Announcements

OEG consolidated unaudited results for Q4 and 2009

Posted on 25.02.2010

Overview of substantial events and developments of Group in 2009:

• The main objective of the Group in 2009 was to adapt to changing market situation. The gaming markets contracted in 2009 by 52% in Estonia, by 33% in Latvia and by 39% in Lithuania compared to 2008.
• In 2009 Group implemented restructuring and optimization program, in total 44 casinos were closed (without Ukraine): 18 in Estonia, 12 in Latvia, 6 in Lithuania, 1 in Poland and 7 in Romania.
• The number of employees in continuing operations was reduced by 872 positions or 27% during 2009. The remuneration payable to employees was reduced in average by 20% from Q1 2009.
• Non-recurring expenses in 2009 totalled to 190.5 million kroons (12.2 million euros), including expenses related to closures of casinos in total 74.1 million kroons (4.7 million euros), non-capitalizable expenses related to opening of new casinos in total 11.1 million kroons (0.7 million euros), losses from liquidation and impairment of assets in total 105.3 million kroons (6.7 million euros).
• The total cost effect of optimisation activities implemented within the 2009 is expected to be 660.8 million kroons (42.2 million euros), constituting 32.4% of the year 2009 total operating expenses (without Ukraine).
• During 2009, Group has maintained stable revenues despite of negative developments on markets and closing down 40% or 44 casinos in continuing operations. EBITDA from day-to-day operations has been positive in all quarters of 2009, constituting 198.0 million kroons (12.7 million euros) in total, including 81.1 millio  kroons (5.2 million euros) in Q4 2009.
• The 2009 consolidated financial results of the Group were substantially influenced by developments on Ukrainian gaming market. 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. Liquidation of Ukrainian subsidiaries caused impairment losses in amount of 187.1 million
kroons (12.0 million euros), which is included in income statement on line „Profit (-loss) from discontinued operations“. OEG has demanded compensation of investments from the Ukrainian state basing on investments propitiation and mutual protection agreement signed between Estonian and Ukrainian governments.
• The Group modified significantly its casino entertainment concept in 2009 by transforming most casinos that it operates into casino lounges. As a result of these changes, casinos have a wider floor area where customers can spend leisure time without gaming. In addition, the range of products on offer in casino bars was expanded.
In autumn 2009, Group decided to enter to online gaming market. For providing online services, Group has signed a partnership agreement with Playtech, the world's leading developer of online gaming technology. On 10th February 2010, Group launched first legal online casino and poker room in Estonia on website Olympic-Online.com. New online environment offers more than 150 different casino games and a possibility to play in the world's largest poker network iPoker.


Financial highlights, Q4 2009:
Continuing operations 

--------------------------------------------------------------------------------
| Revenue:                             |           422.3 | million kroons      |
--------------------------------------------------------------------------------
| EBITDA from day-to-day operations *: |            81.1 | million kroons      |
--------------------------------------------------------------------------------
| EBIT from day-to-day operations *:   |           -22.8 | million kroons      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring expenses               |           -93.4 | million kroons      |
--------------------------------------------------------------------------------
| Financial income and expenses net:   |            -2.0 | million kroons      |
--------------------------------------------------------------------------------
| Net loss before income tax **:       |          -118.2 | million kroons      |
--------------------------------------------------------------------------------

 
Financial highlights, 2009:
Continuing operations

 

--------------------------------------------------------------------------------
| Revenue:                             |         1 701.3 | million kroons      |
--------------------------------------------------------------------------------
| EBITDA from day-to-day operations *: |           198.0 | million kroons      |
--------------------------------------------------------------------------------
| EBIT from day-to-day operations *:   |          -148.0 | million kroons      |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring expenses               |         -190.5  | million kroons      |
--------------------------------------------------------------------------------
| Financial income and expenses net:   |            -7.6 | million kroons      |
--------------------------------------------------------------------------------
| Net loss before income tax **:       |          -346.1 | million kroons      |
--------------------------------------------------------------------------------

€1 = 15.6466 kroons

*Ordinary business activity is referred to as business activity excluding investment activities, structure optimization, casinos closures, impairment and write-off of assets and financial income and expenses.

