Announcements

OEG consolidated unaudited operating results for Q1 2008

Posted on 09.05.2008


Revenue:                     695.0 million kroons (year-over-year growth 50.7%)
Operating profit:         75.3 million kroons (year-over-year decrease 13.9%)
Operating margin*:     10.8% (3 months 2007 19.0%)
Profit before tax:         64.2 million kroons (year-over-year decrease 33.7%)
Net profit **:               61.9 million kroons (year-over-year decrease 25.1%)
Net margin***:            8.7% (3 months 2007 17.9%)

* Operating margin = operating profit / revenue
** Net profit before minority interest
** Net margin = net profit / revenue

1 EUR = 15.6466 EEK

The Group ended the quarter with sales revenue of 692.3 million kroons (44.2 million euros). Total consolidated revenue (sales revenue and other income) surged to 695.0 million kroons (44.4 million euros), 50.7% up on the first quarter of 2007 total consolidated revenue of 461.0 million kroons (29.5 million euros). In the first quarter of 2008 94% of concern consolidated revenue was formed by gaming operations and 6% of other income. In 2007 Q1 gaming revenues accounted for 93% and other revenues for 7% of consolidated revenue.

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| External revenue by segments | | | |
--------------------------------------------------------------------------------
| | 3 months | Growth | Proportion | 3 months | Proportion |
| | 2008 | | | 2007 | |
--------------------------------------------------------------------------------
| Estonia | 206,882 | 17.3% | 29.8% | 176,306 | 38.2% |
--------------------------------------------------------------------------------
| Latvia | 162,612 | 4.3% | 23.4% | 155,847 | 33.8% |
--------------------------------------------------------------------------------
| Lithuania | 112,364 | 17.6% | 16.2% | 95,516 | 20.7% |
--------------------------------------------------------------------------------
| Ukraine | 72,441 | 127.1% | 10.4% | 31,893 | 6.9% |
--------------------------------------------------------------------------------
| Belarus | 6,227 | 314.9% | 0.9% | 1,501 | 0.3% |
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| Poland | 122,010 | - | 17.6% | - | 0.0% |
--------------------------------------------------------------------------------
| Romania | 12,486 | - | 1.8% | - | 0.0% |
--------------------------------------------------------------------------------
| Total | 695,022 | 50.7% | 100.0% | 461,063 | 100.0% |
--------------------------------------------------------------------------------


Consolidated revenue of the first quarter of 2008 was positively influenced by the contribution of newly acquired companies as well as organic and expansion-triggered revenue growth.

At the end of March 2008, the Group had 125 casinos with a total area of 35,630 square metres. At the end of March 2007, the number of casinos was 82 and their total area was 23,169 square metres. The number of casinos increased by 43 compared to the same period of last year. During the first quarter, a new casino was opened in each of the following countries – Lithuania, Ukraine and Romania, and six casinos were renovated – three former Kristiine Kasiinos in Estonia and 3 former Baltic Gaming casinos in Latvia.


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| Number of casinos by | | | |
| segments | | | |
--------------------------------------------------------------------------------
| | 31 March | 31 December | 31 March |
| | 2008 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Estonia | 35 | 35 | 24 |
--------------------------------------------------------------------------------
| Latvia | 38 | 38 | 38 |
--------------------------------------------------------------------------------
| Lithuania | 16 | 15 | 10 |
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| Ukraine | 20 | 19 | 9 |
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| Belarus | 4 | 4 | 1 |
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| Poland | 8 | 8 | - |
--------------------------------------------------------------------------------
| Romania | 4 | 3 | - |
--------------------------------------------------------------------------------
| Slovakia | - | - | - |
--------------------------------------------------------------------------------
| Total | 125 | 122 | 82 |
--------------------------------------------------------------------------------


 

Consolidated operating profit amounted to 75.3 million kroons (4.8 million euros), 13.9% down compared with the first quarter of 2007.
Consolidated net profit equalled 61.9 million kroons (4.0 million euros), a 25.1% decrease from the 82.7 million kroons (5.3 million euros) earned in the first quarter of 2007.

The management of the Group considers that the results for the first quarter were mostly according to expectations. As expected, quarterly results will be affected by slight seasonality: in overall trend, about 45% of revenues and 40% of the profit will be made during the first half-year. The results of the Polish and Lithuanian subsidiaries were better than expected and the results Latvian subsidiaries were somewhat more modest. The operating profit for the first quarter 2008 was affected by non-capitalized costs in connection with casino opening and renovation in the amount of 19.9 million kroons (1.3 million euros), slowdown in income growth caused by the overall cooling of the economic climate, pressure on operating costs and extension of periods for launching new casinos.

