Market announcement
AS Ekspress Grupp
Category
Management interim statement or quarterly financial report
Date
05.11.2009 17:30:00
Title
As Ekspress Grupp kvartaliaruanne III kvartal 2009
Message
III kvartali kõige olulisem sündmus ASis Ekspress Grupp oli ettevõtte tegevjuhtkonna vahetus. Septembri teisest nädalast on ettevõtte juhatuse esimees Gunnar Kobin ning alates septembri viimasest nädalast töötab ettevõtte finantsjuhina Erle Oolup ning arendusjuhina Andre Veskimeister. Uue juhtkonnana ei soovi me anda hinnangut senise juhtkonna tegevusele, küll aga annab juhtkonna vahetus võimaluse vaadata ettevõttele värske pilguga ning leida lisavõimalusi kasumlikkuse parandamiseks ja arenguks. Meie aravates on ASi Ekspress Grupp üldine majandusseis rahuldav ning ettevõttel on korralik kasvupotentsiaal. Madalam kasumlikkus võrreldes 2008. aastaga on esmajoones seotud majanduskriisiga ning reklaamituru langusega. Samas võimaldab keeruline aeg teha raskeid ning pikas perspektiivis kasulikke otsuseid ettevõtte juhtimise ümberkorraldamiseks ja kulude kärpimiseks. Otsustasime muuta konservatiivsemaks ettevõtte majandustulemuste kajastamise, mistõttu - Muutsime rangemaks ületähtaegsete arvete käsitlemise korda. Sellest tulenevalt kandsime tütarettevõtetes maha kõik üle 60-päevased debitoorseid võlgnevused summas 8,5 miljonit krooni (0.5 miljonit eurot), millest enamuse moodustas reklaamiagentuuride võlgnevused. Samas oleme saanud oma Läti ning Leedu tütarettevõtetelt, kust enamus nimetatud võlgnevustest pärineb, kinnitused et tegemist ei ole püsivate maksehäiretega, vaid pigem tavapärase maksedistsipliiniga majanduskriisi tingimustes. Nii arvame, et saame suure osa mahakantud debitoorsetest võlgadest järgnevatel perioodidel erakorralise kasumina uuesti arvele võtta. - Seoses Leedu ajakirjade kirjastuse Ekspress Leidyba ristsõnade müügiga alla bilansilise väärtuse, kandsime maha firmaväärtust summas 3,9 miljonit krooni (0,2 miljonit eurot) - Kandsime III kvartalis maha Ekspress Hotline'i firmaväärtust summas 35,2 miljonit krooni (2.2 miljonit eurot), kuivõrd bilansipäeva järgselt saime Konkurentsiametilt kinnituse müügitehingu lubamise kohta. Teine kolmanda kvartali oluline sündmus on ajalehtede Maaleht ning Eesti Ekspress kirjastusettevõtete ühendamine uue ettevõtte AS Eesti Ajalehed alla, mille tulemusena ühendati eeltoodud nädalalehtede erinevad struktuuriüksused eesmärgiga saavutada kulude kokkuhoid sarnaste tegevuste kontsentreerimise tulemusena. Ühendamine tõi kaasa ühekordseid kulusid summas 0.9 miljonit krooni (0.1 miljonit eurot), kuid edaspidi tekib ühisorganisatsioonis selge kulude kokkuhoiud ning lisaks arvame, et ühendatud reklaamiosakond suudab kahte lehte paralleelselt müüa rohkem reklaami kui varem lehtedesse eraldi. Lisaks viis Ajakirjade Kirjastus lõpuni ajakirjade Anne ja Stiil ühinemise. Majandustulemuste osas on kolmas kvartal traditsiooniliselt aasta kõige madalama majandusliku aktiivsusega periood, mistõttu müügitulu oli III kvartalis madalam II kvartalist 16 % võrra, kvartali viimasel kuul septembris nägime majandusliku aktiivsuse tõusu, mille tunnistuseks on müügitulude kasv võrreldes augustiga 18%. Oleme arvamusel, et kolmandasse kvartalisse jäi ettevõtte kõige raskem periood. Grupi kulumieelne kasum (EBITDA) ilma erakorraliste kuludeta oli III kvartalis 8.5 miljonit krooni (0.5 eurot). Neljandas kvartalis on meie eesmärk vähendada mitmes tütarettevõttes tööjõukulusid ning teisi püsikulusid. Uudistootmise kulusid aitab vähendada ka suurem koostöö traditsioonilise ja online-meedia vahel. Plaanime ka restruktureerida interneti vertikaalide (auto- ja kinnisvaraportaalid) ärisuuna üksuseid, et need jõuaks jooksvasse kasumisse ning et paraneks ka nende turuasend. Tähelepanu alla oleme võtnud olemasolevate trükitoodete efektiivsuse tõstmise läbi toodete võimaliku ümberkorraldamise mis toob kaasa kulude vähendamise ja köidab ka reklaamiklientide tähelepanu. Mõned nendest muudatustest võivad aset leida juba 2009. aastal. Koostame ka 2010. aasta finantsprognoosi ning oleme võtnud eesmärgi tõsta EBITDA marginaali (ilma erakorraliste kuludeta) 3% võrra (5% aastal 2009) ja minimaalselt 8% aastal 2010. Ekspress Grupi põhitegevus on uudiste tootmine. Keskendume ettevõtte põhitegevusele ning kavatseme põhitoodete konkurentsieelised paremini välja tuua. Ekspress Gruppi tooteportfellis on mitmeid väärtuslike traditsioonilise meedia kaubamärke, mille asend turul on kindel ning mille tulemus paraneb märgatavalt kui reklaamiturg hakkab taastuma. Ekspress Grupi üks suuremaid väärtusi on aga dominantne turuasend Baltikumis interneti valdkonnas, millele lisandub veel ühtne Balti riike hõlmav Delfi tehnoloogiline platvorm. PriceWaterhouseCoopersi meediatrendide prognoos 2009-2013 ennustab interneti reklaamile suurimat kasvu võrreldes kõigi teiste meediakanalitega. Interneti reklaami käibe kasvul on aga väga suur mõju Ekspress Grupi majandustulemustele, kuna iga lisandunud reklaamikroon kajastub pea 100%-liselt ettevõtte kasumis (puuduvad trüki- ja levikulud). Samuti näeme olulisena informatsiooni edastamist mobiiltelefonides ning astume samme oma kohaloleku loomiseks selles segmendis. Lisaks oleme positiivsed trükisegmendi arengute osas. Kuigi näeme survet marginaalidele, on võimalusi käivet kasvatada. Grupi trükiettevõte Printall on eksportturgudel hästi positsiooneeritud ja tegutsenud efektiivselt isegi olukorras, kus eksporditurgude valuutad on Euro ning Eesti krooni suhtes oluliselt odavnenud. Oleme otsimas võimalusi trükisegmendis täiendava ekspordikäibe hankimiseks tugevdades eeskätt Lääne-Euroopa suunalist müügivõimekust erinevate koostööpartnerite abiga. Kaalume mõne mittestrateegilise tütarettevõtte müüki, et vabanevat raha kasutada põhitegevuse arendamiseks ning turuosa kasvatamiseks eeskätt elektroonilises meedias. Oleme alustanud läbirääkimisi pankade sündikaadiga laenude restruktureerimiseks ning kohanud pankadelt soosivat suhtumist pikaajaliste jätkusuutlike laenutingimuste fikseerimiseks. Eeldame nende kõneluste positiivset lõppemist neljandas kvartalis. Ekspress Grupi 2009 aasta III kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 226,5 miljonit krooni (14,5 miljonit eurot) - Brutokasum 31,4 miljonit krooni ( 2,0 miljonit eurot) - Kulumieelne ärikasum (EBITDA) -40,0 miljonit krooni (-2,6 miljonit eurot) - Ärikahjum (EBIT) -55,0 miljonit krooni (-3,5 miljonit eurot) - Puhaskahjum -66,6 miljonit krooni (-4,3 miljonit eurot) - Normaliseeritud (ilma erakorraliste kulude ja tuludeta) EBIDTA 8,5 miljonit krooni (0,5 eurot) Ekspress Grupi 2009 aasta 9 kuu tegevust iseloomustavad olulised arvnäitajad - Müügitulu 759,9 miljonit krooni (48,6 miljonit eurot) - Brutokasum 135,3 miljonit krooni ( 8,7 miljonit eurot) - Kulumieelne ärikasum (EBITDA) 1,5 miljonit krooni (0,1 miljonit eurot) - Ärikahjum (EBIT) -44,2 miljonit krooni (-2,8 miljonit eurot) - Puhaskahjum -80,1 miljonit krooni (-5,1 miljonit eurot) - Normaliseeritud (ilma erakorraliste kuludeta) EBIDTA 50,0 miljonit krooni (3,2 miljonit eurot) ÜLEVAADE SEGMENTIDE LÕIKES Ekspress Grupi tegevus keskendus 2009. aasta III 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 veebiväljaanded; Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö veebikeskkonnad, ning Läti ja Leedu autoportaalid. Samuti kajastatakse online-media segmendis kõik tulevikus loodavad veebikeskkonnad. ONLINE-MEEDIA Delfi Delfi on jätkuvalt Baltimaade juhtiv internetiportaal, olles septembri lõpuks kasutajate arvult Eestis 2. kohal, Lätis 3. kohal, Leedus 1. kohal ja Ukrainas 73. kohal. Uudisportaalide hulgas on Delfi suurim kõigis Balti riikides. III kvartalis on suurim areng toimunud Ukraina turul, kus võrreldes juuniga on Delfi üldise kasutajaskonna arvestuses liikunud 120. kohalt kasutajate arvult kohale 73. ja kasvatanud kasutajate arvu 75 000-lt unikaalselt kasutajalt 159 000-le unikaalsele kasutajale. Eestis oli Delfi TNS Metrixi andmetel 2009. aasta III kvartalis jätkuvalt suurim uudisteportaal keskmiselt 611 000 unikaalse kasutajaga kuus, mis on keskmiselt 4000 kasutaja võrra suurem kui eelmises kvartalis. Delfi suurimat konkurenti uudisteportaali www.postimees.ee edestab Delfi 95 tuhande unikaalse kasutajaga kuus. Lätis oli Delfi Gemius Audience andmetel samuti 2009. aasta kolmandas kvartalis suurim uudisteportaal keskmiselt 648 000 unikaalse kasutajaga kuus. Lätis Delfiga konkureerivatel uudisportaalidel www.tvnet.lv oli 433 000 ja www.apollo.lv 378 000 unikaalset kasutajat. Leedus oli Delfi Gemius Audience andmetel jätkuvalt kogu internetituru liider, omades 2009. aasta III kvartalis keskmiselt 917 000 unikaalset kasutajat kuus. Konkureerivatel uudisportaalidel www.lrytas.lt ja www.alfa.lt oli samal perioodil vastavalt 686 000 ja 557 000 unikaalset kasutajat kuus. Ukrainas oli Delfi Gemius Audience andmetel Delfi kasutajate arv kasvanud 2,1 korda 75 000-lt unikaalselt kasutajalt 159 000 unikaalse kasutajani septembris. Vaatamata suurele kasvule III kvartalis jääb Delfi Ukrainas uuddisportaalide segmendis alla turuliidritele - segmendi turuliider liga.net kogus unikaalseid kasutajaid septembris 889 000. Bilansipäeva seisuga haldab AS Delfi koos Läti, Leedu ja Ukraina tütarettevõtjatega eesti- ja venekeelseid portaale http://www.delfi.ee ja http://rus.delfi.ee Eestis, läti- ja venekeelseid portaale http://www.delfi.lv ja http://rus.delfi.lv Lätis, leedu- ja venekeelseid portaale http://www.delfi.lt, http://www.klubas.lt ja http://ru.delfi.lt Leedus ning uudisteportaali http://www.delfi.ua Ukrainas. Interneti vertikalid Eestis on Ekspressauto.ee kasutamine suvekuudel olnud oodatult tagasihoidlikum kui II kvartalis. Aktiivsem portaali kasutamine on taastunud septembris saavutades 91 000 unikaalset kasutajat nädalal 43. Lätis on autoportaali http://auto.delfi.lv/ kasutajaskond kasvanud septembri viimaseks nädalaks 48 000 unikaalse kasutajani. Läti autoportaal viidi üle Delfi keskkonda III kvartali keskel, saavutamaks suuremat sünergiat Delfi suure kasutajaskonnaga. Sarnaselt Lätile viidi ka Leedu autoportaal III kvartali keskel üle Delfi keskkonda aadressil http://auto.delfi.lt/. Unikaalsete kasutajate arv septembri 43. nädalal oli 114 000. Nii Läti kui ka Leedu autoportaalide toetuseks on Delfi keskkonnas avatud autouudiste alalõik, mis annab kasutajatele lisainformatsiooni autoturu uudistest. Ekspresskinnisvara.ee kasutajaskond on tulenevalt kinnisvaraturu passivsusest ja suveperioodist olnud III kvartalis madalam kui eelnevatel perioodidel. Keskmine kasutajate arv III kvartalis on olnud 61 000 unikaalset kasutajat, saavutades oma maksimumi 36. nädalal 71 000 unikaalse kasutajaga. Ekspressjob.ee kasutajaskond III kvartalis on olnud stabiilne keskmiselt 34 000 unikaalse kasutajaga. Suurim kasutajate arv saavutati 30. nädalal 43 000 unikaalse kasutajaga. Online-meedia müügitulu oli 2009. aasta III kvartalis 26,4 miljonit krooni (1,7 miljonit eurot), moodustades 75% möödunud aasta sama perioodi tasemest. EBITDA moodustas -7,0 miljonit krooni (-0,4 miljonit eurot). Online-meedia 2009. aasta III kvartali müügitulu oli 86,5 miljonit krooni (5.5 miljonit eurot), moodustades 71,1% möödunud aasta sama perioodi tasemest. 