenues of 5.2 million kroons (0.3 million
euros). In the first quarter of 2009, the segment's external revenue declined by
27.5%, the Lithuanian gaming market declined with the same extent. The
Lithuanian segment accounts for 16.6% of the Group's consolidated revenue.

In the first quater the segments`s operating loss reached 3.7 million kroons
(0.2 million euros). The operating profit of the last year`s the same periood
was 22.8 million kroons (1.5 million euros).

Within the quarter 1 casino was opened and 1 casino was closed. At the end of
March 2009, the Lithuanian segment was operating 16 casinos with a total of 595
slot machines and 76 game tables.


Ukrainian segment

In the first quarter of 2009, the segment's external revenue amounted to 59.2
million kroons (3.8 million euros), in the first quarter of 2008, the segment's
external revenue amounted to 72.4 million kroons (4.6 million euros). The
Ukrainian segment's sales revenue has grown in grivnas up to 17.6% compared to
the first quarter of 2008. In the first quarter of 2009 the gaming revenue
constituted 54.5 million kroons (3.5 million euros) and other revenues 4.7
million kroons (0.3 million euros).


The Ukrainian segment's operating loss for the first 3 months of 2009 amounted
to 10.2 million kroons (0.7 million euros), in the first quarter of 2008
operating profit amounted to 2.8 million kroons (0.2 million euros).

At the end of quarter, the Ukrainian segment was operating 24 casinos with a
total of 1,138 slot machines and 25 game tables.


Belarusian segment

At the end of March, Olympic Casino Bel IP was operating 5 casinos with a total
of 261 slot machines in Minsk.

The Belarusian segment accounts for 2.2% of the Group's consolidated revenue.
The Belarusian segment's sales revenue has grown 72.9% compared to the first
quarter of 2008 and amounted to 10.8 million kroons (0.7 million euros). The
Belarusian segment's sales revenue has grown in roubles 1.8 times compared to
the first quarter of 2008. The operating loss of Belarusian segment was 2.9
million kroons (0.2 million euros). In the first quarter of 2008, the Belarusian
segment's external revenues amounted to 6.2 million kroons (0.4 million euros)
and operating loss was 4.5 million kroons (0.3 million euros).


Polish segment

In the first quarter of 2009, the segment's external revenue amounted to 112.3
million kroons (7.2 million euros), accounting for largest part or 23.0% of the
Group's consolidated revenue. During the first quarter of 2009, segment's
revenue has declined by 8.0% compared to the first quarter of 2008, but in
zlotys the segment's sales revenue has grown by 21.7%. The operating loss of
Polish segment was 8.1 million kroons (0.5 million euros). The segment's
operating result was influenced by expenses related to the removal and
renovation of casinos in total amount of 1.8 million kroons (0.1 million euros)
and by increase in investment related depreciation cost in amount of 5.8 million
kroons (0.4 million euros).

At the end of quarter, Group was operating 9 casinos in Poland with 418 slots
and 64 gaming tables.


Romanian segment

The Romanian segment finished the first quarter of 2009 with a revenue of 10.6
million kroons (0.7 million euros) and operating loss 13.8 million kroons (0.9
million euros). Expenses related to the preparations of opening of the flagship
casino in Bucharest in this year influenced the operating result by 3.0 million
kroons (0.2 million euros).

Within the quarter 1 casino was closed in Romania, the segment was operating 8
casinos with a total of 312 slot machines.


Slovakian segment

In January 2009 a second Olympic casino was opened in Trnava.

The Slovakian segment finished the first quarter of 2009 with a revenue of 26.1
million kroons (1.7 million euros) and operating profit 0.3 million kroons (0.02
million euros).


Balance sheet

At 31 March 2009, the consolidated balance sheet of Group totalled 2,234.7
million kroons (142.8 million euros). At 31 December 2008, the consolidated
balance sheet of Group amounted to 2,403.6 million kroons (153.6 million euros).

Current assets accounted for 346.2 million kroons (22.1 million euros) or 15.5%
of total assets and non-current assets for 1,888.5 million kroons (120.7 million
euros) or 84.5% of total assets. Intangible assets accounted for 493.3 million
kroons (31.5 million euros) or 26.1% of non-current assets.

At 31 March, Group´s consolidated liabilities amounted to 526.3 million kroons
(33.6 million euros) and consolidated equity amounted to 1,708.4 million kroons
(109.2 million euros). The largest part of liabilities were loans in amount of
311.9 million kroons (19.9 million euros), payables to employees of 66.6 million
kroons (4.3 million euros), tax commitments of 55.7 million kroons (3.6 million
euros)


Investment

In the first quarter of 2009, the Group's expenditures on property, plant and
equipment totalled 44.2 million kroons (2.8 million euros) including investment
in gaming equipment of 13.4 million kroons (0.9 million euros), renovation of
casinos in amount of 18.8 million kroons (1.2 million euros), and acquisition of
other items of property, plant and equipment in amount of 3.7 million kroons
(0.2 million euros), prepayments for tangible assets amounted to 8.3 million
kroons (0.5 million euros).


