Olympic Entertainment Group
OEG: consolidated unaudited results for Q3 and 9m 2014
DGAP-News: Olympic Entertainment Group 28.10.2014 / 08:00 --------------------------------------------------------------------- Key performance indicators of the Group 9M 2014 9M 2013 9M 2012 --------------------------------- --------------------------------- Revenues mEUR 110.4 105.9 98.0 Gaming tax mEUR 21.2 21.4 20.1 EBITDA mEUR 27.1 28.6 27.7 EBIT mEUR 20.8 22.7 19.7 Net profit mEUR 17.2 18.3 17.7 EBITDA margin % 24.5 27.1 28.3 Operating margin % 18.8 21.4 20.1 Net margin % 15.6 17.3 18.1 Assets mEUR 120.7 108.9 118.1 Equity mEUR 105.0 94.1 86.2 ROE % 18.2 21.4 23.0 ROA % 15.0 16.1 15.8 Current ratio times 2.9 3.1 2.1 Casinos at end of period # 97 83 62 Casino floor area at end of period m2 32,119 27,230 23,354 Employees # 2,621 2,534 2,310 Slot machines at end of period # 3,481 3,052 2,479 Gaming tables at end of period # 193 188 182 Key developments of the Group during the 9 months of 2014: -- The Group's consolidated sales revenues for 9 months 2014 amounted to EUR 110.1 million, up 4.3% or EUR 4.5 million y‑o‑y. -- Gaming revenues accounted for 94.0% (103.5 mEUR) and other revenues for 6.0% (6.6 mEUR) of the Group's consolidated sales revenues for 9 months 2014. A year before the revenue split was 93.4% (98.6 mEUR) and 6.6% (7.0 mEUR), respectively. -- The Group's consolidated EBITDA for 9 months 2014 amounted to EUR 27.1 million, a decline of -5.6% from EUR 28.6 million a year before. The Group's consolidated operating profit decreased EUR 1.9 million (-8.3%) to EUR 20.8 million. -- In the first 9 months of 2014, the consolidated net profit attributable to equity holders of the parent company totalled EUR 17.2 million compared to EUR 18.3 million a year ago. -- On 23 January 2014 Olympic Entertainment Group AS has acquired 100% shareholding in Slovak VLT slot casino operator WINWIN Slovakia S.r.o. (renamed later as OlyBet Slovakia S.r.o.) and has opened its first VLT casino on Slovak market during the second quarter of 2014. -- The general meeting of shareholders held on 25 April 2014 has decided to pay out dividends in amount of EUR 15,132,950.50, that were paid out to shareholders on 13 May 2014. -- On 29 April 2014 Olympic Entertainment Group AS has increased to 70% its holding in The Box S.r.l, a company that manages operations in Italy, which in turn has acquired a 100% holding in Slottery S.r.l. -- In May 2014 Olympic Entertainment Group AS has adopted a decision to restructure its Latvian subsidiaries, which leaded to conversion of Olympic Casino Latvia SIA share capital into euros and its increase. It was also decided to merge OEG Latvian subsidiries Olympic Casino Latvia SIA and Altea SIA. The merger process will take 10 months. -- On 21 July 2014 the supervisory board of Olympic Entertainment Group AS has adopted a resolution to increase the share capital of the Company by EUR 184,680.40 by issuing shares without nominal value. The amount of share capital of the Company after the issuing of new shares is EUR 60,716,482.40. The increase of share capital relates to share option agreements concluded by the Company in 2011 and the exercise of options by option holders. The Group's consolidated sales revenues by segments: '000EUR Q3 2014 Q3 2013 Change 9M 2014 9M 2013 Change --------------------------------------------------- --------------------------------------------------- Estonia 8,005 9,615 -16.7% 24,252 26,011 -6.8% Latvia 12,874 11,064 16.4% 34,556 27,492 25.7% Lithuania 5,623 5,461 3.0% 16,328 15,497 5.4% Poland 5,269 6,739 -21.8% 17,462 20,308 -14.0% Slovakia 3,914 4,253 -8.0% 11,650 11,959 -2.6% Belarus 483 554 -12.8% 1,449 1,808 -19.9% Italy 1,934 773 150.2% 4,397 2,530 73.8% --------------------------------------------------- --------------------------------------------------- Total 38,102 38,459 -0.9% 110,094 105,605 4.3% Number of casinos by segment: 30 September 2014 30 September 2013 ------------------------------------- ------------------ Estonia 18 18 Latvia 37 38 Lithuania 15 12 Poland 2 3 Slovakia 7 5 Belarus 6 5 Italy 12 2 ------------------------------------- ------------------ Total 97 83 Overview by markets Estonia The sales revenues of Estonian segment for 9 months 2014 amounted to EUR 24.3 million (-1.8 mEUR, -6.8%), EBITDA to EUR 6.4 million (-0.7 mEUR, -9.6%) and operating profit to EUR 5.2 million (-0.8 mEUR, -13.3%). Gaming revenue decreased 2.3% y-o-y amounting to EUR 23.1 million. At the end of September 2014, there were 18 Olympic casinos with 736 slot