Announcements

Unaudited consolidated operating results for 2007

Posted on 21.02.2008

Olympic Entertainment Group AS (the “Group”) is the leading gaming services provider in the Baltic countries - Estonia, Latvia and Lithuania, and a rapidly expanding gaming facilities operator in Ukraine, Belarus, Poland and Romania.


An overview of the Group's key events in 2007:

In April, the subsidiary Olympic Casino Bucharest S.r.l signed an agreement by which it acquired the assets of the Romanian casino operator Empire International Game World, including three casinos in the Romanian capital Bucharest.

In April, the Group completed the acquisition of Kristiine Kasiino AS and Casinova OÜ. In the second quarter, Kristiine Kasiino AS was combined with Olympic Casino Eesti AS. The transaction increased the Group's estimated share in the Estonian gaming market to 45%.

In April, a subsidiary - Olympic Entertainment Slovakia S.r.o. was established in Slovakia. The activity licence required for operating casinos and penetrating the Slovakian gaming market was obtained at the beginning of February 2008.

At the end of April, the Group signed the final agreement for the acquisition of an 80% stake in Casino Polonia-Wroclaw Sp. z.o.o. ("CP"). At the end of May, CP launched a spectacular new casino in the Hilton Hotel in Warsaw. Investments in the new casino totalled 110 million kroons (7 million euros). With its 1500 square metres, 100 slot machines and 20 game tables, the new Olympic Casino Sunrise is the largest casino in Poland.

In May, the legal merger of Olympic Casino Latvia SIA and Baltic Gaming AS was completed.

In July, the subsidiary Olympic Casino Ukraine TOV signed a preliminary agreement for the acquisition of the leading Ukrainian casino operator Eldorado. The final agreement by which the Group acquired three entities which operate five game halls in prime locations in and around the centre of Kiev (including three with game tables) was signed in September.

In July, the Group acquired a 97.5% interest in Kesklinna Hotelli OÜ with a view to launching a new business line - the development of casino hotels and casino complexes.

In August, the Group entered a new, category B gaming halls segment in Lithuania.

Since 26 September, the shares of OEG have been traded at the Warsaw Stock Exchange. Membership in the fourth-largest stock exchange in Europe supports OEG's future ambitions and broadens its international reach.


Olympic Entertainment Group AS' unaudited consolidated operating results for 2007

Selected financial data, 12 months 2007:
Revenue:                     	2,517.5 million kroons (+50.9%) 
Operating profit: 432.5 million kroons (-2.7%)
Operating margin*: 17.2% (2006: 26.6%)
Profit before tax: 425.5 million kroons (-4.3%)
Net profit: 381.7 million kroons (-5.6%)
Net margin**: 14.6% (2006: 23.3%)

Operating cash flows: 664.6 million kroons (2006:627.9 million kroons)
Investing cash flows: - 1 243.6 million kroons (2006: -426.4 million kroons)
Financing cash flows: -151,1 million kroons (2006: 849.0 million kroons)


* Operating margin = operating profit / revenue
** Net margin = net profit / revenue
1 euro = 15.6466 kroons


The results of entities acquired in 2007 have been included in the consolidated accounts as follows:
Kristiine Kasiino and Casinova OÜ April - December 2007;
Casino Polonia Wroclaw Sp. Z.o.o. May - December 2007;
Olympic Casino Bucharest S.r.l June - December 2007;
Eldorado companies October - December 2007.

Consolidated revenue for the fourth quarter of 2007 soared to 826.0 million kroons (52.8 million euros), a 62.6% improvement year-over-year.

Consolidated operating profit and net profit for the fourth quarter amounted to 134.8 million kroons (8.6 million euros) and 98.4 million kroons (6.3 million euros) respectively. Fourth quarter operating margin was 16.3% and net margin 11.9%.

Olympic Entertainment Group AS ended the financial year with sales revenue of 2,487.3 million kroons (159.0 million euros). Total consolidated revenue surged to 2,517.5 million kroons (160.9 million euros), up 50.9% on the 1,668.8 million kroons (106.7 million euros) earned in 2006.

Consolidated operating profit slipped to 432.5 million kroons (27.6 million euros), 2.7% down from 2006, while consolidated net profit decreased from the 404.3 million kroons (25.8 million euros) earned in 2006 to 381.7 million kroons(24.4 million euros), down 5.6%.

