Announcements

OEG consolidated unaudited results for Q2 and 6 months of 2009

Posted on 07.08.2009

Financial highlights, Q2 2009:
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| Revenue: | 475.9 | million kroons |
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| Incl from continuing operations | 433.4 | million kroons |
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| EBITDA from day-to-day operations *: | 44.1 | million kroons |
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| EBIT from day-to-day operations *: | -46.1 | million kroons |
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| Extraordinary expenses, incl | | |
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| Non-capitalized investment expenses: | -4.8 | million kroons |
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| Structure optimization and closure of | -15.9 | million kroons |
| casinos: | | |
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| Impairments related to liquidation of | -187.1 | million kroons |
| Ukrainian subsidiaries: | | |
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| Financial income and expenses net: | -3.2 | million kroons |
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| Net loss before income tax **: | -257.1 | million kroons |
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€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.


In the second quarter of 2009 the overall degradation of the economic situation and resultant decreasing trend of the gaming markets continued. The gaming markets contracted in the first half-year of 2009 compared to the first half-year of 2008 by 56% in Estonia, by 40% in Latvia and by 38% in Lithuania.

In spite of negative developments on markets, in the second quarter of the year the level of consolidated revenues has stabilised after significant decline during the first two months of this year. Increase in revenues in continuing operations (or in operations without Ukraine segment) was 0.7% in the second quarter compared to the first quarter of this year. The operating expenses of the Group before depreciation and impairment expenses decreased continually, declining in the second quarter compared to the first quarter of this year by 8.6% or 41.9 million kroons (2.7 million euros). EBITDA of the Group increased in the second quarter up to 23.4 million kroons (1.5 million euros). EBITDA before costs related to investment activities, structure optimization and casinos closures increased from the 16.8 million kroons (1.1 million euros) earned in the first quarter up to 44.1 million kroons (2.8 million euros) earned in the second quarter of this year.

In the second quarter, the consolidated financial results of the Group were substantially influenced by developments on Ukrainian gaming market. Due to the law suspending all casino operations activities in Ukraine, the casinos of OEG Ukrainian subsidiaries were closed for a total of 27 days within May and June 2009 and approximately 18.0 million kroons (1.2 million euros) of revenues were not received. OEG has launched a liquidation process of Ukrainian operations due to the fact, that Ukrainian parliament has banned casino operations in Ukraine for an undefined period and has cancelled all licences issued to casino enterprises. According to estimations, liquidation of Ukrainian subsidiaries will cause impairment losses in amount of 187.1 million kroons (12.0 million euros).

OEG is planning to demand compensation of investments from the Ukrainian state basing on investments propitiation and mutual protection agreement signed between Estonian and Ukrainian governments and has already started this process.


Financial highlights, 6 months 2009:

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| Revenue: | 965.6 | million kroons |
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| Incl from continuing operations | 863.9 | million kroons |
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| EBITDA from day-to-day operations *: | 60.9 | million kroons |
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| EBIT from day-to-day operations *: | -128.0 | million kroons |
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| Extraordinary expenses, incl | | |
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| Non-capitalized investment expenses: | -11.5 | million kroons |
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| Structure optimization and closure of | -25.5 | million kroons |
| casinos: | | |
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| Impairments related to liquidation of | -187.1 | million kroons |
| Ukrainian subsidiaries: | | |
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| Financial income and expenses net: | -2.1 | million kroons |
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| Net loss before income tax **: | -354.2 | million kroons |
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€1 = 15.6466 kroons

The Group ended the first half-year with sales revenue of 961.2 million kroons (61.4 million euros). Total consolidated revenue (sales revenue and other income) surged to 965.6 million kroons (61.7 million euros), 30.8% less than the first first half-year of 2008 total consolidated revenue of 1,395.3 million kroons (89.2 million euros).

