Market announcement
AS Ekspress Grupp
LEI code
529900B52V1TUMW7FS54
Size of the entity
Large group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
This is a correction announcement.
Previous version
AS Ekspress Grupp: Consolidated Interim Report for the Second Quarter and First Half Year of 2011
Categories
Management interim statement or quarterly financial report
Unique data record identifier
3431
Attachments
Submission date and time
02.08.2011 17:16:42
Content of announcement in Estonian
Title
PARANDUSTEADE: AS Ekspress Grupp: 2011. aasta II kvartali ja I poolaasta konsolideeritud vahearuanne
Message
Tallinn, Eesti, 2011-08-02 16:16 CEST (GLOBE NEWSWIRE) --
01.08.2011 avalikustatud AS-i Ekspress Grupp 2011. aasta II kvartali ja I
poolaasta konsolideeritud vahearuande peatükis „Juhatuse tegevusaruanne“ oli
perioodiliste väljaannete segmendi tabelis (lk 15) vale Eesti Ajalehed AS-i
2010. aasta II kvartali EBITDA ja 2010. aasta II kvartali segmendisiseste
elimineerimiste summa.
Eesti Ajalehed AS-i 2010. aasta II kvartali EBITDA peab olema 266 tuhat eurot
ning 2010. aasta II kvartali segmendisisesed elimineerimised -2 tuhat eurot.
Nimetatud eksimus on lisatud aruannetes parandatud.
Järgneb täispikk parandatud teade:
Järgmises aruandes on toodud AS-i Ekspress Grupp konsolideeritud
finantsnäitajad, nendega seotud turuarengud ja juhtkonna otsused.
Finantsnäitajad ja suhtarvud näitavad kontserni jätkuva tegevuse tulemust, see
tähendab need sisaldavad online-meedia, perioodiliste väljaannete ja
trükiteenuste segmentide konsolideeritud tulemust.
Olulisemad finantsnäitajad
Finantsnäitajad (tuhandetes EUR) II kv 2011 II kv 2010 Muutus%
--------------------------------------------------------------------------------
Perioodi kohta
------------------------------------------------
Müügitulu 14 963 13 454 11%
------------------------------------------------
Brutokasum 3 388 3 368 1%
------------------------------------------------
EBITDA 2 024 2 179 -7%
------------------------------------------------
EBITDA (ilma tuluta äriühendusest) 2 024 2 179 -7%
------------------------------------------------
Ärikasum 1 134 1 349 -16%
------------------------------------------------
Ärikasum (ilma tuluta äriühendustest) 1 134 1 349 -16%
------------------------------------------------
Perioodi kasum/(-kahjum) jätkuvatest 394 669 -41%
tegevustest
------------------------------------------------
Perioodi puhaskasum/(-kahjum) 394 669 -41%
--------------------------------------------------------------------------------
Finantsnäitajad (tuhandetes EUR) I pa 2011 I pa 2010 Muutus%
-------------------------------------------------------------------------------
Perioodi kohta
-------------------------------------------------
Müügitulu 28 109 25 112 12%
-------------------------------------------------
Brutokasum 6 005 5 433 11%
-------------------------------------------------
EBITDA 4 958 2 912 70%
-------------------------------------------------
EBITDA (ilma tuluta äriühendusest) 3 418 2 912 17%
-------------------------------------------------
Ärikasum 3 230 1 249 159%
-------------------------------------------------
Ärikasum (ilma tuluta äriühendustest) 1 690 1 249 35%
-------------------------------------------------
Perioodi kasum/(-kahjum) jätkuvatest tegevustest 1 780 (460) 487%
-------------------------------------------------
Perioodi puhaskasum/(-kahjum) 1 780 (97) 1935%
-------------------------------------------------------------------------------
Suhtarvud
Tasuvussuhtarvud (%) II kv 2011 II kv 2010
---------------------------------------------------
-----------------------
Müügitulu kasv (%) 11% -4%
----------------------------
Brutorentaablus (%) 23% 25%
----------------------------
EBITDA marginaal (%) 14% 16%
----------------------------
Ärirentaablus (%) 8% 10%
----------------------------
Puhasrentaablus (%) 3% 5%
----------------------------
Varade tootlus (%) 0% 1%
----------------------------
Omakapitali tootlus (%) 1% 2%
---------------------------------------------------
Puhaskasum aktsia kohta EUR 0,01 0,03
---------------------------------------------------
Tasuvussuhtarvud (%) I pa 2011 I pa 2010
-------------------------------------------------
---------------------
Müügitulu kasv (%) 12% -8%
----------------------------
Brutorentaablus (%) 21% 22%
----------------------------
EBITDA marginaal (%) 12% 12%
----------------------------
Ärirentaablus (%) 6% 5%
----------------------------
Puhasrentaablus (%) 6% 0%
----------------------------
Varade tootlus (%) 2% 0%
----------------------------
Omakapitali tootlus (%) 6% 0%
-------------------------------------------------
Puhaskasum aktsia kohta EUR 0,06 (0,00)
-------------------------------------------------
Esitatud finantsnäitajate leidmisel kasutatud valemid:
Müügitulu kasv (%) (müügitulu II kv 2011 - müügitulu II kv 2010)/
müügitulu II kv 2010*100
Brutorentaablus (%) brutokasum/müügitulu*100
Puhasrentaablus (%) puhaskasum/müügitulu*100
EBITDA marginaal (%) EBITDA (ilma tuluta äriühendusest) /müügitulu*100
Ärirentaablus (%) Ärikasum (ilma tuluta
äriühendusest)/müügitulu*100
Puhaskasum aktsia kohta puhaskasum/keskmine aktsiate arv
Varade tootlus (%) puhaskasum/keskmised varad *100
Omakapitali tootlus (%) puhaskasum/keskmine omakapital
*100
----
Finantsseisundi suhtarvud (%) 30.06.2011 31.12.2010
--------------------------------------------------------------------------------
Omakapitali osakaal (%) 45% 42%
------------------------------
Likviidsuskordaja 0,7 0,8
------------------------------
Võla ja omakapitali suhe (%) 95% 107%
------------------------------
Võla ja kapitali suhe (%) 45% 48%
--------------------------------------------------------------------------------
Esitatud finantsnäitajate leidmisel kasutatud valemid:
Omakapitali osakaal (%) omakapital / (kohustused+omakapital)* 100
Likviidsuskordaja käibevara/lühiajalised kohustused
Võla ja omakapitali suhe intressi kandvad võlakohustused/omakapital*100
(%)
Võla ja kapitali suhe (%) intressikandvad võlakohustused-raha ja pangakontod
(netovõlg)/
(netovõlg+ omakapital)*100
Olulisimaks sündmuseks kontserni tegevuses teises kvartalis oli Eesti Päevalehe
AS-i omandamisele järgnenud reorganiseerimisprotsess nii tootes endas kui
erinevaid ettevõtteid läbiv organisatsiooniline reform.
Kontserni teise kvartali puhaskasum oli 394 tuhat eurot. Esimese poolaasta
puhaskasumiks teenis kontsern 1,78 miljonit eurot. Nii teise kvartali kui ka
terve esimese poolaasta tulemust mõjutasid mitmed erakorralised tegevused,
mille mõju tulemusele oli nii positiivne kui negatiivne. Nii võimendab
kontserni puhaskasumit Eesti Päevalehe AS-i aktsiate omandamisest tekkinud
firmaväärtuse muutus summas 1,54 mil eurot. Kasumit vähendasid aga teises
kvartalis aset leidnud restruktureerimise kulud ning ühe kohtuvaidluse
potentsiaalse kahjunõude provisioneerimine ning võrdluses eelmise aastaga ka
100% osalus võrreldes varasema 50% osalusega hetkel kahjumit teenivas Eesti
Päevalehe AS-is.
Teise kvartali EBITDA moodustas 2,024 miljonit eurot, mis on 7% vähem kui aasta
varem. Normaliseerides tulemust erakorraliste ühekordsete kuludega summas 162
tuhat eurot, moodustas normaliseeritud EBITDA 2,186 miljonit eurot, mis on
samal tasemel eelmise aasta sama perioodiga,
Kontserni EBITDA ilma tuluta äriühendusest oli esimesel poolaastal kokku 3,418
miljonit eurot, mis on 17% parem eelmisest aastast.
II kvartali ühekordseteks ellimineeritavateks kuludeks olid:
-- 60 tuhande euro suuruses kahjunõude provisioneerimine tulenevalt AS Eesti
Ajalehed ja AS Delfi vastu esitatud ning esimeses kohtu astmes kaotatud
hagi. Kontserni ettevõtted on otsustanud esimese astme kohtuotsuse edasi
kaevata.
-- 100 tuhande euro suuruses koondamiskulusid tulenevalt reorganiseerimistest
ASis Eesti Päevaleht pärast osaluse omandamist kaasaktsionärilt
-- 32 tuhande euro suuruses erakorralisi kolimiskulusid tulenevalt AS Eesti
Ajalehed ning AS Delfi erinevate üksuste ümberpaiknemisest seoses
ettevõtete reorganiseerimisega
Suures osas on reorganiseerimisega seotud kulud ja sammud sooritatud, kuid
väikeses mahus võib kulusid esineda veel ka teises poolaastas.
Oluline on veel märkida, et arvestades Eesti Päevalehe AS-i kahjumit ning AS-i
Printall brutokasumit ajalehe Eesti Päevaleht trükkimisest, teenis kontsern
esimesel poolaastal Eesti Päevalehe kirjastamisest ligikaudu 30 tuhat eurot
kahjumit. Teisel poolaastal eeldab juhatus, et Eesti Päevalehe kirjastamine
pöördub kontserni jaoks konsolideeritult kasumlikuks.
