Market announcement
AS Ekspress Grupp
Category
Management interim statement or quarterly financial report
Attachments
Date
30.04.2024 08:00:00
Title
AS Ekspress Grupp: 2024.aasta I kvartali konsolideeritud auditeerimata vahearuanne
Message
ASi Ekspress Grupp 2024. aasta I kvartali müügitulu ulatus 16,2 miljoni euroni, EBITDA 0,4 miljoni euroni ja puhaskahjum 1,2 miljoni euroni. Digitulud kasvasid 2% võrreldes eelmise aasta sama perioodiga ja moodustasid märtsi lõpus 84% kontserni kogukäibest. Kontserni meediaettevõtete digitellimuste tulu ja digitellimust omavate inimeste arv kasvas aastases võrdluses jõudsalt kõigis kolmes riigis. Tugeva kasvu on teinud ka piletiplatvormide müügitulu ja väliekraanidelt saadav reklaamitulu. Kontserni I kvartali tulemusi mõjutas enim ootuspärane sesoonsus, mille tulemusena on ettevõtte kasumlikkus igal aastal I kvartalis alati suurima surve all. Teisalt andis tänavu I kvartali reklaamituludes tunda nõrgast majanduskeskkonnast tingitud madalam nõudlus, mida võimendas valimistsüklite sattumine hilisematesse kvartalitesse. Ekspress Grupi müügitulu ulatus I kvartalis 16,2 miljoni euroni, vähenedes eelmise aasta sama perioodiga võrreldes 3%. Müügitulu languse põhjusteks on ka eelmise aasta kõrge võrdlusbaas: 2023. aasta I kvartalis toimusid nii Leedus kui Eestis parlamendivalimised, mis andsid reklaamituludesse täiendava kasvu. Tänavu langevad valimised Balti riikides teise ja kolmandasse kvartalisse, mistõttu ootame mõju müügitulule hiljem. Samas mängib aastases võrdluses rolli ka Baltimaade üldisest nõrgast majanduskeskkonnast tingitud reklaamturu kahanemine, mille mõju tunneme enim Eestis. See avaldab I kvartali tulemustes mõju ka EBITDA-le. Reklaamikäibe vähenemist kompenseerib ka piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv ning digitellimuste tulu suurenemine. Aastases võrdluses sai kontsern Balti riikides juurde ligi 50 000 digitellimust ehk 31% rohkem kui eelmise aasta märtsi lõpus. Digitellimuste koguhulk ulatus 2024. aasta märtsi lõpus 211 000 tellimuseni. Kontserni digitaalne tulu põhineb seega üha enam digitellimuste müügitulul ja moodustab järjest suurema korduva tulubaasi ilma täiendava müügitegevuse (ja -kulude) vajaduseta. Oleme tugevdanud grupi meediaettevõtete pakutava sisu kvaliteeti ja mahtu, et olla kõigis Balti riikides digitellimuste valdkonna liider. Kontsern liigub samm-sammult oma strateegiliste eesmärkide suunas ja soovib aastaks 2026 pakkuda digitaalset tasulist sisu vähemalt 340 000 tellijale. Ekspress Grupi kasum enne intresse, makse, kulumit ja amortisatsiooni (EBITDA) oli I kvartalis 0,4 miljonit eurot, vähenedes -62%. Kuigi üldisest majanduskeskkonnast tingitud reklaamituru languse ja sisendkulude kasvusurve foonil langes kvartaalne kasumlikkus, on 12. kuulise jooksva perioodi arvestuses kontserni kasum enne intresse, makse, kulumit ja amortisatsiooni 0,1 miljoni euro võrra kasvanud. 2024. aasta I kvartali puhaskahjumiks kujunes 1,2 miljonit eurot, mis on 67% suurem võrreldes eelmise aastaga. Puhaskahjumi suurenemist mõjutavad peamiselt ka seoses Euribori tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev amortisatsioonikulu kasv. Kontserni likviidsus on jätkuvalt hea. Juhatus peab oluliseks likviidsusreservide hoidmist nii võimalike uute ostude tarbeks, kui ka majanduse edasise jahtumisega seotud olukordadeks. 31. märtsi 2024 seisuga oli kontsernil rahalisi vahendeid 8,8 miljonit eurot (31.03.2023: 7,3 miljonit eurot). 3. mail 2024. aastal toimuval korralisel aktsionäride üldkoosolekul tuleb hääletamisele kasumi jaotamise ettepanek, mille kohaselt makstakse aktsionäridele korralist dividendi 6 euro senti aktsia kohta kokku 1,8 miljoni euro väärtuses. I KVARTALI TULEMUSED MÜÜGITULU 2024. aasta I kvartali konsolideeritud müügitulu oli 16,2 miljonit eurot (I kvartal 2023: 16,8 miljonit eurot). I kvartali müügitulu vähenes -3% võrreldes eelmise aastaga. Kontserni I kvartali tulemusi mõjutas enim ootuspärane sesoonsus, mille tulemusena on ettevõtte kasumlikkus igal aastal I kvartalis alati suurima surve all. Teisalt andis tänavu I kvartali reklaamituludes tunda nõrgast majanduskeskkonnast tingitud madalam nõudlus, mida võimendas valimistsüklite sattumine hilisematesse kvartalitesse. Müügitulu languse põhjusteks on ka eelmise aasta kõrge võrdlusbaas: 2023. aasta I kvartalis toimusid nii Leedus kui Eestis parlamendivalimised, mis andsid reklaamituludesse täiendava kasvu. Tänavu langevad valimised Balti riikides teise ja kolmandasse kvartalisse, mistõttu ootame mõju müügitulule hiljem. Samas mängib aastases võrdluses rolli ka Baltimaade üldisest nõrgast majanduskeskkonnast tingitud reklaamturu kahanemine, mille mõju tunneme enim Eestis. See avaldab I kvartali tulemustes mõju ka EBITDA-le. Reklaamikäibe vähenemist kompenseerib ka piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv ning digitellimuste tulu suurenemine. Kontserni digitaalsete tulude osakaal moodustas 2024. aasta I kvartali lõpus 84% kogukäibest (2023. aasta I kvartali lõpp: 80% kogukäibest). 