Announcements

OEG consolidated unaudited results for Q1, 2010

Posted on 10.05.2010

OEG consolidated unaudited results for Q1, 2010OEG Group 2010 main objectives are improvement of operational activity efficiency and financial results, market share increase on all of the operational markets, finding of new opportunities for broadening of operational activity, positioning on the online-based services segment and creation of synergy with other Group segments of activity.2010 1st quarter was a success for a Group:

  • The Group has achieved operational profit – in the 1st quarter 1.6 million kroons (0.1 million Euros) of operational profit (ebit) were earned. Operational profit before depreciation and amortization (ebidta) was 68.7 million kroons (4.4 million Euros). All Group business segments have finished a quarter with positive ebitda.
  • Efficiency of the Group operational activity has improved significantly. 411.9 million kroons (26.3 million euros) of revenue was earned in Group continuing operations, -4,3% compared to 2009 1st quarter revenue. At the same time operated casinos number was decreased by 30 or 31%.
  • The Group has grown its market share in accordance with projections. During the 1st quarter of 2010 the market share in Estonia has grown up to 52%, in Latvia up to 19% and in Lithuania up to 64%. At the end of March 2009 the market share in Estonia was 44%, in Latvia 15% and in Lithuania 58%.
  •  In January 2010 Group´s subsidiary Olympic Casino Eesti AS has received a first Estonian online gaming operational licence.  Online casino was launched in February. During the first 1 and a half months of operation the Group has earned 3.6 million kroons (0.2 million Euros) of revenue from the online gaming activity.

Selected financial data, Q1, 2010:Continuing operations

 
--------------------------------------------------------------------------------
   | Revenue:                 | 411.9 | million       | (QI 2009: 430.5)          |
   |                          |       | kroons        |                           |
   --------------------------------------------------------------------------------
   | EBITDA:                  | 68.7  | million       | (QI 2009:  -5.0)           |
   |                          |       | kroons        |                           |
   --------------------------------------------------------------------------------
   | EBIT:                    |   1.6 | million       | (QI 2009: -87.9)          |
   |                          |       | kroons        |                           |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   | Financial income &       | -2.9   | million       | (QI 2009:   1.1)           |
   | expenses net:            |       | kroons        |                           |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   | Net loss before income   | -1.3   | million       | (QI 2009:  -86.8)          |
   | tax*:                    |       | kroons        |                           |
   --------------------------------------------------------------------------------
1 EUR = 15.6466 EEK                                                             
* Net loss before minority interest                                             

In the first quarter of 2010 93% of consolidated revenue was formed by gaming operations and 7% of other income. In the first quarter of 2009 gaming revenue accounted for 94% and other revenue for 6% of consolidated revenue.             

--------------------------------------------------------------------------------
   | External revenue by segments          |            |             |           |
   | Continuing operation                  |            |             |           |
   --------------------------------------------------------------------------------
   |             |  3 months    | Growth    | Proportion | 3 months    | Proportio |
   |             |  2010        |           |            | 2009        | n         |
   --------------------------------------------------------------------------------
   | Estonia     |  97,352      | 6.7%      | 23.6%      | 91,220      | 21.2%     |
   --------------------------------------------------------------------------------
   | Latvia      |  89,315      | -8.9%     | 21.7%      | 98,038      | 22.8%     |
   --------------------------------------------------------------------------------
   | Lithuania   |  62,637      | -23.1%    | 15.2%       | 81,476      | 18.9%     |
   --------------------------------------------------------------------------------
   | Belarus     |  10,264      | -4.7%     | 2.5%       | 10,768      | 2.5%      |
   --------------------------------------------------------------------------------
   | Poland      |  101,029     | -10.0%    | 24.5%       | 112,295     | 26.1%     |
   --------------------------------------------------------------------------------
   | Romania     |  18,560      | 75.2%     | 4.5%       | 10,593      | 2.5%      |
   --------------------------------------------------------------------------------
   | Slovakia    |  32,728      | 25.5%     | 8.0%       | 26,069      | 6.0%      |
   --------------------------------------------------------------------------------
   | Total       |  411,885     | -4.3%     | 100.0%     | 430,459     | 100.0%     |
   --------------------------------------------------------------------------------
1 EUR = 15.6466 EEK                                                             

