Updates
OEG: Consolidated unaudited results for Q2 and 6 months of 2018
Reading Time: 7 minutes
Key performance indicators of the Group
| 6M 2018 | 6M 2017 | 6M 2016 | ||
| Revenue before gaming taxes | m€ | 106.6 | 104.4 | 99.2 |
| Gaming tax | m€ | -22.9 | -21.6 | -22.9 |
| Net revenue | m€ | 83.8 | 82.8 | 76.3 |
| Total net revenue and income | m€ | 83.9 | 82.8 | 76.8 |
| EBITDA | m€ | 21.7 | 20.9 | 17.1 |
| EBIT | m€ | 15.2 | 14.7 | 12.0 |
| Net profit | m€ | 14.7 | 12.6 | 10.1 |
| EBITDA margin | % | 25.9 | 25.3 | 22.5 |
| Operating margin | % | 18.1 | 17.8 | 15.8 |
| Net margin | % | 17.6 | 15.2 | 13.3 |
| Assets | m€ | 183.2 | 150.1 | 188.9 |
| Equity | m€ | 160.2 | 127.2 | 108.8 |
| ROE | % | 9.6 | 10.4 | 8.9 |
| ROA | % | 8.3 | 8.3 | 5.8 |
| Current ratio | times | 3.4 | 2.0 | 0.8 |
| Casinos at end of period | # | 115 | 117 | 125 |
| Casino floor area at end of period | m2 | 37,389 | 38,784 | 39,223 |
| Betting points at the end of period | # | 25 | 30 | 34 |
| Betting points floor area at end of period | m2 | 690 | 846 | 899 |
| Employees | # | 3,031 | 3,059 | 3,260 |
| Slot machines at end of period | # | 4,021 | 4,098 | 4,159 |
| Electronic roulette terminals at the end of period | # | 109 | 116 | 148 |
| Gaming tables at end of period | # | 156 | 165 | 198 |
| Tournament poker gaming tables at the end of period | # | 63 | 66 | 63 |
Key developments of the Group during 6 months of 2018:
- The Group’s consolidated total revenue before gaming taxes for 6 months of 2018 amounted to EUR 106.6 million, up 2.2% or EUR 2.3 million y‑o‑y.
- Total gaming revenue before gaming taxes accounted for 89.5% (95.5 m€) and other revenues for 10.5% (11.2 m€) of the Group’s consolidated total sales revenues for 6 months of 2018. A year before the revenue split was 90.4% (94.3 m€) and 9.6% (10.0 m€), respectively.
- The Group’s consolidated EBITDA for 6 months of 2018 amounted to EUR 21.7 million, a growth of 3.7% from EUR 20.9 million a year before. The Group’s consolidated operating profit increased EUR 0.4 million (3.0%) to EUR 15.2 million.
- The Group’s consolidated net profit attributable to equity holders of the parent company for 6 months of 2018 totalled EUR 14.1 million compared to EUR 12.8 million a year ago.
- On 19 February 2018 Group established and registered the company Olybet Italia S.r.l. in Italy. The aim of establishing the subsidiary is to develop the legal platform for the expansion of Group’s activities in the business of remote gambling.
- On 19 March 2018 Group announced of the contemplated exit by major shareholders, voluntary takeover offer and business combination agreement. On 19 March 2018, two major shareholders of the Group OÜ HansaAssets (a company under the sole control of Mr Armin Karu, the former Chairman of the Supervisory Board of OEG) and OÜ Hendaya Invest (a company under the sole control of Mr Jaan Korpusov, the former member of the Supervisory Board of OEG), entered into a share sale and purchase agreement with Odyssey Europe AS, under which OÜ HansaAssets and OÜ Hendaya Invest sold and transferred all the shares of OEG held by them. The purchase price of the shares was EUR 1.9 per one share. The transactions were settled by the selling shareholders tendering their shares in the voluntary takeover offer. On 4 April 2018 the Buyer launched a voluntary takeover offer to all the shareholders of OEG for the same price of EUR 1.9 per one share. The voluntary takeover offer ended on 2 May 2018. The settlement date of the voluntary takeover offer was 10 May 2018.
- On 29 March 2018 Group announced that it has received the decision of the District Administrative Court in Riga regarding one of the casinos located in Riga (Marijas street 2). The court ruled in favour of Riga City Council. According to the Riga City Council decision the casino has to be closed in October 2022. OEG appealed the decision to higher level court.
- On 7 May 2018 Group announced that it has received the decision of the District Administrative Court in Riga regarding one of the casinos located in Riga (Raina blv 15). The court ruled in favour of Riga City Council. According to the Riga City Council decision the casino has to be closed in October 2022. OEG appealed the decision to higher level court.
