Announcements

Information on OEG non-recurrent expenses in 2009 Q4

Posted on 08.02.2010

In Q4 OEG concern had non-recurrent expenses in total amount of 96.8 million EEK (6.2 million EUR). Expected cost effect of 2009 optimization activities in 2010 amounts to 660.8 million EEK (42.2 million EUR).
Reevaluation of investment property in Lithuania has caused non-recurrent costs in amount of 18.9 million EEK (1.2 million EUR) and fixed assets removal from operations due to casinos closures – in amount of 14.1 million EEK (0.9 million EUR). Value of intangible assets has been decreased by 21.9 million EEK (1.4 million EUR). Provisions connected with closed casinos rent agreements termination amounted to 11.1 million EEK (0.7 million EUR). In addition, assets that were no longer expected to be utilized, were sold in Q4 2009, which has caused sales losses of 29.9 million EEK (1.9 million EUR).
In Q4 OEG concern has additionally reduced personnel by 113 employees, related costs amounted to 0.9 million EEK (0.1 million EUR).
OEG will announce Q4 and 2009 consolidated results on 8th week.

 

Additional information:

Kristi Ojakäär
CFO
Olympic Entertainment Group
Tel + 372 667 1250
E-post kristi.ojakaar@oc.eu
www.olympic-casino.com

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