Market announcement
AS Ekspress Grupp
Category
Management interim statement or quarterly financial report
Attachments
Date
06.08.2009 16:45:30
Title
AS Ekspress Grupp kvartaliaruanne II kvartal 2009
Message
Ekspress Grupi müügitulu moodustas 2009 aasta teises kvartalis 77.6 % ja kulumieelne ärikasum (EBITDA) 62.9% möödunud aasta sama perioodi tasemest. Müügitulu ja EBITDA langus on tingitud majanduse langusest põhjustatud reklaamitulude ja muude müügitulude langusest. Tulenevalt reklaamiäri sesoonsusest ja tänu agressiivsele kulude kokkuhoiule on teises kvartalis EBITDA langus peatunud. Teise kvartali EBITDA moodustab möödunud aasta sama perioodi tasemest 62.9% samal ajal kui esimese poolaasta EBITDA moodustab 44.4% möödunud aasta sama perioodi tasemest. Ekspress Grupi 2009 aasta II kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 269.2 miljonit krooni (17.2 miljonit eurot), aastane muutus -22.4% - Brutokasum 58.9 miljonit krooni ( 3.8 miljonit eurot), aastane muutus -38.8% - Kulumieelne ärikasum (EBITDA) 33.8 milj. krooni (2.2 milj. eurot), aastane muutus -37.1% - Ärikasum (EBIT) 18.3 miljonit krooni (1.2 miljonit eurot), aastane muutus -51.5% - Puhaskasum 4.1 miljonit krooni 0.3 miljonit eurot), aastane muutus -80.7% Ekspress Grupi 2009 aasta I poolaasta tegevust iseloomustavad olulised arvnäitajad - Müügitulu 533.4 miljonit krooni (34.1 miljonit eurot), aastane muutus -20.2% - Brutokasum 104.0 miljonit krooni ( 6.6 miljonit eurot), aastane muutus -41.7% - Kulumieelne ärikasum (EBITDA) 41.5 milj. krooni (2.6 milj. eurot), aastane muutus -55.6% - Ärikasum (EBIT) 10.8 miljonit krooni (0.7 miljonit eurot), aastane muutus -82.8% - Puhaskasum -13.5 miljonit krooni (-0.9 miljonit eurot) 2009 aasta II kvartali olulisemad sündmused - Kasuliku info portaali www.kasulik.ee lansseerimine - Venekeelse Euroopa Liidu uudiste kanali lansseerimine Lätis - Delfi.lv esikülje uue kujunduse lansseerimine Lätis - Internetipõhise tutvumisteenuse käivitamine Leedus - Maaleht.ee täielik integreerimine Delfi platvormile - Aiandusteemalise portaali www.aialeht.ee lansseerimine - Ajakirjade Anne ja Stiil ühinemine alates septembri numbrist Reklaamituru ülevaade 2009 aasta teises kvartalis jätkus reklaamituru langus, kuid langus on stabiliseerunud.. TNS Emor-i reklaamituru uuringu järgi langes meediareklaami müügitulu Eestis 2009 aasta teises kvartalis 39% võrreldes 2008 aasta sama perioodiga ulatudes 317.7 miljoni kroonini (20.3 miljoni euroni) (2008: 517.4 miljonit krooni, (33.1 miljonit eurot). Sarnaselt 2009 aasta esimese kvartaliga tegid teises kvartalis suurima languse läbi ajakirjade reklaam ja ajalehtede reklaam vastavalt 54% ja 45%. Internetireklaamlanges 31%. Valdkondadest domineerisid 2009 aasta teises kvartalis reklaamiturul sisustusreklaam ja jaemüügikettide allahindlusreklaam. Valimisreklaami mõju jäi oodatust kesisemaks. Ülevaade segmentide lõikes Ekspress Grupi tegevus keskendus 2009 aasta teises kvartalis jätkuvalt viiele põhisegmendile: online meedia, kirjastamine, trükiteenused, raamatute müük ja infoteenused. Online meedia segmendis kajastuvad lisaks Delfi Grupile ASi Eesti Päevaleht, SL Õhtuleht ASi, Eesti Ekspress Kirjastus ASi ja ASi Maaleht veebi väljaanded; Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö veebi keskkonnad, ning Läti ja Leedu autoportaalid. Samuti kajastatakse online media segmendis kõik tulevikus loodavad veebi keskkonnad. Online meedia segmendis on Delfi jätkuvalt Baltimaade juhtiv uudisteportaal, kes saavutas Eestis esimeses kvartalis kõigi aegade kõrgeima kasutatavuse 645 tuhande unikaalse kasutajaga 13-ndal nädalal. TNS Metrixi andmetel oli 2009 aasta teise kvartali tipp 23-s nädal 632 tuhande unikaalse kasutajaga. Lätis ja Leedus näitas Gemius Audience statistika kõrget kasutajate arvu juunis, vastavalt 722 tuhat unikaalset kasutajat ja 908 tuhat unikaalset kasutajat. Rekordilised kasutajanumbrid tugevdavad Delfi turupositsiooni veelgi ja loovad kõik eeldused reklaamiraha ligitõmbamiseks turgude elavnedes. TNS Metrixi andmetel oli Delfi Eestis 2009 aasta teises kvartalis jätkuvalt suurim uudisteportaal keskmiselt 607 000 unikaalse kasutajaga nädalas, kasvatades kasutajaskonda võrreldes aasta taguse sama ajaga enam kui 113 000 unikaalse kasutaja võrra. Delfi suurimal konkurendil www.postimees.ee oli 2009 aasta teises kvartalis nädalas keskmiselt 509 000 unikaalset kasutajat. Leedus oli Delfi Gemius Audience andmetel jätkuvalt internetituru liider, omades 2009 teises kvartalis keskmiselt 922 000 unikaalset kasutajat kuus. Konkureerivatel uudisportaalidel www.lrytas.lt ja www.alfa.lt oli samal perioodil vastavalt 712 000 ja 593 000 unikaalset külastajat kuus. Lätis oli Delfi samuti 2009 aasta teises kvartalis Gemius Audience andmetel suurim uudisteportaal keskmiselt 650 000 unikaalse kasutajaga kuus. Lätis Delfiga konkureerivatel uudisportaalidel www.tvnet.lv oli 441 000 ja www.apollo.lv 366 000 unikaalset külastajat. Bilansipäeva seisuga haldab AS Delfi koos Läti, Leedu ja Ukraina tütarettevõtjatega eesti- ja venekeelseid portaale Eestis, http://www.delfi.ee ja http://rus.delfi.ee, läti- ja venekeelseid portaale Lätis http://www.delfi.lv ja http://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. Delfi lansseeris aprillis Eestis erinevatest valdkondadest pärineva kasuliku info portaali www.kasulik.ee. Kasulik.ee sisaldab mitmesugust vajalikku teavet: riikide suunakoodid, riikide pealinnad, valuutakursid, korrutustabel, kellaajad, mitmesugused kalkulaatorid, etc. Vajalik info on Kasulik.ee-s esitatud kontsentreeritud kujul ja on kiiresti leitav. Delfi võitis juunis hanke Lätis venekeelse Euroopa Liidu uudiste kanali käivitamiseks. Kanal asub aadressil http://rus.delfi.lv/news/daily/europe/ ja selle käigushoidmist toetab Euroopa Komisjon. Delfi lansseeris Lätis uue kujundusega esikülje, mille tulemusena on paranenud uudiste visuaalne esitlus, mis omakorda on avaldanud positiivset mõju kasutusele. Nüüd on Delfi portaalid kõikides Balti riikides ühesuguse esiküljega. Delfi käivitas aprillis Leedus koostöös partneriga tutvumisteenused http://pazintys.klubas.lt/ ja http://flirt.delfi.ru/.Kuna tegemist on tasulise teenusega, võimaldab see külastajate arvu suurenemise kõrval suurendada ka Delfi müügitulu. Juunis autoportaali www.ekspressauto.ee ja automüüjate koostöös läbiviidud parimate hindadega autode pakkumiste kampaania tõstis unikaalsete külastajate arvu nädalas 84 803-le, võrdluseks mais 75 016 külastajat. Tänu kampaaniale saavutati 23-ndal nädalal senise tegutsemisaja külastusrekord 94 803 unikaalse külastajaga nädalas. Teises kvartalis alustati ettevalmistusi sama tehnilist platvormi Lätis ja Leedus kasutatavate autoportaalide integreerimiseks Delfiga. Töökuulutuste portaal www.ekspressjob.ee jätkas esimeses kvartalis saavutatud külastajaskonna taseme kinnitamist eesmärgiga tõusta üheks juhtivaks töökuulutuste keskkonnaks. Kinnisvara portaal www.ekspresskinnisvara.ee tugevdas oma positsiooni juhtivate kinnisvara kuulutuste portaalide seas, omades keskmiselt 70 000 unikaalset külastajat nädalas. Kontserni juhtkonna eesmärk on tugevdada kontserni turuliidri positsiooni internetiturul kõikides Balti riikides. Online meedia müügitulu oli 2009 aasta teises kvartalis 32.5 miljonit krooni (2.1 miljonit eurot) moodustades 67.6% möödunud aasta sama perioodi tasemest. EBITDA moodustas 3.6 miljonit krooni (0.2 miljonit eurot) moodustades 25.9% möödunud aasta sama perioodi tasemest. Online meedia 2009 aasta esimese poolaasta müügitulu oli 60.1 miljonit krooni (3.8 miljonit eurot) moodustades 69.6% möödunud aasta sama perioodi tasemest. 2009 aasta esimese polaasta EBITDA moodustas 0.3 miljonit krooni (21 tuhat eurot) moodustades 1.5% möödunud aasta sama perioodi tasemest. Kuna online meedias moodustab kogu müügitulu reklaamitulu, on sesoonsuse mõju sellele segmendile kõige suurem. Sarnaselt 2009 aasta esimese kvartaliga on ka teise kvartali suhtarvud võrreldes möödunud aasta sama perioodiga nõrgemad, sest 2008 aasta esimene poolaasta oli online reklaamis üsna tugev, langus algas teisest poolaastast. Müügitulu ja EBITDA langus on tingitud Interneti reklaamitulu järsust kukkumisest Lätis ja Leedus. Nii Lätis kui Leedus avaldab reklaamiturule negatiivset mõju järsult süvenev majanduslangus. Leedu Statistikaameti hinnangul on oodatav 2009 aasta teise kvartali SKP langus Leedus 22.4% möödunud aasta sama perioodiga võrreldes. EBITDA langus on mõjustatud ka Delfi Ukraina arendamisega seotud kuludest teises kvartalis 1.8 miljonit krooni (115 tuhat eurot) ja esimesel poolaastal kokku 2.6 miljonit krooni (164 tuhat eurot). Online meedia kasumlikkusele avaldavad negatiivselt mõju ka eelmisel aastal lansseeritud uued portaalid nagu Mango, Klubas, Publik, Forte ja klassifitseeritud portaalid, mis pole plaanitud break-even punkti saavutanud. Kirjastamissegmendis võis 2009 aasta teise kvartali lõpus positiivse märgina täheldada reklaamitulude languse stabiliseerumist. Kui TNS Emor-i reklaamituru uuringu järgi langes ajakirjade ja ajalehtede reklaam 2009 aasta teises kvartalis 47.5% ja esimesel poolaastal 46.5%siis kontserni kirjastamissegmendi reklaamitulu Eestis langes 2009 aasta teises kvartalis 44.0% ja esimesel poolaastal 43.9% möödunud aasta sama perioodiga võrreldes. Majanduslangusest tingitud tarbimise langus on mõjutanud ka perioodika üksikmüüki, mis on langenud 2009 aasta teises kvartalis 21% ja esimesel poolaastal 20% 2008 aasta sama perioodiga võrreldes. Samal ajal on tellimuste müük langenud oluliselt vähem: 2009 aasta teises kvartalis 11% ja esimesel poolaastal 8% 2008 aasta sama perioodiga võrreldes. Müügitulude 25.4%-lise languse tõttu 2009 aasta esimesel poolaastal langes kirjastamissegmendi EBITDA 2009 aasta samal perioodil 65.1%. 2009 aasta teise kvartali EBITDA-s sisaldub Leedu ajakirjade kirjastuse (Ekspress Leidyba) ristsõnade müügist saadud kasum 3.6 miljonit krooni (0.2 miljonit eurot), mille tulemusena on EBITDA langus 2009 aasta teises kvartalis 31.6% võrreldes möödunud aasta sama perioodiga ja EBITDA marginaal langenud 12.5%-lt 11.8%-le võrreldes 2008 aasta sama perioodiga. Juunis integreeriti Maaleht täielikult Delfi platvormile, mis võimaldab viia maaleht.ee kõigi Delfi lugejateni. Kiirem navigaator ja süstematiseeritud struktuur võimaldab positsioneerida Maalehte paremini uue Maalehe lugejate põlvkonna hulgas. Maaleht käivitas aiandusteemalise portaali Aialeht.ee, mis võimaldab positsioneerida Maalehte paremini aiapidajate hulgas nii maal kui linnas. Ajakirjade Kirjastus ühendab alates septembri numbrist sarnasele sihtgrupile suunatud ajakirjad Anne ja Stiil. Eesmärk on säilitada langeval turul väljaande kvaliteet ja täita lugejaskonna ootusi. Uue ühinenud kuukirja nimi on Anne&Stiil. Trükiteenuste segmendis on trükiettevõtjal õnnestunud hoida ekspordi osakaalu 55%-i tasemel kogu müügitulust nii 2009 aasta teises kvartalis kui esimesel poolaastal hoolimata välisvaluutade nõrgenemisest. Kogu müügitulu langus 2009 aasta teises kvartalis oli 16.1% ja esimesel poolaastal 15% 2008 aasta sama perioodiga võrreldes, mis on tingitud Eesti sisese ja kontsernisisese müügitulu langusest. Alates märtsist osutab trükiettevõtja teenust ka Grupi Leedus tegutsevale ajakirjade kirjastusele, mis võimaldab ära kasutada ajakirjade trükimasina vaba tootmisvõimsust ja kasvatada trükiettevõtja müügitulu. Tänu agressiivsele kulude kokkuhoiule 2009 aasta teises kvartalis on EBITDA marginaal tõusnud 20.1%-lt 20.5%-le võrreldes 2008 aasta sama perioodiga. 