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
7420
Attachments
Submission date and time
31.07.2019 08:00:00
Content of announcement in Estonian
Title
AS Ekspress Grupp: 2019.aasta II kvartali ja I poolaasta konsolideeritud auditeerimata vahearuanne
Message
ASi Ekspress Grupp 2019. aasta II kvartali müügitulu oli 19,5 miljonit eurot ja
I poolaasta müügitulu 36,8 miljonit eurot. Kontserni müügitulu jätkas
kasvutrendi ning suurenes 8% võrreldes eelmise aastaga. Kasvu tõid peamiselt
digitaalsed tulud, mis kasvasid eelmise aastaga võrreldes 14% ning moodustasid
juba 57% meedia segmendi käibest.
Vaatamata tugevale konkurentsile suurendas kontsern esimesel poolaastal oma
turuosa kõigil turgudel ja saavutas Lätis kindla juhtpositsiooni. II kvartalis
olid Eesti ja Leedu meedia ettevõtted jätkuvalt edukad nii reklaami kui ka
tellimuste müügis. Reklaamimüüki suurendasid ajutiselt ka Euroopa Parlamendi
valimised. Eestis on jätkus digitellimuste osakaalu suurenemine. II kvartalis
käivitasime Lätis "Delfi Plus" nime alt tasulise sisu müügi, mis analoogselt
Eesti turule vajab aega tarbijate harjumuste muutumiseks ja on seetõttu
pikaajaline protsess.
Kõigi Balti riikide Delfi portaalide külastatavus on kasvanud konkurentidest
rohkem. Meie ajakirjanikud nii Eestis, Lätis kui ka Leedus suutsid tuua
lugejateni ühiskondlikult olulisi teemasid, mis pälvisid nii lugejatelt kui
valdkonna professionaalidelt tunnustust.
Kontserni kasum enne intresse, makse ja kulumit (EBITDA) ulatus II kvartalis
1,80 miljoni euroni ning I poolaastal 2,47 miljoni euroni, kasvades ligikaudu
6% võrreldes sama perioodiga eelmisel aastal. Kontserni I poolaasta
konsolideeritud puhaskahjum oli 0,26 miljonit eurot.
II kvartalis suutis kontsern meedia segmendis kasumit kasvatada 1,5 miljoni
euroni võrrelduna 1,2 miljoni euroga 2018. aasta samal perioodil. Kasumi kasv
tulenes peamiselt reklaami müügi kasvust ja kulude kokkuhoiu läbi saavutatud
efektiivsusest. Trükiteenuse segmendis jätkus kasumi vähenemine ligikaudu 29%
võrreldes eelmise aastaga. Olukorras, kui trükisegmendi ärimahud on Eestis
vähenemas peamiselt seoses suurte kauplusekettide trükimeedia ja
reklaamibroshüüride osakaalu langusega, oleme siiski suutnud hoida eksporti ning
II kvartali lõpu seisuga moodustas eksport 62% trükiteenuse koguportfellist.
II kvartalis omandas kontsern 100%-lise osaluse Läti piletimüügiportaalis SIA
Bi?eshu Parad?ze, mis haldab elektroonilist piletimüügiplatvormi
(bilesuparadize.lv (https://www.bilesuparadize.lv/en/)) ja piletimüügikohti,
pakkudes nende kaudu ürituste korraldajate nimel pileteid erinevatele
meelelahutusüritustele.
Omandamise eesmärgiks on laieneda uutesse ärisektoritesse, keskendudes grupi
digitaalsete tulude osakaalu suurendamisele, tõsta grupi omakapitali tootlust ja
kasutada ära lisanduva äritegevuse ja meediategevuse vahel tekkivat sünergiat.
Samuti soovime tugevdada olemasolevaid põhitegevusi ja toetada kontserni
digitaalse muutuse läbiviimisel ning arendada grupi äritegevuse mitmekesist
digitaalset jalajälge.
Juuni alguses toimus Vilniuses tehnoloogia- ja innovatsioonikonverents ?Login",
kus kontsern omandas märtsis osaluse eesmärgiga siseneda konverentside
korraldamise turule. Eesmärk on muuta innovatsiooni- ja tehnoloogiakonverents
üheks tuntumaks innovatsiooniürituseks Balti riikides. Osalejad võtsid väga
hästi vastu ka aprillis Tallinnas esmakordselt toimunud Eesti Ekspressi
konverentsi "Julgus teha teisiti".
