Market announcement
AS Ekspress Grupp
LEI code
529900B52V1TUMW7FS54
Size of the entity
Large group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
2086
Attachments
Submission date and time
26.02.2009 15:45:00
Content of announcement in Estonian
Title
AS Ekspress Grupp IV kvartali 2008 aruanne
Message
Ekspress Grupi müügitulu kasvas 2008 aastal 15 % ja kulumieelne ärikasum
(EBITDA) 13% võrreldes möödunud aastaga. 2008 aasta IV kvartali müügitulu langus
oli 1% ja EBITDA langus 16% võrreldes möödunud aasta sama perioodiga. Müügitulu
kasvu peatumine ja EBITDA langus IV kvartalis on tingitud majanduse langusest
põhjustatud reklaamitulude langusest.
Ekspress Grupi 2008 aasta tegevust iseloomustavad olulised arvnäitajad
- Müügitulu 1 323.4 miljonit krooni (84.6 miljonit eurot), aastane kasv 15%
- Brutokasum 337.1 miljonit krooni ( 21.5 miljonit eurot), aastane kasv 11%
- Kulumieelne ärikasum (EBITDA) 175.8 milj. krooni (11.2 milj. eurot), aastane
kasv 13%
- Ärikasum (EBIT) 114.3 miljonit krooni (7.3 miljonit eurot), aastane muutus
-2%
- Puhaskasum 49.5 miljonit krooni (3.2 miljonit eurot), aastane muutus -46%
Ekspress Grupi 2008 aasta IV kvartali tegevust iseloomustavad olulised
arvnäitajad
- Müügitulu 360.1 miljonit krooni (23.0 miljonit eurot), aastane muutus -1%
- Brutokasum 88.3 miljonit krooni ( 5.6 miljonit eurot), aastane muutus -1%
- Kulumieelne ärikasum (EBITDA) 40.2 milj. Krooni (2.6 milj. eurot), aastane
muutus -16%
- Ärikasum (EBIT) 26.2 miljonit krooni (1.6 miljonit eurot), aastane muutus
-22%
- Puhaskasum 5.8 miljonit krooni (0.4 miljonit eurot), aastane muutus -73%
2008 aasta IV kvartali olulisemad sündmused
- Delfi Infoliin 1184 lansseerimine, mis vahetas välja senise 1184
Numbriinfo.
- naisteajakiri Moteris uuenenud veebiväljaande www.moteris.lt lansseerimine
Leedus
- Videouudiste portaali Delfi.TV lansseerimine Eestis ja Lätis
- www.ekspresskinnisvara.ee tõus oktoobri lõpus külastatavuselt Eesti teiseks
kinnisvaraportaaliks.
- Raamatukaupluse avamine Rocca Al Mare kaubanduskeskuses Tallinnas „Rahva
Raamat“ kaubamärgi all
Reklaamituru ülevaade
Meediaanalüütik Toomas Leito andmetel on ajakirjade reklaamitulu langenud 18%
mulluse tasemega võrreldes. Ajalehtede reklaamitulu langus, mis on enim
mõjutatud töökuulutuste, kinnisvara, ja auto reklaamide kokkukuivamisest, on
10%. Neljandas kvartalis jätkus Eestis printreklaami turu langus olles eelmiste
kvartalitega võrreldes oluliselt järsem: ajalehtede reklaamitulu langes 22% ja
ajakirjade reklaamitulu 17% 2007 aasta neljanda kvartaliga võrreldes. Samal ajal
jäi interneti reklaamitulu neljandas kvartalis 2007 aasta sama perioodi
tasemele. Veebireklaam ei kasva enam nii jõudsalt kui varasematel perioodidel,
kuid kasv jätkub ning veebireklaami kasv kogu reklaamiturust on kiirenenud.
Arvestades neljandas kvartalis valitsenud paanikat finantsturgude
kokkuvarisemisest ja üldisest majanduse madalseisust, on selline tulemus
ootuspärane.
Ülevaade segmentide lõikes
Ekspress Grupi tegevus keskendus 2008 aasta neljandas kvartalis jätkuvalt viiele
põhisegmendile: online meedia, kirjastamine, trükiteenused, raamatute müük ja
infoteenused. Online meedia segmendis kajastuvad 2008 aastast ka ASi Eesti
Päevaleht, SLÕhtuleht ASi ja Eesti Ekspress Kirjastus ASi web väljaanded ja
Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö web keskkonnad, mida varem
kajastati kirjastussegmendi all. Samuti kajastatakse online media segmendis kõik
tulevikus loodavad web keskkonnad.
Kõige suurem müügitulu kasv 2008 aasta neljandas kvartalis absoluutnumbrites
võrreldes 2007 aasta sama perioodiga saavutati trükiteenuste segmendis, kus
müügitulu tõus saavutati tootmisvõimsuste tõusuga uue trükipressi
käikurakendamisel oktoobris 2007. Müügitulu tõusis ka raamatumüügis tänu uute
kaupluste avamisele. Enim langes müügitulu neljandas kvartalis
kirjastamissegmendis, tingituna reklaamituru olulisest langusest aasta lõpul.
Online meedia segmendis on Delfi jätkuvalt Baltimaade juhtiv uudisteportaal,
mille kasutajaskond näitas 2007 aasta sama perioodiga võrreldes kasvu kõikidel
turgudel. Kokku kasutab Delfi portaale 2.5 miljonit inimest Baltimaades ja
Ukrainas. TNS Metrixi andmetel oli Delfi Eestis neljandas kvartalis jätkuvalt
suurim uudisteportaal 549 000 unikaalse kasutajaga kuus, kasvatades
kasutajaskonda võrreldes aasta taguse sama ajaga 28 000 unikaalse kasutaja
võrra. Delfi suurimal konkurendil www.postimees.ee oli samal perioodil 445 000
unikaalset kasutajat. Leedus oli Delfil Gemius Audience andmetel neljandas
kvartalis kuus keskmiselt 924 000 unikaalset külastajat, olles sellega jätkuvalt
suurim uudisteportaal. Konkureerivatel uudisportaalidel www.lrytas.lt ja
www.alfa.lt oli samal perioodil vastavalt 665 000 ja 527 000 unikaalset
külastajat.
Samuti on Delfi Lätis suurim uudisteportaal Gemius Audience andmetel 589 000
unikaalse kasutajaga kuus. Lätis Delfiga konkureerivatel uudisportaalidel
www.tvnet.lv oli 420 000 ja www.apollo.lv 371 000 unikaalset külastajat.
Bilansipäeva seisuga haldab AS Delfi koos Läti, Leedu ja Ukraina
tütarettevõtjatega eesti- ja venekeelseid portaale Eestis, http://www.delfi.ee
ja rus.delfi.ee, läti- ja venekeelseid portaale Lätis http://www.delfi.lv ja
rus.delfi.lv, leedu- ja venekeelseid portaale Leedus http://www.delfi.lt,
http://www.klubas.lt, http://ru.delfi.lt) ning uudisteportaal Ukrainas
http://www.delfi.ua.
Esimeses kvartalis Leedus lansseeritud meelelahutusportaal www.klubas.lt oli
neljandas kvartalis 253 000 unikaalse kasutajaga kuus suurim
meelelahutusportaal. Leedus teises kvartalis lansseeritud suurim naistele
orienteeritud kuukirja „Panele“ uus veebiversioon www.panele.lt omas neljandas
kvartalis 213 000 unikaalset kasutajat kuus, olles suurima kasutajaskonnaga
ajakirja veebiversioon. Neljandas kvartalis tuli naisteajakiri Moteris Leedus
välja uuenenud veebiväljaandega www.moteris.lt, mida külastas keskmiselt 73 000
unikaalset külastajat kuus. Juulis Lätis lansseeritud meelelahutusportaal
www.mango.lv. tugevdas oma liidripositsiooni valdkonna juhtiva portaalina,
saades 4 kvartalis juurde 33 000 unikaalset külastajat kuus. Augustis Delfi
poolt Eestis lansseeritud meelelahutusportaal Publik.ee saavutas kiiresti oma
valdkonnas juhtiva positsiooni, omades keskmiselt 237 000 unikaalset külastajat
nädalas. Septembris Eestis lansseeritud teadus ja tehnoloogia uudiste keskkonnal
Forte.ee omas neljanda kvartali lõpu seisuga 89 000 unikaalset kasutajat
nädalas.
Oktoobris lansseeriti Eestis ja novembris Lätis videouudiste portaal Delfi.TV,
mis võimaldab esmakordselt internetipõhist videoportaali jälgida koduselt TV
ekraanilt.
AS Ekspress Kirjastus haldab Eestis autoportaali www.ekspressauto.ee,
kinnisvaraportaali www.ekspresskinnisvara.ee ja töökuulutuste portaali
www.ekspressjob.ee. Aasta alguses turule toodud www.ekspresskinnisvara.ee tõusis
oktoobri lõpus veebilehtede mõõtmiskeskkonna TNS Metrix andmeil ligi 80 000
unikaalse külastajaga nädalas külastatavuselt teiseks kinnisvaraportaaliks
Eestis möödudes sellistest portaalidest nagu kv.ee, soov.ee ja kuldnebors.ee.
Ekspresskinnisvara.ee on olnud sel aastal üldse kõige kiiremini kasvav
kinnisvaraportaal, kiire kasvu on taganud portaali hea tehniline lahendus ning
igakülgne koostöö Delfiga.
Autoportaal ekspressauto.ee kindlustas endale jätkuvalt turul teise positsiooni
omades keskmiselt 26 000 unikaalset külastajat nädalas. Teises kvartalis
lansseeritud tööotsingu keskkond ekspressjob.ee lansseeris Delfis detsembri
lõpus tööuudiste rubriigi, mis tõstis ekspressjob.ee kasutajaskonna 30 000
unikaalsele külastajale nädalas.
Kontserni juhtkonna eesmärk on tugevdada kontserni turuliidri positsiooni
internetiturul kõikides Balti riikides.