The Group’s management will continue this year to implement activities planned at the end of 2007 that are aimed at streamlining organizational structures of Group companies and optimization of operating costs. In the coming quarters the main focus will be on continuing the integration of companies acquired in 2007 into other operations of OEG with the objective of increasing their operating efficiency and implementation of the expansion strategy. Depending on the development of the overall economic climate we expected margins to start growing not before the final quarter of this year.

Consolidated expenses for 3 months 2008 totalled to 619.7 million kroons (39.6 million euros), up 65.9% compared to 3 months 2007. The largest expense item was personnel expenses including social charges which amounted to 210.5 million kroons (13.5 million euros), followed by gaming tax expenses of 111.7 million kroons (7.1 million euros), depreciation and amortisation expense of 80.6 million kroons (5.2 million euros), buildings rental expenses of 61.0 million kroons (3.9 million euros) and marketing and jackpot expenses of 48.7 million kroons (3.1 million euros).

In comparison with last year the strongest cost growth in absolute figures came from personnel expenses – 91.2 million kroons (5.8 million euros) – a 76.5% up on year ago, gaming tax expenses – 66.8 million kroons (4.3 million euros) – a 148.9% growth, and premises rent expenses – 32.1 million kroons (2.1 million euros) – a 111.4% growth.

Consolidated net profit for 3 months of 2008 was affected by unrealised exchange differences – a net exchange loss of 14.2 million kroons (0.9 million euros) arisen from significant fluctuations in the euro-US dollar exchange rate. Exchange differences have been recognised in the income statement in Foreign exchange loss.


Estonian segment

Due to the Group’s rapid expansion, the Estonian segment’s contribution to consolidated revenue has declined from 38.2% to 29.8% compared to the same period of a previous year. In the first quarter of 2008, the segment’s external revenue amounted to 206.9 million kroons (13.2 million euros) including gaming revenue of 194.2 million kroons (12.4 million euros). In first quarter 2008, the segment’s external revenue grew by 17.3% compared to the same period of last year.

According to the Estonian Gaming Operator Association, in first quarter 2008 the market share of Olympic Casino Eesti AS has grown from 44% to 47%.

At the end of March 2008, there were 35 Olympic Casinos in Estonia with a total of 1,360 slot machines and 24 game tables. During the quarter, three former Kristiine Kasiino facilities were renovated.

In first quarter of 2008 the segment’s operating profit has grown 25.9% and reached 44.7 million kroons (2.9 million euros).The growth of profit was achieved due to the growth of revenues and efficient cost management.


Latvian segment

The Latvian segment accounts for 23.4% of the Group’s consolidated revenue. In the first quarter of 2008, the segment’s external revenue amounted to 162.6 million kroons (10.4 million euros) including gaming revenue of 148.9 million kroons (9.5 million euros) and other revenues of 13.7 million kroons (0.9 million euros). In the first quarter of 2008, the segment’s external revenue grew by 4.3% compared to the same period last year. The Latvian gaming market grew with the same magnitude.

The Latvian segment’s operating profit amounted to 2.2 million kroons (0.1 million euros), 93.1% down from the first quarter of 2007. Profit decrease has been caused by increase of operating expenses and slowdown of the revenue growth. In Latvian subsidiaries the process of streamlining organizational structures has been started, the effect on operational costs will appear in the second half of the year.

At the end of March 2008, the Latvian segment was operating 38 casinos with a total of 1,267 slot machines and 40 game tables.


Lithuanian segment

The Lithuanian segment continues steady growth. During the first 3 months of 2008 revenue grew up 17.6%. The Lithuanian segment accounts for 16.2% of the Group’s consolidated revenue. In the first quarter of 2008, the segment’s external revenue amounted to 112.4 million kroons (7.2 million euros) including gaming revenue of 107.2 million kroons (6.9 million euros) and other revenues of 5.2 million kroons (0.3 million euros).

In the first quater the segments`s operating profit has grown 11.4% compared to the first quater of 2007 and has reached 22.8 million kroons (1.5 million euros).