Organisatsioonilise reformi käigus koliti ajalehtede Eesti Ekspress, Eesti
Päevaleht ning Maaleht ja portaali Delfi toimetused ühisele pinnale senistes
Eesti Päevalehe ruumides ning ettevõtete administratsioonid ühisele pinnale
senistes Eesti Ekspressi ja Maalehe ruumides. Kirjeldatud organisatsioonilise
reformi käigus koondati erinevad dubleeritud ametikohad ja lõpetati üürileping
senistes AS-i Delfi ruumides. Toimetuste kolimisega ühisele pinnale on
oluliselt arenenud erinevate väljaannete vastastikune infovahetus ja koostöö
suurte sündmuste kajastamisel, mis on andnud nii rahalist säästu kui ka
sisulist lisaväärtust.
Lisaks toimetuste ning administratsioonide kolimisele moodustati esimese
sammuna AS-i Eesti Ajalehed osakonnana raamatukirjastuse üksus, mis koondab
endasse kogu kontserni 100% osalusega kirjastusettevõtete raamatute
kirjastamise tegevuse ning millest järgmise sammuna moodustatakse käesoleva
aasta sügisel omaette raamatute kirjastamise ettevõte. Täiendavalt moodustati
kontserni emaettevõtte juurde finantsteenistuse üksus, kes asub teenindama
kontserni meediaäri tütarettevõtteid. Kirjeldatud mõlema sammu eesmärk on
kasvatada efektiivsust läbi kulude optimeerimise ning raamatukirjastuse loomise
puhul ka kasvatada konkurentsivõimet. Struktuurilise reformina moodustati AS
Eesti Ajalehed juurde eraldi E-meedia osakond, kelle ülesandeks on juhtida
kõigi kirjastusettevõtete digitaalse kirjastamise ettevõtmisi.
Reorganiseerimise käigus saavutatud kuluefektid väljenduvad esimest korda
ettevõtte kolmanda kvartali tulemustes, kuid kogu reorganiseerimisprotsess
kestab suure tõenäosusega kuni aasta lõpuni.
Ajaleht Eesti Päevaleht läbis teises kvartalis olulise tooteuuenduse. Uue
peatoimetaja, kelleks sai varasemalt majandustoimetust juhtinud Vallo Toomet,
juhtimisel töötati välja ning alustati värskendatud, ajakirjalikuma formaadi
ning kujundusega Eesti Päevalehe kirjastamist. Esimene number ilmus 4. juulil..
Samuti vahetus Eesti Ekspressi peatoimetaja, kelleks sai varasemalt Kuku Raadio
peatoimetajana töötanud Janek Luts.
Teises kvartalis käivitus ka Eesti Päevalehe ning Eesti Ekspressi ühine
digitaalsete lehtede kampaania. Kampaania esimese sammuna pakuti kõigile kahe
lehe digitaalsete versioonide tellijatele võimalust omandada soodustingimustel
Apple iPad tahvelarvuti. Kampaania tulemuslikkust pärssis olulisel määral
tahvelarvuti saadavuse probleem, mistõttu otsustasime jätkata kampaania
elluviimist pärast tootjapoolsete tarneprobleemide lahendamist. Teise etapina
alustati tavalistele personaalarvutitele mõeldud Eesti Päevelehe ja Eesti
Ekspressi digitaalsete väljaannete turustamist. Personaalarvutitele mõeldud
digitaalse väljaande loomiseks on AS Eesti Ajalehed koostöös IT partneriga
välja töötanud tarkvaralahenduse, mis võimaldab iPadis kirjastatavat toodet
tarbida ka tavalisest laua- ja sülearvutist. AS Eesti Ajalehed plaanib
kirjeldatud tarkvaralahendust turustada ka teistele, sarnast tahvelarvutitele
mõeldud ajalehtede ning ajakirjade kirjastamise platvormi kasutavatele
kirjastusettevõtetele maailmas ning esimesed kontaktid potentsiaalsete
klientidega on juba loodud.
Online-meedia segmendis tasub ära märkimist Delfi Ukraina areng. Pärast aasta
alguses aset leidnud toote reformi, kus Delfi Ukraina loobus tavapärasest
konservatiivsest inforportaali strateegiast ning käivitas meelelahutuslikuma,
peamiselt tabloidlike kuid samas sotsiaalsete uudiste kontseptsiooni, on
portaali kasutajaskond asunud jõudsalt kasvama, lüües varasemaid kasutajate ja
lehekülgede sirvimise rekordeid. Samuti on käivitunud reklaami müük, mis
parimal kuul mais ületas 7 tuhande euro piiri. Hetkel valitsev trend on
kontserni juhatusele andnud põhjuse olla lootusrikas Delfi Ukraina
majandustulemuse jätkuva paranemise suhtes. Meie eesmärk on järgmise aasta
kevadeks jõuda jooksvate kuu tulemustega kasumisse. Täiendavalt tasub ära
märkimist Delfi ning rahvusvahelise soodustehinguid pakkuva ettevõtte Deal24
koostöölepe, mille alusel hakkab Delfi kõigis kolmes Balti riigis alates
sügisest pakkuma sooduskuponge Delfi Diili kaubamärgi all. Samuti käivitas
Delfi erinevates riikides sooduskupongide agregeerimise keskkonna, kuhu müüakse
reklaami teistele sooduskuponge pakkuvatele ettevõtetele.
Olulise tootearendusliku uuendusena käivitas Delfi teises kvartalis ka
kasutajatelt meelelahutuslike piltide, videote ja anekdootide kogumise ja
eksponeerimise keskkonnad (Eestis kaubamärgi alt Vimka.ee). Samuti väärib
märkimist Delfis käivitatud integratsioon Facebook'i keskkonnaga, kus alates
juunist on Eesti Delfis võimalik paralleelselt ettevõtte toodetud uudistega
lugeda ka kasutaja enda tutvusringkonna poolt Facebooki postitatud uudiseid
ilma Delfist lahkumata.
Organisatsiooniliste restruktureerimiste poolelt otsustasid AS Ekspress Grupp
ning AS Eesti Meedia viia ühiselt kirjastatava AS-i Linnaleht ühisettevõtte
AS-i SL Õhtuleht omandisse ning juhtimise alla. See samm peaks kaasa tooma
mõningast kulude säästu, kuid samas parandama Linnalehe turunduslikku
võimekust.
Juunis omandas ühisettevõte AS Ajakirjade Kirjastus 49%-lise vähemusosaluse
Uniservice OÜ-s. See samm peaks kaasa aitama toidumaailm.ee portaali ja
ajakirja Oma Maitse integreerumisele ning kulude optimeerimisele.
Aasta esimeses kvartalis alanud AS-i Express Post müügiprotsess AS-ile Eesti
Post on endiselt käimas, asjasse puutuvad osapooled on esitanud küsitud
informatsiooni Konkurentsiametile, kellelt oodatakse otsust kolmanda kvartali
jooksul.
Konkurentsiameti ettekirjutusest tulenevalt esitas ettevõtte ka
koondumisavalduse Eesti Päevalehe AS-i aktsiate omandamise kohta.
Koondumisavaldust ei esitatud varem, kuivõrd AS Ekspress Grupp ei omandanud
valitsevat mõju ettevõtte üle tavapäraste ostu-müügi tehinguga vaid erinevate
finantseerimisotsustega ettevõtte maksejõuetuse vältimiseks olukorras, kus
kaasaktsionär ei soovinud ettevõtte finantseerimist jätkata.
Kontserni järgmiste kvartalite fookus on suunatud organisatsioonilise reformi
lõpuleviimisele ning kirjastatavate ajalehtede digitaalversioonide arendamisele
ning turundamisele. Ettevõtte lai tootevalik annab meile suurepärase võimaluse
pakkuda oma klientidele pakette erinevate toodetega nii paberil kui
digitaalselt. Samuti plaanime uuendada tahvelarvutite pakkumist paketis
kontserni digitoodetega ning turundada aktiivselt ajalehtede lauaarvutitele
välja töötatud digiversioone.
Kontserni segmentide ülevaade
Segmentide peamised finantsnäitajad II kvartal 2010/2011
(tuhandetes EUR) Müügitulu
--------------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
--------------------------------------------------------------------
online-meedia 2 505 2 235 12,1%
------------------------------------
perioodilised väljaanded 6 356 6 002 5,9%
------------------------------------
trükiteenused 6 998 5 934 17,9%
------------------------------------
keskuse tegevused 48 33 45,5%
------------------------------------
segmentidevahelised elimineerimised (944) (750) -25,9%
--------------------------------------------------------------------
KOKKU 14 963 13 454 11,2%
--------------------------------------------------------------------
(tuhandetes EUR) EBITDA
--------------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
--------------------------------------------------------------------
online-meedia 534 467 14,3%
------------------------------------
perioodilised väljaanded 157 509 -69,2%
------------------------------------
trükiteenused 1 551 1 356 14,4%
------------------------------------
keskuse tegevused (221) (152) -45,4%
------------------------------------
segmentidevahelised elimineerimised 3 (1) 400,0%
--------------------------------------------------------------------
KOKKU 2 024 2 179 -7,1%
--------------------------------------------------------------------
Segmentide peamised finantsnäitajad I poolaasta 2010/2011
(tuhandetes EUR) Müügitulu
------------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
------------------------------------------------------------------
online-meedia 4 358 3 776 15,4%
------------------------------------
perioodilised väljaanded 11 918 11 316 5,3%
------------------------------------
trükiteenused 13 467 11 485 17,3%
------------------------------------
keskuse tegevused 74 69 7,2%
------------------------------------
segmentidevahelised elimineerimised (1 708) (1 534) -11,3%
------------------------------------------------------------------
KOKKU 28 109 25 112 11,9%
------------------------------------------------------------------
(tuhandetes EUR) EBITDA
------------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
------------------------------------------------------------------
online-meedia 497 383 29,8%
------------------------------------
perioodilised väljaanded 301 402 -25,1%
------------------------------------
trükiteenused 3 047 2 569 18,6%
------------------------------------
keskuse tegevused 1 105 (439) 351,7%
------------------------------------
segmentidevahelised elimineerimised 8 (3) 366,7%
------------------------------------------------------------------
KOKKU 4 958 2 912 70,3%
------------------------------------------------------------------
EBITDA marginaal II kv 2011 II kv 2010
------------------------------------------------
online-meedia 21,3% 20,9%
-------------------------
perioodilised väljaanded 2,5% 8,5%
-------------------------
trükiteenused 22,2% 22,9%
------------------------------------------------
EBITDA marginaal I pa 2011 I pa 2010
----------------------------------------------
online-meedia 11,4% 10,1%
-------------------------
perioodilised väljaanded 2,5% 3,6%
-------------------------
trükiteenused 22,6% 22,4%
----------------------------------------------
Online-meedia segment
Online-meedia segment hõlmab Delfi tegevust Eestis, Lätis, Leedus ja Ukrainas.