Detsembris alustati Delfi restruktureerimise projekti elluviimist, mille esimese
sammuna registreeriti 23. detsembril 2008 Lätis AS-i Ekspress Grupp
tütaräriühing SIA Delfi Holding. 30. detsembril 2008 sõlmiti Delfi AS (Eesti)
ja SIA Delfi Holding vahel aktsiate ostu-müügileping 100% Delfi AS (Läti)
aktsiate müügi kohta.
Delfi Grupi müügitulu aastane langus 2008 aasta neljandas kvartalis oli 9%.
Neljanda kvartali EBITDA moodustas 2007 aasta sama perioodi tasemest 41%.
EBITDA langus neljandas kvartalis on tingitud Delfi Ukraina käivitamisega
seotud kuludest 1.4 miljonit krooni (0.09 miljonit eurot), samuti uutest
täiendavast arendusprojektist nagu klubas.lt Leedus 1.0 miljonit krooni (64
tuhat eurot), mango.lv Lätis 0.7 miljonit krooni (45 tuhat eurot), publik.ee
Eestis 0.7 miljonit krooni (45 tuhat eurot) ja forte.ee Eestis 0.4 miljonit
krooni (25 tuhat eurot). Neljanda kvartali kulusid suurendasid ka töötajate
koondamistasud. Arvestamata ülalnimetatud arendusprojektide kulusid moodustas
EBITDA neljandas kvartalis 73% 2007 aasta sama perioodi tasemest. Delfi Grupi
2008 aasta müügitulu kasvas 13% võrreldes 2007 aastaga ja EBITDA moodustas 2007
aasta tasemest 79%. Arvestamata ülalmainitud arendusprojektide kulusid on 2008
EBITDA langus 4%.
Et reklaamitulud on äärmiselt tundlikud majanduskeskkonna suhtes, on majanduse
jahenemisega kaasnenud kirjastamissegmendi reklaamikäibe langus. Neljandas
kvartalis langes kontserni kirjastamissegmendi reklaamitulu 26%. Majanduse
jahenemine on neljandas kvartalis mõjutanud ka perioodika üksikmüüki, mis on
langenud 8% 2007 aasta neljanda kvartaliga võrreldes. Samal ajal on tellimuste
müük langenud minimaalselt -1%. Reklaamitulu pidurdumisel on oluline mõju
kirjastussegmendi kasumile, sest reklaamitulu brutomarginaal on oluliselt kõrgem
kui tellimustel ja üksikmüügil. Kirjastamissegmendi EBITDA langes neljandas
kvartalis 13% võrreldes 2007 aasta sama perioodiga. Neljandas kvartalis lõppes
edukalt Eesti Päevalehe Eesti ajalugu käsitleva raamatusarja „Eesti Lugu“
tellimiskampaania, mis lisas Eesti Päevalehe lugejaskonda nii uusi tellijaid kui
suurendas üksikmüüki. Neljapäeviti TV3-s linastuv Eesti Ekspress kajastav saade
„Värske Ekspress“ on neljandas kvartalis suurendanud Eesti Ekspressi
lugejaskonda.
Trükiteenuste segmendis on trükiettevõtja müügitulu kasv 2008 aasta neljandas
kvartalis arvestatav 9% 2007 aasta sama perioodiga võrreldes. 2007 aasta
oktoobris käivitunud trükimasina tootmismahu katmine uute lepingutega lubas
kasvatada tänavu oktoobris ettevõtja eksporti 73% võrra ning tõsta
trükiettevõtja kogu müügitulu pea ajaloolise rekordi tasemele. Nii nagu
kirjastamisele on ka trükiteenustele iseloomulik sesoonsus, kus üks kõrghetk on
märtsist maini ja teine just oktoobris-novembris.
15. detsembril 2008 sõlmis trükiettevõtja ostu-müügilepingu tema omanduses oleva
6859 m2-se hoonestamata kinnistu müügi kohta summas 9 miljonit krooni (0.6
miljonit eurot). Trükiettevõtja EBITDA kasv oli neljandas kvartalis 31%.
Trükiettevõtja aastane EBITDA kasv oli 22% arvestamata kinnistu müügist saadud
kasumit 6.6 miljonit krooni ( 0.4 miljonit eurot).
Raamatumüügis saavutati neljandas kvartalis müügitulu 8%-line kasv. Raamatute
jaemüügi müügitulu kasv moodustas koguni 37%, mis on saavutatud müügipinna
lisandumisest. 2008 aastal avati kolm uut kauplust, millest 1. Oktoobril Rocca
al Mare kaubanduskeskuses avatud 800 ruutmeetrisel pinnal asuv Rahva Raamat on
Eestis suuruselt teine raamatukauplus. Järgmisel aastal avab Rahva Raamat ühe
uue kaupluse, milleks on esinduskauplus uues Pärnu Keskuses.
Kui 2008 aastal suurenes Infoteenuste müügitulu 6% võrreldes 2007 aastaga, siis
neljandas kvartalis müügitulu mõnevõrra langes, 2% võrreldes 2007 aasta sama
perioodiga. Infoteenuste müük arvestamata tulude periodiseerimist seevastu
tõusis 17%. 2008 aasta neljanda kvartali EBITDA langus ja 2008 aasta EBITDA
langus oli tingitud Rumeenias saavutatud kahjumist ja lootusetute nõuete
mahakandmisest Eestis. Bilansi kuupäeva seisuga on Ekspress Grupp väljunud
infoteenuste ärist Rumeenias. Oktoobris lansseeriti koostöös Delfiga uus Delfi
Infoliin 1184, mis vahetab välja senise 1184 Numbriinfo.Uue brändi Delfi
Infoliin 1184 alla on koondatud lisaks internetikeskkonnas www.ee.ee leiduvale
informatsioonile ka Delfi firmaotsing. Delfi Infoliin 1184 on universaalne
infotelefon, mis annab ööpäevaringselt infot vastavalt soovile eesti, inglise
või vene keeles. Koostööst Delfiga ootame infoteenuste müügitulu kasvu.
Kasum
Arvestades reklaamiäri sesoonset iseloomu, on ASi Maaleht ja Delfi Grupi
lisandumisega kontserni müügituludes reklaamitulude osakaal märgatavalt
suurenenud, mistõttu on sesoonsuse mõju kontserni müügitulule ja kasumile
varasemast suurem. Neljandas kvartalis süvenenud majanduse jahenemise mõju
kontserni müügitulule ja kasumile väljendus ajalehtede ja ajakirjade
reklaamitulude languses ja sellest tulenevalt kasumi languses.
Müügitulude 1%-lise languse kõrval on otsekulud kasvanud neljandas kvartalis 1%,
mille tulemusena on brutokasumi marginaal langenud neljandas kvartalis 26.6%-lt
24.5%-le. Trüki- ja leviteenuste kallinemise kõrval on tõusnud otsekuludes
kajastatud põhivara kulum.
2008 aasta neljanda kvartali kulumieelne ärikasum (kasum enne põhivara
amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA)
moodustas 40.2 miljonit krooni (2.6miljonit eurot) moodustades 84% 2007 aasta
sama perioodi tulemust. Neljanda kvartali ärikasum ulatus 26.1 miljoni kroonini
(1.7 miljoni euroni) jäädes 2007 aasta tasemele alla 22%. Neljanda kvartali
ärirentaabluseks kujunes 7.3% (2007 neljas kvartal: 9.2%). Ärikasumi kasvu
aeglustumine on reklaamitulu languse kõrval tingitud kulumi kasvust seoses Delfi
ja Maalehe soetamisel lisandunud immateriaalse põhivaraga ja teistest põhivara
investeeringutest 2007 aastal.
Grupi turunduskulud on kasvanud seoses uute firmade (AS Maaleht, Delfi Grupp,
TeleTell), lisandumisega kontserni 2007 aasta teisel poolaastal ning uute
toodete ja turunduskampaaniate lansseerimisega, mis on seotud uute toodete nagu
kinnisvara-, auto- ja töökuulutuste portaalid, samuti Eesti Päevalehe uue
raamatuprojekti turuletoomisega. Neljanda kvartali turunduskulud on tõusnud
lisaks ülalnimetatutele ka Hotline brändireklaami kampaania ning telesaate
Värske Ekspress tootmiskulude tõttu. Aastane kasv võrreldes 2007 aastaga on
16%. Samas on neljandas kvartalis turunduskulud langenud 12 % võrreldes 2007
aasta sama perioodiga, mis on saavutatud turunduskulude optimeerimisest.
Administratiivkulud on neljandas kvartalis langenud 14% võrreldes eelmise aasta
sama perioodiga. Administratiivkuludes kajastatud töötasu on langenud neljandas
kvartalis 20% 2007 aasta sama perioodiga võrreldes. Üldhalduskulude langus on
saavutatud allpool kirjeldatud kokkuhoiu meetmete realiseerimise tulemusena.
Töötasu langus on saavutatud töötasu tõusu külmutamise ja töötajate koondamise
tulemusena.
Muudes ärituludes sisaldub kasum 6.6 miljonit krooni ( 0.4 miljonit eurot)
Printalli omanduses oleva 6859 m2-se hoonestamata kinnistu müümisest vastavalt
15. Detsembril 2008 sõlmitud ostu-müügilepingule.
Grupi 2008 aasta neljanda kvartali finantskulud ulatusid 18.7 miljoni kroonini
(1.2 miljoni euroni). Põhilise osa finantskuludest moodustasid intressikulud
16.4 miljonit krooni (1.0 miljonit eurot) (2007 neljas kvartal: 14.7 miljonit
krooni (0.9 miljonit eurot). Intressikulude tõus on tingitud Ekspress Grupi
poolt 2007 aasta neljandas kvartalis Delfi ja Maalehe omandamiseks SEB-i, Sampo
Panga ja Nordea panga sündikaadilt 674.4 miljoni krooni (43.1 miljoni euro)
suuruse laenu võtmisest. Seisuga 31. detsember 2008 on laenu jääk 574.1 miljonit
krooni (36.7 miljonit eurot).
