Market announcement
AS Ekspress Grupp
Category
Half-yearly financial report
Attachments
Date
31.07.2024 08:00:00
Title
AS Ekspress Grupp: 2024. aasta II kvartali ja 6 kuu konsolideeritud auditeerimata vahearuanne
Message
ASi Ekspress Grupp 2024. aasta II kvartali müügitulu kasvas 6%, ulatudes 19,6
miljoni euroni ja EBITDA 27% 3,0 miljoni euroni. 2024. aasta 6 kuu müügitulu
kasvas 2% võrdluses eelmise aastaga 35,9 miljoni euroni, EBITDA vähenes -2%,
ulatudes 3,5 miljoni euroni. Juuni lõpus moodustas digitaalsete tulude osakaal
87% kontserni kogukäibest. Digitaalsed tulud kasvasid 9% võrreldes eelmise aasta
sama perioodiga. 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.
II kvartal oli edukas nii veebi reklaamitulude kui ka digitellimuste tulude
kasvatamisel. Tugeva kasvu tegid ka piletiplatvormide müügitulu ja
väliekraanidelt saadav reklaamitulu. Ekspress Grupi müügitulu ulatus II
kvartalis 19,6 miljoni euroni, kasvades eelmise aasta sama perioodiga võrreldes
6%. I poolaasta vaates kasvasid müügitulud 2%.
Aastases võrdluses sai kontsern Balti riikides juurde üle 47 000 digitellimuse
ehk 27% rohkem kui eelmise aasta juuni lõpus. Digitellimuste koguhulk ulatus
2024. aasta juuni lõpus 223 000 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 II kvartalis 3,0 miljonit eurot, kasvades 27%. II kvartali kasumlikkust on
aidanud tõsta veebireklaami ja digitellimuste edukas müük ning
piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv. I poolaasta
EBITDA oli 3,5 miljonit eurot, vähenedes -2%. Negatiivne mõju tuleb I
kvartalist, mil reklaamitulud vähenesid tingituna Baltimaade üldisest nõrgast
majanduskeskkonnast, mida võimendas ka valimistsüklite sattumine hilisematesse
kvartalisse võrreldes eelmise aastaga.
2024. aasta II kvartali puhaskasumiks kujunes 1,0 miljonit eurot, mis on 67%
suurem võrreldes eelmise aastaga. I poolaastas teenis kontsern aga puhaskahjumit
-0,2 miljonit eurot, mis on 0,08 miljonit eurot suurem võrreldes eelmise
aastaga. I poolaasta puhaskahjumi suurenemist mõjutavad peamiselt ka 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. 30. juuni 2024 seisuga oli kontsernil
rahalisi vahendeid 5,5 miljonit eurot (30.06.2023: 6,1 miljonit eurot). Mais
2024 maksis kontsern aktsionäridele dividendi 6 euro senti aktsia kohta kokku
1,8 miljoni euro väärtuses.
II KVARTALI JA 6 KUU TULEMUSED
MÜÜGITULU
2024. aasta II kvartali konsolideeritud müügitulu oli 19,6 miljonit eurot (II
kvartal 2023: 18,5 miljonit eurot). II kvartali müügitulu suurenes 6% võrreldes
eelmise aastaga. 2024. aasta I poolaasta konsolideeritud müügitulu oli 35,9
miljonit eurot (I poolaasta 2023: 35,3 miljonit eurot). I poolaasta müügitulu
suurenes 2% võrreldes eelmise aastaga. Kasvu taga on digitellimuste tulude
suurenemine ning piletimüügiplatvormide ja digitaalsete väliekraanide mahtude
kasv. Kontserni digitaalsete tulude osakaal moodustas 2024. aasta I poolaasta
lõpus 87% kogukäibest (2023. aasta I poolaasta lõpp: 82% kogukäibest). 2024.
aasta I poolaasta digitaalsed tulud suurenesid 9% võrreldes eelmise aasta sama
perioodiga.