**Net loss before minority interest.

External revenue by segments
Continuing operations

--------------------------------------------------------------------------------
| (thousands of     |      2009 |  Change | Proportion |      2008 | Proportio |
| kroons)           |           |         |            |           |         n |
--------------------------------------------------------------------------------
| Estonia           |   391,705 |  -47.2% |      23.0% |   741,824 |     30.1% |
--------------------------------------------------------------------------------
| Latvia            |   365,440 |  -44.2% |      21.5% |   655,053 |     26.5% |
--------------------------------------------------------------------------------
| Lithuania         |   290,055 |  -30.2% |      17.0% |   415,392 |     16.8% |
--------------------------------------------------------------------------------
| Belarus           |    42,592 |   23.9% |       2.5% |    34,364 |      1.4% |
--------------------------------------------------------------------------------
| Poland            |   443,472 |  -19.2% |      26.1% |   548,972 |     22.2% |
--------------------------------------------------------------------------------
| Romania           |    56,166 |   42.8% |       3.3% |    39,340 |      1.6% |
--------------------------------------------------------------------------------
| Slovakia          |   111,893 |  240.2% |       6.6% |    32,888 |      1.3% |
--------------------------------------------------------------------------------
| Total             | 1,701,323 |  -31.1% |     100.0% | 2,467,833 |    100.0% |
--------------------------------------------------------------------------------

 

€1 = 15.6466 kroons

The Concern ended the 2009 in continuing operations with sales revenue of 1,691.2 million kroons (108.1 million euros). Total consolidated revenue (sales revenue and other income) surged to 1,701.3 million kroons (108.7 million euros), 31.1% less than the 2008 total consolidated revenue of 2,467.8 million kroons (157.7 million euros).

In the 2009 and 2008 93% of consolidated revenue was formed by gaming operations and 7% by other income.

At the end of 2009, the Concern had 67 casinos with a total area of 25,745 square metres. At the end of 2008, the number of casinos was 109 and their total area was 31,989 square metres (without Ukraine). During 2009, 1 new casino was opened in Lithuania and 1 new casino in Slovakia, in total 44 casinos were closed: 18 in Estonia, 12 in Latvia, 6 in Lithuania, 7 in Romania and 1 in Poland.

--------------------------------------------------------------------------------
| Number of casinos by segments          |                  |                  |
| Continuing operations                  |                  |                  |
--------------------------------------------------------------------------------
|                                        | 31 December 2009 | 31 December 2008 |
--------------------------------------------------------------------------------
| Estonia                                |               18 |               36 |
--------------------------------------------------------------------------------
| Latvia                                 |               21 |               33 |
--------------------------------------------------------------------------------
| Lithuania                              |               11 |               16 |
--------------------------------------------------------------------------------
| Belarus                                |                5 |                5 |
--------------------------------------------------------------------------------
| Poland                                 |                8 |                9 |
--------------------------------------------------------------------------------
| Romania                                |                2 |                9 |
--------------------------------------------------------------------------------
| Slovakia                               |                2 |                1 |
--------------------------------------------------------------------------------
| Total                                  |               67 |              109 |
--------------------------------------------------------------------------------

 

Consolidated expenses before depreciation in continuing operations for 2009 decreased in total by 19.9% or 419.9 million kroons (26.8 million euros) in comparison to consolidated expenses of 2008, including decrease in Q4 2009 by 28.1% or 170.2 million kroons (10.9 million euros) in comparison to consolidated expenses of the same period last year. In comparison with the 2008 the strongest cost decline came from personnel expenses -30.5% or 233.7 million kroons (14.9 million euros), marketing expenses -42.8% or 94.0 million kroons (6.0 million euros) and gaming tax expenses -16.2% or 75.7 million kroons (4.8 million euros).

The largest expense item before depreciation and impairment expenses was personnel expenses including social charges which amounted to 531.5 million kroons (34.0 million euros), followed by gaming tax expenses of 390.8 million kroons (25.0 million euros), rental expenses of 227.1 million kroons (14.5 million euros) and marketing expenses of 127.2 million kroons (8.1 million euros). Consolidated expenses of 2009 include non-capitalizable expenses related to opening of new casinos in total 11.1 million kroons (0.7 million euros), expenses related to closure of casinos and reducing the number of personnel in total 74.1 million kroons (4.7 million euros) and losses from liquidation and impairment of assets in total 105.3 million kroons (6.7 million euros). Expenses in amount of 84.2 million kroons (5.4 million euros) related to closure of casinos in 2009 are reflected in the results of the last quarter of 2008.

Consolidated operating loss for the 2009 in continuing operations amounted to 338.5 million kroons (21.6 million euros). The operating loss for 2008 totalled 115.6 million kroons (7.4 million euros).

Consolidated net loss for 2009 including discontinued operations (Ukrainian segment), totalled to 518.0 million kroons (33.1 million euros), including losses of impairment of assets related to liquidation of Ukrainian operations in amount of 187.1 million kroons (12.0 million euros). In 2008 the net loss amounted to 454.6 million kroons (29.1 million euros).

