Market announcement
AS Ekspress Grupp
Category
Management interim statement or quarterly financial report
Attachments
Date
31.10.2023 08:00:00
Title
AS Ekspress Grupp: 2023.aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Message
ASi Ekspress Grupp 2023. aasta III kvartali müügitulu kasvas 9%, ulatudes 16,5 miljoni euroni ja EBITDA 8% 2,4 miljoni euroni. 2023. aasta 9 kuu müügitulu kasvas 15% võrdluses eelmise aastaga 51,8 miljoni euroni ning EBITDA 18% 6,0 miljoni euroni. Kontserni III kvartali puhaskasum oli 0,9 miljonit eurot ja 9 kuu vaates kokku 1,2 miljonit eurot, mis kahanes ühekordseid kulusid arvesse võtmata võrreldes eelmise aasta sama perioodiga 28%. Puhaskasumi vähenemist mõjutavad peamiselt Euribori tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev amortisatsioonikulu kasv. Digitaalsed tulud kasvasid 24% võrreldes eelmise aasta sama perioodiga ja moodustasid septembri lõpus 83% kontserni kogukäibest. Kontserni meediaettevõtete digitellimuste tulu ja digitellimust omavate inimeste arv kasvas aastaga jõudsalt kõigis kolmes riigis. Tugeva kasvu on teinud piletiplatvormide müügitulu ja väliekraanidelt saadav reklaamitulu. Kontserni III kvartali müügitulu tegi tugeva kasvu, suurenedes 9% võrreldes eelmise aasta sama perioodiga. 9 kuu vaates kasvas müügitulu kokku 15%. Kui 9 kuu müügitulust jätta välja 2022. aasta II poolaastal Leedus tehtud ostud (uudisteportaal Lrytas ja uudisteagentuur ELTA), kujunes 9 kuu müügitulu kasvuks samuti 9%. Digitaalse reklaamitulu müük on olnud kasvavas trendis nii Eestis kui Leedus. Lätis vähenes turu kogumaht ja ka Ekspress Grupi Lätist teenitud reklaamitulu jääb eelmisele aastale ca 7% alla. Antud vähenemist on kompenseerinud piletiplatvormi ja digiekraanide müügitulu kasv. Kontsernile kuuluv piletiplatvorm on kasvatud käivet nii läbi portaalis olevate ürituste arvu kui läbi keskmise piletihinna tõusu. Aasta lõpu suhtes jääme mõõdukalt ettevaatlikuks, kuna suurenenud intresside tase võib mõjutada inimeste tarbimist ja seeläbi reklaamikäibe mahtusid. Siiani on reklaamiturg käitunud pigem positiivselt ja olulisi mahtude langetamisi klientide poolt toimunud ei ole. Viimase aastaga on kontsern Balti riikides juurde saanud ligi 42 000 digitellimusega lugejat ehk 30% rohkem kui eelmise aasta septembri lõpus, ulatudes 180 tuhande tellimuseni. Kontserni digitaalne tulubaas põhineb üha enam digitellimuste müügitulul. Tellijatulude käibekasvule andis oma panuse ka suutlikkus tõsta keskmist hinda. Oleme tugevdanud ka grupi meediaettevõtete poolt pakutava sisu kvaliteeti ja mahtu, et olla kõigis Balti riikides liider digitellimuste valdkonnas. Kontsern liigub oma strateegiliste finantseesmärkide suunas ja soovib aastaks 2026 pakkuda digitaalset tasulist sisu vähemalt 340 000 tellijale. Ekspress Grupi kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA) oli III kvartalis 2,4 miljonit eurot, kasvades 8%. 9 kuu EBITDA oli 6,0 miljonit eurot, kasvades 18%. Kasumlikkust on peamiselt aidanud tõsta veebireklaami ja digitellimuste edukas müük Eestis ja Leedus ning piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv. 2023. aasta 9 kuu puhaskasumiks kujunes 1,2 miljonit eurot, olles 28% madalam võrreldes eelmise aastaga. Koos ühekordsete erakorraliste kuludega teenis kontsern 9 kuuga kasumit summas 0,8 miljonit eurot. Puhaskasumi vähenemist mõjutavad peamiselt Express Postiga seotud ühekordsed sulgemiskulud ja I poolaasta kahjumlik äritegevus kokku summas -0,6 miljonit eurot. I poolaastaga on kojukandeteenus Express Postis lõpetatud ning ühekordseid likvideerimiskulusid ja kahjumlikku tegevust kontserni järgmistes kvartalites enam ei kajastu. Lisaks on puhaskasumi taset mõjutanud Euribori tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev amortisatsioonikulu kasv. Intressikulude negatiivne mõju on kahekordne ja avaldas 9 kuu tulemustes mõju 0,5 miljoni eurose lisakuluna. Võrdluse aluseks olev 2022. aasta 9 kuu puhaskasum sisaldas ka piletimüügi keskkonna ostuhinna korrigeerimisest tulenenud ühekordset erakorralist finantstulu 0,2 miljonit eurot. Kontserni likviidsus on hea ja peame oluliseks likviidsusreservide hoidmist nii võimalike uute ostude tarbeks, kui ka majanduse võimaliku jahtumise olukorraks. 30. september 2023 seisuga oli kontsernil rahalisi vahendeid 6,1 miljonit eurot (31.12.2022: 7,4 miljonit eurot). 9 kuu jooksul on kontsern ostnud tagasi aktsiad kokku 1 miljoni euro eest ning maksnud aktsionäridele dividende summas 1,5 miljonit eurot. Seega on kontsern 2023. aasta 9 kuu jooksul teinud aktsionäridele väljamakseid kokku 2,5 miljoni euro ulatuses. III KVARTALI JA 9 KUU TULEMUSED MÜÜGITULU 2023. aasta III kvartali konsolideeritud müügitulu oli 16,5 miljonit eurot (III kvartal 2022: 15,1 miljonit eurot). III kvartali müügitulu suurenes 9% võrreldes eelmise aastaga. 2023. aasta 9 kuu konsolideeritud müügitulu oli 51,8 miljonit eurot (9 kuud 2022: 45,0 miljonit eurot). 9 kuu müügitulu suurenes 15% võrreldes eelmise aastaga. Kasvu taga on nii veebi reklaamitulud kui digitellimuste tulud. Kontserni digitaalsete tulude osakaal moodustas 2023. aasta III kvartali lõpus 83% kogukäibes (2022. aasta III kvartali lõpp: 77% kogukäibes). 2023. aasta 9 kuu digitaalsed tulud suurenesid 24% võrreldes eelmise aasta sama perioodiga. KASUMLIKKUS 2023. aasta III kvartali konsolideeritud EBITDA oli 2,4 miljonit eurot (III kvartal 2022: 2,3 miljonit eurot). EBITDA kasvas 8% võrreldes eelmise aastaga ning EBITDA marginaal oli 15% (III kvartal 2022: 15%). 2023. aasta 9 kuu konsolideeritud EBITDA oli 6,0 miljonit eurot (9 kuud 2022: 5,1 miljonit eurot). EBITDA kasvas 18% võrreldes eelmise aastaga ning EBITDA marginaal oli 12% (9 kuud 2022: 11%). Kasumlikkust on aidanud tõsta veebireklaami ja digitellimuste edukas müük Eestis ja Leedus ning piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv. 2023. aasta III kvartali konsolideeritud puhaskasum oli 0,95 miljonit eurot (III kvartal 2022: 0,86 miljonit eurot). 