Olympic Entertainment Group
Losses connected with OEG Ukrainian subsidiaries liquidation
Olympic Entertainment Group / Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- On July 9th OEG has launched a liquidation process of Ukrainian subsidiaries Olympic Casino Ukraine TOV, Ukraine Leisure Company and Eldorado Leisure Company 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. Casinos of OEG Ukrainian subsidiaries were closed for a total of 27 days within May and June 2009. Due to operations suspension approximately 18.0 million kroons (1.2 million euros) of revenues were not received. Liquidation of Ukrainian subsidiaries will cause partial sale and partial write-off of assets located in Ukraine, which estimatedly bring impairment losses in amount of approximately 187.1 million kroons (12.0 million euros). In connection with the circumstances mentioned above Ukrainian segment has earned an operating loss in amount of 200.3 million kroons (12.8 million euros) in the 2nd quarter of 2009 and 210.5 million kroons (13.5 million euros) in total for the first half of 2009. EBIDTA of Ukrainian subsidiaries for the first half of 2009 was positive and totalled 0.7 million krones (0.04 million Euros). OEG is planning to demand compensation of investments from the Ukrainian state basing on investments propitiation and mutual protection agreement signed between Estonian and Ukrainian governments and has already started this process. Additional information: Andri Avila CEO Olympic Entertainment Group Tel + 372 667 1250 E-post andri.avila@oc.eu http://www.olympic-casino.com News Source: NASDAQ OMX 03.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: Olympic Entertainment Group Estonia Phone: Fax: E-mail: Internet: ISIN: EE3100084021 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
Latest News
Latest Reports
No Reports found
Upcoming Events
No Events found
Webcasts
No Webcasts found