At the end of March 2008, the Lithuanian segment was operating 10n casinos under the Olympic Casino brand (including Kaunas casino temporarily closed for renovation) and 6 under the Bumerangas brand. The casinos have a total of 578 slot machines and 64 game tables.


Ukrainian segment

Ukraine is continually the Group’s fastest growing segment. The segment`s external revenue increased 2.3 times compared to the revenues of first 3 months of 2007. The segment`s revenues grew up to 10.4% of the Group’s consolidated revenue. In the first quarter of 2008, the segment’s external revenue amounted to 72.4 million kroons (4.6 million euros) including gaming revenue of 66.7 million kroons (4.3 million euros) and other revenues of 5.7 million kroons (0.4 million euros).

The Ukrainian segment’s operating profit for the first 3 months of 2008 amounted to 2.8 million kroons (0.2 million euros), which is 2.0 million kroons (0.1 million euros) less than in the first quarter of 2007. The segment’s operating profit was influenced by expansion costs and expenses related to the renovation of Eldorado casinos in total amount of 7.7 million kroons (0.5 million euros).

At the end of March 2008, the Ukrainian segment was operating 20 casinos with a total of 870 slot machines and 18 game tables.


Belarusian segment

At the end of March, Olympic Casino Bel IP was operating 4 casinos with a total of 199 slot machines in Minsk.

The Belarusian segment accounts for less than 1% of the Group’s consolidated revenue. During the first quarter of 2008, revenue has grown three times compared to the first quarter of 2007 and amounted to 6.2 million kroons (0.4 million euros). The operating loss of Belarusian segment was 4.5 million kroons (0.3 million euros).


Polish segment

In the first quarter of 2008, the segment’s external revenue amounted to 122.0 million kroons (7.8 million euros), accounting for 17.6% of the Group’s consolidated revenue. At the end of March, Group was operating 8 casinos in Poland with 302 slots and 45 gaming tables. The segments`s operating profit amounted to 15.9 million kroons (1.0 million euros).


Romanian segment

The Romanian segment finished the first quarter of 2008 with a revenue of 12.5 million kroons (0.8 million euros). Due to the expenses related with the opening of new casinos, the period ended with an operating loss of 7.1 million kroons (0.5 million euros).

At the end of March 2008, Group was operating 4 casinos in Romania with a total of 139 slot machines and 13 gaming tables.


Balance sheet

At 31 March 2008, the consolidated balance sheet of Group totalled 2,712.5 million kroons (173.4 million euros). At 31 December 2007, the consolidated balance sheet of Group amounted to 2,703.9 million kroons (172.8 million euros). During the quarter the volume of balance sheet increased 0.3%.

Current assets accounted for 547.8 million kroons (35.0 million euros) or 20.2% of total assets and non-current assets for 2,164.7 million kroons (138.3 million euros) or 79.8% of total assets. Intangible assets accounted for 679.2 million kroons (43.4 million euros) or 31.1% of non-current assets.

At 31 March, Group´s consolidated liabilities amounted to 315.7 million kroons (20.2 million euros) and consolidated equity amounted to 2,396.7 million kroons (153.2 million euros). The largest part of liabilities were trade payables in amount of 96.4 million kroons (6.2 million euros), tax commitments of 74.3 million kroons (4.7 million euros), payables to employees of 69.5 million kroons (4.4 million euros).


Investment

In the first quarter of 2008, the Group’s expenditures on property, plant and equipment totalled 208.6 million kroons (13.3 million euros) including investment in gaming equipment of 133.3 million kroons (8.5 million euros), renovation of casinos in amount of 67.1 million kroons (4.3 million euros), and acquisition of other items of property, plant and equipment in amount of 8.2 million kroons (0.5 million euros).

Expenditures on intangible assets amounted to 3.1 million kroons (0.2 million euros).

Cash flows

Group’s operating cash flows during the first 3 months of 2008 were 58.1 million kroons (3.7 million euros), cash outflows from investing activities were 144.5 million kroons (9.2 million euros). Net cash outflows amounted to 86.5 million kroons (5.5 million euros).


People

At 31 March 2008, the Group employed 3,900 people (31 March 2007: 2,406): 779 in Estonia, 939 in Latvia, 807 in Lithuania, 667 in Ukraine, 82 in Belarus, 457 in Poland, 166 in Romania and 3 in Slovakia.