The management of Concern has revised its estimations regarding the intra Group loan contracts in preparing consolidated interim financial results 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 2009, the segment's external revenue amounted to 391.7 million kroons (25.0 million euros) including gaming revenue of 353.1 million kroons (22.6 million euros). In 2009, the segment's external revenue declined by 47.2% compared to the last year. The gaming market in Estonia shrank by 52%. The market share of Olympic Casino Estonia AS grew by 3,5% up to approximately 49%.

In 2009 the segment's operating loss reached 126.8 million kroons (8.1 million euros). In 2008 the segment earned operating profit in amount of 61.4 million kroons (3.9 million euros). The non-recurring expenses in 2009 amounted to 60.8 million kroons (3.9 million euros) and in 2008 to 31.5 million kroons (2.0 million euros).

During 2009, 18 casinos were closed in Estonia. At the end of December, there were 18 Olympic Casinos operating in Estonia with a total of 557 slot machines and 22 game tables.


Latvian segment

In 2009, the segment's external revenue amounted to 365.4 million kroons (23.4 million euros) including gaming revenue of 334.2 million kroons (21.4 million euros) and other revenues of 31.2 million kroons (2.0 million euros). In 2009, the segment's external revenue declined by 44.2% compared to the last year. The Latvian segment's operating loss amounted to 42.2 million kroons (2.7 million euros). In 2008 the segment earned operating profit in amount of 29.5 million kroons (1.9 million euros). The non-recurring expenses in 2009 influenced the result of Latvian segment negatively with 37.1 million kroons (2.4 million euros) and in 2008 with 37.0 million kroons (2.4 million euros).

During 2009, 12 casinos were closed in Latvia, at the end of December, there were 21 Olympic Casinos operating in Latvia with a total of 648 slot machines and 23 game tables.


Lithuanian segment

In 2009, the segment's external revenue amounted to 290.1 million kroons (18.5 million euros) including gaming revenue of 272.6 million kroons (17.4 million euros) and other revenues of 17.5 million kroons (1.1 million euros). In 2009, the segment's external revenue declined by 30.2%, the Lithuanian gaming market shrank by 39%.

The segments`s operating loss in 2009 reached 39.0 million kroons (2.5 million euros). The operating profit of 2008 was 21.6 million kroons (1.4 million euros). The non-recurring expenses in 2009 influenced the result of the segment negatively with 37.2 million kroons (2.4 million euros) and in 2008 with 26.3 million kroons (1.7 million euros).


During 2009, 1 casino was opened and 6 casinos were closed in Lithuania. At the end of year, the Lithuanian segment was operating 10 casinos with a total of 356 slot machines and 50 game tables.


Belarus segment

Olympic Casino Bel IP operates 5 casinos with a total of 261 slot machines in Minsk.The Belarusian segment's sales revenue has grown 23.9% compared to 2008 and amounted to 42.6 million kroons (2.7 million euros). The Belarus segment's sales revenue has grown 1.6 times in roubles compared to 2008. The operating loss of Belarus segment was 8.6 million kroons (0.6 million euros). In 2008, the Belarus segment's external revenues amounted to 34.4 million kroons (2.2 million euros) and operating loss was 16.9 million kroons (1.1 million euros).


Polish segment

In 2009, the segment's external revenue amounted to 443.5 million kroons (28.3 million euros), accounting for largest part or 26.1% of the Group's consolidated revenue. During 2009, segment's revenue in estonian kroons has declined by 19.2% compared to 2008, but in polish zlotys the segment's sales revenue has grown by 7.0%. The operating loss of Polish segment was 27.7 million kroons (1.8 million euros), compared to 48.9 million kroons (3.1 million euros) in 2008. Polish segment non-recurring expenses in 2009 amounted to 5.3 million kroons (0.3 million euros) and in 2008 to 16.6 million kroons (1.1 million euros). At the end of year, Group was operating 8 casinos in Poland with 383 slots and 58 gaming tables.


Romanian segment

The Romanian segment finished 2009 with the revenue of 56.2 million kroons (3.6 million euros), which is 42.8% more than 2008 revenues of 39.3 million kroons (2.5 million euros). The operating loss of 2009 was 98.7 million kroons (6.3 million euros). In 2008, segment's operating loss amounted to 134.8 million kroons (8.6 million euros). The non-recurring expenses in 2009 influenced the result of the segment with 49.4 million kroons (3.2 million euros) and in 2008 with 78.8 million kroons (5.0 million euros). During 2009, 7 casinos were closed and a flagship casino which was temporarily closed for renovation was reopened in Romania. At the end of December Group operated 2 casinos in Romania with 13 game tables and 88 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. At the end of year Group operated 2 casinos in Slovakia with 20 game tables and 95 slots. The Slovakian segment finished the year with revenue of 111.9 million kroons (7.2 million euros), which is 240.2% more than revenues of 2008. The operating profit in 2009 amounted to 4.6 million kroons (0.3 million euros). In 2008, revenues amounted to 32.9 million kroons (2.1 million euros) and operating loss amounted to 24.9 million kroons (1.6 million euros). The non-recurring expenses in 2009 influenced the result of the segment with 0.4 million kroons (0.03 million euros) and in 2008 with 8.1 million kroons (0.5 million euros).