2009 aasta esimese poolaasta EBITDA marginaal on 19.3% (Esimene poolaasta 2008: 18.3%). Raamatumüügis kasvas raamatute jaemüügi müügitulu 2009 aasta teises kvartalis 29.9% ja esimesel poolaastal 24.3% möödunud aasta sama perioodiga võrreldes, mis on saavutatud tänu müügipinna lisandumisele. Samal ajal langes nõudluse langusest tulenevalt hulgimüügi müügitulu 2009 aasta teises kvartalis 34.5% ja esimesel poolaastal 29.7% möödunud aasta sama perioodiga võrreldes. Hulgimüügi müügitulu langusest tingituna langes kogu müügitulu 2009 aasta teises kvartalis 6.9% ja esimesel poolaastal 6% möödunud aasta sama perioodiga võrreldes. 2009 aasta esimeses kvartalis Pärnu Keskuses avatud esinduskauplusele ei ole sel aastal lisa oodata. Müügitulu languse ja uute poodidega kaasnevate püsikulude tõttu langes EBITDA marginaal 2009 aasta teises kvartalis 2.1%-lt -0.7%-le ja esimesel poolaastal 2.9%-lt -0.2%-le võrreldes 2008 aasta sama perioodiga Infoteenuste EBITDA suurenes 2009 aasta teises kvartalis 1.0 miljonit krooni (65 tuhat eurot) ja esimesel poolaastal 183.4% võrreldes 2008 aasta sama perioodiga. EBITDA marginaal tõusis 2009 aasta teises kvartalis -0.3%-lt 6.8%-le ja esimesel poolaastal 1.7% -lt 5.4%-le võrreldes 2008 aasta sama perioodiga. EBITDA kasv ja marginaali tõus on saavutatud tänu Rumeenia infoteenuste ärist väljumisele. Infoteenuste müügitulu langes 2009 aasta teises kvartalis 17 % ja esimesel poolaastal 13.5% möödunud aasta sama perioodiga võrreldes peamiselt kataloogide ärajäämise tõttu. Kui TNS Emor-i reklaamituru uuringu järgi langes välireklaam Eestis 2009 aasta teises kvartalis 35.3% ja esimesel poolaastal 30.6% möödunud aasta sama perioodiga võrreldes, siis kontserni infoteenuste välireklaam tõusis 2009 aasta teises kvartalis 92.5% ja esimesel poolaastal 103.5% möödunud aasta sama perioodiga võrreldes. Möödunud aasta oktoobris koostöös Delfiga lansseeritud Delfi Infoliin 1184 näitas 2009 teises kvartalis jätkuvat kasvutrendi. Soodsaima hinnaga infotelefon 1185 näitas ka teises kvartalis soliidset kõnede mahu kasvu: 130% võrreldes eelmise aasta sama perioodiga. Ekspress Hotline alustas esimeses kvartalis Soome firma Contactia OY SMS sõnumite töötlemist, tulevastel perioodidel on koostööle oodata lisa. 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. 2009 aasta teises kvartalis jätkunud majanduslanguse mõju kontserni müügitulule ja kasumile väljendus reklaamitulude languses ja müügitulude languses tervikuna, ja sellest tulenevalt kasumi languses. Müügitulude 22.4%-lise languse kõrval langesid otsekulud 2009 aasta teises kvartalis 16.1%, mille tulemusena langes brutokasumi marginaal 27.7%-lt 21.9%-le. Brutokasumi marginaali langus on seletatav reklaamitulude kõrge brutokasumi marginaaliga, mistõttu toob reklaamitulude langus kaasa brutokasumi marginaali languse. Alates märtsist trükitakse Grupi Leedus tegutseva ajakirjade kirjastuse väljaandeid Grupile kuuluvas trükiettevõtjas, mis parandab Grupi likviidsusseisu ja vähendab Grupi otsekulusid. 2009 aasta esimese poolaasta brutokasumi marginaal moodustas 19.5% (2008 esimene poolaasta: 26.7%). 2009 aasta teise kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas 33.8 miljonit krooni (2.2 miljonit eurot), moodustades 2008 aasta sama perioodi tasemest 62.9%. Tänu agressiivsele kulude kokkuhoiule on teises kvartalis EBITDA langus peatunud. Esimese poolaasta EBITDA 41.5 miljonit krooni (2.6 miljonit eurot) moodustas möödunud aasta sama perioodi tasemest 44.4%. 2009 aasta teise kvartali ärikasum moodustas 18.3 miljonit krooni (1.2 miljonit eurot) jäädes 2008 aasta sama perioodi tasemele alla 19.4 miljonit krooni (1.2 miljonit eurot). 2009 aasta esimese poolaasta ärikasum moodustas 10.8 miljonit krooni (0.7 miljonit eurot) jäädes 2008 aasta sama perioodi tasemele alla 51.8 miljonit krooni (3.3 miljonit eurot). Ärikasumi langus on tingitud majanduslangusest mõjustatud müügitulu langusest tervikuna ja eriti kõrge kasumimarginaaliga reklaamitulu langusest. Grupi turunduskulud vähenesid 2009 aasta teises kvartalis 28.1% (esimesel poolaastal 25.5%) võrreldes möödunud aasta sama perioodiga, mis on saavutatud turunduskulude optimeerimisest: osa turundusprojekte on teostatud piiratud ulatuses, osa turundusprojekte on tühistatud. Turunduskuludes kajastatud töötasu on langenud teises kvartalis 25.3% (esimesel poolaastal 16.4%) 2008 aasta sama perioodiga võrreldes. Administratiivkulud on 2009 aasta teises kvartalis langenud 13.1% (esimesel poolaastal 8.9%) möödunud aasta sama perioodiga võrreldes. Administratiivkuludes kajastatud töötasu on langenud teises kvartalis 13.3% (esimesel poolaastal 5.9%) 2008 aasta sama perioodiga võrreldes. Üldhalduskulude langus on saavutatud allpool kirjeldatud kokkuhoiu meetmete realiseerimise tulemusena. Töötasu langus on saavutatud palkade alandamise ja töötajate koondamise tulemusena. Grupi 2009 aasta teise kvartali finantskulud ulatusid 11.8 miljoni kroonini (0.8 miljoni euroni). Põhilise osa finantskuludest moodustasid intressikulud 10.7 miljonit krooni (0.7 miljonit eurot) (2008: 13.0 miljonit krooni (0.8 miljonit eurot). 2009 aasta esimese poolaasta finantskulud ulatusid 22.5 miljoni kroonini (1.4 miljoni euroni), millest intressikulud moodustasid 21.0 miljonit krooni (1.3 miljonit eurot) (2008: 27.1 miljonit krooni (1.7 miljonit eurot). Intresside aluseks on kuue kuu EURIBOR, mis on aastaga võrreldes oluliselt langenud. Intressikulud on valdavalt makstud Ekspress Grupi poolt 2007 aasta neljandas kvartalis Delfi ja Maalehe omandamiseks SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud laenult. Kokku moodustas AS-i Ekspress Grupp 2009 aasta teise kvartali puhaskasum (peale makse ja vähemusosalust) 4.1 miljonit krooni (0.3 miljonit eurot). 2008 aasta sama perioodiga võrreldes vähenes puhaskasum 80.7%. Esimese poolaasta puhaskasum moodustas -13.5 miljonit krooni (-0.9 miljonit eurot). Puhaskasumi langus on tingitud ärikasumit mõjutavatest sündmustest. 12. Jaanuaril 2009 uute emiteeritud aktsiate eest AS-le Ekspress Grupp laekunud 28.2 miljonit krooni (1.8 miljonit eurot) parandab Grupi likviidsusseisu ja kapitali struktuuri ning sellest tuletatud esimese poolaasta suhtarve. Kestva majanduslanguse tingimustes on Grupi juhtkond alates möödunud aasta algusest viinud läbi kulude kokkuhoiu programmi. Programmi põhiosad on paberi- ja printimiskulude kokkuhoid, IT arenduskulude kokkuhoid ja tööjõukulude kokkuhoid. Kontsernis on aasta jooksul peamiselt koondamiste teel vähendatud 133 töökohta ning uutesse projektidesse (peamiselt uued raamatupoed) juurde loodud 65 töökohta. 2009 aasta teises kvartalis maksti koondamistasusid 0.8 miljonit krooni (50 tuhat eurot) ja esimesel poolaastal 2.3 miljonit krooni (150 tuhat eurot). Reklaamituru kestva languse ja sellest tingitud EBITDA olulise vähenemise tingimustes viis Grupi juhtkond alates 1. märtsist 2009 (osades firmades alates 1. aprillist) Grupile kuuluvates tütarettevõtjates, samuti emaettevõtjas läbi töötajate palkade alandamise keskmiselt 10% üheks aastaks kuni 1. märtsini 2010 (osades firmades 1. aprillini 2010). Palkade alandamine puudutas kõiki töötajaid, kaasaarvatud juhatuse liikmed. Nimetatud palkade alandamine võimaldab Grupil vähendada töötasu kulu kuus 1.5 miljonit krooni (96 tuhat eurot). Lisaks ülalnimetatud palkade alandamisele on alates 1. Juunist 2009 Grupile kuuluvates tütarettevõtjates täiendavalt vähendatud töötasu kulu keskmiselt 5% aprilli tegeliku tööjõukuluga võrreldes. Tööjõukulude vähendamine on saavutatud läbi koondamise, osalise tööaja kehtestamise, palgata puhkusele saatmise, etc abil. Grupi juhtkonna hinnangul on palkade alandamisega võimalik säilitada meediaväljaannete kvaliteet majanduslanguse tingimustes. Töötajate arvu ning palkade vähendamine jätkub 2009 aasta teisel poolaastal, põhjuseks reklaamimahu vähenemine kõrval äriefektiivsuse tõstmiseks vajalik tugifunktsioonide ja juhtimisstruktuuride liitmine. Bilanss ja investeeringud 2009. aasta 30. juuni seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1629.7 miljoni kroonini (104.2 miljoni euroni) vähenedes aastaga 4.6%. Varadest vähenesid käibevarad aastaga 16.3% ulatudes 231.1 miljoni kroonini (14.8 miljoni euroni) seisuga 30. juuni 2009. Lühiajalised kohustused vähenesid aastaga 13% ulatudes 378.1 miljoni kroonini (24.2 miljoni euroni) seisuga 30. juuni 2009. Lühiajalistest kohustustest vähenesid laenukohustused aastaga 35.7 miljonit krooni (2.3 miljonit eurot) ehk 19% ulatudes 152.0 miljoni kroonini (9.7 miljoni euroni) seisuga 30. juuni 2009. Juuni lõpu seisuga ulatusid Grupi pikaajalised laenukohustused 615.5 miljoni kroonini (39.3 miljoni euroni), vähenedes aastaga 56.3 miljonit krooni (3.6 miljonit eurot) ehk 8.4%. Pikaajalistest võlakohustustest moodustavad pangalaenud 530.3 miljonit krooni (33.9 miljonit eurot) ja kapitalirendi võlg 85.2 miljonit krooni (5.4 miljonit eurot). Pikaajalistest laenukohustustest moodustab 488.4 miljonit krooni (31.2 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 30. juuni 2009 moodustab 549.4 miljonit krooni (35.1 miljonit eurot). 2009 aasta esimesel poolaastal tagastas Grupp sündikaatlaenu 25.0 miljonit krooni (1.6 miljonit eurot). Materiaalne põhivara ulatus juuni lõpu seisuga 375.0 miljoni kroonini (24.0 miljoni euroni) vähenedes aastaga 5.2%. Immateriaalne põhivara ulatus juuni lõpu seisuga 1 004.2 miljoni kroonini (64.2 miljoni euroni) vähenedes aastaga 1.5%. Immateriaalsest põhivarast moodustab 818.3 miljonit krooni (52.3 miljonit eurot) Delfi Grupi ostmisega lisandunud kaubamärkide, kliendisuhete ja tarkvara jääkväärtus ning soetamisel tekkinud firmaväärtus. Kinnisvarainvesteeringute suurenemine 8.8 miljonit krooni (0.6 miljonit eurot) on tingitud Printalli hoonestamata kinnistu ümberklassifitseerimisest kinnisvarainvesteeringuks seisuga 31. detsember 2008. Töötajad Ekspress Grupis töötas 2009 aasta 30. juuni seisuga 2 240 inimest (30. juuni 2008: 2 311 inimest). 