(tuhandetes EUR) Müügitulu
----------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
----------------------------------------------------------------
Delfi Eesti 875 743 17,8%
--------------------------------
Delfi Läti 533 435 22,5%
--------------------------------
Delfi Leedu 1 085 1 035 4,8%
--------------------------------
Delfi Ukraina 16 10 60,0%
--------------------------------
muud Delfi ettevõtted 0 15 -100,0%
--------------------------------
segmendisisesed elimineerimised (4) (3) -33,3%
----------------------------------------------------------------
KOKKU 2 505 2 235 12,1%
----------------------------------------------------------------
(tuhandetes EUR) EBITDA
----------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
----------------------------------------------------------------
Delfi Eesti 56 139 -59,7%
--------------------------------
Delfi Läti 38 (30) 226,7%
--------------------------------
Delfi Leedu 306 385 -20,5%
--------------------------------
Delfi Ukraina (57) (141) 59,6%
--------------------------------
muud Delfi ettevõtted 191 127 50,4%
--------------------------------
segmendisisesed elimineerimised 1 (12) 108,3%
----------------------------------------------------------------
KOKKU 534 467 14,3%
----------------------------------------------------------------
(tuhandetes EUR) Müügitulu
--------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
--------------------------------------------------------------
Delfi Eesti 1 576 1 328 18,7%
--------------------------------
Delfi Läti 955 788 21,2%
--------------------------------
Delfi Leedu 1 804 1 656 8,9%
--------------------------------
Delfi Ukraina 23 11 109,1%
--------------------------------
muud Delfi ettevõtted 0 31 -100,0%
--------------------------------
segmendisisesed elimineerimised 0 (38) 100,0%
--------------------------------------------------------------
KOKKU 4 358 3 776 15,4%
--------------------------------------------------------------
(tuhandetes EUR) EBITDA
--------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
--------------------------------------------------------------
Delfi Eesti 56 178 -68,5%
--------------------------------
Delfi Läti 45 (82) 154,9%
--------------------------------
Delfi Leedu 270 326 -17,2%
--------------------------------
Delfi Ukraina (142) (247) 42,5%
--------------------------------
muud Delfi ettevõtted 269 211 27,5%
--------------------------------
segmendisisesed elimineerimised 0 (2) -
--------------------------------------------------------------
KOKKU 497 383 29,8%
--------------------------------------------------------------
Online-meedia segmendis kasvas kasumlikkus peamiselt tulenevalt käibe kasvust
võrreldes eelmise aastaga, kus peamised kasvu vedajad olid Eesti ja Läti Delfi.
Läti reklaamiturg on selgelt pöördunud ning Delfi on tekkinud kasvust hästi osa
saanud. Leedu Delfi käibe kasv võrreldes eelmise aastaga oli teises kvartalis
tagasihoidlik, samas vähendas Leedu Delfi kasumlikkust aasta algusest muutunud
maksuseadus, mis suurendas ettevõtte tööjõukulusid. Olenemata vähenenud
kasumlikkusest on Leedu Delfi endiselt EBITDA marginaali poolest edukaim Delfi
ettevõte Baltikumis. Eesti Delfi on teises kvartalis panustanud kohalike
uudiste portaali Eesti Elu integreerimisele ning hüperlokaalse reklaami müügi
käivitamisele, samuti mobiiltelefonidesse suunatud reklaami ning portaalis
esitletud videote ette videoreklaami müümisele. Nimetatud kolmest suunast
loodame järgmistel aastatel vedurit reklaamikäibe kasvatamisele.
Kontsernile kuuluvad uudisteportaalid
Omanik Portaal Omanik Portaal
-----------------------------------------------------------------
Delfi Eesti www.delfi.ee Eesti Ajalehed AS www.ekspress.ee
-----------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-----------------------------------------------------------------
Delfi Läti www.delfi.lv AS SL Õhtuleht www.ohtuleht.ee
-----------------------------------------------------------------
rus.delfi.lv Eesti Päevalehe AS www.epl.ee
-----------------------------------------------------------------
Delfi Leedu www.delfi.lt
-----------------------------------------------------------------
www.klubas.lt
-----------------------------------------------------------------
ru.delfi.lt
-----------------------------------------------------------------
Delfi Ukraina www.delfi.ua
-----------------------------------------------------------------
Online-meedia segmendis on oluline ära tuua ka Delfi sisutootmise võimekus,
mille heaks näitajaks on võrdlus suurimate Suurbritannia portaalidega toodetud
sisu hulgas.
2011. aasta teises kvartalis ei ole toimunud olulisi muudatusi
internetiväljaannete lugejate profiili ja arvu osas. Iseloomulikult suvealguse
perioodile on internetikeskkondade loetavus langevas trendis, kuid keskmiselt
siiski kümmekond protsenti kõrgem kui möödunud aasta samal perioodil.
Delfi Grupp ei ole enam ainus uue meedia väljaanne, mis tegutseb üle Baltikumi.
2011 aasta teises kvartalis omandas Eesti Meedia AS Läti portaali tvnet.lv ja
omab nüüd portaale kõigis Balti riikides.
Eesti interneti väljaannete lugejate arv 2009-2011
Delfi Eesti lugejate arv kasvas teises kvartalis ca 11% võrreldes 2010. aasta
sama perioodiga.
Läti interneti väljaannete lugejate arv 2009-2011
Delfi Läti on jätkuvalt kõige külastatavam uudisteportaal. Konkurentidest on
tvnet.lv ja apollo.lv ligi kolmandiku võrra väiksema külastajate arvuga kui
Delfi.lv ja see vahe on säilinud ka 2011. aasta teises kvartalis.
Leedu interneti väljaannete lugejate arv 2009-2011
Leedu internetiportaalide külastatavus on langenud Balti turgudest kõige rohkem.
Delfi Leedu oli endiselt 2011. aasta esimeses kvartalis kõige populaarsem
internetikeskkond Leedus ja vaatamata üldisele langusele turul on külastajaid
rohkem kui 2010 aasta teises kvartalis.
Ukraina interneti väljaannete lugejate arv 2009-2011
Ukraina Delfi lugejate arv on taas kasvama hakanud ja teises kvartalis on tehud
väga hea külastatavusega nädalaid. Samas on külastatavuse fluktuatsioon palju
suurem kui Baltikumis, mis annab lootust, et kui juhuslikult Delfis käivad
külastajad suudetakse püsiklientideks muuta, paranevad lugejanubrid ka
oluliselt.
Perioodiliste väljaannete segment
Perioodiliste väljaannete segmenti kuuluvad ajalehtede ja ajakirjade
kirjastusettevõtted, kelle tegevus hõlmab ka raamatute kirjastamist. Samuti
kuulub siia segmenti perioodika kojukandega tegelev AS Express Post.
(tuhandetes EUR) Müügitulu
----------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
----------------------------------------------------------------
Eesti Ajalehed AS 2 031 2 002 1,4%
Eesti Päevalehe AS** 1 272 1 894 -32,8%
SL Õhtuleht AS* 864 886 -2,5%
AS Ajakirjade Kirjastus* 1 074 1 120 -4,1%
UAB Ekspress Leidyba 773 745 3,8%
AS Express Post* 607 592 2,5%
OÜ Uniservice* 5 4 25,0%
segmendisisesed elimineerimised (270) (1 241) 78,2%
KOKKU 6 356 6 002 5,9%
----------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
** Võrreldavuse huvides on näidatud andmed mõlemas aastas 100%.
(tuhandetes EUR) EBITDA
-----------------------------------------------------------------
II kv 2011 II kv 2010 Muutus%
-----------------------------------------------------------------
Eesti Ajalehed AS 129 266 -51,5%
--------------------------------
Eesti Päevalehe AS** (332) 5 -6740,0%
--------------------------------
SL Õhtuleht AS* 63 102 -38,2%
--------------------------------
AS Ajakirjade Kirjastus* 78 47 66,0%
--------------------------------
UAB Ekspress Leidyba 44 18 144,4%
--------------------------------
AS Express Post* 78 73 6,8%
--------------------------------
OÜ Uniservice* 0 0 -
--------------------------------
segmendisisesed elimineerimised 97 (2) -
--------------------------------
KOKKU 157 509 -69,1%
-----------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
** Võrreldavuse huvides on näidatud andmed mõlemas aastas 100%.
(tuhandetes EUR) Müügitulu
--------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
--------------------------------------------------------------
Eesti Ajalehed AS 3 826 3 789 1,0%
Eesti Päevalehe AS** 2 720 3 329 -18,3%
SL Õhtuleht AS* 1 701 1 734 -1,9%
AS Ajakirjade Kirjastus* 2 035 2 136 -4,7%
UAB Ekspress Leidyba 1 428 1 398 2,1%
AS Express Post* 1 209 1 204 0,4%
OÜ Uniservice* 8 6 33,3%
segmendisisesed elimineerimised (1 009) (2 280) 55,7%
KOKKU 11 918 11 316 5,3%
--------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
** Võrreldavuse huvides on näidatud andmed mõlemas aastas 100%.
(tuhandetes EUR) EBITDA
--------------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
--------------------------------------------------------------
Eesti Ajalehed AS 306 303 1,0%
--------------------------------
Eesti Päevalehe AS** (461) (373) -23,6%
--------------------------------
SL Õhtuleht AS* 113 151 -25,2%
--------------------------------
AS Ajakirjade Kirjastus* 60 55 9,1%
--------------------------------
UAB Ekspress Leidyba 2 (72) 102,8%
--------------------------------
AS Express Post* 149 155 -3,9%
--------------------------------
OÜ Uniservice* -3 -3 0,0%
--------------------------------
segmendisisesed elimineerimised 135 186 -
--------------------------------
KOKKU 301 402 -25,0%
--------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
** Võrreldavuse huvides on näidatud andmed mõlemas aastas 100%.
Perioodiliste väljaannete segmendi tulemust mõjutasid teises kvartalis lisaks
Eesti Päevalehe AS-i reorganiseerimisele veel ka ajalehepaberi hinna tõus, mis
on vähendanud perioodiliste väljaannete kasumlikkust. Peamiselt eeltoodud
põhjusel jäid oma eelmise aasta tulemusele alla nii AS SL Õhtuleht kui ka AS
Eesti Ajalehed. Ajakirjade kirjastajad nii Eestis kui Leedus on võrreldes
eelmise aastaga EBITDA-d parandanud märgatavalt. Oluliselt on Leedus asuvat
ajakirjade kirjastajat aidanud turuosa ning tulemuslikkuse kasvatamisel eelmise
aasta kevadel sooritatud rahvusvahelise ajakirja Cosmopolitan litsensi
omandamine. Eesti Päevalehe AS-i tulemust mõjutas teises kvartalis ka
varasemalt kirjastatud raamatute ühekordne allahindlus summas 96 tuhat eurot.