Teises kvartalis korraldas kontserni suurim meediaettevõte AS Ekspress Meedia
veel mitmeid meelelahutusüritusi, näiteks ?Eesti Naine 95" juubelikontserdi
Alexela kontserdimajas, Kroonika meelelahutusauhindade gaala Vene
kultuurikeskuses, 10 etendust koorijuhi ja helilooja Gustav Ernesaksa elust
?Hakkame, mehed minema" ning Delfi Rallipäeva. Kaks viimast on hea näide
sellest, kuidas Ekspress Meedia kasutab ära oma potentsiaali kõnetada laia
auditooriumi ning leida üles päevakajalist temaatikat, läbi mille suurendada
ettevõtte tulubaasi.
KOKKUVÕTE II KVARTALI JA I POOLAASTA TULEMUSTEST
Kontserni sisemises aruandluses jälgib juhtkond tulemusi konsolideerides
ühisettevõtted proportsionaalselt. Samuti on sätestatud laenulepingus suhtarvude
jälgimine, võttes arvesse proportsionaalset konsolideerimist.
MÜÜGITULU
2019. aasta II kvartali konsolideeritud müügitulu oli 19,5 miljonit eurot (II
kvartal 2018: 17,7 miljonit eurot) ning 2019. aasta I poolaasta konsolideeritud
müügitulu oli 36,8 miljonit eurot (I poolaasta 2018: 34,0 miljonit eurot).
Müügitulud kasvasid 8% võrreldes eelmise aastaga. Müügitulu kasv tuleneb
peamiselt reklaamimüügi tulude kasvust nii Eestis kui ka Leedus. Kontserni
digitaalsete tulude osakaal moodustab I poolaasta lõpus 39% kogukäibest ning
57% meedia segmendi käibest. Kontserni 2019. aasta I poolaasta digitaalsed tulud
kasvasid 14% võrreldes eelmise aasta sama perioodiga.
KASUMLIKKUS
2019. aasta II kvartali konsolideeritud EBITDA oli 1,80 miljonit eurot (II
kvartal 2018: 1,68 miljonit eurot) ning 2019. aasta I poolaasta konsolideeritud
EBITDA oli 2,47 miljonit eurot (I poolaasta 2018: 2,34 miljonit eurot). EBITDA
kasvas 6% võrreldes eelmise aastaga, millest +0,43 miljonit eurot oli alates
01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud" mõju
EBITDA-le. EBITDA marginaal vähenes 6,7%-ni (I poolaasta 2018: 6,9%). 2019.
aasta I poolaasta konsolideeritud puhaskahjum oli -0,26 miljonit eurot (I
poolaasta 2018: 0,65 miljonit eurot). Kasumlikkuse langus tuleneb eelkõige
trükiteenuste segmendi üha tihenevast konkurentsist ning sisendhindade tõusust.
Lisaks oli see seotud trükimeedia tulude languse ning suuremate kojukande- ja
tööjõukuludega. I poolaastas oli täiendav kahjum 0,1 miljonit eurot osalustelt
sidusettevõtetesse ja teistesse finantsinvesteeringutesse.
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele seisuga 30.06.2019 on
toodud aruande leheküljel 19.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil proportsionaalselt konsolideerides vabu
rahalisi vahendeid 2,5 miljonit eurot ning omakapitali 49,9 miljonit eurot (54%
bilansimahust, jättes arvestamata IFRS 16 mõju - 56%). Võrreldavad andmed 2018.
aasta 30. juuni seisuga olid vastavalt 1,4 miljonit eurot ning 51,1 miljonit
eurot (64% bilansimahust). Seisuga 30. juuni 2019 oli kontserni netovõlg 18,6
miljonit eurot, jättes arvestamata IFRS 16 mõju, oli kontserni netovõlg 15,3
miljonit eurot (30. juuni 2018: 14,0 miljonit eurot).