2009 aasta teise kvartali keskmine töötajate arv oli 2 256 (2008 II kvartal : 2 329). Ekspress Grupi töötajatele maksti 2009. aasta teise kvartali jooksul töötasusid kokku 145.2 miljonit krooni (9.3 miljonit eurot), (2008 II kvartal: 160.2 miljonit krooni (10.2 miljonit eurot))*. *ühisettevõtetest proportsionaalne osa -------------------------------------------------------------------------------- | Suhtarvud (%) | | I pa 2009 | I pa 2008 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | -20% | 27% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 19% | 27% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | - | 5% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 38% | 35% | -------------------------------------------------------------------------------- | Varade tootlus (%) | - | 159% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | - | 5% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | 2% | 9% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 61% | 60% | -------------------------------------------------------------------------------- | Võla ja omakapitali | 129% | 151% | | suhe (%) | | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 55% | 57% | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (0,65) | 1,69 | | EEK | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (0,04) | 0,11 | | EUR | | | -------------------------------------------------------------------------------- Suhtarvude valemid -------------------------------------------------------------------------------- | Müügitulu kasv (%) | (müügitulu 6 kuud 2009 - müügitulu 6 kuud 2008) | | | / müügitulu 6 kuud 2008*100 | -------------------------------------------------------------------------------- | Brutorentaablus (%) | brutokasum/müügitulu*100 | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | puhaskasum/müügitulu*100 | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | omakapital / (kohustused+omakapital)* 100 | -------------------------------------------------------------------------------- | Varade tootlus (%) | puhaskasum/keskmised varad *100 | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | puhaskasum/keskmine omakapital *100 | -------------------------------------------------------------------------------- | Ärirentaablus (%) | ärikasum/müügitulu*100 | -------------------------------------------------------------------------------- | Likviidsuskordaja | käibevara/lühiajalised kohustused | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | intressi kandvad võlakohustused/omakapital*100 | | (%) | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | intressi kandvad võlakohustused-raha ja raha | | | ekvivalendid/ intressi kandvad | | | võlakohustused+omakapital*100 | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 30.06.2009 | 31.12.2008 | 30.06.2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 18 642 | 46 388 | 28 792 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 1 141 | 8 025 | 3 908 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 148 387 | 166 649 | 166 870 | -------------------------------------------------------------------------------- | Varud | 62 919 | 65 658 | 76 533 | -------------------------------------------------------------------------------- | Käibevara kokku | 231 089 | 286 720 | 276 103 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 6 569 | 4 217 | 13 622 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 505 | 302 | 802 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 12 341 | 12 341 | 3 537 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 375 012 | 389 572 | 395 472 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 1 004 188 | 1 013 379 | 1 019 515 | -------------------------------------------------------------------------------- | Põhivara kokku | 1 398 615 | 1 419 811 | 1 432 948 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 629 704 | 1 706 531 | 1 709 051 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 151 995 | 176 219 | 187 669 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 226 113 | 281 911 | 246 817 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 378 108 | 458 130 | 434 486 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa | 615 484 | 627 811 | 671 806 | | 5) | | | | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 609 | 163 | 734 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 9 555 | 9 555 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 625 648 | 637 529 | 672 540 | -------------------------------------------------------------------------------- | Kohustused kokku | 1 003 756 | 1 095 659 | 1 107 026 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 208 488 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Ülekurss | 192 883 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reservid | 4 125 | 4 125 | 10 222 | -------------------------------------------------------------------------------- | Jaotamata kasum | 218 410 | 231 898 | 218 079 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 1 754 | 1 355 | 230 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 625 660 | 610 584 | 601 737 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 288 | 288 | 288 | -------------------------------------------------------------------------------- | Omakapital kokku | 625 948 | 610 872 | 602 025 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 629 704 | 1 706 531 | 1 709 051 | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 30.06.2009 | 31.12.2008 | 30.06.2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 1 191 | 2 965 | 1 840 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 73 | 513 | 250 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 9 484 | 10 651 | 10 665 | -------------------------------------------------------------------------------- | Varud | 4 021 | 4 196 | 4 891 | -------------------------------------------------------------------------------- | Käibevara kokku | 14 769 | 18 325 | 17 646 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 420 | 268 | 870 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 32 | 19 | 51 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 789 | 789 | 226 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 23 968 | 24 898 | 25 275 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 64 179 | 64 767 | 65 159 | -------------------------------------------------------------------------------- | Põhivara kokku | 89 388 | 90 741 | 91 581 | -------------------------------------------------------------------------------- | VARAD KOKKU | 104 157 | 109 066 | 109 227 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 9 714 | 11 262 | 11 994 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 14 451 | 18 017 | 15 774 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 24 165 | 29 279 | 27 768 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa | 39 337 | 40 124 | 42 936 | | 5) | | | | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 39 | 10 | 47 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 611 | 611 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 39 987 | 40 745 | 42 983 | -------------------------------------------------------------------------------- | Kohustused kokku | 64 152 | 70 024 | 70 751 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 13 325 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Ülekurss | 12 327 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reservid | 264 | 264 | 653 | -------------------------------------------------------------------------------- | Jaotamata kasum | 13 959 | 14 821 | 13 938 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 112 | 87 | 15 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 39 987 | 39 024 | 38 458 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 18 | 18 | 18 | -------------------------------------------------------------------------------- | Omakapital kokku | 40 005 | 39 042 | 38 476 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 104 157 | 109 066 | 109 227 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | II kv 2009 | II kv 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 269 248 | 346 897 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 210 339 | 250 718 | -------------------------------------------------------------------------------- | Brutokasum | 58 909 | 96 179 | -------------------------------------------------------------------------------- | Turunduskulud | 11 403 | 15 853 | -------------------------------------------------------------------------------- | Üldhalduskulud | 35 903 | 41 311 | -------------------------------------------------------------------------------- | Muud äritulud | 7 260 | 1 096 | -------------------------------------------------------------------------------- | Muud ärikulud | 581 | 2 430 | -------------------------------------------------------------------------------- | Ärikasum | 18 282 | 37 681 | -------------------------------------------------------------------------------- | Intressitulud | 456 | 536 | -------------------------------------------------------------------------------- | Intressikulud | (10 662) | (13 042) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (207) | (115) | -------------------------------------------------------------------------------- | Muud finantstulud | 70 | 11 | -------------------------------------------------------------------------------- | Muud finantskulud | (175) | (644) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (10 518) | (13 254) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | (81) | 62 | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 7 683 | 24 489 | -------------------------------------------------------------------------------- | Tulumaks | 3 576 | 3 261 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 4 107 | 21 228 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 4 107 | 21 235 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | (7) | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 79 | -45 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | 4 186 | 21 183 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 4 186 | 21 190 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | (7) | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,20 | 1,12 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | I pa 2009 | I pa 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 533 418 | 668 235 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 429 447 | 489 787 | -------------------------------------------------------------------------------- | Brutokasum | 103 971 | 178 448 | -------------------------------------------------------------------------------- | Turunduskulud | 24 672 | 33 111 | -------------------------------------------------------------------------------- | Üldhalduskulud | 75 931 | 83 340 | -------------------------------------------------------------------------------- | Muud äritulud | 9 139 | 5 586 | -------------------------------------------------------------------------------- | Muud ärikulud | 1 704 | 4 932 | -------------------------------------------------------------------------------- | Ärikasum | 10 803 | 62 651 | -------------------------------------------------------------------------------- | Intressitulud | 1 015 | 1 251 | -------------------------------------------------------------------------------- | Intressikulud | (21 045) | (27 132) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (90) | (446) | -------------------------------------------------------------------------------- | Muud finantstulud | 190 | 11 | -------------------------------------------------------------------------------- | Muud finantskulud | (451) | (820) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (20 381) | (27 136) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | 53 | (137) | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (9 525) | 35 378 | -------------------------------------------------------------------------------- | Tulumaks | 3 963 | 3 261 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (13 488) | 32 117 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (13 488) | 32 098 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 19 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 399 | 251 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (13 089) | 32 368 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (13 089) | 32 349 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 19 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,65) | 1,69 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata), -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | II kv 2009 | II kv 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 17 208 | 22 171 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 13 443 | 16 024 | -------------------------------------------------------------------------------- | Brutokasum | 3 765 | 6 147 | -------------------------------------------------------------------------------- | Turunduskulud | 729 | 1 013 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 295 | 2 640 | -------------------------------------------------------------------------------- | Muud äritulud | 465 | 70 | -------------------------------------------------------------------------------- | Muud ärikulud | 37 | 155 | -------------------------------------------------------------------------------- | Ärikasum | 1 169 | 2 409 | -------------------------------------------------------------------------------- | Intressitulud | 29 | 34 | -------------------------------------------------------------------------------- | Intressikulud | (681) | (834) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (13) | (7) | -------------------------------------------------------------------------------- | Muud finantstulud | 4 | 1 | -------------------------------------------------------------------------------- | Muud finantskulud | (11) | (41) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (672) | (847) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (5) | 4 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 492 | 1 566 | -------------------------------------------------------------------------------- | Tulumaks | 229 | 208 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 263 | 1 358 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 263 | 1 358 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 0 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 5 | (3) | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | 268 | 1 355 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 268 | 1 355 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 0 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,01 | 0,07 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata), -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | I pa 2009 | I pa 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 34 092 | 42 708 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 27 447 | 31 303 | -------------------------------------------------------------------------------- | Brutokasum | 6 645 | 11 405 | -------------------------------------------------------------------------------- | Turunduskulud | 1 577 | 2 116 | -------------------------------------------------------------------------------- | Üldhalduskulud | 4 853 | 5 326 | -------------------------------------------------------------------------------- | Muud äritulud | 585 | 356 | -------------------------------------------------------------------------------- | Muud ärikulud | 109 | 315 | -------------------------------------------------------------------------------- | Ärikasum | 691 | 4 004 | -------------------------------------------------------------------------------- | Intressitulud | 65 | 80 | -------------------------------------------------------------------------------- | Intressikulud | (1 345) | (1 734) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (6) | (29) | -------------------------------------------------------------------------------- | Muud finantstulud | 12 | 1 | -------------------------------------------------------------------------------- | Muud finantskulud | (29) | (52) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (1 303) | (1 734) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | 3 | (9) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (609) | 2 261 | -------------------------------------------------------------------------------- | Tulumaks | 253 | 208 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (862) | 2 053 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (862) | 2 052 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 1 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | 26 | 16 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (836) | 2 069 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (836) | 2 068 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 1 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,04) | 0,11 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | I pa 2009 | I pa 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | 10 803 | 62 651 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 30 671 | 30 863 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 61 | 226 | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 19 489 | 124 | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 2 739 | (10 372) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja ettemaksete | (33 099) | (21 443) | | muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 30 664 | 62 049 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (5 055) | (3 261) | -------------------------------------------------------------------------------- | Makstud intressid | (20 405) | (27 148) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 5 204 | 31 640 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | 0 | (1 182) | -------------------------------------------------------------------------------- | Finantsvarade müük | 0 | 1 500 | -------------------------------------------------------------------------------- | Saadud intressid | 1 248 | 709 | -------------------------------------------------------------------------------- | Põhivara soetamine | (8 748) | (17 173) | -------------------------------------------------------------------------------- | Põhivara müük | 4 761 | 274 | -------------------------------------------------------------------------------- | Antud laenud | (1 697) | (3 067) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 1 945 | 94 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (2 491) | (18 845) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 28 166 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (18 102) | (16 132) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | 11 128 | (23 895) | -------------------------------------------------------------------------------- | Saadud laenud | 0 | 30 000 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (51 651) | (42 946) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (30 459) | (52 973) | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (27 746) | (40 178) | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 46 388 | 68 970 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 18 642 | 28 792 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | I pa 2009 | I pa 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | 690 | 4 004 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 1 960 | 1 973 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 4 | 14 | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 1 246 | 8 | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 175 | (663) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja ettemaksete | (2 115) | (1 370) | | muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 1 960 | 3 966 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (323) | (208) | -------------------------------------------------------------------------------- | Makstud intressid | (1 304) | (1 735) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 333 | 2 022 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | 0 | (76) | -------------------------------------------------------------------------------- | Finantsvarade müük | 0 | 96 | -------------------------------------------------------------------------------- | Saadud intressid | 80 | 45 | -------------------------------------------------------------------------------- | Põhivara soetamine | (559) | (1 098) | -------------------------------------------------------------------------------- | Põhivara müük | 304 | 18 | -------------------------------------------------------------------------------- | Antud laenud | (108) | (196) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 124 | 6 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (159) | (1 204) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | 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| | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 2 965 | 4 408 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 1 191 | 1 840 | -------------------------------------------------------------------------------- Lisainformatsioon Anne Kallas juhatuse liige telefon 6698197 e-post anne@egrupp.ee
Title
AS Ekspress Gupp quarterly report for Q2 2009
Message
In the second quarter of 2009, the sales revenue of Ekspress Group made up 77.6
% and earnings before depreciation, financial income and expenses, income tax
and minority interest (EBITDA) made up 62.9% of the level in the same period
last year. The decline in the sales revenue and EBITDA is caused by the decline
in advertising sales revenue and other sales revenue driven by the economic
recession. Due to the seasonality of the advertising business and aggressive
cost-cutting, the decline in EBITDA has halted. EBITDA in the second quarter
makes up 62.9% of the level in the second quarter last year whereas EBITDA in
the first six months of the year makes up 44.4% of the level in the same period
last year.
