Turismo
OEG: Consolidated unaudited results for Q2 and 6 months of 2018
Key performance indicators of the Group
Key developments of the Group during 6 months of 2018:
The Group's consolidated total revenue before gaming taxes by segments:
Number of casinos by segment:
The Group's consolidated operating expenses for 6 months of 2018 amounted to EUR 68.7 million, up 0.9% or EUR 0.6 million y‑o‑y. The growth was highest in personnel expenses (+1.0 m€, +3.7%), amortisation, depreciation and impairment costs (+0.3 m€, +5.3%) and other external services (+0.3m€, +10.8%). Personnel expenses (28.5 m€) and rent costs (8.4 m€) represented the largest cost items accounting for 53.7% of total operating expenses.
The income statement presents revenue before gaming taxes, then gaming taxes and thereafter net revenue. Gaming taxes for 6 months of 2018 increased 6% (+1.3 m€) compared to the same period a year ago.
Overview by markets
Estonia
Total revenue before gaming taxes of Estonian segment for 6 months of 2018 amounted to EUR 28.3 million (+1.5 m€, +5.7%), EBITDA to EUR 4.6 million (+0.4 m€, +8.5%) and operating profit to EUR 2.7 million (+0.2 m€, +9.3%). Gaming revenue before gaming taxes increased 2.6% y-o-y amounting to EUR 22.1 million.
At the end of June 2018, there were 24 Olympic casinos with 988 slot machines, 37 electronic roulette terminals, 24 gaming tables and 24 poker tournament tables operating in Estonia. As at 30 June 2018 Estonian operations employed 723 people.
Latvia
Total revenue before gaming taxes of Latvian segment for 6 months of 2018 amounted to EUR 33.4 million (+0.2 m€, +0.5%), EBITDA to EUR 12.3 million (-1.2 m€, -8.9%) and operating profit to EUR 10.1 million (-1.5 m€, -12.6%). Gaming revenue before gaming taxes increased 0.1% y‑o‑y amounting to EUR 30.3 million.
At the end of June 2018, there were 53 Olympic casinos with 1,469 slot machines, 16 electronic roulette terminals, 24 gaming tables and 9 poker tournament tables operating in Latvia. As at 30 June 2018 Latvian operations employed 923 people.
Lithuania
Total revenue before gaming taxes of Lithuanian segment for 6 months of 2018 amounted to EUR 12.4 million (‑1.3 m€, ‑9.8%), EBITDA to EUR 1.6 million (-0.1 m€, -5.0%) and operating profit to EUR 0.8 million (-0.1 m€, -10.6%). Gaming revenue before gaming taxes decreased 10.3% y-o-y amounting to EUR 11.7 million.
At the end of June 2018, there were 17 Olympic casinos with 504 slot machines, 8 electronic roulette terminals, 48 gaming tables and 2 poker tournament tables and 25 betting shops operating in Lithuania. As at 30 June 2018 Lithuanian operations employed 720 people.
Slovakia
Total revenue before gaming taxes of Slovak segment for 6 months of 2018 amounted to EUR 8.3 million (-0.5 m€, -5.2%), EBITDA to EUR 0.9 million (-0.02 m€, -2.5%) and operating profit to EUR 0.3 million (+0.1 m€, +23.6%). Gaming revenue before gaming taxes decreased 6.1% y-o-y amounting to EUR 7.4 million.
At the end of June 2018, there were 6 Olympic casinos with 249 slot machines, 30 electronic roulette terminals, 39 gaming tables and 18 poker tournament tables operating in Slovakia. As at 30 June 2018 Slovak operations employed 319 people.
Italy
Total revenue before gaming taxes of Italian segment for 6 months of 2018 amounted to EUR 16.4 million (+0.8 m€, +4.9%), EBITDA to EUR 1.3 million (+0.3 m€, +34.0%) and operating profit to EUR 0.9 million (+0.3 m€, +53.5%). Gaming revenue before gaming taxes increased 5.0% y-o-y amounting to EUR 16.3 million.
At the end of June 2018, there were 14 VLT slot casinos with 526 slot machines operating in Italy. As at 30 June 2018 Italian operations employed 89 people.
Malta
Total revenue before gaming taxes of Maltese segment for 6 months of 2018 amounted to EUR 7.9 million (+1.6 m€, +25.8%), EBITDA to EUR 1.0 million (+1.4 m€) and operating profit to EUR 0.4 million (+1.4 m€). Gaming revenue before gaming taxes increased 26.0% y-o-y amounting to EUR 7.8 million.
At the end of June 2018, there was 1 casino with 285 slot machines, 18 electronic roulette terminals, 21 gaming tables and 10 poker tournament tables operating in Malta. As at 30 June 2018 Maltese operations employed 196 people.
Financial position
As at 30 June 2018, the total assets of the Group amounted to EUR 183.2 million, up 22.1% or EUR 33.1 million compared to the same period a year ago.
Current assets totalled EUR 77.5 million or 42.3% of total assets, and non-current assets EUR 105.7 million or 57.7% of total assets. The liabilities amounted to EUR 23.0 million and equity to EUR 160.2 million. The largest liabilities included suppliers payables and advances (7.6 m€), tax liabilities (5.7 m€) and payables to employees (5.6 m€).
Investments
Within 6 months of 2018, the Group's expenditures on property, plant and equipment totalled EUR 6.7 million (+2.2 m€, +47.9%), of which EUR 4.8 million was invested into construction and reconstruction of casinos and EUR 1.7 million into new gaming equipment.
Cash flows
Group's 6 months 2018 cash flows generated from operating activities amounted to EUR 19.5 million (+0.1 m€) and cash flows used in investing activities to EUR -9.3 million (-4.5 m€). Financing cash flows amounted to EUR 0 million (+15.3 m€). Net cash flows totalled EUR 10.2 million (+11.0 m€).
Staff
As at 30 June 2018 Group employed 3,031 people, down by 28 y-o-y.
Within 6 months of 2018, total personnel expenses amounted to EUR 28.5 million (+1.0 m€, +3.7%). For 6 months of 2018, 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 680 thousand (EUR 511 thousand for 6 months of 2017) and EUR 54 thousand (EUR 74 thousand for 6 months of 2017), respectively.
Consolidated statement of financial position
Consolidated statement of comprehensive income
* euro cents
Madis Jääger
CEO
Olympic Entertainment Group AS
Tel + 372 667 1250
E-mail madis.jaager@oc.eu
http://www.olympic-casino.com
Attachment
2321 Rosecrans Avenue. Suite 2200
90245 El Segundo Stati Uniti