Kuna alla hinnati raamatuid, mis olid Eesti Päevalehe AS-i bilansis ka seisuga
28.02.2011, mis oli aluseks märtsi alguses toimunud 100% osaluse soetamise
ostuanalüüsi koostamisel, siis korrigeeriti kontsernis selle summa võrra
ostuanalüüsi ja tekkinud firmaväärtust ning see allahindlus ei mõjuta
konsolideeritud EBITDA-d. Oluline on märkida, et perioodiliste väljaannete
segmendis jäi teises kvartalis pärast valimisreklaamide mõju kadumist ja üsna
kehva kvartali algust segmendi reklaamikäive kokkuvõtvalt eelmise aasta
tasemele, mis lubab oodata aasta teiselt poolelt reklaamikäibe kasvu võrreldes
eelmise aastaga.
Eesti ajalehtede tiraaz 2009-2010
Eesti päevalehtede tiraažid näitavad vaikselt stabiliseerumise märke ja teises
kvartalis olulisi ja märkimisväärseid muutusi tiraažides ei ole olnud.
Eesti ajalehtede lugejaskond 2009-2011
2011. aasta teises kvartalis on lugejate arvu märgatavalt kasvatanud Õhtuleht
See on ajalehe turul märkimisväärne sündmus, kuna kahte kvartalit järjest
lugejanubreid kasvatada ei ole ükski väljaanne viimastel aastatel suutnud.
AS-i Ekspress Grupp Leedu ajakirjade lugejaskond 2010-2011
AS-i Ekspress Grupp Leedu ajakirjade kogu lugejate arv on kasvanud 6,4%
võrreldes eelmise perioodiga. Kogu ajakirjade lugejate hulk on kasvanud 7% TNS
andmetel. Seega Ekspress Leidyba lugejate arv on kasvanud samas tempos üldise
lugejate arvuga.
Kuigi Panele lugejate arv on vähenenud 16000 võrra on Panele endiselt oma
segmendi loetum väljanne. Suurima lugejate hulga kasvu on teinud Moteris (+17
000) ja Tavo Vaikas (+4 000)
Trükiteenuste segment
AS-i Ekspress Grupp kõik trükiteenused on kontsentreerunud ASi Printall, mis on
Eesti üks suurim trükkimisega tegelev ettevõte Eestis. Printall on võimeline
trükkima nii ajalehti (coldset) kui ka ajakirju (heatset).
(tuhandetes EUR) Müügitulu
-------------------------------------------------
II kv 2011 II kv 2010 Muutus%
-------------------------------------------------
AS Printall 6 998 5 934 17,9%
-------------------------------------------------
(tuhandetes EUR) EBITDA
-------------------------------------------------
II kv 2011 II kv 2010 Muutus%
-------------------------------------------------
AS Printall 1 551 1 356 14,4%
-------------------------------------------------
(tuhandetes EUR) Müügitulu
-----------------------------------------------
I pa 2011 I pa 2010 Muutus%
-----------------------------------------------
AS Printall 13 467 11 485 17,3%
-----------------------------------------------
(tuhandetes EUR) EBITDA
-----------------------------------------------
I pa 2011 I pa 2010 Muutus%
-----------------------------------------------
AS Printall 3 047 2 569 18,6%
-----------------------------------------------
Trükiteenuste segmendis suutis trükikoda Printall kasvatada käivet võrreldes
eelmise aastaga 18% ning kasumit 14%. Seda suuresti ekspordi arvelt
Skandinaaviasse. Ekspordi osakaal kogukäibest on aastaga kasvanud 64%-lt
67%-ni. Ettevõte on jõudmas tootmisvõimsuste piirini ning ettevõtte juhatus on
valmistamas ette investeerimiskava tootmisvõimsuse lisamiseks.
Trükiteenuste geograafiline jaotus
II kv 2011 II kv 2010 Muutus%
--------------------------------------------------------
--------------------------------
Eksport 67% 63% 24%
------------------------
Soome 8% 8% 11%
------------------------
Rootsi 19% 19% 16%
------------------------
Venemaa 11% 13% -2%
------------------------
Norra 15% 12% 49%
------------------------
Taani 3% 4% -10%
------------------------
Leedu 3% 2% 31%
------------------------
muu eksport 9% 5% 105%
------------------------
Eesti 33% 37% 7%
------------------------
Käive kokku 100% 100% 18%
--------------------------------------------------------
--------------------------------
sh kontsernisisene müük 15% 18% 2%
------------------------
sh kontserniväline müük 85% 82% 21%
--------------------------------------------------------
I pa 2011 I pa 2010 Muutus%
------------------------------------------------------
------------------------------
Eksport 67% 63% 24%
------------------------
Soome 7% 8% 2%
------------------------
Rootsi 19% 19% 19%
------------------------
Venemaa 11% 13% -3%
------------------------
Norra 16% 12% 53%
------------------------
Taani 3% 4% 2%
------------------------
Leedu 3% 3% 27%
------------------------
muu eksport 8% 5% 99%
------------------------
Eesti 33% 37% 5%
------------------------
Käive kokku 100% 100% 17%
------------------------------------------------------
------------------------------
sh kontsernisisene müük 15% 18% -2%
------------------------
sh kontserniväline müük 85% 82% 21%
------------------------------------------------------
Konsolideeritud finantsseisundi aruanne (auditeerimata)
(tuhandetes EUR) 30.06.2011 31.12.2010
---------------------------------------------------------
-----------------------
VARAD
----------------------------------
Käibevara
----------------------------------
Raha ja raha ekvivalendid 1 607 2 767
----------------------------------
Nõuded ja ettemaksed 6 522 6 943
----------------------------------
Varud 2 804 2 961
----------------------------------
Kokku 10 933 12 671
----------------------------------
Müügiootel põhivara 60 60
----------------------------------
Käibevara kokku 10 993 12 731
----------------------------------
Põhivara
----------------------------------
Tähtajaline hoius 3 021 3 009
----------------------------------
Nõuded ja ettemaksed 153 161
----------------------------------
Investeeringud sidusettevõtetesse 8 8
----------------------------------
Materiaalne põhivara 17 762 19 137
----------------------------------
Immateriaalne põhivara 53 357 50 936
----------------------------------
Põhivara kokku 74 301 73 251
----------------------------------
VARAD KOKKU 85 294 85 982
---------------------------------------------------------
-----------------------
KOHUSTUSED JA OMAKAPITAL
----------------------------------
Kohustused
----------------------------------
Lühiajalised kohustused
----------------------------------
Laenukohustused 6 252 5 233
----------------------------------
Võlad ja ettemaksed 9 870 10 785
----------------------------------
Lühiajalised kohustused kokku 16 122 16 018
----------------------------------
Pikaajalised kohustused
----------------------------------
Pikaajalised laenukohustused 30 376 33 053
----------------------------------
Muud pikaajalised võlad 0 2
----------------------------------
Tuletisinstrumendid 281 610
----------------------------------
Pikaajalised kohustused kokku 30 657 33 665
----------------------------------
Kohustused kokku 46 779 49 683
----------------------------------
Omakapital
----------------------------------
Aktsiakapital 17 878 19 044
----------------------------------
Ülekurss 14 277 14 277
----------------------------------
Reservid 375 46
----------------------------------
Jaotamata kasum 5 846 2 900
----------------------------------
Valuutakursi muutuste reserv 139 32
----------------------------------
Omakapital kokku 38 515 36 299
----------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 85 294 85 982
---------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) II kv II kv I pa I pa
2011 2010 2011 2010
--------------------------------------------------------------------------------
---------------------------------------
Müügitulu 14 963 13 454 28 109 25 112
-----------------------------------------
Müüdud toodangu kulu 11 575 10 086 22 104 19 679
-----------------------------------------
Brutokasum 3 388 3 368 6 005 5 433
-----------------------------------------
Turunduskulud 509 572 950 1 113
-----------------------------------------
Üldhalduskulud 1 773 1 510 3 412 3 199
-----------------------------------------
Muud äritulud 128 122 1 742 201
-----------------------------------------
sh kasum äriühendustest 0 0 1 540 0
-----------------------------------------
Muud ärikulud 100 59 155 73
-----------------------------------------
Ärikasum 1 134 1 349 3 230 1 249
-----------------------------------------
Intressitulud 10 4 20 15
-----------------------------------------
Intressikulud 576 694 1 135 1 318
-----------------------------------------
Kasum (kahjum) valuutakursi muutusest (31) 61 (102) 90
-----------------------------------------
Muud finantskulud 35 36 72 101
-----------------------------------------
Kokku finantstulud/kulud (632) (665) (1 289) (1 314)
-----------------------------------------
Kasum/(kahjum) sidusettevõtete (10) (15) (11) (25)
aktsiatelt ja osadelt
-----------------------------------------
Kasum/(kahjum) enne tulumaksustamist 492 669 1 930 (90)
-----------------------------------------
Tulumaks 98 0 150 370
-----------------------------------------
Kasum/(kahjum) jätkuvatest 394 669 1 780 (460)
tegevusvaldkondadest
-----------------------------------------
Kasum/(kahjum) lõpetatud tegevustest 0 0 0 363
-----------------------------------------
Aruandeperioodi kasum/(kahjum) 394 669 1 780 (97)
-----------------------------------------
Muu koondkasum/(-kahjum)
-----------------------------------------
Realiseerimata kursivahed 36 (37) 107 (150)
-----------------------------------------
Kasum/(-kahjum) riskimaandamisreservi 93 0 329 0
muutusest
-----------------------------------------
Muu koondkasum/(-kahjum) kokku 129 (37) 436 (150)
-----------------------------------------
Aruandeperioodi koondkasum/ (-kahjum) 523 632 2 216 (247)
--------------------------------------------------------------------------------
Tava- ja lahustunud kasum aktsia kohta 0,01 0,03 0,06 (0,00)
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I pa I pa
2011 2010
--------------------------------------------------------------------------------
-------------------
Jätkuvate tegevusvaldkondade rahavood äritegevusest
-------------------------------------------------------------
Aruandeperioodi ärikasum (-kahjum) 3 230 1 249
-------------------------------------------------------------
Korrigeerimised:
-------------------------------------------------------------
Põhivara kulum ja väärtuse langus 1 728 1 661
-------------------------------------------------------------