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

External revenue by segments

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| | 6 months | Change | Proportion | 6 months | Proportion |
| | 2009 | | | 2008 | |
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| Estonia | 187,846 | -53.1% | 19.5% | 400,345 | 28.7% |
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| Latvia | 188,299 | -42.9% | 19.5% | 329,504 | 23.6% |
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| Lithuania | 158,315 | -30.1% | 16.4% | 226,414 | 16.2% |
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| Ukraine | 101,772 | -32.9% | 10.5% | 151,703 | 10.9% |
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| Belarus | 20,658 | 60.1% | 2.1% | 12,901 | 0.9% |
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| Poland | 225,995 | -9.5% | 23.4% | 249,679 | 17.9% |
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| Romania | 29,992 | 46.6% | 3.1% | 20,461 | 1.5% |
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| Slovakia | 52,760 | 1136.7 | 5.5% | 4,266 | 0.3% |
| | | % | | | |
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| Total | 965,637 | -30.8% | 100.0% | 1,395,273 | 100.0% |
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€1 = 15.6466 kroons
At the end of the first half-year 2009, the Group had 86 casinos with a total area of 30,376 square metres. At the end of the first half-year 2008, the number of casinos was 130 and their total area was 36,617 square metres. During the first half-year, 1 new casino was opened in Lithuania and 1 new casino in Slovakia, in total 49 casinos were closed: 13 in Estonia, 7 in Latvia, 2 in Lithuania, 3 in Romania and 24 in Ukraine.

Number of casinos by segments

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| Number of casinos by segments | | |
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| | 30 June 2009 | 31 December 2008 | 30 June 2008 |
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| Estonia | 23 | 36 | 35 |
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| Latvia | 26 | 33 | 36 |
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| Lithuania | 15 | 16 | 16 |
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| Ukraine | 0 | 24 | 23 |
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| Belarus | 5 | 5 | 4 |
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| Poland | 9 | 9 | 8 |
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| Romania | 6 | 9 | 7 |
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| Slovakia | 2 | 1 | 1 |
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| Total | 86 | 133 | 130 |
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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 half-year of 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 616 positions or 16%, during the current year 27 casinos with negative cash flows were closed. The number of employees reduced within the last year and first quarter of this year totals 904 positions or approximately 21%.

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 half-year of 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 appeared 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.

Consolidated expenses before depreciation and impairment expenses for 6 months of 2009 decreased in total by 16.4% or 184.8 million kroons (11.8 million euros) in comparison to consolidated expenses of 6 months of 2008, including decrease in the second quarter by 23.0% or 135.0 million kroons (8.6 million euros) in comparison to consolidated expenses of the same period last year. In comparison with the first half-year of 2008 the strongest cost deacline came from personnel expenses –25.4% or 107.2 million kroons (6.9 million euros) and marketing expenses -35.2% or 37.2 million kroons (2.4 million euros). Expenses declined in Estonian segment by 21.4%, in Latvian segment by 31.8% and Lithuanian segment by 12.8% in comparison with the first half-year of 2008.
The largest expense item before depreciation and impairment expenses was personnel expenses including social charges which amounted to 314.5 million kroons (20.1 million euros), followed by gaming tax expenses of 216.0 million kroons (13.8 million euros), rental expenses of 147.3 million kroons (9.4 million euros) and marketing expenses of 68.4 million kroons (4.4 million euros). Consolidated expenses of the first half-year of the 2009 include non-capitalizable expenses related to opening of new casinos in total 11.4 million kroons (0.7 million euros), expenses related to closure of casinos and reducing the number of personnel in total 25.5 million kroons (1.6 million euros) and impairment costs in amount of 187.1 million kroons (12.0 million euros) connected with liquidation of Ukrainian subsidiaries. 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.

Consolidated operating loss for the first half-year of 2009 amounted to 352.0 million kroons (22.5 million euros). The operating profit for the first half-year of 2008 totalled 99.4 million kroons (6.4 million euros). Consolidated net loss for the first half-year of 2009 totalled 352.9 million kroons (22.6 million euros), in the first half-year of 2008 the net profit amounted 97.4 million kroons (6.2 million euros).

The management of Group has revised its estimations regarding the intra Group loan contracts in preparing consolidated interim financial results of the first half-year 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 half-year quarter of 2009, the segment’s external revenue amounted to 187.8 million kroons (12.0 million euros) including gaming revenue of 169.4 million kroons (10.8 million euros). In first half-year 2009, the segment’s external revenue declined by 53.1% compared to the same period of last year. In first half-year 2009 the gaming market in Estonia shrank by 56%.

