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
4977
Attachments
Submission date and time
30.04.2015 16:27:02
Content of announcement in Estonian
Title
AS Ekspress Grupp: 2015. aasta I kvartali konsolideeritud vahearuanne
Message
Tallinn, Eesti, 2015-04-30 15:27 CEST (GLOBE NEWSWIRE) --
2015. aasta esimeses kvartalis teenis Ekspress Grupp konsolideerituna 1,5
miljonit eurot EBITDA-d, mis on 4% rohkem kui eelmisel aastal ning 0,6 miljonit
eurot puhaskasumit, mis on 11% rohkem kui eelmisel aastal. Käive samal ajal
langes 4%, moodustades 14,2 miljonit eurot. Esimese kvartali EBITDA kasvas ka
ettevõtte enda prognoosidega võrreldes ning puhaskasumi kasv ületas jooksva
aasta prognoose 20%. Kontserni konsolideeritud EBITDA marginaal kasvas esimeses
kvartalis aasta taguse ajaga 9,8%-lt 10,7%-ni.
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 see mõjutab müügitulude ja EBITDA suurust. Oma igakuistes
kokkuvõtetes jälgib juhtkond kontserni tulemust jätkates ühisettevõtete
proportsionaalset konsolideerimist ning samuti on sätestatud
sündikaatlaenulepingus teatud 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.
Kapitaliosaluse meetodil arvutatuna oli kontserni tütarettevõtete EBITDA
esimeses kvartalis 7% väiksem kui aasta varem, millest nähtub, et kontserni 50%
osalusega ühisettevõtted teenisid esimeses kvartalis parema tulemuse kui
tütarettevõtted.
Võrrelduna eelmise aastaga jäi tulemusele alla kontserni trükiteenuseid pakkuv
ettevõte Printall. Esimese kvartali käive oli 11% väiksem kui eelmisel aastal
ning kasum tervelt 20% väiksem. Trükiettevõtte eelmisele aastale alla jäämise
põhjused peituvad Venemaa majanduskriisis, mis on mõjutanud negatiivselt
Skandinaavia trükitööstuse eksportturge, tuues kaasa Skandinaavia ettevõtete
Venemaa suunalise käibe languse ja sellest tulenevalt tekitanud regioonis
tõsise hinnasurve. Samas on trükiettevõte tekkinud olukorras kiirelt
reageerinud ning kui jaanuaris jäädi EBITDA osas eelmisele aastale alla 40%,
veebruaris 18% siis märtsis oli allajäämine kahanenud 10%’ni, mis samas ületas
ettevõtte enda prognoose märtsis 9% võrra. Kvartali koondtulemusena jääb
ettevõte EBITDA osas oma enda prognoosidele hetkel 13% ulatuses alla..
Meedia segmendis paranes tütar- ja ühisettevõtete summaarne EBITDA võrreldes
eelmise aastaga 20%, ületades kontserni enda prognoose 34% võrra.
Ühisettevõtetest andsid võimsaima tulemuse võrreldes eelmise aastaga AS
SLÕhtuleht ning AS Ajakirjade Kirjastus, kasvatades kasumit oluliselt võrreldes
eelmise aastaga. Kui AS-i SL Õhtuleht kasumi kasvu taga oli trükilepingute
muutustest tingitud efekt, siis AS Ajakirjade Kirjastuse puhul mängis lisaks
trükihinna muutusele suurt rolli edukas tegutsemine reklaamiturul ning
eriprojektide tootmisel.
Tütarettevõtete tulemus meedia segmendis jäi küll eelmisele aastale 17% alla,
kuid ületas kontserni enda eelarvet 19% võrra. Suurimaks erinevuseks eelmise
aasta tulemuse ning käesolevaks aastaks tehtud eelarve osas tulenes eelmisel
aastal läbi kogu kvartali toodetud raamatusarjadest, mis käesoleval aastal
käivitus aga alles märtsist. Raamatusarjadega seotud tulem mõjutab eelkõige
AS'i Eesti Ajalahed, kes eelmise aasta esimeses kvartalis teenis sellest 133
tuhat eurot kasumit, käesoleval aastal aga vaid 23 tuhat eurot. Raamatusarjade
puudumine käesoleva aasta esimeses kvartalis mõjutas AS Eesti Ajalehed käivet
240 tuhande euro võrra võrreldes eelmise aastaga ning samuti oli 187 tuhande
euro võrra väiksem raamatukirjastuse Hea Lugu käesoleva aasta käive. Samas oli
käesoleva aasta AS Eesti Ajalahed tulem 75 tuhat eurot parem kui ettevõtte enda
prognoos. Prognoosist parema tulemuse taga seisab aasta alguses tehtud otsus
liita AS Eesti Ajalehed ning AS Delfi organisatsioonid. Organisatsioonide
liitumine leidis aset jaanuaris, kahe ettevõtte juriidiline ühendamine saab
toimuma seisuga 1.juuli 2015. Kahe ettevõtte liitmise suurim efekt seisneb
reklaamimüügi võimekuse olulises paranemises, mis tõi kaasa esimeses kvartalis
reklaamikäibe 15% kasvu võrreldes eelmise aastaga.
Meediasegmendi tulemuse viib esimeses kvartalis alla Delfi Leedu, jäädes
EBITDA-s eelmisele aastale alla 33%. Leedu ettevõtte juhtkonna hinnangul on
suurim mõju tulemuse halvenemisele seotud aasta alguses toimunud eurole
üleminekuga. Sarnast trendi nägime ka aasta tagasi Lätis, mistõttu on
tõenäoline, et pärast esimese šoki lahtumist tarbimine ning reklaamiklientide
tegevus Leedus aktiveerub. Samas oleme rõõmsad Delfi Läti tulemuse üle, kes
eelmise aasta eurošokist on väga edukalt välja tulnud ning teeninud käesoleva
aasta esimeses kvartalis ligi 100 tuhat eurot rohkem EBITDA-d kui aasta varem
ning olles aasta taguse 63 tuhande eurose kahjumi asemel 43 tuhande euroses
kasumis. Samuti on tubli tulemuse teinud Delfi Eesti teenides käesoleval aastal
21% rohkem EBITDA-d kui aasta tagasi.
Meedia segmendi esimese kvartali tulemuste kohta võib kokkuvõtvalt öelda, et
online reklaami käive kasvas 18%, tellimuste- ja jaemüügitulud püsivad eelmise
aastaga samal tasemel, trükireklaami tulud kasvasid 8% eeskätt tänu AS-i Eesti
Ajalehed suurepärasele tulemusele ning digitaalsete tellimuste- ja üksimüügi
tulud kasvasid 41%.
Selle aasta esimeses kvartalis tõime turule uuel platvormil Eesti Päevalehe
digilehe. Järgmise tootena viiakse uuele platvormile Ekspressi digileht.
Jooksva aasta esimese kvartali oluliseks sündmuseks võib lugeda uue
meelelahutuse äriliini käivitumist. Märtsi viimasel nädalal avasime Riias
esimese näituse, milleks on MS Titanicu esimest ja viimast merereisi kajastav
ekspositsioon. Näitus jääb esialgu avatuks kuni augusti alguseni ning näituse
tulud kajastuvad suures ulatuses kontserni teise kvartali tulemustes.
Tagasihoidlikult alanud aasta on teinud meid ettevaatlikumaks teise kvartali
osas. Trükiteenuste segmendis jätkub sel aastal Skandinaavia turgudel tõsine
hinnakonkurents, millel on negatiivne mõju trükiteenuse segmendi
kasumlikkusele, kuid ettevõtte aasta alguses käivitatud uus trükimasin annab
väljakutsuvas keskkonnas tegutsemiseks hea manööverdamisvõime. Samas on
keerulised majandusolud Skandinaavias toonud kaasa trükikodade sulgemise laine,
mis loob meile võimaluse uute klientide hankimisel. Meedia segmendi käekäigu
osas oleme mõõdukalt optimistlikud. Võrdlusbaasi moonutab veel eelmise aasta
teises kvartalis lõppenud kohtulahendi alusel saadud hüvitis, mis kajastus just
teise kvartali tulemuses. Eelpool toodust tulenevalt ootame teiselt kvartalilt
konsolideeritud tasemel tulude kasvu ca 3%, kuid EBITDA-s ja puhaskasumis
vastavalt 3% ja 9% langust võrreldes eelmise aastaga. Nimetatud numbritesse on
arvatud ka meie ühisettevõtete tulemused 50% ulatuses.
Jätkame tööd sooduspakkumiste portaali Zave kasvatamise nimel, eesmärgiga
pakkuda jaekaupmeestele uut innovaatilist tööriista oma klientidega
suhtlemiseks. Samuti oleme seadnud eesmärgiks oluliselt kasvatada Eesti
Ekspressi ja Eesti Päevalehe digitellimuste arvu.
Jätkame Baltikumi startup ettevõtetesse investeerimise projektiga, eesmärgiga
investeerida alustavas järgus olevatesse ettevõtmistesse, kes kontserni üle
Baltikumi turundusvõimekuse toel saaksid oma äri edasi arendada ning
suurematele rahvusvahelistele turgudele laienemist ette valmistada.
Meie missiooniks on jätkuvalt pakkuda uusi ja huvitavaid elamusi nii paberil
kui digitaalses meedias, sealjuures järele andmata uudiste kvaliteedis, teemade
valikus ning ajakirjanduslikus objektiivsuses.
Kontserni eesmärgiks on olla moderne meediaettevõte tugeva kohalolekuga
kõikidel meie turgudel ja liidripositsioonil online meedias.
