Market announcement
AS Ekspress Grupp
LEI code
529900B52V1TUMW7FS54
Size of the entity
Large group
Economic activities
Professional, Scientific and Technical Activities
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
4568
Attachments
Submission date and time
31.07.2014 15:57:51
Content of announcement in Estonian
Title
AS Ekspress Grupp: 2014. aasta II kvartali ja I poolaasta konsolideeritud vahearuanne
Message
Tallinn, Eesti, 2014-07-31 14:57 CEST (GLOBE NEWSWIRE) --
2014. aasta II kvartalis ulatus Ekspress Grupi konsolideeritud EBITDA 2,94
miljoni euroni ning konsolideeritud puhaskasum 1,86 miljoni euroni. EBITDA osas
ületati eelmist aastat 23% ja puhaskasumi osas 33%. II kvartali tulemustes
sisalduvad juunis lõppenud kohtuvaidlusega AS-i SL Õhtuleht ja AS-i Ajakirjade
Kirjastus aktsiate omandi üle seotud juriidiliste kulude tagasiarvestus kokku
summas ca 50 tuhat eurot. Normaliseerides tulemust nende kulude laekumise osas,
oli EBITDA II kvartalis 2,89 miljonit eurot ja puhaskasum 1,81 miljonit eurot.
Esimese poolaasta EBITDA ulatus 4,39 miljoni euroni ning konsolideeritud
puhaskasum 2,36 miljoni euroni. Normaliseerides I poolaasta tulemust
erakorraliste kuludega esimesest ja teisest kvartalist, teenis kontsern 4,64
miljonit eurot EBITDA-d ning 2,61 miljonit eurot puhaskasumit.
Nimetatud numbrid kajastavad kõiki meie ühisettevõtteid (AS SL Õhtuleht, AS
Ajakirjade Kirjastus ja AS Express Post) rida-realt 50% konsolideerituna. Uute
rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtteid alates 2014. aastast kajastada konsolideeritud aruannetes
kapitaliosaluse meetodil. Nimetatud arvestuspõhimõtte muudatus ei muuda
puhaskasumit, kuid selle tulemusena on kontserni raamatupidamisse aruandes II
kvartali müügitulud ligi 2,2 miljoni euro võrra väiksemad ja EBITDA ligi 0,27
miljoni euro võrra väiksem (I poolaasta müügitulud ligi 4,3 miljonit eurot ja
EBITDA ligi 0,4 miljonit eurot väiksem). Oma igakuistes kokkuvõtetes jälgib
juhtkond kontserni tulemust jätkates ühisettevõtete proportsionaalset
konsolideerimist ning samuti on sätestatud sündikaatlaenulepingus suhtarvude
jälgimine võttes arvesse proportsionaalset konsolideerimist. Selguse huvides on
tegevusaruandes välja toodud kaks komplekti näitajaid, üks, kus ühisettevõtted
on konsolideeritud rida-realt ning teine, kus ühisettevõtted on kajastatud
kapitaliosaluse meetodil ning nende tulemus kajastub ühe reana finantstuludes.
Raamatupidamise vahearuande lisas 3 on välja toodud detailsemalt iga
ühisettevõtte mõju vastavatele kasumiaruande- ja bilansiridadele.
Heade majandustulemuste peamiseks põhjuseks oli nii online segmendi kui ka
perioodiliste väljaannete segmendi oluline kasv võrreldes eelmise aastaga.
Online segmendi EBITDA paranes üle 30% ja perioodiliste väljaannete segmendi
tulemus üle 120%. Online segmendis vedas kasvu Delfi Eesti, ületades eelmise
aasta tulemust 63% ja teenides ligi 300 tuhat eurot EBITDA’d. Delfi Läti EBITDA
kasvas 93%, kuid absoluutnumbrites jäi tulemus Delfi Eestile alla pea
kolmekordselt. Delfi Leedu kasumi kasv oli 7%. Delfi Eesti kasumi kasvu taga on
21% käibe kasv võrreldes eelmise aastaga. Delfi Eesti on suutnud kasvatada nii
videoreklaami osakaalu kui ka käivitada edukalt online teemaportaale ning
erinevad eriprojekte, hoides samas kulud kontrolli all. Delfi Leedu käive
kasvas II kvartalis 16%, Delfi Läti käive vähenes. Läti turul tunneme endiselt
euro kasutuselevõtust tuleneva hinnasšoki mõjusid. Online segmendis jätkasime
kõigis kolmes Balti riigis hinnasoodustuste portaali Zave arendamist,
kasvatades portaalis osalevate jaekaupmeeste arvu Eestis 40-ni ning Lätis ja
Leedus 25-ni. Samuti tõime turule uusi teemaveebe kõigis Balti riikides.
Perioodiliste väljaannete segmendis parandasid enim tulemust AS Eesti Ajalehed
ning AS Ajakirjade Kirjastus, kasvatades EBITDA-d vastavalt 165% ja 96%
võrreldes eelmise aasta II kvartaliga. Perioodiliste väljaannete segmendis
olulist paranemist näidanud AS Eesti Ajalehed tulemuse taga on edukas
krimiraamatute sari ning kulude kontrolli all hoidmine. Ajakirjade Kirjastuse
eelmisest aastast parem tulemus on saavutatud tänu paranenud ajakirjareklaami
turule.
Trükiteenuste segmendi tulud küll kasvasid, kuid tänu hinnasurvele ning
tootmissisendite kallinemisele jäi EBITDA eelmisele aastale 4% alla.
Trükiteenuste turul on tulemust mõjutanud eeskätte Ukraina kriis, mis on
vähendanud Venemaa tellimuste osakaalu ettevõtte käibest aastataguse 11% pealt
7% peale käesoleval aastal. Samas on Soome osakaal tellimustes kasvanud 12%
pealt 18% peale.
Märkimisväärselt kasvas II kvartalis kontserni EBITDA marginaal ulatudes
18,3%-ni võrreldes 15,8%-ga eelmisel aastal samal ajal.
Olulisemateks sündmusteks II kvartalis oli kohtuvaidluse lõppemine AS’iga Eesti
Meedia seniste ühisettevõtete AS SL Õhtuleht ja AS Ajakirjade Kirjastus
aktsiate üle, mis päädis aktsiate omandamisega AS Ekspress Grupi poolt ning
nende müümisega uuele partnerile OÜ-le Suits Meedia. Kolmas ühisettevõte AS
Express Post jääb endiselt Ekspress Grupi ja Eesti Meedia ühisesse omandisse.
Teiseks oluliseks sündmuseks oli Delfi Leedu ja sealse ajakirjade kirjastuse
Express Leidyba organisatoorne ühendamine üheks ettevõtteks, mis annab
kulusünergiat ja loob paremad võimalused nii Delfi kui ka kirjastatavate
ajakirjade arendamiseks. Juriidiliselt on ettevõtted ühendatud 1.juuli seisuga.
Aasta kolmandalt kvartalilt ootame nii konsolideeritud käibe kui ka kasumi
kasvu 4-5%. Viimases kvartalis jääb oodatav käibe kasv samuti vahemikku 4-5%,
kuid kasumit loodame kasvatada oluliselt enam. Oluline roll majandustulemuse
paranemisel on AS SL Õhtuleht ja AS Ajakirjade Kirjastus uutel trükilepingutel,
mis suve jooksul kehtima hakkavad ning mis annavad mõlemale ettevõttele
arvestatava säästu trükikuludes. Uued trükilepingud said võimalikuks seoses
omaniku vahetusega mõlemas ettevõttes, mis andis ettevõtete juhtkondadele
võimaluse vabalt turul konkureerides saavutada ettevõtetele varasemast
oluliselt paremad trükihinnad ning annavad summaarselt kahe ettevõtte peale
kulusäästu aasta baasil ligikaudu 700 tuhat eurot, millest Ekspress Grupi
tulemust mõjutab 50%. Sealjuures jätkub Õhtulehe trükkimine endiselt AS-le
Eesti Meedia kuuluvas trükikojas, kuid ligi 550 tuhat eurot odavama trükikuluga
(aasta baasil) kui seni.
Jätkame uute kasvuallikate otsimist, mis aitaksid kaasa innovatiivsete
lahenduste arendamisele ja päris uute teenuste pakkumisele meie nõudlikule
kliendile. Otsime jätkuvalt lahendusi, mis pakuksid uusi ja huvitavaid elamusi
nii paberil kui digitaalses meedias, kuid järeleandmata uudiste kvaliteedis,
teemade valikus ning ajakirjanduslikus objektiivsuses.
FINANTSNÄITAJAD JA SUHTARVUD - Ühisettevõtted rida-realt 50% konsolideerituna
Kasumlikkuse näitajad - ühisettevõtted II kv II kv Muutus II kv II kv
50% konsolideeritud (tuhandetes EUR) 2014 2013 % 2012 2011
--------------------------------------------------------------------------------
Perioodi kohta
Müügitulu 16 007 15 115 6% 15 762 14 963
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA 2 935 2 384 23% 2 527 2 025
EBITDA marginaal (%) 18,3% 15,8% 16,0% 13,5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum 2 180 1 742 25% 1 670 1 136
Ärirentaablus(%) 13,6% 11,5% 10,6% 7,6%
--------------------------------------------------------------------------------
Intressikulud (181) (178) -2% (553) (576)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Perioodi puhaskasum/(-kahjum) 1 858 1 398 33% 972 396
Puhasrentaablus (%) 11,6% 9,3% 6,2% 2,6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varade tootlus (%) 2,4% 1,8% 1,2% 0,5%
Omakapitali tootlus (%) 4,2% 3,3% 2,5% 1,0%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,06 0,05 0,03 0,01
--------------------------------------------------------------------------------
Kasumlikkuse näitajad - ühisettevõtted I pa I pa Muutus I pa I pa
50% konsolideeritud (tuhandetes EUR) 2014 2013 % 2012 2011
--------------------------------------------------------------------------------
Perioodi kohta
Müügitulu 30 772 28 925 6% 29 982 28 109
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA 4 389 3 888 13% 4 142 3 419
EBITDA marginaal (%) 14,3% 13,4% 13,8% 12,2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum* 2 871 2 582 11% 2 426 1 691
Ärirentaablus* (%) 9,3% 8,9% 8,1% 6,0%
--------------------------------------------------------------------------------
Intressikulud (357) (374) 5% (1 (1
041) 135)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Perioodi puhaskasum/(-kahjum)* 2 361 2 036 16% 1 151 241
Puhasrentaablus* (%) 7,7% 7,0% 3,8% 0,9%
--------------------------------------------------------------------------------
Perioodi puhaskasum raamatupidamise 2 361 2 036 16% 1 151 1 781
aruandes (sh.allahindlused ja kasum
osaluse müügist)
Puhasrentaablus (%) 7,7% 7,0% 3,8% 6,3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varade tootlus (%) 3,1% 2,6% 1,4% 2,1%
Omakapitali tootlus (%) 5,5% 4,9% 3,0% 4,7%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,08 0,07 0,04 0,06
--------------------------------------------------------------------------------
* Tulemused ei sisalda allahindluseid ega erakorralist tulu seoses Eesti
Päevalehe AS-is täiendava 50% osaluse soetamisega 2011 I kvartalis. Tehingut
kajastati raamatupidamislikult kahes osas: esiteks kui olemasoleva 50% osaluse
müüki, millest teeniti erakorralist kasumit summas 1 540 tuhat eurot ja
teiseks kui 100% tütarettevõtte omandamist.