In first half-year of 2009 the segment’s operating loss reached 66.1 million kroons (4.2 million euros). In first half-year of 2008 the segment earned operating profit in amount of 77.5 million kroons (5.0 million euros).

During the half-year, 13 casinos were closed in Estonia, occurring expenses related to closures amounted to 12.0 million kroons (0.8 million euros). At the end of half-year, there were 23 Olympic Casinos in Estonia with a total of 674 slot machines and 19 game tables.


Latvian segment

In the first half-year of 2009, the segment’s external revenue amounted to 188.3 million kroons (12.0 million euros) including gaming revenue of 172.4 million kroons (11.0 million euros) and other revenues of 15.9 million kroons (1.0 million euros). In the first half-year of 2009, the segment’s external revenue declined by 42.9% compared to the same period last year. The Latvian gaming market declined with the same magnitude.

The Latvian segment’s operating loss amounted to 27.0 million kroons (1.7 million euros). In first half-year of 2008 the segment earned operating profit in amount of 13.8 million kroons (0.9 million euros).

During the half-year, 7 casinos were closed in Latvia, occurring expenses related to closures amounted to 11.9 million kroons (0.8 million euros). At the end of June, there were 26 Olympic Casinos in Latvia with a total of 740 slot machines and 25 game tables.


Lithuanian segment

In the first half-year of 2009, the segment’s external revenue amounted to 158.3 million kroons (10.1 million euros) including gaming revenue of 149.0 million kroons (9.5 million euros) and other revenues of 9.3 million kroons (0.6 million euros). In the first half-year of 2009, the segment’s external revenue declined by 30.1%, the Lithuanian gaming market shrank by 38%.

In the first half-year the segments`s operating loss reached 2.6 million kroons (0.2 million euros). The operating profit of the last year`s the same periood was 41.8 million kroons (2.7 million euros).

Within the half-year 1 casino was opened and 2 casinos were closed in Lithuania. At the end of June 2009, the Lithuanian segment was operating 15 casinos with a total of 523 slot machines and 61 game tables.


Ukrainian segment

Before launching a liquidation process of Ukrainian subsidiaries, the segment was operating 22 casinos with a total of 997 slot machines and 24 game tables. In the first half-year of 2009, the segment’s external revenue amounted to 101.8 million kroons (6.5 million euros), in the first half-year of 2008, the segment’s external revenue amounted to 151.7 million kroons (9.7 million euros). Due to the banning of casino activities, the casinos of OEG Ukrainian subsidiaries were closed for a total of 27 days within May and June 2009 and approximately 18.0 million kroons (1.2 million euros) of revenues were not received.

Liquidation of Ukrainian subsidiaries will cause partial sale and partial write-off of assets located in Ukraine, which estimatedly bring impairment losses in amount of approximately 187.1 million kroons (12.0 million euros). In connection with the circumstances mentioned above Ukrainian segment has earned an operating loss in amount of 200.3 million kroons (12.8 million euros) in the 2nd quarter of 2009 and 210.5 million kroons (13.5 million euros) in total for the first half of 2009. Ebitda of Ukrainian subsidiaries for the first half of 2009 was positive and totalled 0.7 million kroons (0.04 million euros).


Belarusian segment

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

The Belarusian segment’s sales revenue has grown 60.1% compared to the first half-year of 2008 and amounted to 20.7 million kroons (1.3 million euros). The Belarusian segment’s sales revenue has grown in roubles 1.5 times compared to the first half-year of 2008. The operating loss of Belarusian segment was 5.6 million kroons (0.4 million euros). In the first half-year of 2008, the Belarusian segment’s external revenues amounted to 12.9 million kroons (0.8 million euros) and operating loss was 9.3 million kroons (0.6 million euros).


Polish segment

In the first half-year of 2009, the segment’s external revenue amounted to 226.0 million kroons (14.4 million euros), accounting for largest part or 23.4% of the Group’s consolidated revenue. During the first half-year of 2009, segment’s revenue has declined by 9.5% compared to the first half-year of 2008, but in polish zlotys the segment’s sales revenue has grown by 17.2%. The operating loss of Polish segment was 8.5 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 9.0 million kroons (0.6 million euros).

At the end of half-year, Group was operating 9 casinos in Poland with 415 slots and 67 gaming tables.