FINANTSNÄITAJAD JA SUHTARVUD - Ühisettevõtted rida-realt 50% konsolideerituna
Uute rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtteid alates 2014. aastast kajastada konsolideeritud aruannetes
kapitaliosaluse meetodil. Oma igakuistes kokkuvõtetes jälgib juhtkond kontserni
tulemust jätkates ühisettevõtete proportsionaalset konsolideerimist ning samuti
on sätestatud sündikaatlaenulepingus teatud 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.
Kasumlikkuse näitajad - I kv I kv Muutus I kv I kv I kv
ühisettevõtted 50% 2015 2014 % 2013 2012 2011
konsolideeritud (tuhandetes
EUR)
--------------------------------------------------------------------------------
Perioodi kohta
--------------------------------- -------
Müügitulu 14 180 14 766 -4% 13 809 14 219 13 146
--------------------------------------------------------------------------------
----------------------------------------
EBITDA 1 517 1 454 4% 1 503 1 615 1 395
--------------------------------- -------
EBITDA marginaal (%) 10,7% 9,8% 10,9% 11,4% 10,6%
--------------------------------------------------------------------------------
----------------------------------------
Ärikasum* 762 691 10% 840 756 555
--------------------------------- -------
Ärirentaablus* (%) 5,4% 4,7% 6,1% 5,3% 4,2%
--------------------------------------------------------------------------------
Intressikulud (174) (176) 1% (197) (488) (559)
--------------------------------------------------------------------------------
----------------------------------------
Perioodi puhaskasum/(-kahjum)* 556 503 11% 638 179 (155)
--------------------------------- -------
Puhasrentaablus* (%) 3,9% 3,4% 4,6% 1,3% -1,2%
--------------------------------------------------------------------------------
Perioodi puhaskasum 556 503 11% 638 179 1 385
raamatupidamise aruandes (sh.
allahindlused ja kasum osaluse
muutusest)
--------------------------------- -------
Puhasrentaablus (%) 3,9% 3,4% 4,6% 1,3% 10,5%
--------------------------------------------------------------------------------
----------------------------------------
Varade tootlus (%) 0,7% 0,7% 0,8% 0,2% 1,6%
--------------------------------- -------
Omakapitali tootlus (%) 1,2% 1,2% 1,5% 0,5% 3,8%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,02 0,02 0,02 0,01 0,05
--------------------------------------------------------------------------------
* Tulemused ei sisalda erakorralist tulu seoses Eesti Päevalehe AS-is osaluse
soetamisega 2011.a.
Bilanss – ühisettevõtted 50% konsolideeritud 31.03.2015 31.12.2014 Muutus
(tuhandetes EUR) %
--------------------------------------------------------------------------------
Perioodi lõpu seisuga
------------------------------------------------ --------
Käibevara 14 590 15 189 -4%
------------------------------------------------ --------
Põhivara 63 538 65 665 -3%
------------------------------------------------ --------
Varad kokku 78 128 80 854 -3%
--------------------------------------------------------------------------------
------------------------
sh. raha ja pangakontod 3 887 6 788 -43%
------------------------------------------------ --------
sh. firmaväärtus 39 432 39 432 0%
--------------------------------------------------------------------------------
------------------------
Lühiajalised kohustused 13 179 14 110 -7%
------------------------------------------------ --------
Pikaajalised kohustused 17 219 19 569 -12%
------------------------------------------------ --------
Kohustused kokku 30 398 33 679 -10%
--------------------------------------------------------------------------------
------------------------
sh. võlakohustused 20 847 24 592 -15%
------------------------------------------------ --------
Omakapital 47 730 47 175 1%
--------------------------------------------------------------------------------
Finantssuhtarvud (%) – ühisettevõtted 50% konsolideeritud 31.03.201 31.12.201
5 4
--------------------------------------------------------------------------------
Omakapitali osakaal (%) 61% 58%
----------------------------------------------------------- ----------
Võla ja omakapitali suhe (%) 44% 52%
----------------------------------------------------------- ----------
Võla ja kapitali suhe (%) 26% 27%
----------------------------------------------------------- ----------
Koguvõla ja EBITDA suhe (total debt/EBITDA ratio) 2,33 2,61
----------------------------------------------------------- ----------
Laenumaksete ja intresside kattekordaja (debt service 1,88 1,90
coverage ratio)
----------------------------------------------------------- ----------
Likviidsuskordaja 1,11 1,08
--------------------------------------------------------------------------------
FINANTSNÄITAJAD JA SUHTARVUD - Ühisettevõtted kapitaliosaluse meetodil
Kasumlikkuse näitajad – I kv I kv Muutus I kv I kv I kv
ühisettevõtted kapitaliosaluse 2015 2014 % 2013 2012 2011
meetodil (tuhandetes EUR)
--------------------------------------------------------------------------------
Perioodi kohta
--------------------------------- -------
Müügitulu (ainult 12 093 12 734 -5% 11 812 12 177 11 149
tütarettevõtted)
--------------------------------------------------------------------------------
----------------------------------------
EBITDA (ainult tütarettevõtted) 1 238 1 330 -7% 1 417 1 548 1 295
--------------------------------- -------
EBITDA marginaal (%) 10,2% 10,4% 12,0% 12,7% 11,6%
--------------------------------------------------------------------------------
----------------------------------------
Ärikasum* (ainult 543 593 -9% 777 720 496
tütarettevõtted)
--------------------------------- -------
Ärirentaablus* (%) 4,5% 4,7% 6,6% 5,9% 4,4%
--------------------------------------------------------------------------------
----------------------------------------
Intressikulud (ainult (155) (176) 12% (197) (489) (563)
tütarettevõtted)
--------------------------------- -------
Ühisettevõtete kasum 194 98 97% 63 40 70
kapitaliosaluse meetodil
--------------------------------------------------------------------------------
----------------------------------------
Perioodi puhaskasum* 556 503 11% 638 179 (155)
--------------------------------- -------
Puhasrentaablus* (%) 4,6% 3,9% 5,4% 1,5% -1,4%
--------------------------------------------------------------------------------
Perioodi puhaskasum 556 503 11% 638 179 1 385
raamatupidamise aruandes (sh.
allahindlused ja kasum osaluste
muutusest)
--------------------------------- -------
Puhasrentaablus (%) 4,6% 3,9% 5,4% 1,5% 12,4%
--------------------------------------------------------------------------------
----------------------------------------
Varade tootlus (%) 0,7% 0,7% 0,8% 0,2% 1,7%
--------------------------------- -------
Omakapitali tootlus (%) 1,2% 1,2% 1,5% 0,5% 3,8%
--------------------------------------------------------------------------------
Puhaskasum aktsia kohta (EPS) 0,02 0,02 0,02 0,01 0,05
--------------------------------------------------------------------------------
* Tulemused ei sisalda erakorralist tulu seoses Eesti Päevalehe AS-is osaluse
soetamisega 2011.a.
Bilanss – ühisettevõtted kapitaliosaluse 31.03.2015 31.12.2014 Muutus
meetodil (tuhandetes EUR) %
--------------------------------------------------------------------------------
Perioodi lõpu seisuga
------------------------------------------------- -------
Käibevara 11 712 12 303 -5%
------------------------------------------------- -------
Põhivara 62 410 64 292 -3%
------------------------------------------------- -------
Varad kokku 74 122 76 595 -3%
--------------------------------------------------------------------------------
------------------------
sh. raha ja pangakontod 2 290 5 275 -57%
------------------------------------------------- -------
sh. firmaväärtus 38 153 38 153 0%
--------------------------------------------------------------------------------
------------------------
Lühiajalised kohustused 10 727 11 481 -7%
------------------------------------------------- -------
Pikaajalised kohustused 15 665 17 939 -13%
------------------------------------------------- -------
Kohustused kokku 26 392 29 420 -10%
--------------------------------------------------------------------------------
------------------------
sh. võlakohustused 19 482 23 152 -16%
------------------------------------------------- -------
Omakapital 47 730 47 175 1%
--------------------------------------------------------------------------------
Finantssuhtarvud (%) – ühisettevõtted kapitaliosaluse 31.03.201 31.12.201
meetodil 5 4
--------------------------------------------------------------------------------
Omakapitali osakaal (%) 64% 62%
----------------------------------------------------------- ----------
Võla ja omakapitali suhe (%) 41% 49%
----------------------------------------------------------- ----------
Võla ja kapitali suhe (%) 26% 27%
----------------------------------------------------------- ----------
Koguvõla ja EBITDA suhe (total debt/EBITDA ratio) 2,50 2,93
----------------------------------------------------------- ----------
Laenumaksete ja intresside kattekordaja (debt service 1,75 1,77
coverage ratio)
----------------------------------------------------------- ----------
Likviidsuskordaja 1,09 1,07
--------------------------------------------------------------------------------
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 nagu jõulu- ja uusaastapidustuste järgselt aasta
esimestel kuudel. Raamatumüük on kõige aktiivsem aasta viimases kvartalis.
Ajalehtede ja ajakirjade tellimine ja jaemüügitulu ei kõigu nii palju kui
reklaamitulu. Suveperiood on tavaliselt siiski vaiksem ja kooli algusega
septembris suurenevad ka tellimused ja jaemüük, mis tavaliselt kestab kuni
järgmise suvepuhkuste perioodini.
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)
--------------------------------------------------------------------------------
Laenumaksete ja intresside EBITDA/perioodi laenu- ja intressimaksed
kattekordaja
--------------------------------------------------------------------------------
Likviidsuskordaja Käibevara/lühiajalised kohustused
--------------------------------------------------------------------------------
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
--------------------------------------------------------------------------------
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
--------------------------------------------------------------------------------
* Tulemused ei sisalda erakorralist tulu seoses Eesti Päevalehe AS-is osaluse
soetamisega 2011.a.