Bilanss – ühisettevõtted 50% konsolideeritud 30.06.2014 31.12.2013 Muutus
(tuhandetes EUR) %
--------------------------------------------------------------------------------
Perioodi lõpu seisuga
Käibevara 15 630 14 447 8%
Põhivara 62 429 63 019 -1%
Varad kokku 78 059 77 466 1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
sh. raha ja pangakontod 3 566 4 501 -21%
sh. firmaväärtus 40 052 40 052 0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused 14 814 14 468 2%
Pikaajalised kohustused 18 851 20 673 -9%
Kohustused kokku 33 665 35 141 -4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
sh. võlakohustused 25 184 24 432 3%
Omakapital 44 394 42 325 5%
--------------------------------------------------------------------------------
Finantssuhtarvud (%) – ühisettevõtted 50% konsolideeritud 30.06.201 31.12.201
4 3
--------------------------------------------------------------------------------
Omakapitali osakaal (%) 57% 55%
Võla ja omakapitali suhe (%) 57% 58%
Võla ja kapitali suhe (%) 33% 32%
Koguvõla ja EBITDA suhe (total debt/EBITDA ratio) 3,24 3,36
Laenumaksete ja intresside kattekordaja (debt service 1,75 1,66
coverage ratio)
Likviidsuskordaja 1,06 1,00
--------------------------------------------------------------------------------
Esitatud finantssuhtarvude leidmisel kasutatud valemid
--------------------------------------------------------------------------------
-
EBITDA marginaal (%) EBITDA/müügitulu x 100
--------------------------------------------------------------------------------
Ärirentaablus* (%) Ärikasum*/müügitulu x100
--------------------------------------------------------------------------------
Puhasrentaablus* (%) Puhaskasum*/müügitulu x100
--------------------------------------------------------------------------------
Puhasrentaablus (%) Puhaskasum raamatupidamise aruandes/müügitulu x100
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta Puhaskasum/keskmine aktsiate arv
--------------------------------------------------------------------------------
Omakapitali osakaal (%) Omakapital / (kohustused+omakapital) x100
--------------------------------------------------------------------------------
Võla ja omakapitali suhe (%) Intressi kandvad võlakohustused/omakapital x 100
--------------------------------------------------------------------------------
Võla ja kapitali suhe (%) Intressikandvad võlakohustused – raha ja
pangakontod (netovõlg)/(netovõlg+omakapital) x
100
--------------------------------------------------------------------------------
Koguvõla ja EBITDA suhe Intressikandvad võlakohustused/EBITDA
(total debt/EBITDA ratio)
--------------------------------------------------------------------------------
Intresside ja laenumaksete EBITDA/perioodi laenu- ja intressimaksed
kattekordaja (DSCR)
--------------------------------------------------------------------------------
Likviidsuskordaja Käibevara/lühiajalised kohustused
--------------------------------------------------------------------------------
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
--------------------------------------------------------------------------------
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
--------------------------------------------------------------------------------
FINANTSNÄITAJAD JA SUHTARVUD - Ühisettevõtted kapitaliosaluse meetodil
Kasumlikkuse näitajad – ühisettevõtted II kv II kv Muutus II kv II kv
kapitaliosaluse meetodil (tuhandetes 2014 2013 % 2012 2011
EUR)
--------------------------------------------------------------------------------
Perioodi kohta
Müügitulu (ainult tütarettevõtted) 13 764 12 998 6% 13 570 12 837
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA (ainult tütarettevõtted) 2 664 2 196 21% 2 347 1 806
EBITDA marginaal (%) 19,4% 16,9% 17,3% 14,1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum (ainult tütarettevõtted) 1 936 1 576 23% 1 516 951
Ärirentaablus (%) 14,1% 12,1% 11,2% 7,4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Intressikulud (ainult tütarettevõtted) (181) (178) -2% (553) (577)
Ühisettevõtete kasum kapitaliosaluse 190 82 131% 64 90
meetodil
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Perioodi puhaskasum/(-kahjum) 1 858 1 398 33% 972 396
Puhasrentaablus (%) 13,5% 10,8% 7,2% 3,1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varade tootlus (%) 2,5% 1,8% 1,2% 0,5%
Omakapitali tootlus (%) 4,2% 3,3% 2,5% 1,0%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,06 0,05 0,03 0,01
--------------------------------------------------------------------------------
Kasumlikkuse näitajad – ühisettevõtted I pa I pa Muutus I pa I pa
kapitaliosaluse meetodil (tuhandetes 2014 2013 % 2012 2011
EUR)
--------------------------------------------------------------------------------
Perioodi kohta
Müügitulu (ainult tütarettevõtted) 26 499 24 810 7% 25 748 23 986
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA (ainult tütarettevõtted) 3 990 3 612 10% 3 895 3 101
EBITDA marginaal (%) 15,1% 14,6% 15,1% 12,9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Ärikasum* (ainult tütarettevõtted) 2 529 2 354 7% 2 236 1 447
Ärirentaablus* (%) 9,5% 9,5% 8,7% 6,0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Intressikulud (ainult tütarettevõtted) (357) (374) 5% (1 (1
042) 140)
Ühisettevõtete kasum kapitaliosaluse 288 146 98% 104 160
meetodil
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Perioodi puhaskasum/(-kahjum)* 2 361 2 036 16% 1 151 241
Puhasrentaablus* (%) 8,9% 8,2% 4,5% 1,0%
--------------------------------------------------------------------------------
Perioodi puhaskasum raamatupidamise 2 361 2 036 16% 1 151 1 781
aruandes
(sh allahindlused ja kasum osaluse
müügist)
Puhasrentaablus (%) 8,9% 8,2% 4,5% 7,4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Varade tootlus (%) 3,2% 2,7% 1,5% 2,1%
Omakapitali tootlus (%) 5,5% 4,9% 3,0% 4,7%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,08 0,07 0,04 0,06
--------------------------------------------------------------------------------
* Tulemused ei sisalda allahindluseid ega erakorralist tulu seoses Eesti
Päevalehe AS-is täiendava 50% osaluse soetamisega 2011 I kvartalis. Tehingut
kajastati raamatupidamislikult kahes osas: esiteks kui olemasoleva 50% osaluse
müüki, millest teeniti erakorralist kasumit summas 1 540 tuhat eurot ja
teiseks kui 100% tütarettevõtte omandamist.
Bilanss – ühisettevõtted kapitaliosaluse 30.06.2014 31.12.2013 Muutus
meetodil (tuhandetes EUR) %
--------------------------------------------------------------------------------
Perioodi lõpu seisuga
Käibevara 12 657 11 357 11%
Põhivara 63 407 63 898 -1%
Varad kokku 76 064 75 255 1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
sh. raha ja pangakontod 1 739 2 209 -21%
sh. firmaväärtus 39 596 39 596 0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Lühiajalised kohustused 12 819 12 258 5%
Pikaajalised kohustused 18 851 20 672 -9%
Kohustused kokku 31 670 32 930 -4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
sh. võlakohustused 25 184 24 432 3%
Omakapital 44 394 42 325 5%
--------------------------------------------------------------------------------
Finantssuhtarvud (%) – ühisettevõtted kapitaliosaluse 30.06.201 31.12.201
meetodil 4 3
--------------------------------------------------------------------------------
Omakapitali osakaal (%) 58% 56%
Võla ja omakapitali suhe (%) 57% 58%
Võla ja kapitali suhe (%) 35% 34%
Koguvõla ja EBITDA suhe (total debt/EBITDA ratio) 3,61 3,71
Laenumaksete ja intresside kattekordaja (debt service 1,57 1,50
coverage ratio)
Likviidsuskordaja 0,99 0,93
--------------------------------------------------------------------------------
Esitatud finantssuhtarvude leidmisel kasutatud valemid
--------------------------------------------------------------------------------
-
EBITDA marginaal (%) EBITDA/müügitulu x 100
--------------------------------------------------------------------------------
Ärirentaablus* (%) Ärikasum*/müügitulu x100
--------------------------------------------------------------------------------
Puhasrentaablus* (%) Puhaskasum*/müügitulu x100
--------------------------------------------------------------------------------
Puhasrentaablus (%) Puhaskasum raamatupidamise aruandes/müügitulu x100
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta Puhaskasum/keskmine aktsiate arv
--------------------------------------------------------------------------------
Omakapitali osakaal (%) Omakapital / (kohustused+omakapital) x100
--------------------------------------------------------------------------------
Võla ja omakapitali suhe (%) Intressi kandvad võlakohustused/omakapital x 100
--------------------------------------------------------------------------------
Võla ja kapitali suhe (%) Intressikandvad võlakohustused – raha ja
pangakontod (netovõlg)/(netovõlg+omakapital) x
100
--------------------------------------------------------------------------------
Koguvõla ja EBITDA suhe Intressikandvad võlakohustused/EBITDA
(total debt/EBITDA ratio)
--------------------------------------------------------------------------------
Intresside ja laenumaksete EBITDA/perioodi laenu- ja intressimaksed
kattekordaja (DSCR)
--------------------------------------------------------------------------------
Likviidsuskordaja Käibevara/lühiajalised kohustused
--------------------------------------------------------------------------------
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
--------------------------------------------------------------------------------
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
--------------------------------------------------------------------------------
SEGMENTIDE ÜLEVAADE
Grupp tegutseb alates 2009. aastast vaid järgmistes segmentides:
- online-meedia
- perioodilised väljaanded (ajalehed, ajakirjad ja raamatud)
- trükiteenused.
Tsüklilisus
Kontserni kõiki tegevusvaldkondi iseloomustab tsüklilisus ja kõikumine, mis on
põhjustatud üldiste majandustingimuste ja tarbijate usalduse muutumisest.
Kontserni tulusid mõjutavad negatiivselt majandusarengu aeglustumine või
majanduse surutisse langemine. Seda nii jaesektorile suunatud reklaamikulude
üldine vähendamine, teiste reklaamikanalite eelistamine (näiteks interneti
eelistamine pabermeediale) kui ka jaetarbijate endi tarbimisharjumiste
muutumine (jooksvate uudiste jälgimine uudisportaalidest versus paberlehtede
lugemine, noorema põlvkonna eelistus kasutada mobiilseid vahendeid ning muid
suhtluskanaleid jne).
Hooajalisus
Kontserni reklaamimüügi ja samuti trükiteenuste segmendi tulud sõltuvad
olulistest hooajalistest kõikumistest. Mõlema tululiigi tase on kõrgeim iga
aasta teises ja neljandas kvartalis. Nimetatud tulud on madalaimal tasemel
kolmandas kvartalis. Tulud on suuremad neljandas kvartalis, kuna tarbijad
kulutavad jõulueelsel perioodil rohkem, millega kaasneb ka reklaamile tehtud
kulutuste suurenemine. Suvekuudel on klientide kulutused reklaamile tavaliselt
kõige madalamad. Samuti ka jõulu- ja uusaastapidustuste järgselt aasta
esimestel kuudel.