2024. aasta I kvartali digitaalsed tulud suurenesid 2% võrreldes eelmise aasta sama perioodiga. KASUMLIKKUS 2024. aasta I kvartali konsolideeritud EBITDA oli 0,4 miljonit eurot (I kvartal 2023: 1,2 miljonit eurot). EBITDA vähenes -62% võrreldes eelmise aastaga ning EBITDA marginaal oli 3% (I kvartal 2023: 7%). Kasumlikkuse languse taga on Baltimaade üldisest nõrgast majanduskeskkonnast tingitud reklaamituru kahanemine ning kasvav surve sisendkuludele. 2024. aasta I kvartali konsolideeritud puhaskahjum oli -1,2 miljonit eurot (I kvartal 2023: -0,7 miljonit eurot). Puhaskahjumi suurenemist mõjutavad lisaks ootuspärasele sesoonsusele peamiselt ka Euribori tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev amortisatsioonikulu kasv. KULUD 2024. aasta I kvartali müüdud kaupade kulu, turundus- ja üldhalduskulud kokku moodustasid 17,3 miljonit eurot (I kvartal 2023: 16,8 miljonit eurot). Tegevuskulud suurenesid 0,5 miljonit eurot (+3%) võrreldes eelmise aasta sama perioodiga. Suurima kasvu moodustab tööjõukulude kasv summas 0,4 miljonit eurot (+5%). RAHAPOSITSIOON Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 8,8 miljonit eurot ja omakapitali 55,7 miljonit eurot (53% bilansimahust). Võrreldavad andmed 2023. aasta 31. märts seisuga olid vastavalt 7,3 miljonit eurot ja 53,7 miljonit eurot (53% bilansimahust). Seisuga 31. märts 2024 oli kontserni netovõlg 10,8 miljonit eurot (31. märts 2023: 13,6 miljonit eurot). 2024. aasta I kvartali kontserni rahavood äritegevusest olid 0,9 miljonit eurot (I kvartal 2023: 2,4 miljonit eurot). 2024. aasta I kvartali kontserni rahavood investeerimistegevusest olid -0,9 miljonit eurot (I kvartal 2023: -0,7 miljonit eurot), millest -1,1 miljonit eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja soetamisega, mis näitab suurenenud investeeringud toodetesse ja tehnoloogiasse. 2024. aasta I kvartali kontserni rahavood finantseerimistegevusest olid -0,8 miljonit eurot (I kvartal 2023: -1,9 miljonit eurot, millest -1,0 miljonit eurot moodustab omaaktsiate tagasiostmine). Finantseerimistegevused sisaldavad samuti netomuutust laenukohustustes -0,6 miljonit eurot ja rendikohustustes -0,6 miljonit eurot. DIVIDENDID 2024. aasta märtsis tegi kontserni juhatus ettepaneku maksta 2023. majandusaasta puhaskasumi arvel aktsionäridele dividendidena välja 6 eurosenti aktsia kohta, kokku 1,8 miljonit eurot. Kasumi jaotamise otsus tehakse 3. mail 2024. aastal toimuval aktsionäride korralisel üldkoosolekul. SEGMENTIDE ÜLEVAADE Segmentide peamised finantsnäitajad (tuhandetes EUR) Müügitulu I kv 2024 I kv 2023 Muutus % 12 kuud 2023 Meediasegment 16 205 16 867 -4% 73 365 reklaam 8 800 9 681 -9% 42 074 tellimused (sh üksikmüük) 5 043 4 560 11% 19 016 turuplatsid 910 636 43% 3 434 väliekraanid 783 688 14% 3 530 muud müügitulud 669 1 302 -49% 5 311 Kesksed tegevused 170 1 226 -86% 2 642 Segmentidevahelised elimineerimised (155) (1 339) (2 920) KONTSERN KOKKU 16 220 16 755 -3% 73 086 sh tulu kõikidest digitaalsetest kanalitest 13 668 13 384 2% 60 460 % tulu kõikidest digitaalsetest kanalitest 84% 80% 83% (tuhandetes EUR) EBITDA I kv 2024 I kv 2023 Muutus % 12 kuud 2023 Meediasegment 914 1 478 -38% 11 695 Kesksed tegevused (477) (321) -48% (1 477) Segmentidevahelised elimineerimised 4 (3) (1) KONTSERN KOKKU 442 1 153 -62% 10 217 EBITDA marginaal I kv 2024 I kv 2023 12 kuud 2023 Meediasegment 6% 9% 16% KONTSERN KOKKU 3% 7% 14% Konsolideeritud finantsseisundi aruanne (auditeerimata) (tuhandetes EUR) 31.03.2024 31.12.2023 -------------------------------------------------------------- VARAD -------------------------------------------------------------- Käibevara -------------------------------------------------------------- Raha ja raha ekvivalendid 8 761 9 606 -------------------------------------------------------------- Nõuded ostjatele ja muud nõuded 12 772 13 143 -------------------------------------------------------------- Ettevõtte tulumaksu nõuded 93 24 -------------------------------------------------------------- Varud 332 321 -------------------------------------------------------------- Käibevara kokku 21 958 23 094 -------------------------------------------------------------- Põhivara -------------------------------------------------------------- Muud nõuded ja investeeringud 1 624 1 628 -------------------------------------------------------------- Edasilükkunud tulumaksu vara 132 130 -------------------------------------------------------------- Investeeringud ühisettevõtetesse 890 851 -------------------------------------------------------------- Investeeringud sidusettevõtetesse 2 175 2 197 -------------------------------------------------------------- Materiaalne põhivara 10 440 10 384 -------------------------------------------------------------- Immateriaalne põhivara 67 749 67 482 -------------------------------------------------------------- Põhivara kokku 83 011 82 672 -------------------------------------------------------------- VARAD KOKKU 104 968 105 766 -------------------------------------------------------------- KOHUSTUSED -------------------------------------------------------------- Lühiajalised kohustused -------------------------------------------------------------- Võlakohustused 3 766 4 353 -------------------------------------------------------------- Võlad tarnijatele ja muud võlad 23 648 23 046 -------------------------------------------------------------- Ettevõtte tulumaksu kohustused 38 39 -------------------------------------------------------------- Lühiajalised kohustused kokku 27 453 27 438 -------------------------------------------------------------- Pikaajalised kohustused -------------------------------------------------------------- Pikaajalised võlakohustused 21 829 21 765 -------------------------------------------------------------- Muud pikaajalised kohustused 22 22 -------------------------------------------------------------- Pikaajalised kohustused kokku 21 851 21 787 -------------------------------------------------------------- KOHUSTUSED KOKKU 49 304 49 225 -------------------------------------------------------------- OMAKAPITAL -------------------------------------------------------------- Aktsiakapital 18 478 18 478 -------------------------------------------------------------- Ülekurss 14 277 14 277 -------------------------------------------------------------- Omaaktsiad (147) (1 057) -------------------------------------------------------------- Reservid 2 242 2 285 -------------------------------------------------------------- Jaotamata kasum 20 814 22 558 -------------------------------------------------------------- OMAKAPITAL KOKKU 55 664 56 541 -------------------------------------------------------------- KOHUSTUSED JA OMAKAPITAL KOKKU 104 968 105 766 -------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata) (tuhandetes EUR) I kv 2024 I kv 2023 12 kuud 2023 ------------------------------------------------------------------------------- Müügitulu 16 220 16 755 73 086 ------------------------------------------------------------------------------- Müüdud toodangu kulu (13 569) (13 641) (55 046) ------------------------------------------------------------------------------- Brutokasum 2 652 3 114 18 040 ------------------------------------------------------------------------------- Muud äritulud 156 70 581 ------------------------------------------------------------------------------- Turunduskulud (858) (571) (2 803) ------------------------------------------------------------------------------- Üldhalduskulud (2 834) (2 551) (9 582) ------------------------------------------------------------------------------- Muud ärikulud (21) (20) (737) ------------------------------------------------------------------------------- Ärikasum /(-kahjum) (906) 42 5 499 ------------------------------------------------------------------------------- Intressitulud 36 9 60 ------------------------------------------------------------------------------- Intressikulud (457) (330) (1 499) ------------------------------------------------------------------------------- Muud finantstulud/(kulud) (11) (11) (55) ------------------------------------------------------------------------------- Kokku finantstulud/(-kulud) (432) (331) (1 494) ------------------------------------------------------------------------------- Kasum/(kahjum) ühisettevõtete aktsiatelt ja osadelt 39 (553) (661) ------------------------------------------------------------------------------- Kasum/(kahjum) sidusettevõtete aktsiatelt ja osadelt 80 128 239 ------------------------------------------------------------------------------- Kasum /(kahjum) enne tulumaksustamist (1 218) (715) 3 583 ------------------------------------------------------------------------------- Tulumaks (4) (16) (232) ------------------------------------------------------------------------------- Aruandeperioodi puhaskasum /(kahjum) (1 221) (730) 3 351 ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (1 221) (733) 3 349 ------------------------------------------------------------------------------- Vähemusosalusele 0 3 2 ------------------------------------------------------------------------------- Koondkasum /(-kahjum) kokku (1 221) (730) 3 351 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (1 221) (733) 3 349 ------------------------------------------------------------------------------- Vähemusosalusele 0 3 2 ------------------------------------------------------------------------------- Puhaskasum (-kahjum) aktsia kohta (eurodes) ------------------------------------------------------------------------------- Tavakasum /(-kahjum) aktsia kohta (0,0404) (0,0243) 0,1113 ------------------------------------------------------------------------------- Lahustunud kasum /(kahjum) aktsia kohta (0,0404) (0,0235) 0,1081 ------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) (tuhandetes EUR) I kv 2024 I kv 2023 12 kuud 2023 ------------------------------------------------------------------------------- Rahavood äritegevusest ------------------------------------------------------------------------------- Aruandeperioodi ärikasum /(-kahjum) (906) 42 5 499 ------------------------------------------------------------------------------- Korrigeerimised (mitterahalised): ------------------------------------------------------------------------------- Põhivara kulum 1 353 1 112 4 719 ------------------------------------------------------------------------------- (Kasum)/ kahjum põhivara müügist, mahakandmisest ja väärtuse langusest 4 (2) 387 ------------------------------------------------------------------------------- Aktsiaoptsiooni väärtuse muutus 0 8 26 ------------------------------------------------------------------------------- Äritegevuse rahavood: ------------------------------------------------------------------------------- Äritegevusega seotud nõuete ja ettemaksete muutus 367 (441) (1 539) ------------------------------------------------------------------------------- Varude muutus (11) 7 (35) ------------------------------------------------------------------------------- Äritegevusega seotud kohustuste ja ettemaksete muutus 469 1 960 4 921 ------------------------------------------------------------------------------- Makstud ettevõtte tulumaks (73) (44) (263) ------------------------------------------------------------------------------- Makstud intressid (336) (262) (1 476) ------------------------------------------------------------------------------- Rahavood äritegevusest kokku 867 2 380 12 239 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest ------------------------------------------------------------------------------- Tütar- ja sidusettevõtete ning muude investeeringute ost (miinus omandatud sularaha)/ sissemaksed kapitaliosaluse meetodil arvestatud investeeringutesse 0 (387) (1 469) ------------------------------------------------------------------------------- Laekumised muudest investeeringutest 0 0 13 ------------------------------------------------------------------------------- Saadud intressid 36 0 28 ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara soetamine (1 082) (495) (3 391) ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara müük 3 2 275 ------------------------------------------------------------------------------- Antud laenude tagasimaksed 4 0 8 ------------------------------------------------------------------------------- Saadud dividendid 102 199 674 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest kokku (937) (681) (3 862) ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest ------------------------------------------------------------------------------- Makstud dividendid 0 0 (1 488) ------------------------------------------------------------------------------- Rendikohustuse põhiosa tagasimaksed (557) (456) (2 004) ------------------------------------------------------------------------------- Laenude tagasimaksed (561) (420) (1 727) ------------------------------------------------------------------------------- Laekunud omaaktsiate müügist 343 0 0 ------------------------------------------------------------------------------- Tasutud omaaktsiate tagasiostmisel 0 (1 000) (1 000) ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest kokku (775) (1 876) (6 219) ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENTIDE MUUTUS (845) (176) 2 158 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 9 606 7 448 7 448 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi lõpus 8 761 7 272 9 606 ------------------------------------------------------------------------------- Argo Rannamets CFO AS Ekspress Grupp E-kiri: argo.rannamets@egrupp.ee (mailto:argo.rannamets@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 Q1 of 2024
Message