2023. aasta 9 kuu konsolideeritud puhaskasum ilma erakorraliste kuludeta oli 1,2 miljonit eurot (9 kuud 2022: 1,6 miljonit eurot). 2023. aasta 9 kuu puhaskasum vähenes 28% võrreldes eelmise aastaga. Koos erakorraliste kuludega oli 2023. aasta 9 kuu konsolideeritud puhaskasum 0,8 miljonit eurot. Puhaskasumi vähenemist mõjutavad peamiselt Euribori tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev amortisatsioonikulu kasv. Intressikulude negatiivne mõju on kahekordne ja avaldab 9 kuu tulemustes mõju 0,5 miljoni eurose lisakuluna. 9 kuu tulemusi mõjutasid ka ASi Express Post kojukandeteenuste sulgemisega seotud ühekordsed kulud summas 0,3 miljonit eurot. Alates juulist 2023 on kojukandeteenus Express Postis lõpetatud ning kontsern täiendavat kahjumit antud valdkonnast ei teeni. 2022. aasta 9 kuu puhaskasumile avaldas ühekordset positiivset mõju summas 0,2 miljonit eurot Bi?eshu Parad?ze ostuga seotud lõpposamakse ümberhindlusest tekkinud kasum. KULUD 2023. aasta 9 kuu müüdud kaupade kulu, turundus- ja üldhalduskulud kokku moodustasid 49,3 miljonit eurot (9 kuud 2022: 43,3 miljonit eurot). Tegevuskulud suurenesid 6,0 miljonit eurot (+14%) võrreldes eelmise aasta sama perioodiga. Suurima kasvu moodustab tööjõukulude kasv summas 4,0 miljonit eurot (+17%). 2023. aasta 9 kuu jooksul oli kontsernis keskmiselt 976 töötajat, mis on 104 töötajat rohkem võrreldes eelmise aasta sama perioodiga (9 kuud 2022: 872 töötajat). Kasvu taga olevad 80 töötajat on lisandunud läbi ettevõtete ostude, sh 2022. aasta mais omandatud ELTA uudiste agentuur Leedus ja 2022. aasta detsembris omandatud uudisteportaali lrytas.lt arvelt. 24 töötajat lisandus teistes ettevõtetes Eestis, Lätis ja Leedus. RAHAPOSITSIOON Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 6,1 miljonit eurot ja omakapitali 54,0 miljonit eurot (55% bilansimahust). Võrreldavad andmed 2022. aasta 30. september seisuga olid vastavalt 6,1 miljonit eurot ja 53,0 miljonit eurot (57% bilansimahust). Seisuga 30. september 2023 oli kontserni netovõlg 14,3 miljonit eurot (30. september 2022: 10,5 miljonit eurot). 2023. aasta 9 kuuga kontserni rahavood äritegevusest olid 6,9 miljonit eurot (9 kuud 2022: 3,9 miljonit eurot), mida mõjutasid positiivselt nii Eestis kui Lätis piletimüügi platvormid. Läti piletimüügiplatvormi müügiaktiivsus on taastunud ning tulenevalt kõrgematest piletihindadest parem võrreldes koroona eelsele perioodile. 2023. aasta 9 kuu kontserni rahavood investeerimistegevusest olid -3,0 miljonit eurot (9 kuud 2022: -4,8 miljonit eurot), millest -2,4 miljonit eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja soetamisega, mis näitab suurenenud investeeringud toodetesse ja tehnoloogiasse. 9 kuuga investeeris kontsern uutesse LED ekraanidesse -1,0 miljonit eurot, mis on finantseeritud kapitalirendiga. 2023. aasta 9 kuu kontserni rahavood finantseerimistegevusest olid -5,2 miljonit eurot (9 kuud 2022: -4,0 miljonit eurot), millest -1,0 miljonit eurot moodustab omaaktsiate tagasiostmine ja -1,5 miljonit eurot dividendimakse ASi Ekspress Grupp aktsionäridele. Finantseerimistegevused sisaldavad samuti netomuutust laenukohustustes -1,3 miljonit eurot ja rendikohustustes -1,4 miljonit eurot. AKTSIATE TAGASIOST JA DIVIDENDID Aktsiate tagasiostuprogrammi raames ostis AS Ekspress Grupp 9.märtsil 2023 tagasi 588 235 aktsiat hinnaga 1,70 eurot aktsia kohta kogusummas 1,0 miljonit eurot. 4. mail 2023. aastal toimunud ASi Ekspress Grupp aktsionäride korralisel üldkoosolekul otsustati maksta dividendi 5 eurosenti aktsia kohta kogusummas 1,49 miljonit eurot. Dividendid maksti aktsionäridele välja 24. mail 2023. aastal. SEGMENTIDE ÜLEVAADE Segmentide peamised finantsnäitajad (tuhandetes EUR) Müügitulu III kv III kv Muutus 9 kuud 9 kuud Muutus 12 kuud 2023 2022 % 2023 2022 % 2022 Meediasegment 16 455 14 743 12% 52 088 43 887 19% 62 690 reklaam 9 413 8 588 10% 30 219 25 990 16% 37 613 tellimused (sh üksikmüük) 4 665 4 206 11% 13 884 12 142 14% 16 819 turuplatsid 861 582 48% 2 099 1 410 49% 2 232 väliekraanid 823 608 35% 2 349 1 647 43% 2 396 muud müügitulud 692 759 -9% 3 538 2 697 31% 3 630 Kesksed tegevused 167 1 161 -86% 2 474 3 343 -26% 4 500 Segmentidevahelised elimineerimised (131) (784) (2 789) (2 274) (3 050) KONTSERN KOKKU 16 490 15 120 9% 51 773 44 956 15% 64 141 sh tulu kõikidest digitaalsetest kanalitest 14 146 12 006 18% 42 942 34 586 24% 49 928 % tulu kõikidest digitaalsetest kanalitest 86% 79% 83% 77% 78% (tuhandetes EUR) EBITDA III kv III kv 9 kuud 9 kuud Muutus 12 kuud 2023 2022 Muutus % 2023 2022 % 2022 Meediasegment 2 852 2 614 9% 6 974 6 007 16% 10 183 Kesksed tegevused (416) (311) -34% (977) (802) -22% (1 122) Segmentidevahelised elimineerimised 3 (39) (4) (109) (171) KONTSERN KOKKU 2 440 2 264 8% 5 992 5 096 18% 8 891 EBITDA marginaal III kv 2023 III kv 2022 9 kuud 2023 9 kuud 2022 12 kuud 2022 Meediasegment 17% 18% 13% 14% 16% KONTSERN KOKKU 15% 15% 12% 11% 14% Konsolideeritud bilanss (auditeerimata) (tuhandetes EUR) 30.09.2023 31.12.2022 ------------------------------------------------------------------------------ VARAD ------------------------------------------------------------------------------ Käibevara ------------------------------------------------------------------------------ Raha ja raha ekvivalendid 6 132 7 448 ------------------------------------------------------------------------------ Nõuded ostjatele ja muud nõuded 11 447 11 661 ------------------------------------------------------------------------------ Ettevõtte tulumaksu nõuded 213 49 ------------------------------------------------------------------------------ Varud 282 286 ------------------------------------------------------------------------------ Käibevara kokku 18 075 19 444 ------------------------------------------------------------------------------ Põhivara ------------------------------------------------------------------------------ Muud nõuded ja investeeringud 1 580 1 580 ------------------------------------------------------------------------------ Edasilükkunud tulumaksu vara 75 60 ------------------------------------------------------------------------------ Investeeringud ühisettevõtetesse 786 1 017 ------------------------------------------------------------------------------ Investeeringud sidusettevõtetesse 2 106 2 279 ------------------------------------------------------------------------------ Materiaalne põhivara 8 981 8 736 ------------------------------------------------------------------------------ Immateriaalne põhivara 67 368 66 720 ------------------------------------------------------------------------------ Põhivara kokku 80 896 80 392 ------------------------------------------------------------------------------ VARAD KOKKU 98 970 99 836 ------------------------------------------------------------------------------ KOHUSTUSED ------------------------------------------------------------------------------ Lühiajalised kohustused ------------------------------------------------------------------------------ Võlakohustused 1 973 3 393 ------------------------------------------------------------------------------ Võlad tarnijatele ja muud võlad 19 969 19 004 ------------------------------------------------------------------------------ Ettevõtte tulumaksu kohustused 132 25 ------------------------------------------------------------------------------ Lühiajalised kohustused kokku 22 074 22 422 ------------------------------------------------------------------------------ Pikaajalised kohustused ------------------------------------------------------------------------------ Pikaajalised võlakohustused 22 836 21 948 ------------------------------------------------------------------------------ Muud pikaajalised kohustused 41 43 ------------------------------------------------------------------------------ Pikaajalised kohustused kokku 22 878 21 991 ------------------------------------------------------------------------------ KOHUSTUSED KOKKU 44 952 44 413 ------------------------------------------------------------------------------ OMAKAPITAL ------------------------------------------------------------------------------ Vähemusosalus 0 147 ------------------------------------------------------------------------------ Emaettevõtte omanikele kuuluv kapital ja reservid: ------------------------------------------------------------------------------ Aktsiakapital 18 478 18 478 ------------------------------------------------------------------------------ Ülekurss 14 277 14 277 ------------------------------------------------------------------------------ Omaaktsiad (1 057) (334) ------------------------------------------------------------------------------ Reservid 2 283 2 059 ------------------------------------------------------------------------------ Jaotamata kasum 20 037 20 796 ------------------------------------------------------------------------------ Emaettevõtte omanikele kuuluv kapital ja reservid kokku 54 018 55 276 ------------------------------------------------------------------------------ OMAKAPITAL KOKKU 54 018 55 423 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL KOKKU 98 970 99 836 ------------------------------------------------------------------------------ Konsolideeritud koondkasumiaruanne (auditeerimata) III kv III kv 9 kuud 9 kuud 12 kuud (tuhandetes EUR) 2023 2022 2023 2022 2022 ------------------------------------------------------------------------------- Müügitulu 16 490 15 120 51 773 44 956 64 141 ------------------------------------------------------------------------------- Müüdud toodangu kulu (12 384) (11 272) (40 131) (34 712) (48 185) ------------------------------------------------------------------------------- Brutokasum 4 107 3 849 11 642 10 243 15 956 ------------------------------------------------------------------------------- Muud äritulud 167 209 348 526 789 ------------------------------------------------------------------------------- Turunduskulud (649) (695) (2 011) (2 133) (2 979) ------------------------------------------------------------------------------- Üldhalduskulud (2 253) (2 125) (7 180) (6 442) (8 823) ------------------------------------------------------------------------------- Muud ärikulud (122) (54) (262) (139) (146) ------------------------------------------------------------------------------- Ärikasum /(-kahjum) 1 250 1 183 2 537 2 056 4 797 ------------------------------------------------------------------------------- Intressitulud 12 9 32 28 36 ------------------------------------------------------------------------------- Intressikulud (383) (183) (1 059) (529) (738) ------------------------------------------------------------------------------- Muud finantstulud/(kulud) (14) (3) (35) 194 179 ------------------------------------------------------------------------------- Kokku finantstulud/(- kulud) (384) (177) (1 063) (308) (523) ------------------------------------------------------------------------------- Kasum/(kahjum) ühisettevõtete aktsiatelt ja osadelt 69 (107) (726) (327) (242) ------------------------------------------------------------------------------- Kasum/(kahjum) sidusettevõtete aktsiatelt ja osadelt 65 53 196 326 325 ------------------------------------------------------------------------------- Kasum /(kahjum) enne tulumaksustamist 1 000 953 943 1 747 4 357 ------------------------------------------------------------------------------- Tulumaks (52) (94) (113) (129) (302) ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum) 949 859 830 1 618 4 055 ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele 949 857 828 1 617 4 048 ------------------------------------------------------------------------------- Vähemusosalusele 0 2 2 1 7 ------------------------------------------------------------------------------- Koondkasum /(-kahjum) kokku 949 859 830 1 618 4 055 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele 949 857 828 1 617 4 048 ------------------------------------------------------------------------------- Vähemusosalusele 0 2 2 1 7 ------------------------------------------------------------------------------- Puhaskasum (-kahjum) aktsia kohta (eurodes) ------------------------------------------------------------------------------- Tavakasum /(-kahjum) aktsia kohta 0,0315 0,0282 0,0275 0,0533 0,1335 ------------------------------------------------------------------------------- Lahustunud kasum /(kahjum) aktsia kohta 0,0305 0,0273 0,0267 0,0515 0,1294 ------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) 12 kuud (tuhandetes EUR) 9 kuud 2023 9 kuud 2022 2022 ------------------------------------------------------------------------------- Rahavood äritegevusest ------------------------------------------------------------------------------- Aruandeperioodi ärikasum /(-kahjum) 2 537 2 056 4 797 ------------------------------------------------------------------------------- Korrigeerimised (mitterahalised): ------------------------------------------------------------------------------- Põhivara kulum 3 455 3 039 4 084 ------------------------------------------------------------------------------- (Kasum)/ kahjum põhivara müügist, mahakandmisest ja väärtuse langusest 165 30 29 ------------------------------------------------------------------------------- Aktsiaoptsiooni väärtuse muutus 24 27 29 ------------------------------------------------------------------------------- Äritegevuse rahavood: ------------------------------------------------------------------------------- Äritegevusega seotud nõuete ja ettemaksete muutus 211 (1 168) (1 939) ------------------------------------------------------------------------------- Varude muutus 3 (51) (9) ------------------------------------------------------------------------------- Äritegevusega seotud kohustuste ja ettemaksete muutus 1 518 607 2 188 ------------------------------------------------------------------------------- Makstud ettevõtte tulumaks (184) (319) (401) ------------------------------------------------------------------------------- Makstud intressid (852) (327) (767) ------------------------------------------------------------------------------- Rahavood äritegevusest kokku 6 876 3 892 8 011 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest ------------------------------------------------------------------------------- Tütar- ja sidusettevõtete ning muude investeeringute ost (miinus omandatud sularaha)/ sissemaksed kapitaliosaluse meetodil arvestatud investeeringutesse (1 310) (2 600) (7 632) ------------------------------------------------------------------------------- Laekumised muudest investeeringutest 13 10 10 ------------------------------------------------------------------------------- Saadud intressid 6 1 2 ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara soetamine (2 405) (2 891) (3 748) ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara müük 25 60 66 ------------------------------------------------------------------------------- Antud laenud 0 (30) (30) ------------------------------------------------------------------------------- Antud laenude tagasimaksed 0 86 86 ------------------------------------------------------------------------------- Saadud dividendid 674 601 601 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest kokku (2 997) (4 763) (10 645) ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest ------------------------------------------------------------------------------- Makstud dividendid (1 488) (2 425) (2 425) ------------------------------------------------------------------------------- Rendikohustuse põhiosa tagasimaksed (1 446) (1 305) (1 751) ------------------------------------------------------------------------------- Saadud laenud / Laenude tagasimaksed (1 260) (284) 3 296 ------------------------------------------------------------------------------- Tasutud omaaktsiate tagasiostmisel (1 000) 0 0 ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest kokku (5 195) (4 014) (880) ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENTIDE MUUTUS (1 316) (4 885) (3 514) ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 7 448 10 962 10 962 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi lõpus 6 132 6 077 7 448 ------------------------------------------------------------------------------- Mari-Liis Rüütsalu juhatuse esimees +372 512 2591 mariliis.ryytsalu@egrupp.ee (mailto:mariliis.ryytsalu@egrupp.ee) AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille tegevus hõlmab veebimeedia sisutootmist ning ajalehtede, ajakirjade ja raamatute kirjastamist. Samuti haldab kontsern elektroonilist piletimüügiplatvormi ja piletimüügikohtasid ning pakub väliekraanide teenust Eestis ja Lätis. Ekspress Grupp alustas oma tegevust 1989. aastal ja annab tööd ligi 1100 inimesele.
Title
AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 months of 2023
Message