Kasum(-) kahjum(+) äriühendustest (1 540) 0
-------------------------------------------------------------
Kasum (-) kahjum (+) põhivara müügist ja mahakandmisest (7) (3)
-------------------------------------------------------------
Muutus käibekapitalis:
-------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (425) (2 525)
-------------------------------------------------------------
Varude muutus 157 764
-------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus (991) (1 406)
-------------------------------------------------------------
Rahavoog põhitegevusest 2 125 (260)
-------------------------------------------------------------
Makstud ettevõtte tulumaks (98) (370)
-------------------------------------------------------------
Makstud intressid (1 246) (1 386)
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade rahavood äritegevuses kokku 781 (2 016)
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna äritegevuses kasutatavad rahavood 0 (160)
--------------------------------------------------------------------------------
-------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------
Tütarettevõtete ja ühisettevõtete ost (26) 0
-------------------------------------------------------------
Tütarettevõtete müük 0 3 980
-------------------------------------------------------------
Saadud intressid 20 15
-------------------------------------------------------------
Põhivara soetamine (400) (288)
-------------------------------------------------------------
Põhivara müük 25 18
-------------------------------------------------------------
Antud laenud (16) (4)
-------------------------------------------------------------
Antud laenude tagasimaksed 127 610
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade investeerimistegevuses (270) 4 332
kasutatavad rahavood kokku
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna rahavood investeerimistegevusest 0 0
--------------------------------------------------------------------------------
-------------------
Jätkuvate tegevusvaldkondade rahavood
finantseerimistegevusest
-------------------------------------------------------------
Aktsiate emiteerimine 0 5 248
-------------------------------------------------------------
Tasutud kapitalirendi maksed (611) (678)
-------------------------------------------------------------
Arvelduskrediidi kasutuse muutus 583 (2 504)
-------------------------------------------------------------
Saadud laenud 28 116
-------------------------------------------------------------
Saadud laenude tagasimaksed (1 671) (4 972)
--------------------------------------------------------------------------------
Jätkuvate tegevusvaldkondade finantseerimistegevuses (1 671) (2 790)
kasutatavad rahavood kokku
--------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna finantseerimistegevuses 0 (5)
kasutatavad rahavood
--------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (1 160) (640)
--------------------------------------------------------------------------------
-------------------
Raha ja raha ekvivalendid perioodi alguses 2 767 2 553
-------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1 607 1 914
--------------------------------------------------------------------------------
Lisainformatsioon:
Gunnar Kobin
Juhatuse esimees
GSM: +372 5188111
e-mail: [email protected]
Content of announcement in English
Title
CORRECTION: AS Ekspress Grupp: Consolidated Interim Report for the Second Quarter and First Half Year of 2011
Message
Tallinn, Estonia, 2011-08-02 16:16 CEST (GLOBE NEWSWIRE) --
In the Group's Consolidated Interim Report for the II quarter and first half
year of 2011, published on 1 August 2011, there was a mistake in the
Management Report's periodicals segment table (page 15) - the EBITDA of Eesti
Ajalehed AS in the second quarter of 2010 was incorrect, as well as the sum of
intersegment eliminations in the second quarter of 2010.
The EBITDA of Eesti Ajalehed AS in the second quarter of 2010 should have been
EUR 266 thousand and the sum of intersegment eliminations in the second quarter
of 2010 should have been EUR -2 thousand .
The mistakes have been corrected in the attached interim reports.
The full corrected release follows:
The following report presents the consolidated financial information of
Ekspress Group, the related market developments and management decisions. The
financial indicators and ratios show the outcome of the Group's continuing
operations, i.e. they express the consolidated operating results of online
media, periodicals and printing services segments.
Key financial indicators
Financial indicators (EUR thousand) Q2 2011 Q2 2010 Change%
--------------------------------------------------------------------------------
For the reporting period
------------------------------------------------------
Sales 14 963 13 454 11%
------------------------------------------------------
Gross profit 3 388 3 368 1%
------------------------------------------------------
EBITDA 2 024 2 179 -7%
------------------------------------------------------
EBITDA (excl. profit from business combinations) 2 024 2 179 -7%
------------------------------------------------------
Operating profit 1 134 1 349 -16%
------------------------------------------------------
Operating profit (excl. profit from business 1 134 1 349 -16%
combinations)
------------------------------------------------------
Net profit(loss) from continuing operations 394 669 -41%
------------------------------------------------------
Net profit/(loss) for the period 394 669 -41%
--------------------------------------------------------------------------------
Financial indicators (EUR thousand) Half year Half year Change
2011 2010 %
--------------------------------------------------------------------------------
For the reporting period
---------------------------------------------
Sales 28 109 25 112 12%
---------------------------------------------
Gross profit 6 005 5 433 11%
---------------------------------------------
EBITDA 4 958 2 912 70%
---------------------------------------------
EBITDA (excl. profit from business 3 418 2 912 17%
combinations)
---------------------------------------------
Operating profit 3 230 1 249 159%
---------------------------------------------
Operating profit (excl. profit from business 1 690 1 249 35%
combinations)
---------------------------------------------
Net profit(loss) from continuing operations 1 780 (460) 487%
---------------------------------------------
Net profit/(loss) for the period 1 780 (97) 1935%
--------------------------------------------------------------------------------
Financial ratios
Profitability ratios (%) Q2 2011 Q2 2010
------------------------------------------
-----------------
Sales growth (%) 11% -4%
-------------------------
Gross margin (%) 23% 25%
-------------------------
EBITDA margin (%) 14% 16%
-------------------------
Operating margin (%) 8% 10%
-------------------------
Net margin (%) 3% 5%
-------------------------
ROA (%) 0% 1%
-------------------------
ROE (%) 1% 2%
------------------------------------------
Earnings per share EUR 0.01 0.03
------------------------------------------
Profitability ratios (%) Half year 2011 Half year 2010
--------------------------------------------------------
-------------------------------
Sales growth (%) 12% -8%
-------------------------
Gross margin (%) 21% 22%
-------------------------
EBITDA margin (%) 12% 12%
-------------------------
Operating margin (%) 6% 5%
-------------------------
Net margin (%) 6% 0%
-------------------------
ROA (%) 2% 0%
-------------------------
ROE (%) 6% 0%
--------------------------------------------------------
Earnings per share EUR 0.06 (0.00)
--------------------------------------------------------
Formulas used to calculate the financial indicators:
Sales growth (%) (sales Q2 2011 - sales Q2 2010) / sales Q2
2010*100
Gross margin (%) gross profit/sales*100
Net margin (%) net profit/sales*100
EBITDA margin (%) EBITDA (excl. profit from business combinations)
/ sales*100
Operating margin (%) operating profit (excl. profit from business
combinations)/sales*100
Earnings per share net profit/average number of shares
ROA (%) net profit/average assets *100
ROE (%) net profit/average equity *100
-----
Financial position ratios (%) 30.06.2011 31.12.2010
--------------------------------------------------------------------------------
Equity ratio (%) 45% 42%
------------------------------
Liquidity ratio 0.7 0.8
------------------------------
Debt to equity ratio (%) 95% 107%
------------------------------
Debt to capital ratio (%) 45% 47%
--------------------------------------------------------------------------------
Formulas used to calculate the financial indicators:
Equity ratio (%) equity / (liabilities + equity)* 100
Liquidity ratio current assets/current liabilities
Debt to equity ratio interest bearing liabilities /equity*100
(%)
Debt to capital ratio interest-bearing borrowings-cash and bank accounts (net
(%) debt)/
(net debt + equity)*100
The key event for the Group in the 2nd quarter was the reorganisation process
implemented after the acquisition of Eesti Päevalehe AS which concerned both
the product as well as represented an organisational reform involving several
entities.
In the 2nd quarter, the net profit of Ekspress Grupp totalled EUR 394 thousand.
In the first half year, the Group's net profit totalled EUR 1.78 million. The
results of the both the 2nd quarter as well as the first half year were
impacted by several extraordinary activities, with both positive and negative
effects on the financial performance. The change in goodwill that was related
to the acquisition of the shares of Eesti Päevalehe AS in the amount of EUR
1.54 million had a positive effect on the Group's net profit. However, in the
second quarter, the profit was reduced by the restructuring costs, accrual for
a potential claim related to a court case and a full ownership of the currently
unprofitable Eesti Päevalehe AS instead of the former 50% ownership as compared
to last year.