KASUMLIKKUS
2024. aasta II kvartali konsolideeritud EBITDA oli 3,0 miljonit eurot (II
kvartal 2023: 2,4 miljonit eurot). EBITDA kasvas 27% võrreldes eelmise aastaga
ning EBITDA marginaal oli 15% (II kvartal 2023: 13%). II kvartali kasumlikkust
on aidanud tõsta veebireklaami ja digitellimuste edukas müük ning
piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv. 2024. aasta I
poolaasta konsolideeritud EBITDA oli 3,5 miljonit eurot (I poolaasta 2023: 3,6
miljonit eurot). EBITDA vähenes -2% võrreldes eelmise aastaga ning EBITDA
marginaal oli 10% (I poolaasta 2023: 10%). Negatiivne mõju tuleb I kvartalist,
mil reklaamitulud vähenesid tingituna Baltimaade üldisest nõrgast
majanduskeskkonnast, mida võimendas ka valimistsüklite sattumine hilisematesse
kvartalisse võrreldes eelmise aastaga.
2024. aasta II kvartali konsolideeritud puhaskasum oli 1,0 miljonit eurot (II
kvartal 2023: 0,6 miljonit eurot), kasvades 67%. 2024. aasta I poolaasta
konsolideeritud puhaskahjum oli -0,2 miljonit eurot (I poolaasta 2023: -0,1
miljonit eurot). Puhaskahjumi suurenemist mõjutavad peamiselt ka Euribori
tõusuga kasvanud intressimäärad ja kontserni investeeringutest tulenev
amortisatsioonikulu kasv.
KULUD
2024. aasta I poolaasta müüdud kaupade kulu, turundus- ja üldhalduskulud kokku
moodustasid 35,3 miljonit eurot (I poolaasta 2023: 34,0 miljonit eurot).
Tegevuskulud suurenesid 1,3 miljonit eurot (+4%) võrreldes eelmise aasta sama
perioodiga. Suurima kasvu moodustab tööjõukulude kasv summas 0,7 miljonit eurot
(+4%).
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 5,5 miljonit eurot
ja omakapitali 55,0 miljonit eurot (53% bilansimahust). Võrreldavad andmed
2023. aasta 30. juuni seisuga olid vastavalt 6,1 miljonit eurot ja 53,1 miljonit
eurot (51% bilansimahust). Seisuga 30. juuni 2024 oli kontserni netovõlg 13,4
miljonit eurot (30. juuni 2023: 14,7 miljonit eurot).
2024. aasta I poolaasta kontserni rahavood äritegevusest olid 1,3 miljonit eurot
(I poolaasta 2023: 4,4 miljonit eurot).
2024. aasta I poolaasta kontserni rahavood investeerimistegevusest olid -1,7
miljonit eurot (I poolaasta 2023: -1,5 miljonit eurot), millest -2,0 miljonit
eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja
soetamisega, mis näitab suurenenud investeeringud toodetesse ja tehnoloogiasse.
2024. aasta I poolaasta kontserni rahavood finantseerimistegevusest olid -3,6
miljonit eurot, millest -1,8 miljonit eurot moodustab dividendimakse ASi
Ekspress Grupp aktsionäridele (I poolaasta 2023: -4,3 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 -1,1 miljonit eurot ja
rendikohustustes -1,1 miljonit eurot.
DIVIDENDID
3. mail 2024. aastal toimunud ASi Ekspress Grupp aktsionäride korralisel
üldkoosolekul otsustati maksta dividendi 6 eurosenti aktsia kohta kogusummas
1,8 miljonit eurot. Dividendid maksti aktsionäridele välja 22. mail 2024.
aastal.