Romanian segment

The Romanian segment finished the first half-year of 2009 with a revenue of 30.0 million kroons (1.9 million euros) and operating loss 29.7 million kroons (1.9 million euros). Expenses related to the preparations of opening of the flagship casino in Bucharest opened on 15th May in this year influenced the operating result by 6.3 million kroons (0.4 million euros). In the same period of the last year, the Romanian segment’s external revenues amounted to 20.5 million kroons (0.8 million euros) and operating loss was 22.6 million kroons (1.4 million euros).

Within the first half-year, 3 casinos were closed and a flagship casino which was temporarily closed for renovation was reopened in Romania, at the end of June Group operated 8 casinos in Romania with 17 game tables and 329 slots.


Slovakian segment

The first casino in Bratislava, the capital of Slovakia, was opened in June 2008. In January 2009 a second Olympic casino was opened in Trnava.

The Slovakian segment finished the first half-year of 2009 with a revenue of 52.7 million kroons (3.3 million euros) and operating loss 1.9 million kroons (0.1 million euros). In the first half-year of 2008, the Slovakian segment’s external revenues amounted to 4.3 million kroons (0.3 million euros) and operating loss was 7.1 million kroons (0.5 million euros).


Balance sheet

At 30 June 2009, the consolidated balance sheet of Group totalled 1,978.0 million kroons (126.4 million euros). At 31 December 2008, the consolidated balance sheet of Group amounted to 2,403.6 million kroons (153.6 million euros). Within the first half-year of 2009, the balance sheet volume declined by 17.7%.

Current assets accounted for 425.9 million kroons (27.2 million euros) or 21.5% of total assets and non-current assets for 1,552.1 million kroons (99.2 million euros) or 78.5% of total assets. Intangible assets accounted for 460.4 million kroons (29.4 million euros) or 29.7% of non-current assets.

At 30 June 2009, Group´s consolidated liabilities amounted to 510.4 million kroons (32.6 million euros) and consolidated equity amounted to 1,467.6 million kroons (93.8 million euros). The largest part of liabilities were loans in amount of 311.8 million kroons (19.9 million euros), payables to employees of 61.6 million kroons (3.9 million euros), tax commitments of 57.9 million kroons (3.7 million euros).


Investment

In the first half-year of 2009, the Group’s expenditures on property, plant and equipment totalled 61.1 million kroons (3.9 million euros) including investment in gaming equipment of 16.2 million kroons (1.0 million euros), renovation of casinos in amount of 25.1 million kroons (1.6 million euros), and acquisition of other items of property, plant and equipment in amount of 5.1 million kroons (0.3 million euros), prepayments for tangible assets amounted to 14.7 million kroons (0.9 million euros).


Cash flows

Group’s operating cash flows during the first half-year of 2009 were 27.0 million kroons (1.7 million euros), cash outflows from investing activities were 120.2 million kroons (7.7 million euros), cash flows from financing activities were 33.7 million kroons (2.2 million euros). Net cash outflows amounted to 59.5 million kroons (3.8 million euros).

People

At 30 June 2009, the Group employed 3,308 people (31 December 2008: 3,924): 553 in Estonia, 498 in Latvia, 708 in Lithuania, 619 in Ukraine, 98 in Belarus, 502 in Poland, 216 in Romania and 114 in Slovakia.

Employee remuneration expenses including relevant social charges amounted to 314.5 million kroons (20.1 million euros), in first half-year of 2008 the relevant figure was 421.7 million kroons (27.0 million euros).


The Group’s key financials:

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| | 6 months | 6 months | Change |
| | 2009 | 2008 | |
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| Revenue (kroons, millions) | 965.6 | 1,395.3 | -31.1% |
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| EBITDA(kroons, millions) | 23.9 | 269.1 | -91.1% |
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| Operating profit/loss (kroons, | -352.0 | 99.4 | |
| millions) | | | |
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| Net profit/loss (kroons, millions) | -352.9 | 97.4 | |
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| EBITDA margin | 2.5% | 19.3% | |
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| Operating margin | -36.5% | 7.1% | |
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| Net margin | -36.6% | 7.0% | |
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| Equity ratio | 74.2% | 84.9% | |
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| Number of casinos at end of period | 86 | 130 | -44 |
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| Total area of casinos at end of | 30,376 | 36,617 | -6,241 |
| period (in square metres) | | | |
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| Number of slots at end of period | 3,037 | 4,961 | -1,924 |
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| Number of game tables at end of | 209 | 213 | -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