2009. aasta 9 kuu EBITDA moodustas -6,6 miljonit krooni (-0,4 miljonit eurot) KIRJASTAMINE Traditsiooniline kirjastamistegevus on jätkuvalt mõjutatud reklaamituru madalseisust. Suuremate päeva- ja nädalehtede võrdluses on Ekpress Grupi hinnangul turusituatsioon III kvartalis säilinud samal tasemel ning turuosades ja reklaamitulu jaotuses märkimisväärseid muutusi ei ole toimunud. Kuigi reklaamimüük järgib sesoonselt sarnast trendi nii 2008. kui ka 2009. aastaga võrreldes, on reklaamimaht ajalehtedes/ajakirjades 2009. aasta III kvartalis 31% väiksem võrreldes 2008. aasta sama perioodiga. Võrrreldes 2007. aastaga on reklaamimaht 2009. aasta III kvartalis 44% väiksem. Loodetud kasv seoses sügisese uue äriperioodi algusega ning ka 2009. aasta kohalike omavalitsuste valimisega ei ole kirjastussegmendis aset leidnud. Ajakirjandusväljaannete üksikmüügi langus on oluliselt vähenenud. Võrreldes 2009. aasta II kvartali 21% langusega oli III kvartalis langus 8% võrreldes eelmise aasta sama perioodiga. Tellijate arvus on langus võrreldes eelmise aasta sama perioodiga 12%. Kirjastamissegmedi müügitulu jäi alla II kvartali näitajatele. Kõige enam kannatas reklaamimüük ja seda peamiselt III kvartalis kajastuvale kahele suvekuule. Augusti lõpust alates märkame majandusliku aktiivsuse tõusust tulenevalt ka reklaamikäivete kasvu. TRÜKITEENUS Trükiteenuste segmendis suurenes ekspordi osakaal III kvartalis 61%-ni kogu müügitulust, kusjuures müük Venemaale vähenes kvartalis 35% võrra ja eksport Lääne-Euroopasse kasvas 28% võrra (võrreldes 2008. aasta sama perioodiga), mille tulemusena müük Lääne-Euroopa riikidesse III kvartalis ulatus 44%-ni kogu müügitulust. Kogu müügitulu langus 2009. aasta III kvartalis oli 17% ja 9 kuud võrreldes 2008. sama perioodiga 15%, mis on tingitud Eesti-sisese ja kontsernisisese müügitulu langusest. 2009. aasta 9 kuu EBITDA marginaal on 17,1% (9 kuud 2008: 19,7%). Positiivseks võib lugeda märke Euroopa trükituru stabiliseerumisest ja Norra krooni ning Rootsi krooni valuutakursside stabiliseerumisest senisest kõrgemal tasemel. RAAMATUMÜÜK Raamatumüügis õnnestus säilitada II kvartali käivet, kuid tulenevalt palgakulude vähendamisest suudeti parandada EBITDA-d. III kvartali käibes on paranenud ka jaemüügi osakaal käibest, moodustades 56% (48% II kvartalis). INFOTEENUSED Eesti Konkurentsiamet andis 29.09.2009 loa ASi Ekspress Hotline müügitehinguks, mistõttu käesolevas tegevusaruandes infoteenuseid pikalt ei käsitleta. Otsustasime müügitehingust tekkiva firmaväärtuse mahakandmise teostada III kvartali bilansis ning selle mõju tulemustele on 35,2 miljonit krooni.(2,2 miljonit eurot). KASUM/KAHJUM Kontserni müügitulud langesid 16% võrreldes 2009. aasta II kvartaliga. Suure osa sellest langusest hõlmas traditsiooniliselt madal reklaamiaktiivsus suvekuudel. Segmentide lõikes langes enim perioodiliste väljaannete müügitulu 32% eelmise aasta sama perioodiga võrreldes ja 22% võrreldes eelmise kvartaliga. Kontserni tegevuskulud (müüdud toodangu kulu, üldhalduskulud ja turunduskulud) vähenesid III kvartalis 6% võrreldes 2009. aasta II kvartaliga. Otsekulud vähenesid III kvartalis 7%, millest suurema osa moodustas materjalide ja tööjõukulude kokkuhoid. Kontserni töötajate arv vähenes III kvartalis 79 töötaja võrra. Samas suurim kasv oli debitoorse võlgnevuse provisjoneerimine summas 8,5 miljonit krooni (0,5 miljonit eurot), 9 kuu jooksul oli provisjoneeritud kogusumma 10,2 miljonit krooni (0,7 miljoni eurot). 2009. aasta III kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas -40,0 miljonit krooni (-2,6 miljonit eurot). III kvartali tulemuses sisaldub ületähtaegse debitoorse võlgnevuse konservatiivsem kajastamine summas 8,5 miljonit krooni (0,5 miljonit eurot), Ekspress Leidyba ristsõnade müügiga seotud firmaväärtuse mahakandmine summas 3,9 miljonit krooni (0,2 miljonit eurot) ja IV kvartalis aset leidva Ekspress Hotline´i müügitehingule firmaväärtuse mahakandmine summas 35,2 miljonit krooni (2,2 miljonit eurot). Kokku on nende kolme tegevuse mõju 47,6 miljonit krooni (3,0 miljonit eurot). 2009. aasta III kvartali ärikasum moodustas -55 miljonit krooni (-3,5 miljonit eurot) Grupi turunduskulud vähenesid 22% võrreldes 2009. aasta II kvartaliga. Üldhalduskulud suurenesid 4% võrreldes 2009. aasta II kvartaliga. Suurim kasv on tööjõukuludes, mis sisaldab Maalehe ja Eesti Ekspressi ühinemisega seotud ühekordseid kulusid, Ekspress Grupi juhatuse vahetumisega seotud tööjõukulusid ning varasemates perioodides kajastamata töötajate aktsiaoptsioone. Grupi III kvartali finantskulud moodustasid 13,9 miljonit krooni (0,9 miljonit eurot), millest suurem osa oli intressikulud 13,3 miljonit krooni (0,9 miljonit eurot). Enamik intressikulusid on makstud Ekspress Grupi poolt 2007. aasta IV kvartalis Delfi ja Maalehe omandamiseks SEB Panga, Sampo Panga ja Nordea Panga sündikaadilt võetud laenult. Võrreldes II kvartaliga on intressikulud suurenenud 25%. Kokku moodustas ASi Ekspress Grupp 2009 aasta III kvartali puhaskahjum (peale makse ja vähemusosalust) 66,6 miljonit krooni (4,3 miljonit eurot). 9 kuu puhaskahjum moodustas 80,7 miljonit krooni (5,2 miljonit eurot). Bilanss ja investeeringud 2009. aasta 30. septembri seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1 545,7 miljoni kroonini (98,8 miljoni euroni) vähenedes aastaga (12 kuud) 9,2%. Varadest vähenesid käibevarad aastaga 26%, ulatudes 197,5 miljoni kroonini (12,6 miljoni euroni) seisuga 30. september 2009. Lühiajalised kohustused vähenesid aastaga 11,9% ulatudes 374,8 miljoni kroonini (23,9 miljoni euroni) seisuga 30. september 2009. Lühiajalistest kohustustest vähenesid laenukohustused aastaga 28,7 miljonit krooni (1,8 miljonit eurot) ehk 19% ulatudes 150,7 miljoni kroonini (9,6 miljoni euroni) seisuga 30. september 2009. Septembri lõpu seisuga ulatusid Grupi pikaajalised laenukohustused 599,8 miljoni kroonini (38,3 miljoni euroni), vähenedes aastaga 60,4 miljonit krooni (3,9 miljonit eurot) ehk 9,1%. Pikaajalistest võlakohustustest moodustavad pangalaenud 523,8 miljonit krooni (33,5 miljonit eurot) ja kapitalirendi võlg 75,9 miljonit krooni (4,8 miljonit eurot). Pikaajalistest laenukohustustest moodustab 484,9 miljonit krooni (31 miljonit eurot) Ekspress Grupi poolt 2007. aasta IV kvartalis SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud 674,4 miljoni krooni (43,1 miljonit eurot) suuruse laenu pikaajaline osa. Kogu nimetatud laenujääk seisuga 30. september 2009 moodustab 538.1 miljonit krooni (34,4 miljonit eurot). 2009 aasta 9 kuuga tagastas Grupp sündikaatlaenu 36,3 miljonit krooni (2,3 miljonit eurot). Materiaalne põhivara ulatus septembri lõpu seisuga 365,7 miljoni kroonini (23,4 miljoni euroni), vähenedes aastaga 6,7%. Immateriaalne põhivara ulatus septembri lõpu seisuga 960,3 miljoni kroonini (61,4 miljoni euroni), vähenedes aastaga 5,5%. Immateriaalsest põhivarast moodustab 814,9 miljonit krooni (52,1 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. septembri seisuga 2 161 inimest (30. september 2008: 2 361 inimest). 2009. aasta 9 kuu keskmine töötajate arv oli 2 254 (2008. aasta 9 kuu keskmine: 2 374). Ekspress Grupi töötajatele maksti 2009. aasta 9 kuu jooksul töötasusid kokku 206,7 miljonit krooni (13,2 miljonit eurot), (2008. aasta 9 kuud: 230,7 miljonit krooni (14,7 miljonit eurot))*. *ühisettevõtetest proportsionaalne osa -------------------------------------------------------------------------------- | Suhtarvud (%) | | 9 kuud 2009 | 9 kuud 2008 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | -21% | 23% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 18% | 26% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | -11% | 5% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 36% | 36% | -------------------------------------------------------------------------------- | Varade tootlus (%) | -5% | 175% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | -13% | 8% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | -6% | 9% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 53% | 58% | -------------------------------------------------------------------------------- | Võla ja omakapitali | 141% | 147% | | suhe (%) | | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 57% | 56% | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (3,86) | 2,34 | | EEK | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (0,25) | 0,15 | | EUR | | | -------------------------------------------------------------------------------- Suhtarvude valemid -------------------------------------------------------------------------------- | Müügitulu kasv (%) | (müügitulu 9 kuud 2009 - müügitulu 9 kuud 2008) | | | / müügitulu 9 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 | -------------------------------------------------------------------------------- | 30.09.2009 | 31.12.2008 | 30.09.2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 14 016 | 46 388 | 21 775 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 8 | 8 025 | 8 790 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 121 239 | 166 649 | 166 208 | -------------------------------------------------------------------------------- | Varud | 62 251 | 65 658 | 70 204 | -------------------------------------------------------------------------------- | Käibevara kokku | 197 514 | 286 720 | 266 977 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 9 237 | 4 217 | 13 879 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 481 | 302 | 516 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 12 341 | 12 341 | 13 439 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 365 748 | 389 572 | 392 023 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 960 331 | 1 013 379 | 1 016 512 | -------------------------------------------------------------------------------- | Põhivara kokku | 1 348 138 | 1 419 811 | 1 436 369 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 545 652 | 1 706 531 | 1 703 346 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 150 669 | 176 219 | 179 406 