Cash flows

Group's operating cash outflows during the first 3 months of 2009 were 52.8
million kroons (3.3 million euros), cash outflows from investing activities were
81.1 million kroons (5.2 million euros), cash flows from financing activities
were 34.8 million kroons (2.2 million euros) Net cash outflows amounted to 99.1
million kroons (6.3 million euros).


People

At 31 March 2009, the Group employed 3,482 people (31 December 2008: 3,924): 558
in Estonia, 566 in Latvia, 772 in Lithuania, 655 in Ukraine, 95 in Belarus, 492
in Poland, 224 in Romania and 120 in Slovakia.

Employee remuneration expenses including relevant social charges amounted to
168.7 million kroons (10.8 million euros), in first quarter of 2008 the relevant
figure was 210.5 million kroons (13.5 million euros).


The Group's key financials

--------------------------------------------------------------------------------
| | 3 months 2009 | 3 months | Change |
| | | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 489.7 | 695.0 | -29.5% |
--------------------------------------------------------------------------------
| EBITDA(kroons, millions) | 0.5 | 156.0 | -99.7% |
--------------------------------------------------------------------------------
| Operating profit (kroons, | -98.2 | 75.3 | |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | -97.4 | 61.9 | |
--------------------------------------------------------------------------------
| EBITDA margin | 0.1% | 22.4% | |
--------------------------------------------------------------------------------
| Operating margin | -20.1% | 10.8% | |
--------------------------------------------------------------------------------
| Net margin | -19.9% | 8.9% | |
--------------------------------------------------------------------------------
| Equity ratio | 73.5% | 85.9%  | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of | 121 | 125 | -4 |
| period | | | |
--------------------------------------------------------------------------------
| Total area of casinos at end of | 35,998 | 35,630 | 368 |
| period (in square metres) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slots at end of period | 4,301 | 4,715 | -414 |
--------------------------------------------------------------------------------
| Number of game tables at end of | 212 | 204 | 8 |
| period | | | |
--------------------------------------------------------------------------------


Underlying formulas

o EBITDA = earnings before financial expenses, taxes, depreciation, amortisation
and impairment losses
o Operating profit = profit before financial expenses and taxes
o Net profit = net profit for the period before minority interest
o EBITDA margin = EBITDA / revenue
o Operating margin = operating profit / revenue
o Net margin = net profit / revenue
o Equity ratio = equity / total assets