 
Balance sheet

At 31 December 2009, the consolidated balance sheet totalled 1,776.2 million kroons (113.5 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 2009, the balance sheet volume declined by 26.1%.

Current assets accounted for 473.4 million kroons (30.3 million euros) or 26.7% of total assets and non-current assets for 1,302.8 million kroons (83.3 million euros) or 73.3% of total assets. Intangible assets accounted for 450.6 million kroons (28.8 million euros) or 34.6% of non-current assets.

At 31 December 2009, consolidated liabilities amounted to 485.2 million kroons (31.0 million euros) and consolidated equity amounted to 1,291.0 million kroons (82.5 million euros). The largest part of liabilities were loans in amount of 309.2 million kroons (19.8 million euros), payables to employees of 46.3 million kroons (3.0 million euros) and tax commitments of 54.8 million kroons (3.5 million euros).


Investments

In 2009, the consolidated expenditures on property, plant and equipment totalled 66.3 million kroons (4.2 million euros) including investment in gaming equipment of 17.8 million kroons (1.1 million euros), renovation of casinos in amount of 26.9 million kroons (1.7 million euros), acquisition of other items of property, plant and equipment in amount of 5.8 million kroons (0.4 million euros), prepayments for tangible assets amounted to 15.8 million kroons (1.0 million euros).

Cash flows

Consolidated operating cash flows of 2009 were 79.4 million kroons (5.1 million euros), cash outflows from investing activities were 81.0 million kroons (5.2 million euros), cash flows from financing activities were 31.4 million kroons (2.0 million euros). Net cash flows amounted to 29.8 million kroons (1.9 million euros).

Personnel

At 31 December 2009, the Group employed 2,348 people (31 December 2008 without Ukraine: 3,220): 496 in Estonia, 423 in Latvia, 612 in Lithuania, 98 Belarus, 438 in Poland, 160 in Romania and 121 in Slovakia. Employee remuneration expenses including relevant social charges amounted to 562.0 million kroons (35.9 million euros), in 2008 the relevant figure was 853.8 million kroons (54.6 million euros).

The key financials
Continuing operations

--------------------------------------------------------------------------------
|                                   |          2009 |         2008 |    Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions)        |       1,701.3 |      2,467.8 |    -31.1% |
--------------------------------------------------------------------------------
| EBITDA(kroons, millions)          |           7.5 |        354.1 |    -97.9% |
--------------------------------------------------------------------------------
| Operating loss(kroons, millions)  |        -338.5 |       -113.0 |           |
--------------------------------------------------------------------------------
| Net loss (kroons, millions)       |        -335.2 |       -184.3 |           |
--------------------------------------------------------------------------------
| EBITDA margin                     |          0.4% |        14.3% |           |
--------------------------------------------------------------------------------
| Operating margin                  |        -19.9% |        -4.6% |           |
--------------------------------------------------------------------------------
| Net margin                        |        -19.7% |        -7.5% |           |
--------------------------------------------------------------------------------
| Equity ratio                      |         72.7% |     76.7%    |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of casinos at end of       |            67 |          109 |       -42 |
| period                            |               |              |           |
--------------------------------------------------------------------------------
| Total area of casinos at end of   |        25,745 |       31,989 |    -6,244 |
| period (in square metres)         |               |              |           |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of slots at end of period  |         2,388 |        4,163 |    -1,775 |
--------------------------------------------------------------------------------
| Number of game tables at end of   |           186 |         193  |        -7 |
| period                            |               |              |           |
--------------------------------------------------------------------------------

 

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

 