SEGMENTIDE ÜLEVAADE
Alates 2014. aasta kolmandast kvartalist, kui ühendati kontserni Leedu
tütarettevõtted, jaguneb kontserni tegevus meedia segmendi, trükiteenuste
segmendi ja alates sellest aastast käivitatud meelelahutuse segmendi vahel.
Varasemalt eristasime meediasegmendis kahte põhilist tegevust – online meedia
ja perioodiliste väljaannete kirjastamine.
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.
Segmentide peamised finantsnäitajad I kv 2011-2015
(tuhandetes EUR) Müügitulu Müügitulu
--------------------------------------------------------------------------------
I kv I kv Muutus I kv I kv I kv
2015 2014 % 2013 2012 2011
--------------------------------------------------------------------------------
meedia segment 6 581 6 414 3% 5 923 5 633 5 228
(kapitaliosaluse meetodil)
------------------------------ -------- -------
sh tulu kõikidest 3 336 2 787 20% 2 470 2 232 1 897
digitaalsetest ja online
kanalitest
------------------------------ -------- -------
trükiteenuste segment 6 318 7 062 -11% 6 617 7 376 6 470
------------------------------ -------- -------
meelelahutuse segment 61 0 - 0 0 0
------------------------------ -------- -------
kesksed tegevused 471 421 12% 355 139 26
------------------------------ -------- -------
segmentidevahelised (1 338) (1 163) -15% (1 084) (971) (576)
elimineerimised
--------------------------------------------------------------------------------
KONTSERN KOKKU 12 093 12 734 -5% 11 812 12 177 11 149
kapitaliosaluse meetodil
--------------------------------------------------------------------------------
meedia segment 8 963 8 637 4% 8 106 7 869 7 367
proportsionaalselt
konsolideerituna
--------------------------------------------------------------------------------
sh tulu kõikidest 3 551 2 987 19% 2 599 2 370 2 025
digitaalsetest ja online
kanalitest
--------------------------------------------------------------------------------
trükiteenuste segment 6 318 7 062 -11% 6 617 7 376 6 470
--------------------------------------------------------------------------------
meelelahutuse segment 61 0 - 0 0 0
--------------------------------------------------------------------------------
kesksed tegevused 471 421 12% 355 139 26
--------------------------------------------------------------------------------
segmentidevahelised (1 633) (1 354) (1 269) (1 (717)
elimineerimised 165)
--------------------------------------------------------------------------------
KONTSERN KOKKU 14 180 14 766 -4% 13 809 14 219 13 146
proportsionaalselt
konsolideerituna
--------------------------------------------------------------------------------
(tuhandetes EUR) EBITDA EBITDA
--------------------------------------------------------------------------------
I kv I kv Muutus I kv I kv I kv
2015 2014 % 2013 2012 2011
--------------------------------------------------------------------------------
meedia segment kapitaliosaluse 279 338 -17% 207 192 8
meetodil
--------------------------------- -------- -------
meedia segment 558 466 20% 294 259 107
proportsionaalselt
konsolideerituna
--------------------------------- -------- -------
trükiteenuste segment 1 161 1 459 -20% 1 414 1 529 1 496
--------------------------------- -------- -------
meelelahutuse segment 24 0 - 0 0 0
--------------------------------- -------- -------
kesksed tegevused (226) (467) 52% (206) (174) (214)
--------------------------------- -------- -------
segmentidevahelised (0) 0 -100% 1 0 5
elimineerimised
--------------------------------------------------------------------------------
KONTSERN KOKKU kapitaliosaluse 1 238 1 330 -7% 1 417 1 548 1 295
meetodil
--------------------------------------------------------------------------------
KONTSERN KOKKU 1 517 1 454 4% 1 503 1 615 1 395
proportsionaalselt
konsolideerituna
--------------------------------------------------------------------------------
EBITDA marginaal I kv I kv I kv I kv I kv
2015 2014 2013 2012 2011
--------------------------------------------------------------------------------
meedia segment kapitaliosaluse 4% 5% 3% 3% 0%
meetodil
------------------------------------ --------
meedia segment proportsionaalselt 6% 5% 4% 3% 1%
konsolideerituna
------------------------------------ --------
trükiteenuste segment 18% 21% 21% 21% 23%
--------------------------------------------------------------------------------
KONTSERN KOKKU kapitaliosaluse 10% 10% 12% 13% 12%
meetodil
--------------------------------------------------------------------------------
KONTSERN KOKKU proportsionaalselt 11% 10% 11% 11% 11%
konsolideerituna
--------------------------------------------------------------------------------
MEEDIA SEGMENT
Meedia segment hõlmab Delfi tegevust Eestis, Lätis ja Leedus ning nende
emaettevõtet Delfi Holding. Alates 1.märtsist 2014 lõpetati tegevus Delfi
Ukrainas. Delfi Ukraina 2014. aasta I kvartali EBITDA sisaldab ka tegevuse
lõpetamisega seotud kulutusi. Meedia segmenti kuuluvad ka ajalehtede Maaleht,
Eesti Ekspress ja Eesti Päevalehe kirjastaja AS Eesti Ajalehed,
raamatukirjastus OÜ Hea Lugu ning ajakirjade kirjastaja UAB Ekspress Leidyba
Leedus, mis ühendati Delfi Leeduga 1. juulil 2014.
Siia segmenti kuuluvad ka ühisettevõtted AS SL Õhtuleht (Õhtulehe ja Linnalehe
kirjastaja), ajakirjade kirjastaja AS Ajakirjade Kirjastus ja perioodika
kojukandega tegelev AS Express Post.
Delfi Eesti, Läti ja Leedu EBITDA esitatakse nüüd enne kaubamärgi
rojaltitasusid, mida makstakse otsesele emaettevõttele Delfi Holding.
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
-------------------------------------------------------------
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.ej.ee
----------------------------------------------------------------
www.ekspressauto.ee
----------------------------------------------------------------
(tuhandetes EUR) Müügitulu
--------------------------------------------------------------------------------
I kv 2015 I kv 2014 Muutus %
--------------------------------------------------------------------------------
Delfi Eesti 1 358 1 073 27%
------------------------------------------------------------ ---------
Delfi Läti 676 494 37%
------------------------------------------------------------ ---------
Delfi Leedu (sh. Ekspress Leidyba) 1 739 1 753 -1%
------------------------------------------------------------ ---------
sh Delfi Leedu on-line käive 1 208 1 155 5%
------------------------------------------------------------ ---------
Delfi Ukraina 0 2 -100%
------------------------------------------------------------ ---------
AS Eesti Ajalehed 2 752 2 862 -4%
------------------------------------------------------------ ---------
OÜ Hea Lugu 117 308 -62%
------------------------------------------------------------ ---------
muud ettevõtted (Delfi Holding) 0 0 -
------------------------------------------------------------ ---------
segmendisisesed elimineerimised (61) (78) 23%
--------------------------------------------------------------------------------
KOKKU tütarettevõtted 6 581 6 414 3%
--------------------------------------------------------------------------------
-----------
AS SL Õhtuleht* 1 014 948 7%
------------------------------------------------------------ ---------
AS Ajakirjade Kirjastus* 1 018 960 6%
------------------------------------------------------------ ---------
AS Express Post* 638 584 9%
------------------------------------------------------------ ---------
segmendisisesed elimineerimised (289) (269) -8%
--------------------------------------------------------------------------------
KOKKU ühisettevõtted 2 381 2 224 7%
--------------------------------------------------------------------------------
KOKKU segment proportsionaalselt 8 963 8 637 4%
konsolideerituna
--------------------------------------------------------------------------------
(tuhandetes EUR) EBITDA
--------------------------------------------------------------------------------
I kv 2015 I kv 2014 Muutus %
--------------------------------------------------------------------------------
Delfi Eesti 93 77 21%
------------------------------------------------- ---------
Delfi Läti 43 (64) 167%
------------------------------------------------- ---------
Delfi Leedu (sh. Ekspress Leidyba) 116 173 -33%
------------------------------------------------- ---------
Delfi Ukraina 0 (51) 100%
------------------------------------------------- ---------
AS Eesti Ajalehed 23 133 -83%
------------------------------------------------- ---------
OÜ Hea Lugu 5 66 -92%
------------------------------------------------- ---------
muud ettevõtted (Delfi Holding) (1) (1) 0%
------------------------------------------------- ---------
segmendisisesed elimineerimised (0) 5 -
--------------------------------------------------------------------------------
KOKKU tütarettevõtted 279 338 -18%
--------------------------------------------------------------------------------
----------------------
AS SL Õhtuleht* 118 31 283%
------------------------------------------------- ---------
AS Ajakirjade Kirjastus* 73 10 626%
------------------------------------------------- ---------
AS Express Post* 88 84 6%
------------------------------------------------- ---------
segmendisisesed elimineerimised (0) 3 -100%
--------------------------------------------------------------------------------
KOKKU ühisettevõtted 279 128 119%
--------------------------------------------------------------------------------
KOKKU segment proportsionaalselt 558 466 20%
konsolideerituna
--------------------------------------------------------------------------------
*Ühisettevõtetest proportsionaalne osa
Delfi Eesti
-- Delfi TV live ülekannete arvu suurendamine. Suurimateks projektideks olid
Eesti Vabariigi sünnipäeva tähistamine juba kolmandat korda, Riigikogu
valimisstuudiod ja debatid, jätkuvad spordiülekanded jne.
-- Edukalt on käivitatud uus teemaportaal www.lemmikloom.ee. Loomisel on
mitmed uued portaalid.
-- Arendatakse edasi kõigis kolmes Balti riigis tegutsevat sooduspakkumiste
portaali www.zave.ee, mille eesmärgiks on pakkuda ülevaadet kohalike
jaekaupmeeste poolt pakutavate hinnasoodustuste kohta.
-- Delfi ja AS-i Eesti Ajalehed ühise müügitiimi loomine.