The Group corrected forecast of annual revenue was 2.3 billion kroons (147.0 million euros) and corrected forecast of annual operating profit was 450.0 million kroons (28.8 million euros). Unaudited annual revenue including nonrecurrent revenues exceeded the forecast by 217.5 million kroons (13.9 million euros), which is 9.5% more than forecasted. Unaudited annual operating profit was lower than forecasted by -3.9% and amounted 432.6 million kroons (27.6 million euros). Operating profit was affected by costs incurred in connection with the opening of new casinos and non-recurring items.

According to management's estimates, the acquisitions of 2007 have not yet reached their full potential. The margins of recently acquired entities should begin improving in the second half of 2008.

Consolidated revenue was boosted by the contribution of companies acquired in 2007, organic revenue growth and the opening of new casinos. Entities acquired through business combinations contributed 402.3 million kroons (25.7 million euros) or 47,4% of total revenue growth. Non-recurring items totalled 33.2 million kroons (2.1 million euros).

Gaming operations accounted for 92% of consolidated revenue while other operations contributed 8%.

Revenue by markets (in thousands of kroons):

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| | Q4 2007 | Q4 2006 | Change | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Estonia | 241,253 | 203,618 | 18.5% | 866,057 | 671,535 | 29.0% |
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| Latvia | 194,655 | 159,372 | 22.1% | 692,760 | 511,211 | 35.5% |
--------------------------------------------------------------------------------
| Lithuania | 157,808 | 110,815 | 42.4% | 470,480 | 389,467 | 20.8% |
--------------------------------------------------------------------------------
| Ukraine | 80,188 | 32,867 | 144.0% | 187,640 | 94,881 | 97.8% |
--------------------------------------------------------------------------------
| Belarus | 5,677 | 1,271 | 346.5% | 12,617 | 1,676 | 652.7% |
--------------------------------------------------------------------------------
| Poland | 139,272 | - | - | 270,838 | - | - |
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| Romania | 7,136 | - | - | 17,115 | - | - |
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| TOTAL | 825,989 | 507,944 | 62.6% | 2,517,506 | 1,668,770 | 50.9% |
--------------------------------------------------------------------------------

1 euro = 15.6466 kroons


Consolidated operating expenses for 2007 totalled 2,085.0 million kroons (133.3 million euros), up 70.3% on 2006. The largest expense item was personnel expenses which amounted to 651.9 million kroons (41.7 million euros). The next in size were depreciation and amortisation expense of 257.1 million kroons (16.4million euros) and gaming tax expenses of 330.0 million kroons (21.1 million euros), followed by marketing expenses of 193.4 million kroons (12.4 million euros) and rental expenses on buildings of 171.0 million kroons (10.9 million euros).

The structure of operating expenses has not changed. The main growth driver is still rapid expansion. In absolute numbers, the largest growth occurred in personnel expenses which increased by 269.9 million kroons (17.2 million euros) or 70.7% year-over-year. Gambling tax expenses grew by 127.2% or 184.8 million kroons (11.8 million euros) and rental expenses rose by 92.4% or 82.1 million kroons (5.2 million euros).

Expenses for 2007 include costs of 52.0 million kroons (3.3 million euros) incurred in connection with the opening of new casinos, and non-recurring items of 27.0 million kroons (1.7 million euros), including the costs of researching new markets (4.1 million kroons (0.3 million euros)), the costs of penetrating the Polish market (6.0 million kroons (0.4 million euros)), and the costs in connection with options provided to members of the management and supervisory boards and the key executives (16.9 million kroons (1.1 million euros)).

Consolidated net profit for 2007 was affected by unrealised exchange losses of 31.2 million kroons (2.0 million euros) incurred from fluctuations in the euro - US dollar exchange rate. Exchange differences have been recognised in the income statement in Net financial items.


Balance sheet

At 31 December 2007, the consolidated balance sheet of Olympic Entertainment Group AS totalled 2,706.9 million kroons (173.0 million euros), up 17.2% on 31 December 2006.

Current assets accounted for 596.5 million kroons (38.1 million euros) or 22.0% of total assets and non-current assets to 2,110.4 million kroons (134.9 million euros) or 78% of total assets. Intangible assets accounted for 699.7 million kroons (44.7 million euros) or 33.2% of non-current assets.

At 31 December, consolidated liabilities totalled 368.5 million kroons (23.6 million euros) and consolidated equity amounted to 2,338.4 million kroons (149.5million euros). The largest liabilities were trade payables of 125.7 million kroons (8.0 million euros), tax commitments of 84.5 million kroons (5.3 million euros), payables to employees of 66.5 million kroons (4.3 million euros) and other accrued expenses of 24.3 million kroons (1.6 million euros). Other liabilities included finance lease liabilities of 22.9 million kroons (1.5 million euros), deferred tax liabilities of 18.3 million kroons (1.2 million euros), and amounts due to customers and provisions for winnings of 26.3 million kroons (1.7 million euros).