Kokku teenis Ekspress Grupp 2008 aasta neljandas kvartalis puhaskasumit (peale
makse ja vähemusosalust) 5.8 miljonit krooni (0.4 miljonit eurot). 2007 aasta
sama perioodiga võrreldes vähenes puhaskasum 73%. Puhaskasumi kasvu pidurdumine
on lisaks ärikasumit mõjutavatest sündmustest tingitud intressikulude tõusust
seoses võetud sündikaatlaenuga.
Järjest süveneva majanduslanguse tingimustes oleme neljandas kvartalis jätkanud
eelmistes kvartalis alustatud kulude kokkuhoiu programmi. Programmi põhiosad on
paberi- ja printimiskulude kokkuhoid, IT arenduskulude kokkuhoid ja tööjõukulude
kokkuhoid. Üldhalduskuludest on täiendavalt varem avalikustatud kulude kokkuhoiu
meetmetele kärbitud koolitus- esindus-, lähetus-, parkimise jm kulusid. Suurim
kokkuhoiu allikas on tööjõukulud, mis on peamiselt saavutatud läbi töötajate
koondamise. Bilansi kuupäeva seisuga on koondatud 60 töötajat. Töötajate
koondamine puudutab eelkõige Ajakirjade Kirjastust, Ekspress Kirjastust, Eesti
Päevalehte ja Delfit. Seoses neljandas kvartalis läbiviidud täiendava
töötajate koondamistega sisalduvad ka neljanda kvartali tööjõukuludes
koondamistasud. Nende tööjõukulude kokkuhoiu efekt saavutatakse alates uuest
aastast. Neljandas kvartalis läbiviidud täiendavad töötajate koondamised olid
tingitud nii reklaamimahu oluliselt vähenemisest kui äriefektiivsuse tõstmiseks
vajalikust tugifunktsioonide liitmisest. Töötajate arvu ning palkade vähendamine
jätkub 2009 aastal.
Bilanss ja investeeringud
2008. aasta 31. detsembri seisuga ulatus Ekspress Grupi konsolideeritud
bilansimaht 1 706.5 miljoni kroonini (109.0 miljoni euroni) vähenedes aastaga
2.6%. Käibevarad vähenesid aastaga 6% ulatudes 287.6 miljoni kroonini (18.4
miljoni euroni) seisuga 31. detsember 2008. Lühiajalised kohustused suurenesid
aastaga 4% ulatudes aasta lõpus 457.6 miljoni kroonini (29.2 miljoni euroni).
Lühiajalistest kohustustest vähenesid laenukohustused 11.5% ulatudes aasta lõpus
176.2 miljoni kroonini (11.3 miljoni euroni). Samal aja suurenesid võlad Grupi
ettevõtjatele 27% ja tarnijatele 5%.
Detsembri lõpu seisuga ulatusid Grupi pikaajalised võlakohustused 628.0 miljoni
kroonini (40.1 miljoni euroni), vähenedes aastaga 113.8 miljonit krooni (7.3
miljonit eurot) ehk 15%. Pikaajalistest võlakohustustest moodustavad pangalaenud
524.3 miljonit krooni (33.5 miljonit eurot) ja kapitalirendi võlg 103.5 miljonit
krooni (6.6 miljonit eurot). Pikaajalistest laenukohustustest moodustab 476.9
miljonit krooni (30.5 miljonit eurot) Ekspress Grupi poolt 2007 aasta neljandas
kvartalis SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud 674.4 miljoni
krooni (43.1 miljoni euro) suuruse laenu pikaajaline osa. Kogu nimetatud laenu
jääk seisuga 31. detsember 2008 moodustab 574.1 miljonit krooni (36.7 miljonit
eurot).
Materiaalne põhivara ulatus aasta lõpu seisuga 389.6 miljoni kroonini (24.9
miljoni euroni) vähenedes aastaga 4%. Immateriaalne põhivara ulatus aasta lõpu
seisuga 1 013.4 miljoni kroonini (64.7 miljoni euroni) vähenedes aastaga 1%.
Immateriaalsest põhivarast moodustab 822.3 miljonit krooni (52.6 miljonit eurot)
Delfi Grupi ostmisega lisandunud kaubamärkide, kliendisuhete ja tarkvara
jääkväärtus ning soetamisel tekkinud firmaväärtus. Kinnisvarainvesteeringute
suurenemine on tingitud Printalli 6859 m2-se hoonestamata kinnistu kajastamisest
kinnisvarainvesteeringuna korrigeeritud turuväärtuses 9 miljonit krooni (0.6
miljonit eurot) seisuga 31. detsember 2008.
Töötajad
Ekspress Grupis töötas 2008 aasta 31. detsembri seisuga 2 393 inimest (31.
detsember 2007: 2 292 inimest). 2008 aasta 12 kuu keskmine töötajate arv oli
2 375 (2007 12 kuu : 2 274 ). Ekspress Grupi töötajatele maksti 2008. aasta 12
kuu jooksul töötasusid kokku 309.3 miljonit krooni (19.8 miljonit eurot),
(2007 12 kuu: 241.5 miljonit krooni ( 15.4 miljonit eurot))*.
*ühisettevõtetest proportsionaalne osa
--------------------------------------------------------------------------------
| Suhtarvud (%) | | 12 kuud 2008 | 12 kuud 2007 |
--------------------------------------------------------------------------------
| Müügitulu kasv (%) | 15% | 24% |
--------------------------------------------------------------------------------
| Brutorentaablus (%) | 25% | 26% |
--------------------------------------------------------------------------------
| Puhasrentaablus (%) | 4% | 8% |
--------------------------------------------------------------------------------
| Omakapitali osakaal (%) | 36% | 33% |
--------------------------------------------------------------------------------
| Varade tootlus (%) | 3% | 8% |
--------------------------------------------------------------------------------
| Omakapitali tootlus (%) | 8% | 21% |
--------------------------------------------------------------------------------
| Ärirentaablus (%) | 9% | 10% |
--------------------------------------------------------------------------------
| Likviidsuskordaja | 63% | 69% |
--------------------------------------------------------------------------------
| Võla ja omakapitali suhe | 139% | 167% |
| (%) | | |
--------------------------------------------------------------------------------
| Finantsvõimendus (%) | 55% | 58% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2,61 | 5,00 |
--------------------------------------------------------------------------------
| 0,17 | 0,32 |
--------------------------------------------------------------------------------
| Puhaskasum aktsia kohta | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (müügitulu 12 kuud 2008 - müügitulu 12 kuud 2007) / müügitulu 12 kuud |
| 2007*100 |
--------------------------------------------------------------------------------
| brutokasum/müügitulu*100 |
--------------------------------------------------------------------------------
| puhaskasum/müügitulu*100 |
--------------------------------------------------------------------------------
| omakapital / (kohustused+omakapital)* 100 |
--------------------------------------------------------------------------------
| puhaskasum/keskmised varad *100 |
--------------------------------------------------------------------------------
| puhaskasum/keskmine omakapital *100 |
--------------------------------------------------------------------------------
| ärikasum/müügitulu*100 |
--------------------------------------------------------------------------------
| käibevara/lühiajalised kohustused |
--------------------------------------------------------------------------------
| intressi kandvad võlakohustused/omakapital*100 |
--------------------------------------------------------------------------------
| intressi kandvad võlakohustused-raha ja raha ekvivalendid/ intressi kandvad |
| võlakohustused+omakapital*100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| puhaskasum/keskmine aktsiate arv | |
--------------------------------------------------------------------------------
Konsolideeritud bilanss (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha | 46 388 | 68 970 |
--------------------------------------------------------------------------------
| Finantsvarad õiglases väärtuses muutusega | 8 025 | 4 606 |
| läbi kasumiaruande | | |
--------------------------------------------------------------------------------
| Nõuded ja ettemaksed | 166 844 | 165 828 |
--------------------------------------------------------------------------------
| Varud | 66 355 | 66 161 |
--------------------------------------------------------------------------------
| Käibevara kokku | 287 612 | 305 565 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Nõuded ja ettemaksed | 3 270 | 13 671 |
--------------------------------------------------------------------------------
| Investeeringud sidusettevõtetesse | 302 | 964 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 12 341 | 3 732 |
--------------------------------------------------------------------------------
| Materiaalne põhivara (lisa 4) | 389 600 | 404 880 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara (lisa 4) | 1 013 379 | 1 023 419 |
--------------------------------------------------------------------------------
| Põhivara kokku | 1 418 892 | 1 446 666 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 1 706 504 | 1 752 231 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Kohustused | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Laenukohustused (lisa 5) | 176 219 | 199 013 |
--------------------------------------------------------------------------------
| Võlad ja ettemaksed | 281 416 | 240 703 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 457 635 | 439 716 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused (lisa 5) | 627 811 | 741 585 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | 163 | 88 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 627 974 | 741 673 |
--------------------------------------------------------------------------------
| Kohustused kokku | 1 085 609 | 1 181 389 |
--------------------------------------------------------------------------------
| Omakapital | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv osa | | |
| omakapitalist | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 189 711 | 189 711 |
--------------------------------------------------------------------------------
| Ülekurss | 183 495 | 183 495 |
--------------------------------------------------------------------------------
| Reservid | 10 222 | 10 222 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 235 508 | 185 981 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv | 1 671 | 480 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv osa | 620 607 | 569 889 |
| omakapitalist kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 288 | 953 |
--------------------------------------------------------------------------------
| Omakapital kokku | 620 895 | 570 842 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 1 706 504 | 1 752 231 |
--------------------------------------------------------------------------------
Konsolideeritud bilanss (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| VARAD | | |
--------------------------------------------------------------------------------
| Käibevara | | |
--------------------------------------------------------------------------------
| Raha | 2 965 | 4 408 |
--------------------------------------------------------------------------------
| Finantsvarad õiglases väärtuses muutusega | 513 | 294 |
| läbi kasumiaruande | | |
--------------------------------------------------------------------------------
| Nõuded ja ettemaksed | 10 663 | 10 598 |
--------------------------------------------------------------------------------
| Varud | 4 241 | 4 228 |
--------------------------------------------------------------------------------
| Käibevara kokku | 18 382 | 19 528 |
--------------------------------------------------------------------------------
| Põhivara | | |
--------------------------------------------------------------------------------
| Nõuded ja ettemaksed | 207 | 874 |
--------------------------------------------------------------------------------
| Investeeringud sidusettevõtetesse | 19 | 62 |
--------------------------------------------------------------------------------
| Kinnisvarainvesteeringud | 789 | 239 |
--------------------------------------------------------------------------------
| Materiaalne põhivara (lisa 4) | 24 900 | 25 877 |
--------------------------------------------------------------------------------
| Immateriaalne põhivara (lisa 4) | 64 767 | 65 408 |
--------------------------------------------------------------------------------
| Põhivara kokku | 90 682 | 92 460 |
--------------------------------------------------------------------------------
| VARAD KOKKU | 109 064 | 111 988 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL | | |
--------------------------------------------------------------------------------
| Kohustused | | |