-- Muud koostööprojektid
-- Schenker võrkpalliliiga meediapartner,
-- Koolitantsu festivali meediapartner jne.
Eesti internetiväljaannete lugejate arv 2014-2015
2015. aasta I kvartalis on Delfi endiselt suurim internetiportaal Eestis.
Olulisi muudatusi internetikeskkondade konkurentsis ei ole toimunud. Jätkuvalt
kasvab nende kasutajate arv, kes tarbivad Delfit mobiilsete seadmete abil. See
omakorda kasvatab kogu internetikasutajate arvu ja tekitab olukorra, kus
mobiilsete seadmete kaudu tarbitava sisu osakaal kasvab. Selle tulemusena tegi
Delfi ka 2015. aasta I kvartalis kõikide aegade suurima kasutajate arvuga
nädalad, mille jooksul külastati Delfit üle 1,8 miljoni erineva seadmega nädala
jooksul.
Delfi Läti
-- Jätkatakse hoogsalt Delfi TV arendamist ning otseülekannete tegemist.
-- Käivitati uus lemmiklooma portaal www.MansDraugs.lv
-- Täiendati terviseportaali www.rutks.lv sisu.
-- Käivitati pere ja kodu portaali www.C?lis.lv foorumi mobiilne versioon.
-- Arendati kõigis kolmes Balti riigis tegutsevat sooduspakkumiste portaali
www.zave.lv, mille eesmärgiks on pakkuda ülevaadet kohalike jaekaupmeeste
poolt pakutavate hinnasoodustuste kohta.
-- Oldi mitmete kontserttuuride ja esinejate meediapartneriks.
Läti internetiväljaannete lugejate arv 2014-2015
Kui jaanuaris 2015 oli Delfi uuesti suurim internetiportaal Lätis, siis
veebruaris ja märtsis oli taas suurim Inbox.lv. Delfi on jätkuvalt suurim
uudisteportaal Lätis, järgnemas Tvnet.lv. Läti konkurentisolukorda
iseloomustabki eelpool nimetatud kolme portaali pidev võitlus liidripositisooni
pärast. Alates 2014. aasta jaanuarist on muutunud Gemiuse internetiuuringu
metoodika. 2014. aasta kasutajate numbrid sisaldavad vanuserühma 7-74
kasutajate statistikat. Eelnevatel perioodided avaldati statistikat vanuserühma
kohta 15-74 aastat.
Delfi Leedu
-- Delfi uudisteportaal saavutas jaanuaris oma ajaloo suurima kasutajate arvu
ehk 1,22 miljonit kasutajat.
-- Veebruaris moodustas Delfi loetavus koos kõikide teemaportaalidega
rekordilised 70% Leedu elanikkonnast.
-- Delfi TV jätkas otseülekannete ja striimide tegemist keskendudes eelkõige
korvpallivõistlustele. Delfil on pikaajaline eksklusiivne leping Leedu
korvpalli kõrgliiga ja Leedu korvpalliliiduga spordiülekannete tegemiseks
veebis.
-- Delfi omandas internetitelevisiooni litsentsi. Sel aastal on oodata üle
tuhande videostriimi tootmise.
-- Käivitati uus “tee ise” teemaportaal www.daraupats.lt, mis on suunatud
kõigile neile, kel soov ise midagi valmis teha.
-- Delfi all loodi uued tervise, autospordi ja kultuuri alamsaidid.
-- Veebruaris tähistas Delfi Leedu oma 15.sünnipäeva suurejoonelise
kliendiüritusega.
Leedu internetiväljaannete lugejate arv 2014-2015
Delfi on Leedus jätkuvalt suurim internetiportaal. 2015. aasta I kvartalis ei
ole toimunud Leedus märkimist väärivaid muutusi interneti kasutajate eelistuste
osas. Konkurents turul on aga lisandumas, kuna MTG ostis ära mitmeid portaale
ühendava Tipro grupi tooted ja ühendas need tv3.lt alla. Selle tulemusena
tekkis Leedu suuruselt kolmas internetiportaalide grupp.
Trükimeedia Eestis
Eesti ajalehtede tiraaž 2014-2015
Eesti ajalehtede tiraažid on pikemas perspektiivis mõõdukalt langevad. Rohkem
langeb päevalehtede tiraaž, vähem nädalalehtede oma. 2015. aasta I kvartali
seisuga on toimunud ka oluline muutus turul – Õhtuleht on märtsis jälle suurima
tiraažiga ajaleht Eestis. Suuruselt teise tiraažiga ajaleht Eestis on Maaleht.
Nendele tiraažidele lisanduvad Ekspress Grupi kontserni väljaannete puhul veel
digitaalsete väljaannete tellijad, keda 2015.aasta I kvartali lõpu seisuga on
rohkem kui 11 tuhat tellijat nii Eesti Päevalehel kui ka Eesti Ekspressil.
Eesti ajalehtede lugejaskond 2014-2015
Sarnaselt ajalehtede tiraažidega on väljannete lugejate arv suhteliselt
stabiilne, kuid pikemas persptiivis väheneb ca 3-5% aastas. Kuna digilehtede
loetavus ei ole selle uuringuga kaetud, siis tegelikke lugejanumbreid need
andmed ei kajasta. Ekspress Grupi väljannete digitaalsete tellijate arv ületab
juba 11 tuhat tellijat nii Eesti Päevalehel kui Eesti Ekspressil. Seetõttu on
digilehtede lugejate arvu kasvatamine lähiaastatel kontserni väljaannete
põhiline ülesanne. Ka konkurentsisituatsioon lugejate turul ei ole oluliselt
muutunud 2015. aasta I kvartalis, kuid arvestades tiraažide muutuste trende
võib oodata 2015. aasta jooksul muudatusi ka lugejanumbrite osas.
TRÜKITEENUSTE SEGMENT
Kontserni kõik trükiteenused on kontsentreerunud ASi Printall, mis on üks
suurimaid trükikodasid Eestis. Printall on võimeline trükkima nii ajalehti
(coldset) kui ka ajakirju (heatset)).
(tuhandetes EUR) Müügitulu
------------------------------------------------
I kv 2015 I kv 2014 Muutus %
------------------------------------------------
AS Printall 6 318 7 062 -11%
------------------------------------------------
(tuhandetes EUR) EBITDA
------------------------------------------------
I kv 2015 I kv 2014 Muutus %
------------------------------------------------
AS Printall 1 161 1 459 -20%
------------------------------------------------
Sanktsioonid Venemaa vastu ja sellest tulenev tööde vähenemine ja hinnasurve
Skandinaavias on põhjustanud esimeses kvartalis käibe ja EBITDA vähenemise
võrreldes aastataguse ajaga. Seoses muutustega poliitilisel maastikul on
ekspordiriikide osakaaludes toimunud muutused ning jätkuvalt väheneb Venemaa
osakaal.
2015. aasta alguses paigaldati eelmise aasta juunis tellitud uus
poognatrükimasin. Soetatud masin on plaanis kasutusele võtta ajakirjade kaante,
väikesetiraažiliste ajakirjade ning reklaamtoodete trükkimisel. Ostu
finantseeriti ligikaudu 2/3 summa ulatuses pikaajalise laenuga.