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 224 156 | 281 911 | 246 305 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 374 825 | 458 130 | 425 711 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 599 766 | 627 811 | 660 126 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 1 756 | 163 | 2 972 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 9 555 | 9 555 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 611 077 | 637 529 | 663 098 | -------------------------------------------------------------------------------- | Kohustused kokku | 985 902 | 1 095 659 | 1 088 809 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 208 488 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Ülekurss | 192 883 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reservid | 5 564 | 4 125 | 10 222 | -------------------------------------------------------------------------------- | Jaotamata kasum | 151 840 | 231 898 | 230 289 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 687 | 1 355 | 532 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 559 462 | 610 584 | 614 249 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 288 | 288 | 288 | -------------------------------------------------------------------------------- | Omakapital kokku | 559 750 | 610 872 | 614 537 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 545 652 | 1 706 531 | 1 703 346 | -------------------------------------------------------------------------------- Konsolideeritud finantsseisundi aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 30.09.2009 | 31.12.2008 | 30.09.2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 896 | 2 965 | 1 392 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 1 | 513 | 562 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 7 749 | 10 651 | 10 623 | -------------------------------------------------------------------------------- | Varud | 3 979 | 4 196 | 4 487 | -------------------------------------------------------------------------------- | Käibevara kokku | 12 625 | 18 325 | 17 064 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 588 | 268 | 885 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 31 | 19 | 33 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 789 | 789 | 859 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 23 376 | 24 898 | 25 055 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 61 376 | 64 767 | 64 967 | -------------------------------------------------------------------------------- | Põhivara kokku | 86 160 | 90 741 | 91 799 | -------------------------------------------------------------------------------- | VARAD KOKKU | 98 785 | 109 066 | 108 863 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 9 630 | 11 262 | 11 466 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 14 326 | 18 017 | 15 742 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 23 956 | 29 279 | 27 208 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 38 332 | 40 124 | 42 190 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 112 | 10 | 190 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 611 | 611 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 39 055 | 40 745 | 42 380 | -------------------------------------------------------------------------------- | Kohustused kokku | 63 011 | 70 024 | 69 588 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 13 325 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Ülekurss | 12 327 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reservid | 356 | 264 | 653 | -------------------------------------------------------------------------------- | Jaotamata kasum | 9 704 | 14 821 | 14 718 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 44 | 87 | 34 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 35 756 | 39 024 | 39 257 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 18 | 18 | 18 | -------------------------------------------------------------------------------- | Omakapital kokku | 35 774 | 39 042 | 39 275 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 98 785 | 109 066 | 108 863 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | III kv 2009 | III kv 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 226 488 | 295 046 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 195 119 | 223 781 | -------------------------------------------------------------------------------- | Brutokasum | 31 369 | 71 265 | -------------------------------------------------------------------------------- | Turunduskulud | 8 899 | 13 099 | -------------------------------------------------------------------------------- | Üldhalduskulud | 37 373 | 39 309 | -------------------------------------------------------------------------------- | Muud äritulud | 230 | 8 250 | -------------------------------------------------------------------------------- | Muud ärikulud | 40 317 | 1 058 | -------------------------------------------------------------------------------- | Ärikasum | (54 990) | 26 049 | -------------------------------------------------------------------------------- | Intressitulud | 453 | 514 | -------------------------------------------------------------------------------- | Intressikulud | (13 318) | (13 924) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (520) | 34 | -------------------------------------------------------------------------------- | Muud finantstulud | 0 | 256 | -------------------------------------------------------------------------------- | Muud finantskulud | (523) | (478) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (13 908) | (13 598) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | (24) | (286) | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (68 922) | 12 165 | -------------------------------------------------------------------------------- | Tulumaks | (2 353) | (44) | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (66 569) | 12 209 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (66 569) | 12 209 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | (79) | 45 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (66 648) | 12 254 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (66 648) | 12 254 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (3,19) | 0,64 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 kuud 2009 | 9 kuud 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 759 906 | 963 280 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 624 567 | 713 569 | -------------------------------------------------------------------------------- | Brutokasum | 135 339 | 249 711 | -------------------------------------------------------------------------------- | Turunduskulud | 33 571 | 46 209 | -------------------------------------------------------------------------------- | Üldhalduskulud | 113 305 | 122 649 | -------------------------------------------------------------------------------- | Muud äritulud | 9 370 | 13 837 | -------------------------------------------------------------------------------- | Muud ärikulud | 42 021 | 5 989 | -------------------------------------------------------------------------------- | Ärikasum | (44 188) | 88 701 | -------------------------------------------------------------------------------- | Intressitulud | 1 468 | 1 765 | -------------------------------------------------------------------------------- | Intressikulud | (34 363) | (41 056) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (611) | (412) | -------------------------------------------------------------------------------- | Muud finantstulud | 0 | 267 | -------------------------------------------------------------------------------- | Muud finantskulud | (784) | (1 297) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (34 290) | (40 733) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | 29 | (422) | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (78 449) | 47 546 | -------------------------------------------------------------------------------- | Tulumaks | 1 609 | 3 216 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (80 058) | 44 330 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (80 058) | 44 311 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 19 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | (668) | 52 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (80 726) | 44 382 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (80 726) | 44 363 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 19 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (3,86) | 2,34 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata), -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | III kv 2009 | III kv 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 14 475 | 18 857 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 12 470 | 14 302 | -------------------------------------------------------------------------------- | Brutokasum | 2 005 | 4 555 | -------------------------------------------------------------------------------- | Turunduskulud | 569 | 837 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 389 | 2 512 | -------------------------------------------------------------------------------- | Muud äritulud | 16 | 527 | -------------------------------------------------------------------------------- | Muud ärikulud | 2 577 | 68 | -------------------------------------------------------------------------------- | Ärikasum | (3 514) | 1 665 | -------------------------------------------------------------------------------- | Intressitulud | 29 | 33 | -------------------------------------------------------------------------------- | Intressikulud | (851) | (890) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (33) | 2 | -------------------------------------------------------------------------------- | Muud finantstulud | 0 | 16 | -------------------------------------------------------------------------------- | Muud finantskulud | (33) | (31) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (888) | (870) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (2) | (18) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (4 404) | 777 | -------------------------------------------------------------------------------- | Tulumaks | (150) | (3) | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (4 254) | 780 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (4 254) | 780 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 0 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | (5) | 3 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (4 