Key figures characterising the activities of Ekspress Group in the 2ndquarter of
2009
- Sales revenue EEK 269.2 million (EUR 17.2 million), year-over-year change
-22.4%
- Gross profit EEK 58.9 million (EUR 3.8 million), year-over-year change -38.8%
- EBITDA EEK 33.8 million (EUR 2.2 million), year-over-year change -37.1%
- EBIT EEK 18.3 million (EUR 1.2 million), year-over-year change -51.5%
- Net profit EEK 4.1 million (0.3 million), year-over-year change -80.7%
Key figures characterising the activities of Ekspress Group in the first half of
2009
- Sales revenue EEK 533.4 million (EUR 34.1 million), year-over-year change
-20.2%
- Gross profit EEK 104.0 million (EUR 6.6 million), year-over-year change
-41.7%
- EBITDA EEK 41.5 million (EUR 2.6 million), year-over-year change -55.6%
- EBIT EEK 10.8 million (EUR 0.7 million), year-over-year change -82.8%
- Net profit EEK -13.5 million (EUR -0.9 million)
Key events in the 2nd quarter of 2009
- Launching of the portal of useful information www.kasulik.ee
- Launching of the Russian-language EU news channel in Latvia
- Launching of the new design of the front page of Delfi.lv in Latvia
- Launching of the Internet-based dating service in Lithuania
- Complete integration of Maaleht.ee with Delfi platform
- Launching of the gardening portal www.aialeht.ee
- Merger of the magazines Anne and Stiil from September
Overview of the advertising market
The decline of the advertising market continued in the 2nd quarter of 2009
continued, but the decline has stabilized. According to the survey of the media
advertising market conducted by TNS Emor, the sales revenue of media advertising
fell by 39% in Estonia in the 2nd quarter of 2009 as compared to the same period
last year, reaching EEK 317.7 million (EUR 20.3 million) (2008: EEK 517.4
million, EUR 33.1 million).
Similarly with the 1st quarter of 2009 magazine advertising and newspaper
advertising declined the most, by 54% and 45%, respectively also in the 2nd
quarter of 2009. Online advertising declined by 31%. With regard to specific
areas, interior design advertising and sale campaign advertising of retail
chains predominated in the advertising market the 2nd quarter of 2009. The
impact of the election advertising was below expectations.
Overview of the segments
In the 2nd quarter of 2009, Ekspress Group continued to focus on its five
principal segments: online media, publishing, printing services, book sales and
information services. In addition to Delfi Group, the online media segment
includes the web publications of AS Eesti Päevaleht, SL Õhtuleht AS, Eesti
Ekspress Kirjastus AS and AS Maaleht; the automobile, real estate and employment
web environments of Eesti Ekspress Kirjastus AS and the Latvian and Lithuanian
automobile portals. All web environments to be set up in the future are also
included in the online media segment.
In the online media segment, Delfi continues to be the leading news portal in
the Baltic States, reaching in Estonia its highest ever use in the 1st quarter
of 2009 with 645 thousand unique users in the 13th week. According to the data
by TNS Metrix, the peak of the 2nd quarter of 2009 occurred in the 23rd week
with 632 thousand unique users. According to the statistics by Gemius Audience,
the high number of users was registered in Latvia and Lithuania in June, 722
thousand unique visitors and 908 thousand unique visitors, respectively. These
record-breaking user numbers will further strengthen Delfi's market position and
create all preconditions necessary for attracting advertising money when the
markets pick up again.
According to the data by TNS Metrix, Delfi continued to be the largest news
portal in the 2nd quarter of 2009 in Estonia with 607 000 unique users per week,
growing its user base by 113 000 unique users as compared to the same period
last year. Delfi's largest competitor www.postimees.ee had 509 000 unique users
per week in the 2nd quarter of 2009.
According to the data by Gemius Audience, Delfi continued to be the leader in
the Internet market in Lithuania with an average of 922 000 unique users per
month in the 2nd quarter of 2009. The competing news portals www.lrytas.lt and
www.alfa.lt had 712 000 and 593 000 unique users per month, respectively, in the
same period.
According to the data by Gemius Audience, Delfi continued to be the leader in
the Internet market in Latvia with an average of 650 000 unique users per month
in the 2nd quarter of 2009. The news portals competing with Delfi Latvia,
www.tvnet.lv and www.apollo.lv, had 441 000 and 366 000 unique users,
respectively.
As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and
Ukrainian subsidiaries manages the Estonian and Russian-language portals in
Estonia, http://www.delfi.ee and http://rus.delfi.ee, the Latvian and
Russian-language portals in Latvia http://www.delfi.lv and http://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 Ukraine
http://www.delfi.ua.
In April, Delfi launched the portal of useful information from various fields
www.kasulik.ee. Kasulik.ee has miscellaneous useful information: country codes,
state capitals, exchange rates, multiplication table, local time, various
calculators, etc. Useful information is concentrated and easily accessible in
Kasulik.ee.
In June, Delfi won the bid to launch the Russian-language channel of EU news in
Latvia. The portal is located at the
site http://rus.delfi.lv/news/daily/europe/ and its operation is funded by the
European Commission.
In Latvia, Delfi launched a front page with a new design as a result of which
the visual presentation of news has improved which in turn has had a positive
effect on its use. Delfi portals have now uniform front pages in all Baltic
States.
In April, Delfi launched in collaboration with its partners dating services
http://pazintys.klubas.lt/ and http://flirt.delfi.ru/ in Lithuania. As these
sites represent paid services, they will help to increase Delfi's sales revenue
in addition to user growth.
In June, the campaign of offering cars at the best prices in collaboration with
the automobile portal www.ekspressauto.ee and car dealers increased the number
of unique users to 84 803 per week, as a comparison, there were 75 016 visitors
in May. As a result of the campaign, a record number of 94 803 unique visitors
visited the site in the 23rd week.
In the 2nd quarter, preparations started to integrate the automobile portals
using the same platform in Latvia and in Lithuania with Delfi.
The employment portal www.ekspressjob.ee continued to reinforce its level of
users achieved in the 1st quarter with the goal of becoming one of the leading
employment web environments.
The real estate portal www.ekspresskinnisvara.ee strengthened its position among
the leading real estate portals with 70 000 unique visitors per week on average.
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 the 2nd quarter of 2009, the sales revenue of online media totalled EEK 32.5
million (EUR 2.1 million), making up 67.6% of the level in the same period last
year. EBITDA was EEK 3.6 million (EUR 0.2 million), making up 25.9% of the level
in the same period last year. Online media sales revenue in the first six months
of 2009 totalled EEK 60.1 million (EUR 3.8 million), making up 69.6% of the
level in the same period last year. EBITDA in the first six months of 2009 was
EEK 0.3 million (EUR 21 thousand), making up 1.5% of the level in the same
period last year. As advertising sales revenue is the only sales revenue
generated in online media, the effect of seasonality is most pronounced in this
segment. Similarly to the 1st quarter of 2009, the financial ratios in the 2nd
quarter of 2009 were weaker as compared to the same period last year because
online advertising was relatively strong in the first six months of 2008, the
decline started in the second half of the year. The decline in the sales revenue
and EBITDA is related to a sharp decline in online advertising sales revenue in
Latvia and Lithuania. The deepening economic recession has a negative impact on
the advertising market both in Latvia and Lithuania. According to the estimate
by Statistics Lithuania, the estimated decline in GDP growth was 22.4% in
Lithuania in the 2nd quarter as compared to the same period last year. The
decline in EBITDA was also impacted by the costs incurred for developing Delfi
Ukraina in the amount of EEK 1.8 million (EUR 115 thousand) in the 2nd quarter
and EEK 2.6 million (EUR 164 thousand) in the first six months of the year. New
portals such as Mango, Klubas, Publik, Forte and classified portals launched
last year that have not yet reached a break-even point also have a negative
effect on the profitability of online media.