Trükiteenused ja keskkond
Lisaks majanduslikult väga efektiivsele ettevõttele keskendutakse Printallis ka
keskkonnateadlikule tootmisele. Printallile on omistatud 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) 31.03.2015 31.12.2014
---------------------------------------------------------
------------
VARAD
---------------------------------- -----------
Käibevara
---------------------------------- -----------
Raha ja raha ekvivalendid 2 284 3 656
---------------------------------- -----------
Tähtajaline hoius 6 19
---------------------------------- -----------
Nõuded ja ettemaksed 7 297 6 519
---------------------------------- -----------
Tulumaksu ettemaks 75 37
---------------------------------- -----------
Varud 2 050 2 072
---------------------------------- -----------
Käibevara kokku 11 712 12 303
---------------------------------------------------------
------------
Põhivara
---------------------------------- -----------
Tähtajaline hoius 0 1 600
---------------------------------- -----------
Nõuded ja ettemaksed 1 172 1 170
---------------------------------- -----------
Edasilükkunud tulumaksuvara 65 65
---------------------------------- -----------
Investeeringud ühisettevõtetesse 694 500
---------------------------------- -----------
Investeeringud sidusettevõtetesse 162 164
---------------------------------- -----------
Materiaalne põhivara 14 217 14 506
---------------------------------- -----------
Immateriaalne põhivara 46 100 46 287
---------------------------------- -----------
Põhivara kokku 62 410 64 292
---------------------------------------------------------
VARAD KOKKU 74 122 76 595
---------------------------------------------------------
------------
KOHUSTUSED
---------------------------------- -----------
Lühiajalised kohustused
---------------------------------- -----------
Laenukohustused 3 817 5 213
---------------------------------- -----------
Võlad ja ettemaksed 6 900 6 249
---------------------------------- -----------
Tulumaksukohustus 10 19
---------------------------------- -----------
Lühiajalised kohustused kokku 10 727 11 481
---------------------------------- -----------
Pikaajalised kohustused
---------------------------------- -----------
Pikaajalised laenukohustused 15 665 17 939
---------------------------------- -----------
Pikaajalised kohustused kokku 15 665 17 939
---------------------------------------------------------
KOHUSTUSED KOKKU 26 392 29 420
---------------------------------------------------------
------------
OMAKAPITAL
---------------------------------- -----------
Aktsiakapital 17 878 17 878
---------------------------------- -----------
Ülekurss 14 277 14 277
---------------------------------- -----------
Omaaktsiad (95) (64)
---------------------------------- -----------
Reservid 1 470 1 440
---------------------------------- -----------
Jaotamata kasum 14 200 13 644
---------------------------------- -----------
OMAKAPITAL KOKKU 47 730 47 175
---------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 74 122 76 595
---------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) I kv I kv
2015 2014
--------------------------------------------------------------------------------
----------
Müügitulu 12 093 12 734
------------------------------------------------------------- ---------
Müüdud toodangu kulu (9 795) (10 223)
------------------------------------------------------------- ---------
Brutokasum 2 298 2 511
------------------------------------------------------------- ---------
Muud äritulud 107 116
------------------------------------------------------------- ---------
Turunduskulud (553) (440)
------------------------------------------------------------- ---------
Üldhalduskulud (1 288) (1 536)
------------------------------------------------------------- ---------
Muud ärikulud (21) (58)
--------------------------------------------------------------------------------
Ärikasum 543 593
--------------------------------------------------------------------------------
----------
Intressitulud 11 2
------------------------------------------------------------- ---------
Intressikulud (155) (176)
------------------------------------------------------------- ---------
Kasum/(-kahjum) valuutakursi muutusest 0 36
------------------------------------------------------------- ---------
Muud finantskulud (16) (16)
------------------------------------------------------------- ---------
Kokku finantstulud/kulud (160) (154)
------------------------------------------------------------- ---------
Kasum ühisettevõtete aktsiatelt ja osadelt 194 98
------------------------------------------------------------- ---------
Kasum/(-kahjum) sidusettevõtete aktsiatelt ja osadelt (15) (12)
------------------------------------------------------------- ---------
Kasum enne tulumaksustamist 562 525
------------------------------------------------------------- ---------
Tulumaksukulu (6) (22)
--------------------------------------------------------------------------------
Aruandeperioodi kasum 556 503
--------------------------------------------------------------------------------
----------
Aruandeperioodi puhaskasumi jaotus:
------------------------------------------------------------- ---------
Emaettevõtte aktsionäride osa kasumist /(kahjumist) 556 503
------------------------------------------------------------- ---------
Muu koondkasum/(kahjum), mis võib hiljem reklassifitseeruda
kasumiaruandesse
------------------------------------------------------------- ---------
Realiseerimata kursivahed 0 (36)
------------------------------------------------------------- ---------
Muu koondkasum/ (kahjum) kokku 0 (36)
------------------------------------------------------------- ---------
Aruandeperioodi koondkasum/(kahjum) 556 467
------------------------------------------------------------- ---------
Emaettevõtte aktsionäride osa koondkasumist /(kahjumist) 556 467
------------------------------------------------------------- ---------
Tava- ja lahustunud kasum aktsia kohta 0,02 0,02
--------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I kv 2015 I kv 2014
---------------------------------------------------------------------------
Rahavood äritegevusest
---------------------------------------------------------------------------
Aruandeperioodi ärikasum 543 593
---------------------------------------------------------------------------
-----------
Korrigeerimised:
------------------------------------------------------ ----------
Põhivara kulum ja väärtuse langus 695 736
------------------------------------------------------ ----------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest 0 (3)
------------------------------------------------------ ----------
Aktsiaoptsiooni väärtuse muutus 30 34
------------------------------------------------------ ----------
Äritegevuse rahavood:
------------------------------------------------------ ----------
Äritegevusega seotud nõuete ja ettemaksete muutus (820) 275
------------------------------------------------------ ----------
Varude muutus 22 229
------------------------------------------------------ ----------
Äritegevusega seotud kohustuste ja ettemaksete muutus 661 (1 387)
------------------------------------------------------ ----------
Rahavoog põhitegevusest 1 131 477
------------------------------------------------------ ----------
Makstud ettevõtte tulumaks (39) (47)
------------------------------------------------------ ----------
Makstud intressid (155) (176)
---------------------------------------------------------------------------
Rahavood põhitegevusest kokku 937 254
---------------------------------------------------------------------------
-----------
Rahavood investeerimistegevusest
------------------------------------------------------ ----------
Tagatishoiuse (seadmine)/vabastamine 1 600 0
------------------------------------------------------ ----------
Saadud intressid 11 2
------------------------------------------------------ ----------
Põhivara soetamine (220) (175)
------------------------------------------------------ ----------
Põhivara müük 1 4
------------------------------------------------------ ----------
Antud laenud - (20)
------------------------------------------------------ ----------
Antud laenude tagasimaksed 1 1
---------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku 1 393 (188)
---------------------------------------------------------------------------
-----------
Rahavood finantseerimistegevusest
------------------------------------------------------ ----------
Tasutud kapitalirendi maksed (20) (18)
------------------------------------------------------ ----------
Arvelduskrediidi kasutuse muutus (1 117) 0
------------------------------------------------------ ----------
Saadud laenude tagasimaksed (2 533) (914)
------------------------------------------------------ ----------
Tasutud omaaktsiate tagasiostmisel (31) 0
---------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (3 702) (932)
---------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (1 372) (866)
---------------------------------------------------------------------------
-----------
Raha ja raha ekvivalendid perioodi alguses 3 656 2 111
------------------------------------------------------ ----------
Raha ja raha ekvivalendid perioodi lõpus 2 284 1 245
---------------------------------------------------------------------------
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 First Quarter of 2015
Message
Tallinn, Estonia, 2015-04-30 15:27 CEST (GLOBE NEWSWIRE) --
In the first quarter of 2015, the consolidated EBITDA of Ekspress Group
amounted to EUR 1.5 million which is 4% more than last year and net profit
amounted to EUR 0.6 million which is 11% more than last year. At the same time
revenue decreased by 4%, totalling EUR 14.2 million. The first quarter’s EBITDA
was also higher as compared to our forecasts and the growth of net profit was
20% higher than forecast for the current year. In the first quarter, the
consolidated EBITDA margin of the Group increased from 9.8% to 10.7%
year-on-year.
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 are recognised under
the equity method, in compliance with new international financial reporting
standards (IFRS). The change in this accounting policy does not affect the net
profit, but it impacts the sales revenue and EBITDA. In its monthly reports,
the management has continued to monitor the Group’s performance on a basis of
proportional consolidation of joint ventures and the syndicated loan contract
also determines the calculation of some loan covenants by proportional
consolidation. For the purpose of clarity, the management report shows two sets
of indicators: one where joint ventures are consolidated line-by-line 50% as
previously and the other where joint ventures are recognised under the equity
method and their net result is presented as financial income in one line.
In the first quarter, the EBITDA of the Group’s subsidiaries calculated under
the equity method was 7% lower than a year earlier, meaning that the joint
ventures where the Group has a 50% holding posted a better result in the first
quarter than subsidiaries.
The result of the Group’s printing services company Printall was below last
year’s level. In annual comparison, revenue in the first quarter was 11% lower
and the profit was as much as 20% lower. Weaker results of Printall were
attributable to the financial crisis in Russia that has negatively affected
export markets of the Scandinavian printing industry, causing Scandinavian
enterprises to lose revenue from Russia and creating a major price pressure in
the whole region. However, Printall has quickly responded to the situation and
while in January, its EBITDA was 40% lower than a year earlier and 18% in
February, in March the gap had decreased to 10% while exceeding the company’s
own forecast in March by 9%. For the quarter, the company is at present 13%
below its forecast.
In the media segment, the total EBITDA earned by joint ventures and
subsidiaries improved 20% from the year before, exceeding the Group's own
forecasts by 34%.
Of joint ventures, the strongest year-on-year results were posted by AS SL
Õhtuleht and AS Ajakirjade Kirjastus, earning significantly larger profits than
a year earlier. Whereas the profit of AS SL Õhtuleht increased due to the
impact of changes in printing contracts, AS Ajakirjade Kirjastus also benefited
additionally from the successful operations in the advertising market and
production of special projects.
The result of subsidiaries in the media segment was 17% lower than a year
earlier, but exceeded the Group’s budget by 19%. The biggest difference between
last year’s result and the budget for this year was the book series, which
lasted throughout the first quarter in 2014, however were this year launched
only in March. This mainly affects AS Eesti Ajalehed that only earned a profit
of EUR 23 thousand from book series this year, as compared to a profit of EUR
133 thousand in the first quarter 2014. Due to the absence of book series in
the first quarter, the revenue of AS Eesti Ajalehed was EUR 240 thousand lower
as compared to the previous year and likewise, the revenue of the book
publisher Hea Lugu was also EUR 187 thousand lower this year. At the same time,
the result of AS Eesti Ajalehed for this year exceeded the company’s own
forecast by EUR 75 thousand. The better-than-forecast result is due to the
decision made at the start of the year to merge AS Eesti Ajalehed and AS Delfi.
The organisations were merged in January and the legal merger between the two
companies will take effect on 1 July 2015. The biggest positive effect of the
merger has been significant growth in advertising sales capacity, resulting in
a 15% increase in advertising revenue in the first quarter, as compared to last
year.
In the first quarter, the result of the media segment decreased mainly because
of Delfi Lithuania that posted a 33% fall in its EBITDA year-on-year. In the
opinion of the Lithuanian company’s management, the result deteriorated mainly
because of the changeover to euro at the beginning of the year. Since we saw a
similar trend in Latvia a year ago, we expect consumption and advertising to
recover after the initial shock has passed. In the meantime, Delfi Latvia
posted an excellent result, having successfully overcome last year’s euro shock
and earning about EUR 100 thousand more in EBITDA in the first quarter than a
year earlier, and turning EUR 63 thousand loss earned a year ago into a profit
of EUR 43 thousand. Delfi Estonia also had a strong result, increasing its
EBITDA by 21% as compared to the year earlier.
Summarising the result of the media segment in the first quarter, we can say
that online advertising revenue increased by 18%, revenue from subscriptions
and retail sales remain at the same level as the year ago, print advertising
revenues grew by 8% mainly thanks to the good result of AS Eesti Ajalehed and
revenue of digital subscriptions and newsstand sales increased by 41%.