259) | 783 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (4 259) | 783 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 0 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,20) | 0,04 | -------------------------------------------------------------------------------- Konsolideeritud koondkasumiaruanne (auditeerimata), -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 kuud 2009 | 9 kuud 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 48 567 | 61 565 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 39 917 | 45 605 | -------------------------------------------------------------------------------- | Brutokasum | 8 650 | 15 960 | -------------------------------------------------------------------------------- | Turunduskulud | 2 146 | 2 953 | -------------------------------------------------------------------------------- | Üldhalduskulud | 7 242 | 7 839 | -------------------------------------------------------------------------------- | Muud äritulud | 599 | 883 | -------------------------------------------------------------------------------- | Muud ärikulud | 2 686 | 383 | -------------------------------------------------------------------------------- | Ärikasum | (2 825) | 5 668 | -------------------------------------------------------------------------------- | Intressitulud | 94 | 113 | -------------------------------------------------------------------------------- | Intressikulud | (2 196) | (2 624) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (39) | (26) | -------------------------------------------------------------------------------- | Muud finantstulud | 0 | 17 | -------------------------------------------------------------------------------- | Muud finantskulud | (50) | (83) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (2 191) | (2 603) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | 2 | (27) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (5 014) | 3 038 | -------------------------------------------------------------------------------- | Tulumaks | 103 | 206 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (5 117) | 2 832 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (5 117) | 2 831 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 1 | -------------------------------------------------------------------------------- | Muu koondkasum | | | -------------------------------------------------------------------------------- | Valuutakursi vahed välisettevõtete | (43) | 3 | | ümberhindlusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi koondkasum | (5 160) | 2 835 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (5 160) | 2 834 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 1 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,25) | 0,15 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 kuud 2009 | 9 kuud 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | (44 188) | 88 701 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 45 697 | 47 449 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 39 738 | 285 | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 42 620 | (9053) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 3 407 | (4 043) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (35 543) | (29 777) | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 51 731 | 93 562 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (5 055) | (3 216) | -------------------------------------------------------------------------------- | Makstud intressid | (30 896) | (41 072) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 15 780 | 49 274 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | 0 | (1 930) | -------------------------------------------------------------------------------- | Finantsvarade müük | 0 | 1 500 | -------------------------------------------------------------------------------- | Saadud intressid | 1 701 | 1 765 | -------------------------------------------------------------------------------- | Põhivara soetamine | (10 665) | (27 833) | -------------------------------------------------------------------------------- | Põhivara müük | 6 446 | 832 | -------------------------------------------------------------------------------- | Antud laenud | (1 702) | (4 137) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 2 719 | 108 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (1 501) | (29 695) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 29 606 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (27 368) | (25 493) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | 9 907 | (37 904) | -------------------------------------------------------------------------------- | Saadud laenud | 10 292 | 42 393 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (69 088) | (45 770) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (46 651) | (66 774) | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (32 372) | (47 195) | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 46 388 | 68 970 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 14 016 | 21 775 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 kuud 2009 | 9 kuud 2008 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | (2 824) | 5 669 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 2 921 | 3 033 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 2 540 | 18 | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 2 724 | (579) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 218 | (258) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (2 272) | (1 903) | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 3 306 | 5 980 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (323) | (206) | -------------------------------------------------------------------------------- | Makstud intressid | (1 975) | (2 625) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 1 009 | 3 149 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | 0 | (123) | -------------------------------------------------------------------------------- | Finantsvarade müük | 0 | 96 | -------------------------------------------------------------------------------- | Saadud intressid | 109 | 113 | -------------------------------------------------------------------------------- | Põhivara soetamine | (682) | (1 779) | -------------------------------------------------------------------------------- | Põhivara müük | 412 | 53 | -------------------------------------------------------------------------------- | Antud laenud | (109) | (264) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 174 | 7 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (96) | (1 898) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 1 892 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (1 749) | (1 629) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | 633 | (2 423) | -------------------------------------------------------------------------------- | Saadud laenud | 658 | 2 709 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (4 416) | (2 925) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (2 982) | (4 268) | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (2 069) | (3 016) | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 2 965 | 4 408 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 896 | 1 392 | -------------------------------------------------------------------------------- Lisainformatsioon: Gunnar Kobin juhatuse esimees GSM: +372 5188111 E-mail: gunnar@egrupp.ee
Title
AS Ekspress Grupp quarterly report for Q3 2009
Message
The most significant event of AS Ekspress Group in the 3rd quarter was a change in the company's top management. From the second week of September, the Chairman of the company's Management Board is Gunnar Kobin and from the last week of September, the Company's Financial Director is Erle Oolup and Development Manager is Andre Veskimeister. As a new management team, we do not wish to evaluate the activities of the former management team. However, a change in the management will enable us to view the company from a new angle and to find additional opportunities to improve and increase profitability. We consider the overall financial position of AS Ekspress Grupp to be satisfactory and the company also has a decent growth potential. Lower profitability as compared to 2008 is primarily attributable to the economic crisis and a downturn in the advertising market. However, difficult times will enable us to make difficult decisions with long-term benefits such as the restructuring of the company's management and cost cutting. We have decided to recognise the company's results of operations in a more conservative manner, as a result of which - We have tightened the recognition of overdue invoices. As a result, we wrote off all accounts receivable overdue by more than 60 days in the amount of EEK 8.5 million (EUR 0.5 million), most of which is the debt of advertising agencies. However, the Latvian and Lithuanian subsidiaries (were most of the accounts receivable originate) have confirmed that these do not represent permanent payment issues but rather, a normal payment discipline in the conditions of an economic crisis. Therefore, we think that we can re-recognise most of the accounts receivable written off as extraordinary gains in the following periods. - Due to the sale of crosswords of the Lithuanian magazine publisher Ekspress Leidyba at a price below the carrying amount, we wrote off goodwill in the amount of EEK 3.9 million (EUR 0.2 million) - In the 3rd quarter, we wrote off the goodwill of Ekspress Hotline in the amount of EEK 35.2 million (EUR 2.2 million), as we received a permission from the Estonian Competition Authority after the balance sheet date to complete the sales transaction. Another significant event in the 3rd quarter was the integration of the publishers of the newspapers Maaleht and Eesti Ekspress to form a new entity AS Eesti Ajalehed as a result of which the separate structural units of the aforementioned weeklies were combined with the goal of achieving greater cost savings from combining similar activities. The merger resulted in one-time expenses in the amount of EEK 0.9 million (EUR 0.1 million). However, going forward, a joint organisation will have clear cost savings and we also think that the combined advertising department will be able to sell more advertisements in these two newspapers than previously in the separate ones. Ajakirjade Kirjastus also completed the integration of the magazines Anne and Stiil. With regard to our results of operations, the 3rd