The revenue of AS Ekspress Grupp for the 1(st) quarter of 2024 totalled EUR 16.2 million, EBITDA totalled EUR 0.4 million and net loss totalled EUR 1.2 million. Digital revenue increased by 2% as compared to the same period last year and made up 84% of the Group's total revenue. The digital subscription revenue of the Group's media companies and the number of people with digital subscriptions grew strongly year-over-year in all three countries. The revenue from ticket sales platforms and the advertising revenue from outdoor screens have also increased strongly. As expected, the Group's results for the 1(st) quarter were primarily impacted by seasonality as a result of which the company's profitability is always under the greatest pressure in the 1(st) quarter each year. On the other hand, the advertising revenue in the 1(st) quarter this year was impacted by lower demand caused by the weak economic environment, which was exacerbated by the election cycles taking place in later quarters. The revenue of Ekspress Grupp for the 1(st) quarter totalled EUR 16.2 million, decreasing by 3% as compared to the same period last year. The reasons for lower revenue also include last year's higher base of comparison: parliamentary elections were held both in Lithuania and Estonia in the 1(st) quarter of 2023, which additionally boosted advertising revenue. This year, elections in the Baltic States will be held in the second and third quarter and for this reason the impact on revenue is to be expected later. At the same time, the decline in the advertising market due to the general weak economic environment in the Baltic States also plays a role in the annual comparison, the greatest impact of which can be felt in Estonia. In the 1(st) quarter's results, this also impacts EBITDA. The decrease in advertising revenue is also compensated by the increase in the volume of ticket sales platforms and digital outdoor screens as well as the increase in digital subscription revenue. In a year-over-year comparison, the Group received nearly 50 000 digital subscriptions in the Baltic States, i.e. 31% more than at the end of March last year. At the end of March 2024, digital subscriptions totalled 211 000. The Group's digital revenue is increasingly based on the revenue from digital subscriptions and it makes up an increasingly larger recurring revenue base without the need for additional sales activity (and costs). We have enhanced the quality and volume of the content offered by the Group's media companies in order to be the leader in the digital subscription field in all Baltic States. The Group is gradually moving towards its financial strategic goals and wishes to offer paid digital content to at least 340 000 subscribers by the year 2026. In the 1(st) quarter, the earnings before interest, tax, depreciation and amortisation (EBITDA) of Ekspress Grupp totalled EUR 0.4 million, decreasing by -62%. Although the quarterly profitability fell against the background of the advertising market cooldown and the increasing pressure of input costs caused by the overall economic environment, the Group's earnings before interest, tax, depreciation and amortisation of the trailing 12-month period increased by EUR 0.1 million. The net loss for the 1(st) quarter of 2024 amounted to EUR 1.2 million, which is 67% higher as compared to last year. Higher net loss is also primarily related to higher interest rates due to the increase in Euribor and higher depreciation expenses arising from the Group's investments. The Group's liquidity continues to be strong. The Management Board considers it important to maintain liquidity reserves both for the use of potential new acquisitions and for situations related to further cooling of the economy. As of 31 March 2024, the Group's available cash totalled EUR 8.8 million (31.03.2023: EUR 7.3 million). The regular general meeting of shareholders to be held on 3 May 2024 will vote on the profit allocation proposal, according to which regular dividends of 6 euro cents per share will be paid to the shareholders in the total amount of EUR 1.8 million. Q1 RESULTS REVENUE In the 1(st) quarter of 2024, the consolidated revenue totalled EUR 16.2 million (Q1 2023: EUR 16.8 million). The revenue for the 1(st) quarter decreased by -3% year-over-year. The Group's results for the 1(st) quarter were primarily impacted by seasonality as a result of which the company's profitability is always under the greatest pressure in the 1(st )quarter each year. On the other hand, the advertising revenue in the 1(st) quarter this year was impacted by lower demand caused by the weak economic environment, which was exacerbated by the election cycles taking place in later quarters. The reasons for lower revenue also include last year's higher base of comparison: parliamentary elections were held both in Lithuania and Estonia in the 1(st) quarter of 2023, which additionally boosted advertising revenue. This year, elections in the Baltic States will be held in the second and third quarter and for this reason the impact on revenue is to be expected later. At the same time, the decline in the advertising market due to the general weak economic environment in the Baltic States also plays a role in the annual comparison, the greatest impact of which can be felt in Estonia. In the 1(st) quarter's results, this also impacts EBITDA. The decrease in advertising revenue is also compensated by the increase in the volume of ticket sales platforms and digital outdoor screens as well as the increase in digital subscription revenue. The