In the 2nd quarter, the EBITDA totalled EUR 2.024 million, which is 7% lower
than a year ago. After normalising the results with extraordinary one-off
expenses in the amount of EUR 162 thousand, the normalised EBITDA was 2.186
million which is at the same level as in the same period of last year.
The Group's EBITDA without profit from business combinations in the first half
year totalled EUR 3.418 million which was 17% higher than last year.
The one-off expenses in the 2nd quarter were
-- accrual for a potential claim in the amount of a EUR 60 thousand that was
related to the action filed against AS Eesti Ajalehed and AS Delfi and that
was lost in the court of first instance. Group entities have decided to
appeal the judgement of the court of first instance.
-- redundancy costs in the amount of EUR 100 thousand related to the
reorganisation expenses at Eesti Päevalehe AS after the acquisition of
ownership interest from the co-shareholder.
-- extraordinary relocation expenses in the amount of EUR 32 thousand related
to the relocation of various units of AS Eesti Ajalehed and AS Delfi in
conjunction with the reorganisation of the entities.
Most of the expenses related to the reorganisation have been incurred and the
steps have been taken, but some expenses can still be incurred in the second
half of the year.
It is also important to note that considering the loss of Eesti Päevalehe AS
and the gross profit of AS Printall from the printing of Eesti Päevaleht, the
Group incurred a loss of ca EUR 30 thousand from the publishing of Eesti
Päevaleht in the first half year. The Management Board expects the publishing
of Eesti Päevaleht to become profitable for the Group on the consolidated
basis.
During the organisational reform, the editorial offices of the newspapers Eesti
Ekspress, Eesti Päevaleht and Maaleht as well as that of the portal Delfi were
relocated to premises in the former office space of Eesti Päevaleht. The
support functions and administrative offices of the entities were relocated to
the premises of Eesti Ekspress and Maaleht. During the aforementioned
organisational reform, various duplicate positions were made redundant and the
lease agreement at the former premises of AS Delfi was terminated. With the
relocation of the editorial office into the same premises, the exchange of
information between various publications and collaboration relating to the
coverage of major events have significantly improved, leading to both cost
savings as well as additional value in terms of content.
In addition to the relocation of editorial and administrative offices, the
first step involved setting up a book publishing unit as a separate department
of AS Eesti Ajalehed, which includes all book publishing operations of the
Group's wholly-owned publishing entities and the next step of which involves
setting up a new book publishing entity in the autumn of the current year. A
financial services unit was set up at the parent company, which will provide
services to the Group's subsidiaries operating in media business. The objective
of both steps is to increase efficiency through cost optimisation and in case
of the book publisher, also to increase its competitive advantage. As a
structural reform, a separate E-media department was created at AS Eesti
Ajalehed with the goal of coordinating digital publishing operations of all
publishing entities.
The cost effects achieved during the reorganisation will be evident in the 3rd
quarter, but the reorganisation process will likely last until the end of the
year.
The newspaper Eesti Päevaleht underwent an important product upgrade in the 2nd
quarter. Under the management of the new editor-in-chief Vallo Toomet who had
previously been in charge of the editorial team of economic news, a renewed
Eesti Päevaleht was developed and launched in a more magazine-like format. The
first issue was printed on 4 July. The editor-in-chief of Eesti Ekspress was
replaced, the former editor-in-chief of Kuku Raadio Janek Luts became its new
editor-in-chief.
In the 2nd quarter, the joint campaign of digital newspapers of Eesti Päevaleht
and Eesti Ekspress was launched. As the first step of the campaign, the
subscribers of the digital versions of the two newspapers were offered an
opportunity to purchase Apple iPad tablet PCs. The success of the campaign was
significantly hindered by the availability of tablet PCs, as a result of which
we decided to continue with the campaign after resolving the manufacturer's
supply issues. As the second step, the marketing of digital publications of
Eesti Päevaleht and Eesti Ekspress for regular PCs was launched. For creation
of a digital publication for PCs, AS Eesti Ajalehed has in collaboration with
its IT partner developed a software solution which enables to use the product
published in iPad also in regular desktop and laptop PCs. AS Eesti Ajalehed
plans to market the same software solution to the publishing entities in other
countries who use similar newspaper and magazine publishing platform for iPad
and the first contacts have already been made.
With regard to the online media segment, the development at Delfi Ukraine is
worthwhile mentioning. After the product reform that was conducted at the
beginning of the year, during which Delfi Ukraine abandoned its former
conservative information portal strategy and launched a concept of more
entertaining, mostly tabloidish style social news, the readership of the portal
has started to grow steadily and reached new highs in terms of user numbers and
pageviews. The sale of advertisements has also been activating, which in the
best month of May exceeded EUR 7 thousand. The current trends have made the
Group's Management Board hopeful in terms of continuing improvement of the
financial results of Delfi Ukraine. Our objective is to become profitable on
monhtly basis by next spring. The agreement between Delfi and the international
company Deal24 offering discount deals is also worth mentioning, on the basis
of which Delfi will offer vouchers under the trademark of Delfi Deal in all
Baltic States in autumn. Delfi also launched an aggregation environment for
vouchers in other countries, where advertisements to other companies offering
vouchers are sold.
In the 2nd quarter, as a major product development upgrade, Delfi launched the
environments for collection and displaying of entertaining pictures, videos and
jokes by users (in Estonia, under the trademark of Vimka.ee). The integration
of Delfi with the environment of Facebook is also worth mentioning, whereby
from June, it is possible to read the news posted by the company parallel with
the news comments posted by one's Facebook friends without leaving Delfi.
With regard to organisational restructuring, AS Ekspress Grupp and AS Eesti
Meedia decided to transfer jointly published AS Linnaleht into the ownership
and under the management of the joint venture AS SL Õhtuleht. This step should
lead to modest cost savings, but also improve the marketing capability.
In June, the joint venture AS Ajakirjade Kirjastus acquired a 49% minority
interest in Uniservice OÜ. This should help the integration of the portal
toidumaailm.ee and the magazine Oma Maitse as well as lead to cost
optimisation.
The sales process of AS Express Post to AS Eesti Post is still underway, the
concerned parties have submitted the required information to the Estonian
Competition Authority which is expected to make a decision during the 3rd
quarter.
In conformity with the injunction of the Estonian Competition Authority, the
Group has also submitted a concentration application in respect of the
acquisition of the shares of Eesti Päevalehe AS. The concentration application
was not submitted earlier because AS Ekspress Grupp did not acquire control
over the other entity during a regular purchase and sales transaction, but
through various financing decisions to prevent the Group's insolvency in a
situation in which the co-shareholders did not wish to continue providing
financing.
In the next quarter, the Group's focus will be on the completion of the
organisational reform, and development and marketing of digital versions of
published newspapers. The Group's wide product range will provide us an
excellent opportunity to offer our customers packages with miscellaneous
products, both on paper and in a digital form. We also plan to renew the offer
of tablet PCs in a package with the Group's digital products and actively
market the digital newspaper versions developed for PCs.
Overview of the segments
Key financial data of the segments Q2 2010/2011
(EUR thousand) Sales
----------------------------------------------------
Q2 2011 Q2 2010 Change%
----------------------------------------------------
online-media 2 505 2 235 12.1%
--------------------------
periodicals 6 356 6 002 5.9%
--------------------------
printing services 6 998 5 934 17.9%
--------------------------
corporate functions 48 33 45.5%
--------------------------
intersegment eliminations (944) (750) -25.9%
----------------------------------------------------
TOTAL 14 963 13 454 11.2%
----------------------------------------------------
(EUR thousand) EBITDA
----------------------------------------------------
Q2 2011 Q2 2010 Change%
----------------------------------------------------
online-media 534 467 14.3%
--------------------------
periodicals 157 509 -69.2%
--------------------------
printing services 1 551 1 356 14.4%
--------------------------
corporate functions (221) (152) -45.4%
--------------------------
intersegment eliminations 3 (1) 400.0%
----------------------------------------------------
TOTAL 2 024 2 179 -7.1%
----------------------------------------------------
Key financial data of the segments for the first half year of 2010/2011
(EUR thousand) Sales
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
online-media 4 358 3 776 15.4%
--------------------------
periodicals 11 918 11 316 5.3%
--------------------------
printing services 13 467 11 485 17.3%
--------------------------
corporate functions 74 69 7.2%
--------------------------
intersegment eliminations (1 708) (1 534) -11.3%
------------------------------------------------------------------
TOTAL 28 109 25 112 11.9%
------------------------------------------------------------------
(EUR thousand) EBITDA
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
online-media 497 383 29.8%
--------------------------
periodicals 301 402 -25.1%
--------------------------
printing services 3 047 2 569 18.6%
--------------------------
corporate functions 1 105 (439) 351.7%
--------------------------
intersegment eliminations 8 (3) 366.7%
------------------------------------------------------------------
TOTAL 4 958 2 912 70.3%
------------------------------------------------------------------
EBITDA margin Q2 2011 Q2 2010
-----------------------------------
online-media 21.3% 20.9%
------------------
periodicals 2.5% 8.5%
------------------
printing services 22.2% 22.9%
-----------------------------------
EBITDA margin Half year 2011 Half year 2010
-------------------------------------------------
online-media 11.4% 10.1%
------------------
periodicals 2.5% 3.6%
------------------
printing services 22.6% 22.4%
-------------------------------------------------
Online-media segment
The online media includes Delfi operations in Estonia, Latvia, Lithuania and
Ukraine.