quarter is typically the slowest period of the year in terms of economic activities, as a result of which the revenue in the 3rd quarter was 16% lower than the revenue in the 2nd quarter. In the last month of the quarter, i.e. September, the economic activities picked up, manifested by revenue growth of 18% as compared to August. We believe that the 3rd quarter was the most difficult period for the company. In the 3rd quarter, the Group's EBITDA excluding extraordinary expenses was EEK 8.5 million (EUR 0.5 million). In the fourth quarter, we plan to reduce payroll expenses as well as other fixed overhead in several subsidiaries. News production costs can also be lowered through closer cooperation between online and traditional media. We also plan to restructure the units of the Internet verticals (automobile and real estate portals) to make them profitable and improve their competitive position. We focus on increasing the effectivity of the company's several print media products by possible reorganisation of the products. This will lower costs and will attract the attention of advertisers. Some of these changes may already take place in 2009. We will also prepare the financial forecast for 2010 and we have set the goal to increase the EBITDA margin by 3% (2009: 5%) and a minimum of 8% in 2010 (EBITDA margin in 2009 did not include extraordinary expenditures). The main business of Ekspress Group is news production. We will focus on the company's main business and emphasise the competitive advantages of its main products. There are several valuable traditional media trademarks in the product portfolio of Ekspress Group, the position of which is stable in the market and the results of which will noticeably improve once the advertising market starts to recover. However, one of the main advantages of Ekspress Group is its dominant position in the Baltic online business plus a uniform Delfi technological platform encompassing all Baltic States. The forecast of media trends compiled by PricewaterhouseCoopers for the years 2009-2013 foresees the highest growth for online advertising as compared to all other media channels. However, the sales growth of online advertising has a major effect on the results of operations of Ekspress Group as each additional advertising kroon gets 100% reflected in the Company's profit (there are no printing or distribution costs). We also consider transmission of information via mobile phones as an important trend and we are taking steps to gain a presence in this segment. We are also optimistic about the developments in the printing segment. Although we are aware of the pressure on margins, there are opportunities to increase the sales. The Group's printing company Printall is well-positioned in export markets and has efficiently operated even in situations in which the currencies in its export markets have significantly depreciated against the Euro and the Estonian kroon. We are currently looking for opportunities to generate additional export sales primarily in Western Europe with the help of various cooperation partners. We are also considering the sale of a few non-strategic subsidiaries. We plan to use the cash generated from the sale to develop the main business and increase our market share primarily in electronic media. We have started negotiations with the bank syndicate in order to restructure loans and we have received favourable feedback to fixing long-term sustainable loan terms. We hope that these negotiations will reach a positive outcome in the 4th quarter. Key figures characterising the activities of Ekspress Group in the 3rd quarter - Sales revenue EEK 226.5 million (EUR 14.5 million) - Gross profit EEK 31.4 million (EUR 2.0 million) - EBITDA EEK -40.0 million (EEK -2.6 million) - EBIT EEK -55.0 million (EUR -3.5 million) - Net loss EEK -66.6 million (EUR -4.3 million) - Normalised (excluding extraordinary income and expenses) EBIDTA EEK 8.5 million (EUR 0.5) Key figures characterising the operations of Ekspress Group in the first 9 months of 2009 - Sales revenue EEK 759.9 million (EUR 48.6 million) - Gross profit EEK 135.3 million (EUR 8.7 million) - EBITDA EEK 1.5 million (EUR 0.1 million) - EBIT EEK -44.2 million (EUR -2.8 million) - Net loss EEK -80.1 million (EUR -5.1 million) - Normalised (excluding extraordinary income and expenses) EBIDTA EEK 50.0 million (EUR 3.2 million) OVERVIEW BY SEGMENTS In the 3rd 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, real estate and employment web environments, and Latvian and Lithuanian automobile portals. All web environments to be set up in the future are also included in the online media segment. ONLINE MEDIA Delfi Delfi continues to the leading online portal in the Baltic States, being the 2nd in Estonia, 3rd in Latvia, 1st in Lithuania and 73rd in Ukraine in respect of the number of users as of the end of September. Delfi is the largest news portal in all Baltic States. In the 3rd quarter, the fastest development occurred in the Ukrainian market where Delfi moved from the 120th place in respect of the users in June to the 73rd and has increased the number of users from 75 000 unique users to 159 000 unique users. According to the data by TNS Metrix, Delfi continued to be the largest news portal in Estonia in the 3rd quarter of 2009 with 611 000 unique users per month, which is 4000 users more on average than in the last quarter. Delfi has 95 thousand unique visitors more per month than its largest competitor, the news portal www.postimees.ee. According to the data by Gemius Audience, Delfi also continued to be the largest news portal in Latvia in the 3rd quarter of 2009 with an average of 648 000 unique users per month. The news portals competing with Delfi in Latvia, www.tvnet.lv had 433 000 and www.apollo.lv had 378 000 unique visitors. According to the data by Gemius Audience, Delfi continued to be the leader in the online market in Lithuania with an average of 917 000 unique users per month in the 3rd quarter of 2009. The competing news portals www.lrytas.lt and www.alfa.lt had 686 000 and 557 000 unique users per month, respectively, in the same period. According to the data by Delfi Gemius Audience, in Ukraine, the number of Delfi users has increased 2.1 times, from 75 000 unique users to 159 000 unique users in September. Despite this large growth in the 3rd quarter, Delfi lags behind the market leaders in the segment of news portals - the segment leader liga.net had 889 000 unique users in September. As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and Ukrainian subsidiaries manages the Estonian and Russian-language portals http://www.delfi.ee and http://rus.delfi.ee in Estonia, the Latvian and Russian-language portals http://www.delfi.lv and http://rus.delfi.lv in Latvia, the Lithuanian and Russian-language portals http://www.delfi.lt, http://www.klubas.lt and http://ru.delfi.lt in Lithuania and the news portal http://www.delfi.ua in Ukraine. Interne verticals As expected, the use of ekspressauto.ee in Estonia was more modest during the summer months than in the 2nd quarter. In September, the active use of the portal was restored, reaching 91 000 unique users in week 43. By the last week in September, the were 48 000 unique users of the automobile portal http://auto.delfi.lv/ in Latvia. The Latvian automobile portal was transferred to Delfi environment in the middle of the 3rd quarter in order to achieve greater synergy with the large user base of Delfi. Similarly to Latvia, the Lithuanian automobile portal was also transferred to Delfi environment in the middle of the 3rd quarter, at the address http://auto.delfi.lt/. In week 43 in September, the number of unique users was 114 000. A new subsection of the automobile news has been opened in Delfi environment to support both Latvian and Lithuanian automobile portals, providing additional information about the news in the automobile market to the users. Due to the passive stage of the real estate market and the summer period, the user base of ekspresskinnisvara.ee was lower in the 3rd quarter than in previous periods. The average number of users in the 3rd quarter was 61 000 unique users, reaching its maximum in week 36 with 71 000 unique visitors. The user base of ekspressjob.ee was stable in the 3rd quarter with an average of 34 000 unique users. The highest number of users was achieved in week 30 with 43 000 unique visitors. In the 3rd quarter of 2009, online media revenue totalled EEK 26.4 million (EUR 1.7 million), totalling 75% of the level in the same period last year. EBITDA was EEK -7 million (EUR -0.4 million). In the 3rd quarter of 2009, online media revenue was EEK 86.5 million (EUR 5.5 million), totalling 71.1% of the level in the same period last year. EBITDA in the first 9 months of the year totalled EEK -6.6 million (EUR -0.4 million) PUBLISHING Traditional publishing activities continue to be impacted by the recession in the advertising market. As compared to the largest daily and weekly newspapers, the market position Ekpress Group stayed at the same level in the 3rd quarter and there have been no major changes in the market share and distribution of advertising revenue. Although the advertising sales follow the same seasonal trend as compared to 2008 and 2009, the advertising volume of newspapers and magazines was 31% lower in the 3rd quarter of 2009 as compared to the same period in 2008. As compared to 2007, the advertising volume was 44% lower in the 3rd quarter of 2009. Growth expected from the beginning of the new business cycle and local government elections in 2009 did not occur in the publishing segment. The decline in single copy sales of periodicals has significantly stalled. As compared to the 21% decline in the 2nd quarter of 2009, the decline was 8% in the 3rd quarter as compared to the same period last year. The decline in the number of subscribers was 12% as compared to the same period last year. The sales revenue in the publishing segment was lower than the respective figure in the 2nd quarter. The advertising sales were impacted the most and this primarily due to two summer months reflected in the 3rd quarter. From the end of August, the growth in advertising revenue is evident as a result of an pick-up in economic activity. PRINTING SERVICE In the segment of printing services, the share of exports in revenue increased to 61% in the 3rd quarter whereby sales to Russia declined by 35% in the quarter and exports to Western Europe increased by 28% (as compared to 2008) as a result of which sales to