Consolidated unaudited results for Q2 and H1 2013
Posted on 29.07.2013
Key performance indicators of the Group
Key developments of the Group during the first half-year of 2013:
The Group’s consolidated sales revenues by segments:
Number of casinos by segment:
Overview by markets
The sales revenues of Estonian segment for H1 2013 amounted to EUR 16.4 million (+0.6 m€, +3.8%), EBITDA to EUR 3.6 million (-0.2 m€, -4.7%) and operating profit to EUR 2.8 million (+0.5 m€, +22.4%). Gaming revenue increased 4.5% y-o-y amounting to EUR 15.0 million.
The market share of Olympic Casino Eesti AS in the Estonian land-based gaming market was 56% in H1 2013, up 2% y-o-y. Total Estonian gaming market decreased by 1% as compared to the H1 2012.
At the end of H1 2013, there were 18 Olympic casinos with 741 slot machines and 19 gaming tables operating in Estonia. As at 30 June 2013, the Estonian operations employed 536 people.
The sales revenues of Latvian segment for H1 2013 amounted to EUR 16.4 million (+0.7 m€, +4.4%), EBITDA to EUR 7.1 million (+0.2 m€, +3.4%) and operating profit to EUR 5.9 million (+0.3 m€, +5.0%). Gaming revenue increased 3.9% y-o-y amounting to EUR 15.0 million.
The market share of Olympic Casino Latvia SIA in the Latvian gaming market was 21% in H1 2013 remaining on the same level as year ago. Total Latvian gaming market increased by 2.8% as compared to the H1 2012.
As at the end of H1 2013, there were 38 Olympic casinos with 1,018 slot machines and 18 gaming tables operating in Latvia. Of these, 17 casinos with 345 slot machines were added on 28 June 2013 when the Group acquired 100% shareholding in Latvian casino operator Altea SIA. Out of 17 slot casinos 9 are located in Riga and eight are spread around the country. As at 30 June 2013, there were 652 employees (incl. Altea SIA) in Latvia.
The sales revenues of Lithuanian segment for H1 2013 amounted to EUR 10.0 million (+0.7 m€, +7.2%), EBITDA to EUR 2.0 million (-0.2 m€, -8.6%) and operating profit to EUR 1.2 million (-0.1 m€, -9.0%). Gaming revenue increased 7.9% y-o-y amounting to EUR 9.5 million.
The market share of Olympic Casino Group Baltija UAB in the Lithuanian gaming market was 69% in H1 2013, up from 67a year before. Total Lithuanian gaming market increased by 6% as compared to the H1 2012.
As at the end of H1 2013, there were 12 Olympic casinos with 420 slot machines and 62 gaming tables operating in Lithuania. As at 30 June 2013, the Lithuanian operations employed 651 people.
The sales revenues of Polish segment for H1 2013 amounted to EUR 13.6 million (+0.2 m€, +1.4%), EBITDA to EUR 2.7 million (+0.4 m€, +18.1%) and operating profit to EUR 2.0 million (+1.1 m€, +112.8%). Gaming revenue increased 1.6% y-o-y amounting to EUR 13.4 million.
As at the end of H1 2013, there were 3 Olympic casinos with 266 slot machines and 38 gaming tables operating in Poland. As at 30 June 2013, the Polish operations employed 352 people.
The sales revenues of Slovak segment for H1 2013 amounted to EUR 7.7 million (-0.05 m€, -0.7%), EBITDA to EUR 1.0 million (-0.6 m€, -36.1%) and operating profit to EUR 0.4 million (-0.6 m€, -59.7%). Gaming revenue decreased 1.9% y-o-y amounting to EUR 6.9 million.
As at the end of H1 2013, there were 5 Olympic casinos with 263 slot machines and 52 gaming tables operating in Slovakia. As at 30 June 2013, The Slovak operations employed 264 people.
In this interim financial statements the Belarusian segment is regarded as a hyperinflationary economy that is subject to the accounting policies of IAS 29.
The sales revenues of Belarusian segment for H1 2013 amounted to EUR 1.3 million (-0.3 m€, -20.4%), EBITDA to EUR 0.06 million (-0.5 m€, -89.3%) and operating profit to EUR 0.01 million (-0.4 m€, -97.5%). Gaming revenue decreased 19.6% y-o-y amounting to EUR 1.2 million.
As at the end of H1 2013, there were 5 Olympic casinos with 236 slot machines operating in Belarus. As at 30 June 2013, the Belarusian operations employed 99 people.
The sales revenues of Italian segment before deducting the gaming tax of Italy for H1 2013 amounted to EUR 3.7 million, EBITDA to EUR 0.2 million and operating profit to EUR 0.05 million
The Group is operating in Italy since August 2012. As at the end of H1 2013, there were 2 VLT slot casinos with 112 slot machines operating in Italy under the brand of Slottery. As at 30 June 2013, there were 7 employees in Italy.
As at 30 June 2013, the total assets of the Group amounted to EUR 101.0 million, down 8.1% or EUR 8.9 million compared to the same period a year ago. The decline in total assets was mostly driven by dividend payment in Q1 2013.
Current assets totalled EUR 38.0 million or 37.6% of total assets, and non-current assets EUR 63.0 million or 62.4% of total assets. The liabilities amounted to EUR 16.3 million and equity to EUR 84.7 million. The largest liabilities included suppliers payable (5.1 m€), tax liabilities (3.5 m€) and payables to employees (3.3 m€).
In H1 2013, the Group’s expenditures on property, plant and equipment totalled EUR 6.1 million (+2.5 m€, +68.3%), of which EUR 3.7 million was invested to new gaming equipment (+2.4m€, +194.1%) and EUR 2.4 million (+0.07 m€, +3.1%) to construction and reconstruction of casinos.
In H1 2013, the Group’s cash flows generated from operating activities amounted to EUR 10.7 million (-3.3 m€, -23.9%) and cash flows from investing activities to EUR 2.1 million (+7.7 m€). Financing cash flows amounting to EUR -17.8 million (‑16.2 €) were largely impacted by dividend payment in the amount of EUR 17.6 million. Net cash flows totalled EUR ‑4.9 million (-11.9 m€).
As at 30 June 2013, the Group employed 2,561 people, up by 212 y-o-y mostly due to opening new casinos in Lithuania and Slovakia as well as expansion in Latvia.
In H1 2013, total personnel expenses amounted to EUR 16.9 million (+0.9 m€, +5.6%). In H1 2013, the members of the Management Board and Supervisory Board of all Group entities were paid remuneration and benefits including social security taxes in the amount of EUR 447 thousand (466 thousand in H1 2012) and EUR 78 thousand (EUR 78 thousand in H1 2012), respectively.
Consolidated statement of financial position
Consolidated statement of comprehensive income
* euro cents
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