ÄRITEGEVUS
Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtted kajastada konsolideeritud raamatupidamise aruannetes
kapitaliosaluse meetodil. Kontserni sisemises aruandluses jälgib juhtkond
tulemust konsolideerides ühisettevõtted proportsionaalselt. Samuti on sätestatud
sündikaatlaenulepingus teatud suhtarvude jälgimine, võttes arvesse
proportsionaalset konsolideerimist.
Selguse huvides on tegevusaruandes välja toodud kaks versiooni näitajaid: üks,
kus ühisettevõtted on konsolideeritud rida-realt, ning teine, kus ühisettevõtted
on kajastatud kapitaliosaluse meetodil ning nende tulemus kajastub ühe reana
finantstuludes.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 19 ja lisas 1.
FINANTSNÄITAJAD JA SUHTARVUD - ühisettevõtted rida-realt 50% konsolideerituna
Kasumlikkuse
näitajad -
ühisettevõtted
50%
konsolideeritud II kv II kv I pa I pa Muutus 12 kuud
(tuhandetes EUR) 2019 2018 Muutus % 2019 2018 % 2018
Perioodi kohta
Müügitulu 19 471 17 659 10% 36 784 34 010 8% 69 096
EBITDA 1 796 1 676 7% 2 474 2 344 6% 4 206
EBITDA marginaal
(%) 9,2% 9,5% 6,7% 6,9% 6,1%
Ärikasum /(-
kahjum) 674 1 050 -36% 269 890 -70% 944
Ärirentaablus (%) 3,5% 5,9% 0,7% 2,6% 1,4%
Intressikulud (166) (102) -62% (284) (205) -38% (458)
Perioodi
puhaskasum /(-
kahjum) 356 893 -60% (258) 653 -139% 25
Puhasrentaablus
(%) 1,8% 5,1% -0,7% 1,9% 0,0%
Varade tootlus
(%) 0,4% 1,1% -0,3% 0,8% 0,0%
Omakapitali
tootlus (%) 0,7% 1,7% -0,5% 1,2% 0,0%
Puhaskasum
/(kahjum) aktsia
kohta (EPS) 0,01 0,03 (0,01) 0,02 0,00
Finantsnäitajad ja suhtarvud kapitaliosaluse meetodil on esitatud aruande
lehekülgedel 18-19.
SEGMENTIDE ÜLEVAADE
Kontserni tegevus on jagatud kaheks suuremaks segmendiks: meedia segmendiks ja
trükiteenuste segmendiks. Meedia segment hõlmab kontserni tegevusi Eestis, Lätis
ja Leedus. Siia kuuluvad internetiportaali Delfi äritegevus, mitmed teised
uudisteportaalid, mis pakuvad interneti reklaamivõrgu- ja sihtrühmapõhiseid
reklaamimüügi lahendusi, digitaalse välireklaami müüki Eestis ja Lätis, Eesti
nädalalehtede Maaleht, Eesti Ekspress ja LP kirjastamist, päevalehe Eesti
Päevaleht ja tabloidlehe Õhtuleht kirjastamist, tasuta lehe Linnaleht
kirjastamist, raamatute ja ajakirjade kirjastamist Eestis ning kojukandeteenuse
osutamist. Samuti hõlmab meedia segment tehnoloogia- ja innovatsioonikonverentsi
?Login" korraldamist Leedus (alates märts 2019) ning elektroonilise
piletimüügiplatvormi (bilesuparadize.lv (https://www.bilesuparadize.lv/en/)) ja
piletimüügikohtade haldamist Lätis (alates juuni 2019), müües nende kaudu
ürituste korraldajate nimel pileteid erinevatele meelelahutusüritustele.
Trükiteenustesegment hõlmab ASi Printall, mis on suurimaid trükikodasid Eestis.
Trükikojas on võimalik trükkida kvaliteetseid ajakirju, ajalehti,
reklaammaterjale, toote- ja teenustekatalooge, aastaraamatuid, pehmekaanelisi
raamatuid ja muid trükiseid.