(EUR thousand) Sales
----------------------------------------------------
Q2 2011 Q2 2010 Change%
----------------------------------------------------
Delfi Estonia 875 743 17.8%
--------------------------
Delfi Latvia 533 435 22.5%
--------------------------
Delfi Lithuania 1 085 1 035 4.8%
--------------------------
Delfi Ukraine 16 10 60.0%
--------------------------
other Delfi companies 0 15 -100.0%
--------------------------
intersegment eliminations (4) (3) -33.3%
----------------------------------------------------
TOTAL 2 505 2 235 12.1%
----------------------------------------------------
(EUR thousand) EBITDA
----------------------------------------------------
Q2 2011 Q2 2010 Change%
----------------------------------------------------
Delfi Estonia 56 139 -59.7%
--------------------------
Delfi Latvia 38 (30) 226.7%
--------------------------
Delfi Lithuania 306 385 -20.5%
--------------------------
Delfi Ukraine (57) (141) 59.6%
--------------------------
other Delfi companies 191 127 50.4%
--------------------------
intersegment eliminations 1 (12) 108.3%
----------------------------------------------------
TOTAL 534 467 14.3%
----------------------------------------------------
(EUR thousand) Sales
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
Delfi Estonia 1 576 1 328 18.7%
--------------------------
Delfi Latvia 955 788 21.2%
--------------------------
Delfi Lithuania 1 804 1 656 8.9%
--------------------------
Delfi Ukraine 23 11 109.1%
--------------------------
other Delfi companies 0 31 -100.0%
--------------------------
intersegment eliminations 0 (38) 100.0%
------------------------------------------------------------------
TOTAL 4 358 3 776 15.4%
------------------------------------------------------------------
(EUR thousand) EBITDA
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
Delfi Estonia 56 178 -68.5%
--------------------------
Delfi Latvia 45 (82) 154.9%
--------------------------
Delfi Lithuania 270 326 -17.2%
--------------------------
Delfi Ukraine (142) (247) 42.5%
--------------------------
other Delfi companies 269 211 27.5%
--------------------------
intersegment eliminations 0 (2) -
------------------------------------------------------------------
TOTAL 497 383 29.8%
------------------------------------------------------------------
In the online media segment, the profitability increased primarily due to the
sales growth as compared to last year, whereas the key growth drivers were
Delfi Estonia and Delfi Latvia. The Latvian advertising market has clearly
turned around and Delfi has nicely benefited from this growth. The sales growth
of Delfi Lithuania was modest in the 2nd quarter as compared to last year, the
profitability of Delfi Lithuania was reduced by the tax law amendments at the
beginning of the year, leading to higher labour costs at the company. Despite
lower profitability, Delfi Lithuania still has the highest EBITDA margin among
Delfi entities in the Baltic States. In the 2nd quarter, Delfi Estonia laid
emphasis on the integration of the local news portal Eesti Elu and the launch
of hyperlocal advertising sales, as well as the sale of advertisements via
mobile phones and video advertisements before the videos shown in the portal.
We hope to grow our advertising sales in all three areas over the following
years.
News portals owned by the Group
Owner Portal Owner Portal
-------------------------------------------------------------------
Delfi Estonia www.delfi.ee Eesti Ajalehed AS www.ekspress.ee
-------------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-------------------------------------------------------------------
Delfi Latvia www.delfi.lv AS SL Õhtuleht www.ohtuleht.ee
-------------------------------------------------------------------
rus.delfi.lv Eesti Päevalehe AS www.epl.ee
-------------------------------------------------------------------
Delfi Lithuania www.delfi.lt
-------------------------------------------------------------------
www.klubas.lt
-------------------------------------------------------------------
ru.delfi.lt
-------------------------------------------------------------------
Delfi Ukraine www.delfi.ua
-------------------------------------------------------------------
In the online segment, the content production capability of Delfi is also
worthwhile mentioning, a good measure of which is its comparison with the
largest UK portals.
In the 2nd quarter of 2011, there were no major changes in terms of the profile
and number of readers of online publications. Characteristic of the period at
the beginning of the summer, the readership in online environments is in a
downward trend, but it is still ten percentage points higher on average than in
the same period last year.
Delfi Group is no longer the only media publication with operations in all
Baltic States. In the 2nd quarter of 2011, Eesti Meedia AS acquired the
Latvian portal tvnet.lv and now owns portals in all Baltic States.
Estonian online readership 2009-2011
In the 2nd quarter, the number of readers of Delfi Estonia increased by ca. 11%
as compared to the same period last year.
Latvian online readership 2009-2011
Delfi Latvia continues to be the most visited news portal. Of the competitors,
tvnet.lv and apollo.lv have almost a third fewer visitors than Delfi.lt and
this difference has prevailed also in the 2nd quarter of 2011.
Lithuanian online readership 2009-2011
The number of visitors of Lithuanian internet portals has declined the most in
the Baltic markets.
In the 2nd quarter of 2011, Delfi Lithuania continued to be the most popular
Internet environment in Lithuania and despite the general decline, there were
more visitors than in the 2nd quarter of 2010.
Ukrainian online readership 2009-2011
The number of readers of Delfi Ukraine has started to increase again and in the
2nd quarter, there were several weeks with excellent visitor numbers. However,
the number of visitors fluctuates significantly more than in the Baltic States,
which could lead to much higher readership numbers once the visitors to Delfi
sites have been turned into loyal customers.
Periodicals segment
The periodicals segment includes publishers of newspapers and magazines, the
operations of which also include publishing of books. This segment also
includes AS Express Post, engaged in home delivery of periodicals.
(EUR thousand) Sales
----------------------------------------------------
Q2 2011 Q2 2010 Change%
----------------------------------------------------
Eesti Ajalehed AS 2 031 2 002 1.4%
Eesti Päevalehe AS** 1 272 1 894 -32.8%
SL Õhtuleht AS* 864 886 -2.5%
AS Ajakirjade Kirjastus* 1 074 1 120 -4.1%
UAB Ekspress Leidyba 773 745 3.8%
AS Express Post* 607 592 2.5%
OÜ Uniservice* 5 4 25.0%
intersegment eliminations (270) (1 241) 78.2%
TOTAL 6 356 6 002 5.9%
----------------------------------------------------
*Proportionate share of joint ventures
** for the purpose of comparability, the information for both years is shown as
100%.
(EUR thousand) EBITDA
-----------------------------------------------------
Q2 2011 Q2 2010 Change%
-----------------------------------------------------
Eesti Ajalehed AS 129 266 -51.5%
--------------------------
Eesti Päevalehe AS** (332) 5 -6740.0%
--------------------------
SL Õhtuleht AS* 63 102 -38.2%
--------------------------
AS Ajakirjade Kirjastus* 78 47 66.0%
--------------------------
UAB Ekspress Leidyba 44 18 144.4%
--------------------------
AS Express Post* 78 73 6.8%
--------------------------
OÜ Uniservice* 0 0 -
--------------------------
intersegment eliminations 97 (2) -
--------------------------
TOTAL 157 509 -69.1%
-----------------------------------------------------
*Proportionate share of joint ventures
** for the purpose of comparability, the information for both years is shown as
100%.
(EUR thousand) Sales
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
Eesti Ajalehed AS 3 826 3 789 1.0%
Eesti Päevalehe AS** 2 720 3 329 -18.3%
SL Õhtuleht AS* 1 701 1 734 -1.9%
AS Ajakirjade Kirjastus* 2 035 2 136 -4.7%
UAB Ekspress Leidyba 1 428 1 398 2.1%
AS Express Post* 1 209 1 204 0.4%
OÜ Uniservice* 8 6 33.3%
intersegment eliminations (1 009) (2 280) 55.7%
TOTAL 11 918 11 316 5.3%
------------------------------------------------------------------
*Proportionate share of joint ventures
** for the purpose of comparability, the information for both years is shown as
100%.
(EUR thousand) EBITDA
------------------------------------------------------------------
Half year 2011 Half year 2010 Change%
------------------------------------------------------------------
Eesti Ajalehed AS 306 303 1.0%
--------------------------
Eesti Päevalehe AS** (461) (373) -23.6%
--------------------------
SL Õhtuleht AS* 113 151 -25.2%
--------------------------
AS Ajakirjade Kirjastus* 60 55 9.1%
--------------------------
UAB Ekspress Leidyba 2 (72) 102.8%
--------------------------
AS Express Post* 149 155 -3.9%
--------------------------
OÜ Uniservice* -3 -3 0.0%
--------------------------
intersegment eliminations 135 186 -
--------------------------
TOTAL 301 402 -25.0%
------------------------------------------------------------------
*Proportionate share of joint ventures
** for the purpose of comparability, the information for both years is shown as
100%.
In the 2nd quarter, in addition to the reorganisation of Eesti Päevalehe AS,
the results of periodicals were also impacted by higher paper prices, leading
to lower profitability of periodicals. For this reason, the results of both AS
SL Õhtuleht as well as those of AS Eesti Ajalehed were below last year's level.
Magazine publishers in Estonia and Lithuania have significantly improved their
EBITDA as compared to the previous year. The license of the international
magazine Cosmopolitan obtained last spring has helped the magazine publisher in
Lithuania to significantly increase its market share and profit. In the 2nd
quarter, the results of Eesti Päevalehe AS were significantly impacted by
one-off write-down of previously published books in the amount of EUR 96
thousand. As the write-down concerned the books in the balance sheet of Eesti
Päevalehe AS as of 28.02.2011, which had been used for preparation of the
purchase price allocation of the 100% ownership interest at the beginning of
March, the purchase price allocation and goodwill were adjusted by the same
amount and write-down had no impact on EBITDA. It is important to note, that
after the disappearance of election-related advertisements and relatively weak
beginning of the quarter, the advertising sales in 2nd quarter remained at the
same level as last year, hence, sales are expected to pick up in the second
half of the year as compared to last year.
Estonian newspaper circulation 2009-2010
The circulation numbers of Estonian daily newspapers show slight signs of
stabilisation and in the 2nd quarter, there were no significant changes in
circulation numbers.
Estonian newspaper readership 2009-2011
In the 2nd quarter of 2011, Õhtuleht has noticeably increased its readership.
It is a considerable event in the market of newspaper because of the fact that
any publication has not managed to increase its readership two quarters
sequentially in previous years.