A positive sign in the publishing segment was stabilisation of the decline in
advertising sales revenue at the end of the 2nd quarter of 2009. According to
the survey of the advertising market conducted by TNS Emor, the magazine and
newspaper advertising declined by 47.5% in the 2nd quarter of 2009 and 46.5% in
the first six months of 2009, however, the advertising sales revenue of the
Group's publishing sector in Estonia declined by 44% in the 2nd quarter of 2009
and by 43.9% in the first six months of the year as compared to the same period
last year. Lower consumption as a result of the economic recession has also
impacted single copy sales of periodicals which declined by 21% in the 2nd
quarter of 2009 and by 20% in the first six months of the year as compared to
the same period in 2008. At the same time, the subscriptions have fallen
significantly less: by 11% in the 2nd quarter of 2009 and by 8% in the first six
months of the year as compared to the same period in 2008. As a result of the
25.4% sales revenue decline in the first half of 2009, the EBITDA of the
publishing segment fell by 65.1% in the same period of 2009. The EBITDA in the
second quarter of 2009 includes the gain from the sale of crosswords of the
Lithuanian publisher of magazines (Ekspress Leidyba) in the amount of EEK 3.6
million (EUR 0.2 million), as a result of which the EBITDA decline in the 2nd
quarter of 2009 was 31.6% as compared to the same period last year and the
EBITDA margin has declined from 12.5% to 11.8% as compared to the same period in
2008.
In June, Maaleht was completely integrated with Delfi platform, enabling to take
maaleht.ee to all readers of Delfi. A faster navigator and systematized
structure will enable to position Maaleht better with a new generation of
readers. Maaleht launched a gardening portal Aialeht.ee which enables to
position Maaleht better among gardeners both in the country and in the city.
From September issue, Ajakirjade Kirjastus will merge magazines Anne and Stiil
targeted at the same target group. The goal is to maintain the quality of the
magazine in the declining market and meet the expectations of its readers. The
name of the merged monthly magazine will be Anne&Stiil.
In the segment of printing services, the printing company has been able to
maintain its share of exports at 55% of sales revenue both in the 2nd quarter of
2009 as well as in the first six months of the year despite depreciation of
foreign currencies. The total sales revenue decline was 16.1% in the 2nd quarter
of 2009 and 15% in the first six months of the year as compared to the same
period in 2008, related to a decline in the sales revenue in Estonia and at the
Group. From March, the printing company also provides services to the Group's
publisher of magazines in Lithuania, enabling to use spare capacity of the
magazine printing press and increase the sales revenue of the printing company.
Due to aggressive cost-cutting in the 2nd quarter of 2009, the EBITDA margin has
increased from 20.1% to 20.5% as compared to the same period in 2008. The EBITDA
margin in the first six months of 2009 was 19.3% (first half of 2008: 18.3%).
In the segment of book sales, the retail sales revenue increased by 29.9% in the
2nd quarter of 2009 and by 24.3% in the first six months of the year as compared
to the same period last year, achieved through the addition of new sales
premises. However, due to lower demand, wholesale revenue declined by 34.5% in
the 2nd quarter of 2009 and by 29.7% in the first six months of the year as
compared to the same period last year. Due to the decline in wholesale revenue,
total sales revenue declined by 6.9% in the 2nd quarter of 2009 and by 6% in the
first six months of the year as compared to the same period last year. No other
bookstores will be opened this year in addition to the new flagship store opened
in Pärnu Centre in the 1st quarter of 2009. Due to the decline in the sales
revenue, and fixed costs attributable to new stores, the EBITDA margin declined
from 2.1% to -0.7% in the 2nd quarter of 2009 and from 2.9% tom -0.2% in the
first six months of the year as compared to the same period in 2008.
The EBITDA of information services increased by EEK 1.0 million (EUR 65
thousand) in the 2nd quarter of 2009 and by 183.4% in the first six months of
the year as compared to the same period in 2008. The EBITDA margin increased
from -0.3% to 6.8% in the 2nd quarter of 2009 and from 1.7% to 5.4% in the first
six months of the year as compared to the same period in 2008. The EBITDA growth
and increase in the margin has been achieved due to the exit from the business
of information services in Romania. The sales revenue of information services
fell by 17% in the 2nd quarter of 2009 and by 13.5% in the first six months of
the year as compared to the same period last year primarily due to the absence
of catalogues. According to the survey of the advertising market conducted by
TNS Emor, the outdoor advertising declined by 35.3% in the 2nd quarter of 2009
and 30.6% in the first six months of 2009, however, outdoor advertising of the
concern increased by 92.5% in the 2nd quarter of 2009 and by 103.5% in the first
six months of the year as compared to the same period last year. Delfi Infoliin
1184 (Delfi Information Line 1184) launched in cooperation with Delfi last
October showed a continuing growth trend in the 2nd quarter of 2009. The
information line 1185 with its most favourable prices also demonstrated decent
growth in the volume of calls: 130% as compared to the same period last year.
In the 1st quarter, Ekspress Hotline started to process the SMS messages of the
Finnish company Contactia OY, in upcoming periods, more collaboration is to be
expected.
Profit
Given the seasonal nature of the advertising business, the addition of AS
Maaleht and Delfi Group has significantly increased the share of advertising
sales 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
recession which continued in the 2nd quarter of 2009 had an impact on the
Group's sales revenue and profit, manifesting itself in a decline of advertising
revenue and sales revenue as well as the related decline in profit.
As compared to the 22.4% decline in sales revenue, direct costs decreased by
16.1% in the 2nd quarter of 2009 as a result of which the gross margin declined
from 27.7% to 21.9%. The decline in the gross margin is attributable to the high
gross margin of advertising revenue - sharp decline in advertising revenue
triggers a sharp decline in the gross margin. From March, the publications of
the Group's publisher of magazines operating in Lithuania have been printed in
the printing company being part of the Group which will improve the Group's
liquidity position and reduce the Group's direct costs. In the first half of the
year, the gross margin was 19.5% (first half of 2008: 26.7%).
EBITDA totalled EEK 33.8 million (EUR 2.2 million) in the 2nd quarter of 2009,
making up 62.9% of the same level in 2008. Due to aggressive cost-cutting, the
EBITDA decline in the 2nd quarter EBITDA has halted. EBITDA was EEK 41.5 million
(EUR 2.6 million) in the first six months of the year, making up 44.4% of the
level in the same period last year.
In the second quarter of 2009, EBIT totalled EEK 18.3 million (EUR 1.2 million)
which is EEK 19.4 million (EUR 1.2 million) lower than that in the same period
of 2008. In the first six months of the year, EBIT was EEK 10.8 million (EUR 0.7
million) which is EEK 51.8 million (EUR 3.3 million) lower than in 2008. The
factors behind the slowdown of EBIT are the overall decline in sales revenue
driven by the economic recession and especially the decline in advertising
revenue having a high profit margin.
The marketing expenses of the Group decreased by 28.1%in the 2nd quarter of 2009
(by 25.5%in the first six months of the year) as compared to the same period
last year, attained through optimisation of marketing expenses: some marketing
projects have been executed in a limited scope, some of the projects have been
cancelled. Wages and salaries included in marketing expenses decreased by 25.3%
in the 2nd quarter (by 16.4% in the first six months of the year ) as compared
to the same period in 2008.
In the 2nd quarter of 2009, administrative expenses decreased by 13.1% (by 8.9%
in the first six months of the year) as compared to the same period last year.
Wages and salaries included in administrative expenses decreased by 13.3% in the
2nd quarter (by 5.9% in the first six months of the year) as compared to the
same period in 2008. The decline in general expenses has been attained through
implementation of cost-cutting measures described below. The decline of salaries
is attributable to the freezing of wage increases and laying off of employees.
In the 2nd quarter of 2009, the Group's financial expenses reached EEK 11.8
million (EUR 0.8 million). Financial expenses were mostly made up of interest
expenses in the amount of EEK 10.7 million (EUR 0.7 million) (2008: EEK 13.0
million (EUR 0.8 million ). The Group's financial expenses reached EEK 22.5
million (EUR 1.4 million) in the first six months of 2009. Financial expenses
were mostly made up of interest expenses in the amount of EEK 21.0 million (EUR
1.3 million) (2008: EEK 27.1 million (EUR 1.7 million). Interest rates are based
on the 6-month EURIBOR which has declined significantly in a year. Interest
expenses are mostly related to the loan taken from the syndicate of SEB, Sampo
Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the fourth
quarter of 2007.
The net profit (after taxes and minority interest) of Ekspress Group totalled
EEK 4.1 million (EUR 0.3 million) in the 2nd quarter. As compared to the same
period in 2008, the net profit fell by 80.7%. Net profit was EEK -13.5 million
(EUR -0.9 million) in the first six months of the year. The decline in the net
profit is related to the events impacting the operating profit. On 12 January
2009, AS Ekspress Grupp received EEK 28.2 million (EUR 1.8 million) for the
issue of new shares, which will improve the liquidity situation and the capital
structure of the Group as well as financial ratios derived from it also for the
first half of the year.
Under the conditions of a continuing economic recession, the management of the
Group has carried out a cost-cutting programme starting from the beginning of
last year. The main components of the programme include savings of paper and
printing costs, savings of IT development costs and savings of payroll expenses.
During the year, 133 employees have been laid off at the Group and 65 new
positions have been created relating to new projects (primarily new bookstores).
In the 2nd quarter of 2009, termination benefits totalled EEK 0.8 million (EUR
50 thousand) and 2.3 million EEK (EUR 150 thousand) in the first six months of
the year. As a result of the ongoing decline in the advertising market and the
related substantial decrease in EBITDA, from 1 March 2009 (in some subsidiaries
from 1 April 2009), the management of the Group reduced the salaries of
employees of subsidiaries as well as the parent company by 10% on average for
one year until 1 March 2010 (until 1 April 2010 in some companies). The
reduction of salaries concerned all employees, including the members of the
Management Board. The reduction of these salaries will enable the Group to lower
its monthly labour costs by EEK 1.5 million (EUR 96 thousand). In addition to
the reduction of the aforementioned salaries, from 1 June 2009, the labour costs
of the Group's subsidiaries have been reduced by 5% on average as compared to
the actual labour costs in April. The reduction in payroll expenses has been
achieved through lay-offs, establishment of part-time schedules, non-paid
vacation, etc. The Group's management estimates that the reduction in salaries
will enable to maintain the quality of media publications under the conditions
of the economic recession. The reduction in the number of employees and
reduction in salaries will continue in the second half of 2009, due to a major
decline in advertising revenue as well as combining of support functions and
management structures necessary for increasing business effectiveness.