machines and 19 gaming tables operating in Estonia. As at 30 September 2014, the Estonian operations employed 474 people. Latvia The sales revenues of Latvian segment for 9 months 2014 amounted to EUR 34.6 million (+7.1 mEUR, +25.7%), EBITDA to EUR 14.4 million (+2.2 mEUR, +18.4%) and operating profit to EUR 11.9 million (+1.5 mEUR, +14.7%). Gaming revenue increased 25.4% y-o-y amounting to EUR 31.7 million. As at the end of September 2014, there were 37 Olympic casinos with 1,079 slot machines and 18 gaming tables operating in Latvia. As at 30 September 2014, the Latvian operations employed 686 people. Lithuania The sales revenues of Lithuanian segment for 9 months 2014 amounted to EUR 16.3 million (+0.8 mEUR, +5.4%), EBITDA to EUR 3.5 million (-0.0 mEUR, -0.5%) and operating profit to EUR 2.6 million (+0.1 mEUR, +5.6%). Gaming revenue increased 5.3% y-o-y amounting to EUR 15.4 million. As at the end of September 2014, there were 15 Olympic casinos with 492 slot machines and 63 gaming tables operating in Lithuania. As at 30 September 2014, the Lithuanian operations employed 681 people. Poland The sales revenues of Polish segment for 9 months 2014 amounted to EUR 17.5 million (-2.8 mEUR, -14.0%), EBITDA to EUR 2.6 million (-1.4 mEUR, -34.9%) and operating profit to EUR 2.1 million (-1.1 mEUR, -33.2%). Gaming revenue decreased 14.3% y-o-y amounting to EUR 17.2 million. As at the end of September 2014, there were 2 Olympic casinos with 210 slot machines and 40 gaming tables operating in Poland. As at 30 September 2014, the Polish operations employed 317 people. Slovakia The sales revenues of Slovak segment for 9 months 2014 amounted to EUR 11.7 million (-0.3 mEUR, -2.6%), EBITDA to EUR 0.9 million (-0.9 mEUR, -50.1%) and operating profit to EUR 0.0 million (-0.9 mEUR, -95.7%). Gaming revenue decreased 4.2% y-o-y amounting to EUR 10.4 million. As at the end of September 2014, there were 7 Olympic casinos with 305 slot machines and 53 gaming tables operating in Slovakia. As at 30 September 2014, the Slovak operations employed 297 people. Belarus The sales revenues of Belarusian segment for 9 months 2014 amounted to EUR 1.4 million (-0.4 mEUR, -20.0%), EBITDA to EUR -0.3 million (-0.4 mEUR, -659.4%) and operating profit to EUR -0.4 million (-0.4 mEUR, -2,605.8%). Gaming revenue decreased 19.4% y‑o‑y amounting to EUR 1.4 million. As at the end of September 2014, there were 6 Olympic casinos with 235 slot machines operating in Belarus. As at 30 September 2014, the Belarusian operations employed 104 people. Italy The sales revenues of Italian segment before deducting the gaming tax of Italy for 9 months 2014 amounted to EUR 9.3 million (+4.0 mEUR, +75.2%), EBITDA to EUR 0.2 million (-0.2 mEUR, -53.6%) and operating loss to EUR 0.1 million (-0.2 mEUR, -204.6%). In April 2014 Olympic Entertainment Group AS has increased to 70% its holding in The Box S.r.l, a company that manages operations in Italy, which in turn has acquired a 100% holding in VLT operaator Slottery S.r.l. As a result of this transaction at the end of September 2014, there were 12 VLT slot casinos with 424 slot machines operating in Italy. As at 30 September 2014, the Italian operations employed 62 people. Financial position As at 30 September 2014, the total assets of the Group amounted to EUR 120.7 million, up 10.8% or EUR 11.8 million compared to the same period a year ago. Current assets totalled EUR 40.6 million or 33.6% of total assets, and non-current assets EUR 80.1 million or 66.4% of total assets. The liabilities amounted to EUR 15.7 million and equity to EUR 105.0 million. The largest liabilities included suppliers payables and advances (4.8 mEUR), tax liabilities (3.9 mEUR) and payables to employees (3.3 mEUR). Investments In 9 months 2014, the Group's expenditures on property, plant and equipment totalled EUR 14.0 million (+5.0 mEUR, +55.4%), of which EUR 5.5 million was invested into new gaming equipment (+1.1mEUR, +24.3%) and EUR 7.9 million (+3.6 mEUR, +84.2%) into construction of hotel and construction and reconstruction of casinos. Cash flows In 9 months 2014, the Group's cash flows generated from operating activities amounted to EUR 22.6 million (+0.1 mEUR, +0.1%) and cash flows from investing activities to EUR -18.6 million (-15.4 mEUR). Financing cash flows amounted to EUR -14.1 million (+3.7 mln eurot, +21.1%). Net cash flows totalled EUR ‑10.1 million (-11.6 mEUR). Staff As at 30 September 2014, the Group employed 2,621 people, up by 87 y-o-y mostly due to expansion in Italy. In 9 months 2014, total