The revenue of AS Ekspress Grupp for the 3(rd) quarter of 2023 increased by 9% to EUR 16.5 million and EBITDA increased by 8% to EUR 2.4 million. The revenue for the first 9 months of 2023 increased by 15% to EUR 51.8 million and EBITDA increased by 18% to EUR 6.0 million as compared to last year. The Group's net profit for the 3(rd) quarter totalled EUR 0.9 million and for the first 9 months, EUR 1.2 million, decreasing by 28% year-over-year without taking into consideration one-off expenses. The decrease in net profit is mainly influenced by interest rates that have increased due to the increase in Euribor and the increase in depreciation expenses resulting from the Group's investments. Digital revenue increased by 24% as compared to the same period last year and made up 83% of the Group's total revenue. The income from digital subscriptions of the Group's media companies and the number of people with digital subscriptions grew strongly in all three countries during the year. The sales revenue from ticket platforms and advertising revenue from outdoor screens have increased strongly. The Group's revenue growth for the 3(rd) quarter was strong, increasing by 9% as compared to the same period last year. Total revenue growth was 15% in the nine- month period. Excluding from revenue the acquisitions made in Lithuania (news portal Lrytas and news agency ELTA) in the second half of 2022, revenue growth for the first 9 months was also 9%. Digital advertising sales have been in an upward trend both in Estonia and Lithuania. In Latvia, the total market volume decreased, and the advertising revenue earned by Ekspress Grupp in Latvia is about 7% lower than last year. This decrease has been offset by higher sales revenue from the ticket platform and digital screens. The ticket platform, which is part of the Group, has increased its sales both through the number of events on the portal as well as through the increase of the average ticket price. We remain moderately cautious regarding the end of the year, as the higher level of interest rates may affect people's consumption and thereby advertising sales volumes. Until now, the advertising market has behaved rather positively, and there have been no significant volume reductions by customers. Over the past year, the Group has gained nearly 42 000 readers with digital subscriptions in the Baltic States, or 30% more than at the end of September last year, reaching 180 thousand subscriptions. The Group's digital revenue base is increasingly based on the sales revenue from digital subscriptions. The ability to increase the average price also contributed to the subscriber revenue growth. We have also strengthened the quality and volume of content offered by the Group's media companies to be the leader in the field of digital subscriptions in all Baltic States. The Group is moving towards its strategic financial goals and wishes to offer digital paid content to at least 340 000 subscribers by 2026. The earnings before interest, tax, depreciation and amortisation (EBITDA) of Ekspress Grupp totalled EUR 2.4 million in the 3(rd) quarter, increasing by 8%. The EBITDA for the first 9 months totalled EUR 6.0 million, increasing by 18%. Profitability has been positively impacted by successful sales of online advertising and digital subscriptions in Estonia and Lithuania, and the volume growth of ticket sales platforms and digital outdoor screens. The net profit for first 9 months of 2023 totalled EUR 1.2 million, which is 28% lower as compared to last year. Including one-off extraordinary expenses, the Group earned a profit of EUR 0.8 million in the first 9 months. Lower net profit is primarily attributable to one-off expenses related to the liquidation of Express Post and unprofitable operations in the amount of EUR -0.6 million in the first half of the year. The home delivery service of Express Post was terminated in the first half of the year, and the one-off liquidation expenses and unprofitable operations will no longer be reflected in the Group's upcoming quarters. In addition, the level of net profit has been impacted by higher interest rates due to the increase in Euribor and higher depreciation expenses due to the Group's investments. The negative effect of interest expenses is twofold, impacting the results for the first 9 months as an additional expense of EUR 0.5 million. The net profit for the first 9 months of 2022, which is the basis for comparison, also included a one-off extraordinary financial income of EUR 0.2 million resulting from the purchase price adjustment of the ticket sales environment. The Group's liquidity is solid, and we consider it important to keep liquidity reserves for any potential new acquisitions as well as for a potential economic cooldown. As of 30 September 2023, the Group's monetary funds totalled EUR 6.1 million (31.12.2022: EUR 7.4 million). Over the 9-month period, the Group has repurchased shares in the total amount of 1 million and paid dividends to the shareholders in the amount of EUR 1.5 million. Thus, in first 9 months of 2023 the Group has made payments to the shareholders in the total amount of EUR 2.5 million. Q3 AND 9 MONTHS RESULTS REVENUE In the 3(rd) quarter of 2023, the consolidated revenue totalled EUR 16.5 million (Q3 2022: EUR 15.1 million). The revenue for the 3(rd) quarter increased by 9% year-over-year. The consolidated revenue for the first 9 months of 2023 totalled EUR 51.8 million (9 months 2022: EUR 45.0 million). The revenue for the first 9 months of the year increased by 15% as compared to the previous year. This growth was attributable to both online advertising revenue as well as digital subscription revenue. The share of the Group's digital revenue in total revenue was 83% in the first 9 months of 2023 (9 months 2022: 77% of total revenue). Digital revenue for the first 9 months of 2023 increased by 24% as compared to the same period last year. PROFITABILITY In the 3(rd) quarter of 2023, the consolidated EBITDA totalled EUR 2.4 million (Q3 2022: EUR 2.3 million). EBITDA increased by 8% as compared to last year and the EBITDA margin was 15% (Q3 2022: 15%). In the first 9 months of 2023, the consolidated EBITDA totalled EUR 6.0 million (9 months 2022: EUR 5.1 million). EBITDA increased by 18% as compared to last year and the EBITDA margin was 12% (9 months 2022: 11%). Profitability has been driven by successful sales of online advertising and digital subscriptions in Estonia and Lithuania, and the volume growth or ticket sales platforms and digital outdoor screens. In the 3(rd) quarter of 2023, the consolidated net profit totalled 0.95 million (Q3 2022: EUR 0.86 million). In the first 9 months of 2023, the consolidated