Segmentide peamised finantsnäitajad II kvartal 2011-2014
-------------------------------------------
(tuhandetes EUR) Müügitulu Müügitulu
-------------------------------------
II kv II kv Muutus II kv II kv
2014 2013 % 2012 2011
--------------------------------------------------------------------------------
online-meedia 3 648 3 224 13% 2 912 2 505
perioodilised väljaanded (sh 6 383 5 947 7% 6 606 6 356
ühisettevõtted konsolideeritult)
trükiteenused 7 210 7 131 1% 7 482 6 998
kesksed tegevused 422 385 10% 279 48
segmentidevahelised elimineerimised (1 656) (1 572) -5% (1 518) (943)
--------------------------------------------------------------------------------
KONTSERN KOKKU 16 007 15 115 6% 15 762 14 963
--------------------------------------------------------------------------------
Ühisettevõtete mõju (2 243) (2 117) (2 192) (2 126)
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande 13 764 12 998 6% 13 570 12 837
uute reeglite kohaselt
--------------------------------------------------------------------------------
-------------------------------------------
(tuhandetes EUR) EBITDA EBITDA
-------------------------------------
II kv II kv Muutus II kv II kv
2014 2013 % 2012 2011
--------------------------------------------------------------------------------
online-meedia 962 730 32% 743 534
perioodilised väljaanded (sh 571 259 120% 392 157
ühisettevõtted konsolideeritult)
trükiteenused 1 537 1 599 -4% 1 563 1 551
kesksed tegevused (134) (204) 34% (173) (221)
segmentidevahelised elimineerimised 0 1 -100% 1 3
--------------------------------------------------------------------------------
KONTSERN KOKKU 2 935 2 384 23% 2 527 2 025
--------------------------------------------------------------------------------
Ühisettevõtete mõju (271) (189) (180) (219)
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande 2 664 2 196 21% 2 347 1 806
uute reeglite kohaselt
--------------------------------------------------------------------------------
---------------------------------------
EBITDA marginaal II kv II kv II kv II kv
2014 2013 2012 2011
-----------------------------------------
online-meedia 26% 23% 26% 21%
perioodilised väljaanded 9% 4% 6% 2%
trükiteenused 21% 22% 21% 22%
--------------------------------------------------------------------------------
KOKKU 18% 16% 16% 14%
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande 19% 17% 17% 14%
uute reeglite kohaselt
--------------------------------------------------------------------------------
Segmentide peamised finantsnäitajad I poolaasta 2011-2014
-------------------------------------------
(tuhandetes EUR) Müügitulu Müügitulu
-------------------------------------
I pa I pa Muutus I pa I pa
2014 2013 % 2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
online-meedia 6 385 5 660 13% 5 099 4 358
perioodilised väljaanded (sh 12 351 11 690 6% 12 387 11 918
ühisettevõtted konsolideeritult)
trükiteenused 14 272 13 749 4% 14 858 13 467
kesksed tegevused 844 740 14% 420 74
segmentidevahelised elimineerimised (3 079) (2 914) -6% (2 782) (1 708)
--------------------------------------------------------------------------------
KONTSERN KOKKU 30 772 28 925 6% 29 982 28 109
--------------------------------------------------------------------------------
Ühisettevõtete mõju (4 274) (4 115) (4 234) (4 123)
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande 26 499 24 810 7% 25 748 23 986
uute reeglite kohaselt
--------------------------------------------------------------------------------
-------------------------------------------
(tuhandetes EUR) EBITDA EBITDA
-------------------------------------
I pa I pa Muutus I pa I pa
2014 2013 % 2012 2011
--------------------------------------------------------------------------------
online-meedia 1 126 814 38% 981 497
perioodilised väljaanded (sh 868 469 85% 413 301
ühisettevõtted konsolideeritult)
trükiteenused 2 995 3 013 -1% 3 093 3 047
kesksed tegevused (601) (410) -47% (347) (434)
segmentidevahelised elimineerimised 0 2 -87% 1 8
--------------------------------------------------------------------------------
KONTSERN KOKKU 4 389 3 888 13% 4 142 3 419
--------------------------------------------------------------------------------
Ühisettevõtete mõju (398) (275) (247) (319)
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande 3 990 3 612 10% 3 895 3 101
uute reeglite kohaselt
--------------------------------------------------------------------------------
-----------------------------------
EBITDA marginaal I pa I pa I pa I pa
2014 2013 2012 2011
---------------------------------------------
online-meedia 18% 14% 19% 11%
perioodilised väljaanded 7% 4% 3% 3%
trükiteenused 21% 22% 21% 23%
--------------------------------------------------------------------------------
KOKKU 14% 13% 14% 12%
--------------------------------------------------------------------------------
KONTSERN KOKKU raamatupidamisaruande uute 15% 15% 15% 13%
reeglite kohaselt
--------------------------------------------------------------------------------
Segmentide EBITDA ei sisalda kontsernisiseseid juhtimistasusid ega
firmaväärtuste ning kaubamärkide allahindlust. Segmentide reklaamimüügituludest
ei ole maha arvatud agentuuridele makstavaid mahupõhiseid ja muid tasusid kuna
juhtkond jälgib bruto reklaamimüügitulusid. Allahindlused ja hinnavähendused
kajastuvad kontserni müügitulu vähendusena ja on näidatud elimineerimiste
koondreal.
Kontsernile kuuluvad uudisteportaalid
Omanik Portaal Omanik Portaal
-------------------------------------------------------------
Delfi Eesti www.delfi.ee AS Eesti Ajalehed www.ekspress.ee
-------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-------------------------------------------------------------
Delfi Läti www.delfi.lv www.epl.ee
-------------------------------------------------------------
rus.delfi.lv www.arileht.ee
-------------------------------------------------------------
Delfi Leedu www.delfi.lt AS SL Õhtuleht www.ohtuleht.ee
-------------------------------------------------------------
ru.delfi.lt
-------------------------------------------------------------
Kontsernile kuuluvad kuulutusteportaalid
Omanik Portaal Omanik Portaal
----------------------------------------------------------------
Delfi Leedu www.alio.lt AS Eesti Ajalehed www.ekspressjob.ee
----------------------------------------------------------------
www.ekspressauto.ee
----------------------------------------------------------------
www.hyppelaud.ee
----------------------------------------------------------------
Online-meedia segment
Online-meedia segment hõlmab Delfi tegevust Eestis, Lätis, Leedus ja Ukrainas
ning samuti emaettevõtet Delfi Holding. Alates 1.märtsist 2014 on tegevus
Ukrainas lõpetatud. Delfi Ukraina I poolaasta EBITDA sisaldab ka tegevuse
lõpetamisega seotud kulutusi.
----------------------
(tuhandetes EUR) Müügitulu
--------------------------------
II kv II kv Muutus%
2014 2013
------------------------------------------------------
Delfi Eesti 1 398 1 154 21%
Delfi Läti 648 677 -4%
Delfi Leedu 1 602 1 377 16%
Delfi Ukraina 0 15 -100%
muud ettevõtted 0 0 -
segmendisisesed elimineerimised 0 1 -100%
------------------------------------------------------
KOKKU 3 648 3 224 13%
------------------------------------------------------
----------------------
(tuhandetes EUR) EBITDA
--------------------------------
II kv II kv Muutus%
2014 2013
------------------------------------------------------
Delfi Eesti 290 178 63%
Delfi Läti 58 30 93%
Delfi Leedu 482 452 7%
Delfi Ukraina 0 (49) 100%
muud ettevõtted 133 120 11%
segmendisisesed elimineerimised (1) (1) -
------------------------------------------------------
KOKKU 962 730 32%
------------------------------------------------------
----------------------
(tuhandetes EUR) Müügitulu
--------------------------------
I pa I pa Muutus%
2014 2013
------------------------------------------------------
Delfi Eesti 2 471 2 006 23%
Delfi Läti 1 141 1 198 -5%
Delfi Leedu 2 771 2 432 14%
Delfi Ukraina 2 25 -92%
muud ettevõtted 0 0 -
segmendisisesed elimineerimised 0 (1) 100%
------------------------------------------------------
KOKKU 6 385 5 660 13%
------------------------------------------------------
----------------------
(tuhandetes EUR) EBITDA
--------------------------------
I pa I pa Muutus%
2014 2013
------------------------------------------------------
Delfi Eesti 326 149 119%
Delfi Läti (25) 69 -136%
Delfi Leedu 644 495 30%
Delfi Ukraina (51) (108) 53%
muud ettevõtted 232 210 10%
segmendisisesed elimineerimised 0 (1) -
------------------------------------------------------
KOKKU 1 126 814 38%
------------------------------------------------------
II kvartalis on Delfi Eesti ja Leedu mõlemad jätkanud hoogsat kasvamist. Käibe
kasvu taga on endiselt eelkõige edukalt käivitunud uued teemaportaalid, uued
reklaamilahendused, Delfi TV, üha kasvav mobiilirakenduse kasutamine, samuti
suurüritused nagu jalgpalli MM ja Europarlamendi valimised. Delfi Leedu EBITDA
kasvu on aidanud saavutada eelkõige müügimeeskonna efektiivsuse kasv, parem
kliendifookus ning aktiivsem tegelemine üle tähtaja nõuetega. Läti reklaamiturg
ei ole erinevatel põhjustel siiani elavnenud ning Delfi Läti käive võrreldes
eelmise aasta sama perioodiga langes. EBITDA tõusis II kvartalis tänu kulude
kokkuhoiule. Samas nõuab konkureerivate uudisportaalide hulgas toimunud
ühinemine jällegi meiepoolseid täiendavaid investeeringuid, mistõttu Delfi Läti
II poolaasta tulemused võivad jääda oodatust kesisemaks. Samas usume, et üle
Baltikumi käivitatud tegevus lisab hoogu ka Läti kasvule ning käesolev aasta
tuleb kokkuvõttes käibe ja tootearenduse osas edukam kui eelmine.
Delfi Eesti
· Eraldiseisva ja uuel platvormil Delfi TV edasiarendamine ning üha uute
live ülekannete edastamine Delfi TV kaubamärgi all.
· Käivitati uus tarbijale suunatud vertikaal www.kasulik.ee
· Uuendatud on Delfi mobiilset rakendust
· Koostöö new age portaaliga www.alkeemia.ee
Eesti internetiväljaannete lugejate arv 2013-2014
Aasta 2014 II kvartal on olnud Delfi jaoks jätkuvalt edukas. Kasutajate vahe
konkureeriva portaaliga postimees.ee on stabiilselt olnud üle 150 tuhande
unikaalse brauseri nädalas. Kvartali lõpus ostis Postimees hulga erinevaid
väiksemaid portaale (meeldib.ee jne.), mis suurendas mõnevõrra postimees.ee
üldist kasutajate numbrit.
Järgmisest kvartalist muutub TNS Metrixi uuringu metoodika, mis hakkab
täpsemalt kajastama mobiilsete seadmete kasutajate andmeid.
Delfi Läti
· Jätkati uuel platvormil Delfi TV striimide tootmist erinevatelt
üritustelt.
· Käivitati uusi teemavertikaale nagu ilmaportaal, kodu&aia vertikaal,
päev pildis jne.
· Eraldi jalgpalli, jäähoki, Positivuse teemalehed.
· Jätkub Delfi Läti jälgijate arvu kasv Facebookis, Twitteris ja
Draugiemis, mis ulatub kokku juba ca 200 tuhandeni.
· Koostööprojektid:
- Rahvusvahelise reklaamifestivali „Golden hammer 2014“ meediapartner,
- Riia Maratoni meediapartner,
- Läti jäähoki rahvuskoondisemeediapartner.
Läti internetiväljaannete lugejate arv 2013-2014
2014. aasta II kvartalis oli kasutajate aktiivsus uudisportaalides endiselt
väga kõrge, kuigi juunis toimus märkimisväärne korrektsioon lugejate
aktiivsuses. Esimese kvartali olulisim sündmus turul oli Apollo.lv ostmine AS
Eesti Meedia poolt. Juuni algusest saadik on Apollo.lv domeen eraldiseisvana
lõpetanud eksisteerimise ja on ühendatud Tvnet.lv domeeni alla. Seega on juuni
numbrid juba ühendatud portaalide kogunumber. Selle tulemusena mööduti
kasutajate arvus küll draugiem.lv-st, kuid üldises portaalide pingereas jäi
Tvnet.lv siiski kolmandale kohale Inbox.lv ja Delfi.lv järele. Delfi.lv jätkab
endiselt Läti suurima uudisportaalina.
Alates käesoleva aasta jaanuarist on muutunud ka Gemiuse internetiuuringu
metoodika. 2014. aasta kasutajate numbrid sisaldavad ainult arvutite (PC)
kasutust ja välja on jäetud kõik mobiilsed seadmed. Mobiilsete seadmete
eraldiseisav statistika tekib 2014. aasta jooksul.
Delfi Leedu
· Jätkati uuel platvormil Delfi TV kaudu otsesaadete ja striimide
tootmist.
· Uuendati mobiilse rakenduse lay-out’i ning lisati infot, mis on teinud
Delfist mobiiltelefonides ja tahvelarvutites kõige populaarsema uudisportaali.
· Uuendati mitmeid vertikaale ja olemasolevaid alamsaite.