The Group finished the quarter with sales revenue of 409.0 million kroons (26.1 million Euros) and total consolidated revenue surged to 411.9 million kroons (26.3 million Euros), 4.3% less than the 2009 Q1 consolidated revenue of 430.5 million kroons (27.5 million Euros).                                           At the end of the first quarter 2010, Group had 67 casinos with a total area of 26,221 m². At the end of 2009 Q1 Group had 97 casinos with a total area of 30,779 m². During Q1 2010 one casino was reopened in Poland (one of the 3 venues closed in 2009 Q3).                                                             

--------------------------------------------------------------------------------
   | Number of casinos by segments     |                     |                    |
   | Continuing operations             |                     |                    |
   --------------------------------------------------------------------------------
   |                                   | 31 March  2010       | 31 March 2009      |
   --------------------------------------------------------------------------------
   | Estonia                           |         18          |         29          |
   --------------------------------------------------------------------------------
   | Latvia                            |         21          |         28          |
   --------------------------------------------------------------------------------
   | Lithuania                         |         10          |         16          |
   --------------------------------------------------------------------------------
   | Belarus                           |          5          |         5          |
   --------------------------------------------------------------------------------
   | Poland                            |          9          |         9           |
   --------------------------------------------------------------------------------
   | Romania                           |          2          |         8           |
   --------------------------------------------------------------------------------
   | Slovakia                          |          2           |         2          |
   --------------------------------------------------------------------------------
   | Total                             |         67          |         97          |
   --------------------------------------------------------------------------------
 

Consolidated operating profit for the 3 months of 2010 amounted to 1.6 million kroons (0.1 million Euros), in 2009 1st quarter operational loss in continuing operations was -88.0 million kroons (-5.6 million Euros). Consolidated net loss for the first 3 months of 2010 totaled -1.3 million kroons (-0.1 million Euros). In the first quarter of 2009 net loss from continuing operation amounted to -87.2 million kroons (-5.6 million Euros).

Consolidated expenses for the first 3 months of 2010 in continuing operations decreased in total by 20.9% or 108.1 million kroons (6.9 million Euros) compared to the 2009 Q1. The strongest decline came from personnel expenses (–24.9% or 37.9 million kroons (2.4 million Euros)), depreciation and amortization expenses (-19.1% or 15.8 million kroons (1.0 million Euros)), rental expenses (-26.9% or 15.5 million kroons (1.0 million Euros)) and gaming tax expenses (-12.7% or 13.8 million kroons (0.9 million Euros)).

The largest Group expense article is personnel expenses including social charges of 114.3 million kroons (7.3 million Euros), followed by gaming tax expenses of 95.0 million kroons (6.1 million Euros), depreciation and amortization expenses of 67.1 million kroons (4.3 million Euros), rental expenses of 42.1 million kroons (2.7 million Euros) and marketing expenses including jack pots of 35.5 million kroons (2.3 million Euros).

In the first quarter of 2010, the segment external revenue amounted to 97.4 million kroons (6.2 million Euros), including gaming revenue from landbase casinos of 85.4 million kroons (5.5 million Euros), online casino gaming revenue of 3.6 million kroons (0.2 million Euros) and other revenue of 8.3 million kroons (0,5 million Euros). Estonian segment external revenue has grown 6.7% compared to the same period last year. Decline of the Estonian gaming market composed 8% compared to 2009 Q1. Olympic Casino Eesti AS market share on Estonian gaming market has grown up to 52%, at the end of March 2009 Olympic Casino Eesti AS market share was 44%.

Estonian segment 2010 Q1 ebidta was 14.0 million kroons (0.9 million Euros) and operating loss amounted to -4.1 million kroons (-0.3 million Euros). Ebidta for the 1st quarter of 2009 was -20.2 million kroons (-1.3 million Euros) and operating loss totalled to -42.3 million kroons (-2.7 million Euros).