net profit, excluding extraordinary expenses, totalled EUR 1.2 million (9 months 2022: EUR 1.6 million). In the first 9 months of 2023, the net profit decreased by 28% as compared to last year. Including one-off extraordinary expenses, the net profit for the first 9 months of the year totalled EUR 0.8 million. The decrease in net profit is mainly due to higher interest rates resulting from the increase in the Euribor and higher depreciation expenses resulting from the Group's investments. The negative impact of interest is twofold and manifests itself as an additional expense of EUR 0.5 million in the results for the first 9 months of the year. The results for the first 9 months of the year were also impacted by the one-off costs in the amount of EUR 0.3 million related to the liquidation of the home delivery services of AS Express Post. As of July, the home delivery services of Express Post were liquidated and the Group will no longer incur any additional losses on this business. In the first 9 months of 2022, the positive one-off impact on the net profit in the amount of EUR 0.2 million was attributable to the profit which arose on the revaluation of the final payment related to the acquisition of Bi?eshu Parad?ze. EXPENSES In the first 9 months of 2023, the cost of goods sold, marketing, and general and administrative costs totalled EUR 49.3 million (9 months 2022: EUR 43.3 million). Operating expenses increased by EUR 6.0 million (+14%) as compared to the same period last year. Labour costs increased the most, by EUR 4.0 million (+17%). In the first 9 months of 2023, the Group employed 976 employees on average which is 104 employees more as compared to the same period last year (9 months 2022: 872 employees). This growth is attributable to 80 employees who were transferred from the acquired companies, incl. ELTA news agency in Lithuania acquired in May 2022 and the news portal lrytas.lt acquired in December 2022. 24 employees were hired from other companies in Estonia, Latvia and Lithuania. CASH POSITION At the end of the reporting period, the Group had available cash in the amount of EUR 6.1 million and equity in the amount of EUR 54.0 million (55% of total assets). The comparable data as of 30 September 2022 were EUR 6.1 million and EUR 53.0 million (57% of total assets), respectively. As of 30 September 2023, the Group's net debt totalled EUR 14.3 million (30 September 2022: EUR 10.5 million). In the first 9 months of 2023, the Group's cash flows from operating activities totalled EUR 6.9 million (9 months 2022: EUR 3.9 million), that were positively impacted by the ticket sales platforms in Estonia and Latvia. The sales activity of the Latvian ticket sales platform has recovered and is in a better position due to higher ticket prices as compared to the pre-Covid-19 period. In the first 9 months of 2023, the Group's cash flows from investing activities totalled EUR -3.0 million (9 months 2022: EUR -4.8 million), of which EUR -2.4 million was related to the development and acquisition of tangible and intangible assets, demonstrating higher investments in products and technologies. In the first 9 months of the year, the Group invested EUR -1.0 million in new LED screens using a finance lease. In the first 9 months of 2023, the Group's cash flows from financing activities totalled EUR -5.2 million (9 months 2022: EUR -4.0 million), of which EUR -1.0 million is the share buy-back and EUR -1.5 million is the dividend payment to the shareholders of AS Ekspress Grupp. The financing activities also include the net change in borrowings in the amount of EUR -1.3 million and lease liabilities in the amount of EUR -1.4 million. SHARE BUY-BACK AND DIVIDENDS Within the framework of the share buy-back programme, on 9 March 2023 AS Ekspress Grupp purchased 588 235 shares at the price of EUR 1.70 per share in the total amount of EUR 1.0 million. At the regular general meeting of shareholders of AS Ekspress Grupp held on 4 May 2023, it was decided to pay a dividend of 5 euro cents per share in the total amount of EUR 1.49 million. Dividends were paid to shareholders on 24 May 2023. SEGMENT OVERVIEW Key financial indicators for segments (EUR thousand) Sales 12 months Q3 2023 Q3 2022 Change % 9M 2023 9M 2022 Change % 2022 Media segment 16 455 14 743 12% 52 088 43 887 19% 62 690 advertising revenue 9 413 8 588 10% 30 219 25 990 16% 37 613 subscriptions (incl. single- copy sales) 4 665 4 206 11% 13 884 12 142 14% 16 819 marketplaces 861 582 48% 2 099 1 410 49% 2 232 outdoor screens 823 608 35% 2 349 1 647 43% 2 396 sale of other goods and services 692 759 -9% 3 538 2 697 31% 3 630 Corporate functions 167 1 161 -86% 2 474 3 343 -26% 4 500 Inter-segment eliminations (131) (784) (2 789) (2 274) (3 050) TOTAL GROUP 16 490 15 120 9% 51 773 44 956 15% 64 141 incl. revenue from all digital channels 14 146 12 006 18% 42 942 34 586 24% 49 928 % of revenue from all digital channels 86% 79% 83% 77% 78% (EUR thousand) EBITDA 12 months Q3 2023 Q3 2022 Change % 9M 2023 9M 2022 Change % 2022 Media segment 2 852 2 614 9% 6 974 6 007 16% 10 183 Corporate functions (416) (311) -34% (977) (802) -22% (1 122) Inter-segment eliminations 3 (39) (4) (109) (171) TOTAL GROUP 2 440 2 264 8% 5 992 5 096 18% 8 891 EBITDA margin Q3 2023 Q3 2022 9M 2023 9M 2022 12 months 2022 Media segment 17% 18% 13% 14% 16% TOTAL GROUP 15% 15% 12% 11% 14% Consolidated balance sheet (unaudited) (EUR thousand) 30.09.2023 31.12.2022 ------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------- Current assets ------------------------------------------------------------------------------- Cash and cash equivalents 6 132 7 448 ------------------------------------------------------------------------------- Trade and other receivables 11 447 11 661 ------------------------------------------------------------------------------- Corporate income tax prepayment 213 49 ------------------------------------------------------------------------------- Inventories 282 286 ------------------------------------------------------------------------------- Total current assets 18 075 19 444 ------------------------------------------------------------------------------- Non-current assets ------------------------------------------------------------------------------- Other receivables and investments 1 580 1 580 ------------------------------------------------------------------------------- Deferred tax asset 75 60 ------------------------------------------------------------------------------- Investments in joint ventures 786 1 017 ------------------------------------------------------------------------------- Investments in associates 2 106 2 279 ------------------------------------------------------------------------------- Property, plant and equipment 8 981 8 736 ------------------------------------------------------------------------------- Intangible assets 67 368 66 720 ------------------------------------------------------------------------------- Total non-current assets 80 896 80 392 ------------------------------------------------------------------------------- TOTAL ASSETS 98 970 99 836 ------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------- Current liabilities ------------------------------------------------------------------------------- Borrowings 1 973 3 393 ------------------------------------------------------------------------------- Trade and other payables 19 969 19 004 ------------------------------------------------------------------------------- Corporate income tax payable 132 25 ------------------------------------------------------------------------------- Total current liabilities 22 074 22 422 ------------------------------------------------------------------------------- Non-current liabilities ------------------------------------------------------------------------------- Long-term borrowings 22 836 21 948 ------------------------------------------------------------------------------- Other long-term liabilities 41 43 ------------------------------------------------------------------------------- Total non-current liabilities 22 878 21 991 ------------------------------------------------------------------------------- TOTAL LIABILITIES 44 952 44 413 ------------------------------------------------------------------------------- EQUITY ------------------------------------------------------------------------------- Minority interest 0 147 ------------------------------------------------------------------------------- Capital and reserves attributable to equity holders of parent company: ------------------------------------------------------------------------------- Share capital 18 478 18 478 ------------------------------------------------------------------------------- Share premium 14 277 14 277 ------------------------------------------------------------------------------- Treasury shares (1 057) (334) ------------------------------------------------------------------------------- Reserves 2 283 2 059 ------------------------------------------------------------------------------- Retained earnings 20 037 20 796 ------------------------------------------------------------------------------- Total capital and reserves attributable to equity holders of parent company 54 018 55 276 ------------------------------------------------------------------------------- TOTAL EQUITY 54 018 55 423 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 98 970 99 836 ------------------------------------------------------------------------------- Consolidated statement of comprehensive income (unaudited) (EUR thousand) Q3 2023 Q3 2022 9M 2023 9M 2022 12 months 2022 ------------------------------------------------------------------------------- Sales 16 490 15 120 51 773 44 956 64 141 ------------------------------------------------------------------------------- Cost of sales (12 384) (11 272) (40 131) (34 712) (48 185) ------------------------------------------------------------------------------- Gross profit 4 107 3 849 11 642 10 243 15 956 ------------------------------------------------------------------------------- Other income 167 209 348 526 789 ------------------------------------------------------------------------------- Marketing expenses (649) (695) (2 011) (2 133) (2 979) ------------------------------------------------------------------------------- Administrative expenses (2 253) (2 125) (7 180) (6 442) (8 823) ------------------------------------------------------------------------------- Other expenses (122) (54) (262) (139) (146) ------------------------------------------------------------------------------- Operating profit /(loss) 1 250 1 183 2 537 2 056 4 797 ------------------------------------------------------------------------------- Interest income 12 9 32 28 36 ------------------------------------------------------------------------------- Interest expenses (383) (183) (1 059) (529) (738) ------------------------------------------------------------------------------- Other finance income/(costs) (14) (3) (35) 194 179 ------------------------------------------------------------------------------- Net finance cost (384) (177) (1 063) (308) (523) ------------------------------------------------------------------------------- Profit/(loss) on shares of joint ventures 69 (107) (726) (327) (242) ------------------------------------------------------------------------------- Profit/(loss) on shares of associates 65 53 196 326 325 ------------------------------------------------------------------------------- Profit /(loss) before income tax 1 000 953 943 1 747 4 357 ------------------------------------------------------------------------------- Income tax expense (52) (94) (113) (129) (302) ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period 