· Juunis käivitati uus ingliskeelne kanal Delfi English Channel
· Ühendati Leedu ajakirjade kirjastuse Ekspress Leidyba ja Delfi
organisatsioon üheks media house’ks
Leedu internetiväljaannete lugejate arv 2013-2014
Leedu internetikasutajate turul ei ole teises kvartalis olulisi muudatusi
toimunud. Lugejate arv on 2014 aasta I poolaastal olnud oluliselt kõrgem, kui
2013 aasta I poolaastal. Seda kasvu saab eelkõige põhjendada väga kõrge
uudisaktiivsusega. Ka on seda mõjutanud interneti kasutajate üldarvu muutmine
aprillis, mis tulenevalt uuringu metoodikast vähendas kõigi keskkondade
lugejate arvu. Delfi on jätkuvalt turuliider ja vahe järgnevatega on juunis
2014 180 tuhat unikaalset kasutajat.Alates käesoleva aasta jaanuarist on
muutunud ka Gemiuse internetiuuringu metoodika. 2014. aasta kasutajate numbrid
sisaldavad ainult arvutite (PC) kasutust ja välja on jäetud kõik mobiilsed
seadmed. Mobiilsete seadmete eraldiseisav statistika tekib 2014. aasta jooksul.
Perioodiliste väljaannete segment
Perioodiliste väljaannete segmenti kuuluvad ajalehtede Maaleht, Eesti Ekspress
ja Eesti Päevalehe väljaandja AS Eesti Ajalehed, Õhtulehte ja Linnalehte
kirjastav AS SL Õhtuleht, raamatukirjastus OÜ Hea Lugu, ajakirjade kirjastajad
AS Ajakirjade Kirjastus Eestis ning UAB Ekspress Leidyba Leedus. Samuti kuulub
siia segmenti perioodika kojukandega tegelev AS Express Post.
--------------------------------
(tuhandetes EUR) Müügitulu
--------------------------------
II kv 2014 II kv 2013 Muutus%
----------------------------------------------------------------
AS Eesti Ajalehed 3 076 2 848 8%
OÜ Hea Lugu 182 122 49%
UAB Ekspress Leidyba 673 651 3%
segmendisisesed elimineerimised (6) (5) -20%
KOKKU (tütarettevõtted) 3 925 3 616 9%
----------------------------------------------------------------
----------------------------------------------------------------
SL Õhtuleht AS* 1 015 965 5%
AS Ajakirjade Kirjastus* 1 120 1 029 9%
AS Express Post* 607 591 3%
lisaelimineerimised (285) (254) -12%
----------------------------------------------------------------
KOKKU (ühisettevõtted) 2 458 2 331 5%
----------------------------------------------------------------
KOKKU segment 6 383 5 947 7%
----------------------------------------------------------------
--------------------------------
(tuhandetes EUR) EBITDA
--------------------------------
II kv 2014 II kv 2013 Muutus%
----------------------------------------------------------------
AS Eesti Ajalehed 204 77 165%
OÜ Hea Lugu 10 (10) 200%
UAB Ekspress Leidyba 85 4 2025%
segmendisisesed elimineerimised 1 (1) -
KOKKU (tütarettevõtted) 300 70 329%
----------------------------------------------------------------
----------------------------------------------------------------
SL Õhtuleht AS* 83 69 20%
AS Ajakirjade Kirjastus* 88 45 96%
AS Express Post* 100 75 34%
lisaelimineerimised 0 0 -5%
----------------------------------------------------------------
KOKKU (ühisettevõtted) 271 189 43%
----------------------------------------------------------------
KOKKU segment 571 259 121%
----------------------------------------------------------------
--------------------------------
(tuhandetes EUR) Müügitulu
------------------------------
I pa 2014 I pa 2013 Muutus%
--------------------------------------------------------------
AS Eesti Ajalehed 5 938 5 464 9%
OÜ Hea Lugu 491 451 9%
UAB Ekspress Leidyba 1 257 1 279 -2%
segmendisisesed elimineerimised (17) (18) 6%
KOKKU (tütarettevõtted) 7 669 7 176 7%
--------------------------------------------------------------
--------------------------------------------------------------
SL Õhtuleht AS* 1 964 1 865 5%
AS Ajakirjade Kirjastus* 2 080 1 947 7%
AS Express Post* 1 192 1 191 0%
lisaelimineerimised (553) (490) -13%
--------------------------------------------------------------
KOKKU (ühisettevõtted) 4 682 4 514 4%
--------------------------------------------------------------
KOKKU segment 12 351 11 690 6%
--------------------------------------------------------------
------------------------------
(tuhandetes EUR) EBITDA
--------------------------------
I pa 2014 I pa 2013 Muutus%
--------------------------------------------------------------
AS Eesti Ajalehed 338 150 125%
OÜ Hea Lugu 76 45 69%
UAB Ekspress Leidyba 56 (1) 5700%
segmendisisesed elimineerimised 3 0 -
KOKKU (tütarettevõtted) 473 194 144%
--------------------------------------------------------------
--------------------------------------------------------------
SL Õhtuleht AS* 114 104 9%
AS Ajakirjade Kirjastus* 98 23 330%
AS Express Post* 184 148 24%
lisaelimineerimised 0 0 -
--------------------------------------------------------------
KOKKU (ühisettevõtted) 395 275 44%
--------------------------------------------------------------
KOKKU segment 868 469 85%
--------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
Perioodiliste väljaannete segmendis jätkub langustrend ajalehtede
trükireklaamis. Langeb ka ajalehtede ja ajakirjade üksikmüük, kuid nii paber-
kui ka digitellijate arvus ning tellimistuludes on näha kasvu. Ettevõtete
käibeid aitavad hoida jätkuvalt eriprojektid ja mitmed erinevad lisad. Fookuses
on tootmise efektiivsuse tõstmine.
Alates 30.aprillist ilmub nädalaleht Eesti Ekspress neljapäeva asemele
kolmapäeval. Juunis alustati uue digilehtede platvormi arendust, mis peaks
valmima III kvartalis. AS-s Eesti Ajalehed on ajalehtede valmimisprotsessis
kasutusele võtnud uue rakendus, mis lihtsustab lehe sisu jõudmist erinevatesse
kanalitesse ja annab II poolaastal ka mõningast kulude kokkuhoidu.
Eesti ajalehtede tiraaž 2013-2014
Eesti ajalehtede tiraažid on jätkuvalt stabiilsed või mõõdukalt langevad.
Rohkem langeb päevalehtede tiraaž, vähem nädalalehtede oma. 2014. aasta I
poolaasta seisuga on kõige rohkem langenud tiraaž Eesti Meedia väljaandel
Postimees – 2013. aasta I poolaastaga võrreldes 10,3%. I poolaastal on
suuremate ajalehtede kesmine tiraaž vähenenud 3,7%. Suhteliselt hästi on läinud
nädalalehtedel. Eesti Ekspress on suutnud säilitada keskmist tiraaži ja Maaleht
on ainus suurem ajaleht, mis on suutnud oma tiraaži kasvatada. Sellele
lisanduvad Ekspress Grupi väljaannete puhul veel digitaalsete väljaannete
tellijad, keda I poolaasta lõpu seisuga on nii Eesti Ekspressil kui ka Eesti
Päevalehel üle seitsme tuhande.
Eesti ajalehtede lugejaskond 2013-2014
Eesti ajalehtede lugejaskonnas suuri muutusi 2014. aasta I poolaastal ei ole
toimunud. Sarnaselt tiraažidega langeb kiiremini päevalehtede lugejate arv.
Nädalalehtede lugejate arv on stabiilsem. Eesti Ekspress on 2014. aasta II
kvartalis ainus suurem väljaanne, mille lugejate arv on kasvanud võrreldes
eelmise aasta sama perioodiga. Ekspress Grupi digilehtede lugejate arv ei
sisaldu üleval toodud numbrites ja kogu Ekspress Grupi väljaannete lugejate arv
on suurem, kui graafikult nähtub.
Trükiteenuste segment
Kontserni kõik trükiteenused on kontsentreerunud ASi Printall, mis on üks
suurim trükkimisega tegelev ettevõte Eestis. Printall on võimeline trükkima nii
ajalehti (coldset) kui ka ajakirju (heatset).
-----------------
(tuhandetes EUR) Müügitulu
--------------------------------
II kv 2014 II kv 2013 Muutus%
-------------------------------------------------
AS Printall 7 210 7 131 1%
-------------------------------------------------
--------------------------------
(tuhandetes EUR) EBITDA
-----------------
II kv 2014 II kv 2013 Muutus%
-------------------------------------------------
AS Printall 1 537 1 599 -4%
-------------------------------------------------
-----------------
(tuhandetes EUR) Müügitulu
------------------------------
I pa 2014 I pa 2013 Muutus%
-----------------------------------------------
AS Printall 14 272 13 749 4%
-----------------------------------------------
------------------------------
(tuhandetes EUR) EBITDA
-----------------
I pa 2014 I pa 2013 Muutus%
-----------------------------------------------
AS Printall 2 995 3 013 -1%
-----------------------------------------------
AS Printall trükiteenuste käive kasvas II kvartalis 2,4%. Paberimüügikäive jäi
samale tasemele. Eksport kasvas II kvartalis 3,5%. Ekspordiriikide osakaaludes
on toimunud aga muutused ning jätkuvalt väheneb Venemaa osakaal.
Juunikuus sõlmis AS Printall lepingu uue poognatrükimasina ostuks. Soetatav
masin on plaanis kasutusele võtta ajakirjade kaante, väikesetiraažiliste
ajakirjade ning reklaamtoodete trükkimiseks. Uue trükimasina orienteeruv
kasutuselevõtuaeg on 2015. aasta I kvartal. Ostu finantseeritakse ligikaudu 2/3
summa ulatuses pikaajalise laenuga.
Trükiteenused ja keskkond
Lisaks majanduslikult väga efektiivsele ettevõttele keskendutakse Printallis ka
keskkonnateadlikule tootmisele. Printallile on omistatud 2012. aastal ISO 9001
juhtimissertifikaat ja ISO 14001 keskkonnasertifikaat.
Eesti Vabariigi keskkonnaminister ja jäätmekäitleja AS Ragn-Sells on omistanud
Printallile Suure Aasta Taaskasutaja auhinna, kuna ettevõte suunab
taaskasutusse 95% tekkivatest jäätmetest.
Põhjamaade Ministrite Nõukogu on omistanud Printallile keskkonnamärgistuse “The
Nordic Ecolabel”, millega pärjatakse Põhjamaade säästlikult tootvaid
ettevõtteid. Samuti on Printallil FSC ja PEFC Chain of Custody (COC)
sertifikaadid, millega anname omapoolse panuse rohelise mõtteviisi elavdamisele
trükitööstuses. Nimetatud sertifikaadid on toote tarneahela jälgimis- ja nõuete
vastavuse täitmise sertifikaadid, mis väljastatakse ettevõtetele, kes täidavad
FSC (Forest Stewardship Council) ja PEFC (Programme for the Endorsement of
Forest Certification) kehtestatud nõudeid. Ettevõte, kellele omistatakse
sellised sertifikaadid, toetab oma tegevusega keskkonnasõbralikku, sotsiaalselt
õiglast ja majanduslikult elujõulist maailma metsade majandamist.
Printall hoolib keskkonnast ja kasutab rohelist energiat. POWERED BY GREEN
sertifikaat kinnitab, et ettevõte ostab elektrienergiat, mille tootmisel on
kasutatud vähemalt 70% taastuvaid energiaallikaid.