--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION                 |               |
--------------------------------------------------------------------------------
| ASSETS                                       |               |               |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons)            |   31 Dec 2009 |   31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets                               |               |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents                    |       344,947 |       315,919 |
--------------------------------------------------------------------------------
| Trade receivables                            |         5,473 |         6,507 |
--------------------------------------------------------------------------------
| Other receivables and prepayments            |        66,933 |        86,174 |
--------------------------------------------------------------------------------
| Prepaid income tax                           |        23,962 |        20,464 |
--------------------------------------------------------------------------------
| Inventories                                  |        14,211 |        29,576 |
--------------------------------------------------------------------------------
| Assets held for sale                         |        17,833 |             0 |
--------------------------------------------------------------------------------
| Total current assets                         |       473,359 |       458,640 |
--------------------------------------------------------------------------------
| Non-current assets                           |               |               |
--------------------------------------------------------------------------------
| Deferred tax assets                          |        21,404 |        16,847 |
--------------------------------------------------------------------------------
| Other financial investments                  |        61,405 |        15,930 |
--------------------------------------------------------------------------------
| Other long-term receivables                  |        11,807 |        45,292 |
--------------------------------------------------------------------------------
| Investment property                          |        23,658 |        45,330 |
--------------------------------------------------------------------------------
| Property, plant and equipment                |       733,980 |     1,313,076 |
--------------------------------------------------------------------------------
| Intangible assets                            |       450,568 |       508,459 |
--------------------------------------------------------------------------------
| Total non-current assets                     |     1,302,822 |     1,944,934 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                                 |     1,776,181 |     2,403,574 |
--------------------------------------------------------------------------------
|                                              |               |               |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY                       |               |               |
--------------------------------------------------------------------------------
| (In thousands of Estonian kroons)            |   31 Dec 2009 |   31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES                                  |               |               |
--------------------------------------------------------------------------------
| Current liabilities                          |               |               |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings        |        88,145 |        82,802 |
--------------------------------------------------------------------------------
| Customer advances                            |        16,252 |        16,041 |
--------------------------------------------------------------------------------
| Trade payables                               |        27,511 |        70,101 |
--------------------------------------------------------------------------------
| Other payables                               |         2,895 |         9,273 |
--------------------------------------------------------------------------------
| Income tax liability                         |           298 |         1,249 |
--------------------------------------------------------------------------------
| Other tax liabilities                        |        48,695 |        87,156 |
--------------------------------------------------------------------------------
| Other accrued payables                       |        56,570 |        73,879 |
--------------------------------------------------------------------------------
| Provisions                                   |        17,948 |        12,797 |
--------------------------------------------------------------------------------
| Total current liabilities                    |       258,314 |       353,298 |
--------------------------------------------------------------------------------
| Non-current liabilities                      |               |               |
--------------------------------------------------------------------------------
| Deferred tax liability                       |         5,841 |        10,924 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings        |       221,031 |       194,968 |
--------------------------------------------------------------------------------
| Total non-current liabilities                |       226,872 |       205,892 |
--------------------------------------------------------------------------------
| Total liabilities                            |       485,186 |       559,190 |
--------------------------------------------------------------------------------
| EQUITY                                       |               |               |
--------------------------------------------------------------------------------
| Share capital                                |     1,510,000 |     1,510,000 |
--------------------------------------------------------------------------------
| Share premium                                |       227,273 |       227,273 |
--------------------------------------------------------------------------------
| Statutory capital reserve                    |        37,759 |        37,759 |
--------------------------------------------------------------------------------
| Translation reserves                         |           401 |        35,407 |
--------------------------------------------------------------------------------
| Retained earnings                            |      -548,206 |       -31,989 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders  |     1,227,227 |     1,778,450 |
| of the parent                                |               |               |
--------------------------------------------------------------------------------
| Minority interest                            |        63,768 |        65,934 |
--------------------------------------------------------------------------------
| Total equity                                 |     1,290,995 |     1,844,384 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY                 |     1,776,181 |     2,403,574 |
--------------------------------------------------------------------------------
|                                              |               |               |
--------------------------------------------------------------------------------
|                                              |               |               |
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION                 |               |