At the end of quarter, there were 18 Olympic Casinos in Estonia with a total of 721 slot machines and 24 game tables.                                      

 

Latvian segment

Latvian segment 2010 Q1 external revenue composed 89.3 million kroons (5.7 million Euros), including gaming revenue of 82.2 million kroons (5.3 million Euros) and other revenue of 7.1 million kroons (0.5 million Euros). Latvian segment external revenue has declined 8.9% compared to the same period last year. Latvian gaming market at the same time has shrunk 27% in comparison with Q1 2009. Olympic Casino Latvia SIA market share has grown up to 19% during the 1st quarter of 2010; at the end of March 2009 Olympic Casino Latvia SIA market share was 15%.

Latvian segment ebitda for the 1st 3 months of 2010 totalled 30.0 million kroons (1.9 million Euros) and operating profit amounted to 13.7 million kroons (0.9 million Euros). In the 1st quarter of 2009 Latvian segment has earned ebitda of 8.8 million kroons (0.6 million Euros) and operating loss of -17.0 million kroons (-1.1 million Euros).

At the end of the quarter, there were 21 Olympic Casinos in Latvia with a total of 642 slot machines and 23 game tables.

 

Lithuanian segment

2010 Q1 external revenue of the Lithuanian segment amounted to 62.6 million kroons (4.0 million Euros), including gaming revenue in amount of 58.8 million kroons (3.8 million Euros) and other revenue of 3.8 million kroons (0.2 million Euros). Lithuanian segment external revenues have decreased 23.1% compared to the same period last year. Lithuanian gaming market has declined 29% compared to the 1st quarter of 2009. During the 1st quarter of 2010 Olympic Casino Group Baltija UAB market share on Lithuanian gaming market has grown up to 64%, at the end of March 2009 Olympic Casino Group Baltija UAB market share was 58%.

Lithuanian segment ebitda in Q1 2010 composed 6.2 million kroons (0.4 million Euros) and operating loss amounted to -2.7 million kroons (-0.2 million Euros). Within the first 3 months of 2009 Lithuanian segment has earned ebitda of 6.7 million kroons (0.4 million Euros) and operating loss of -3.7 million kroons (-0.2 million Euros).

At the end of the quarter there were 10 Olympic Casinos operating in Lithuania, with a total of 355 slot machines and 51 game tables.

 

Belarus segment

Belarus external revenue for the 1st quarter of 2010 composed 10.3 million kroons (0.7 million Euros), including gaming revenue of 9.3 million kroons (0.6 million Euros) and other revenue in amount of 1.0 million kroons (0.1 million Euros). Belarus segment external revenue has decreased 4.7% compared to the same period last year. Revenue decrease was influenced by Belarus rouble exchange rate decline versus Euro, in local currency revenue growth within the quarter in comparison with the same period last year composed 3.2%.

Belarus segment 2010 Q1 ebitda amounted to 1.7 million kroons (0.1 million Euros) and operating loss totalled -1.6 million kroons (-0.1 million Euros). In the 1st quarter of 2009 Belarus segment has earned ebitda of 0.9 million kroons (0.1 million Euros) and operating loss of -3.0 million kroons (-0.2 million Euros).

At the end of the quarter 5 Olympic Casinos were operating in Belarus, with a total of 250 slot machines.

 

Polish segment

Polish external revenue for the period of Q1 2010 amounted to 101.0 million kroons (6.5 million Euros), including gaming revenue 98.8 million kroons (6.3 million Euros) and other revenue 2.2 million kroons (0.1 million Euros). The segment external revenue declined 10.0% compared to the same period last year.

Polish segment 2010 Q1 ebitda totalled 9.4 million kroons (0.6 million Euros) and operational loss amounted to -4.3 million kroons (-0.3 million Euros). Within the 2009 Q1 Polish operations have earned ebitda in amount of 3.5 million kroons (0.2 million Euros) and operational loss of -8.1 million kroons (-0.5 million Euros).