Segmentide EBITDA ei sisalda ühekordseid firmaväärtuste ja kaubamärkide
allahindlusi. Agentuuridele makstavaid mahupõhised ja muud tasud on maha arvatud
segmentide reklaamimüügituludest.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 19 ja lisas 1.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
II kv II kv Muutus I pa I pa Muutus 12 kuud
2019 2018 % 2019 2018 % 2018
Meedia segment
(kapitaliosaluse
meetodil) 11 512 9 314 24% 20 869 17 409 20% 37 248
sh tulu kõikidest
digitaalsetest ja
online kanalitest 7 775 6 492 20% 13 829 11 913 16% 24 561
Trükiteenuste segment 6 610 6 355 4% 13 180 12 576 5% 25 242
Kesksed tegevused 508 697 -27% 1 046 1 388 -25% 2 341
Segmentidevahelised
elimineerimised (1 155) (1 062) (2 310) (2 052) (4 342)
KONTSERN KOKKU
kapitaliosaluse
meetodil 17 475 15 304 14% 32 785 29 321 12% 60 489
Meedia segment
(proportsionaalselt
konsolideerituna) 13 684 11 926 15% 25 207 22 635 11% 46 716
sh tulu kõikidest
digitaalsetest ja
online kanalitest 8 030 6 870 17% 14 394 12 597 14% 25 954
Trükiteenuste segment 6 610 6 355 4% 13 180 12 576 5% 25 242
Kesksed tegevused 508 697 -27% 1 046 1 388 -25% 2 341
Segmentidevahelised
elimineerimised (1 330) (1 320) (2 649) (2 589) (5 204)
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 19 471 17 659 10% 36 784 34 010 8% 69 096
(tuhandetes EUR) EBITDA
12
II kv II kv I pa I pa kuud
2019 2018 Muutus % 2019 2018 Muutus % 2018
Meedia segment
(kapitaliosaluse
meetodil) 1 364 1 151 19% 1 800 1 397 29% 3 355
Meedia segment
(proportsionaalselt
konsolideerituna) 1 519 1 202 26% 2 015 1 492 35% 3 329
Trükiteenuste segment 558 783 -29% 1 108 1 484 -25% 2 403
(1
Kesksed tegevused (273) (309) 12% (636) (633) 0% 492)
Segmentidevahelised
elimineerimised (7) 1 (13) 1 (2)
KONTSERN KOKKU
kapitaliosaluse
meetodil 1 643 1 626 1% 2 259 2 248 0% 4 263
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 1 796 1 676 7% 2 474 2 344 6% 4 206
12 kuud
EBITDA marginaal II kv 2019 II kv 2018 I pa 2019 I pa 2018 2018
Meedia segment
(kapitaliosaluse
meetodil) 12% 12% 9% 8% 9%
Meedia segment
(proportsionaalselt
konsolideerituna) 11% 10% 8% 7% 7%
Trükiteenuste segment 8% 12% 8% 12% 10%
KONTSERN KOKKU
kapitaliosaluse meetodil 9% 11% 7% 8% 7%
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 9% 9% 7% 7% 6%
MEEDIA SEGMENT
ONLINE MEEDIA
Olulised edusammud ja märkimisväärsed saavutused riikide lõikes on toodud
alljärgnevalt.
Eesti
* Ekspress Meedia lansseeris uue Delfi IOS rakenduse ning uue Eesti Päevalehe
veebiplatvormi.
* Uue visuaali sai Ekspress Meedia iga-aastane Reisijuht.ee
(https://reisijuht.delfi.ee/) ja Turist.ee (https://turist.delfi.ee/)
fotokonkurss.
* Eesti Päevaleht ja LP tulid turule uue kujunduse ja kontseptsiooniga suvise
reedese ühistootega.
* Maakodu viis Pärnus värskelt valminud erivajadustega inimeste peremajas läbi
heategevuskliku korrastustööde projekti, millega tähistati ajakirja
juubeliaastat.
* Valmis valimistulemuste longread-tüüpi
(https://longread.delfi.ee/a/86329103) kajastus.
* Ekspress Meedia käivitas ?Roolis ei loe"
(https://www.delfi.ee/news/paevauudised/rooliseiloe/) sotsiaalkampaania.
* Ekspress Meedia alustas taas suvise lehelaste projektiga
(https://www.delfi.ee/teemalehed/lehelapsed).