--------------------------------------------------------------------------------
| Lühiajalised kohustused | | |
--------------------------------------------------------------------------------
| Laenukohustused (lisa 5) | 11 262 | 12 719 |
--------------------------------------------------------------------------------
| Võlad ja ettemaksed | 17 986 | 15 384 |
--------------------------------------------------------------------------------
| Lühiajalised kohustused kokku | 29 248 | 28 103 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused | | |
--------------------------------------------------------------------------------
| Pikaajalised laenukohustused (lisa 5) | 40 124 | 47 396 |
--------------------------------------------------------------------------------
| Muud pikaajalised võlad | 10 | 6 |
--------------------------------------------------------------------------------
| Pikaajalised kohustused kokku | 40 134 | 47 402 |
--------------------------------------------------------------------------------
| Kohustused kokku | 69 382 | 75 505 |
--------------------------------------------------------------------------------
| Omakapital | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv osa | | |
| omakapitalist | | |
--------------------------------------------------------------------------------
| Aktsiakapital | 12 125 | 12 125 |
--------------------------------------------------------------------------------
| Ülekurss | 11 727 | 11 727 |
--------------------------------------------------------------------------------
| Reservid | 653 | 653 |
--------------------------------------------------------------------------------
| Jaotamata kasum | 15 052 | 11 886 |
--------------------------------------------------------------------------------
| Valuutakursi muutuste reserv | 107 | 31 |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäridele kuuluv osa | 39 664 | 36 422 |
| omakapitalist kokku | | |
--------------------------------------------------------------------------------
| Vähemusosalus | 18 | 61 |
--------------------------------------------------------------------------------
| Omakapital kokku | 39 682 | 36 483 |
--------------------------------------------------------------------------------
| KOHUSTUSED JA OMAKAPITAL KOKKU | 109 064 | 111 988 |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| IV kv 2008 | III kv 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Müügitulu | 360 096 | 365 316 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 271 821 | 275 682 |
--------------------------------------------------------------------------------
| Brutokasum | 88 275 | 89 634 |
--------------------------------------------------------------------------------
| Turunduskulud | 20 896 | 9 716 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 40 229 | 48 562 |
--------------------------------------------------------------------------------
| Muud äritulud | (41) | 5 678 |
--------------------------------------------------------------------------------
| Muud ärikulud | 943 | 3 354 |
--------------------------------------------------------------------------------
| Ärikasum | 26 166 | 33 680 |
--------------------------------------------------------------------------------
| Intressitulud | 940 | 1 561 |
--------------------------------------------------------------------------------
| Intressikulud | (16 397) | (14 719) |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutusest | (963) | 94 |
--------------------------------------------------------------------------------
| Muud finantstulud | 29 | 2 504 |
--------------------------------------------------------------------------------
| Muud finantskulud | (1 315) | (152) |
--------------------------------------------------------------------------------
| Kokku finantstulud/kulud | (17 706) | (10 712) |
--------------------------------------------------------------------------------
| Kasum sidusettevõtete aktsiatelt ja | (205) | (388) |
| osadelt | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 8 255 | 22 580 |
--------------------------------------------------------------------------------
| Tulumaks | 2 500 | 963 |
--------------------------------------------------------------------------------
| KONTSERNI PUHASKASUM | 5 755 | 21 617 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa kasumist | 5 755 | 21 517 |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | 0 | 100 |
--------------------------------------------------------------------------------
| Tava- ja lahustunud kasum aktsia kohta | 0,30 | 1,13 |
| (lisa 8) | | |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 12 kuud 2008 | 12 kuud 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Müügitulu | 1 323 376 | 1 149 962 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 986 268 | 854 414 |
--------------------------------------------------------------------------------
| Brutokasum | 337 108 | 295 548 |
--------------------------------------------------------------------------------
| Turunduskulud | 67 105 | 48 733 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 162 535 | 133 972 |
--------------------------------------------------------------------------------
| Muud äritulud | 13 793 | 9 025 |
--------------------------------------------------------------------------------
| Muud ärikulud | 6 932 | 5 469 |
--------------------------------------------------------------------------------
| Ärikasum | 114 329 | 116 399 |
--------------------------------------------------------------------------------
| Intressitulud | 2 705 | 6 524 |
--------------------------------------------------------------------------------
| Intressikulud | (57 452) | (24 569) |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutusest | (1 375) | 34 |
--------------------------------------------------------------------------------
| Muud finantstulud | 295 | 3 552 |
--------------------------------------------------------------------------------
| Muud finantskulud | (2 612) | (3 653) |
--------------------------------------------------------------------------------
| Kokku finantstulud/kulud | (58 439) | (18 112) |
--------------------------------------------------------------------------------
| Kasum sidusettevõtete aktsiatelt ja | (627) | 996 |
| osadelt | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 55 263 | 99 283 |
--------------------------------------------------------------------------------
| Tulumaks | 5 717 | 7 174 |
--------------------------------------------------------------------------------
| KONTSERNI PUHASKASUM | 49 546 | 92 109 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa kasumist | 49 527 | 91 670 |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | 19 | 439 |
--------------------------------------------------------------------------------
| Tava- ja lahustunud kasum aktsia kohta | 2,61 | 5,00 |
| (lisa 8) | | |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| IV kv 2008 | IV kv 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Müügitulu | 23 014 | 23 348 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 17 373 | 17 619 |
--------------------------------------------------------------------------------
| Brutokasum | 5 641 | 5 729 |
--------------------------------------------------------------------------------
| Turunduskulud | 1 335 | 621 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 2 571 | 3 104 |
--------------------------------------------------------------------------------
| Muud äritulud | (3) | 363 |
--------------------------------------------------------------------------------
| Muud ärikulud | 60 | 214 |
--------------------------------------------------------------------------------
| Ärikasum | 1 672 | 2 153 |
--------------------------------------------------------------------------------
| Intressitulud | 60 | 100 |
--------------------------------------------------------------------------------
| Intressikulud | (1 048) | (941) |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutusest | (62) | 6 |
--------------------------------------------------------------------------------
| Muud finantstulud | 2 | 160 |
--------------------------------------------------------------------------------
| Muud finantskulud | (84) | (10) |
--------------------------------------------------------------------------------
| Kokku finantstulud/kulud | (1 132) | (685) |
--------------------------------------------------------------------------------
| Kasum sidusettevõtete aktsiatelt ja | (13) | (25) |
| osadelt | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 527 | 1 443 |
--------------------------------------------------------------------------------
| Tulumaks | 160 | 62 |
--------------------------------------------------------------------------------
| KONTSERNI PUHASKASUM | 367 | 1 381 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa kasumist | 368 | 1 375 |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | 0 | 6 |
--------------------------------------------------------------------------------
| Tava- ja lahustunud kasum aktsia kohta | 0,02 | 0,07 |
| (lisa 8) | | |
--------------------------------------------------------------------------------
Konsolideeritud kasumiaruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 12 kuud 2008 | 12 kuud 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Müügitulu | 84 579 | 73 496 |
--------------------------------------------------------------------------------
| Müüdud toodangu kulu | 63 034 | 54 607 |
--------------------------------------------------------------------------------
| Brutokasum | 21 545 | 18 889 |
--------------------------------------------------------------------------------
| Turunduskulud | 4 289 | 3 115 |
--------------------------------------------------------------------------------
| Üldhalduskulud | 10 388 | 8 562 |
--------------------------------------------------------------------------------
| Muud äritulud | 882 | 577 |
--------------------------------------------------------------------------------
| Muud ärikulud | 443 | 350 |
--------------------------------------------------------------------------------
| Ärikasum | 7 307 | 7 439 |
--------------------------------------------------------------------------------
| Intressitulud | 173 | 417 |
--------------------------------------------------------------------------------
| Intressikulud | (3 672) | (1 570) |
--------------------------------------------------------------------------------
| Kahjum valuutakursi muutusest | (88) | 2 |
--------------------------------------------------------------------------------
| Muud finantstulud | 19 | 227 |
--------------------------------------------------------------------------------
| Muud finantskulud | (167) | (233) |
--------------------------------------------------------------------------------
| Kokku finantstulud/kulud | (3 735) | (1 157) |
--------------------------------------------------------------------------------
| Kasum sidusettevõtete aktsiatelt ja | (40) | 64 |
| osadelt | | |
--------------------------------------------------------------------------------
| Kasum enne tulumaksustamist | 3 532 | 6 346 |
--------------------------------------------------------------------------------
| Tulumaks | 365 | 459 |
--------------------------------------------------------------------------------
| KONTSERNI PUHASKASUM | 3 167 | 5 887 |
--------------------------------------------------------------------------------
| Aruandeaasta puhaskasumi jaotus: | | |
--------------------------------------------------------------------------------
| Emaettevõtja aktsionäride osa kasumist | 3 166 | 5 859 |
--------------------------------------------------------------------------------
| Vähemusosaluse osa kasumist | 1 | 28 |
--------------------------------------------------------------------------------
| Tava- ja lahustunud kasum aktsia kohta | 0,17 | 0,32 |