949 859 830 1 618 4 055 ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company 949 857 828 1 617 4 048 ------------------------------------------------------------------------------- Minority interest 0 2 2 1 7 ------------------------------------------------------------------------------- Total comprehensive income /(loss) 949 859 830 1 618 4 055 ------------------------------------------------------------------------------- Comprehensive income /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company 949 857 828 1 617 4 048 ------------------------------------------------------------------------------- Minority interest 0 2 2 1 7 ------------------------------------------------------------------------------- Earnings per share (euro) ------------------------------------------------------------------------------- Basic earnings per share 0.0315 0.0282 0.0275 0.0533 0.1335 ------------------------------------------------------------------------------- Diluted earnings per share 0.0305 0.0273 0.0267 0.0515 0.1294 ------------------------------------------------------------------------------- Consolidated cash flow statement (unaudited) 12 months (EUR thousand) 9M 2023 9M 2022 2022 ------------------------------------------------------------------------------- Cash flows from operating activities ------------------------------------------------------------------------------- Operating profit /(loss) for the reporting year 2 537 2 056 4 797 ------------------------------------------------------------------------------- Adjustments for (non-cash): ------------------------------------------------------------------------------- Depreciation and amortisation 3 455 3 039 4 084 ------------------------------------------------------------------------------- (Gain)/loss on sale, write-down and impairment of property, plant and equipment 165 30 29 ------------------------------------------------------------------------------- Change in value of share option 24 27 29 ------------------------------------------------------------------------------- Cash flows from operating activities: ------------------------------------------------------------------------------- Trade and other receivables 211 (1 168) (1 939) ------------------------------------------------------------------------------- Inventories 3 (51) (9) ------------------------------------------------------------------------------- Trade and other payables 1 518 607 2 188 ------------------------------------------------------------------------------- Income tax paid (184) (319) (401) ------------------------------------------------------------------------------- Interest paid (852) (327) (767) ------------------------------------------------------------------------------- Net cash generated from operating activities 6 876 3 892 8 011 ------------------------------------------------------------------------------- Cash flows from investing activities ------------------------------------------------------------------------------- Acquisition of subsidiaries/ associates (less cash acquired) and other investments / cash paid-in equity-accounted investees (1 310) (2 600) (7 632) ------------------------------------------------------------------------------- Receipts of other investments 13 10 10 ------------------------------------------------------------------------------- Interest received 6 1 2 ------------------------------------------------------------------------------- Purchase of property, plant and equipment and intangible assets (2 405) (2 891) (3 748) ------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment and intangible assets 25 60 66 ------------------------------------------------------------------------------- Loans granted 0 (30) (30) ------------------------------------------------------------------------------- Loan repayments received 0 86 86 ------------------------------------------------------------------------------- Dividends received 674 601 601 ------------------------------------------------------------------------------- Net cash used in investing activities (2 997) (4 763) (10 645) ------------------------------------------------------------------------------- Cash flows from financing activities ------------------------------------------------------------------------------- Dividends paid (1 488) (2 425) (2 425) ------------------------------------------------------------------------------- Payment of lease liabilities (1 446) (1 305) (1 751) ------------------------------------------------------------------------------- Loans received / Repayments of bank loans (1 260) (284) 3 296 ------------------------------------------------------------------------------- Purchases of treasury shares (1 000) 0 0 ------------------------------------------------------------------------------- Net cash used in financing activities (5 195) (4 014) (880) ------------------------------------------------------------------------------- NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 316) (4 885) (3 514) ------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the period 7 448 10 962 10 962 ------------------------------------------------------------------------------- Cash and cash equivalents at the end of the period 6 132 6 077 7 448 ------------------------------------------------------------------------------- Mari-Liis Rüütsalu Chairman of the Management Board +372 512 2591 mariliis.ryytsalu@egrupp.ee (mailto:mariliis.ryytsalu@egrupp.ee) AS Ekspress Grupp is the leading Baltic media group whose key activities include web media content production, and publishing of newspapers, magazines and books. The Group also operates an electronic ticket sales platform and ticket sales offices and offers outdoor screen service in Estonia and Latvia. Ekspress Grupp launched its operations in 1989 and employs almost 1100 people.