--------------------------------------------------------------------------------
| ASSETS                                       |               |               |
--------------------------------------------------------------------------------
| (In thousands of euro)                       |   31 Dec 2009 |   31 Dec 2008 |
--------------------------------------------------------------------------------
| Current assets                               |               |               |
--------------------------------------------------------------------------------
| Cash and cash equivalents                    |        22,046 |        20,191 |
--------------------------------------------------------------------------------
| Trade receivables                            |           350 |           416 |
--------------------------------------------------------------------------------
| Other receivables and prepayments            |         4,278 |         5,508 |
--------------------------------------------------------------------------------
| Prepaid income tax                           |         1,531 |         1,308 |
--------------------------------------------------------------------------------
| Inventories                                  |           908 |         1,890 |
--------------------------------------------------------------------------------
| Assets held for sale                         |         1,140 |             0 |
--------------------------------------------------------------------------------
| Total current assets                         |        30,253 |        29,312 |
--------------------------------------------------------------------------------
| Non-current assets                           |               |               |
--------------------------------------------------------------------------------
| Deferred tax assets                          |         1,368 |         1,077 |
--------------------------------------------------------------------------------
| Other financial investments                  |         3,924 |         1,018 |
--------------------------------------------------------------------------------
| Other long-term receivables                  |           755 |         2,895 |
--------------------------------------------------------------------------------
| Investment property                          |         1,512 |         2,897 |
--------------------------------------------------------------------------------
| Property, plant and equipment                |        46,910 |        83,921 |
--------------------------------------------------------------------------------
| Intangible assets                            |        28,797 |        32,496 |
--------------------------------------------------------------------------------
| Total non-current assets                     |        83,266 |       124,304 |
--------------------------------------------------------------------------------
| TOTAL ASSETS                                 |       113,519 |       153,616 |
--------------------------------------------------------------------------------
|                                              |               |               |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY                       |               |               |
--------------------------------------------------------------------------------
| (In thousands of euro)                       |   31 Dec 2009 |   31 Dec 2008 |
--------------------------------------------------------------------------------
| LIABILITIES                                  |               |               |
--------------------------------------------------------------------------------
| Current liabilities                          |               |               |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings        |         5,633 |         5,292 |
--------------------------------------------------------------------------------
| Customer advances                            |         1,039 |         1,025 |
--------------------------------------------------------------------------------
| Trade payables                               |         1,758 |         4,480 |
--------------------------------------------------------------------------------
| Other payables                               |           185 |           593 |
--------------------------------------------------------------------------------
| Income tax liability                         |            19 |            80 |
--------------------------------------------------------------------------------
| Other tax liabilities                        |         3,112 |         5,570 |
--------------------------------------------------------------------------------
| Other accrued payables                       |         3,615 |         4,722 |
--------------------------------------------------------------------------------
| Provisions                                   |         1,147 |           818 |
--------------------------------------------------------------------------------
| Total current liabilities                    |        16,509 |        22,580 |
--------------------------------------------------------------------------------
| Non-current liabilities                      |               |               |
--------------------------------------------------------------------------------
| Deferred tax liability                       |           373 |           698 |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings        |        14,126 |        12,461 |
--------------------------------------------------------------------------------
| Total non-current liabilities                |        14,500 |        13,159 |
--------------------------------------------------------------------------------
| Total liabilities                            |        31,009 |        35,739 |
--------------------------------------------------------------------------------
| EQUITY                                       |               |               |
--------------------------------------------------------------------------------
| Share capital                                |        96,507 |        96,507 |
--------------------------------------------------------------------------------
| Share premium                                |        14,525 |        14,525 |
--------------------------------------------------------------------------------
| Statutory capital reserve                    |         2,413 |         2,413 |
--------------------------------------------------------------------------------
| Translation reserves                         |            26 |         2,263 |
--------------------------------------------------------------------------------
| Retained earnings                            |       -35,037 |        -2,044 |
--------------------------------------------------------------------------------
| Total equity attributable to equity holders  |        78,434 |       113,664 |
| of the parent                                |               |               |
--------------------------------------------------------------------------------
| Minority interest                            |         4,076 |         4,214 |
--------------------------------------------------------------------------------
| Total equity                                 |        82,510 |       117,878 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND EQUITY                 |       113,519 |       153,616 |
--------------------------------------------------------------------------------