share of the Group's digital revenue in total revenue was 84% at the end of the 1(st) quarter of 2024 (at the end of Q1 2023: 80% of total revenue). Digital revenue for the 1(st) quarter of 2024 increased by 2% as compared to the same period last year. PROFITABILITY In the 1(st) quarter of 2024, the consolidated EBITDA totalled EUR 0.4 million (Q1 2023: EUR 1.2 million). EBITDA decreased by -62% as compared to last year and the EBITDA margin was 3% (Q1 2023: 7%). The decrease in profitability is impacted by the decline in the advertising market due to the general weak economic environment in the Baltic States and the increasing pressure of input costs. The consolidated net loss for the 1(st) quarter of 2024 totalled EUR -1.2 million (Q1 2023: EUR -0.7 million). In addition to expected seasonality, higher net loss is also primarily related to higher interest rates due to the increase in Euribor rates and higher depreciation expenses arising from the Group's investments. EXPENSES In the 1(st) quarter of 2024, the cost of goods sold, marketing, and general and administrative costs totalled EUR 17.3 million (Q1 2023: EUR 16.8 million). Operating expenses increased by EUR 0.5 million (+3%) as compared to the same period last year. Labour costs increased the most, by EUR 0.4 million (+5%). CASH POSITION At the end of the reporting period, the Group had available cash in the amount of EUR 8.8 million and equity in the amount of EUR 55.7 million (53% of total assets). The comparable data as of 31 March 2023 were EUR 7.3 million and EUR 53.7 million (53% of total assets), respectively. As of 31 March 2024, the Group's net debt was EUR 10.8 million (31 March 2023: EUR 13.6 million). In the 1(st) quarter of 2024, the Group's cash flows from operating activities totalled EUR 0.9 million (Q1 2023: EUR 2.4 million). In the 1(st) quarter of 2024, the Group's cash flows from investing activities totalled EUR -0.9 million (Q1 2023: EUR -0.7 million), of which EUR -1.1 million was related to development and acquisition of property, plant and equipment and intangible assets, indicating higher investments in products and technologies. In the 1(st) quarter of 2024, the Group's cash flows from financing activities totalled EUR -0.8 million (Q1 2023: EUR -1.9 million, of which EUR -1.0 million was the share buy-back). Financing activities also include a net change in borrowings in the amount of EUR -0.6 million and lease liabilities in the amount of EUR -0.6 million. DIVIDENDS In March 2024, the Group's Management Board proposed to pay 6 euro cents per share as dividends to shareholders from the net profit of the financial year 2023 in the total amount of EUR 1.8 million. The profit allocation proposal will be made at the ordinary general meeting of shareholders on 3 May 2024. SEGMENT OVERVIEW Key financial indicators for segments (EUR thousand) Sales Q1 2024 Q1 2023 Change % 12 months 2023 Media segment 16 205 16 867 -4% 73 365 advertising revenue 8 800 9 681 -9% 42 074 subscriptions (incl. single-copy sales) 5 043 4 560 11% 19 016 marketplaces 910 636 43% 3 434 outdoor screens 783 688 14% 3 530 sale of other goods and services 669 1 302 -49% 5 311 Corporate functions 170 1 226 -86% 2 642 Inter-segment eliminations (155) (1 339) (2 920) TOTAL GROUP 16 220 16 755 -3% 73 086 incl. revenue from all digital channels 13 668 13 384 2% 60 460 % of revenue from all digital channels 84% 80% 83% (EUR thousand) EBITDA Q1 2024 Q1 2023 Change % 12 months 2023 Media segment 914 1 478 -38% 11 695 Corporate functions (477) (321) -48% (1 477) Inter-segment eliminations 4 (3) (1) TOTAL GROUP 442 1 153 -62% 10 217 EBITDA margin Q1 2024 Q1 2023 12 months 2023 Media segment 6% 9% 16% TOTAL GROUP 3% 7% 14% Consolidated statement of financial position (unaudited) (EUR thousand) 31.03.2024 31.12.2023 -------------------------------------------------------------- ASSETS -------------------------------------------------------------- Current assets -------------------------------------------------------------- Cash and cash equivalents 8 761 9 606 -------------------------------------------------------------- Trade and other receivables 12 772 13 143 -------------------------------------------------------------- Corporate income tax prepayment 93 24 -------------------------------------------------------------- Inventories 332 321 -------------------------------------------------------------- Total current assets 21 958 23 094 -------------------------------------------------------------- Non-current assets -------------------------------------------------------------- Other receivables and investments 1 624 1 628 -------------------------------------------------------------- Deferred tax asset 132 130 -------------------------------------------------------------- Investments in joint ventures 890 851 -------------------------------------------------------------- Investments in associates 2 175 2 197 -------------------------------------------------------------- Property, plant and equipment 10 440 10 384 -------------------------------------------------------------- Intangible assets 67 749 67 482 -------------------------------------------------------------- Total non-current assets 83 011 82 672 -------------------------------------------------------------- TOTAL ASSETS 104 968 105 766 -------------------------------------------------------------- LIABILITIES -------------------------------------------------------------- Current liabilities -------------------------------------------------------------- Borrowings 3 766 4 353 -------------------------------------------------------------- Trade and other payables 23 648 23 046 -------------------------------------------------------------- Corporate income tax payable 38 39 -------------------------------------------------------------- Total current liabilities 27 453 27 438 -------------------------------------------------------------- Non-current liabilities -------------------------------------------------------------- Long-term borrowings 21 829 21 765 -------------------------------------------------------------- Other long-term liabilities 22 22 -------------------------------------------------------------- Total non-current liabilities 21 851 21 787 -------------------------------------------------------------- TOTAL LIABILITIES 49 304 49 225 -------------------------------------------------------------- EQUITY -------------------------------------------------------------- Share capital 18 478 18 478 -------------------------------------------------------------- Share premium 14 277 14 277 -------------------------------------------------------------- Treasury shares (147) (1 057) -------------------------------------------------------------- Reserves 2 242 2 285 -------------------------------------------------------------- Retained earnings 20 814 22 558 -------------------------------------------------------------- TOTAL EQUITY 55 664 56 541 -------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 104 968 105 766 -------------------------------------------------------------- Consolidated statement of comprehensive income (unaudited) (EUR thousand) Q1 2024 Q1 2023 12 months 2023 ------------------------------------------------------------------------------- Sales 16 220 16 755 73 086 ------------------------------------------------------------------------------- Cost of sales (13 569) (13 641) (55 046) ------------------------------------------------------------------------------- Gross profit 2 652 3 114 18 040 ------------------------------------------------------------------------------- Other income 156 70 581 ------------------------------------------------------------------------------- Marketing expenses (858) (571) (2 803) ------------------------------------------------------------------------------- Administrative expenses (2 834) (2 551) (9 582) ------------------------------------------------------------------------------- Other expenses (21) (20) (737) ------------------------------------------------------------------------------- Operating profit /(loss) (906) 42 5 499 ------------------------------------------------------------------------------- Interest income 36 9 60 ------------------------------------------------------------------------------- Interest expenses (457) (330) (1 499) ------------------------------------------------------------------------------- Other finance income/(costs) (11) (11) (55) ------------------------------------------------------------------------------- Net finance cost (432) (331) (1 494) ------------------------------------------------------------------------------- Profit/(loss) on shares of joint ventures 39 (553) (661) ------------------------------------------------------------------------------- Profit/(loss) on shares of associates 80 128 239 ------------------------------------------------------------------------------- Profit /(loss) before income tax (1 218) (715) 3 583 ------------------------------------------------------------------------------- Income tax expense (4) (16) (232) ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period (1 221) (730) 3 351 ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (1 221) (733) 3 349 ------------------------------------------------------------------------------- Minority interest 0 3 2 ------------------------------------------------------------------------------- Total comprehensive income /(loss) (1 221) (730) 3 351 ------------------------------------------------------------------------------- Comprehensive income /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (1 221) (733) 3 349 ------------------------------------------------------------------------------- Minority