personnel expenses amounted to EUR 28.5 million (+2.5 mEUR, +9.8%). In 9 months 2014, the members of the Management Board and Supervisory Board of all Group entities were paid remuneration and benefits including social security taxes in the amount of EUR 623 thousand (615 thousand in 9 months 2013) and EUR 114 thousand (EUR 117 thousand in 9 months 2013), respectively. Consolidated statement of financial position (EUR thousands) 30.09.2014 31.12.2013 ----------------------- ----------------------- ASSETS Current assets Cash and cash equivalents 34,500 44,582 Financial investments 1,208 1,086 Receivables and prepayments 3,321 2,946 Prepaid income tax 408 357 Inventories 1,163 1,001 ----------------------- Total current assets 40,600 49,972 Non-current assets Deferred tax assets 1,073 1,077 Financial investments 4,280 3,396 Other long-term receivables 681 670 Investment property 1,484 1,784 Property, plant and equipment 34,429 26,513 Intangible assets 38,166 34,865 ----------------------- ----------------------- Total non-current assets 80,113 68,305 ----------------------- ----------------------- TOTAL ASSETS 120,713 118,277 LIABILITIES AND EQUITY Current liabilities Borrowings 239 240 Trade and other payables 12,149 13,494 Income tax payable 470 776 Provisions 1,275 1,181 ----------------------- ----------------------- Total current liabilities 14,133 15,691 Non-current liabilities Deferred tax liability 277 246 Borrowings 1,292 369 ----------------------- ----------------------- Total non-current liabilities 1,569 615 ----------------------- ----------------------- TOTAL LIABILITIES 15,702 16,306 EQUITY Share capital 60,716 60,532 Share premium 258 0 Statutory reserve capital 2,495 1,210 Other reserves 0 235 Translation reserves -1,097 -1,204 Retained earnings 37,438 36,782 ----------------------- ----------------------- Total equity attributable to equity holders of the 99,810 97,555 parent Non-controlling interest 5,201 4,416 ----------------------- ----------------------- TOTAL EQUITY 105,011 101,971 ----------------------- ----------------------- TOTAL LIABILITIES AND EQUITY 120,713 118,277 Consolidated statement of comprehensive income (EUR thousands) Q3 2014 Q3 2013 9M 2014 9M 2013 ----------------------------------- ----------------------------------- Income from gaming transactions 35,782 35,986 103,478 98,636 Revenue 2,320 2,473 6,616 6,969 Other income 37 33 288 282 ----------------------------------- ----------------------------------- Total revenue and income 38,139 38,492 110,382 105,887 Cost of materials, goods and services -866 -778 -2,383 -2,228 Other operating expenses -17,632 -16,571 -52,085 -48,816 Staff costs -9,253 -9,071 -28,543 -26,003 Depreciation, amortisation and impairment -2,225 -1,783 -6,280 -5,983 Other expenses -29 -97 -312 -191 ----------------------------------- ----------------------------------- Total operating expenses -30,005 -28,300 -89,603 -83,221 ----------------------------------- Operating profit 8,134 10,192 20,779 22,666 Interest income 16 65 57 121 Interest expense -9 -4 -20 -13 Foreign exchange losses 0 -5 -6 -58 Other finance income and costs -1 -1 -2 -622 ----------------------------------- ----------------------------------- Total finance income and costs 6 55 29 -572 ----------------------------------- Profit from operating activities 8,140 10,247 20,808 22,094 Income tax expense -1,121 -1,192 -2,894 -2,879 ----------------------------------- Net profit for the period 7,019 9,055 17,914 19,215 Attributable to equity holders of the parent 6,916 8,631 17,220 18,291 company Attributable to non-controlling interest 103 424 694 924 Other comprehensive income Currency translation differences 22 265 107 -587 ----------------------------------- Total comprehensive profit for the period 7,041 9,320 18,021 18,628 Attributable to equity holders of the parent 6,938 8,896 17,327 17,704 company Attributable to non-controlling interest 103 424 694 924 Basic earnings per share* 4.6 5.7 11.3 12.1 Diluted earnings per share* 4.6 5.7 11.3 12.1 * euro cents Madis Jääger CEO Olympic Entertainment Group AS Tel + 372 667 1250 E-mail madis.jaager@oc.eu http://www.olympic-casino.com News Source: NASDAQ OMX --------------------------------------------------------------------- 28.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: Olympic Entertainment Group Estonia ISIN: EE3100084021 End of News DGAP News-Service --------------------------------------------------------------------- 293609 28.10.2014
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