| (lisa 8) | | |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 12 kuud 2008 | 12 kuud 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Rahavood äritegevusest | | |
--------------------------------------------------------------------------------
| Aruandeperioodi ärikasum | 114 329 | 116 399 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 61 466 | 39 814 |
--------------------------------------------------------------------------------
| Kasum(-) kahjum(+) põhiv.müügist ja | 289 | (4 169) |
| mahakandmisest | | |
--------------------------------------------------------------------------------
| Muutus käibekapitalis: | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja ettemaksete | 1 351 | (29 023) |
| muutus | | |
--------------------------------------------------------------------------------
| Varude muutus | (194) | (21 304) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | 7 374 | 30 929 |
| ettemaksete muutus | | |
--------------------------------------------------------------------------------
| Rahavoog põhitegevusest | 184 615 | 132 646 |
--------------------------------------------------------------------------------
| Makstud ettevõtte tulumaks | (5 717) | (6 302) |
--------------------------------------------------------------------------------
| Makstud intressid | (57 468) | (28 735) |
--------------------------------------------------------------------------------
| Rahavood äritegevusest kokku | 121 430 | 97 609 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | |
--------------------------------------------------------------------------------
| Osaluse soetus tütar- ja ühisettevõtjates | (445) | (887 645) |
--------------------------------------------------------------------------------
| Finantsvarade müük | 7 500 | 113 |
--------------------------------------------------------------------------------
| Saadud intressid | 1 165 | 7 166 |
--------------------------------------------------------------------------------
| Põhivara soetamine | (41 194) | (57 130) |
--------------------------------------------------------------------------------
| Põhivara müük | 895 | 1 294 |
--------------------------------------------------------------------------------
| Antud laenud | (4 182) | (70 828) |
--------------------------------------------------------------------------------
| Antud laenude tagasimaksed | 236 | 80 861 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest kokku | (36 025) | (926 169) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | |
--------------------------------------------------------------------------------
| Aktsiate emiteerimine | 0 | 219 081 |
--------------------------------------------------------------------------------
| Tasutud kapitalirendi maksed | (35 043) | (22 513) |
--------------------------------------------------------------------------------
| Arvelduskrediidi kasutuse muutus | (46 988) | 12 852 |
--------------------------------------------------------------------------------
| Saadud laenud | 42 521 | 749 568 |
--------------------------------------------------------------------------------
| Saadud laenude tagasimaksed | (68 477) | (112 559) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest kokku | (107 987) | 846 429 |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENTIDE MUUTUS | (22 582) | 17 869 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi alguses | 68 970 | 51 101 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi lõpus | 46 388 | 68 970 |
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 12 kuud 2008 | 12 kuud 2007 |
--------------------------------------------------------------------------------
| (tuhandetes) | |
--------------------------------------------------------------------------------
| Rahavood äritegevusest | | |
--------------------------------------------------------------------------------
| Aruandeperioodi ärikasum | 7 307 | 7 439 |
--------------------------------------------------------------------------------
| Korrigeerimised: | | |
--------------------------------------------------------------------------------
| Põhivara kulum ja väärtuse langus | 3 928 | 2 545 |
--------------------------------------------------------------------------------
| Kasum(-) kahjum(+) põhiv.müügist ja | 18 | (266) |
| mahakandmisest | | |
--------------------------------------------------------------------------------
| Muutus käibekapitalis: | | |
--------------------------------------------------------------------------------
| Äritegevusega seotud nõuete ja ettemaksete | 86 | (1 855) |
| muutus | | |
--------------------------------------------------------------------------------
| Varude muutus | (12) | (1 362) |
--------------------------------------------------------------------------------
| Äritegevusega seotud kohustuste ja | 471 | 1 977 |
| ettemaksete muutus | | |
--------------------------------------------------------------------------------
| Rahavoog põhitegevusest | 11 799 | 8 478 |
--------------------------------------------------------------------------------
| Makstud ettevõtte tulumaks | (365) | (403) |
--------------------------------------------------------------------------------
| Makstud intressid | 0 | 0 |
--------------------------------------------------------------------------------
| Rahavood äritegevusest kokku | 7 761 | 6 238 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest | | |
--------------------------------------------------------------------------------
| Osaluse soetus tütar- ja ühisettevõtjates | (123) | (56 676) |
--------------------------------------------------------------------------------
| Finantsvarade müük | 96 | 1 |
--------------------------------------------------------------------------------
| Saadud intressid | 113 | 317 |
--------------------------------------------------------------------------------
| Põhivara soetamine | (1 779) | (2 502) |
--------------------------------------------------------------------------------
| Põhivara müük | 53 | 18 |
--------------------------------------------------------------------------------
| Antud laenud | (264) | (3 893) |
--------------------------------------------------------------------------------
| Antud laenude tagasimaksed | 7 | 4 495 |
--------------------------------------------------------------------------------
| Rahavood investeerimistegevusest kokku | (1 898) | (58 239) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest | | |
--------------------------------------------------------------------------------
| Aktsiate emiteerimine | 0 | 14 002 |
--------------------------------------------------------------------------------
| Tasutud kapitalirendi maksed | (2 240) | (1 439) |
--------------------------------------------------------------------------------
| Arvelduskrediidi kasutuse muutus | (3 003) | 821 |
--------------------------------------------------------------------------------
| Saadud laenud | 2 718 | 47 906 |
--------------------------------------------------------------------------------
| Saadud laenude tagasimaksed | (4 376) | (7 194) |
--------------------------------------------------------------------------------
| Rahavood finantseerimistegevusest kokku | (6 902) | 54 097 |
--------------------------------------------------------------------------------
| RAHA JA RAHA EKVIVALENTIDE MUUTUS | (1 443) | 1 142 |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi alguses | 4 408 | 3 266 |
--------------------------------------------------------------------------------
| Raha ja raha ekvivalendid perioodi lõpus | 2 965 | 4 408 |
--------------------------------------------------------------------------------
Lisainformatsioon
Anne Kallas
Juhatuse liige, finantsdirektor
Telefon 6698197
e-post [email protected]
Content of announcement in English
Title
AS Ekspress Grupp quarterly report for Q4 2008
Message
In 2008, the sales revenue of Ekspress Group increased by 15% and EBITDA
increased by 13% as compared to last year. In the 4th quarter of 2008, the sales
revenue declined by 1% and EBITDA declined by 16% as compared to the same period
last year. The stalling of the sales revenue growth and the decline of EBITDA in
the fourth quarter was caused by the decline of advertising revenue related to
the economic recession.
Key figures characterising the activities of Ekspress Group in 2008
- Sales revenue EEK 1 323.4 million (EUR 84.6 million), annual growth 15%
- Gross profit EEK 337.1 million (EUR 21.5 million), annual growth 11%
- EBITDA EEK 175.8 million (EUR 11.2 million), annual growth 13%
- EBIT EEK 114.3 million (EUR 7.3 million), annual change -2%
- Net profit EEK 49.5 million (3.2 million), annual change -46%
Key figures characterising the activities of Ekspress Group in the 4th quarter
of 2008
- Sales revenue EEK 360.1 million (EUR 23.0 million), year-over-year change -1%
- Gross profit EEK 88.3 million (EUR 5.6 million), year-over-year change -1%
- EBITDA EEK 40.2 million (EUR 2.6 million), year-over-year change -16%
- EBIT EEK 26.2 million (EUR 1.6 million), year-over-year change -22%
- Net profit EEK 5.8 million (0.4 million), year-over-year change -73%
Key events of the 4th quarter of 2008
- launching of Delfi Infoliin 1184 (Delfi Information Line 1184) that replaced
the previous 1184 Numbriinfo.
- launching of the upgraded web publication of the womens' magazine Moteris
www.moteris.lt in Lithuania
- launching of the video news portal Delfi.TV in Estonia and Latvia
- www.ekspresskinnisvara.ee became the second most popular real estate portal
in Estonia at the end of October based on the number of visits
- opening of a bookstore in Rocca Al Mare shopping centre in Tallinn under the
trademark of "Rahva Raamat”
Overview of the advertising market
According to the data provided by media analyst Toomas Leito, the advertising
revenue of magazines has fallen by 18% as compared to the previous year's level.
The decline of the advertising revenue of newspapers which is mostly impacted by
shrinkage of employment ads, real estate and automobile ads was 10%. In the
fourth quarter, the decline of the Estonian market for printed ads continued,
being considerably steeper as compared to previous quarters: the advertising
revenue of newspapers fell by 22% and that of magazines fell by 17% as compared
to the fourth quarter of 2007. At the same time, Internet advertising revenue
stayed at the same level in the fourth quarter as in the same period last year.
Web ads are not increasing as fast as in previous periods, but growth continues
and the share of web ads in the total advertising market has accelerated. In
light of the panic prevailing in the fourth quarter due to the crash of the
financial markets and the overall economic recession, such results were to be
expected.
Overview of the segments
In the fourth quarter of 2008, Ekspress Group continued to focus on its five
principal segments: online media, publishing, printing services, book sales and
information services. From 2008, the online media segment also includes the web
publications of AS Eesti Päevaleht, SL Õhtuleht AS and Eesti Ekspress Kirjastus
AS as well as automobile, real estate and employment web environments of Eesti
Ekspress Kirjastus AS which were previously included in the publishing segment.
All web environments to be set up in the future are also included in the online
media segment.
In the fourth quarter of 2008, the largest revenue growth in absolute terms as
compared to the same period in 2007 was attained in the segment of printed
services where sales growth was attained through an increase of operating
capacities related to the launching of the new printing press in October 2007.
Book sales also increased as a result of the opening of new stores. In the
fourth quarter, sales revenue declined the most in the publishing segment as a
result of a major decline of the advertising market at the year-end.