People

At 31 December 2007, the Group employed 4 004 people (31 December 2006: 2342) including 779 in Estonia, 1077 in Latvia, 764 in Lithuania, 646 in Ukraine, 88 in Belarus, 489 in Poland,159 in Romania and 2 in Slovakia.

Employee remuneration expenses including social charges amounted to 651.9 million kroons (41.7 million euros) against 382.0 million kroons (24.4 million euros) in 2006.

In 2007, option agreements were made with members of the management board of Olympic Entertainment Group AS and the Group's key executives. According to the agreements, a member of the management board may subscribe a total of 333,624 shares and a key executive a total of 133,446 shares in Olympic Entertainment Group AS during the period 2008 - 2010. The exact number of the shares that may be subscribed by a member of the management board or a key executive will dependon the achievement of the Group's financial targets and the performance of the department in which the member of the board or the key executive is employed. The options may be exercised every year from 2008 to 2010.


Results of casino operators

At the end of 2007, the Group had 122 casinos with a total area of 33,828 square metres. At the end of 2006, the number of casinos was 79 and their total area 22,316 square metres.

Number of casinos by markets:

        31 Dec 2007  31 Dec 2006                                                

Estonia 35 22
Latvia 38 38
Lithuania 15 10
Ukraine 19 8
Belarus 4 1
Poland 8 -
Romania 3 -
TOTAL 122 79



OLYMPIC CASINO EESTI AS

At the end of 2007, there were 35 Olympic casinos in Estonia with a total of 1,335 slot machines and 24 game tables. During the year, 3 Olympic casinos were renovated and 6 former Kristiine Kasiino facilities were re-branded.

Olympic Casino Eesti AS (OCE) ended 2007 with sales of 794.8 million kroons (50.8 million euros), up 23.7% on 2006. Operating profit remained stable at 288 million kroons (18.4 million euros). OCE's operating profit was adversely affected by the overall price hike in Estonia, the situation in the labour market which pushed up personnel expenses, the renovation of Olympic casinos andthe re-branding of Kristiine Kasiino facilities, and the acquisition of new equipment which increased depreciation expense. The costs incurred in connection with the renovation and re-branding of Kristiine Kasiino casinos totalled 11.8 million kroons (0.8 million euros).


OLYMPIC CASINO LATVIA SIA

The past financial year saw the completion of the legal merger of Olympic Casino Latvia SIA (OCL) and Baltic Gaming AS (BG). During the year, 10 BG casinos were renovated and 2 Olympic casinos refurbished. At the end of the year, OCL was operating 38 casinos with 1,235 slot machines and 40 game tables.

OCL's and BG's sales for 2007 totalled 661.1 million kroons (42.3 million euros), a 38.6% improvement on their combined sales for 2006. Operating profit amounted to 106.0 million kroons (6.8 million euros), a 7.1% decrease compared with 2006. In 2007, profit growth was impeded by surging personnel expenses, larger gaming tax expenses (caused by a rise in the tax rate), increasing sales which boosted jackpot and bonus point expenses, the costs of combining BG and OCL, and investment-triggered expansion in depreciation and amortisation expense.


OLYMPIC CASINO GROUP BALTIJA UAB

In 2007, Olympic Casino Group Baltija UAB (OCGB) opened 5 new, category B casinos.

OCGB's flagship casino in Kaunas is still closed because of the renovation of the hotel in which the casino is located. At the end of 2007, OCGB was operating 10 casinos under the Olympic Casino brand name (including the one temporarily closed for renovation) and 5 under the Bumerangas brand name. The casinos have a total of 546 slot machines and 64 game tables.

OCGB ended 2007 with sales revenue of 429.8 million kroons (27.5 million euros), a roughly 15% improvement on 2006. Operating profit grew by 41.7% to 115.6  million kroons (7.4 million euros), mainly thanks to an increase in sales. In the fourth quarter, OCGB received compensation of 8.6 million kroons (0.5 million euros) for delays in the renovation of the hotel and the continuing closure of its casino.