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.06.2014 31.12.2013
-----------------------------------------------------------------
-----------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 1 636 2 111
Tähtajaline hoius 103 98
Nõuded ja ettemaksed 8 734 6 819
Varud 2 184 2 329
Käibevara kokku 12 657 11 357
-----------------------------------------------------------------
-----------------------------------------------------------------
Põhivara
Nõuded ja ettemaksed 401 399
Investeeringud ühis-ja sidusettevõtetesse 1 629 1 543
Materiaalne põhivara 13 390 13 595
Immateriaalne põhivara 47 987 48 361
Põhivara kokku 63 407 63 898
VARAD KOKKU 76 064 75 255
-----------------------------------------------------------------
-----------------------
KOHUSTUSED
Lühiajalised kohustused
Laenukohustused 6 422 3 760
Võlad ja ettemaksed 6 397 8 498
Lühiajalised kohustused kokku 12 819 12 258
Pikaajalised kohustused
Pikaajalised laenukohustused 18 762 20 672
Muud pikaajalised võlad 89 0
Pikaajalised kohustused kokku 18 851 20 672
KOHUSTUSED KOKKU 31 670 32 930
-----------------------------------------------------------------
-----------------------------------------------------------------
OMAKAPITAL
Aktsiakapital 17 878 17 878
Ülekurss 14 277 14 277
Omaaktsiad (28) 0
Reservid 1 372 1 250
Jaotamata kasum 10 857 8 848
Valuutakursi muutuste reserv 38 72
OMAKAPITAL KOKKU 44 394 42 325
KOHUSTUSED JA OMAKAPITAL KOKKU 76 064 75 255
-----------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) II kv II kv I pa I pa
2014 2013 2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Müügitulu 13 764 12 998 26 499 24 810
Müüdud toodangu kulu (10 (9 812) (20 (19
139) 362) 294)
Brutokasum 3 625 3 186 6 137 5 516
Muud äritulud 106 93 221 185
Turunduskulud (526) (472) (966) (836)
Üldhalduskulud (1 242) (1 203) (2 778) (2 462)
Muud ärikulud (27) (28) (85) (49)
--------------------------------------------------------------------------------
Ärikasum 1 936 1 576 2 529 2 354
--------------------------------------------------------------------------------
-----------------------------------
Intressitulud 2 3 3 3
Intressikulud (181) (178) (357) (374)
Kasum/(kahjum) valuutakursi muutusest (1) (11) 35 5
Muud finantskulud (15) (14) (30) (28)
Kokku finantstulud/kulud (195) (200) (349) (394)
Kasum/(kahjum) ühisettevõtete aktsiatelt ja 190 82 288 146
osadelt
Kasum/(kahjum) sidusettevõtete aktsiatelt ja 3 4 (9) (3)
osadelt
Kasum enne tulumaksustamist 1 934 1 462 2 459 2 103
Tulumaks (76) (64) (98) (67)
--------------------------------------------------------------------------------
Aruandeperioodi kasum 1 858 1 398 2 361 2 036
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Aruandeperioodi puhaskasumi jaotus:
Emaettevõtte aktsionäride osa kasumist 1 858 1 398 2 361 2 036
Muu koondkasum, mis võib hiljem
reklassifitseeruda kasumiaruandesse
Realiseerimata kursivahed 2 9 (34) (11)
Muu koondkasum kokku 2 9 (34) (11)
Aruandeperioodi koondkasum 1 860 1 407 2 327 2 025
Emaettevõtte aktsionäride osa koondkasumist 1 860 1 407 2 327 2 025
Tava- ja lahustunud kasum aktsia kohta 0,06 0,05 0,08 0,07
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I pa 2014 I pa 2013
---------------------------------------------------------------------------
Rahavood äritegevusest
---------------------------------------------------------------------------
Aruandeperioodi ärikasum 2 529 2 354
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Korrigeerimised:
Põhivara kulum ja väärtuse langus 1 464 1 258
Kahjum põhivara müügist ja mahakandmisest (3) 0
Aktsiaoptsiooni väärtuse muutus 68 0
Äritegevuse rahavood:
Äritegevusega seotud nõuete ja ettemaksete muutus (1 706) 961
Varude muutus 145 369
Äritegevusega seotud kohustuste ja ettemaksete muutus (2 298) (767)
Rahavoog põhitegevusest 199 4 175
Makstud ettevõtte tulumaks (138) (41)
Makstud intressid (357) (374)
---------------------
Rahavood äritegevusest kokku (296) 3 760
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Rahavood investeerimistegevusest
Muude investeeringute ost 0 (15)
Tütarettevõtte ost 0 (4)
Saadud intressid 3 3
Põhivara soetamine (881) (505)
Põhivara müük 5 16
Antud laenud (22) (3)
Antud laenude tagasimaksed 2 3
---------------------
Rahavood investeerimistegevusest kokku (893) (505)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Rahavood finantseerimistegevusest
Tasutud kapitalirendi maksed (34) 0
Arvelduskrediidi kasutuse muutus 2 606 (745)
Saadud laenude tagasimaksed (1 831) (1 790)
Tasutud omaaktsiate tagasiostmisel (28) 0
---------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku 714 (2 535)
---------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (475) 720
---------------------------------------------------------------------------
---------------------
Raha ja raha ekvivalendid perioodi alguses 2 111 1 193
Raha ja raha ekvivalendid perioodi lõpus 1 636 1 913
---------------------------------------------------------------------------
Lisainformatsioon:
Gunnar Kobin
Juhatuse esimees
GSM: +372 5188111
e-mail: [email protected]
Content of announcement in English
Title
AS Ekspress Grupp: Consolidated Interim Report for the Second Quarter and First Half-Year of 2014
Message
Tallinn, Estonia, 2014-07-31 14:57 CEST (GLOBE NEWSWIRE) --
In the 2nd quarter of 2014, the consolidated EBITDA of Ekspress Group amounted
to EUR 2.94 million and the consolidated net profit was EUR 1.86 million. The
EBITDA increased 23% year-on-year and the net profit figure was 33% higher
compared to last year same period. The results for the 2nd quarter include the
settlement of legal expenses in the amount of ca EUR 50 thousand related to the
legal dispute regarding the ownership of the shares of AS SL Õhtuleht and AS
Ajakirjade Kirjastus that ended in June. After normalising the result with
regard to these expense claims, EBITDA was EUR 2.89 million and the net profit
was EUR 1.81 million in the 2nd quarter. The EBITDA of the first-half year
amounted to EUR 4.39 million and consolidated net profit totalled EUR 2.36
million. After normalising the first-half year result with extraordinary
expenses from the 1st and 2nd quarters, the Group earned EUR 4.64 million in
EBITDA and EUR 2.61 million in net profit.
The above figures include all our joint ventures (AS SL Õhtuleht, AS Ajakirjade
Kirjastus and AS Express Post) consolidated 50% line-by-line. Starting from
2014, in consolidated financial reports 50% joint ventures shall be recognised
under the equity method, in compliance with new international financial
reporting standards (IFRS). The change in these accounting policies did not
affect the net profit, but decreased the second-quarter revenue by
approximately EUR 2.2 million and the EBITDA by approximately EUR 0.27 million
(first-half year sales revenue was approximately EUR 4.3 million lower and
EBITDA was approximately EUR 0.4 million lower). In its monthly reports, the
management monitors the Group’s performance by continuing proportional
consolidation of joint ventures and the syndicated loan contract determines the
calculation of ratios by proportional consolidation. For purposes of clarity,
the management report shows two sets of indicators: one where joint ventures
are consolidated line-by-line and the other where joint ventures are recognised
under the equity method and their result is presented on one line as financial
income. In Note 3 of the interim financial statements, the impact of every
joint venture on the respective lines of the income statement and balance sheet
is described in more detail.
The main cause for good economic results was significant growth of both the
online media segment and the periodicals segment as compared to last year.
In the online media segment, the EBITDA improved more than 30% and the result
of the periodicals segment improved more than 120%. In the online segment, the
biggest profit growth was posted by Delfi Estonia, exceeding last year’s result
by 63% and earning approximately EUR 300 thousand in EBITDA. The EBITDA figure
of Delfi Latvia increased 93%, but was almost three times lower than in Delfi
Estonia in absolute figures. The profit of Delfi Lithuania increased 7%. The
profit of Delfi Estonia improved due to the 21% revenue growth as compared to
the previous year. Delfi Estonia increased both the share of video advertising
and successfully launched online verticals portals and various special
projects, while keeping costs under control. In the 2nd quarter , the revenue
of Delfi Lithuania increased 16%, but the revenue of Delfi Latvia decreased. In
the Latvian market we are still feeling the impact of the price shock resulting
from the transition to the euro. In the online media segment, we continued to
develop the discount price portal Zave in all three Baltic countries,
increasing the number of retailers who participate in the portal to 40 in
Estonia and to 25 in Latvia and Lithuania. We also launched new specialized
verticals in all three Baltic markets.
In the periodicals segment, AS Eesti Ajalehed and AS Ajakirjade Kirjastus
posted the strongest result, increasing their EBITDA by 165% and 96%,
respectively, as compared to the 2nd quarter in 2013. The result of AS Eesti
Ajalehed that showed significant improvement in the segment of periodicals was
due to the successful series of crime novels and keeping costs under control.
The result of Ajakirjade Kirjastus was better than last year due to the
improved magazine advertising market.
In the printing services segment, although revenue increased, but because of
price pressure and appreciation of production inputs, EBITDA remained 4% lower
than a year earlier. In the market of printing services, the result was greatly
affected by the Ukraine crisis that has reduced the share of Russian orders in
the company’s revenue from 11% a year ago to 7% this year. At the same time the
share of Finland’s orders has increased from 12% to 18%.
In the 2nd quarter, the Group’s EBITDA margin improved significantly, climbing
to 18.3% from 15.8% a year earlier.
One of the most significant events in the 2nd quarter was the ending of the
court dispute with AS Eesti Meedia over the shares of joint ventures AS SL
Õhtuleht and AS Ajakirjade Kirjastus. The dispute resulted in the acquisition
of shares by Ekspress Group and their sale to the new partner OÜ Suits Meedia.
The third joint venture - AS Express Post - will remain in the joint ownership
of Ekspress Group and Eesti Meedia. Another significant event was the
organizational merger of Delfi Lithuania and Lithuanian magazine publisher
Express Leidyba into one company which will create cost synergies and better
possibilities for developing both Delfi and our published magazines. Legally,
the companies merged as at 1 July.
In the 3rd quarter, we expect consolidated sales revenue and profit growth
around 4 -5%. In the last quarter, revenue growth should also be in the same
range, but we expect to increase the profit notably more. One factor behind
improved results will be the new printing contracts of AS SL Õhtuleht and AS
Ajakirjade Kirjastus that will enter into force in the summer and will give
both companies significant savings in printing costs. New printing contracts
were concluded because of the change of ownership in both enterprises that
enabled the management of the companies, as a result of free market
competition, to negotiate notably better printing prices whereas both companies
will save in total approximately EUR 700 thousand a year, 50% of which will
influence the result of Ekspress Group. Õhtuleht continues to be printed in the
printing house owned by AS Eesti Meedia, but its annual printing cost will now
be approximately EUR 550 thousand lower than before.
We continue to look for new sources of growth that would help to develop
innovative solutions and provision of new services for our demanding customers.
With our solutions we continue to offer new and interesting experiences both on
paper and in digital media, without ever compromising on news quality, choice
of topics and journalistic objectivity.