In the segment of online media Delfi continues to be the leading news portal in
the Baltic States, the users of which grew in all markets as compared to the
same period in 2007. A total of 2.5 million people in the Baltic States and the
Ukraine use Delfi portals. According to the data by TNS Metrix, Delfi continued
to be the largest news portal in Estonia in the third quarter with 549 000
unique users per month, growing its user base by 28 000 unique users as compared
to the same period last year. Delfi's largest competitor www.postimees.ee had
445 000 unique visitors during the same period. According to the data by Gemius
Audience, Delfi had on average 924 000 unique visitors per month in Lithuania in
the fourth quarter and thereby continued to be the largest news portal there.
The competing news portals www.lrytas.lt and www.alfa.lt had 665 000 and 527 000
unique visitors, respectively, in the same period.
According to the data by Gemius Audience, Delfi is also the largest news portal
in Latvia with 589 000 unique users per month. Delfi's competing news portals in
Latvia, www.tvnet.lv had 420 000 and www.apollo.lv had 371 000 unique visitors.
As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and
Ukraine subsidiaries manages the Estonian and Russian-language portals in
Estonia, http://www.delfi.ee and rus.delfi.ee, the Latvian and Russian-language
portals in Latvia http://www.delfi.lv and rus.delfi.lv, the Lithuanian and
Russian-language portals in Lithuania http://www.delfi.lt, http://www.klubas.lt,
http://ru.delfi.lt) as well as the news portal in the Ukraine
http://www.delfi.ua.
The entertainment portal www.klubas.lt launched in Lithuania in the first
quarter was the largest entertainment portal with its 253 000 unique users in
the fourth quarter. The new web version www.panele.lt of the largest
women-oriented monthly magazine “Panele” that was launched in Lithuania in the
second quarter had 213 000 unique visitors per month in the fourth quarter,
being a magazine's web version with the largest user base. In the fourth
quarter, the womens' magazine Moteris introduced an upgraded website in
Lithuania, www.moteris.lt, that on average was visited by 73 000 unique visitors
per month. The entertainment portal www.mango.lv. launched in Latvia in July
strengthened its leadership position as the leading portal in its field, gaining
33 000 unique visitors per month in the fourth quarter. The entertainment portal
Publik.ee launched in Estonia in August by Delfi became fast the leading portal
in its field, having on average 237 000 unique visitors per week. The science
and technology news environment Forte.ee launched in Estonian in September had
89 000 unique visitors per week as of the end of the fourth quarter.
The video news portal Delfi.TV was launched in Estonia in October and in Latvia
in November, enabling to watch an Internet-based video portal for the first time
on a TV screen at home.
In Estonia, AS Ekspress Kirjastus manages the automobile portal
www.ekspressauto.ee, the real estate portal www.ekspresskinnisvara.ee and the
employment portal www.ekspressjob.ee. At the end of October,
www.ekspresskinnisvara.ee that had been launched at the beginning of the year
became the second most visited real estate portal with 80 000 unique visitors
per week according to the data by the website measurement system TNS Metrix in
Estonia, surpassing such portals as kv.ee, soov.ee and kuldnebors.ee. This year,
ekspresskinnisvara.ee has been the fastest growing real estate portal, the
factors behind this fast growth include a good technical solution and
comprehensive cooperation with Delfi.
The automobile portal ekspressauto.ee continued to secure its second place in
the market, reaching an average of 26 000 unique visitors per week. The
employment portal ekspressjob.ee launched in the second quarter, launched a
column of employment news in Delfi in December which increased the user base of
ekspressjob.ee to 30 000 unique visitors per week.
The goal of the Group's management is to strengthen the Group's market
leadership position in the Internet markets of all Baltic States.
In December, Delfi started to implement the restructuring project, and as its
first stage, the subsidiary of AS Ekspress Group in Latvia under the name of SIA
Delfi Holding was registered on 23 December 2008. On 30 December 2008, a share
purchase agreement was entered into between Delfi AS (Estonia) and SIA Delfi
Holding for the sale of 100% of the shares of Delfi AS (Latvia).
The year-over-year sales revenue growth of Delfi Group in the fourth quarter of
2008 was 9%. In the fourth quarter of 2008, EBITDA made up 41% of the level of
the same period in 2007. The decline in EBITDA in the fourth quarter was
related to the costs of launching Delfi Ukraina in the amount of EEK 1.4 million
(EUR 0.09 million), as well as additional development projects such as klubas.lt
in Lithuania in the amount of EEK 1.0 million (EUR 64 thousand), mango.lv in
Latvia in the amount of EEK 0.7 million (EUR 45 thousand), publik.ee in Estonia
in the amount of EEK 0.7 million (EUR 45 thousand) and forte.ee in Estonia in
the amount of EEK 0.4 million (EUR 25 thousand). Fourth quarter's expenses were
also impacted by the termination fees paid to employees. Excluding the costs
related to the aforementioned development projects, EBITDA made up 73% of the
level of the same period in 2007. The sales revenue growth of Delfi Group in
2008 was 13% as compared to 2007 and EBITDA made up 79% of the level in 2007.
Excluding the costs related to the aforementioned development projects, EBITDA
declined by 4% in 2008.
As advertising revenue is extremely sensitive to the economic environment, the
economic cool-down has led to a decline of advertising revenue in the publishing
segment. In the fourth quarter, the Group's advertising revenue in the
publishing segment declined by 26%. The economic cool-down in the fourth quarter
has also had an impact on the single copy sales of periodicals, which decreased
by 8% as compared to the fourth quarter of 2007. At the same time, the
subscriptions decreased only by 1%. The stalling of the advertising revenue
growth has a major impact on the profit in the publishing segment, because the
gross margin of advertising revenue is significantly higher than that of
subscriptions and single copy sales. EBITDA of the publishing sector fell by 13%
in the fourth quarter as compared to the same period in 2007. The subscription
campaign of Eesti Päevaleht regarding the book series “Eesti Lugu” (Estonian
Story) dealing with the history of Estonia ended successfully in the fourth
quarter, helping Eesti Päevaleht to gain new subscribers as well as to increase
its single copy sales. The programme “Värske Ekspress” which is shown on TV3 on
Thursdays has helped to increase the reader base of Eesti Ekspress in the
fourth quarter.
In the segment of printing services, the sales revenue growth of the printing
company was a decent 9% in the fourth quarter of 2008 as compared to same period
in 2007. The addition of new contracts to better utilise the operating capacity
of the printing machine taken into use in October 2007 enabled to increase the
Company's exports by 73% in October 2008 and increase the total sales revenue of
the printing company to an almost record-breaking level. Similarly to
publishing, printing services are also characterised by seasonality, with one
peak being from March to May and the second, in October and November.
On 15 December 2008, the printing company entered into a purchase and sales
agreement regarding the sale of the 6859 m2 unimproved land plot in its
possession in the amount EEK 9 million (EUR 0.6 million). The EBITDA growth of
the printing company in the fourth quarter was 31%. The annual EBITDA growth of
the printing company was 22%, excluding the proceeds from the sale of the land
plot in the amount of EEK 6.6 million (EUR 0.4 million).
With regard to book sales, 8% sales growth was attained in the fourth quarter.
The growth of the retail sales of books was even 37%, achieved through the
addition of new sales premises. In 2008, three new stores were opened, of which
the store Rahva Raamat opened on 800m2 space in Rocca al Mare shopping centre on
1 October is the second largest bookstore in Estonia. Rahva Raamat will open
another new store next year, in Pärnu Keskus located in Pärnu.
The sales revenue of information services increased by 6% in 2008 as compared to
2007; however, in the fourth quarter it declined somewhat, by 2% as compared to
the same period in 2007. However, the sales of information services without the
effect of periodisation of revenue increased by 17%. The decline of EBITDA in
the fourth quarter of 2008 and in 2008 was related to losses incurred in Romania
and the write-off of doubtful receivables in Estonia. As of the balance sheet
date, Ekspress Group has exited its business of information services in
Romania. The Company launched Delfi Infoliin 1184 (Delfi Information Line 1184)
in cooperation with Delfi that will replace the previous 1184 Numbriinfo. In
addition to the information available in the Internet environment www.ee.ee, the
new brand Delfi Infoliin 1184 also includes Delfi company search. Delfi Infoliin
1184 is a universal information telephone which provides information as desired
in Estonian, English or Russian languages. We expect cooperation with Delfi to
contribute to sales revenue growth of information services.
Profit
Given the seasonal nature of the advertising business, the addition of AS
Maaleht and Delfi Group has significantly increased the share of advertising
revenue in the Group's sales revenue, therefore the impact of the seasonal
nature on the Group's sales revenue and profit is larger than ever. The economic
cool-down which deepened in the fourth quarter had an impact on the Group's
revenue and profit, manifested in a decline of advertising revenue of newspapers
and magazines as well as the related decline in profit.
As compared to the 1% decline of sales revenue, direct costs increased by 1% in
the fourth quarter as a result of which the gross margin declined from 26.6% to
24.5% in the fourth quarter. Besides appreciation of printing and distribution
services, depreciation included in direct expenses has also increased.
EBITDA totalled EEK 40.2 million (EUR 2.6 million) in the fourth quarter of
2008, making up 84% of the result of the same period in 2007. In the fourth
quarter, operating profit reached EEK 26.1 (EUR 1.7), being less than the level
of 2007. In the fourth quarter, the operating margin was 7.3% (4th quarter of
2007: 9.2%). The slowdown of EBIT is besides the decline of advertising revenue
due to higher depreciation related to the intangible assets added in the
acquisition of Delfi and Maaleht and other investments made into fixed assets in
2007.
The marketing expenses of the Group have increased due to the addition of new
companies (AS Maaleht, Delfi Group, TeleTell) in the Group in the second half of
2007 as well as the launching of new products and marketing campaigns such as
the launching of automobile, real estate and employment web environments and the
new book project of Eesti Päevaleht. In addition to the aforementioned reasons,
the marketing costs in the fourth quarter also increased as a result of the
Hotline brand advertising campaign and the production costs of the TV programme
Värske Ekspress. Annual growth as compared to 2007 is 16%. However, marketing
costs decreased by 12% in the fourth quarter as compared to the same period in
2007, attained through optimisation of marketing expenses.