OLYMPIC CASINO UKRAINE TOV

At the end of 2007, Olympic Casino Ukraine TOV (OCU) was operating 14 Olympic Casinos. In September, a final contract was signed for the acquisition of 5 casinos including 2 table casinos operating under the Eldorado brand name. The results of the Eldorado casinos have been consolidated from the fourth quarter of 2007. At 31 December, OCU was operating 683 slot machines under the Olympic Casino brand name and Eldorado casinos were operating 274 slot machines and 17 game tables.

OCU ended 2007 with sales revenue of 154.2 million kroons (9.9 million euros), a 62.7% upswing on 2006. The rise may be attributed to both organic revenue growth and the opening of new casinos. OCU's operating profit for 2007 amounted to 13.3 million kroons (0.9 million euros), a 2.2 million kroon (0.1 million euro) decrease compared with 2006.

Eldorado casinos ended the fourth quarter with sales of 33.4 million kroons (2.1 million euros) and an operating profit of 5.3 million kroons (0.3 million euros). The operating profit of the Group's Ukrainian operations was impacted by expansion, especially growth in rental expenses and an investment-related rise in depreciation and amortisation expense.


OLYMPIC CASINO BEL IP

At the end of December, Olympic Casino Bel IP (OCB) was operating 4 casinos in Minsk. During the year, 3 new casinos were opened.

OCB's sales revenue for 2007 amounted to 12.1 million kroons (0.8 million euros). Due to delays in the opening of new casinos and the start-up phase of launched facilities, the period ended in an operating loss of 23.3 million kroons (1.5 million euros).


CASINO POLONIA - WROCLAW SP. Z.O.O

Casino Polonia Wroclaw Sp. Z.o.o (CP) ended the period May-December 2007 with sales revenue of 270.1 million kroons (17.3 million euros). In the fourth quarter CP's revenues grew by 53.9% on the third quarter. At the year-end, CP was operating 310 slot machines and 44 game tables. Due to organisational restructuring, operating profit for May-December amounted to 2.5 million kroons (0.2 million euros).


OLYMPIC CASINO BUCHAREST S.R.L.

In the third quarter of 2007, 2 former Empire International Game World slot casinos were renovated and 1 new slot casino was opened.

Olympic Casino Bucharest S.r.l. ended 2007 with sales revenue of 17.2 million kroons (1.1 million euros). Because of expenses incurred in connection with the opening of new game halls and organisational restructuring, the period ended in an operating loss of 26.2 million kroons (1.7 million euros).


The Group's key financials
--------------------------------------------------------------------------------
| | 2007 | 2006 | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue (kroons, millions) | 2,517.50 | 1,668.80 | 50.9% |
--------------------------------------------------------------------------------
| EBITDA (kroons, millions) | 689.6 | 630.4 | 9.4% |
--------------------------------------------------------------------------------
| Operating profit (kroons, millions) | 432.5 | 444.4 | -2.7% |
--------------------------------------------------------------------------------
| Net profit (kroons, millions) | 381.7 | 404.3 | -5.6% |
--------------------------------------------------------------------------------
| EBITDA margin | 27.4% | 37.8% | -27.5% |
--------------------------------------------------------------------------------
| Operating margin | 17.2% | 26.6% | -35.3% |
--------------------------------------------------------------------------------
| Net margin | 15.2% | 24.2% | -37.2% |
--------------------------------------------------------------------------------
| Equity ratio | 86.4% | 89.8% | -3.8% |
--------------------------------------------------------------------------------
| ROA | 14.7% | 23.9% | -38.5% |
--------------------------------------------------------------------------------
| ROE | 16.7% | 29.1% | -42.6% |
--------------------------------------------------------------------------------

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
o ROA = net profit / average total assets
o ROE = net profit / average total equity