€1 = 15.6466 kroons


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| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |   |
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| ASSETS |   |   |
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| (In thousands of Estonian kroons) | 30 Jun 2009 | 31 Dec 2008 |
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| Current assets |   |   |
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| Cash and cash equivalents | 255 688 | 315 919 |
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| Trade receivables | 6 062 | 6 507 |
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| Other receivables and prepayments | 76 863 | 86 174 |
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| Prepaid income tax | 20 994 | 20 464 |
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| Inventories | 24 450 | 29 576 |
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| Assets held for sale | 41 886 | 0 |
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| Total current assets | 425 943 | 458 640 |
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| Non-current assets |   |   |
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| Deferred tax assets | 17 324 | 16 847 |
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| Other financial investments | 61 306 | 15 930 |
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| Other long-term receivables | 10 225 | 45 292 |
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| Investment property | 44 030 | 45 330 |
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| Property, plant and equipment | 958 808 | 1 313 076 |
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| Intangible assets | 460 392 | 508 459 |
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| Total non-current assets | 1 552 085 | 1 944 934 |
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| TOTAL ASSETS | 1 978 028 | 2 403 574 |
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|   |   |   |
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| LIABILITIES AND EQUITY |   |   |
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| (In thousands of Estonian kroons) | 30 Jun 2009 | 31 Dec 2008 |
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| LIABILITIES |   |   |
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| Current liabilities |   |   |
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| Interest-bearing loans and borrowings | 80 955 | 82 802 |
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| Customer advances | 12 591 | 16 041 |
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| Trade payables | 29 299 | 70 101 |
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| Other payables | 8 798 | 9 273 |
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| Income tax liability | 1 517 | 1 249 |
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| Other tax liabilities | 56 420 | 87 156 |
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| Other accrued payables | 68 049 | 73 879 |
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| Provisions | 11 140 | 12 797 |
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| Total current liabilities | 268 769 | 353 298 |
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| Non-current liabilities |   |   |
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| Deferred tax liability | 10 831 | 10 924 |
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| Interest-bearing loans and borrowings | 230 819 | 194 968 |
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| Total non-current liabilities | 241 650 | 205 892 |
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| Total liabilities | 510 419 | 559 190 |
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| EQUITY |   |   |
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| Share capital | 1 510 000 | 1 510 000 |
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| Share premium | 227 273 | 227 273 |
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| Statutory capital reserve | 37 759 | 37 759 |
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| Translation reserves | 11 577 | 35 407 |
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| Retained earnings | -383 664 | -31 989 |
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| Total equity attributable to equity holders | 1 402 945 | 1 778 450 |
| of the parent | | |
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| Minority interest | 64 664 | 65 934 |
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| Total equity | 1 467 609 | 1 844 384 |
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| TOTAL LIABILITIES AND EQUITY | 1 978 028 | 2 403 574 |
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|   |   |   |
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|   |   |   |
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| CONSOLIDATED STATEMENT OF FINANCIAL POSITION |   |
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| ASSETS |   |   |
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| (In thousands of euro) | 30 Jun 2009 | 31 Dec 2008 |
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| Current assets |   |   |
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| Cash and cash equivalents | 16 341 | 20 191 |
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| Trade receivables | 387 | 416 |
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| Other receivables and prepayments | 4 912 | 5 508 |
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| Prepaid income tax | 1 342 | 1 308 |
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| Inventories | 1 563 | 1 890 |
--------------------------------------------------------------------------------
| Assets held for sale | 2 677 | 0 |
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| Total current assets | 27 223 | 29 312 |
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| Non-current assets |   |   |
--------------------------------------------------------------------------------
| Deferred tax assets | 1 107 | 1 077 |
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| Other financial investments | 3 918 | 1 018 |
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| Other long-term receivables | 653 | 2 895 |