Administrative expenses decreased by 14% in the fourth quarter as compared to
the same period last year. Wages and salaries included in administrative
expenses decreased by 20% as compared to the same period in 2007. The decline of
administrative expenses has been attained through implementation of cost-cutting
measures described below. The decline of wages and salaries has been attained
through freezing of wage increases and laying off of employees.
Other operating income includes a gain of EEK 6.6 million (EUR 0.4 million) from
recognising the sale of the 6859 m2 unimproved land plot in Printall's
possession pursuant to the purchase and sales agreement entered into on 15
December 2008.
The Group's financial expenses reached EEK 18.7 million (EUR 1.2 million) in the
fourth quarter. Financial expenses were mostly made up of interest expenses in
the amount of EEK 16.4 million (EUR 1.0 million) (4th quarter of 2007: EEK 14.7
million (EUR 0.9 million). Higher interest expenses are related to the loan in
the amount of EEK 674.4 million (EUR 43.1 million) taken from the syndicate of
SEB, Sampo Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the
fourth quarter of 2007. As of 31 December 2008, the outstanding loan balance is
EEK 574.1 million (EUR 36.7 million).
The net profit (after taxes and minority interest) of Ekspress Group totalled
EEK 5.8 million (EUR 0.4 million) in the fourth quarter of 2008. As compared to
the same period in 2007, the net profit decreased by 73%. In addition to the
events impacting the operating profit, the stalling of the net profit growth is
related to the increase of interest expenses in connection with the syndicate
loan.
Under the conditions of a deepening economic recession, we have continued in the
fourth quarter with the cost cutting programme introduced in the previous
quarters. The main components of the programme include savings of paper and
printing costs, savings of IT development costs and savings of payroll expenses.
Of general expenses, training, representation, parking, etc. other costs have
been curbed in addition to the cost saving measures announced earlier. The
biggest cost savings source is payroll expenses, which is mainly achieved
through lay-offs of employees. As of the balance sheet date, 60 employees have
been laid off. Lay-offs relate mostly to Ajakirjade Kirjastus, Ekspress
Kirjastus, Eesti Päevaleht and Delfi. Due to the additional lay-offs of
employees in the fourth quarter, termination benefits are also included in the
payroll expenses of the fourth quarter. The effect of saving these payroll
expenses will be achieved in the next year. The additional lay-offs in the
fourth quarter were related to a major decline of advertising revenue as well as
combining of support functions necessary for increasing business effectiveness.
The reduction in the number of employees and reduction of wages will continue in
2009.
Balance sheet and investments
As of 31 December 2008, the consolidated balance sheet total of Ekspress Group
was EEK 1 706.5 million (EUR 109.0 million), decreasing by 2.6% year-over-year.
As of 31 December 2008, current assets decreased by 6% year-over-year, reaching
EEK 287.6 million (EUR 18.4 million). Current liabilities increased by 4%
year-over-year, reaching EEK 457.6 million (EUR 29.2 million) at the year-end.
Of current liabilities, borrowings decreased by 11.5% million, reaching EEK
176.2 million (EUR 11.3) at the year-end. At the same time, the payables to the
Group companies increased by 27% and to the suppliers, by 5%.
As of the end of December, the Group's long-term borrowings totalled EEK 628.0
million (EUR 40.1 million), decreasing by EEK 113.8 million (EUR 7.3 million)
year-over-year or 15%. Of the long-term borrowings, bank loans constitute EEK
524.3 million (EUR 33.5 million) and the finance lease liability is EEK 103.5
million (EUR 6.6 million). Of the long-term loans, the non-current portion of
the loan taken by Ekspress Group from the syndicate of SEB, Sampo Bank and
Nordea Bank in the amount of EEK 674.4 (EUR 43.1 million) in the third quarter
of 2007 totals 476.9 million (EUR 30.5 million). The total outstanding balance
of this loan as of 31 December 2008 was EEK 574.1 million (EUR 36.7 million).
Property, plant and equipment stood at EEK 389.6 million (EUR 24.9 million) as
of year-end, decreasing by 4% year-over-year. As of the year-end, intangible
assets were EEK 1 013.4 million (EUR 64.7 million), decreasing by 1%
year-over-year. Of intangible assets, EEK 822.3 million (EUR 52.6 million) is
related to the carrying value of trademarks, customer relations and software as
well as goodwill which arose in the acquisition of Delfi Group. Investment
property has increased due to the recognition of the 6859 m2 unimproved land
plot of Printall as the investment property with the market value of EEK 9.0
million (EUR 0.6 million) as of 31 December 2008.
Employees
As of the end of December 2008 the Ekspress Group employed 2 393 people (As of
31 December 2007: 2 292 people). The average number of employees in the twelve
months of 2008 was 2 375 ( 12 months of 2007: 2 274). Over the twelve months of
2008, wages and salaries paid to the employees of the Ekspress Group totalled
EEK 309.3 million (EUR 19.8 million), (12 months of 2007: EEK 241.5 million
(EUR 15.4 million))*.
*proportional part from joint ventures
Selected financial indicators
--------------------------------------------------------------------------------
| Performance indicators (%) | | 12 months 2008 | 12 months 2008 |
--------------------------------------------------------------------------------
| Sales growth (%) | 15% | 24% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 25% | 26% |
--------------------------------------------------------------------------------
| Net profit margin (%) | 4% | 8% |
| | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 36% | 33% |
--------------------------------------------------------------------------------
| ROA (%) | 3% | 8% |
--------------------------------------------------------------------------------
| ROE (%) | 8% | 21% |
--------------------------------------------------------------------------------
| Operating profit margin | 9% | 10% |
| (%) | | |
--------------------------------------------------------------------------------
| Liquidity ratio | 63% | 69% |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 139% | 167% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 55% | 58% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2,61 | 5,00 |
--------------------------------------------------------------------------------
| 0,17 | 0,32 |
--------------------------------------------------------------------------------
| Earnings per share | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (sales 12 months 2008 -sales 12 months 2007) / |
| sales 12 months 2007*100 |
--------------------------------------------------------------------------------
| gross profit/ sales*100 |
--------------------------------------------------------------------------------
| net profit/ sales*100 |
--------------------------------------------------------------------------------
| equity / (equity + debt) * 100 |
--------------------------------------------------------------------------------
| net profit/assets *100 |
--------------------------------------------------------------------------------
| net profit/equity *100 |
--------------------------------------------------------------------------------
| operating profit/ sales*100 |
--------------------------------------------------------------------------------
| current assets/current liabilities |
--------------------------------------------------------------------------------
| interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| interest bearing liabilities-cash and cash equivalents/interest bearing |
| liabilities + equity *100 |
--------------------------------------------------------------------------------
Consolidated interim balance sheet (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 46 388 | 68 970 |
--------------------------------------------------------------------------------
| Other financial assets at fair value | 8 025 | 4 606 |
| through profit or loss | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 166 844 | 165 828 |
--------------------------------------------------------------------------------
| Inventories | 66 355 | 66 161 |
--------------------------------------------------------------------------------
| Total current assets | 287 612 | 305 565 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 3 270 | 13 671 |
--------------------------------------------------------------------------------
| Investments in associates | 302 | 964 |
--------------------------------------------------------------------------------
| Investment property | 12 341 | 3 732 |
--------------------------------------------------------------------------------
| Property, plant and equipment (note 4) | 389 600 | 404 880 |
--------------------------------------------------------------------------------
| Intangible assets (note 4) | 1 013 379 | 1 023 419 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 418 892 | 1 446 666 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 706 504 | 1 752 231 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 176 219 | 199 013 |
--------------------------------------------------------------------------------
| Trade and other payables | 281 416 | 240 703 |
--------------------------------------------------------------------------------
| Total current liabilities | 457 635 | 439 716 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 627 811 | 741 585 |
--------------------------------------------------------------------------------
| Other long term liabilities | 163 | 88 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 627 974 | 741 673 |
--------------------------------------------------------------------------------
| Total liabilities | 1 085 609 | 1 181 389 |
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to equity | | |
| holders of the Parent company | | |
--------------------------------------------------------------------------------
| Share capital | 189 711 | 189 711 |
--------------------------------------------------------------------------------
| Share premium | 183 495 | 183 495 |
--------------------------------------------------------------------------------
| Reserves | 10 222 | 10 222 |
--------------------------------------------------------------------------------
| Retained earnings | 235 508 | 185 981 |
--------------------------------------------------------------------------------
| Currency translation reserve | 1 671 | 480 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable to | 620 607 | 569 889 |
| equity holders of the Parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 953 |
--------------------------------------------------------------------------------
| Total equity | 620 895 | 570 842 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 706 504 | 1 752 231 |
--------------------------------------------------------------------------------
Consolidated interim balance sheet (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 2 965 | 4 408 |
--------------------------------------------------------------------------------
| Other financial assets at fair value through | 513 | 294 |
| profit or loss | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 10 663 | 10 598 |
--------------------------------------------------------------------------------
| Inventories | 4 241 | 4 228 |
--------------------------------------------------------------------------------
| Total current assets | 18 382 | 19 528 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 207 | 874 |
--------------------------------------------------------------------------------
| Investments in associates | 19 | 62 |
--------------------------------------------------------------------------------
| Investment property | 789 | 239 |
--------------------------------------------------------------------------------
| Property, plant and equipment (note 4) | 24 900 | 25 877 |
--------------------------------------------------------------------------------
| Intangible assets (note 4) | 64 767 | 65 408 |
--------------------------------------------------------------------------------
| Total non-current assets | 90 682 | 92 460 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 109 064 | 111 988 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 11 262 | 12 719 |
--------------------------------------------------------------------------------
| Trade and other payables | 17 986 | 15 384 |
--------------------------------------------------------------------------------
| Total current liabilities | 29 248 | 28 103 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 40 124 | 47 396 |
--------------------------------------------------------------------------------
| Other long term liabilities | 10 | 6 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 40 134 | 47 402 |
--------------------------------------------------------------------------------
| Total liabilities | 69 382 | 75 505 |
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to equity | | |
| holders of the Parent company | | |
--------------------------------------------------------------------------------
| Share capital | 12 125 | 12 125 |
--------------------------------------------------------------------------------
| Share premium | 11 727 | 11 727 |
--------------------------------------------------------------------------------
| Reserves | 653 | 653 |
--------------------------------------------------------------------------------
| Retained earnings | 15 052 | 11 886 |
--------------------------------------------------------------------------------
| Currency translation reserve | 107 | 31 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable to | 39 664 | 36 422 |
| equity holders of the Parent company | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 61 |
--------------------------------------------------------------------------------
| Total equity | 39 682 | 36 483 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 109 064 | 111 988 |
--------------------------------------------------------------------------------
Consolidated interim income statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q IV 2008 | Q IV 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 360 096 | 365 316 |