In the first quarter, we launched Eesti Päevaleht digital edition in a new
platform. The next product to be transferred into new platform will be digital
edition of Eesti Ekspress.
Another significant event in the first quarter was the launch of the new
entertainment business line. In the final week of March, we opened in Riga the
first exhibition about the first and final voyage of MS Titanic. The exhibition
will probably remain open until the beginning of August and revenue of the
exhibition will be reflected largely in the Group’s second-quarter result.
The modest start of the year has made us more cautious with regard of the
second quarter. In the printing services segment, major price competition will
prevail in Scandinavian markets, which will have negative impact on
profitability of our printing services segment. However the company’s new
printing machine put into operation at the start of the year will provide a
flexible position for operating in the challenging situation. At the same time
has difficult economic situation in Scandinavia given rise to closing several
printing houses there thus giving us opportunity for acquiring new clients. As
for media segment, we are moderately optimistic. Comparison base is also
distorted by the compensation received on the second quarter of last year as a
result of court case which then ended. Based on the above, we expect our
consolidated revenue to grow by approximately 3%, but our forecasts for EBITDA
and net profit to decrease 3% and 9% respectively below last year’s results.
These figures also include the results of our 50%-owned joint ventures.
We continue developing Zave, our portal of discount offers and an innovative
customer communication tool for retailers. In addition, we have set as our
objective to significantly increase the number of digital subscriptions of
Eesti Ekspress and Eesti Päevaleht.
We continue with the project in investing into Baltic startup companies with
the objective of supporting young businesses that could develop their business
with the help of the Group’s marketing power in Baltic states and prepare
expanding to larger international markets.
Our mission remains 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. The company’s goal is to be a truly modern media
company with a strong foothold in all markets where actively present, with a
leading position in online media.
FINANCIAL INDICATORS AND RATIOS – joint ventures consolidated 50%
line-by-line
Starting from 2014, in consolidated financial reports 50% joint ventures are
recognised under the equity method, in compliance with new international
financial reporting standards (IFRS). In its monthly reports, the management
has continued to monitor the Group’s performance on a basis of proportional
consolidation of joint ventures and the syndicated loan contract also
determines the calculation of some loan covenants by proportional
consolidation. For the purpose of clarity, the management report shows two sets
of indicators: one where joint ventures are consolidated line-by-line 50% as
previously and the other where joint ventures are recognised under the equity
method and their net result is presented as financial income in one line.
Performance indicators – joint Q1 Q1 Change Q1 Q1 Q1
ventures consolidated 50% (EUR 2015 2014 % 2013 2012 2011
thousand)
--------------------------------------------------------------------------------
For the period
--------------------------------- -------
Sales 14 180 14 766 -4% 13 809 14 219 13 146
--------------------------------------------------------------------------------
----------------------------------------
EBITDA 1 517 1 454 4% 1 503 1 615 1 395
--------------------------------- -------
EBITDA margin (%) 10.7% 9.8% 10.9% 11.4% 10.6%
--------------------------------------------------------------------------------
----------------------------------------
Operating profit* 762 691 10% 840 756 555
--------------------------------- -------
Operating margin* (%) 5.4% 4.7% 6.1% 5.3% 4.2%
--------------------------------------------------------------------------------
Interest expenses (174) (176) 1% (197) (488) (559)
--------------------------------------------------------------------------------
----------------------------------------
Profit /(loss) for the period* 556 503 11% 638 179 (155)
--------------------------------- -------
Net margin* (%) 3.9% 3.4% 4.6% 1.3% -1.2%
--------------------------------------------------------------------------------
Net profit /(loss) for the 556 503 11% 638 179 1 385
period in the financial
statements (incl. impairments
and gain on change of ownership
interest)
--------------------------------- -------
Net margin (%) 3.9% 3.4% 4.6% 1.3% 10.5%
--------------------------------------------------------------------------------
----------------------------------------
Return on assets ROA (%) 0.7% 0.7% 0.8% 0.2% 1.6%
--------------------------------- -------
Return on equity ROE (%) 1.2% 1.2% 1.5% 0.5% 3.8%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.02 0.02 0.02 0.01 0.05
--------------------------------------------------------------------------------
* The results exclude one-off gains in relation to the acquisition in Eesti
Päevalehe AS in 2011.
Balance sheet – joint ventures consolidated 31.03.2015 31.12.2014 Change %
50%
(EUR thousand)
--------------------------------------------------------------------------------
As of the end of the period
----------------------------------------------- ---------
Current assets 14 590 15 189 -4%
----------------------------------------------- ---------
Non-current assets 63 538 65 665 -3%
----------------------------------------------- ---------
Total assets 78 128 80 854 -3%
--------------------------------------------------------------------------------
------------------------
incl. cash and bank 3 887 6 788 -43%
----------------------------------------------- ---------
incl. goodwill 39 432 39 432 0%
--------------------------------------------------------------------------------
------------------------
Current liabilities 13 179 14 110 -7%
----------------------------------------------- ---------
Non-current liabilities 17 219 19 569 -12%
----------------------------------------------- ---------
Total liabilities 30 398 33 679 -10%
--------------------------------------------------------------------------------
------------------------
incl. borrowings 20 847 24 592 -15%
----------------------------------------------- ---------
Equity 47 730 47 175 1%
--------------------------------------------------------------------------------
Financial ratios (%) – joint ventures consolidated 50% 31.03.2015 31.12.2014
------------------------------------------------------------------------------
Equity ratio (%) 61% 58%
------------------------------------------------------- -----------
Debt to equity ratio (%) 44% 52%
------------------------------------------------------- -----------
Debt to capital ratio (%) 26% 27%
------------------------------------------------------- -----------
Total debt/EBITDA ratio 2.33 2.61
------------------------------------------------------- -----------
Debt service coverage ratio 1.88 1.90
------------------------------------------------------- -----------
Liquidity ratio 1.11 1.08
------------------------------------------------------------------------------
FINANCIAL INDICATORS AND RATIOS – joint ventures recognised
under the equity method
Performance indicators – joint Q1 Q1 Change Q1 Q1 Q1
ventures under the equity 2015 2014 % 2013 2012 2011
method (EUR thousand)
--------------------------------------------------------------------------------
For the period
--------------------------------- -------
Sales (only subsidiaries) 12 093 12 734 -5% 11 812 12 177 11 149
--------------------------------------------------------------------------------
----------------------------------------
EBITDA (only subsidiaries) 1 238 1 330 -7% 1 417 1 548 1 295
--------------------------------- -------
EBITDA margin (%) 10.2% 10.4% 12.0% 12.7% 11.6%
--------------------------------------------------------------------------------
----------------------------------------
Operating profit* (only 543 593 -9% 777 720 496
subsidiaries)
--------------------------------- -------
Operating margin* (%) 4.5% 4.7% 6.6% 5.9% 4.4%
--------------------------------------------------------------------------------
----------------------------------------
Interest expenses (only (155) (176) 12% (197) (489) (563)
subsidiaries)
--------------------------------- -------
Profit of joint ventures by 194 98 97% 63 40 70
equity method
--------------------------------------------------------------------------------
----------------------------------------
Profit for the period* 556 503 11% 638 179 (155)
--------------------------------- -------
Net margin* (%) 4.6% 3.9% 5.4% 1.5% -1.4%
--------------------------------------------------------------------------------
Net profit/(loss) for the period 556 503 11% 638 179 1 385
in the financial statements
(incl. impairments and gain on
change of ownership interest)
--------------------------------- -------
Net margin (%) 4.6% 3.9% 5.4% 1.5% 12.4%
--------------------------------------------------------------------------------
----------------------------------------
Return on assets ROA (%) 0.7% 0.7% 0.8% 0.2% 1.7%
--------------------------------- -------
Return on equity ROE (%) 1.2% 1.2% 1.5% 0.5% 3.8%
--------------------------------------------------------------------------------
Earnings per share (EPS) 0.02 0.02 0.02 0.01 0.05
--------------------------------------------------------------------------------
* The results exclude one-off gains in relation to the acquisition in Eesti
Päevalehe AS in 2011.
Balance sheet– joint ventures under equity 31.03.2015 31.12.2014 Change %
method (EUR thousand)
--------------------------------------------------------------------------------
As at the end of the period
----------------------------------------------- ---------
Current assets 11 712 12 303 -5%
----------------------------------------------- ---------
Non-current assets 62 410 64 292 -3%
----------------------------------------------- ---------
Total assets 74 122 76 595 -3%
--------------------------------------------------------------------------------
------------------------
incl. cash and bank 2 290 5 275 -57%
----------------------------------------------- ---------
incl. goodwill 38 153 38 153 0%
--------------------------------------------------------------------------------
------------------------
Current liabilities 10 727 11 481 -7%
----------------------------------------------- ---------
Non-current liabilities 15 665 17 939 -13%
----------------------------------- ---------
Total liabilities 26 392 29 420 -10%
--------------------------------------------------------------------
------------------------
incl. borrowings 19 482 23 152 -16%
----------------------------------- ---------
Equity 47 730 47 175 1%
--------------------------------------------------------------------
Financial ratios (%) – joint ventures under the equity 31.03.2015 31.12.2014
method
--------------------------------------------------------------------------------
Equity ratio (%) 64% 62%
--------------------------------------------------------- -----------
Debt to equity ratio (%) 41% 49%
--------------------------------------------------------- -----------
Debt to capital ratio (%) 26% 27%
--------------------------------------------------------- -----------
Total debt /EBITDA ratio 2.50 2.93
--------------------------------------------------------- -----------
Debt service coverage ratio 1.75 1.77
--------------------------------------------------------- -----------
Liquidity ratio 1.09 1.07
--------------------------------------------------------------------------------
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. Book sales are the strongest
in the last quarter of the year. Subscriptions and retail sales of periodicals
do not fluctuate as much as advertising revenue. However the summer period is
always more quiet and at the beginning of the school year in September there is
an increase in subscriptions and retail sale which usually continues until next
summer holiday period.