SEGMENTIDE ÜLEVAADE
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
II kv II kv Muutus I pa I pa Muutus 12 kuud
2024 2023 % 2024 2023 % 2023
Meediasegment 19 607 18 766 4% 35 813 35 634 1% 73 365
reklaam 11 579 11 124 4% 20 379 20 805 -2% 42 074
tellimused (sh
üksikmüük) 5 034 4 658 8% 10 077 9 219 9% 19 016
turuplatsid 754 603 25% 1 664 1 239 34% 3 434
väliekraanid 1 269 837 52% 2 052 1 526 34% 3 530
muud müügitulud 971 1 543 -37% 1 641 2 845 -42% 5 311
Kesksed tegevused 184 1 081 -83% 354 2 308 -85% 2 642
Segmentidevahelised
elimineerimised (161) (1 320) (316) (2 658) (2 920)
KONTSERN KOKKU 19 631 18 528 6% 35 851 35 283 2% 73 086
sh tulu kõikidest
digitaalsetest
kanalitest 17 651 15 412 15% 31 319 28 796 9% 60 460
% tulu kõikidest
digitaalsetest
kanalitest 90% 83% 87% 82% 83%
(tuhandetes EUR) EBITDA
II kv II kv I pa I pa Muutus 12 kuud
2024 2023 Muutus % 2024 2023 % 2023
Meediasegment 3 388 2 643 28% 4 302 4 121 4% 11 695
Kesksed tegevused (363) (240) -51% (841) (561) -50% (1 477)
Segmentidevahelised
elimineerimised 18 (4) 22 (8) (1)
KONTSERN KOKKU 3 042 2 399 27% 3 484 3 552 -2% 10 217
EBITDA marginaal II kv 2024 II kv 2023 I pa 2024 I pa 2023 12 kuud 2023
Meediasegment 17% 14% 12% 12% 16%
KONTSERN KOKKU 15% 13% 10% 10% 14%
Konsolideeritud finantsseisundi aruanne (auditeerimata)
(tuhandetes EUR) 30.06.2024 31.12.2023
--------------------------------------------------------------
VARAD
--------------------------------------------------------------
Käibevara
--------------------------------------------------------------
Raha ja raha ekvivalendid 5 512 9 606
--------------------------------------------------------------
Nõuded ostjatele ja muud nõuded 14 898 13 143
--------------------------------------------------------------
Ettevõtte tulumaksu nõuded 150 24
--------------------------------------------------------------
Varud 342 321
--------------------------------------------------------------
Käibevara kokku 20 903 23 094
--------------------------------------------------------------
Põhivara
--------------------------------------------------------------
Muud nõuded ja investeeringud 1 752 1 628
--------------------------------------------------------------
Edasilükkunud tulumaksu vara 132 130
--------------------------------------------------------------
Investeeringud ühisettevõtetesse 973 851
--------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 243 2 197
--------------------------------------------------------------
Materiaalne põhivara 10 111 10 384
--------------------------------------------------------------
Immateriaalne põhivara 67 996 67 482
--------------------------------------------------------------
Põhivara kokku 83 207 82 672
--------------------------------------------------------------
VARAD KOKKU 104 110 105 766
--------------------------------------------------------------
KOHUSTUSED
--------------------------------------------------------------
Lühiajalised kohustused
--------------------------------------------------------------
Võlakohustused (Lisa 5) 3 082 4 353
--------------------------------------------------------------
Võlad tarnijatele ja muud võlad 24 206 23 046
--------------------------------------------------------------
Ettevõtte tulumaksu kohustused 16 39
--------------------------------------------------------------
Lühiajalised kohustused kokku 27 304 27 438
--------------------------------------------------------------
Pikaajalised kohustused
--------------------------------------------------------------
Pikaajalised võlakohustused 21 793 21 765
--------------------------------------------------------------
Muud pikaajalised kohustused 22 22
--------------------------------------------------------------
Pikaajalised kohustused kokku 21 815 21 787
--------------------------------------------------------------
KOHUSTUSED KOKKU 49 118 49 225
--------------------------------------------------------------
OMAKAPITAL
--------------------------------------------------------------
Aktsiakapital 18 576 18 478
--------------------------------------------------------------
Ülekurss 14 277 14 277
--------------------------------------------------------------
Omaaktsiad (5) (1 057)
--------------------------------------------------------------
Reservid 2 364 2 285
--------------------------------------------------------------
Jaotamata kasum 19 779 22 558
--------------------------------------------------------------
OMAKAPITAL KOKKU 54 991 56 541
--------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 104 110 105 766