Ekspress Group Lithuanian magazine readership 2010-2011
The readership of Lithuanian magazines of AS Ekspress Grupp has increased by
6,4% as compared to last period. The readership of all magazines has increased
by 7% according to data provided by TNS. Thus the readership of Ekspress
Leidyba has increased in the same rate as the readership of all magazines.
Although the readership of Panele has decreased by 16 000, it is still the most
readed publication in its segment. Moteris and Tavo Vaikas have the biggest
increase in their readership, respectively +17 000 and +4 000.
Printing services segment
All printing services of Ekspress Group are provided by AS Printall which is
one of the largest printing company in Estonia. Printall is able to print both
newspapers (coldset) and magazines (heatset).
(EUR thousand) Sales
-----------------------------------------
Q2 2011 Q2 2010 Change%
-----------------------------------------
AS Printall 6 998 5 934 17.9%
-----------------------------------------
(EUR thousand) EBITDA
-----------------------------------------
Q2 2011 Q2 2010 Change%
-----------------------------------------
AS Printall 1 551 1 356 14.4%
-----------------------------------------
(EUR thousand) Sales
--------------------------------------------------
Half year Half year 2010 Change%
2011
--------------------------------------------------
AS Printall 13 467 11 485 17.3%
--------------------------------------------------
(EUR thousand) EBITDA
-------------------------------------------------------
Half year 2011 Half year 2010 Change%
-------------------------------------------------------
AS Printall 3 047 2 569 18.6%
-------------------------------------------------------
In the printing services segment, the printing company Printall managed to
increase its sales by 18% and its profit by 14% as compared to last year. This
was achieved through increasing exports to Scandinavia. The share of exports in
total sales increased from 64% to 67% in a year. The company has reached its
production capacity and the company's Management Board is preparing an
investment plan for adding new production capacity.
Geographical break-down of printing services
Q2 2011 Q2 2010 Change%
------------------------------------------------
--------------------------
Exports 67% 63% 24%
----------------------
Finland 8% 8% 11%
----------------------
Sweden 19% 19% 16%
----------------------
Russia 11% 13% -2%
----------------------
Norway 15% 12% 49%
----------------------
Denmark 3% 4% -10%
----------------------
Lithuania 3% 2% 31%
----------------------
Other exports 9% 5% 105%
----------------------
Estonia 33% 37% 7%
----------------------
Total sales 100% 100% 18%
------------------------------------------------
--------------------------
Incl. group sales 15% 18% 2%
----------------------
Incl. non-group sales 85% 82% 21%
------------------------------------------------
Half year 2011 Half year 2010 Change%
--------------------------------------------------------------
----------------------------------------
Exports 67% 63% 24%
----------------------
Finland 7% 8% 2%
----------------------
Sweden 19% 19% 19%
----------------------
Russia 11% 13% -3%
----------------------
Norway 16% 12% 53%
----------------------
Denmark 3% 4% 2%
----------------------
Lithuania 3% 3% 27%
----------------------
Other exports 8% 5% 99%
----------------------
Estonia 33% 37% 5%
----------------------
Total sales 100% 100% 17%
--------------------------------------------------------------
----------------------------------------
Incl. group sales 15% 18% -2%
----------------------
Incl. non-group sales 85% 82% 21%
--------------------------------------------------------------
Consolidated statement of financial position (unaudited)
(EUR thousand) 30.06.2011 31.12.2010
--------------------------------------------------------
-----------------------
ASSETS
---------------------------------
Current assets
---------------------------------
Cash and cash equivalents 1 607 2 767
---------------------------------
Trade and other receivables 6 522 6 943
---------------------------------
Inventories 2 804 2 961
---------------------------------
Total 10 933 12 671
---------------------------------
Non-current assets held for sale 60 60
---------------------------------
Total current assets 10 993 12 731
---------------------------------
Non-current assets
---------------------------------
Term deposit 3 021 3 009
---------------------------------
Trade and other receivables 153 161
---------------------------------
Investments in associates 8 8
---------------------------------
Property, plant and equipment 17 762 19 137
---------------------------------
Intangible assets 53 357 50 936
---------------------------------
Total non-current assets 74 301 73 251
---------------------------------
TOTAL ASSETS 85 294 85 982
--------------------------------------------------------
-----------------------
LIABILITIES AND EQUITY
---------------------------------
Liabilities
---------------------------------
Current liabilities
---------------------------------
Borrowings 6 252 5 233
---------------------------------
Trade and other payables 9 870 10 785
---------------------------------
Total current liabilities 16 122 16 018
---------------------------------
Non-current liabilities
---------------------------------
Long-term borrowings 30 376 33 053
---------------------------------
Other long-term liabilities 0 2
---------------------------------
Derivative instruments 281 610
---------------------------------
Total non-current liabilities 30 657 33 665
---------------------------------
Total liabilities 46 779 49 683
---------------------------------
Equity
---------------------------------
Share capital 17 878 19 044
---------------------------------
Share premium 14 277 14 277
---------------------------------
Reserves 375 46
---------------------------------
Retained earnings 5 846 2 900
---------------------------------
Currency translation reserve 139 32
---------------------------------
Total equity 38 515 36 299
---------------------------------
TOTAL LIABILITIES AND EQUITY 85 294 85 982
--------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q2 Q2 Half year Half year
2011 2010 2011 2010
--------------------------------------------------------------------------------
-----------------------------------------
Sales 14 963 13 454 28 109 25 112
---------------------------------------
Cost of sales 11 575 10 086 22 104 19 679
---------------------------------------
Gross profit 3 388 3 368 6 005 5 433
---------------------------------------
Marketing expenses 509 572 950 1 113
---------------------------------------
Administrative expenses 1 773 1 510 3 412 3 199
---------------------------------------
Other income 128 122 1 742 201
---------------------------------------
incl. profit from business 0 0 1 540 0
combinations
---------------------------------------
Other expenses 100 59 155 73
---------------------------------------
Operating profit 1 134 1 349 3 230 1 249
---------------------------------------
Interest income 10 4 20 15
---------------------------------------
Interest expense 576 694 1 135 1 318
---------------------------------------
Foreign exchange gains (losses) (31) 61 (102) 90
---------------------------------------
Other finance costs 35 36 72 101
---------------------------------------
Net finance cost (632) (665) (1 289) (1 314)
---------------------------------------
Profit/(loss) from investments in (10) (15) (11) (25)
associates
---------------------------------------
Profit (loss) before income tax 492 669 1 930 (90)
---------------------------------------
Income tax expense 98 0 150 370
---------------------------------------
Profit (loss) from continuing 394 669 1 780 (460)
operations for the year
---------------------------------------
Loss from discontinued operations for 0 0 0 363
the year
---------------------------------------
Profit (loss) for the period 394 669 1 780 (97)
---------------------------------------
Other comprehensive income (expense)
---------------------------------------
Currency translation differences 36 (37) 107 (150)
---------------------------------------
Hedging reserve change 93 0 329 0
---------------------------------------
Total other comprehensive income 129 (37) 436 (150)
(expense) for the period
---------------------------------------
Comprehensive income for the reporting 523 632 2 216 (247)
period
--------------------------------------------------------------------------------
Basic and diluted earnings per share 0,01 0,03 0,06 (0,00)
--------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) Half year Half year
2011 2010
--------------------------------------------------------------------------------
-------------------------
Cash flows from operating activities from continuing
operations
-------------------------------------------------------
Operating profit (loss) for the period 3 230 1 249
-------------------------------------------------------
Adjustments for:
-------------------------------------------------------
Depreciation, amortisation and impairment 1 728 1 661
-------------------------------------------------------
Profit (-) loss(+) from business combinations (1 540) 0
-------------------------------------------------------
Profit (loss) on sale and write-downs of property, (7) (3)
plant and equipment
-------------------------------------------------------
Changes in working capital:
-------------------------------------------------------
Trade and other receivables (425) (2 525)
-------------------------------------------------------
Inventories 157 764
-------------------------------------------------------
Trade and other payables (991) (1 406)
-------------------------------------------------------
Cash generated from operations 2 125 (260)
-------------------------------------------------------
Income tax paid (98) (370)
-------------------------------------------------------
Interest paid (1 246) (1 386)
--------------------------------------------------------------------------------
Net cash generated from operating activities from 781 (2 016)
continuing operations
--------------------------------------------------------------------------------
Net cash used in operating activities from 0 (160)
discontinued operations
--------------------------------------------------------------------------------
-------------------------
Cash flows from investing activities
-------------------------------------------------------
Investments in subsidiaries and joint ventures (26) 0
-------------------------------------------------------
Proceeds from sale of shares in subsidiaries 0 3 980
-------------------------------------------------------
Interest received 20 15
-------------------------------------------------------
Purchase of property, plant and equipment (400) (288)
-------------------------------------------------------
Proceeds from sale of property, plant and equipment 25 18
-------------------------------------------------------
Loans granted (16) (4)
-------------------------------------------------------
Loan repayments received 127 610
--------------------------------------------------------------------------------
Net cash used in investing activities from continuing (270) 4 332
operations
--------------------------------------------------------------------------------
Net cash generated from investing activities from 0 0
discontinued operations
--------------------------------------------------------------------------------
-------------------------
Cash flows from financing activities from continuing
operations
-------------------------------------------------------
Issue of shares 0 5 248
-------------------------------------------------------
Finance lease payments made (611) (678)
-------------------------------------------------------
Change in overdraft used 583 (2 504)
-------------------------------------------------------
Proceeds from borrowings 28 116
-------------------------------------------------------
Repayments of borrowings (1 671) (4 972)
--------------------------------------------------------------------------------
Net cash used in financing activities from continuing (1 671) (2 790)
operations
--------------------------------------------------------------------------------
Net cash used in financing activities from 0 (5)
discontinued operations
--------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 160) (640)
--------------------------------------------------------------------------------
-------------------------
Cash and cash equivalents at the beginning of the 2 767 2 553
period
-------------------------------------------------------
Cash and cash equivalents at the end of the period 1 607 1 914
--------------------------------------------------------------------------------
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
e-mail: [email protected]