- On 10 May 2018 the voluntary takeover offer was settled, after which Novalpina Capital Partners I GP S.à r.l. informed OEG that on 10 May 2018 the shareholding of Odyssey Europe AS in OEG increased above 2/3. As of 10 May 2018 Odyssey Europe AS held 135,024,430 shares of OEG, representing 88.95% of all the votes represented by the shares of OEG. At 30 June 2018 Odyssey Europe AS held 135,604,521 shares of OEG (89.34% of all the votes represented by the shares of OEG). Novalpina Capital Partners I GP S.à r.l. is the ultimate parent of Odyssey Europe AS.
- On 11 May 2018 the annual general meeting of shareholders was held, where in addition to regular agenda items the delisting of the Company’s shares from Nasdaq Tallinn Stock Exchange was approved, a new supervisory board was elected and a decision not to pay dividends was taken.
- On 15 May 2018 the management board of OEG submitted the application for the immediate and unconditional termination of listing of OEG shares to the Nasdaq Tallinn Listing and Surveillance Committee. The Listing and Surveillance Committee of Nasdaq Tallinn Stock Exchange decided on 31 May 2018 not to approve the application of OEG and to refuse to terminate the listing/trading in shares on Baltic Main List before the takeover of the shares. OEG filed a claim with the Court of Arbitration of the Nasdaq Tallinn Stock Exchange to appeal the resolution of the Listing and Surveillance Committee.
- On 25 May 2018 Group announced that it has received the decision of the District Administrative Court in Riga regarding one of the casinos located in Riga (Pragas street 1). The court ruled in favour of Riga City Council. According to the Riga City Council decision the casino has to be closed in October 2022. OEG appealed the decision to higher level court.
- On 7 June 2018 Regional Court in Bratislava overturned the Bratislava City Council decision to ban gambling operations in Bratislava as of 1 May 2017, in a way that ensures the continuity of operations to the current licence holders until the expiration dates of the existing licences and decided that the ban on gambling in Bratislava is not in accordance with the law.
- On 25 June 2018 Group announced that it has received the decision of the District Administrative Court in Riga regarding one of the casinos located in Riga (Meistaru street 10). The court ruled in favour of Riga City Council. According to the Riga City Council decision the casino has to be closed in October 2022. OEG appealed the decision to higher level court.
- On 29 June 2018 an extraordinary general meeting was held, where it was decided to amend Group articles of association.
The Group’s consolidated total revenue before gaming taxes by segments:
| ‘000€ | Q2 2018 | Q2 2017 | Change | 6M 2018 | 6M 2017 | Change |
| Estonia | 13,584 | 14,329 | -5.2% | 28,256 | 26,729 | 5.7% |
| Latvia | 17,084 | 16,662 | 2.5% | 33,381 | 33,203 | 0.5% |
| Lithuania | 6,365 | 6,673 | -4.6% | 12,369 | 13,705 | -9.8% |
| Slovakia | 4,352 | 4,288 | 1.5% | 8,336 | 8,790 | -5.2% |
| Italy | 8,240 | 7,750 | 6.3% | 16,435 | 15,665 | 4.9% |
| Malta | 4,584 | 3,143 | 45.8% | 7,871 | 6,259 | 25.8% |
| Total | 54,209 | 52,845 | 2.6% | 106,648 | 104,351 | 2.2% |
Number of casinos by segment:
| 30 June 2018 | 30 June 2017 | |
| Estonia | 24 | 24 |
| Latvia | 53 | 52 |
| Lithuania | 17 | 18 |
| Slovakia | 6 | 7 |
| Italy | 14 | 15 |
| Malta | 1 | 1 |
| Total | 115 | 117 |
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
| (in EUR thousands) | 30.06.2018 | 31.12.2017 | |
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 68,711 | 58,482 | |
| Financial investments | 160 | 919 | |
| Receivables and prepayments | 5,058 | 4,554 | |
| Prepaid income tax | 1,869 | 286 | |
| Inventories | 1,680 | 1,658 | |
| Total current assets | 77,478 | 65,899 | |
| Non-current assets | |||
| Deferred tax assets | 511 | 507 | |
| Financial investments | 1,133 | 457 | |
| Other long-term receivables and prepayments | 3,964 | 3,957 | |
| Investment property | 357 | 323 | |
| Property, plant and equipment | 49,529 | 49,046 | |
| Intangible assets | 50,217 | 49,935 | |
| Total non-current assets | 105,711 | 104,225 | |
| TOTAL ASSETS | 183,189 | 170,124 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Trade and other payables | 20,530 | 22,082 | |