FINANCIAL INDICATORS AND RATIOS – joint ventures consolidated 50% line-by-line
Performance indicators – joint ventures Q2 Q2 Change Q2 Q2
consolidated 50% (EUR thousand) 2014 2013 % 2012 2011
--------------------------------------------------------------------------------
For the period
Sales 16 007 15 115 6% 15 762 14 963
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA 2 935 2 384 23% 2 527 2 025
EBITDA margin (%) 18.3% 15.8% 16.0% 13.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit 2 180 1 742 25% 1 670 1 136
Operating margin (%) 13.6% 11.5% 10.6% 7.6%
--------------------------------------------------------------------------------
Interest expenses (181) (178) -2% (553) (576)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit /(loss) for the period 1 858 1 398 33% 972 396
Net margin (%) 11.6% 9.3% 6.2% 2.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ROA (%) 2.4% 1.8% 1.2% 0.5%
ROE (%) 4.2% 3.3% 2.5% 1.0%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.06 0.05 0.03 0.01
--------------------------------------------------------------------------------
Performance indicators – joint 1st 1st Change 1st 1st
ventures consolidated 50% (EUR Half Half % Half Half
thousand) year year year year
2014 2013 2012 2011
--------------------------------------------------------------------------------
For the period
Sales 30 772 28 925 6% 29 982 28 109
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA 4 389 3 888 13% 4 142 3 419
EBITDA margin (%) 14.3% 13.4% 13.8% 12.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit* 2 871 2 582 11% 2 426 1 691
Operating margin* (%) 9.3% 8.9% 8.1% 6.0%
--------------------------------------------------------------------------------
Interest expenses (357) (374) 5% (1 041) (1 135)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit /(loss) for the period* 2 361 2 036 16% 1 151 241
Net margin* (%) 7.7% 7.0% 3.8% 0.9%
--------------------------------------------------------------------------------
Net profit /(loss) for the period in 2 361 2 036 16% 1 151 1 781
the financial statements (incl.
impairments and gain on sale of
ownership interest)
Net margin (%) 7.7% 7.0% 3.8% 6.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ROA (%) 3.1% 2.6% 1.4% 2.1%
ROE (%) 5.5% 4.9% 3.0% 4.7%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.08 0.07 0.04 0.06
--------------------------------------------------------------------------------
* The results exclude impairment of goodwill and trademarks, and the net
extraordinary gain in relation to the acquisition of an additional 50%
ownership interest in Eesti Päevalehe AS in the 1st quarter 2011. The
transaction was accounted for in two parts: firstly, as the sale of the current
50% ownership interest on which the net extraordinary gain totalled EUR 1 540
thousand and secondly, as the acquisition of the wholly-owned subsidiary.
Balance sheet – joint ventures 50% consolidated 30.06.201 31.12.201 Change
(EUR thousand) 4 3 %
--------------------------------------------------------------------------------
As of the end of the period
Current assets 15 630 14 447 8%
Non-current assets 62 429 63 019 -1%
Total assets 78 059 77 466 1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
incl. cash and bank 3 566 4 501 -21%
incl. goodwill 40 052 40 052 0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 14 814 14 468 2%
Non-current liabilities 18 851 20 673 -9%
Total liabilities 33 665 35 141 -4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
incl. borrowings 25 184 24 432 3%
Equity 44 394 42 325 5%
--------------------------------------------------------------------------------
Financial ratios (%) – joint ventures consolidated 50% 30.06.2014 31.12.2013
------------------------------------------------------------------------------
Equity ratio (%) 57% 55%
Debt to equity ratio (%) 57% 58%
Debt to capital ratio (%) 33% 32%
Total debt / EBITDA ratio 3.24 3.36
Debt service coverage ratio 1.75 1.66
Liquidity ratio 1.06 1.00
------------------------------------------------------------------------------
Formulas used to calculate the financial ratios
--------------------------------------------------------------------------------
-
EBITDA margin (%) EBITDA/sales x 100
--------------------------------------------------------------------------------
Operating margin* Operating profit*/sales x100
(%)
--------------------------------------------------------------------------------
Net margin* (%) Net profit*/sales x100
--------------------------------------------------------------------------------
Net margin (%) Net profit /sales x100
--------------------------------------------------------------------------------
Earnings per share Net profit / average number of shares
--------------------------------------------------------------------------------
Equity ratio (%) Equity / (liabilities + equity) x100
--------------------------------------------------------------------------------
Debt to equity Interest bearing liabilities /equity x 100
ratio (%)
--------------------------------------------------------------------------------
Debt to capital Interest bearing liabilities – cash and cash equivalents
ratio (%) (net debt) /(net debt +equity) x 100
--------------------------------------------------------------------------------
Total debt/EBITDA Interest bearing borrowings /EBITDA
ratio
--------------------------------------------------------------------------------
Debt service EBITDA/loan and interest payments for the period
coverage ratio
--------------------------------------------------------------------------------
Liquidity ratio Current assets / current liabilities
--------------------------------------------------------------------------------
ROA (%) Net profit /average assets x 100
--------------------------------------------------------------------------------
ROE (%) Net profit /average equity x 100
--------------------------------------------------------------------------------
FINANCIAL INDICATORS AND RATIOS – joint ventures consolidated under the equity
method
Performance indicators – joint ventures Q2 Q2 Change Q2 Q2
by equity method (EUR thousand) 2014 2013 % 2012 2011
--------------------------------------------------------------------------------
For the period
Sales (only subsidiaries) 13 764 12 998 6% 13 570 12 837
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA (only subsidiaries) 2 664 2 196 21% 2 347 1 806
EBITDA margin (%) 19.4% 16.9% 17.3% 14.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit (only subsidiaries) 1 936 1 576 23% 1 516 951
Operating margin (%) 14.1% 12.1% 11.2% 7.4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest expenses (only subsidiaries) (181) (178) -2% (553) (577)
Profit of joint ventures by equity 190 82 131% 64 90
method
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit / (loss) for the period 1 858 1 398 33% 972 396
Net margin (%) 13.5% 10.8% 7.2% 3.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ROA (%) 2.5% 1.8% 1.2% 0.5%
ROE (%) 4.2% 3.3% 2.5% 1.0%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.06 0.05 0.03 0.01
--------------------------------------------------------------------------------
Performance indicators – joint 1st 1st Change 1st 1st
ventures under the equity method Half Half % Half Half
(EUR thousand) year year year year
2014 2013 2012 2011
--------------------------------------------------------------------------------
For the period
Sales (only subsidiaries) 26 499 24 810 7% 25 748 23 986
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBITDA (only subsidiaries) 3 990 3 612 10% 3 895 3 101
EBITDA margin (%) 15.1% 14.6% 15.1% 12.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit* (only 2 529 2 354 7% 2 236 1 447
subsidiaries)
Operating margin* (%) 9.5% 9.5% 8.7% 6.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest expenses (only (357) (374) 5% (1 042) (1 140)
subsidiaries)
Profit of joint ventures by equity 288 146 98% 104 160
method
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit / (loss) for the period* 2 361 2 036 16% 1 151 241
Net margin* (%) 8.9% 8.2% 4.5% 1.0%
--------------------------------------------------------------------------------
Net profit / (loss) for the period 2 361 2 036 16% 1 151 1 781
in the financial statements (incl.
impairments and gain on sale of
ownership interest)
Net margin (%) 8.9% 8.2% 4.5% 7.4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ROA (%) 3.2% 2.7% 1.5% 2.1%
ROE (%) 5.5% 4.9% 3.0% 4.7%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.08 0.07 0.04 0.06
--------------------------------------------------------------------------------
* The results exclude impairment of goodwill and trademarks, and the net
extraordinary gain in relation to the acquisition of an additional 50%
ownership interest in Eesti Päevalehe AS in the 1st quarter 2011. The
transaction was accounted for in two parts: firstly, as the sale of the current
50% ownership interest on which the net extraordinary gain totalled EUR 1 540
thousand and secondly, as the acquisition of the wholly-owned subsidiary.
Balance sheet– joint ventures by equity method 30.06.2014 31.12.2013 Change
(EUR thousand) %
--------------------------------------------------------------------------------
As at the end of the period
Current assets 12 657 11 357 11%
Non-current assets 63 407 63 898 -1%
Total assets 76 064 75 255 1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
incl. cash and bank 1 739 2 209 -21%
incl. goodwill 39 596 39 596 0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 12 819 12 258 5%
Non-current liabilities 18 851 20 672 -9%
Total liabilities 31 670 32 930 -4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
incl. borrowings 25 184 24 432 3%
Equity 44 394 42 325 5%
--------------------------------------------------------------------------------
Financial ratios (%) – joint ventures by equity method 30.06.2014 31.12.2013
------------------------------------------------------------------------------
Equity ratio (%) 58% 56%
Debt to equity ratio (%) 57% 58%
Debt to capital ratio (%) 35% 34%
Total debt / EBITDA ratio 3.61 3.71
Debt service coverage ratio 1.57 1.50
Liquidity ratio 0.99 0.93
------------------------------------------------------------------------------
Formulas used to calculate the financial ratios
--------------------------------------------------------------------------------
-
EBITDA margin (%) EBITDA/sales x 100
--------------------------------------------------------------------------------
Operating margin* Operating profit*/sales x100
(%)
--------------------------------------------------------------------------------
Net margin* (%) Net profit*/sales x100
--------------------------------------------------------------------------------
Net margin (%) Net profit /sales x100
--------------------------------------------------------------------------------
Earnings per share Net profit / average number of shares
--------------------------------------------------------------------------------
Equity ratio (%) Equity / (liabilities + equity) x100
--------------------------------------------------------------------------------
Debt to equity Interest bearing liabilities /equity x 100
ratio (%)
--------------------------------------------------------------------------------
Debt to capital Interest bearing liabilities – cash and cash equivalents
ratio (%) (net debt) /(net debt +equity) x 100
--------------------------------------------------------------------------------
Total debt/EBITDA Interest bearing borrowings /EBITDA
ratio
--------------------------------------------------------------------------------
Debt service EBITDA/loan and interest payments for the period
coverage ratio
--------------------------------------------------------------------------------
Liquidity ratio Current assets / current liabilities
--------------------------------------------------------------------------------
ROA (%) Net profit /average assets x 100
--------------------------------------------------------------------------------
ROE (%) Net profit /average equity x 100
--------------------------------------------------------------------------------
OVERVIEW OF THE SEGMENTS
Since 2009 the Group operates in the following operating segments:
- Online media
- Periodicals (newspapers, magazines and books)
- Printing services.
Cyclicality
All operating areas of the Group are characterised by cyclicality and
fluctuation, related to the changes in the overall economic conditions and
consumer confidence. The Group’s revenue can be adversely affected by an
economic slowdown or recession. It can appear in lower advertising costs in
retail, preference of other advertising channels (e.g. preference of internet
rather than print media) and changes in consumption habits of retail consumers
(following current news in news portals versus reading printed newspapers,
preference of the younger generation to use mobile devices and other
communication channels, etc.).
Seasonality
The revenue from the Group’s advertising sales as well as in the printing
services segment is impacted by major seasonal fluctuations. The level of both
types of revenue is the highest in the 2nd and 4th quarter of each year and the
lowest in the 3rd quarter. Revenue is higher in the 4th quarter because of
higher consumer spending during the Christmas season, accompanied by the
increase in advertising expenditure. Advertising expenditure is usually the
lowest during the summer months, as well as during the first months of the year
following Christmas and New Year’s celebrations.