 

 

--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE  |           |           |           |
| INCOME                                   |           |           |           |
--------------------------------------------------------------------------------
| (In thousands of Estonian    |   Q4 2009 |   Q4 2008 |      2009 |      2008 |
| kroons)                      |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Continuing operations        |           |           |           |           |
--------------------------------------------------------------------------------
| Revenue                      |           |           |           |           |
--------------------------------------------------------------------------------
| Sales revenue                |   419,262 |   634,063 | 1,691,208 | 2,454,271 |
--------------------------------------------------------------------------------
| Other income                 |     3,051 |     3,615 |    10,115 |    13,563 |
--------------------------------------------------------------------------------
| Total revenue                |   422,313 |   637,678 | 1,701,323 | 2,467,834 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Cost of materials, goods and |   -14,090 |   -13,667 |   -52,037 |   -54,661 |
| services used                |           |           |           |           |
--------------------------------------------------------------------------------
| Other operating expenses     |  -250,915 |  -390,639 |  -991,435 | -1,264,79 |
|                              |           |           |           |         8 |
--------------------------------------------------------------------------------
| Labour costs                 |  -116,561 |  -195,530 |  -531,454 |  -765,163 |
--------------------------------------------------------------------------------
| Depreciation, amortisation   |   -84,476 |  -226,470 |  -325,636 |  -454,053 |
| and impairment               |           |           |           |           |
--------------------------------------------------------------------------------
| Impairment of investment     |   -19,402 |   -13,032 |   -19,402 |   -13,032 |
| property                     |           |           |           |           |
--------------------------------------------------------------------------------
| Other expenses               |   -53,072 |    -7,465 |  -119,900 |   -31,684 |
--------------------------------------------------------------------------------
| Total expenses               |  -538,516 |  -846,803 | -2,039,86 | -2,583,39 |
|                              |           |           |         4 |         1 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Operating profit (loss)      |  -116,203 |  -209,125 |  -338,541 |  -115,557 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Financial income and         |           |           |           |           |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Interest income              |     2,096 |     2,656 |     9,006 |    11,182 |
--------------------------------------------------------------------------------
| Interest expense             |    -4,325 |    -5,741 |   -19,497 |   -10,601 |
--------------------------------------------------------------------------------
| Foreign exchange gain        |       282 |   -75,532 |     3,177 |   -71,793 |
| (losses)                     |           |           |           |           |
--------------------------------------------------------------------------------
| Other financial income and   |       -66 |         0 |      -258 |       193 |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Net financing income and     |    -2,013 |   -78,617 |    -7,572 |   -71,019 |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) before tax     |  -118,216 |  -287,742 |  -346,113 |  -186,576 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Income tax expense           |     9,157 |    21,801 |    10,866 |     2,435 |
--------------------------------------------------------------------------------
| Profit (loss) for the period |  -109,059 |  -265,941 |  -335,247 |  -184,141 |
| from continuing operations   |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) for the period |    31,774 |  -292,090 |  -182,744 |  -270,473 |
| from discontinued operations |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| PROFIT (LOSS) FOR THE PERIOD |   -77,285 |  -558,031 |  -517,991 |  -454,614 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Other comprehensive income   |           |           |           |           |
--------------------------------------------------------------------------------
| Translation reserve          |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |     5,990 |     7,802 |   -14,390 |     6,251 |
--------------------------------------------------------------------------------
|   discontinued operations    |   -29,217 |    50,334 |   -20,616 |    30,499 |
--------------------------------------------------------------------------------
| Other comprehensive income   |   -23,227 |    58,136 |   -35,006 |    36,750 |
| for the period               |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Total comprehensive income   |  -100,512 |  -499,895 |  -552,997 |  -417,864 |
| for the period               |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) for the period             |           |           |           |
| attributable to                          |           |           |           |
--------------------------------------------------------------------------------
| Minority interest            |     -1510 |        79 |    -2,166 |     4,613 |
--------------------------------------------------------------------------------
| Equity holders of the parent |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |  -107,549 |  -266,020 |  -333,081 |  -188,754 |
--------------------------------------------------------------------------------
|   discontinued operations    |    31,774 |  -292,090 |  -182,744 |  -270,473 |
--------------------------------------------------------------------------------
|                              |   -77,285 |  -558,031 |  -517,991 |  -454,614 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Total comprehensive income   |           |           |           |           |
| attributable to              |           |           |           |           |
--------------------------------------------------------------------------------
| Minority interest            |    -1,510 |        79 |    -2,166 |     4,613 |
--------------------------------------------------------------------------------
| Equity holders of the parent |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |  -101,559 |  -258,218 |  -347,471 |  -182,503 |
--------------------------------------------------------------------------------
|   discontinued operations    |     2,557 |  -241,756 |  -203,360 |  -239,974 |
--------------------------------------------------------------------------------
|                              |  -100,512 |  -499,895 |  -552,997 |  -417,864 |
--------------------------------------------------------------------------------
| Continuing operations        |           |           |           |           |
--------------------------------------------------------------------------------
| Basic earnings per share     |     -0.71 |     -1.76 |     -2.21 |     -1.25 |
| (EEK)                        |           |           |           |           |
--------------------------------------------------------------------------------
| Diluted earnings per share   |     -0.71 |     -1.76 |     -2.21 |     -1.25 |
| (EEK)                        |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Discontinued operations      |           |           |           |           |
--------------------------------------------------------------------------------
| Basic earnings per share     |      0.21 |     -1.93 |     -1.21 |     -1.79 |