Employee remuneration expenses including relevant social charges amounted to 210.5 million kroons (13.5 million euros), in first quarter of 2007 the relevant figure was 119.2 million kroons (7.6 million euros).


The Group’s key financials
--------------------------------------------------------------------------------
| | 3 months 2008 | 3 months | Change |
| | | 2007 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 695.0 | 461.1 | 50.7% |
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| EBITDA(kroons, millions) | 156.0 | 134.5 | 16.0% |
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| Operating profit (kroons, | 75.3 | 87.4 | -13.8% |
| millions) | | | |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | 61.9 | 82.7 | -25.2% |
--------------------------------------------------------------------------------
| EBITDA margin | 22.4% | 29.2% | -23.0% |
--------------------------------------------------------------------------------
| Operating margin | 10.8% | 19.0% | -42.8% |
--------------------------------------------------------------------------------
| Net margin | 8.9% | 17.9% | -50.3% |
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| Equity ratio | 88.3%  | 90.1%  | -2.0%  |
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--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of | 125 | 82 | 52.4% |
| period | | | |
--------------------------------------------------------------------------------
| Total area of casinos at end of | 35,630 | 23,169 | 53.8% |
| period (in square metres) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slots at end of period | 4,715 | 3,023 | 56.0% |
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| Number of game tables at end of | 204 | 119 | 71.4% |
| period | | | |
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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 BALANCE SHEET
--------------------------------------------------------------------------------
| ASSETS | |   |
--------------------------------------------------------------------------------
| (In thousands of Estonian | 31 Mar 2008 | 31 Dec 2007 |
| kroons) | | |
--------------------------------------------------------------------------------
| Current assets | |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 415,724 | 501,800 |
--------------------------------------------------------------------------------
| Short-term financial investments | 6,714 | 10,929 |
--------------------------------------------------------------------------------
| Trade receivables | 4,729 | 14,309 |
--------------------------------------------------------------------------------
| Other receivables and | 93,607 | 68,461 |
| prepayments | | |
--------------------------------------------------------------------------------
| Prepaid income tax | 1,670 | 2,567 |
--------------------------------------------------------------------------------
| Inventories | 25,321 | 20,441 |
--------------------------------------------------------------------------------
| Total current assets | 547,766 | 618,507 |
--------------------------------------------------------------------------------
| Non-current assets | |   |
--------------------------------------------------------------------------------
| Deferred tax assets | 3,511 | 3,575 |
--------------------------------------------------------------------------------
| Other financial investments | 7,211 | 7,248 |
--------------------------------------------------------------------------------
| Other long-term receivables | 14,928 | 11,955 |
--------------------------------------------------------------------------------
| Investment property | 57,909 | 52,924 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1,401,984 | 1,319,338 |
--------------------------------------------------------------------------------
| Intangible assets | 679,146 | 690,379 |
--------------------------------------------------------------------------------
| Total non-current assets | 2,164,689 | 2,085,419 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2,712,456 | 2,703,926 |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | |   |
--------------------------------------------------------------------------------
| (In thousands of Estonian | 31 Mar 2008 | 31 Dec 2007 |
| kroons) | | |
--------------------------------------------------------------------------------
| LIABILITIES | |   |
--------------------------------------------------------------------------------
| Current liabilities | |   |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 3,523 | 4,682 |
| borrowings | | |
--------------------------------------------------------------------------------
| Customer advances | 3,832 | 12,600 |
--------------------------------------------------------------------------------
| Trade payables | 96,417 | 125,749 |
--------------------------------------------------------------------------------
| Other payables | | 9,293 |
--------------------------------------------------------------------------------
| Income tax liability | 62,429 | 13,617 |
--------------------------------------------------------------------------------
| Other tax liabilities | 11,872 | 70,870 |
--------------------------------------------------------------------------------
| Other accrued payables | 72,357 | 73,662 |
--------------------------------------------------------------------------------
| Provisions | 15,634 | 15,297 |
--------------------------------------------------------------------------------
| Total current liabilities | 276,033 | 325,770 |
--------------------------------------------------------------------------------
| Non-current liabilities | |   |
--------------------------------------------------------------------------------
| Deferred tax liability | 14,909 | 18,280 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 24,821 | 24,787 |
| borrowings | | |
--------------------------------------------------------------------------------
| Total non-current liabilities | 39,730 | 43,067 |
--------------------------------------------------------------------------------
| Total liabilities | 315,764 | 368,837 |
--------------------------------------------------------------------------------
| EQUITY | |   |
--------------------------------------------------------------------------------