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| Investment property | 2 814 | 2 897 |
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| Property, plant and equipment | 61 279 | 83 921 |
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| Intangible assets | 29 424 | 32 496 |
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| Total non-current assets | 99 196 | 124 304 |
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| TOTAL ASSETS | 126 419 | 153 616 |
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|   |   |   |
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| LIABILITIES AND EQUITY |   |   |
--------------------------------------------------------------------------------
| (In thousands of euro) | 30 Jun 2009 | 31 Dec 2008 |
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| LIABILITIES |   |   |
--------------------------------------------------------------------------------
| Current liabilities |   |   |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 5 174 | 5 292 |
--------------------------------------------------------------------------------
| Customer advances | 805 | 1 025 |
--------------------------------------------------------------------------------
| Trade payables | 1 873 | 4 480 |
--------------------------------------------------------------------------------
| Other payables | 562 | 593 |
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| Income tax liability | 97 | 80 |
--------------------------------------------------------------------------------
| Other tax liabilities | 3 606 | 5 570 |
--------------------------------------------------------------------------------
| Other accrued payables | 4 349 | 4 722 |
--------------------------------------------------------------------------------
| Provisions | 712 | 818 |
--------------------------------------------------------------------------------
| Total current liabilities | 17 177 | 22 580 |
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| Non-current liabilities |   |   |
--------------------------------------------------------------------------------
| Deferred tax liability | 692 | 698 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 14 752 | 12 461 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 15 444 | 13 159 |
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| Total liabilities | 32 622 | 35 739 |
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| EQUITY |   |   |
--------------------------------------------------------------------------------
| Share capital | 96 507 | 96 507 |
--------------------------------------------------------------------------------
| Share premium | 14 525 | 14 525 |
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| Statutory capital reserve | 2 413 | 2 413 |
--------------------------------------------------------------------------------
| Translation reserves | 740 | 2 263 |
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| Retained earnings | -24 521 | -2 044 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders | 89 665 | 113 664 |
| of the parent | | |
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| Minority interest | 4 133 | 4 214 |
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| Total equity | 93 797 | 117 878 |
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| TOTAL LIABILITIES AND EQUITY | 126 419 | 153 616 |
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| CONSOLIDATED STATEMENT OF COMPREHENSIVE |   |   |   |
| INCOME | | | |
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| (In thousands of Estonian | Q2 2009 | Q2 2008 | 6M 2009 | 6M 2008 |
| kroons) | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
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| Continuing operations |   |   |   |   |
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| Revenue |   |   |   |   |
--------------------------------------------------------------------------------
| Sales revenue | 431 105 | 617 989 | 859 761 | 1 237 826 |
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| Other income | 2 300 | 2 999 | 4 104 | 5 743 |
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| Total revenue | 433 405 | 620 988 | 863 865 | 1 243 569 |
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|   |   |   |   |   |
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| Expenses |   |   |   |   |
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| Cost of materials, goods and | -12 785 | -14 357 | -24 623 | -28 420 |
| services used | | | | |
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| Other operating expenses | -245 583 | -304 540 | -505 908 | -574 785 |
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| Labour costs | -135 248 | -189 400 | -287 505 | -381 333 |
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| Depreciation, amortisation and | -81 769 | -75 314 | -164 700 | -145 131 |
| impairment | | | | |
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| Other expenses | -11 563 | -4 185 | -22 622 | -8 242 |
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| Total expenses | -486 948 | -587 796 | -1 005 | -1 137 |
| | | | 358 | 911 |
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|   |   |   |   |   |
--------------------------------------------------------------------------------
| Operating profit (loss) | -53 543 | 33 192 | -141 493 | 105 658 |
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|   |   |   |   |   |
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| Financial income and expenses |   |   |   |   |
--------------------------------------------------------------------------------
| Interest income | 2 456 | 2 758 | 5 326 | 6 191 |
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| Interest expense | -5 417 | -2 780 | -10 828 | -3 092 |
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| Foreign exchange gain (losses) | 12 | 9 675 | 3 709 | 6 251 |
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| Other financial income and | -24 | 0 | -74 | 0 |
| expenses | | | | |
--------------------------------------------------------------------------------
| Net financing income and | -2 973 | 9 653 | -1 867 | 9 350 |
| expenses | | | | |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Profit (loss) before tax | -56 516 | 42 845 | -143 360 | 115 008 |
--------------------------------------------------------------------------------