Key financial data of the segments Q2 2011-2014
-------------------------------------------
(EUR thousand) Sales Sales
-------------------------------------
Q2 2014 Q2 2013 Change Q2 2012 Q2 2011
%
--------------------------------------------------------------------------------
Online media 3 648 3 224 13% 2 912 2 505
Periodicals (incl. consolidated 6 383 5 947 7% 6 606 6 356
joint ventures)
Printing services 7 210 7 131 1% 7 482 6 998
Corporate functions 422 385 10% 279 48
Intersegment eliminations (1 656) (1 572) -5% (1 518) (943)
--------------------------------------------------------------------------------
TOTAL GROUP 16 007 15 115 6% 15 762 14 963
--------------------------------------------------------------------------------
Impact of joint ventures (2 243) (2 117) (2 192) (2 126)
--------------------------------------------------------------------------------
TOTAL GROUP by new accounting 13 764 12 998 6% 13 570 12 837
standards
--------------------------------------------------------------------------------
---------------------------------------
(EUR thousand) EBITDA EBITDA
-----------------------------------------
Q2 Q2 Change Q2 Q2
2014 2013 % 2012 2011
--------------------------------------------------------------------------------
Online media 962 730 32% 743 534
Periodicals (incl. consolidated joint 571 259 120% 392 157
ventures)
Printing services 1 537 1 599 -4% 1 563 1 551
Corporate functions (134) (204) 34% (173) (221)
Intersegment eliminations 0 1 -100% 1 3
--------------------------------------------------------------------------------
TOTAL GROUP 2 935 2 384 23% 2 527 2 025
--------------------------------------------------------------------------------
Impact of joint ventures (271) (189) (180) (219)
--------------------------------------------------------------------------------
TOTAL GROUP by new accounting standards 2 664 2 196 21% 2 347 1 806
--------------------------------------------------------------------------------
-----------------------------------
EBITDA margin Q2 2014 Q2 2013 Q2 2012 Q2 2011
----------------------------------------
Online media 26% 23% 26% 21%
Periodicals 9% 4% 6% 2%
Printing services 21% 22% 21% 22%
---------------------------------------------------------------------------
TOTAL 18% 16% 16% 14%
---------------------------------------------------------------------------
TOTAL GROUP by new accounting standards 19% 17% 17% 14%
---------------------------------------------------------------------------
Key financial data of the segments 1st half year 2011-2014
------------------------------------------------------
(EUR thousand) Sales Sales
--------------------------
1st Half 1st Half Change 1st Half 1st Half
year 2014 year 2013 % year 2012 year 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Online media 6 385 5 660 13% 5 099 4 358
Periodicals (incl. 12 351 11 690 6% 12 387 11 918
consolidated joint
ventures)
Printing services 14 272 13 749 4% 14 858 13 467
Corporate functions 844 740 14% 420 74
Intersegment eliminations (3 079) (2 914) -6% (2 782) (1 708)
--------------------------------------------------------------------------------
TOTAL GROUP 30 772 28 925 6% 29 982 28 109
--------------------------------------------------------------------------------
Impact of joint ventures (4 274) (4 115) (4 234) (4 123)
--------------------------------------------------------------------------------
TOTAL GROUP by new 26 499 24 810 7% 25 748 23 986
accounting standards
--------------------------------------------------------------------------------
------------------------------------------------------
(EUR thousand) EBITDA EBITDA
--------------------------
1st Half 1st Half Change 1st Half 1st Half
year 2014 year 2013 % year 2012 year 2011
--------------------------------------------------------------------------------
Online media 1 126 814 38% 981 497
Periodicals (incl. 868 469 85% 413 301
consolidated joint
ventures)
Printing services 2 995 3 013 -1% 3 093 3 047
Corporate functions (601) (410) -47% (347) (434)
Intersegment eliminations 0 2 -87% 1 8
--------------------------------------------------------------------------------
TOTAL GROUP 4 389 3 888 13% 4 142 3 419
--------------------------------------------------------------------------------
Impact of joint ventures (398) (275) (247) (319)
--------------------------------------------------------------------------------
TOTAL GROUP by new 3 990 3 612 10% 3 895 3 101
accounting standards
--------------------------------------------------------------------------------
---------------------------------------------------
EBITDA margin 1st Half 1st Half 1st Half 1st Half
year 2014 year 2013 year 2012 year 2011
-----------------------------
Online media 18% 14% 19% 11%
Periodicals (incl. 7% 4% 3% 3%
consolidated joint
ventures)
Printing services 21% 22% 21% 23%
--------------------------------------------------------------------------------
TOTAL GROUP 14% 13% 14% 12%
--------------------------------------------------------------------------------
TOTAL GROUP by new 15% 15% 15% 13%
accounting standards
--------------------------------------------------------------------------------
The segments’ EBITDA does not include intragroup management fees, and
impairment of goodwill and trademarks. Volume-based and other fees payable to
advertising agencies have not been deducted from the advertising sales of
segments, because the management monitors gross advertising sales. Discounts
and rebates are reduced from the Group’s sales and are included in the combined
line of eliminations.
News portals owned by the Group
Owner Portal Owner Portal
-----------------------------------------------------------------
Delfi Estonia www.delfi.ee AS Eesti Ajalehed www.ekspress.ee
-----------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-----------------------------------------------------------------
Delfi Latvia www.delfi.lv www.epl.ee
-----------------------------------------------------------------
rus.delfi.lv www.arileht.ee
-----------------------------------------------------------------
Delfi Lithuania www.delfi.lt AS SL Õhtuleht www.ohtuleht.ee
-----------------------------------------------------------------
ru.delfi.lt
-----------------------------------------------------------------
Advertising portals owned by the Group
Owner Portal Owner Portal
--------------------------------------------------------------------
Delfi Lithuania www.alio.lt AS Eesti Ajalehed www.ekspressjob.ee
--------------------------------------------------------------------
www.ekspressauto.ee
--------------------------------------------------------------------
www.hyppelaud.ee
--------------------------------------------------------------------
Online media segment
The online media segment includes Delfi operations in Estonia, Latvia,
Lithuania and Ukraine as well as the Parent Company Delfi Holding. Starting
from 1 March 2014, the operations in Ukraine have been terminated. The
first-half year EBITDA of Delfi Ukraine includes expenses related to the
termination of operations.
---------------------------
(EUR thousand) Sales
--------------------------
Q2 2014 Q2 2013 Change %
-----------------------------------------------------
Delfi Estonia 1 398 1 154 21%
Delfi Latvia 648 677 -4%
Delfi Lithuania 1 602 1 377 16%
Delfi Ukraine 0 15 -100%
Other Delfi companies 0 0 -
Intersegment eliminations 0 1 -100%
-----------------------------------------------------
TOTAL 3 648 3 224 13%
-----------------------------------------------------
---------------------------
(EUR thousand) EBITDA
--------------------------
Q2 2014 Q2 2013 Change %
-----------------------------------------------------
Delfi Estonia 290 178 63%
Delfi Latvia 58 30 93%
Delfi Lithuania 482 452 7%
Delfi Ukraine 0 (49) 100%
Other Delfi companies 133 120 11%
Intersegment eliminations (1) (1) -
-----------------------------------------------------
TOTAL 962 730 32%
-----------------------------------------------------
---------------------------------------
(EUR thousand) Sales
--------------------------
1st Half year 1st Half year Change %
2014 2013
-----------------------------------------------------------------
Delfi Estonia 2 471 2 006 23%
Delfi Latvia 1 141 1 198 -5%
Delfi Lithuania 2 771 2 432 14%
Delfi Ukraine 2 25 -92%
Other Delfi companies 0 0 -
Intersegment eliminations 0 (1) 100%
-----------------------------------------------------------------
TOTAL 6 385 5 660 13%
-----------------------------------------------------------------
---------------------------------------
(EUR thousand) EBITDA
--------------------------
1st Half year 1st Half year Change %
2014 2013
-----------------------------------------------------------------
Delfi Estonia 326 149 119%
Delfi Latvia (25) 69 -136%
Delfi Lithuania 644 495 30%
Delfi Ukraine (51) (108) 53%
Other Delfi companies 232 210 10%
Intersegment eliminations 0 (1) -
-----------------------------------------------------------------
TOTAL 1 126 814 38%
-----------------------------------------------------------------
In the 2nd quarter, both Delfi Estonia and Delfi Lithuania continued to grow
strongly. The sales growth was mainly attributable to the successful launch of
new specialized verticals, new advertising solutions, Delfi TV, growing use of
the mobile app, as well as such large events as the FIFA World Cup and European
Parliament elections. The EBITDA of Delfi Lithuania increased mainly because of
higher efficiency of the sales team, improved customer focus and more active
handling of overdue receivables. For various reasons, the Latvian advertising
market remains subdued and the sales of Delfi Latvia decreased as compared to
the year before. The EBITDA increased in the 2nd quarter thanks to
cost-cutting. At the same time the merger among competitive news portals
requires additional investments to be made by ourselves and the results of
Delfi Latvia for the second half year mayremain below expectations. However,
we believe that initiatives launched all over the Baltic states will also add
momentum to our growth in Latvia and that this year will generally be more
successful in sales and product development as compared to the year earlier.
Delfi Estonia
· Further development of Delfi TV as a separate service and on a new
platform as well as new live streams under the Delfi TV brand.
· A new vertical www.kasulik.ee targeted at consumers was launched.
· Delfi’s mobile application was renewed.
· Cooperation with the New Age portal www.alkeemia.ee
Estonian online readership 2013-2014
The 2nd quarter 2014 has been successful for Delfi. The difference in the
number of users with the competing portal postimees.ee has been stable at more
than 150 thousand unique browsers a week. At the end of the quarter, Postimees
acquired a number of smaller portals (meeldib.ee, etc.) that to a certain
extent increased the total number of users of postimees.ee.
Starting from the next quarter, the methodology of the TNS Metric survey will
be changed so that it will be more accurately reflecting the number of mobile
users.
Delfi Latvia
· Delfi TV streams based on a new platform from different events
continued.
· New topical verticals such as the weather portal, Home&Garden vertical,
Day in Photo, etc. were launched.
· Separate topical sites for FIFA World Cup, Ice Hockey Championship,
Positivus.
· The number of followers of Delfi Latvia in Facebook, Twitter and
Draugiem continues to grow and is already approximately 200 thousand.
· Cooperation projects:
- Media partner for the international advertising festival “Golden
Hammer 2014”,
- Media partner for Riga Marathon,
- Media partner of the Latvian national ice-hockey team.
Latvian online readership 2013-2014
In the 2nd quarter of 2014, the users’ activity in news portals was again very
high, although in June there was a significant change in users’ activity. In
the 1st qurter, the most important event in the market was the acquisition of
Apollo.lv by AS Eesti Meedia. Since June, Apollo.lv is no longer a separate
domain and has been fully merged under the Tvnet.lv domain. Therefore, the June
figures already represent the total number of users for the two merged portals.
As a result, Tvnet.lv passed draugiem.lv in the total number of users, but in
the overall ranking of portals Tvnet.lv still placed third after Inbox.lv and
Delfi.lv. Delfi.lv remains the largest news portal in Latvia.
Starting from January 2014, the method of the Gemius online survey has changed.
The readership in 2014 includes only results for computer users (PC) and
excludes all mobile equipment. Separate statistics on mobile equipment will be
created during 2014.
Delfi Lithuania
· Production of live webcasts and streams through Delfi TV on a new
platform continued
· The layout of the mobile application was renewed and information was
added, making Delfi the most popular newsportal in mobile phones and tablet
PCs.
· Several new verticals and existing sub-sites were renewed.
· Delfi English Channel, a new English-language channel, was launched in
June.
· The organizations of the Lithuanian magazine publisher Ekspress Leidyba
and Delfi weres merged into one media house.
Lithuanian online readership 2013-2014
There were no big changes among Lithuanian internet users in the 2nd quarter.
The total number of internet users in the first half-year of 2014 were
significantly higher compared to the first half-year in 2013. This can be
explained with the extreamly high news activity during the first half of the
year. This number is also affected with the change in total internet usership
statistics that was decreasing the usership numbers in April. Delfi remains the
market leader with 180 thousand readers more than their closest competitor.
Starting from January 2014, the method of the Gemius online survey has changed.
The readership in 2014 includes only results for computer users (PC) and
excludes all mobile equipment. Separate statistics on mobile equipment will be
created during 2014.
Periodicals segment
The periodicals segment includes AS Eesti Ajalehed (publisher of Maaleht, Eesti
Ekspress and Eesti Päevaleht), AS SL Õhtuleht (publisher of Õhtuleht and
Linnaleht), book publisher OÜ Hea Lugu, magazine publishers AS Ajakirjade
Kirjastus in Estonia and UAB Ekspress Leidyba in Lithuania. This segment also
includes AS Express Post, engaged in home delivery of periodicals.