--------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
12 kuud
(tuhandetes EUR) II kv 2024 II kv 2023 I pa 2024 I pa 2023 2023
-------------------------------------------------------------------------------
Müügitulu 19 631 18 528 35 851 35 283 73 086
-------------------------------------------------------------------------------
Müüdud toodangu kulu (14 689) (14 107) (28 258) (27 748) (55 046)
-------------------------------------------------------------------------------
Brutokasum 4 941 4 422 7 593 7 535 18 040
-------------------------------------------------------------------------------
Muud äritulud 132 110 289 181 581
-------------------------------------------------------------------------------
Turunduskulud (823) (791) (1 680) (1 362) (2 803)
-------------------------------------------------------------------------------
Üldhalduskulud (2 561) (2 376) (5 396) (4 927) (9 582)
-------------------------------------------------------------------------------
Muud ärikulud (73) (120) (95) (140) (737)
-------------------------------------------------------------------------------
Ärikasum /(-kahjum) 1 617 1 245 711 1 287 5 499
-------------------------------------------------------------------------------
Intressitulud 25 10 61 19 60
-------------------------------------------------------------------------------
Intressikulud (451) (347) (908) (677) (1 499)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (12) (11) (22) (21) (55)
-------------------------------------------------------------------------------
Kokku finantstulud/(-
kulud) (439) (347) (870) (679) (1 494)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete aktsiatelt
ja osadelt 83 (242) 122 (795) (661)
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt 169 2 250 130 239
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 1 430 658 212 (57) 3 583
-------------------------------------------------------------------------------
Tulumaks (406) (46) (409) (62) (232)
-------------------------------------------------------------------------------
Aruandeperioodi
puhaskasum /(kahjum) 1 025 612 (197) (118) 3 351
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 025 613 (197) (120) 3 349
-------------------------------------------------------------------------------
Vähemusosalusele 0 (1) 0 2 2
-------------------------------------------------------------------------------
Koondkasum /(-kahjum)
kokku 1 025 612 (197) (118) 3 351
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 025 613 (197) (120) 3 349
-------------------------------------------------------------------------------
Vähemusosalusele 0 (1) 0 2 2
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum)
aktsia kohta 0,0332 0,0205 (0,0064) (0,0040) 0,1113
-------------------------------------------------------------------------------
Lahustunud kasum
/(kahjum) aktsia kohta 0,0332 0,0199 (0,0064) (0,0039) 0,1081
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I pa 2024 I pa 2023 12 kuud 2023
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum /(-kahjum) 711 1 287 5 499
-------------------------------------------------------------------------------
Korrigeerimised (mitterahalised):
-------------------------------------------------------------------------------
Põhivara kulum 2 773 2 265 4 719
-------------------------------------------------------------------------------
(Kasum)/ kahjum põhivara müügist,
mahakandmisest ja väärtuse langusest 10 (4) 387
-------------------------------------------------------------------------------
Aktsiaoptsiooni väärtuse muutus 0 16 26
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete
muutus (1 882) (5 409) (1 539)
-------------------------------------------------------------------------------
Varude muutus (21) 26 (35)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja
ettemaksete muutus 895 6 885 4 921
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (559) (108) (263)
-------------------------------------------------------------------------------
Makstud intressid (669) (540) (1 476)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 1 258 4 420 12 239
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude
investeeringute ost (miinus omandatud
sularaha)/
sissemaksed kapitaliosaluse meetodil
arvestatud investeeringutesse 0 (949) (1 469)
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 0 13 13
-------------------------------------------------------------------------------
Saadud intressid 60 2 28
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara
soetamine (2 008) (1 232) (3 391)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 5 3 275
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 4 0 8
-------------------------------------------------------------------------------
Saadud dividendid 204 674 674
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (1 735) (1 489) (3 862)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Makstud dividendid (1 848) (1 488) (1 488)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (1 142) (940) (2 004)
-------------------------------------------------------------------------------
Laenude tagasimaksed (1 122) (840) (1 727)
-------------------------------------------------------------------------------
Laekunud aktsiate emiteerimisest 98 0 0
-------------------------------------------------------------------------------
Laekunud omaaktsiate müügist 397 0 0
-------------------------------------------------------------------------------
Tasutud omaaktsiate tagasiostmisel 0 (1 000) (1 000)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (3 617) (4 268) (6 219)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (4 094) (1 337) 2 158
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 9 606 7 448 7 448
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 5 512 6 111 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 Q2 and 6 months of 2024
Message
The revenue of AS Ekspress Grupp for the 2(nd) quarter of 2024 increased by 6%
to EUR 19.6 million and EBITDA increased by 27% to EUR 3.0 million. The revenue
for the first six months of 2024 increased year-over-year by 2% to EUR 35.9
million and EBITDA decreased by -2% to EUR 3.5 million. At the end of June, the
share of digital revenue made up 87% of the Group's total revenue. Digital
revenue increased by 9% as compared to the same period last year. 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.
The 2(nd) quarter was successful both in terms of growing online advertising
revenue as well as digital subscription revenue. The revenue from ticket sales
platforms and the advertising revenue from outdoor screens also increased
strongly. In the 2(nd) quarter, the revenue of Ekspress Grupp reached EUR 19.6
million, increasing by 6% as compared to the same period last year. In the first
half of the year, revenue increased by 2%.
In a year-over-year comparison, the Group received more than 47 000 digital
subscriptions in the Baltic States, i.e. 27% more than at the end of June last
year. At the end of June 2024, digital subscriptions totalled 223 000. The
Group's digital revenue is increasingly based on digital subscription revenue
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 2(nd) quarter, the earnings before interest, tax, depreciation and
amortisation (EBITDA) of Ekspress Grupp totalled EUR 3.0 million, increasing by
27%. The profitability in the 2(nd) quarter received a boost from the successful
sale of online advertising and digital subscriptions as well as the increase in
the volume of ticket sales platforms and digital outdoor screens. In the first
six months of the year, EBITDA totalled EUR 3.5 million, decreasing by -2%. The
negative impact is due to the 1(st) quarter, when advertising revenue decreased
as a result of the general weak economic environment in the Baltic States, which
was also exacerbated by the fact that the election cycles were in later quarters
as compared to last year.
The net profit for the 2(nd) quarter of 2024 totalled EUR 1.0 million, which is
67% higher as compared to last year. However, in the first half of the year, the
Group incurred a net loss of EUR -0.2 million, which is EUR 0.08 higher as
compared to last year. Higher net loss in the first half of the year was also
primarily attributable 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
30 June 2024, the Group's available cash totalled EUR 5.5 million (30.06.2023:
EUR 6.1 million). In May 2024, the Group paid dividends of 6 euro cents per
share to its shareholders in the total amount of EUR 1.8 million.
Q2 AND 6 MONTHS RESULTS
REVENUE
In the 2(nd) quarter of 2024, the consolidated revenue totalled EUR 19.6 million
(Q2 2023: EUR 18.5 million). The revenue for the 2(nd) quarter increased by 6%
year-over-year. The consolidated revenue for the first 6 months of 2024 totalled
EUR 35.9 million (6 months 2023: EUR 35.3 million). The revenue for the first 6
months of the year increased by 2% as compared to the previous year. The growth
is attributable to the increase in digital subscription revenue as well as
increase in the volume of ticket sales platforms and digital outdoor screens.