1 euro = 15.6466 kroons


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| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | Q4, 2007 | Q4, 2006 | 2007 | 2006 |
| kroons) | | | | |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 802 306 | 503 625 | 2 487 298 | 1 658 749 |
--------------------------------------------------------------------------------
| Other income | 23 683 | 4 319 | 30 207 | 10 021 |
--------------------------------------------------------------------------------
| Total revenue | 825 989 | 507 944 | 2 517 506 | 1 668 770 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -19 538 | -21 710 | -60 297 | -56 433 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -369 136 | -175 485 | -1 101 984 | -592 595 |
--------------------------------------------------------------------------------
| Labour costs | -208 761 | -118 085 | -651 911 | -381 997 |
--------------------------------------------------------------------------------
| Depreciation and | -82 203 | -61 924 | -256 769 | -159 855 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -26 141 |
--------------------------------------------------------------------------------
| Other expenses | -11 205 | -5 495 | -13 648 | -7 352 |
--------------------------------------------------------------------------------
| Total expenses | -691 193 | -382 698 | -2 084 959 | -1 224 373 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 134 795 | 125 246 | 432 547 | 444 398 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 11 | -11 | 11 | -11 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 3 551 | 6 572 | 27 791 | 9 900 |
--------------------------------------------------------------------------------
| Interest expense | -318 | -1 376 | -604 | -10 325 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 116 015 | 132 967 | 425 457 | 444 735 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -17 582 | -17 754 | -43 752 | -40 473 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 98 433 | 115 213 | 381 705 | 404 262 |
--------------------------------------------------------------------------------
| Attributable to minority | 6 707 | 4 613 | 14 356 | 15 463 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 91 726 | 110 600 | 367 349 | 388 799 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,61 | 0,79 | 2,43 | 3,11 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,61 | 0,79 | 2,43 | 3,11 |
| (EEK) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | Q4, 2007 | Q4, 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| Revenue | | | | |
--------------------------------------------------------------------------------
| Sales revenue | 51 277 | 32 188 | 158 967 | 106 013 |
--------------------------------------------------------------------------------
| Other income | 1 514 | 276 | 1 931 | 640 |
--------------------------------------------------------------------------------
| Total revenue | 52 790 | 32 464 | 160 898 | 106 654 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Expenses | | | | |
--------------------------------------------------------------------------------
| Cost of materials, goods | -1 249 | -1 388 | -3 854 | -3 607 |
| and services used | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -23 592 | -11 216 | -70 430 | -37 874 |
--------------------------------------------------------------------------------
| Labour costs | -13 342 | -7 547 | -41 665 | -24 414 |
--------------------------------------------------------------------------------
| Depreciation and | -5 254 | -3 958 | -16 411 | -10 217 |
| amortisation | | | | |
--------------------------------------------------------------------------------
| Impairment of goodwill | 0 | 0 | 0 | -1 671 |
--------------------------------------------------------------------------------
| Other expenses | -716 | -351 | -872 | -470 |
--------------------------------------------------------------------------------
| Total expenses | -44 153 | -24 459 | -133 231 | -78 252 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Operating profit | 8 637 | 8 005 | 27 667 | 28 402 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Financial income and | | | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Gain on sale of shares in | 0 | 537 | 0 | 537 |
| subsidiaries | | | | |
--------------------------------------------------------------------------------
| Gain on investments in | 1 | -1 | 1 | -1 |
| associates | | | | |
--------------------------------------------------------------------------------
| Interest income | 227 | 420 | 1 776 | 633 |
--------------------------------------------------------------------------------
| Interest expense | -20 | -88 | -39 | -660 |
--------------------------------------------------------------------------------
| Foreign exchange gains and | -1 408 | -375 | -2 191 | -488 |
| losses | | | | |
--------------------------------------------------------------------------------
| Net financing costs | -1 200 | 493 | -453 | 22 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit from ordinary | 7 437 | 8 498 | 27 214 | 28 424 |
| operations | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Income tax expense | -1 124 | -1 135 | -2 796 | -2 587 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 6 313 | 7 363 | 24 418 | 25 837 |
--------------------------------------------------------------------------------
| Attributable to minority | 429 | 295 | 918 | 988 |
| interest | | | | |
--------------------------------------------------------------------------------
| Attributable to equity | 5 885 | 7 069 | 23 500 | 24 849 |
| holders of the parent | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share | 0,04 | 0,05 | 0,16 | 0,20 |
| (€) | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per share | 0,04 | 0,05 | 0,16 | 0,20 |
| (€) | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | | | 31 Dec | 31 Dec |
| kroons) | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 501 801 | 1 234 658 |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 2 567 | 6 388 |
--------------------------------------------------------------------------------
| Inventories | | | 20 431 | 10 507 |
--------------------------------------------------------------------------------
| Total current assets | | | 596 484 | 1 300 637 |
--------------------------------------------------------------------------------
| Other financial investments | | | 18 176 | 18 311 |
--------------------------------------------------------------------------------
| Other long-term receivables | | | 11 955 | 42 554 |
--------------------------------------------------------------------------------
| Investment property | | | 52 924 | 31 819 |
--------------------------------------------------------------------------------