During the first quarter of 2010 one of the three casinos closed in the 3rd quarter of 2009 was reopened. At the end of March there were 9 Olympic Casinos operating in Poland with a total of 353 slot machines and 67 game tables.

 

Romanian segment

Romanian segment external revenue for the 1st quarter of 2010 amounted to 18.6 million kroons (1.2 million Euros), including gaming revenue of 15.1 million kroons (1.0 million Euros) and other revenue of 3.5 million kroons (0.2 million Euros). Romania segment external revenue has grown 75.2% in comparison with the same period last year.

Romania segment 2010 Q1 ebitda composed 0.4 million kroons (0.03 million Euros) and operational profit totalled -3.3 million kroons (-0.2 million Euros). In the 2009 Q1 Romanian segment has earned -7.7 million kroons of ebitda (-0.5 million Euros) and -13.9 million kroons of operational loss (-0.9 million Euros).

At the end of March 2 Olympic Casinos operated in Romania, with 88 slot machines and 13 game tables.

 

Slovakian segment

Slovakian segment finished the first quarter of 2010 with external revenue of 32.7 million kroons (2.1 million Euros), including gaming revenue of 29.7 million kroons (1.9 million Euros) and other revenue of 3.0 million kroons (0.2 million Euros). The segment´s external revenue has grown 25.5% compared to the first quarter of 2009.

Slovakian segment ebitda for the first quarter of 2010 composed 7.0 million kroons (0.4 million Euros) and operational profit amounted to 3.9 million kroons (0.2 million Euros). During the first quarter of 2009 the segment has earned ebitda of 2.9 million kroons (0.2 million Euros) and operational profit of 0.3 million kroons (0.02 million Euros).

At the end of the quarter there were 2 Olympic Casinos operating in Slovakia, with 102 slot machines and 22 game tables.

 

Balance sheet

At 31 March 2010, the consolidated balance sheet of Group totaled 1,778.9 million kroons (113.7 million euros). At 31 December 2009, the consolidated balance sheet of Group amounted to 1,776.0 million kroons (113.5 million euros).

 

Current assets accounted for 552.2 million kroons (35.3 million Euros) or 31.0% of total assets and non-current assets for 1,226.7 million kroons (78.4 million Euros) or 69.0% of total assets. Intangible assets accounted for 460.1 million kroons (29.4 million Euros) or 37.5% of non-current assets. At 31 March 2010, Group´s consolidated liabilities amounted to 463.7 million kroons (29.6 million Euros) and consolidated equity totalled 1,315.1 million kroons (84.1 million Euros). The largest part of liabilities were loans in amount of 276.3 million kroons (17.7 million Euros), tax commitments of 48.1 million kroons (3.1 million Euros) and payables to employees of 47.9 million kroons (3.1 million Euros).

 

Investment

In the 1st quarter of 2010, the Group´s expenditures on property, plant and equipment amounted to 25.8 million kroons (1.6 million Euros). The most significant part of this amount, 19.6 million kroons (1.3 million Euros), was invested in new gaming equipment.

 

Cash flows

Group´s operational cash flows during the first 3 months of 2010 were 84.6 million kroons (5.4 million Euros), cash flows from investing activities were 5.6 million kroons (0.4 million Euros) and cash flows from financing activities were -18.4 million kroons (-1.2 million Euros). Net cash flows amounted to 71.8 million kroons (4.6 million Euros).

 

People

At March 31st 2010, the Group employed 2,336 employees (31.03.09 excluding Ukraine: 2,827): 488 in Estonia, 486 in Latvia, 525 in Lithuania, 91 in Belarus, 452 in Poland, 168 in Romania and 126 in Slovakia.

Employee remuneration expenses including social charges in the 1st quarter of 2010 amounted to 114.3 million kroons (7.3 million Euros); last year the relevant figure was 152.3 million kroons (9.7 million Euros).