The Group sees the consolidation of the support functions of its subsidiaries,
such as IT management, financial services, etc. as another major source of cost
savings, which represents the first stage in the integration of the management
structures of subsidiaries.
Balance sheet and investments
As of 30 June 2009, the consolidated balance sheet total of Ekspress Group was
EEK 1629.7 million (EUR 104.2 million), decreasing by 4.6% year-over-year. As of
30 June 2009, current assets decreased by 16.3% year-over-year, reaching EEK
231.1 million (EUR 14.8 million). Current liabilities decreased by 13%
year-over-year, reaching EEK 378.1 million (EUR 24.2 million) as of 30 June
2009. Of current liabilities, borrowings decreased by EEK 35.7 million (EUR 2.3
million) or 19%, reaching EEK 152.0 million (EUR 9.7 million) as of 30 June
2009.
As of the end of June, the Group's long-term borrowings totalled EEK 615.5
million (EUR 39.3 million), decreasing by EEK 56.3 million (EUR 3.6 million)
year-over-year. Of the long-term borrowings, bank loans constitute EEK 530.3
million (EUR 33.9 million) and the finance lease liability is EEK 85.2 million
(EUR 5.4 million). Of the long-term borrowings, 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 4th quarter of 2007
totals 488.4 million (EUR 31.2 million). The total outstanding balance of this
loan was EEK 549.4 million (EUR 35.1 million) as of 30 June 2009. In the first
half of 2009, the Group paid off the syndicate loan in the amount of EEK 25.0
million (EUR 1.6 million).
Property, plant and equipment stood at EEK 375.0 million (EUR 24.0 million) as
of the end of June, decreasing by 5.2% year-over-year. As of the end of June,
the Group's intangible assets totalled EEK 1 004.2 million (EUR 64.2 million),
decreasing by 1.5% year-over-year. Of intangible assets, EEK 818.3 million (EUR
52.3 million) is related to the carrying amount of trademarks, customer
relations and software as well as goodwill which arose in the acquisition of
Delfi Group. Investment property has increased in the amount of EEK 8.8 million
(EUR 0.6 million) due to the reclassification of the unimproved land plot of
Printall as investment property as of 31 December 2008.
Employees
As of the end of June 2009 the Ekspress Group employed 2 240 people (As of 30
June 2008: 2 311 people). The average number of employees in the second quarter
of 2009 was 2 256 (Q II 2008: 2 329). In the second quarter of 2009, wages and
salaries paid to the employees of the Ekspress Group totalled EEK 145.2 million
(EUR 9.3 million), (Q II 2008: EEK 160.2 million (EUR 10.2 million))*.
*proportional part from joint ventures
--------------------------------------------------------------------------------
| Performance indicators | | Q I 2009 | Q I 2008 |
| (%) | | | |
--------------------------------------------------------------------------------
| Sales growth (%) | -20% | 27% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 19% | 27% |
| | | |
--------------------------------------------------------------------------------
| Net profit margin (%) | - | 5% |
| | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 38% | 35% |
| | | |
--------------------------------------------------------------------------------
| ROA (%) | - | 159% |
| | | |
--------------------------------------------------------------------------------
| ROE (%) | - | 5% |
| | | |
--------------------------------------------------------------------------------
| Operating profit margin | 2% | 9% |
| (%) | | |
--------------------------------------------------------------------------------
| Liquidity ratio | 61% | 60% |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 129% | 151% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 55% | 57% |
--------------------------------------------------------------------------------
| Earnings per share EEK | (0,65) | 1,69 |
--------------------------------------------------------------------------------
| Earnings per share EUR | (0,04) | 0,11 |
--------------------------------------------------------------------------------
Formulas of financial ratios
--------------------------------------------------------------------------------
| Sales growth (%) | (sales 6 months 2009 -sales 6 months 2008) / |
| | sales 6 months 2008*100 |
--------------------------------------------------------------------------------
| Gross profit margin (%) | gross profit/ sales*100 |
--------------------------------------------------------------------------------
| Net profit margin (%) | net profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Equity ratio (%) | equity / (equity + debt) * 100 |
--------------------------------------------------------------------------------
| ROA (%) | net profit/assets *100 |
--------------------------------------------------------------------------------
| ROE (%) | net profit/equity *100 |
--------------------------------------------------------------------------------
| Operating profit margin | operating profit/ sales*100 |
| (%) | |
--------------------------------------------------------------------------------
| Liquidity ratio | current assets/current liabilities |
| | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| Financial leverage (%) | interest bearing liabilities-cash and cash |
| | equivalents/interest bearing liabilities + |
| | equity *100 |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 30.06.2009 | 31.12.2008 | 30.06.2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 18 642 | 46 388 | 28 792 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 1 141 | 8 025 | 3 908 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 148 387 | 166 649 | 166 870 |
--------------------------------------------------------------------------------
| Inventories | 62 919 | 65 658 | 76 533 |
--------------------------------------------------------------------------------
| Total current assets | 231 089 | 286 720 | 276 103 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 6 569 | 4 217 | 13 622 |
--------------------------------------------------------------------------------
| Investments in associates | 505 | 302 | 802 |
--------------------------------------------------------------------------------
| Investment property | 12 341 | 12 341 | 3 537 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 375 012 | 389 572 | 395 472 |
| (note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (note 4) | 1 004 188 | 1 013 379 | 1 019 515 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 398 615 | 1 419 811 | 1 432 948 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 629 704 | 1 706 531 | 1 709 051 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 151 995 | 176 219 | 187 669 |
--------------------------------------------------------------------------------
| Trade and other payables | 226 113 | 281 911 | 246 817 |
--------------------------------------------------------------------------------
| Total current liabilities | 378 108 | 458 130 | 434 486 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 615 484 | 627 811 | 671 806 |
--------------------------------------------------------------------------------
| Other long term liabilities | 609 | 163 | 734 |
--------------------------------------------------------------------------------
| Derivative instruments | 9 555 | 9 555 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 625 648 | 637 529 | 672 540 |
--------------------------------------------------------------------------------
| Total liabilities | 1 003 756 | 1 095 659 | 1 107 026 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves | | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 208 488 | 189 711 | 189 711 |
--------------------------------------------------------------------------------
| Share premium | 192 883 | 183 495 | 183 495 |
--------------------------------------------------------------------------------
| Reserves | 4 125 | 4 125 | 10 222 |
--------------------------------------------------------------------------------
| Retained earnings | 218 410 | 231 898 | 218 079 |
--------------------------------------------------------------------------------
| Currency translation reserve | 1 754 | 1 355 | 230 |
--------------------------------------------------------------------------------
| Total capital and reserves | 625 660 | 610 584 | 601 737 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 288 |
--------------------------------------------------------------------------------
| Total equity | 625 948 | 610 872 | 602 025 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 629 704 | 1 706 531 | 1 709 051 |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 30.06.2009 | 31.12.2008 | 30.06.2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 191 | 2 965 | 1 840 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 73 | 513 | 250 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 9 484 | 10 651 | 10 665 |
--------------------------------------------------------------------------------
| Inventories | 4 021 | 4 196 | 4 891 |
--------------------------------------------------------------------------------
| Total current assets | 14 769 | 18 325 | 17 646 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 420 | 268 | 870 |
--------------------------------------------------------------------------------
| Investments in associates | 32 | 19 | 51 |
--------------------------------------------------------------------------------
| Investment property | 789 | 789 | 226 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 23 968 | 24 898 | 25 275 |
| (note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (note 4) | 64 179 | 64 767 | 65 159 |
--------------------------------------------------------------------------------
| Total non-current assets | 89 388 | 90 741 | 91 581 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 104 157 | 109 066 | 109 227 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 9 714 | 11 262 | 11 994 |
--------------------------------------------------------------------------------
| Trade and other payables | 14 451 | 18 017 | 15 774 |
--------------------------------------------------------------------------------
| Total current liabilities | 24 165 | 29 279 | 27 768 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 39 337 | 40 124 | 42 936 |
--------------------------------------------------------------------------------
| Other long term liabilities | 39 | 10 | 47 |
--------------------------------------------------------------------------------
| Derivative instruments | 611 | 611 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 39 987 | 40 745 | 42 983 |
--------------------------------------------------------------------------------
| Total liabilities | 64 152 | 70 024 | 70 751 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves | | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 13 325 | 12 125 | 12 125 |
--------------------------------------------------------------------------------
| Share premium | 12 327 | 11 727 | 11 727 |
--------------------------------------------------------------------------------
| Reserves | 264 | 264 | 653 |
--------------------------------------------------------------------------------
| Retained earnings | 13 959 | 14 821 | 13 938 |
--------------------------------------------------------------------------------
| Currency translation reserve | 112 | 87 | 15 |
--------------------------------------------------------------------------------
| Total capital and reserves | 39 987 | 39 024 | 38 458 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 18 |
--------------------------------------------------------------------------------
| Total equity | 40 005 | 39 042 | 38 476 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 104 157 | 109 066 | 109 227 |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q II 2009 | Q II 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 269 248 | 346 897 |
--------------------------------------------------------------------------------
| Costs of sales | 210 339 | 250 718 |
--------------------------------------------------------------------------------
| Gross profit | 58 909 | 96 179 |
--------------------------------------------------------------------------------
| Marketing expenses | 11 403 | 15 853 |
--------------------------------------------------------------------------------
| Administrative expenses | 35 903 | 41 311 |
--------------------------------------------------------------------------------
| Other income | 7 260 | 1 096 |
--------------------------------------------------------------------------------
| Other expenses | 581 | 2 430 |
--------------------------------------------------------------------------------
| Operating profit | 18 282 | 37 681 |
--------------------------------------------------------------------------------
| Interest income | (417) | 710 |
--------------------------------------------------------------------------------
| Interest expenses | (9 789) | (13 042) |
--------------------------------------------------------------------------------
| Currency exchange loss | (207) | (115) |
--------------------------------------------------------------------------------
| Other financial income | 70 | (163) |
--------------------------------------------------------------------------------
| Other financial expenses | (175) | (644) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (10 518) | (13 254) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (81) | 62 |
--------------------------------------------------------------------------------
| Profit before income tax | 7 683 | 24 489 |
--------------------------------------------------------------------------------
| Income tax expense | 3 576 | 3 261 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 4 107 | 21 228 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 4 107 | 21 235 |