The share of the Group's digital revenue in total revenue was 87% in the first
6 months of 2024 (6 months 2023: 82% of total revenue). Digital revenue for the
first 6 months of 2024 increased by 9% as compared to the same period last year.
PROFITABILITY
In the 2(nd) quarter of 2024, the consolidated EBITDA totalled EUR 3.0 million
(Q2 2023: EUR 2.4 million). EBITDA increased by 27% as compared to last year and
the EBITDA margin was 15% (Q2 2023: 13%). The profitability in the 2(nd) quarter
received a boost from the successful sale of online advertising and digital
subscriptions as well as the increase in the volume of ticket sales platforms
and digital outdoor screens. In the first 6 months of 2024, the consolidated
EBITDA totalled EUR 3.5 million (6 months 2023: EUR 3.6 million). EBITDA
decreased by -2% as compared to last year and the EBITDA margin was 10% (6
months 2023: 10%). The negative impact is due to the 1(st) quarter, when
advertising revenue decreased as a result of the general weak economic
environment in the Baltic States, which was also exacerbated by the fact that
the election cycles were in later quarters as compared to last year.
The consolidated net profit for the 2(nd) quarter of 2024 totalled EUR 1.0
million (Q2 2023: EUR 0.6 million), increasing by 67%. The consolidated net loss
for the first 6 months of 2024 totalled EUR -0.2 million (6 months 2023: EUR
-0.1 million). The 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 first 6 months of 2024, the cost of goods sold, marketing, and general
and administrative costs totalled EUR 35.3 million (6 months 2023: EUR 34.0
million). Operating expenses increased by EUR 1.3 million (+4%) as compared to
the same period last year. Labour costs increased the most, by EUR 0.7 million
(+4%).
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 5.5 million and equity in the amount of EUR 55.0 million (53% of total
assets). The comparable data as of 30 June 2023 were EUR 6.1 million and 53.1
million (51% of total assets), respectively. As of 30 June 2024, the Group's net
debt totalled EUR 13.4 million (30 June 2023: EUR 14.7 million).
In the first 6 months of 2024, the Group's cash flows from operating activities
totalled EUR 1.3 million (6 months 2023: EUR 4.4 million).
In the first 6 months of 2024, the Group's cash flows from investing activities
totalled EUR -1.7 million (6 months 2023: EUR -1.5 million), of which EUR -2.0
million was related to the development and acquisition of tangible and
intangible assets, demonstrating higher investments in products and
technologies.
In the first 6 months of 2024, the Group's cash flows from financing activities
totalled EUR -3.6 million, of which EUR -1.8 million is the dividend payment to
the shareholders of AS Ekspress Grupp (6 months 2023: EUR -4.3 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 -1.1 million and lease
liabilities in the amount of EUR -1.1 million.
DIVIDENDS
At the regular general meeting of shareholders of AS Ekspress Grupp held on 3
May 2024, it was decided to pay a dividend of 6 euro cents per share in the
total amount of EUR 1.8 million. Dividends were paid to shareholders on 22 May
2024.