| Income tax payable | 531 | 612 | |
| Provisions | 1,628 | 1,780 | |
| Total current liabilities | 22,689 | 24,474 | |
| Non-current liabilities | |||
| Other long-term payables | 336 | 309 | |
| Total non-current liabilities | 336 | 309 | |
| TOTAL LIABILITIES | 23,025 | 24,783 | |
| EQUITY | |||
| Share capital | 60,716 | 60,716 | |
| Share premium | 252 | 252 | |
| Treasury shares | -53 | -53 | |
| Statutory reserve capital | 6,325 | 6,325 | |
| Other reserves | 690 | 566 | |
| Translation reserves | -24 | 19 | |
| Retained earnings | 85,274 | 71,209 | |
| Total equity attributable to equity holders of the parent | 153,180 | 139,034 | |
| Non-controlling interest | 6,984 | 6,307 | |
| TOTAL EQUITY | 160,164 | 145,341 | |
| TOTAL LIABILITIES AND EQUITY | 183,189 | 170,124 |
Consolidated statement of comprehensive income
| (in EUR thousands) | Q2 2018 | Q2 2017 | 6M 2018 | 6M 2017 | |||||
| Gross gaming revenue | 48,279 | 47,291 | 95,465 | 94,319 | |||||
| Other revenue | 5,930 | 5,554 | 11,183 | 10,032 | |||||
| Total revenue before gaming taxes | 54,209 | 52,845 | 106,648 | 104,351 | |||||
| Gaming taxes | -11,628 | -10,365 | -22,867 | -21,575 | |||||
| Net revenue | 42,581 | 42,480 | 83,781 | 82,776 | |||||
| Other income | 67 | 10 | 80 | 20 | |||||
| Total net revenue and income | 42,648 | 42,490 | 83,861 | 82,796 | |||||
| Cost of materials, goods and services | -1,588 | -1,382 | -3,032 | -2,845 | |||||
| Other operating expenses | -15,641 | -15,860 | -30,551 | -31,373 | |||||
| Staff costs | -14,565 | -14,077 | -28,537 | -27,524 | |||||
| Depreciation, amortisation and impairment | -3,297 | -3,148 | -6,542 | -6,213 | |||||
| Other expenses | -14 | -66 | -42 | -129 | |||||
| Total operating expenses | -35,105 | -34,533 | -68,704 | -68,084 | |||||
| Operating profit | 7,543 | 7,957 | 15,157 | 14,712 | |||||
| Interest income | 1 | 0 | 3 | 4 | |||||
| Interest expense | 0 | 0 | -1 | 0 | |||||
| Foreign exchange losses | -1 | -21 | -12 | -29 | |||||
| Other finance income and costs | 0 | -9 | -2 | -9 | |||||
| Total finance income and costs | 0 | -30 | -12 | -34 | |||||
| Profit before income tax | 7,543 | 7,927 | 15,145 | 14,678 | |||||
| Income tax expense | -208 | -978 | -403 | -2 113 | |||||
| Net profit for the period | 7,335 | 6,949 | 14.742 | 12,565 | |||||
| Attributable to equity holders of the parent company | 6,766 | 6,825 | 14,065 | 12,835 | |||||
| Attributable to non-controlling interest | 569 | 124 | 677 | -270 | |||||
| Other comprehensive income | |||||||||
| Items that may be subsequently reclassified to profit or loss | |||||||||
| Currency translation differences | -35 | 0 | -43 | 37 | |||||
| Total comprehensive profit for the period | 7,300 | 6,949 | 14,699 | 12,602 | |||||
| Attributable to equity holders of the parent company | 6,731 | 6,825 | 14,022 | 12,872 | |||||
| Attributable to non-controlling interest | 569 | 124 | 677 | -270 | |||||
| Basic earnings per share* | 4.5 | 4.5 | 9.3 | 8.5 | |||||
| Diluted earnings per share* | 4.5 | 4.5 | 9.3 | 8.4 | |||||
* euro cents
Source: Gambling Industry Press Releases
Everything comes back around in popularity or at least that is what they say. It has happened with vinyl records and now the same is occurring with retro video games. Yes, classic video games have become popular as children of the 1980s and 1990s have grown older and moved into the workforce. But classic games haven’t just become popular to play. People are spending large sums of money on classic games from 20 and 30 years ago and owners who sell the games are making tidy sums. Gamers looking for classic games online can find free casino slot games inspired by retro video games.
Why are classic games popular again?
Classic video games are becoming popular as many older gamers look for a nostalgia factor. Playing games from their childhood brings back memories of yesteryear. Old Nintendo games are a link to the past for many gamers and it is something they don’t want to lose. Nintendo announced in August that it would release a back catalogue of classic games for a new platform. The move will capitalise on the growing number of people looking for older games rather than newer ones. Many older games have inspired online slots which has driven their popularity sky-high.