| (EEK)                        |           |           |           |           |
--------------------------------------------------------------------------------
| Diluted earnings per share   |      0.21 |     -1.93 |     -1.21 |     -1.79 |
| (EEK)                        |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF COMPREHENSIVE  |           |           |           |
| INCOME                                   |           |           |           |
--------------------------------------------------------------------------------
| (In thousands of euro)       |   Q4 2009 |   Q4 2008 |      2009 |      2008 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Continuing operations        |           |           |           |           |
--------------------------------------------------------------------------------
| Revenue                      |           |           |           |           |
--------------------------------------------------------------------------------
| Sales revenue                |    26,796 |    40,524 |   108,088 |   156,857 |
--------------------------------------------------------------------------------
| Other income                 |       195 |       231 |       646 |       867 |
--------------------------------------------------------------------------------
| Total revenue                |    26,991 |    40,755 |   108,734 |   157,723 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Cost of materials, goods and |      -901 |      -873 |    -3,326 |    -3,493 |
| services used                |           |           |           |           |
--------------------------------------------------------------------------------
| Other operating expenses     |   -16,036 |   -24,966 |   -63,364 |   -80,835 |
--------------------------------------------------------------------------------
| Labour costs                 |    -7,450 |   -12,497 |   -33,966 |   -48,903 |
--------------------------------------------------------------------------------
| Depreciation, amortisation   |    -5,399 |   -14,474 |   -20,812 |   -29,019 |
| and impairment               |           |           |           |           |
--------------------------------------------------------------------------------
| Impairment of investment     |    -1,240 |      -833 |    -1,240 |      -833 |
| property                     |           |           |           |           |
--------------------------------------------------------------------------------
| Other expenses               |    -3,392 |      -477 |    -7,663 |    -2,025 |
--------------------------------------------------------------------------------
| Total expenses               |   -34,417 |   -54,121 |  -130,371 |  -165,109 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Operating profit (loss)      |    -7,427 |   -13,366 |   -21,637 |    -7,385 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Financial income and         |           |           |           |           |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Interest income              |       134 |       170 |       576 |       715 |
--------------------------------------------------------------------------------
| Interest expense             |      -276 |      -367 |    -1,246 |      -678 |
--------------------------------------------------------------------------------
| Foreign exchange gain        |        18 |    -4,827 |       203 |    -4,588 |
| (losses)                     |           |           |           |           |
--------------------------------------------------------------------------------
| Other financial income and   |        -4 |         0 |       -16 |        12 |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
| Net financing income and     |      -129 |    -5,024 |      -483 |    -4,539 |
| expenses                     |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) before tax     |    -7,555 |   -18,390 |   -22,121 |   -11,924 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Income tax expense           |       585 |     1,393 |       694 |       156 |
--------------------------------------------------------------------------------
| Profit (loss) for the period |    -6,970 |   -16,997 |   -21,426 |   -11,769 |
| from continuing operations   |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) for the period |     2,031 |   -18,668 |   -11,679 |   -17,286 |
| from discontinued operations |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| PROFIT (LOSS) FOR THE PERIOD |    -4,939 |   -35,665 |   -33,105 |   -29,055 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Other comprehensive income   |           |           |           |           |
--------------------------------------------------------------------------------
| Translation reserve          |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |       383 |       499 |      -920 |       400 |
--------------------------------------------------------------------------------
|   discontinued operations    |    -1,867 |     3,217 |    -1,318 |     1,949 |
--------------------------------------------------------------------------------
| Other comprehensive income   |    -1,484 |     3,716 |    -2,237 |     2,349 |
| for the period               |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Total comprehensive income   |    -6,424 |   -31,949 |   -35,342 |   -26,706 |
| for the period               |           |           |           |           |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Profit (loss) for the period             |           |           |           |
| attributable to                          |           |           |           |
--------------------------------------------------------------------------------
| Minority interest            |       -97 |         5 |      -138 |       295 |
--------------------------------------------------------------------------------
| Equity holders of the parent |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |    -6,874 |   -17,002 |   -21,288 |   -12,064 |
--------------------------------------------------------------------------------
|   discontinued operations    |     2,031 |   -18,668 |   -11,679 |   -17,286 |
--------------------------------------------------------------------------------
|                              |    -4,939 |   -35,665 |   -33,106 |   -29,055 |
--------------------------------------------------------------------------------
|                              |           |           |           |           |
--------------------------------------------------------------------------------
| Total comprehensive income attributable  |           |           |           |
| to                                       |           |           |           |
--------------------------------------------------------------------------------
| Minority interest            |       -97 |         5 |      -138 |       295 |
--------------------------------------------------------------------------------
| Equity holders of the parent |           |           |           |           |
--------------------------------------------------------------------------------
|   continuing operations      |    -6,491 |   -16,503 |   -22,207 |   -11,664 |
--------------------------------------------------------------------------------
|   discontinued operations    |       163 |   -15,451 |   -12,997 |   -15,337 |
--------------------------------------------------------------------------------
|                              |    -6,424 |   -31,949 |   -35,342 |   -26,706 |
--------------------------------------------------------------------------------
| Continuing operations        |           |           |           |           |
--------------------------------------------------------------------------------
| Basic earnings per share (€) |     -0.05 |     -0.11 |     -0.14 |     -0.08 |
--------------------------------------------------------------------------------
| Diluted earnings per s    
  

« Back to list