interest 0 3 2 ------------------------------------------------------------------------------- Earnings per share (euro) ------------------------------------------------------------------------------- Basic earnings per share (0.0404) (0.0243) 0.1113 ------------------------------------------------------------------------------- Diluted earnings per share (0.0404) (0.0235) 0.1081 ------------------------------------------------------------------------------- Consolidated cash flow statement (unaudited) (EUR thousand) Q1 2024 Q1 2023 12 months 2023 ------------------------------------------------------------------------------- Cash flows from operating activities ------------------------------------------------------------------------------- Operating profit /(loss) for the reporting year (906) 42 5 499 ------------------------------------------------------------------------------- Adjustments for (non-cash): ------------------------------------------------------------------------------- Depreciation and amortisation 1 353 1 112 4 719 ------------------------------------------------------------------------------- (Gain)/loss on sale, write-down and impairment of property, plant and equipment 4 (2) 387 ------------------------------------------------------------------------------- Change in value of share option 0 8 26 ------------------------------------------------------------------------------- Cash flows from operating activities: ------------------------------------------------------------------------------- Trade and other receivables 367 (441) (1 539) ------------------------------------------------------------------------------- Inventories (11) 7 (35) ------------------------------------------------------------------------------- Trade and other payables 469 1 960 4 921 ------------------------------------------------------------------------------- Income tax paid (73) (44) (263) ------------------------------------------------------------------------------- Interest paid (336) (262) (1 476) ------------------------------------------------------------------------------- Net cash generated from operating activities 867 2 380 12 239 ------------------------------------------------------------------------------- Cash flows from investing activities ------------------------------------------------------------------------------- Acquisition of subsidiaries/ associates (less cash acquired) and other investments / cash paid-in equity-accounted investees 0 (387) (1 469) ------------------------------------------------------------------------------- Receipts of other investments 0 0 13 ------------------------------------------------------------------------------- Interest received 36 0 28 ------------------------------------------------------------------------------- Purchase of property, plant and equipment and intangible assets (1 082) (495) (3 391) ------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment and intangible assets 3 2 275 ------------------------------------------------------------------------------- Loan repayments received 4 0 8 ------------------------------------------------------------------------------- Dividends received 102 199 674 ------------------------------------------------------------------------------- Net cash used in investing activities (937) (681) (3 862) ------------------------------------------------------------------------------- Cash flows from financing activities ------------------------------------------------------------------------------- Dividends paid 0 0 (1 488) ------------------------------------------------------------------------------- Payment of lease liabilities (557) (456) (2 004) ------------------------------------------------------------------------------- Repayments of bank loans (561) (420) (1 727) ------------------------------------------------------------------------------- Proceeds from sale of treasury shares 343 0 0 ------------------------------------------------------------------------------- Purchases of treasury shares 0 (1 000) (1 000) ------------------------------------------------------------------------------- Net cash used in financing activities (775) (1 876) (6 219) ------------------------------------------------------------------------------- NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (845) (176) 2 158 ------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the period 9 606 7 448 7 448 ------------------------------------------------------------------------------- Cash and cash equivalents at the end of the period 8 761 7 272 9 606 ------------------------------------------------------------------------------- Argo Rannamets CFO AS Ekspress Grupp Email: argo.rannamets@egrupp.ee (mailto:argo.rannamets@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 1,100 people