--------------------------------------------------------------------------------
| Costs of sales | 271 821 | 275 682 |
--------------------------------------------------------------------------------
| Gross profit | 88 275 | 89 634 |
--------------------------------------------------------------------------------
| Marketing expenses | 20 896 | 9 716 |
--------------------------------------------------------------------------------
| Administrative expenses | 40 229 | 48 562 |
--------------------------------------------------------------------------------
| Other income | (41) | 5 678 |
--------------------------------------------------------------------------------
| Other expenses | 943 | 3 354 |
--------------------------------------------------------------------------------
| Operating profit | 26 166 | 33 680 |
--------------------------------------------------------------------------------
| Interest income | 940 | 1 561 |
--------------------------------------------------------------------------------
| Interest expenses | (16 397) | (14 719) |
--------------------------------------------------------------------------------
| Currency exchange loss | (963) | 94 |
--------------------------------------------------------------------------------
| Other financial income | 29 | 2 504 |
--------------------------------------------------------------------------------
| Other financial expenses | (1 315) | (152) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (17 706) | (10 712) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (205) | (388) |
--------------------------------------------------------------------------------
| Profit before income tax | 8 255 | 22 580 |
--------------------------------------------------------------------------------
| Income tax expense | 2 500 | 963 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 5 755 | 21 617 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 5 755 | 21 517 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 100 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | 0,30 | 1,13 |
| for profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim income statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 12 months 2008 | 12 months 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 1 323 376 | 1 149 962 |
--------------------------------------------------------------------------------
| Costs of sales | 986 268 | 854 414 |
--------------------------------------------------------------------------------
| Gross profit | 337 108 | 295 548 |
--------------------------------------------------------------------------------
| Marketing expenses | 67 105 | 48 733 |
--------------------------------------------------------------------------------
| Administrative expenses | 162 535 | 133 972 |
--------------------------------------------------------------------------------
| Other income | 13 793 | 9 025 |
--------------------------------------------------------------------------------
| Other expenses | 6 932 | 5 469 |
--------------------------------------------------------------------------------
| Operating profit | 114 329 | 116 399 |
--------------------------------------------------------------------------------
| Interest income | 2 705 | 6 524 |
--------------------------------------------------------------------------------
| Interest expenses | (57 452) | (24 569) |
--------------------------------------------------------------------------------
| Currency exchange loss | (1 375) | 34 |
--------------------------------------------------------------------------------
| Other financial income | 295 | 3 552 |
--------------------------------------------------------------------------------
| Other financial expenses | (2 612) | (3 653) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (58 439) | (18 112) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (627) | 996 |
--------------------------------------------------------------------------------
| Profit before income tax | 55 263 | 99 283 |
--------------------------------------------------------------------------------
| Income tax expense | 5 717 | 7 174 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 49 546 | 92 109 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 49 527 | 91 670 |
--------------------------------------------------------------------------------
| Minority interest | 19 | 439 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | 2,61 | 5,00 |
| for profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim income statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q IV 2008 | Q IV 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 23 014 | 23 348 |
--------------------------------------------------------------------------------
| Costs of sales | 17 373 | 17 619 |
--------------------------------------------------------------------------------
| Gross profit | 5 641 | 5 729 |
--------------------------------------------------------------------------------
| Marketing expenses | 1 335 | 621 |
--------------------------------------------------------------------------------
| Administrative expenses | 2 571 | 3 104 |
--------------------------------------------------------------------------------
| Other income | (3) | 363 |
--------------------------------------------------------------------------------
| Other expenses | 60 | 214 |
--------------------------------------------------------------------------------
| Operating profit | 1 672 | 2 153 |
--------------------------------------------------------------------------------
| Interest income | 60 | 100 |
--------------------------------------------------------------------------------
| Interest expenses | (1 048) | (941) |
--------------------------------------------------------------------------------
| Currency exchange loss | (62) | 6 |
--------------------------------------------------------------------------------
| Other financial income | 2 | 160 |
--------------------------------------------------------------------------------
| Other financial expenses | (84) | (10) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (1 132) | (685) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (13) | (25) |
--------------------------------------------------------------------------------
| Profit before income tax | 527 | 1 443 |
--------------------------------------------------------------------------------
| Income tax expense | 160 | 62 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 367 | 1 381 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 368 | 1 375 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 6 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | 0,02 | 0,07 |
| for profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim income statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 12 months 2008 | 12 months 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 84 579 | 73 496 |
--------------------------------------------------------------------------------
| Costs of sales | 63 034 | 54 607 |
--------------------------------------------------------------------------------
| Gross profit | 21 545 | 18 889 |
--------------------------------------------------------------------------------
| Marketing expenses | 4 289 | 3 115 |
--------------------------------------------------------------------------------
| Administrative expenses | 10 388 | 8 562 |
--------------------------------------------------------------------------------
| Other income | 882 | 577 |
--------------------------------------------------------------------------------
| Other expenses | 443 | 350 |
--------------------------------------------------------------------------------
| Operating profit | 7 307 | 7 439 |
--------------------------------------------------------------------------------
| Interest income | 173 | 417 |
--------------------------------------------------------------------------------
| Interest expenses | (3 672) | (1 570) |
--------------------------------------------------------------------------------
| Currency exchange loss | (88) | 2 |
--------------------------------------------------------------------------------
| Other financial income | 19 | 227 |
--------------------------------------------------------------------------------
| Other financial expenses | (167) | (233) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (3 735) | (1 157) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (40) | 64 |
--------------------------------------------------------------------------------
| Profit before income tax | 3 532 | 6 346 |
--------------------------------------------------------------------------------
| Income tax expense | 365 | 459 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 3 167 | 5 887 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 3 166 | 5 859 |
--------------------------------------------------------------------------------
| Minority interest | 1 | 28 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | 0,17 | 0,32 |
| for profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 12 months 2008 | 12 months 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit for the period | 114 329 | 116 399 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 61 466 | 39 814 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant | 289 | (4 169) |
| and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 1 351 | (29 023) |
--------------------------------------------------------------------------------
| Inventories | (194) | (21 304) |
--------------------------------------------------------------------------------
| Trade and other payables | 7 374 | 30 929 |
--------------------------------------------------------------------------------
| Cash generated from operations | 184 615 | 132 646 |
--------------------------------------------------------------------------------
| Income tax paid | (5 717) | (6 302) |
--------------------------------------------------------------------------------
| Interest paid | (57 468) | (28 735) |
--------------------------------------------------------------------------------
| Net cash generated from operating | 121 430 | 97 609 |
| activities | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Investments in business combinations | (445) | (887 645) |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 7 500 | 113 |
--------------------------------------------------------------------------------
| Interest received | 1 165 | 7 166 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (41 194) | (57 130) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 895 | 1 294 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (4 182) | (70 828) |
--------------------------------------------------------------------------------
| Loan repayments received | 236 | 80 861 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (36 025) | (926 169) |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 0 | 219 081 |
--------------------------------------------------------------------------------
| Finance lease payments made | (35 043) | (22 513) |
--------------------------------------------------------------------------------
| Change in overdraft used | (46 988) | 12 852 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 42 521 | 749 568 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (68 477) | (112 559) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (107 987) | 846 429 |
| activities | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND CASH | (22 582) | 17 869 |
| EQUIVALENTS | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 68 970 | 51 101 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 46 388 | 68 970 |
| the period | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 12 months 2008 | 12 months 2007 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit for the period | 7 307 | 7 439 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 3 928 | 2 545 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant | 18 | (266) |
| and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 86 | (1 855) |
--------------------------------------------------------------------------------
| Inventories | (12) | (1 362) |
--------------------------------------------------------------------------------
| Trade and other payables | 471 | 1 977 |
--------------------------------------------------------------------------------
| Cash generated from operations | 11 799 | 8 478 |
--------------------------------------------------------------------------------
| Income tax paid | (365) | (403) |
--------------------------------------------------------------------------------
| Interest paid | 0 | 0 |
--------------------------------------------------------------------------------
| Net cash generated from operating | 7 761 | 6 238 |
| activities | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Investments in business combinations | (123) | (56 676) |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 96 | 1 |
--------------------------------------------------------------------------------
| Interest received | 113 | 317 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (1 779) | (2 502) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 53 | 18 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (264) | (3 893) |
--------------------------------------------------------------------------------
| Loan repayments received | 7 | 4 495 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (1 898) | (58 239) |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 0 | 14 002 |
--------------------------------------------------------------------------------
| Finance lease payments made | (2 240) | (1 439) |
--------------------------------------------------------------------------------
| Change in overdraft used | (3 003) | 821 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 2 718 | 47 906 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (4 376) | (7 194) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (6 902) | 54 097 |
| activities | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND CASH | (1 443) | 1 142 |
| EQUIVALENTS | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 4 408 | 3 266 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 2 965 | 4 408 |
| the period | | |
--------------------------------------------------------------------------------
Anne Kallas
Member of the board
AS Ekspress Grupp
Tel:(+372) 669 8080
e-mail: [email protected]