| Share capital | 1,510,000 | 1,510,000 |
--------------------------------------------------------------------------------
| Share premium | 227,273 | 227,273 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 19,444 | 19,444 |
--------------------------------------------------------------------------------
| Translation reserves | -1,672 | -1,344 |
--------------------------------------------------------------------------------
| Retained earnings | 574,179 | 518,394 |
--------------------------------------------------------------------------------
| Total equity attributable to | 2,329,225 | 2,273,768 |
| equity holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 67,467 | 61,321 |
--------------------------------------------------------------------------------
| Total equity | 2,396,692 | 2,335,089 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 2,712,456 | 2,703,926 |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
| ASSETS | |   |
--------------------------------------------------------------------------------
| (In thousands of euro) | 31 Mar 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| Current assets | |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 26,570 | 32,071 |
--------------------------------------------------------------------------------
| Short-term financial investments | 429 | 698 |
--------------------------------------------------------------------------------
| Trade receivables | 302 | 915 |
--------------------------------------------------------------------------------
| Other receivables and | 5,983 | 4,375 |
| prepayments | | |
--------------------------------------------------------------------------------
| Prepaid income tax | 107 | 164 |
--------------------------------------------------------------------------------
| Inventories | 1,618 | 1,306 |
--------------------------------------------------------------------------------
| Total current assets | 35,009 | 39,530 |
--------------------------------------------------------------------------------
| Non-current assets | |   |
--------------------------------------------------------------------------------
| Deferred tax assets | 224 | 229 |
--------------------------------------------------------------------------------
| Shares in associates | 0 | 0 |
--------------------------------------------------------------------------------
| Other financial investments | 461 | 463 |
--------------------------------------------------------------------------------
| Other long-term receivables | 954 | 764 |
--------------------------------------------------------------------------------
| Investment property | 3,701 | 3,382 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 89,603 | 84,321 |
--------------------------------------------------------------------------------
| Intangible assets | 43,405 | 44,123 |
--------------------------------------------------------------------------------
| Total non-current assets | 138,349 | 133,283 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 173,358 | 172,812 |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | |   |
--------------------------------------------------------------------------------
| (In thousands of euro) | 31 Mar 2008 | 31 Dec 2007 |
--------------------------------------------------------------------------------
| LIABILITIES | |   |
--------------------------------------------------------------------------------
| Current liabilities | |   |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 225 | 299 |
| borrowings | | |
--------------------------------------------------------------------------------
| Customer advances | 245 | 805 |
--------------------------------------------------------------------------------
| Trade payables | 6,162 | 8,037 |
--------------------------------------------------------------------------------
| Other payables | | 594 |
--------------------------------------------------------------------------------
| Income tax liability | 3,990 | 4,529 |
--------------------------------------------------------------------------------
| Other tax liabilities | 759 | 870 |
--------------------------------------------------------------------------------
| Other accrued payables | 4,624 | 4,708 |
--------------------------------------------------------------------------------
| Provisions | 999 | 978 |
--------------------------------------------------------------------------------
| Total current liabilities | 17,642 | 20,821 |
--------------------------------------------------------------------------------
| Non-current liabilities | |   |
--------------------------------------------------------------------------------
| Deferred tax liability | 953 | 1,168 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | 1,586 | 1,584 |
| borrowings | | |
--------------------------------------------------------------------------------
| Total non-current liabilities | 2,539 | 2,753 |
--------------------------------------------------------------------------------
| Total liabilities | 20,181 | 23,573 |
--------------------------------------------------------------------------------
| EQUITY | |   |
--------------------------------------------------------------------------------
| Share capital | 96,507 | 96,507 |
--------------------------------------------------------------------------------
| Share premium | 14,525 | 14,525 |
--------------------------------------------------------------------------------
| Statutory capital reserve | 1,243 | 1,243 |
--------------------------------------------------------------------------------
| Translation reserves | -107 | -86 |
--------------------------------------------------------------------------------
| Retained earnings | 36,697 | 33,131 |
--------------------------------------------------------------------------------
| Total equity attributable to | 148,865 | 145,320 |
| equity holders of the parent | | |
--------------------------------------------------------------------------------
| Minority interest | 4,312 | 3,919 |
--------------------------------------------------------------------------------
| Total equity | 153,177 | 149,239 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY | 173,358 | 172,812 |
--------------------------------------------------------------------------------