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
--------------------------------------------------------------------------------
Return on assets Net profit /average assets x 100
ROA (%)
--------------------------------------------------------------------------------
Return on equity Net profit /average equity x 100
ROE (%)
--------------------------------------------------------------------------------
* The results exclude one-off gains in relation to the acquisition in Eesti
Päevalehe AS in 2011.
SEGMENT OVERVIEW
From the 3rd quarter of 2014, when the Group’s Lithuanian subsidiaries were
merged, the Group’s activities are divided into the media segment, printing
services segment and entertainment segment launched this year. Previously, the
entities of the media segment were divided into online media and periodicals
segments.
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.
Key financial data of the segments Q1 2011-2015
(EUR thousand) Sales Sales
--------------------------------------------------------------------------------
Q1 2015 Q1 2014 Change Q1 2013 Q1 Q1
% 2012 2011
--------------------------------------------------------------------------------
media segment (by equity 6 581 6 414 3% 5 923 5 633 5 228
method)
------------------------------ -------- -------
incl. revenue from all 3 336 2 787 20% 2 470 2 232 1 897
digital and online channels
------------------------------ -------- -------
printing services segment 6 318 7 062 -11% 6 617 7 376 6 470
------------------------------ -------- -------
entertainment segment 61 0 - 0 0 0
------------------------------ -------- -------
corporate functions 471 421 12% 355 139 26
------------------------------ -------- -------
intersegment eliminations (1 338) (1 163) -15% (1 084) (971) (576)
--------------------------------------------------------------------------------
TOTAL GROUP by equity method 12 093 12 734 -5% 11 812 12 177 11 149
--------------------------------------------------------------------------------
media segment by proportional 8 963 8 637 4% 8 106 7 869 7 367
consolidation
--------------------------------------------------------------------------------
incl. revenue from all 3 551 2 987 19% 2 599 2 370 2 025
digital and online channels
--------------------------------------------------------------------------------
printing services segment 6 318 7 062 -11% 6 617 7 376 6 470
--------------------------------------------------------------------------------
entertainment segment 61 0 - 0 0 0
--------------------------------------------------------------------------------
corporate functions 471 421 12% 355 139 26
--------------------------------------------------------------------------------
intersegment eliminations (1 633) (1 354) (1 269) (1 (717)
165)
--------------------------------------------------------------------------------
TOTAL GROUP by proportional 14 180 14 766 -4% 13 809 14 219 13 146
consolidation
--------------------------------------------------------------------------------
(EUR thousand) EBITDA EBITDA
--------------------------------------------------------------------------------
Q1 Q1 Change Q1 Q1 Q1
2015 2014 % 2013 2012 2011
--------------------------------------------------------------------------------
media segment by equity method 279 338 -17% 207 192 8
-------------------------------- --------- -------
media segment by proportional 558 466 20% 294 259 107
consolidation
-------------------------------- --------- -------
printing services segment 1 161 1 459 -20% 1 414 1 529 1 496
-------------------------------- --------- -------
entertainment segment 24 0 - 0 0 0
-------------------------------- --------- -------
corporate functions (226) (467) 52% (206) (174) (214)
-------------------------------- --------- -------
intersegment eliminations (0) 0 -100% 1 0 5
--------------------------------------------------------------------------------
TOTAL GROUP by equity method 1 238 1 330 -7% 1 417 1 548 1 295
--------------------------------------------------------------------------------
TOTAL GROUP by proportional 1 517 1 454 4% 1 503 1 615 1 395
consolidation
--------------------------------------------------------------------------------
EBITDA margin Q1 2015 Q1 Q1 Q1 2012 Q1
2014 2013 2011
--------------------------------------------------------------------------------
media segment by equity method 4% 5% 3% 3% 0%
------------------------------------ --------
media segment by proportional 6% 5% 4% 3% 1%
consolidation
------------------------------------ --------
printing services segment 18% 21% 21% 21% 23%
--------------------------------------------------------------------------------
TOTAL GROUP by equity method 10% 10% 12% 13% 12%
--------------------------------------------------------------------------------
TOTAL GROUP by proportional 11% 10% 11% 11% 11%
consolidation
--------------------------------------------------------------------------------
MEDIA SEGMENT
The media segment includes Delfi operations in Estonia, Latvia and Lithuania as
well as their parent company Delfi Holding. Starting from 1 March 2014, the
operations of Delfi in Ukraine have been terminated. The EBITDA of Delfi
Ukraine in the first quarter of 2014 also included expenses related to the
termination of operations. The media segment also includes AS Eesti Ajalehed
(publisher of Maaleht, Eesti Ekspress and Eesti Päevaleht), book publisher OÜ
Hea Lugu as well as magazine publisher UAB Ekspress Leidyba in Lithuania, the
latter having been merged with Delfi Lithuania on 1 July 2014.
This segment also includes joint ventures AS SL Õhtuleht (publisher of Õhtuleht
and Linnaleht), magazine publisher AS Ajakirjade Kirjastus and home delivery
company AS Express Post.
The EBITDA of Delfi Estonia, Latvia and Lithuania is now presented before any
trademark royalties which are paid to their immediate parent company Delfi
Holding.
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
-----------------------------------------------------------------
Delfi Lithuania www.delfi.lt AS SL Õhtuleht www.ohtuleht.ee
-----------------------------------------------------------------
ru.delfi.lt
-----------------------------------------------------------------
Classified portals owned by the Group
Owner Portal Owner Portal
--------------------------------------------------------------------
Delfi Lithuania www.alio.lt AS Eesti Ajalehed www.ej.ee
--------------------------------------------------------------------
www.ekspressauto.ee
--------------------------------------------------------------------
(EUR thousand) Sales
-----------------------------------------------------------------------
Q1 2015 Q1 2014 Change %
-----------------------------------------------------------------------
Delfi Estonia 1 358 1 073 27%
----------------------------------------------------- ---------
Delfi Latvia 676 494 37%
----------------------------------------------------- ---------
Delfi Lithuania (incl. Ekspress Leidyba) 1 739 1 753 -1%
----------------------------------------------------- ---------
incl. online revenue of Delfi Lithuania 1 208 1 155 5%
----------------------------------------------------- ---------
Delfi Ukraine 0 2 -100%
----------------------------------------------------- ---------
AS Eesti Ajalehed 2 752 2 862 -4%
----------------------------------------------------- ---------
OÜ Hea Lugu 117 308 -62%
----------------------------------------------------- ---------
other companies (Delfi Holding) 0 0 -
----------------------------------------------------- ---------
Intersegment eliminations (61) (78) 23%
-----------------------------------------------------------------------
TOTAL subsidiaries 6 581 6 414 3%
-----------------------------------------------------------------------
---------
AS SL Õhtuleht* 1 014 948 7%
----------------------------------------------------- ---------
AS Ajakirjade Kirjastus* 1 018 960 6%
----------------------------------------------------- ---------
AS Express Post* 638 584 9%
----------------------------------------------------- ---------
intersegment eliminations (289) (269) -8%
-----------------------------------------------------------------------
TOTAL joint ventures 2 381 2 224 7%
-----------------------------------------------------------------------
TOTAL segment by proportional consolidation 8 963 8 637 4%
-----------------------------------------------------------------------
(EUR thousand) EBITDA
-----------------------------------------------------------------------
Q1 2015 Q1 2014 Change %
-----------------------------------------------------------------------
Delfi Estonia 93 77 21%
-------------------------------------------- ---------
Delfi Latvia 43 (64) 167%
-------------------------------------------- ---------
Delfi Lithuania (incl. Ekspress Leidyba) 116 173 -33%
-------------------------------------------- ---------
Delfi Ukraine 0 (51) 100%
-------------------------------------------- ---------
AS Eesti Ajalehed 23 133 -83%
-------------------------------------------- ---------
OÜ Hea Lugu 5 66 -92%
-------------------------------------------- ---------
other companies (Delfi Holding) (1) (1) 0%
-------------------------------------------- ---------
Intersegment eliminations (0) 5 -
-----------------------------------------------------------------------
TOTAL subsidiaries 279 338 -18%
-----------------------------------------------------------------------
------------------
AS SL Õhtuleht* 118 31 283%
-------------------------------------------- ---------
AS Ajakirjade Kirjastus* 73 10 626%
-------------------------------------------- ---------
AS Express Post* 88 84 6%
-------------------------------------------- ---------
intersegment eliminations (0) 3 -100%
-----------------------------------------------------------------------
TOTAL joint ventures 279 128 119%
-----------------------------------------------------------------------
TOTAL segment by proportional consolidation 558 466 20%
-----------------------------------------------------------------------
*Proportional share of joint ventures
Delfi Estonia
-- Growth in the number of live webcasts of Delfi TV. Major projects included
the celebration of the anniversary of the Republic of Estonia for the third
year running, election studios and debates of parliamentary elections,
sports broadcasts, etc.
-- Successful launch of a new topical portal www.lemmikloom.ee. Several new
portals are being developed.
-- Further development of www.zave.ee, a pan-Baltic portal of discount offers
giving readers overview about discount offers made by local retailers.
-- Setting up a joint sales time of Delfi and AS Eesti Ajalehed.
-- Other cooperation projects
-- Media partner for the Schenker volleyball league,
-- Media partner for the Schooldance festival, etc.
Estonian online readership 2014-2015
Delfi remains the largest internet portal in Estonia in the first quarter 2015.