| Property, plant and | | | 1 324 075 | 770 471 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 699 663 | 142 206 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 2 110 368 | 1 008 564 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 2 706 852 | 2 309 201 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of Estonian | | | 31 Dec | 31 Dec |
| kroons) | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 4 682 | 174 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 12 509 | 15 340 |
--------------------------------------------------------------------------------
| Trade payables | | | 125 677 | 97 139 |
--------------------------------------------------------------------------------
| Income tax liability | | | 70 866 | 20 304 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 13 613 | 30 330 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 84 294 | 43 515 |
--------------------------------------------------------------------------------
| Provisions | | | 13 748 | 16 213 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 325 390 | 223 015 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 18 280 | 12 182 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 24 787 | 991 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 43 067 | 13 173 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 368 457 | 236 188 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 1 510 000 | 754 000 |
--------------------------------------------------------------------------------
| Share premium | | | 227 273 | 968 800 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 19 444 | 4 |
--------------------------------------------------------------------------------
| Translation reserves | | | 7 939 | -2 217 |
--------------------------------------------------------------------------------
| Retained earnings | | | 512 417 | 315 308 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 2 277 074 | 2 035 896 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 61 321 | 37 118 |
--------------------------------------------------------------------------------
| Total equity | | | 2 338 395 | 2 073 013 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 2 706 852 | 2 309 201 |
| EQUITY | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| BALANCE SHEET | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 32 071 | 78 909 |
--------------------------------------------------------------------------------
| Trade receivables | | | 902 | 459 |
--------------------------------------------------------------------------------
| Other receivables and | | | 3 679 | 2 678 |
| prepayments | | | | |
--------------------------------------------------------------------------------
| Prepaid income tax | | | 164 | 408 |
--------------------------------------------------------------------------------
| Inventories | | | 1 306 | 672 |
--------------------------------------------------------------------------------
| Total current assets | | | 38 122 | 83 126 |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 229 | 205 |
--------------------------------------------------------------------------------
| Other financial investments | | | 1 162 | 1 170 |
--------------------------------------------------------------------------------
| Other long-term receivables | | | 764 | 2 720 |
--------------------------------------------------------------------------------
| Investment property | | | 3 382 | 2 034 |
--------------------------------------------------------------------------------
| Property, plant and | | | 84 624 | 49 242 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | 44 717 | 9 089 |
--------------------------------------------------------------------------------
| Total non-current assets | | | 134 877 | 64 459 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 172 999 | 147 585 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| LIABILITIES AND EQUITY | | | | |
--------------------------------------------------------------------------------
| (In thousands of euro) | | | 31 Dec | 31 Dec |
| | | | 2007 | 2006 |
--------------------------------------------------------------------------------
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 299 | 11 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Customer advances | | | 799 | 980 |
--------------------------------------------------------------------------------
| Trade payables | | | 8 032 | 6 208 |
--------------------------------------------------------------------------------
| Income tax liability | | | 4 529 | 1 938 |
--------------------------------------------------------------------------------
| Other tax liabilities | | | 870 | 1 298 |
--------------------------------------------------------------------------------
| Other accrued payables | | | 5 387 | 2 781 |
--------------------------------------------------------------------------------
| Provisions | | | 879 | 1 036 |
--------------------------------------------------------------------------------
| Total current liabilities | | | 20 796 | 14 253 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | | | 1 168 | 779 |
--------------------------------------------------------------------------------
| Interest-bearing loans and | | | 1 584 | 63 |
| borrowings | | | | |
--------------------------------------------------------------------------------
| Total non-current | | | 2 752 | 842 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Total liabilities | | | 23 549 | 15 095 |
--------------------------------------------------------------------------------
| EQUITY | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 96 507 | 48 189 |
--------------------------------------------------------------------------------
| Share premium | | | 14 525 | 61 918 |
--------------------------------------------------------------------------------
| Statutory capital reserve | | | 1 243 | 0 |
--------------------------------------------------------------------------------
| Translation reserves | | | 507 | -142 |
--------------------------------------------------------------------------------
| Retained earnings | | | 32 749 | 20 152 |
--------------------------------------------------------------------------------
| Total equity attributable | | | 145 532 | 130 117 |
| to equity holders of the | | | | |
| parent | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | 3 919 | 2 372 |
--------------------------------------------------------------------------------
| Total equity | | | 149 451 | 132 490 |
--------------------------------------------------------------------------------
| TOTAL LIABILITIES AND | | | 172 999 | 147 585 |
| EQUITY | | | | |
--------------------------------------------------------------------------------


For further information, please contact:

Andri Avila
Member of the Management Board
Olympic Entertainment Group
Telephone: + 372 667 1250
E-mail: andri.avila@oc.eu
Website: www.olympic-casino.com

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