 

The Group's key financials                                                      
Continuing operations                                                                                                              

--------------------------------------------------------------------------------
   |                                    |    3 months |    3 months |      Change |
   |                                    |        2010 |        2009 |             |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   | Revenue (million kroons)           |       411.9 |       430.5 |       -4.3% |
   --------------------------------------------------------------------------------
   | EBITDA (million kroons)            |        68.7 |        -5.0 |             |
   --------------------------------------------------------------------------------
   | Operating profit/-loss (million    |          1.6 |       -87.9 |             |
   | kroons)                            |             |             |             |
   --------------------------------------------------------------------------------
   | Net profit (million kroons)        |         -1.3 |       -86.8 |      -98.5% |
   --------------------------------------------------------------------------------
   | EBITDA marginal                    |        16.7% |       -1.2% |             |
   --------------------------------------------------------------------------------
   | EBIDTA margin                      |        0.4% |      -20.4% |             |
   --------------------------------------------------------------------------------
   | Net margin                         |      -0.3%   |      -20.2% |             |
   --------------------------------------------------------------------------------
   | Equity ration                      |       73.9% |       76.4% |             |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   | Number of casinos at the end of    |           67 |         97  |         -30  |
   | the period                         |             |             |             |
   --------------------------------------------------------------------------------
   | Total area of casinos at the end   |       26,221 |     30,779  |       -4,558 |
   | of the period                      |             |             |             |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   | Number of slots at the end of the  |        2,511 |       3,265 |        -754 |
   | period                             |             |             |             |
   --------------------------------------------------------------------------------
   | Number of game tables at the end   |          200 |         209 |          -9 |
   | of the period                      |             |             |             |
   --------------------------------------------------------------------------------
 
Underlying formulas                                                             
o EBITDA = earnings before financial expenses, taxes,  depreciation, amortization
   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 EUR = 15.6466 EEK                                                             
 