SEGMENT OVERVIEW
Key financial indicators for segments
(EUR thousand) Sales
12 months
Q2 2024 Q2 2023 Change % 6M 2024 6M 2023 Change % 2023
Media segment 19 607 18 766 4% 35 813 35 634 1% 73 365
advertising
revenue 11 579 11 124 4% 20 379 20 805 -2% 42 074
subscriptions
(incl. single-
copy sales) 5 034 4 658 8% 10 077 9 219 9% 19 016
marketplaces 754 603 25% 1 664 1 239 34% 3 434
outdoor screens 1 269 837 52% 2 052 1 526 34% 3 530
sale of other
goods and
services 971 1 543 -37% 1 641 2 845 -42% 5 311
Corporate
functions 184 1 081 -83% 354 2 308 -85% 2 642
Inter-segment
eliminations (161) (1 320) (316) (2 658) (2 920)
TOTAL GROUP 19 631 18 528 6% 35 851 35 283 2% 73 086
incl. revenue
from all digital
channels 17 651 15 412 15% 31 319 28 796 9% 60 460
% of revenue
from all digital
channels 90% 83% 87% 82% 83%
(EUR thousand) EBITDA
12 months
Q2 2024 Q2 2023 Change % 6M 2024 6M 2023 Change % 2023
Media segment 3 388 2 643 28% 4 302 4 121 4% 11 695
Corporate
functions (363) (240) -51% (841) (561) -50% (1 477)
Inter-segment
eliminations 18 (4) 22 (8) (1)
TOTAL GROUP 3 042 2 399 27% 3 484 3 552 -2% 10 217
EBITDA margin Q2 2024 Q2 2023 6M 2024 6M 2023 12 months 2023
Media segment 17% 14% 12% 12% 16%
TOTAL GROUP 15% 13% 10% 10% 14%
Consolidated statement of financial position (unaudited)
(EUR thousand) 30.06.2024 31.12.2023
--------------------------------------------------------------
ASSETS
--------------------------------------------------------------
Current assets
--------------------------------------------------------------
Cash and cash equivalents 5 512 9 606
--------------------------------------------------------------
Trade and other receivables 14 898 13 143
--------------------------------------------------------------
Corporate income tax prepayment 150 24
--------------------------------------------------------------
Inventories 342 321
--------------------------------------------------------------
Total current assets 20 903 23 094
--------------------------------------------------------------
Non-current assets
--------------------------------------------------------------
Other receivables and investments 1 752 1 628
--------------------------------------------------------------
Deferred tax asset 132 130
--------------------------------------------------------------
Investments in joint ventures 973 851
--------------------------------------------------------------
Investments in associates 2 243 2 197
--------------------------------------------------------------
Property, plant and equipment 10 111 10 384
--------------------------------------------------------------
Intangible assets 67 996 67 482
--------------------------------------------------------------
Total non-current assets 83 207 82 672
--------------------------------------------------------------
TOTAL ASSETS 104 110 105 766
--------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------
Current liabilities
--------------------------------------------------------------
Borrowings (Note 5) 3 082 4 353
--------------------------------------------------------------
Trade and other payables 24 206 23 046
--------------------------------------------------------------
Corporate income tax payable 16 39
--------------------------------------------------------------
Total current liabilities 27 304 27 438
--------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------
Long-term borrowings 21 793 21 765
--------------------------------------------------------------
Other long-term liabilities 22 22
--------------------------------------------------------------
Total non-current liabilities 21 815 21 787
--------------------------------------------------------------
TOTAL LIABILITIES 49 118 49 225
--------------------------------------------------------------
EQUITY
--------------------------------------------------------------
Share capital 18 576 18 478
--------------------------------------------------------------
Share premium 14 277 14 277
--------------------------------------------------------------
Treasury shares (5) (1 057)
--------------------------------------------------------------
Reserves 2 364 2 285
--------------------------------------------------------------
Retained earnings 19 779 22 558
--------------------------------------------------------------
TOTAL EQUITY 54 991 56 541
--------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 104 110 105 766
--------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q2 2024 Q2 2023 6M 2024 6M 2023 12 months 2023
-------------------------------------------------------------------------------
Sales 19 631 18 528 35 851 35 283 73 086
-------------------------------------------------------------------------------
Cost of sales (14 689) (14 107) (28 258) (27 748) (55 046)
-------------------------------------------------------------------------------
Gross profit 4 941 4 422 7 593 7 535 18 040
-------------------------------------------------------------------------------
Other income 132 110 289 181 581
-------------------------------------------------------------------------------
Marketing expenses (823) (791) (1 680) (1 362) (2 803)
-------------------------------------------------------------------------------
Administrative expenses (2 561) (2 376) (5 396) (4 927) (9 582)
-------------------------------------------------------------------------------
Other expenses (73) (120) (95) (140) (737)
-------------------------------------------------------------------------------
Operating profit /(loss) 1 617 1 245 711 1 287 5 499