other Western European countries made up 44% of the total revenue in the 3rd quarter. Total revenue declined by 17% in the 3rd quarter of 2009 and 15% in the first 9 months of 2009 as compared to the same period in 2008, related to a decline in domestic and intra-group revenue. The EBITDA margin in the first 9 months of 2009 was 17.1% (9 months of 2008: 19.7%). Stabilisation of the European printing market and stabilisation of the Norwegian krone and the Swedish krona at a higher level may be considered as positive signs BOOK SALES With regard to book sales, the revenue stayed at the same level as in the 2nd quarter although EBITDA improved as a result of lower payroll expenses. The share of retail sales in revenue also increased in the 3rd quarter, totalling 56% (2nd quarter: 48%). INFORMATION SERVICES The Estonian Competition Authority granted a permission on 29 September 2009 to the company to sell AS Ekspress Hotline, and therefore, information services are not dealt with in great detail in this management report. We have decided to write off goodwill arising in the sales transaction in the 3rd quarter and the its effect is EEK 35.2 million (EUR 2.2 million). PROFIT/LOSS The Group's sales revenue declined by 16% as compared to the 2nd quarter of 2009. Most of this decline was attributable to traditionally low advertising activity in the summer months. By segments, the sales revenue of periodicals declined the most, by 32% as compared to the same period last year and by 22% as compared to the previous quarter. The Group's operating expenses (cost of goods sold, general and marketing expenses) declined by 6% in the 3rd quarter as compared to the 2nd quarter of 2009. In the 3rd quarter, direct costs decreased by 7%, most of which was attributable to savings of materials and payroll expenses. The number of Group's employees decreased by 79 employees. At the same time, the write-off of accounts receivable totalled EEK 8.5 million (EUR 0.5 million), the amount written off during the 9-month period was EEK 10.2 million (EUR 0.7 million). In the 3rd quarter of 2009, the operating profit (earnings before depreciation, financial income and expenses, income tax and minority interest) (EBITDA) totalled EEK -40.0 million (EUR -2.6 million). The results for the 3rd quarter include a more conservative recognition of overdue receivables in the amount of EEK 8.5 million (EUR 0.5 million), write-off of goodwill related to the sale of crosswords of Ekspress Leidyba in the amount of EEK 3.9 million (EUR 0.2 million) and the write-off of goodwill related to the sales transaction of Ekspress Hotline planned for the 4th quarter in the amount of EEK 35.2 million (EUR 2.2 million). The total effect of these three activities is EEK 47.6 million (EUR 3.0 million). In the 3rd quarter of 2009, the operating profit totalled EEK -55 million (EUR -3.5 million). The Group's marketing expenses decreased by 22% as compared to the 2nd quarter of 2009. Most of the decline is related to the decrease of marketing expenses by 26%. Administrative expenses increased by 4% as compared to the 2nd quarter of 2009. The largest growth occurred in payroll expenses, including one-time expenses related to the integration of Maaleht and Eesti Ekspress, payroll expenses related to the change in the management of Ekspress Group and share options of employees not recognised in earlier periods. In the 3rd quarter, financial expenses totalled EEK 13.9 million (EUR 0.9 million), most of which were interest expenses in the amount of EEK 13.3 million (EUR 0.9 million). Most of the interest expenses relate to the loan which Ekspress Group took from the syndicate of SEB Bank, Sampo Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the 4th quarter of 2007. As compared to the 2nd quarter, interest expenses have increased by 25%. In the 3rd quarter of 2009, the net loss of AS Ekspress Grupp (after taxes and minority interest) totalled EEK 66.6 million (EUR 4.3 million). The net loss for the first 9 months totalled EEK 80.7 million (EUR 5.2 million). Balance sheet and investments As of 30 September 2009, the consolidated balance sheet total of Ekspress Group was EEK 1 545.7 million (EUR 98.8 million), decreasing by 9.2% year-over-year. As of 30 September 2009, current assets decreased by 26% year-over-year, reaching EEK 197.5 million (EUR 12.6 million). Current liabilities decreased by 11.9% year-over-year, reaching EEK 374.8 million (EUR 23.9 million) as of 30 September 2009. Of current liabilities, borrowings decreased by EEK 28.7 million (EUR 1.8 million) or 19%, reaching EEK 150.7 million (EUR 9.6 million) as of 30 September 2009. As of the end of September, the Group's long-term borrowings totalled EEK 599.8 million (EUR 38.3 million), decreasing by EEK 60.4 million (EUR 3.9 million) year-over-year. Of the long-term borrowings, bank loans constitute EEK 523.8 million (EUR 33.5 million) and the finance lease liability is EEK 75.9 million (EUR 4.8 million). Of the long-term borrowings, the non-current portion of the loan taken by Ekspress Group from the syndicate of SEB Bank, Sampo Bank and Nordea Bank in the amount of EEK 674.4 (EUR 43.1 million) in the 4th quarter of 2007 totals 484.9 million (EUR 31 million). The total outstanding balance of this loan was EEK 538.1 million (EUR 34.4 million) as of 30 September 2009. In the first nine months of 2009, the Group paid off the syndicate loan in the amount of EEK 36.3 million (EUR 2.3 million). Property, plant and equipment stood at EEK 365.7 million (EUR 23.4 million) as of the end of September, decreasing by 6.7% year-over-year. As of the end of September, the Group's intangible assets totalled EEK 960.3 million (EUR 61.4 million), decreasing by 5.5% year-over-year. Of intangible assets, EEK 814.9 million (EUR 52.1 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 September 2009 the Ekspress Group employed 2 161 people (as of 30 September 2008: 2 361 people). The average number of employees in the first nine months of 2009 was 2 254 (9 months of 2008: 2 374). In the first nine months of 2009, wages and salaries paid to the employees of the Ekspress Group totalled EEK 206.7 million (EUR 13.2 million), (9 months of 2008: EEK 230.7 million (EUR 14.7 million))*. *proportional part from joint ventures -------------------------------------------------------------------------------- | Performance indicators | | Q III 2009 | Q III 2008 | | (%) | | | | -------------------------------------------------------------------------------- | Sales growth (%) | -21% | 23% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 18% | 26% | | | | | -------------------------------------------------------------------------------- | Net profit margin (%) | -11% | 5% | | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | 36% | 36% | | | | | -------------------------------------------------------------------------------- | ROA (%) | -5% | 175% | | | | | -------------------------------------------------------------------------------- | ROE (%) | -13% | 8% | | | | | -------------------------------------------------------------------------------- | Operating profit margin | -6% | 9% | | (%) | | | -------------------------------------------------------------------------------- | Liquidity ratio | 53% | 58% | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 141% | 147% | -------------------------------------------------------------------------------- | Financial leverage (%) | 57% | 56% | -------------------------------------------------------------------------------- | Earnings per share EEK | (3,86) | 2,34 | -------------------------------------------------------------------------------- | Earnings per share EUR | (0,25) | 0,15 | -------------------------------------------------------------------------------- Formulas of financial ratios -------------------------------------------------------------------------------- | Sales growth (%) | (sales 9 months 2009 -sales 9 months 2008) / | | | sales 9 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 | -------------------------------------------------------------------------------- | 30.09.2009 | 31.12.2008 | 30.09.2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 14 016 | 46 388 | 21 775 | -------------------------------------------------------------------------------- | Other financial assets at fair | 8 | 8 025 | 8 790 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 121 239 | 166 649 | 166 208 | -------------------------------------------------------------------------------- | Inventories | 62 251 | 65 658 | 70 204 | -------------------------------------------------------------------------------- | Total current assets | 197 514 | 286 720 | 266 977 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 9 237 | 4 217 | 13 879 | -------------------------------------------------------------------------------- | Investments in associates | 481 | 302 | 516 | -------------------------------------------------------------------------------- | Investment property | 12 341 | 12 341 | 13 439 | -------------------------------------------------------------------------------- | Property, plant and equipment | 365 748 | 389 572 | 392 023 | | (note 4) | | | | -------------------------------------------------------------------------------- | Intangible assets (note 4) | 960 331 | 1 013 379 | 1 016 512 | -------------------------------------------------------------------------------- | Total non-current assets | 1 348 138 | 1 419 811 | 1 436 369 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 545 652 | 1 706 531 | 1 703 346 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND | | | | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 150 669 | 176 219 | 179 406 | -------------------------------------------------------------------------------- | Trade and other payables | 224 156 | 281 911 | 246 305 | -------------------------------------------------------------------------------- | Total current liabilities | 374 825 | 458 130 | 425 711 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 599 766 | 627 811 | 660 126 | -------------------------------------------------------------------------------- | Other long term liabilities | 1 756 | 163 | 2 972 | -------------------------------------------------------------------------------- | Derivative instruments | 9 555 | 9 555 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 611 077 | 637 529 | 663 098 | -------------------------------------------------------------------------------- | Total liabilities | 985 902 | 1 095 659 | 1 088 809 | -------------------------------------------------------------------------------- | 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 | 5 564 | 4 125 | 10 222 | -------------------------------------------------------------------------------- | Retained earnings | 151 840 | 231 898 | 230 289 | -------------------------------------------------------------------------------- | Currency translation reserve | 687 | 1 355 | 532 | -------------------------------------------------------------------------------- | Total capital and reserves | 559 462 | 610 584 | 614 249 | | attributable to equity holders | | | | | of the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 288 | 288 | 288 | -------------------------------------------------------------------------------- | Total equity | 559 750 | 610 872 | 614 537 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 545 652 | 1 706 531 | 1 703 346 | -------------------------------------------------------------------------------- Consolidated statement of financial position (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 30.09.2009 | 31.12.2008 | 30.09.2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 896 | 2 965 | 1 392 | -------------------------------------------------------------------------------- | Other financial assets at fair | 1 | 513 | 562 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 7 749 | 10 651 | 10 623 | -------------------------------------------------------------------------------- | Inventories | 3 979 | 4 196 | 4 487 | -------------------------------------------------------------------------------- | Total current assets | 12 625 | 18 325 | 17 064 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 588 | 268 | 885 | -------------------------------------------------------------------------------- | Investments in associates | 31 | 19 | 33 | -------------------------------------------------------------------------------- | Investment property | 789 | 789 | 859 | -------------------------------------------------------------------------------- | Property, plant and equipment | 23 376 | 24 898 | 25 055 | -------------------------------------------------------------------------------- | Intangible assets | 61 376 | 64 767 | 64 967 | -------------------------------------------------------------------------------- | Total non-current assets | 86 160 | 90 741 | 91 799 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 98 785 | 109 066 | 108 863 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND | | | | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 9 630 | 11 262 | 11 466 | -------------------------------------------------------------------------------- | Trade and other payables | 14 326 | 18 017 | 15 742 | -------------------------------------------------------------------------------- | Total current liabilities | 23 956 | 29 279 | 27 208 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 38 332 | 40 124 | 42 190 | -------------------------------------------------------------------------------- | Other long term liabilities | 112 | 10 | 190 | -------------------------------------------------------------------------------- | Derivative instruments | 611 | 611 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 39 055 | 40 745 | 42 380 | -------------------------------------------------------------------------------- | Total liabilities | 63 011 | 70 024 | 69 588 | -------------------------------------------------------------------------------- | 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 | 356 | 264 | 653 | -------------------------------------------------------------------------------- | Retained earnings | 9 704 | 14 821 | 14 718 | -------------------------------------------------------------------------------- | Currency translation reserve | 44 | 87 | 34 | -------------------------------------------------------------------------------- | Total capital and reserves | 35 756 | 39 024 | 39 257 | | attributable to equity holders | | | | | of the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 18 | 18 | 18 | -------------------------------------------------------------------------------- | Total equity | 35 774 | 39 042 | 39 275 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 98 785 | 109 066 | 108 863 | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q III 2009 | Q III 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 226 488 | 295 046 | -------------------------------------------------------------------------------- | Costs of sales | 195 119 | 223 781 | -------------------------------------------------------------------------------- | Gross profit | 31 369 | 71 265 | -------------------------------------------------------------------------------- | Marketing expenses | 8 899 | 13 099 | -------------------------------------------------------------------------------- | Administrative expenses | 37 373 | 39 309 | -------------------------------------------------------------------------------- | Other income | 230 | 8 250 | -------------------------------------------------------------------------------- | Other expenses | 40 317 | 1 058 | -------------------------------------------------------------------------------- | Operating profit | (54 990) | 26 049 | -------------------------------------------------------------------------------- | Interest income | 453 | 514 | -------------------------------------------------------------------------------- | Interest expenses | (13 318) | (13 924) | -------------------------------------------------------------------------------- | Currency exchange loss | (520) | 34 | -------------------------------------------------------------------------------- | Other financial income | 0 | 256 | -------------------------------------------------------------------------------- | Other financial expenses | (523) | (478) | -------------------------------------------------------------------------------- | Financial income/expenses total | (13 908) | (13 598) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (24) | (286) | -------------------------------------------------------------------------------- | Profit before income tax | (68 922) | 12 165 | -------------------------------------------------------------------------------- | Income tax expense | (2 353) | (44) | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (66 569) | 12 209 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (66 569) | 12 209 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | (79) | 45 | -------------------------------------------------------------------------------- | Total comprehensive income | (66 648) | 12 254 | -------------------------------------------------------------------------------- | Comprehensive income attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (66 648) | 12 254 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | (3,19) | 0,64 | | profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 months 2009 | 9 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 759 906 | 963 280 | -------------------------------------------------------------------------------- | Costs of sales | 624 567 | 713 569 | -------------------------------------------------------------------------------- | Gross profit | 135 339 | 249 711 | -------------------------------------------------------------------------------- | Marketing expenses | 33 571 | 46 209 | -------------------------------------------------------------------------------- | Administrative expenses | 113 305 | 122 649 | -------------------------------------------------------------------------------- | Other income | 9 370 | 13 837 | -------------------------------------------------------------------------------- | Other expenses | 42 021 | 5 989 | -------------------------------------------------------------------------------- | Operating profit | (44 188) | 88 701 | -------------------------------------------------------------------------------- | Interest income | 1 468 | 1 765 | -------------------------------------------------------------------------------- | Interest expenses | (34 363) | (41 056) | -------------------------------------------------------------------------------- | Currency exchange loss | (611) | (412) | -------------------------------------------------------------------------------- | Other financial income | 0 | 267 | -------------------------------------------------------------------------------- | Other financial expenses | (784) | (1 297) | -------------------------------------------------------------------------------- | Financial income/expenses total | (34 290) | (40 733) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 29 | (422) | -------------------------------------------------------------------------------- | Profit before income tax | (78 449) | 47 546 | -------------------------------------------------------------------------------- | Income tax expense | 1 609 | 3 216 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (80 058) | 44 330 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (80 058) | 44 311 | -------------------------------------------------------------------------------- | Minority interest | 0 | 19 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | (668) | 52 | -------------------------------------------------------------------------------- | Total comprehensive income | (80 726) | 44 382 | -------------------------------------------------------------------------------- | Comprehensive income attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (80 726) | 44 363 | -------------------------------------------------------------------------------- | Minority interest | 0 | 19 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (3,86) | 2,34 | | for profit attributable to the | | | | equity holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q III 2009 | Q III 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 14 475 | 18 857 | -------------------------------------------------------------------------------- | Costs of sales | 12 470 | 14 302 | -------------------------------------------------------------------------------- | Gross profit | 2 005 | 4 555 | -------------------------------------------------------------------------------- | Marketing expenses | 569 | 837 | -------------------------------------------------------------------------------- | Administrative expenses | 2 389 | 2 512 | -------------------------------------------------------------------------------- | Other income | 