In addition to personal reasons, today’s mega-blockbuster video games are seen as too violent by many. While video games of the past were an escape from reality, modern games are based – at least loosely – on the problems of the world. From first person shooters to Grand Theft Auto, many older gamers want to play games that don’t reflect reality.
How much are rare video games worth?
A recent study of rare and nostalgic video games from the last 30 years has found a number of old games selling for large sums of money. According to one source, a copy of Nintendo’s Campus Challenge 1991 sells for around $22,000. Amazingly, the now rare game cost just $30 back in 1991. Gamers who had a copy could cash-in on Campus Challenge if they are able to find it. Other rare games selling for big money include the 1988 Sega Megadrive edition of Tetris and Atari’s Air Raid from 1982.
Ultimate 11 is another that is high on the rare games list. According to reports, only 10 copies exist and each goes for $10,000. Kizuna Encounter had only 15 English versions created and is reportedly worth $13,000. One video game collector paid $55,000 for a copy of both games in 2009.
…And then there’s E.T.
In 1982, Atari rushed E.T. the Extra-Terrestrial video game into the marketplace. Atari gave E.T.’s creator just five and a half weeks to develop the game. The company wanted it out in time for Christmas and to reap the rewards of the holiday season. The rushed game was awful and gamers hated it. It barely sold and Atari had warehouses chocked full of E.T. games it couldn’t sell. Unable to move the games and with Atari becoming obsolete by the mid-1980s, the company buried hundreds of thousands of copies of E.T. and other games in the New Mexico desert. Some have been dug up and rare copies of the game have sold for $1,535 at auction. The excavators of the long-lost cartridges found 900 E.T. games in total. After selling them on eBay, the group made $108,000.
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Source: Gambling Industry Press Releases
AUGUST 2018, VALETTA/MALTA, RIGA/LATVIA: Today SoftGamings and EGT Interactive announced partnership, which includes providing the EGT Interactive gaming content on the SoftGamings platform.
SoftGamings is a platform developer, gaming aggregator and i-gaming services provider with over 10 years of experience in the industry. The company’s game providers’ suite is regularly enriched with recognised titles, such as EGT this August.
EGT Interactive brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. More than 150 games are known worldwide in more than 85 countries.
EGT Interactive offers several kinds of game types – slots, table games, card games, Keno and jackpot games. They are available in both desktop and mobile.
The most popularity seem to be enjoyed by EGT classic slots, such as 40 Super Hot, Burning Hot and Extra Stars. All titles feature traditional design with fruit symbols, as it was in the beginning of the slot machine era. There is no ‘Spin’ or similar button – instead of it a player has to press the button with an exact amount of bet, which can be chosen each time new.
Apart from slots, EGT Interactive offers 2 kinds of table games – European Roulette and Lucky Circle, Card games – Four of a Kind Bonus Poker, Joker Poker and Jacks and Better Poker, and also Keno Universe.
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The EGT Interactive gaming content is already available for integration from the SoftGamings feature-rich platform. Casino operators can add this software to their casino environments via single unified API.
Irina Sazonova, Director of Partnerships at SoftGamings says: ‘I am happy about our new cooperation with the EGT Interactive. It is a recognised provider, which produces a really quality content, which perfectly suits our Slots Bundle and Casino Games Integration offerings.’
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About EGT Interactive:
EGT Interactive is a Bulgaria-based gaming provider that brings the 15 years of experience of the EGT’s land-based casino slots to the world of online casino games. The company is growing rapidly through constant innovation, consumer-centric approach and top-notch support. Every single aspect of the company’s products is designed in line with the customer needs. The EGT games are based on an attractive Return-to-Player (RTP) strategy, which has proven to increase the player lifetime value.
About SoftGamings:
SoftGamings is a B2B casino platforms provider and gaming systems aggregator. With over 10 years of experience in the industry, SoftGamings provides solutions demanded in the market and develops its own creative solutions – White Label, Turnkey, Self-Service, Bitcoin platform solutions, Bonus System Standalone feature, Sportsbook solution, Slots Bundle, Live Bundle and Casino Games Integration. SoftGamings’ strong IT team can also provide gamification possibilities, which is one of the major industry trends. Products portfolio includes 40+ gaming suppliers with 3000+ games. The company offers live dealer solutions from Evolution Gaming, NetEnt, Ezugi, Authentic Gaming, Lucky Streak etc, slots from NetEnt, Microgaming, BetSoft, Endorphina, Habanero, Booming Games, WorldMatch etc, sportsbook, hosting, licensing and banking services. Over 100 clients use SoftGamings products and services since 2007.
Source: Gambling Industry Press Releases
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