--------------------------------------------------------------------------------
| Minority interest | 0 | (7) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 79 | -45 |
--------------------------------------------------------------------------------
| Total comprehensive income | 4 186 | 21 183 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 4 186 | 21 190 |
--------------------------------------------------------------------------------
| Minority interest | 0 | (7) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | 0,20 | 1,12 |
| profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2009 | HY I 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 533 418 | 668 235 |
--------------------------------------------------------------------------------
| Costs of sales | 429 447 | 489 787 |
--------------------------------------------------------------------------------
| Gross profit | 103 971 | 178 448 |
--------------------------------------------------------------------------------
| Marketing expenses | 24 672 | 33 111 |
--------------------------------------------------------------------------------
| Administrative expenses | 75 931 | 83 340 |
--------------------------------------------------------------------------------
| Other income | 9 139 | 5 586 |
--------------------------------------------------------------------------------
| Other expenses | 1 704 | 4 932 |
--------------------------------------------------------------------------------
| Operating profit | 10 803 | 62 651 |
--------------------------------------------------------------------------------
| Interest income | 142 | 1 251 |
--------------------------------------------------------------------------------
| Interest expenses | (20 172) | (27 132) |
--------------------------------------------------------------------------------
| Currency exchange loss | (90) | (446) |
--------------------------------------------------------------------------------
| Other financial income | 190 | 11 |
--------------------------------------------------------------------------------
| Other financial expenses | (451) | (820) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (20 381) | (27 136) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 53 | (137) |
--------------------------------------------------------------------------------
| Profit before income tax | (9 525) | 35 378 |
--------------------------------------------------------------------------------
| Income tax expense | 3 963 | 3 261 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (13 488) | 32 117 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (13 488) | 32 098 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 19 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 399 | 251 |
--------------------------------------------------------------------------------
| Total comprehensive income | (13 089) | 32 368 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 4 186 | 21 190 |
--------------------------------------------------------------------------------
| Minority interest | 0 | (7) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,65) | 1,69 |
| profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q II 2009 | Q II 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 17 208 | 22 171 |
--------------------------------------------------------------------------------
| Costs of sales | 13 443 | 16 024 |
--------------------------------------------------------------------------------
| Gross profit | 3 765 | 6 147 |
--------------------------------------------------------------------------------
| Marketing expenses | 729 | 1 013 |
--------------------------------------------------------------------------------
| Administrative expenses | 2 295 | 2 640 |
--------------------------------------------------------------------------------
| Other income | 465 | 70 |
--------------------------------------------------------------------------------
| Other expenses | 37 | 155 |
--------------------------------------------------------------------------------
| Operating profit | 1 169 | 2 409 |
--------------------------------------------------------------------------------
| Interest income | 29 | 34 |
--------------------------------------------------------------------------------
| Interest expenses | (681) | (834) |
--------------------------------------------------------------------------------
| Currency exchange loss | (13) | (7) |
--------------------------------------------------------------------------------
| Other financial income | 4 | 1 |
--------------------------------------------------------------------------------
| Other financial expenses | (11) | (41) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (672) | (847) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (5) | 4 |
--------------------------------------------------------------------------------
| Profit before income tax | 492 | 1 566 |
--------------------------------------------------------------------------------
| Income tax expense | 229 | 208 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 263 | 1 358 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 263 | 1 358 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 5 | (3) |
--------------------------------------------------------------------------------
| Total comprehensive income | 268 | 1 355 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 268 | 1 355 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | 0,01 | 0,07 |
| profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2009 | HY I 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 34 092 | 42 708 |
--------------------------------------------------------------------------------
| Costs of sales | 27 447 | 31 303 |
--------------------------------------------------------------------------------
| Gross profit | 6 645 | 11 405 |
--------------------------------------------------------------------------------
| Marketing expenses | 1 577 | 2 116 |
--------------------------------------------------------------------------------
| Administrative expenses | 4 853 | 5 326 |
--------------------------------------------------------------------------------
| Other income | 585 | 356 |
--------------------------------------------------------------------------------
| Other expenses | 109 | 315 |
--------------------------------------------------------------------------------
| Operating profit | 691 | 4 004 |
--------------------------------------------------------------------------------
| Interest income | 65 | 80 |
--------------------------------------------------------------------------------
| Interest expenses | (1 345) | (1 734) |
--------------------------------------------------------------------------------
| Currency exchange loss | (6) | (29) |
--------------------------------------------------------------------------------
| Other financial income | 12 | 1 |
--------------------------------------------------------------------------------
| Other financial expenses | (29) | (52) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (1 303) | (1 734) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 3 | (9) |
--------------------------------------------------------------------------------
| Profit before income tax | (609) | 2 261 |
--------------------------------------------------------------------------------
| Income tax expense | 253 | 208 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (862) | 2 053 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (862) | 2 052 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 1 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 26 | 16 |
--------------------------------------------------------------------------------
| Total comprehensive income | (836) | 2 069 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (836) | 2 068 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 1 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,04) | 0,11 |
| profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2009 | HY I 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit for the period | 10 803 | 62 651 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and impairment of | 30 671 | 30 863 |
| property, plant and equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant and | 61 | 226 |
| equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 19 489 | 124 |
--------------------------------------------------------------------------------
| Inventories | 2 739 | (10 372) |
--------------------------------------------------------------------------------
| Trade and other payables | (33 099) | (21 443) |
--------------------------------------------------------------------------------
| Cash generated from operations | 30 664 | 62 049 |
--------------------------------------------------------------------------------
| Income tax paid | (5 055) | (3 261) |
--------------------------------------------------------------------------------
| Interest paid | (20 405) | (27 148) |
--------------------------------------------------------------------------------
| Net cash generated from operating activities | 5 204 | 31 640 |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Investments in business combinations | 0 | (1 182) |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 0 | 1 500 |
--------------------------------------------------------------------------------
| Interest received | 1 248 | 709 |
--------------------------------------------------------------------------------
| Purchase of property, plant and equipment | (8 748) | (17 173) |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 4 761 | 274 |
| equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (1 697) | (3 067) |
--------------------------------------------------------------------------------
| Loan repayments received | 1 945 | 94 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (2 491) | (18 845) |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 28 166 | 0 |
--------------------------------------------------------------------------------
| Finance lease payments made | (18 102) | (16 132) |
--------------------------------------------------------------------------------
| Change in overdraft used | 11 128 | (23 895) |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 0 | 30 000 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (51 651) | (42 946) |
--------------------------------------------------------------------------------
| Net cash generated from financing activities | (30 459) | (52 973) |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND CASH | (27 746) | (40 178) |
| EQUIVALENTS | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of | 46 388 | 68 970 |
| the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 18 642 | 28 792 |
| period | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2009 | HY I 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit for the period | 690 | 4 004 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortization and impairment of | 1 960 | 1 973 |
| property, plant and equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant and | 4 | 14 |
| equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 1 246 | 8 |
--------------------------------------------------------------------------------
| Inventories | 175 | (663) |
--------------------------------------------------------------------------------
| Trade and other payables | (2 115) | (1 370) |
--------------------------------------------------------------------------------
| Cash generated from operations | 1 960 | 3 966 |
--------------------------------------------------------------------------------
| Income tax paid | (323) | (208) |
--------------------------------------------------------------------------------
| Interest paid | (1 304) | (1 735) |
--------------------------------------------------------------------------------
| Net cash generated from operating activities | 333 | 2 022 |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Investments in business combinations | 0 | (76) |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 0 | 96 |
--------------------------------------------------------------------------------
| Interest received | 80 | 45 |
--------------------------------------------------------------------------------
| Purchase of property, plant and equipment | (559) | (1 098) |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 304 | 18 |
| equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (108) | (196) |
--------------------------------------------------------------------------------
| Loan repayments received | 124 | 6 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (159) | (1 204) |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 1 800 | 0 |
--------------------------------------------------------------------------------
| Finance lease payments made | (1 157) | (1 031) |
--------------------------------------------------------------------------------
| Change in overdraft used | 711 | (1 527) |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 0 | 1 917 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (3 301) | (2 745) |
--------------------------------------------------------------------------------
| Net cash generated from financing activities | (1 947) | (3 386) |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND CASH | (1 773) | (2 568) |
| EQUIVALENTS | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of | 2 965 | 4 408 |
| the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 1 191 | 1 840 |
| period | | |
--------------------------------------------------------------------------------
Additional information:
Anne Kallas
AS Ekspress Grupp
Member of the Management Board
e-mail: anne@egrupp.ee
phone: 6698197