--------------------------
(EUR thousand) Sales
---------------------------
Q2 2014 Q2 2013 Change %
-----------------------------------------------------
AS Eesti Ajalehed 3 076 2 848 8%
OÜ Hea Lugu 182 122 49%
UAB Ekspress Leidyba 673 651 3%
Intersegment eliminations (6) (5) -20%
TOTAL (subsidiaries) 3 925 3 616 9%
-----------------------------------------------------
-----------------------------------------------------
SL Õhtuleht AS* 1 015 965 5%
AS Ajakirjade Kirjastus* 1 120 1 029 9%
AS Express Post* 607 591 3%
Additional eliminations (285) (254) -12%
-----------------------------------------------------
TOTAL (joint ventures) 2 458 2 331 5%
-----------------------------------------------------
TOTAL segment 6 383 5 947 7%
-----------------------------------------------------
---------------------------
(EUR thousand) EBITDA
--------------------------
Q2 2014 Q2 2013 Change %
-----------------------------------------------------
AS Eesti Ajalehed 204 77 165%
OÜ Hea Lugu 10 (10) 200%
UAB Ekspress Leidyba 85 4 2025%
Intersegment eliminations 1 (1) -
TOTAL (subsidiaries) 300 70 329%
-----------------------------------------------------
-----------------------------------------------------
SL Õhtuleht AS* 83 69 20%
AS Ajakirjade Kirjastus* 88 45 96%
AS Express Post* 100 75 34%
Additional eliminations 0 0 -5%
-----------------------------------------------------
TOTAL (joint ventures) 271 189 43%
-----------------------------------------------------
TOTAL segment 571 259 121%
-----------------------------------------------------
--------------------------
(EUR thousand) Sales
-------------------------------------------------
1st Half year 2014 1st Half year 2013 Change %
---------------------------------------------------------------------------
AS Eesti Ajalehed 5 938 5 464 9%
OÜ Hea Lugu 491 451 9%
UAB Ekspress Leidyba 1 257 1 279 -2%
Intersegment eliminations (17) (18) 6%
TOTAL (subsidiaries) 7 669 7 176 7%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SL Õhtuleht AS* 1 964 1 865 5%
AS Ajakirjade Kirjastus* 2 080 1 947 7%
AS Express Post* 1 192 1 191 0%
Additional eliminations (553) (490) -13%
---------------------------------------------------------------------------
TOTAL (joint ventures) 4 682 4 514 4%
---------------------------------------------------------------------------
TOTAL segment 12 351 11 690 6%
---------------------------------------------------------------------------
-------------------------------------------------
(EUR thousand) EBITDA
--------------------------
1st Half year 2014 1st Half year 2013 Change %
---------------------------------------------------------------------------
AS Eesti Ajalehed 338 150 125%
OÜ Hea Lugu 76 45 69%
UAB Ekspress Leidyba 56 (1) 5700%
Intersegment eliminations 3 0 -
TOTAL (subsidiaries) 473 194 144%
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SL Õhtuleht AS* 114 104 9%
AS Ajakirjade Kirjastus* 98 23 330%
AS Express Post* 184 148 24%
Additional eliminations 0 0 -
---------------------------------------------------------------------------
TOTAL (joint ventures) 395 275 44%
---------------------------------------------------------------------------
TOTAL segment 868 469 85%
---------------------------------------------------------------------------
*Proportional share of joint venture
In the periodicals segment, newspaper print advertising continues its downward
trend. Also single-copy sales of newspapers and magazines keep decreasing, but
the number of paper and digital subscribers as well as subscription income
shows signs of growth. The revenue of companies is maintained by special
projects and different supplements. The focus is on increasing production
efficiency.
Since 30 April, our weekly newspaper Eesti Ekspress is published on Wednesdays
instead of Thursdays as before. The development of a new platform for digital
newspapers began in June and should be completed in the 3rd quarter. In AS
Eesti Ajalehed, a new application has been taken into use in the newspaper
production process which simplifies the publication of newspaper content in
various channels and should achieve some cost-cutting in the second half of the
year.
Estonian newspaper circulation 2013-2014
Circulations of Estonian newspapers have remained stable or are falling
moderately. The circulation of daily newspapers is falling faster than that of
weeklies. As of the first half-year 2014, the highest decline in circulation
was recorded for Postimees, published by Eesti Meedia, which decreased 10.3% in
comparison with the first half-year in 2013. In the first half-year 2014, the
circulation of the largest daily newspapers has fallen by 3.7% on average.
Weekly newspapers have done relatively well. As for the weekly publications of
Ekspress Grupp, Eesti Ekspress managed to maintain average circulation and
Maaleht is the only larger newspaper that has increased its circulation. With
regard to the publications of Ekspress Grupp, one needs to add also subscribers
of digital newspapers numbering more than 7 000 for both Eesti Ekspress and
Eesti Päevaleht as of the end of first half-year 2014.
Estonian newspaper readership 2013-2014
In the first half-year 2014, there were no major changes in the readership of
Estonian newspapers. The readership is decreasing faster among daily
newspapers, as is circulation. The number of readers of weekly newspapers is
more stable. In the 2nd quarter 2014, Eesti Ekspress is the only larger
publication whose number of readers has increased year-on-year. It should be
mentioned that the number of readers of digital newspapers of Ekspress Grupp is
not included in the above figures and the number of readers of all publications
of Ekspress Grupp is higher than shown in the graph.
Printing services segment
All printing services of the Group are provided by AS Printall which is one of
the largest printing companies in Estonia. Printall is able to print both
newspapers (coldset) and magazines (heatset).
---------------
(EUR thousand) Sales
---------------------------
Q2 2014 Q2 2013 Change %
------------------------------------------
AS Printall 7 210 7 131 1%
------------------------------------------
---------------------------
(EUR thousand) EBITDA
---------------
Q2 2014 Q2 2013 Change %
------------------------------------------
AS Printall 1 537 1 599 -4%
------------------------------------------
---------------
(EUR thousand) Sales
-------------------------------------------------
1st Half year 2014 1st Half year 2013 Change %
----------------------------------------------------------------
AS Printall 14 272 13 749 4%
----------------------------------------------------------------
-------------------------------------------------
(EUR thousand) EBITDA
---------------
1st Half year 2014 1st Half year 2013 Change %
----------------------------------------------------------------
AS Printall 2 995 3 013 -1%
----------------------------------------------------------------
In the 2nd quarter, revenue of AS Printall from printing services increased
2.4%. Sale of paper remained unchanged. In the 2nd quarter, exports increased
3.5%. There have been changes in the geographical break-down of export markets
and the share of Russia continues to decrease.
In June, AS Printall signed a contract for the acquisition of a new sheetfed
printing machine. The machine will be used for printing magazine covers,
small-circulation magazines and advertising products. The estimated time of
starting production is 1st quarter of 2015. Approximately 2/3 of the
acquisition cost is financed with a long-term loan.
Printing services and the environment
In addition to its very strong financial position, Printall also focuses on
environmentally conscious production. In 2012, Printall was granted ISO 9001
management and ISO 14001 environmental certificates.
The Minister of the Environment of the Republic of Estonia and the waste
managing company AS Ragn-Sells awarded Printall with the title of the Top
Recycler of the Year, because the company recycles 95% of its waste.
The Nordic Council of Ministers has awarded Printall with the environmental
label “The Nordic Ecolabel”, used to acknowledge the companies in the Nordic
countries that use environmentally efficient production. Printall also has FSC
and PEFC Chain of Custody (COC) certificates, which the company uses to promote
a green way of thinking in the printing industry. Both of those certificates
indicate compliance with monitoring and product production process requirements
which are issued to businesses that comply with the requirements established by
the FSC (Forest Stewardship Council) and the PEFC (Programme for the
Endorsement of Forest Certification). A business that is issued these
certificates helps to support the environmentally friendly, socially fair and
economically viable management of the world’s forests.
Printall cares about the environment and uses green energy. The POWERED BY
GREEN certificate is a proof that the company buys electricity, 70% of which
has been generated by renewable sources of energy.
Consolidated balance sheet (unaudited)
(EUR thousand) 30.06.2014 31.12.2013
-------------------------------------------------------------------
-----------------------
ASSETS
Current assets
Cash and cash equivalents 1 636 2 111
Term deposit 103 98
Trade and other receivables 8 734 6 819
Inventories 2 184 2 329
Total current assets 12 657 11 357
-------------------------------------------------------------------
-------------------------------------------------------------------
Non-current assets
Trade and other receivables 401 399
Investment in joint ventures and associates 1 629 1 543
Property, plant and equipment 13 390 13 595
Intangible assets 47 987 48 361
Total non-current assets 63 407 63 898
TOTAL ASSETS 76 064 75 255
-------------------------------------------------------------------
-----------------------
LIABILITIES
Current liabilities
Borrowings 6 422 3 760
Trade and other payables 6 397 8 498
Total current liabilities 12 819 12 258
Non-current liabilities
Long-term borrowings 18 762 20 672
Other long-term payables 89 0
Total non-current liabilities 18 851 20 672
TOTAL LIABILITIES 31 670 32 930
-------------------------------------------------------------------
-------------------------------------------------------------------
EQUITY
Share capital 17 878 17 878
Share premium 14 277 14 277
Treasury shares (28) 0
Reserves 1 372 1 250
Retained earnings 10 857 8 848
Currency translation reserve 38 72
TOTAL EQUITY 44 394 42 325
TOTAL LIABILITIES AND EQUITY 76 064 75 255
-------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q2 Q2 1st Half 1st Half
2014 2013 year 2014 year 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales revenue 13 764 12 998 26 499 24 810
Cost of sales (10 (9 (20 362) (19 294)
139) 812)
Gross profit 3 625 3 186 6 137 5 516
Other income 106 93 221 185
Marketing expenses (526) (472) (966) (836)
Administrative expenses (1 (1 (2 778) (2 462)
242) 203)
Other expenses (27) (28) (85) (49)
--------------------------------------------------------------------------------
Operating profit 1 936 1 576 2 529 2 354
--------------------------------------------------------------------------------
---------------------------------------
Interest income 2 3 3 3
Interest expense (181) (178) (357) (374)
Foreign exchange gains/(losses) (1) (11) 35 5
Other finance costs (15) (14) (30) (28)
Total finance income/costs (195) (200) (349) (394)
Profit (loss) on shares of joint 190 82 288 146
ventures
Profit (loss) on shares of associates 3 4 (9) (3)
Profit before income tax 1 934 1 462 2 459 2 103
Income tax expense (76) (64) (98) (67)
--------------------------------------------------------------------------------
Net profit for the reporting period 1 858 1 398 2 361 2 036
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit for the reporting period
attributable to:
Equity holders of the parent company 1 858 1 398 2 361 2 036
Other comprehensive income (expense)
that can be later reclassified to
profit or loss
Currency translation differences 2 9 (34) (11)
Total other comprehensive income 2 9 (34) (11)
Comprehensive income for the reporting 1 860 1 407 2 327 2 025
period
Attributable to equity holders of the 1 860 1 407 2 327 2 025
parent company
Basic and diluted earnings per share 0.06 0.05 0.08 0.07
--------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 1st Half year 1st Half year
2014 2013
--------------------------------------------------------------------------------
Cash flows from operating activities
--------------------------------------------------------------------------------
Operating profit for the reporting period 2 529 2 354
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Adjustments:
Depreciation, amortisation and impairment 1 464 1 258
Loss on sale and write-down of property, (3) 0
plant and equipment
Change in value of share option 68 0
Cash flows from operating activities:
Trade and other receivables (1 706) 961
Inventories 145 369
Trade and other payables (2 298) (767)
Cash generated from operations 199 4 175
Income tax paid (138) (41)
Interest paid (357) (374)
---------------------------------
Net cash generated from operating activities (296) 3 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from investing activities
Purchase of other financial investments 0 (15)
Acquisition of subsidiary 0 (4)
Interest received 3 3
Purchase of property, plant and equipment (881) (505)
Proceeds from sale of property, plant and 5 16
equipment
Loans granted (22) (3)
Loan repayments received 2 3
---------------------------------
Net cash generated from investing activities (893) (505)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from financing activities
Finance lease repayments made (34) 0
Change in use of overdraft 2 606 (745)
Repayments of borrowings (1 831) (1 790)
Purchase of treasury shares (28) 0
--------------------------------------------------------------------------------
Net cash used in financing activities 714 (2 535)
--------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH (475) 720
EQUIVALENTS
--------------------------------------------------------------------------------
---------------------------------
Cash and cash equivalents at the beginning of 2 111 1 193
the period
Cash and cash equivalents at the end of the 1 636 1 913
period
--------------------------------------------------------------------------------
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
e-mail: [email protected]