There are no substantial changes in competitive situation in Estonia. There is
continuing trend of those internet users, who consume Delfi through mobile
devices. As a result of this, the total amount of internet users increases and
creates the situation where the percentage of the content consumed via mobile
devices grows. Due to the latter, Delfi reached more than 1,8 million weekly
browser views during the first quarter of 2015.
Delfi Latvia
-- Continuation of rapid development of Delfi TV and live webcasts.
-- Launch of the new pet portal www.MansDraugs.lv
-- Expanded content in the health portal www.rutks.lv
-- Launch of the mobile version for the forum of www.C?lis.lv, a family and
home portal.
-- Further development of www.zave.lv, a pan-Baltic portal of discount offers
giving readers overview about discount offers made by local retailers.
-- Media partner for several concert tours and artists.
Latvian online readership 2014-2015
Delfi again reached the No 1 internet portal position in January 2015. However
inbox.lv overcame this position in February and March. Delfi remains still
confidently number one news portal in Latvia, followed by Tvnet.lv. This is
pretty much the competitive situation in Latvia – three biggest portals
competing for the leadership. During 2014 January research company Gemius
changed the methodology of the research and now the studied target group is in
age of 7-74 instead of the previous 15-74 years.
Delfi Lithuania
-- In January, news portal DELFI achieved record readership of 1.22 million
users.
-- In February, the readership of Delfi including all the topical portals
amounted to a record 70% of the Lithuanian population.
-- Delfi TV continued producing live webcast and streams, with a particular
focus on basketball matches. Delfi has a long-term contract with the
National Basketball League and Lithuanian Basketball Federation for
broadcasting matches.
-- Delfi acquired a licence of internet broadcaster. The company plans to
produce more than thousand video streams this year.
-- Launch of a new DIY portal www.daraupats.lt, targeted at all people who
want to do things themselves.
-- Launch of new health, motorsport and culture subsites under Delfi.
-- In February, Delfi Lithuania celebrated its 15th birthday by hosting a
grand client event.
Lithuanian online readership 2014-2015
Delfi remains the largest internet portal in Lithuania. In the first quarter of
2015 there are no substantial changes in the preferences of internet users.
However competitive situation will become more tight in the future because of
the acquisition of Tipro Group portals by MTG, who has mergered them all under
tv3.lt. As a result www.tv3.lt became number three internet portals’ group in
Lithuania.
Print-media in Estonia
Estonian newspaper circulation 2014-2015
The circulation of the Estonian newspapers is slowly declining over the longer
period. Daily newspapers are losing more in circulations, weeklies less. There
have been also substantial changes in circulations during the first quarter of
2015. Õhtuleht became the biggest newspaper in Estonia in March. The second
biggest newspaper is Maaleht. To the above figures of the Ekspress Group
publications one also needs to add the number of digital subscribers which
totalled more than 11 thousands for both Eesti Ekspress and Eesti Päevaleht, as
of the end of the first quarter of 2015.
Estonian newspaper readership 2014-2015
Similar to the circulations, newspaper readership has been fairly stable,
however in a longer term the readership of the printed newspapers is declining
ca 3-5% per year. As this study does not cover readership of digital
subscribers, it does not give the whole picture of readership of newspapers.
The subscribers of the Group’s digital newspapers exceed 11 thousand for both
Eesti Päevaleht and Eesti Ekspress. Growing the amount of readers of digital
newspapers remains the main task of the Group in recent years. The competition
situation in the market has not substantially changed during the first quarter
of 2015, but taking into consideration changes in circulation trends, the
changes are also expected in the readership within this year.
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
------------------------------------------
Q1 2015 Q1 2014 Change %
------------------------------------------
AS Printall 6 318 7 062 -11%
------------------------------------------
(EUR thousand) EBITDA
------------------------------------------
Q1 2015 Q1 2014 Change %
------------------------------------------
AS Printall 1 161 1 459 -20%
------------------------------------------
Sanctions against Russia and the related decrease in orders and price pressure
in Scandinavia caused the first-quarter sales revenue and EBITDA to fall as
compared to the year earlier. Due to changes in the political landscape there
have been changes in the structure of export markets where the share of Russia
continues to decrease.
A new sheet-fed printing machine ordered last June was installed at the
beginning of 2015. The acquired machine will be used for printing magazine
covers, small-circulation magazines and advertising products. 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. Printall has been 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) 31.03.2015 31.12.2014
-------------------------------------------------------
------------
ASSETS
-------------------------------- -----------
Current assets
-------------------------------- -----------
Cash and cash equivalents 2 284 3 656
-------------------------------- -----------
Term deposit 6 19
-------------------------------- -----------
Trade and other receivables 7 297 6 519
-------------------------------- -----------
Corporate income tax prepayment 75 37
-------------------------------- -----------
Inventories 2 050 2 072
-------------------------------- -----------
Total current assets 11 712 12 303
-------------------------------------------------------
------------
Non-current assets
-------------------------------- -----------
Term deposit 0 1 600
-------------------------------- -----------
Trade and other receivables 1 172 1 170
-------------------------------- -----------
Deferred tax asset 65 65
-------------------------------- -----------
Investments in joint ventures 694 500
-------------------------------- -----------
Investments in associates 162 164
-------------------------------- -----------
Property, plant and equipment 14 217 14 506
-------------------------------- -----------
Intangible assets 46 100 46 287
-------------------------------- -----------
Total non-current assets 62 410 64 292
-------------------------------------------------------
TOTAL ASSETS 74 122 76 595
-------------------------------------------------------
------------
LIABILITIES
-------------------------------- -----------
Current liabilities
-------------------------------- -----------
Borrowings 3 817 5 213
-------------------------------- -----------
Trade and other payables 6 900 6 249
-------------------------------- -----------
Corporate income tax payable 10 19
-------------------------------- -----------
Total current liabilities 10 727 11 481
-------------------------------- -----------
Non-current liabilities
-------------------------------- -----------
Long-term borrowings 15 665 17 939
-------------------------------- -----------
Total non-current liabilities 15 665 17 939
-------------------------------------------------------
TOTAL LIABILITIES 26 392 29 420
-------------------------------------------------------
------------
EQUITY
-------------------------------- -----------
Share capital 17 878 17 878
-------------------------------- -----------
Share premium 14 277 14 277
-------------------------------- -----------
Treasury shares (95) (64)
-------------------------------- -----------
Reserves 1 470 1 440
-------------------------------- -----------
Retained earnings 14 200 13 644
-------------------------------- -----------
TOTAL EQUITY 47 730 47 175
-------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 74 122 76 595
-------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q1 Q1
2015 2014
--------------------------------------------------------------------------------
--------
Sales revenue 12 093 12 734
----------------------------------------------------------------- -------
Cost of sales (9 (10
795) 223)
----------------------------------------------------------------- -------
Gross profit 2 298 2 511
----------------------------------------------------------------- -------
Other income 107 116
----------------------------------------------------------------- -------
Marketing expenses (553) (440)
----------------------------------------------------------------- -------
Administrative expenses (1 (1
288) 536)
----------------------------------------------------------------- -------
Other expenses (21) (58)
--------------------------------------------------------------------------------
Operating profit 543 593
--------------------------------------------------------------------------------
--------
Interest income 11 2
----------------------------------------------------------------- -------
Interest expense (155) (176)
----------------------------------------------------------------- -------
Foreign exchange gains/(losses) 0 36
----------------------------------------------------------------- -------
Other finance costs (16) (16)
----------------------------------------------------------------- -------
Total finance income/costs (160) (154)
----------------------------------------------------------------- -------
Profit on shares of joint ventures 194 98
----------------------------------------------------------------- -------
Profit (loss) on shares of associates (15) (12)
----------------------------------------------------------------- -------
Profit before income tax 562 525
----------------------------------------------------------------- -------
Income tax expense (6) (22)
--------------------------------------------------------------------------------
Net profit for the reporting period 556 503
--------------------------------------------------------------------------------
--------
Net profit for the reporting period attributable to:
----------------------------------------------------------------- -------
Equity holders of the parent company 556 503
----------------------------------------------------------------- -------
Other comprehensive income (expense) that may be subsequently
reclassified to profit or loss
----------------------------------------------------------------- -------
Currency translation differences 0 (36)
----------------------------------------------------------------- -------
Total other comprehensive income (expense) 0 (36)
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Comprehensive income (expense) for the reporting period 556 467
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Attributable to equity holders of the parent company 556 467
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Basic and diluted earnings per share 0.02 0.02
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Consolidated cash flow statement (unaudited)
(EUR thousand) Q1 2015 Q1 2014
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Cash flows from operating activities
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Operating profit for the reporting year 543 593
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Adjustments for:
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Depreciation, amortisation and impairment 695 736
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(Gain)/loss on sale and write-down of property, plant and 0 (3)
equipment
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Change in value of share option 30 34
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Cash flows from operating activities:
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Trade and other receivables (820) 275
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Inventories 22 229
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Trade and other payables 661 (1 387)
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Cash generated from operations 1 131 477
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Income tax paid (39) (47)
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Interest paid (155) (176)
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Net cash generated from operating activities 937 254
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Cash flows from investing activities
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Term deposit (placement)/release 1 600 0
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Interest received 11 2
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Purchase of property, plant and equipment (220) (175)
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Proceeds from sale of property, plant and equipment 1 4
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Loans granted - (20)
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Loan repayments received 1 1
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Net cash used in investing activities 1 393 (188)
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Cash flows from financing activities
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Finance lease repayments (20) (18)
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Change in use of overdraft (1 117) 0
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Repayments of bank loans (2 533) (914)
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Purchase of treasury shares (31) 0
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Net cash used in financing activities (3 702) (932)
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NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 372) (866)
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Cash and cash equivalents at the beginning of the year 3 656 2 111
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Cash and cash equivalents at the end of the year 2 284 1 245
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Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
e-mail: [email protected]