* Ekspress Meedia korraldas mitmeid suurüritusi nagu Eesti Ekspressi
juhtimiskonverents "Julgus teha teisiti", Eesti Naine 95 juubelikontsert
Alexela kontserdimajas, Kroonika meelelahutusauhindade gala Vene
kultuurikeskuses, 10 etendust koorijuhi ja helilooja Gustav Ernesaksa elust
?Hakkame, mehed minema" ning Delfi Rallipäev.
* Õhtuleht Kirjastus lansseeris uued mobiilirakendused ning uuendas kalale.ee
(http://www.kalale.ee) veebiplatvormi.
Läti
* Kvartali lõpuks oli Läti Delfist saanud Läti suurim internetipõhine
uudistekanal nii lugejate koguarvu, veebilehtede vaatamiste arvu kui ka
kasutusaja põhjal.
* Läti Delfi tõi turule tasulise digitellimuste teenuse Delfi Plus.
* 2. kvartalis lisandusid Delfi podcast (https://www.delfi.lv/podkasti/)
keskuses uued rubriigid ja see kasvas jõudsalt.
* Läti Delfi lansseeris vertikaalsete sisuportaalide uuendatud veebiplatformi.
* Läti Delfi kajastas jäähoki maailmameistrivõistlusi, naiste Euroopa
korvpalli meistrivõistlusi ja Wimbledoni tenniseturniiri (sh Wimbledoni
kajastamine kohapealt).
* Vi?a.lv lansseeris multimeedia seeria "Vastuvoolu" - lood lätlastest, kes on
kolinud linnast maale.
* Läti Delfi oli järgmiste gruppide/ürituste peamine meediapartner: Muse
(ansambel), Lampa arvamusfestival, Dentsu Digital Camp konverents, The Sound
Poets (ansambel), Liep?ja ralli, EBIT koverents, Musiqq (ansambel).
* Läti Delfi korraldas avaliku esinemise teemalise konverentsi 'uz:RUNA'
(https://www.delfi.lv/news/delfi-par-mums/runas-speks-nav-tas-skaluma-
aizvadita-delfi-konference-uzruna.d?id=51101235).
* LAMPA vestlusfestivalil osales Läti Delfi 17 erinevas sessioonis ja
paneeldiskussioonis.
Leedu
* Leedu Delfist sai rahvusvahelise faktikontrolli võrgustiku (The
International Fact-Checking Network (https://www.delfi.lt/m360/naujausi-
straipsniai/delfi-tapo-tarptautinio-faktu-tikrinimo-tinklo-
partneriais.d?id=81550287), IFCN) liige.
* Leedu Delfi lansseeris uuesti ingliskeelse informatsioonikanali
(https://en.delfi.lt).
* Avaldati longread-type multimeedia projektid, sh ?Sündmused, mis muutsid
maailma" (http://apps.delfi.lt/ivykiai/), ?Metsavennad"
(https://www.delfi.lt/multimedija/misko-broliai/) ja projekt, millega
tähistati 20 aasta möödumist Zhalgirise võidust korvpalli Euroliigas
(https://www.delfi.lt/apps/eurolygaga/).
* Leedu Delfi lansseeris koos oma partnerettevõtetega ühiskondliku algatuse
"Ärge kissitage silmi" (https://www.delfi.lt/m360/naujausi-
straipsniai/delfi-kviecia-prie-socialines-iniciatyvos-nezvairuok-
prisijungti-menininkus.d?id=81660845), et juhtida tähelepanu
mobiiltelefonide kasutamisele autojuhtimise ajal.
* Leedu Delfi parandas oma lugejate seas top of mind ja spontaanset
(https://www.delfi.lt/m360/naujausi-straipsniai/visuomenes-apklausa-delfi-
yra-pagrindinis-naujienu-portalas-beveik-pusei-lietuvos-
gyventoju.d?id=81486963&fbclid=IwAR3Lcdqy9rOMH9FqiFLLELNo0_rXtP5oiL8SMOxaI-
AiXvODZyjc1UQTR-o) tuntust ning seda, et teda tuntakse kasutajate peamise
infoportaali ja edaspidi ka TV platvormina
(https://www.delfi.lt/m360/naujausi-straipsniai/delfi-tv-suolis-po-
ispudingu-augimo-metu-tapo-populiariausia-interneto-televizija-
lietuvoje.d?id=81525943&fbclid=IwAR3e8Lky1JVxwwawTTJ50QivScUbbOThOj92Mkwx0qq
1jkcOX6XIUin5Ibg).