EUR 1 = EEK 15.6466

--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL |   |   |
| POSITION | | |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |   |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) |   | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets |   |   |   |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents |   |   | 216 932 | 315 919 |
--------------------------------------------------------------------------------
| Trade receivables |   |   | 8 517 | 6 507 |
--------------------------------------------------------------------------------
| Other receivables and |   |   | 64 766 | 86 174 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax |   |   | 25 948 | 20 464 |
--------------------------------------------------------------------------------
| Inventories |   |   | 29 929 | 29 576 |
--------------------------------------------------------------------------------
| Total current assets |   |   | 346 092 | 458 640 |
--------------------------------------------------------------------------------
| Non-current assets |   |   |   |   |
--------------------------------------------------------------------------------
| Deferred tax assets |   |   | 16 607 | 16 847 |
--------------------------------------------------------------------------------
| Other financial |   |   | 61 263 | 15 930 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term |   |   | 41 879 | 45 292 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property |   |   | 45 330 | 45 330 |
--------------------------------------------------------------------------------
| Property, plant and |   |   | 1 230 066 | 1 313 076 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets |   |   | 493 269 | 508 459 |
--------------------------------------------------------------------------------
| Total non-current assets |   |   | 1 888 414 | 1 944 934 |
--------------------------------------------------------------------------------
| TOTAL ASSETS |   |   | 2 234 506 | 2 403 574 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY |   |   |   |   |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) |   | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES |   |   |   |   |
--------------------------------------------------------------------------------
| Current liabilities |   |   |   |   |
--------------------------------------------------------------------------------
| Interest-bearing loans and |   |   | 80 959 | 82 802 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances |   |   | 13 655 | 16 041 |
--------------------------------------------------------------------------------
| Trade payables |   |   | 35 244 | 70 101 |
--------------------------------------------------------------------------------
| Other payables |   |   | 8 321 | 9 273 |
--------------------------------------------------------------------------------
| Income tax liability |   |   | 1 963 | 1 249 |
--------------------------------------------------------------------------------
| Other tax liabilities |   |   | 55 679 | 87 156 |
--------------------------------------------------------------------------------
| Other accrued payables |   |   | 73 446 | 73 879 |
--------------------------------------------------------------------------------
| Provisions |   |   | 14 021 | 12 797 |
--------------------------------------------------------------------------------
| Total current liabilities |   |   | 283 288 | 353 298 |
--------------------------------------------------------------------------------
| Non-current liabilities |   |   |   |   |
--------------------------------------------------------------------------------
| Deferred tax liability |   |   | 12 089 | 10 924 |
--------------------------------------------------------------------------------
| Interest-bearing loans and |   |   | 230 927 | 194 968 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current |   |   | 243 016 | 205 892 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities |   |   | 526 304 | 559 190 |
--------------------------------------------------------------------------------
| EQUITY |   |   |   |   |
--------------------------------------------------------------------------------
| Share capital |   |   | 1 510 000 | 1 510 000 |
--------------------------------------------------------------------------------
| Share premium |   |   | 227 273 | 227 273 |
--------------------------------------------------------------------------------
| Statutory capital reserve |   |   | 37 759 | 37 759 |
--------------------------------------------------------------------------------
| Translation reserves |   |   | -3 325 | 35 407 |
--------------------------------------------------------------------------------
| Retained earnings |   |   | -128 429 | -31 989 |
--------------------------------------------------------------------------------
| Total equity attributable |   |   | 1 643 278 | 1 778 450 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest |   |   | 64 924 | 65 934 |
--------------------------------------------------------------------------------
| Total equity |   |   | 1 708 202 | 1 844 384 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND |   |   | 2 234 506 | 2 403 574 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL |   |   |
| POSITION | | |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |   |
--------------------------------------------------------------------------------
| (In thousands of euro) |   |   | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets |   |   |   |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents |   |   | 13 864 | 20 191 |
--------------------------------------------------------------------------------
| Trade receivables |   |   | 544 | 416 |
--------------------------------------------------------------------------------
| Other receivables and |   |   | 4 139 | 5 508 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax |   |   | 1 658 | 1 308 |
--------------------------------------------------------------------------------
| Inventories |   |   | 1 913 | 1 890 |
--------------------------------------------------------------------------------
| Total current assets |   |   | 22 119 | 29 312 |
--------------------------------------------------------------------------------
| Non-current assets |   |   |   |   |
--------------------------------------------------------------------------------
| Deferred tax assets |   |   | 1 061 | 1 077 |
--------------------------------------------------------------------------------
| Other financial |   |   | 3 915 | 1 018 |
| investments | | | | |
--------------------------------------------------------------------------------
| Other long-term |   |   | 2 677 | 2 895 |
| receivables | | | | |
--------------------------------------------------------------------------------
| Investment property |   |   | 2 897 | 2 897 |
--------------------------------------------------------------------------------
| Property, plant and |   |   | 78 616 | 83 921 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets |   |   | 31 526 | 32 496 |
--------------------------------------------------------------------------------
| Total non-current assets |   |   | 120 692 | 124 304 |
--------------------------------------------------------------------------------
| TOTAL ASSETS |   |   | 142 811 | 153 616 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY |   |   |   |   |
--------------------------------------------------------------------------------
| (In thousands of euro) |   |   | 31 Mar 2009 | 31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES |   |   |   |   |
--------------------------------------------------------------------------------
| Current liabilities |   |   |   |   |
--------------------------------------------------------------------------------
| Interest-bearing loans and |   |   | 5 174 | 5 292 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances |   |   | 873 | 1 025 |
--------------------------------------------------------------------------------
| Trade payables |   |   | 2 253 | 4 480 |
--------------------------------------------------------------------------------
| Other payables |   |   | 532 | 593 |
--------------------------------------------------------------------------------