16 | 527 | -------------------------------------------------------------------------------- | Other expenses | 2 577 | 68 | -------------------------------------------------------------------------------- | Operating profit | (3 514) | 1 665 | -------------------------------------------------------------------------------- | Interest income | 29 | 33 | -------------------------------------------------------------------------------- | Interest expenses | (851) | (890) | -------------------------------------------------------------------------------- | Currency exchange loss | (33) | 2 | -------------------------------------------------------------------------------- | Other financial income | 0 | 16 | -------------------------------------------------------------------------------- | Other financial expenses | (33) | (31) | -------------------------------------------------------------------------------- | Financial income/expenses total | (888) | (870) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (2) | (18) | -------------------------------------------------------------------------------- | Profit before income tax | (4 404) | 777 | -------------------------------------------------------------------------------- | Income tax expense | (150) | (3) | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (4 254) | 780 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (4 254) | 780 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | (5) | 3 | -------------------------------------------------------------------------------- | Total comprehensive income | (4 259) | 783 | -------------------------------------------------------------------------------- | Comprehensive income attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (4 259) | 783 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | (0,20) | 0,04 | | profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 months 2009 | 9 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 48 567 | 61 565 | -------------------------------------------------------------------------------- | Costs of sales | 39 917 | 45 605 | -------------------------------------------------------------------------------- | Gross profit | 8 650 | 15 960 | -------------------------------------------------------------------------------- | Marketing expenses | 2 146 | 2 953 | -------------------------------------------------------------------------------- | Administrative expenses | 7 242 | 7 839 | -------------------------------------------------------------------------------- | Other income | 599 | 883 | -------------------------------------------------------------------------------- | Other expenses | 2 686 | 383 | -------------------------------------------------------------------------------- | Operating profit | (2 825) | 5 668 | -------------------------------------------------------------------------------- | Interest income | 94 | 113 | -------------------------------------------------------------------------------- | Interest expenses | (2 196) | (2 624) | -------------------------------------------------------------------------------- | Currency exchange loss | (39) | (26) | -------------------------------------------------------------------------------- | Other financial income | 0 | 17 | -------------------------------------------------------------------------------- | Other financial expenses | (50) | (83) | -------------------------------------------------------------------------------- | Financial income/expenses total | (2 191) | (2 603) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 2 | (27) | -------------------------------------------------------------------------------- | Profit before income tax | (5 014) | 3 038 | -------------------------------------------------------------------------------- | Income tax expense | 103 | 206 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (5 117) | 2 832 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (5 117) | 2 831 | -------------------------------------------------------------------------------- | Minority interest | 0 | 1 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | (43) | 3 | -------------------------------------------------------------------------------- | Total comprehensive income | (5 160) | 2 835 | -------------------------------------------------------------------------------- | Comprehensive income attributable | (5 160) | 2 834 | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 0 | 1 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (0,25) | 0,15 | | for profit attributable to the | | | | equity holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 months 2009 | 9 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | (44 188) | 88 701 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and impairment of | 45 697 | 47 449 | | property, plant and equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant and | 39 738 | 285 | | equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 42 620 | (9053) | -------------------------------------------------------------------------------- | Inventories | 3 407 | (4 043) | -------------------------------------------------------------------------------- | Trade and other payables | (35 543) | (29 777) | -------------------------------------------------------------------------------- | Cash generated from operations | 51 731 | 93 562 | -------------------------------------------------------------------------------- | Income tax paid | (5 055) | (3 216) | -------------------------------------------------------------------------------- | Interest paid | (30 896) | (41 072) | -------------------------------------------------------------------------------- | Net cash generated from operating activities | 15 780 | 49 274 | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | 0 | (1 930) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 0 | 1 500 | -------------------------------------------------------------------------------- | Interest received | 1 701 | 1 765 | -------------------------------------------------------------------------------- | Purchase of property, plant and equipment | (10 665) | (27 833) | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 6 446 | 832 | | equipment | | | -------------------------------------------------------------------------------- | Loans granted | (1 702) | (4 137) | -------------------------------------------------------------------------------- | Loan repayments received | 2 719 | 108 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (1 501) | (29 695) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 29 606 | 0 | -------------------------------------------------------------------------------- | Finance lease payments made | (27 368) | (25 493) | -------------------------------------------------------------------------------- | Change in overdraft used | 9 907 | (37 904) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 10 292 | 42 393 | -------------------------------------------------------------------------------- | Repayments of borrowings | (69 088) | (45 770) | -------------------------------------------------------------------------------- | Net cash generated from financing activities | (46 651) | (66 774) | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (32 372) | (47 195) | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the beginning of | 46 388 | 68 970 | | the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of the | 14 016 | 21 775 | | period | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 months 2009 | 9 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | (2 824) | 5 669 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and impairment | 2 921 | 3 033 | | of property, plant and equipment and | | | | intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant | 2 540 | 18 | | and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 2 724 | (579) | -------------------------------------------------------------------------------- | Inventories | 218 | (258) | -------------------------------------------------------------------------------- | Trade and other payables | (2 272) | (1 903) | -------------------------------------------------------------------------------- | Cash generated from operations | 3 306 | 5 980 | -------------------------------------------------------------------------------- | Income tax paid | (323) | (206) | -------------------------------------------------------------------------------- | Interest paid | (1 975) | (2 625) | -------------------------------------------------------------------------------- | Net cash generated from operating | 1 009 | 3 149 | | activities | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | 0 | (123) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 0 | 96 | -------------------------------------------------------------------------------- | Interest received | 109 | 113 | -------------------------------------------------------------------------------- | Purchase of property, plant and equipment | (682) | (1 779) | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 412 | 53 | | equipment | | | -------------------------------------------------------------------------------- | Loans granted | (109) | (264) | -------------------------------------------------------------------------------- | Loan repayments received | 174 | 7 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (96) | (1 898) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 1 892 | 0 | -------------------------------------------------------------------------------- | Finance lease payments made | (1 749) | (1 629) | -------------------------------------------------------------------------------- | Change in overdraft used | 633 | (2 423) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 658 | 2 709 | -------------------------------------------------------------------------------- | Repayments of borrowings | (4 416) | (2 925) | -------------------------------------------------------------------------------- | Net cash generated from financing | (2 982) | (4 268) | | activities | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (2 069) | (3 016) | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the beginning | 2 965 | 4 408 | | of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 896 | 1 392 | | the period | | | -------------------------------------------------------------------------------- Additional information: Gunnar Kobin Chairman of the Board Phone: +372 5188111 Email: gunnar@egrupp.ee