-------------------------------------------------------------------------------
Interest income 25 10 61 19 60
-------------------------------------------------------------------------------
Interest expenses (451) (347) (908) (677) (1 499)
-------------------------------------------------------------------------------
Other finance
income/(costs) (12) (11) (22) (21) (55)
-------------------------------------------------------------------------------
Net finance cost (439) (347) (870) (679) (1 494)
-------------------------------------------------------------------------------
Profit/(loss) on shares
of joint ventures 83 (242) 122 (795) (661)
-------------------------------------------------------------------------------
Profit/(loss) on shares
of associates 169 2 250 130 239
-------------------------------------------------------------------------------
Profit /(loss) before
income tax 1 430 658 212 (57) 3 583
-------------------------------------------------------------------------------
Income tax expense (406) (46) (409) (62) (232)
-------------------------------------------------------------------------------
Net profit /(loss) for
the reporting period 1 025 612 (197) (118) 3 351
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 025 613 (197) (120) 3 349
-------------------------------------------------------------------------------
Minority interest 0 (1) 0 2 2
-------------------------------------------------------------------------------
Total comprehensive
income /(loss) 1 025 612 (197) (118) 3 351
-------------------------------------------------------------------------------
Comprehensive income /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 025 613 (197) (120) 3 349
-------------------------------------------------------------------------------
Minority interest 0 (1) 0 2 2
-------------------------------------------------------------------------------
Earnings per share (euro)
-------------------------------------------------------------------------------
Basic earnings per share 0.0332 0.0205 (0.0064) (0.0040) 0.1113
-------------------------------------------------------------------------------
Diluted earnings per
share 0.0332 0.0199 (0.0064) (0.0039) 0.1081
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 6M 2024 6M 2023 12 months 2023
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year 711 1 287 5 499
-------------------------------------------------------------------------------
Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 2 773 2 265 4 719
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment
of property, plant and equipment 10 (4) 387
-------------------------------------------------------------------------------
Change in value of share option 0 16 26
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (1 882) (5 409) (1 539)
-------------------------------------------------------------------------------
Inventories (21) 26 (35)
-------------------------------------------------------------------------------
Trade and other payables 895 6 885 4 921
-------------------------------------------------------------------------------
Income tax paid (559) (108) (263)
-------------------------------------------------------------------------------
Interest paid (669) (540) (1 476)
-------------------------------------------------------------------------------
Net cash generated from operating activities 1 258 4 420 12 239
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less
cash acquired) and other investments /
cash paid-in equity-accounted investees 0 (949) (1 469)
-------------------------------------------------------------------------------
Receipts of other investments 0 13 13
-------------------------------------------------------------------------------
Interest received 60 2 28
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (2 008) (1 232) (3 391)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment and intangible assets 5 3 275
-------------------------------------------------------------------------------
Loan repayments received 4 0 8
-------------------------------------------------------------------------------
Dividends received 204 674 674
-------------------------------------------------------------------------------
Net cash used in investing activities (1 735) (1 489) (3 862)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid (1 848) (1 488) (1 488)
-------------------------------------------------------------------------------
Payment of lease liabilities (1 142) (940) (2 004)
-------------------------------------------------------------------------------
Repayments of bank loans (1 122) (840) (1 727)
-------------------------------------------------------------------------------
Proceeds from share issuance 98 0 0
-------------------------------------------------------------------------------
Proceeds from sale of treasury shares 397 0 0
-------------------------------------------------------------------------------
Purchases of treasury shares 0 (1 000) (1 000)
-------------------------------------------------------------------------------
Net cash used in financing activities (3 617) (4 268) (6 219)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (4 094) (1 337) 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 5 512 6 111 9 606
-------------------------------------------------------------------------------
Argo Rannamets
CFO
AS Ekspress Grupp
E-mail address: 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 in Estonia and Latvia. Ekspress Grupp launched its operations in 1989
and employs almost 1100 people.