| Income tax liability |   |   | 125 | 80 |
--------------------------------------------------------------------------------
| Other tax liabilities |   |   | 3 559 | 5 570 |
--------------------------------------------------------------------------------
| Other accrued payables |   |   | 4 694 | 4 722 |
--------------------------------------------------------------------------------
| Provisions |   |   | 896 | 818 |
--------------------------------------------------------------------------------
| Total current liabilities |   |   | 18 105 | 22 580 |
--------------------------------------------------------------------------------
| Non-current liabilities |   |   |   |   |
--------------------------------------------------------------------------------
| Deferred tax liability |   |   | 773 | 698 |
--------------------------------------------------------------------------------
| Interest-bearing loans and |   |   | 14 759 | 12 461 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current |   |   | 15 532 | 13 159 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities |   |   | 33 637 | 35 739 |
--------------------------------------------------------------------------------
| EQUITY |   |   |   |   |
--------------------------------------------------------------------------------
| Share capital |   |   | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Share premium |   |   | 14 525 | 14 525 |
--------------------------------------------------------------------------------
| Statutory capital reserve |   |   | 2 413 | 2 413 |
--------------------------------------------------------------------------------
| Translation reserves |   |   | -213 | 2 263 |
--------------------------------------------------------------------------------
| Retained earnings |   |   | -8 208 | -2 044 |
--------------------------------------------------------------------------------
| Total equity attributable |   |   | 105 025 | 113 664 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest |   |   | 4 149 | 4 214 |
--------------------------------------------------------------------------------
| Total equity |   |   | 109 174 | 117 878 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND |   |   | 142 811 | 153 616 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME |   |   |   |   |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian |   |   | Q1 2009 | Q1 2008 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue |   |   |   |   |
--------------------------------------------------------------------------------
| Sales revenue |   |   | 487 606 | 692 253 |
--------------------------------------------------------------------------------
| Other income |   |   | 2 119 | 2 770 |
--------------------------------------------------------------------------------
| Total revenue |   |   | 489 725 | 695 022 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Expenses |   |   | 0 | 0 |
--------------------------------------------------------------------------------
| Cost of materials, goods |   |   | -13 796 | -17 184 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses |   |   | -295 938 | -304 108 |
--------------------------------------------------------------------------------
| Labour costs |   |   | -168 686 | -210 452 |
--------------------------------------------------------------------------------
| Depreciation and |   |   | -98 677 | -80 685 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses |   |   | -10 819 | -7 290 |
--------------------------------------------------------------------------------
| Total expenses |   |   | -587 916 | -619 718 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Operating profit |   |   | -98 191 | 75 304 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Financial income and |   |   |   |   |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income |   |   | 2 874 | 3 450 |
--------------------------------------------------------------------------------
| Interest expense |   |   | -5 412 | -312 |
--------------------------------------------------------------------------------
| Foreign exchange gains and |   |   | 3 698 | -14 210 |
| losses | | | | |
--------------------------------------------------------------------------------
| Other financial income and expenses | -49 | 0 |
--------------------------------------------------------------------------------
| Net financing costs |   |   | 1 111 | -11 072 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Profit from ordinary |   |   | -97 080 | 64 232 |
| operations | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Income tax expense |   |   |   |   |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD |   |   | -97 450 | 61 934 |
--------------------------------------------------------------------------------
| Attributable to minority |   |   | -1 009 | 6 150 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity |   |   | -96 441 | 55 785 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Basic earnings per share |   |   | -0,64 | 0,37 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share |   |   | -0,64 | 0,37 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME |   |   |   |   |
| STATEMENT | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) |   |   | Q1 2009 | Q1 2008 |
--------------------------------------------------------------------------------
| Revenue |   |   |   |   |
--------------------------------------------------------------------------------
| Sales revenue |   |   | 31 164 | 44 243 |
--------------------------------------------------------------------------------
| Other income |   |   | 135 | 177 |
--------------------------------------------------------------------------------
| Total revenue |   |   | 31 299 | 44 420 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Expenses |   |   |   |   |
--------------------------------------------------------------------------------
| Cost of materials, goods |   |   | -882 | -1 098 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses |   |   | -18 914 | -19 436 |
--------------------------------------------------------------------------------
| Labour costs |   |   | -10 781 | -13 450 |
--------------------------------------------------------------------------------
| Depreciation and |   |   | -6 307 | -5 157 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Other expenses |   |   | -691 | -466 |
--------------------------------------------------------------------------------
| Total expenses |   |   | -37 575 | -39 607 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Operating profit |   |   | -6 276 | 4 813 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Financial income and |   |   |   |   |
| expenses | | | | |
--------------------------------------------------------------------------------
| Interest income |   |   | 184 | 221 |
--------------------------------------------------------------------------------
| Interest expense |   |   | -346 | -20 |
--------------------------------------------------------------------------------
| Foreign exchange gains and |   |   | 236 | -908 |
| losses | | | | |
--------------------------------------------------------------------------------
| Other financial income and expenses | -3 | 0 |
--------------------------------------------------------------------------------
| Net financing costs |   |   | 71 | -708 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Profit from ordinary |   |   | -6 205 | 4 105 |
| operations | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Income tax expense |   |   | -24 | -147 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD |   |   | -6 228 | 3 958 |
--------------------------------------------------------------------------------
| Attributable to minority |   |   | -64 | 393 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity |   |   | -6 164 | 3 565 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Basic earnings per share |   |   | -0,04 | 0,02 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share |   |   | -0,04 | 0,02 |
| (€) | | | | |
--------------------------------------------------------------------------------



Further information:


Andri Avila
CEO
Olympic Entertainment Group,
Tel +372 667 1250
E-post andri.avila@oc.eu
http://www.olympic-casino.com

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