Consolidated interim statement of financial  position                            
   --------------------------------------------------------------------------------
   |            (In thousands of Estonian kroons) |    (In thousands of euro)     |
   --------------------------------------------------------------------------------
   | ASSETS              | 31 March   | 31 March   | 31 March 2010   | 31 March     |
   |                     | 2010       | 2009       |                 | 2009        |
   --------------------------------------------------------------------------------
   | Current assets      |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Cash and cash       |    358 426 |    286 067 |    22 908 |            18 283 |
   | equivalents         |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Financial           |     55 310 |     48 184 |     3 535 |             3 080 |
   | investments         |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Trade receivables   |      9 210 |      5 473 |       588 |               350 |
   --------------------------------------------------------------------------------
   | Other receivables   |     73 591 |     73 977 |     4 703 |             4 728 |
   | and prepayments     |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Prepaid income tax |     24 634 |     23 437 |     1 574 |             1 498 |
   --------------------------------------------------------------------------------
   | Inventories         |     14 797 |     14 068 |       946 |               899 |
   --------------------------------------------------------------------------------
   | Non-current assets |     16 239 |     17 833 |     1 038 |             1 140 |
   | held for sale       |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Total current       |    552 207 |    469 039 |     35 292 |            29 978 |
   | assets              |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Non-current assets |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Deferred tax        |     25 614 |     21 395 |     1 637 |             1 367 |
   | assets              |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Financial           |     14 369 |     61 405 |       919 |             3 924 |
   | investments         |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Other long-term     |     16 194 |     15 983 |     1 035 |             1 021 |
   | receivables         |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Investment          |     22 688 |     23 658 |     1 450 |             1 512 |
   | property            |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Property, plant     |    687 720 |    733 757 |     43 953 |            46 896 |
   | and equipment       |            |            |           |                   |
   --------------------------------------------------------------------------------
   | Intangible assets   |    460 075 |    450 778 |     29 404 |            28 810 |
   --------------------------------------------------------------------------------
   | Total non-current   |  1 226 660 |  1 306 976 |    78 398 |            83 530 |
   | assets              |            |            |           |                   |
   --------------------------------------------------------------------------------
   | TOTAL ASSETS        |  1 778 867 |  1 776 015 |    113 690 |           113 508 |
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   --------------------------------------------------------------------------------
   |            (In  thousands of Estonian kroons) |    (In  thousands of euro)     |
   --------------------------------------------------------------------------------
   | LIABILITIES AND     | 31 March   | 31 March   | 31 March 2010   | 31 March     |
   | EQUITY              | 2010       | 2009       |                 | 2009        |
   --------------------------------------------------------------------------------
   | LIABILITIES         |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Current             |            |            |                 |             |
   | liabilities         |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Borrowings          |     73 675 |     88 145 |           4 709 |       5 633 |
   --------------------------------------------------------------------------------
   | Customer advances   |     18 882 |     16 252 |           1 207 |       1 039 |
   --------------------------------------------------------------------------------
   | Trade payables      |     32 450 |     27 513 |           2 074 |       1 758 |
   --------------------------------------------------------------------------------
   | Other payables      |      2 850 |      2 896 |             182 |         185 |
   --------------------------------------------------------------------------------
   | Income tax payable |      1 188 |        298 |              76 |          19 |
   --------------------------------------------------------------------------------
   | Other tax           |     46 872 |     48 695 |           2 995 |       3 112 |
   | liabilities         |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Other accrued       |     60 846 |     54 774 |           3 889 |       3 501 |
   | payables            |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Provisions          |     17 902 |     17 947 |           1 144 |       1 147 |
   --------------------------------------------------------------------------------
   | Total current       |    254 665 |    256 520 |          16 276 |      16 394 |
   | liabilities         |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Non-current liabilities         |             |                 |             |
   --------------------------------------------------------------------------------
   | Deferred tax        |      6 186 |      4 723 |             395 |         302 |
   | liability           |            |            |                  |             |
   --------------------------------------------------------------------------------
   | Borrowings          |    202 867 |    221 032 |          12 966 |      14 127 |
   --------------------------------------------------------------------------------
   | Total non-current   |    209 053 |    225 755 |          13 361 |      14 429 |
   | liabilities         |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Total liabilities   |    463 718 |    482 275 |          29 637 |      30 823 |
   --------------------------------------------------------------------------------
   | EQUITY              |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Share capital       |  1 510 000 |  1 510 000 |          96 507 |      96 507 |
   --------------------------------------------------------------------------------
   | Share premium       |    227 273 |    227 273 |          14 525 |      14 525 |
   --------------------------------------------------------------------------------
   | Statutory reserve   |     37 759 |     37 759 |           2 413 |       2 413 |
   | capital             |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Translation         |     23 361 |        390 |           1 493 |          25 |
   | reserves            |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Retained earnings   |   -550 827 |   -545 450 |         -35 204 |     -34 861 |
   --------------------------------------------------------------------------------
   | Total equity        |  1 247 566 |  1 229 972 |          79 734 |      78 609 |
   | attributable to     |            |            |                 |             |
   | equity              |            |            |                 |             |
   | holders of the      |            |            |                 |             |
   | parent              |            |            |                 |             |
   --------------------------------------------------------------------------------
   | Minority interest   |     67 583 |     63 768 |           4 319 |       4 076 |
   --------------------------------------------------------------------------------
   | Total equity        |  1 315 149 |  1 293 740 |          84 053 |      82 685 |
   --------------------------------------------------------------------------------
   | TOTAL LIABILITIES   |  1 778 867 |  1 776 015 |         113 690 |     113 508 |
   | AND EQUITY          |            |            |                 |             |
   --------------------------------------------------------------------------------
 
Consolidated interim statement of comprehensive  income                          
--------------------------------------------------------------------------------
   |                   (In thousands of Estonian kroons) |   (In thousands of euro) |
   --------------------------------------------------------------------------------
   |                       |   Q1 2010 |         Q1 2009 |    Q1 2010 |     Q1 2009 |
   --------------------------------------------------------------------------------
   | Continuing            |           |               
  

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