|   |   |   |   |   |
--------------------------------------------------------------------------------
| Income tax expense | 1 576 | -13 023 | 1 207 | -15 321 |
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| Profit (loss) for the period | -54 940 | 29 822 | -142 153 | 99 686 |
| from continuing operations | | | | |
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|   |   |   |   |   |
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| Profit (loss) for the period | -200 555 | 5 686 | -210 792 | -2 244 |
| from discontinued operations | | | | |
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|   |   |   |   |   |
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| PROFIT (LOSS) FOR THE PERIOD | -255 495 | 35 508 | -352 945 | 97 442 |
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|   |   |   |   |   |
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| Other comprehensive income |   |   |   |   |
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| Translation reserve |   |   |   |   |
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| continuing operations | 16 032 | -5 901 | -34 040 | -7 732 |
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| discontinued operations | -1 130 | 23 122 | 10 210 | 24 623 |
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| Other comprehensive income for | 14 902 | 17 221 | -23 830 | 16 891 |
| the period | | | | |
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|   |   |   |   |   |
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| Total comprehensive income for | -240 593 | 52 729 | -376 775 | 114 333 |
| the period | | | | |
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|   |   |   |   |   |
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| Profit (loss) for the period attributable |   |   |   |
| to | | | |
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| Minority interest | -261 | -166 | -1 270 | 5 984 |
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| Equity holders of the parent |   |   |   |   |
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| continuing operations | -54 679 | 29 988 | -140 883 | 93 702 |
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| discontinued operations | -200 555 | 5 686 | -210 792 | -2 244 |
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|   | -255 495 | 35 508 | -352 945 | 97 442 |
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|   |   |   |   |   |
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| Total comprehensive income |   |   |   |   |
| attributable to | | | | |
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| Minority interest | -261 | -166 | -1 270 | 5 984 |
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| Equity holders of the parent |   |   |   |   |
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| continuing operations | -38 647 | 24 087 | -174 923 | 85 970 |
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| discontinued operations | -201 685 | 28 808 | -200 582 | 22 379 |
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|   | -240 593 | 52 729 | -376 775 | 114 333 |
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| Continuing operations |   |   |   |   |
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| Basic earnings per share (EEK) | -0,36 | 0,20 | -0,94 | 0,62 |
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| Diluted earnings per share | -0,36 | 0,20 | -0,94 | 0,62 |
| (EEK) | | | | |
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|   |   |   |   |   |
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| Discontinued operations |   |   |   |   |
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| Basic earnings per share (EEK) | -1,33 | 0,04 | -1,40 | -0,01 |
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| Diluted earnings per share | -1,33 | 0,04 | -1,40 | -0,01 |
| (EEK) | | | | |
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|   |   |   |   |   |
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|   |   |   |   |   |
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| CONSOLIDATED STATEMENT OF COMPREHENSIVE |   |   |   |
| INCOME | | | |
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| (In thousands of euro) | Q2 2009 | Q2 2008 | 6M 2009 | 6M 2008 |
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|   |   |   |   |   |
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| Continuing operations |   |   |   |   |
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| Revenue |   |   |   |   |
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| Sales revenue | 27 553 | 39 497 | 54 949 | 79 112 |
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| Other income | 147 | 192 | 262 | 367 |
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| Total revenue | 27 700 | 39 688 | 55 211 | 79 479 |
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|   |   |   |   |   |
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| Expenses |   |   |   |   |
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| Cost of materials, goods and | -817 | -918 | -1 574 | -1 816 |
| services used | | | | |
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| Other operating expenses | -15 696 | -19 464 | -32 333 | -36 735 |
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| Labour costs | -8 644 | -12 105 | -18 375 | -24 372 |
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| Depreciation, amortisation and | -5 226 | -4 813 | -10 526 | -9 276 |
| impairment | | | | |
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| Other expenses | -739 | -267 | -1 446 | -527 |
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| Total expenses | -31 122 | -37 567 | -64 254 | -72 726 |
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|   |   |   |   |   |
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| Operating profit (loss) | -3 422 | 2 121 | -9 043 | 6 753 |
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|   |   |   |   |   |
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| Financial income and expenses |   |   |   |   |
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| Interest income | 157 | 176 | 340 | 396 |
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| Interest expense | -346 | -178 | -692 | -198 |
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