 

CONSOLIDATED INCOME STATEMENT

--------------------------------------------------------------------------------
| (In thousands of Estonian kroons) | 3 month 2008 | 3 month 2007 |
--------------------------------------------------------------------------------
| Revenue |   |   |
--------------------------------------------------------------------------------
| Sales revenue | 692,253 | 459,738 |
--------------------------------------------------------------------------------
| Other income | 2,770 | 1,325 |
--------------------------------------------------------------------------------
| Total revenue | 695,022 | 461,063 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Expenses |   |   |
--------------------------------------------------------------------------------
| Cost of materials, goods and services | -17,184 | -11,144 |
| used | | |
--------------------------------------------------------------------------------
| Other operating expenses | -304,108 | -195,603 |
--------------------------------------------------------------------------------
| Labour costs | -210,452 | -119,222 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -80,685 | -47,172 |
--------------------------------------------------------------------------------
| Other expenses | -7,290 | -513 |
--------------------------------------------------------------------------------
| Total expenses | -619,718 | -373,654 |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
| Operating profit | 75,304 | 87,409 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Financial income and expenses |   |   |
--------------------------------------------------------------------------------
| Interest income | 3,450 | 12,932 |
--------------------------------------------------------------------------------
| Interest expense | -312 | -4 |
--------------------------------------------------------------------------------
| Foreign exchange gains and losses | -14,210 | -3,392 |
--------------------------------------------------------------------------------
| Net financing costs | -11,072 | 9,536 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Profit from ordinary operations | 64,232 | 96,945 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Income tax expense | -2,298 | -14,265 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 61,934 | 82,679 |
--------------------------------------------------------------------------------
| Attributable to minority interest | 6,150 | 3,346 |
--------------------------------------------------------------------------------
| Attributable to equity holders of the | 55,785 | 79,333 |
| parent | | |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
| Basic earnings per share (EEK) | 0.37 | 0.53 |
--------------------------------------------------------------------------------
| Diluted earnings per share (EEK) | 0.37 | 0.53 |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
| (In thousands of euro) | 3 month 2008 | 3 month 2007 |
--------------------------------------------------------------------------------
| Revenue |   |   |
--------------------------------------------------------------------------------
| Sales revenue | 44,243 | 29,383 |
--------------------------------------------------------------------------------
| Other income | 177 | 85 |
--------------------------------------------------------------------------------
| Total revenue | 44,420 | 29,467 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Expenses |   |   |
--------------------------------------------------------------------------------
| Cost of materials, goods and services | -1,098 | -712 |
| used | | |
--------------------------------------------------------------------------------
| Other operating expenses | -19,436 | -12,501 |
--------------------------------------------------------------------------------
| Labour costs | -13,450 | -7,620 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -5,157 | -3,015 |
--------------------------------------------------------------------------------
| Other expenses | -466 | -33 |
--------------------------------------------------------------------------------
| Total expenses | -39,607 | -23,881 |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
| Operating profit | 4,813 | 5,586 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Financial income and expenses |   |   |
--------------------------------------------------------------------------------
| Interest income | 221 | 826 |
--------------------------------------------------------------------------------
| Interest expense | -20 | 0 |
--------------------------------------------------------------------------------
| Foreign exchange gains and losses | -908 | -217 |
--------------------------------------------------------------------------------
| Net financing costs | -708 | 609 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Profit from ordinary operations | 4,105 | 6,196 |
--------------------------------------------------------------------------------
|   |   |   |   |
--------------------------------------------------------------------------------
| Income tax expense | -147 | -912 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 3,958 | 5,284 |
--------------------------------------------------------------------------------
| Attributable to minority interest | 393 | 214 |
--------------------------------------------------------------------------------
| Attributable to equity holders of the | 3,565 | 5,070 |
| parent | | |
--------------------------------------------------------------------------------
|   |   |   |
--------------------------------------------------------------------------------
| Basic earnings per share (€) | 0.02 | 0.03 |
--------------------------------------------------------------------------------
| Diluted earnings per share (€) | 0.02 | 0.03 |
--------------------------------------------------------------------------------


Further information:

Andri Avila
Member of the Management Board
Olympic Entertainment Group,
Tel +372 667 1250
E-post andri.avila@oc.eu
www.olympic-casino.com

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