TRÜKIMEEDIA
Eesti Ajalehtede Liidu andmete põhjal on Õhtuleht viimase 12 kuu jooksul
tervikuna jätkuvalt suurima tiraazhiga päevaleht Eestis. Jaanuaris ja detsembris
oli suurima tiraazhiga ajaleht Maaleht. Viimase 12 kuu joosul on viie suurima
ajalehe tiraazhid langenud umbes 7 600 eksemplari.
2019. aasta II kvartali meediasegmendi müügitulu oli 13,7 miljonit eurot (II
kvartal 2018: 11,9 miljonit eurot) ning 2019. aasta I poolaasta meediasegmendi
müügitulu oli 25,2 miljonit eurot (I poolaasta 2018: 22,6 miljonit eurot).
Müügitulu kasvas 11% võrreldes eelmise aastaga. Müügitulu kasv tuleneb peamiselt
reklaamimüügi tulude kasvust nii Eestis kui ka Leedus.
Digimeedia kasvab ja vaatamata tõsisele konkurentsile ei ole kontsern turuosa
kaotanud ning tulud kasvavad. 2019. aasta I poolaasta lõpuks ulatusid kontserni
digitaalsed tulud 39%-ni kogutuludest ning 57%-ni meediasegmendi tuludest.
Kontserni digitaalsed tulud 2019. aasta I poolaasta jooksul kasvasid 14%
võrreldes sama perioodiga eelmisel aastal.
2019. aasta II kvartalis oli meediasegmendi EBITDA 1,5 miljonit eurot (II
kvartal 2018: 1,2 miljonit eurot) ning 2019. aasta I poolaasta meediasegmendi
EBITDA oli 2,0 miljonit eurot (I poolaasta 2018: 1,5 miljonit eurot). Võrreldes
eelmise aastaga EBITDA kasvas 35%, millest +0,38 miljonit eurot oli alates
01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud" mõju
EBITDA-le.
KINNISVARAPORTAAL
Vastavalt 2019.aasta II kvartalis Turu-uuringute AS-i poolt läbi viidud
uuringule kinnivarafirmade tuntuse osas, on vaid aasta tagasi turule tulnud
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) tuntus kasvanud varasemate
turuvalitsejate kv.ee ja City24 portaalidega pea samale tasemele -
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) on tõusnud vaid ühe aastaga 39%
vastajate jaoks kõige populaarsemaks kinnisvaraotsingu kanaliks.
2019.aasta II kvartali lõpuks on Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
endiselt City24 kinnisvaraportaalist kuulutuste arvult tugevalt ees. Kuulutuste
arv 2019.aasta juuni seisuga oli Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
portaalis 22 548, mis on 5,4% rohkem kui City24 portaalil. Terava konkurentsi
tõttu konkurendid kv.ee ning City24 ei avalikusta alates 2019.aasta veebruarist
enam andmeid oma portaalide külastatavuse kohta Gemius portaalis.
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) 2019.aasta II kvartali nädalase
unikaalsete brauserite keskmine oli 89 821 brauserit.
2019.aasta juuni lõpu seisuga on Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
portaalis aktiivseid kinnisvaraettevõtteid 519 ning 661 tavakasutajat, kellel on
aktiivne kuulutus. Portaaliga liitunud maaklerite arv on 1 614.
Kontsern jätkab aktiivselt portaali arendamisega saavutamaks kõrgemat
positsiooni turul. Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
tootearenduses arendatud esmaklassiline otsingumootor, kus saab näiteks otsida
vara selliste kriteeriumitega nagu "basseiniga maja" ja "lemmikloom lubatud"
(üürikorterid).
Eesti Kinnisvarafirmade Liit (EKFL) valis konkursi "Kinnisvarategu 2018"
võitjaks kinnisvaraportaali Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
loomise.
TRÜKITEENUSTE SEGMENT
AS Printalli 2019. aasta II kvartali müügitulu oli 6,6 miljonit eurot (II
kvartal 2018: 6,4 miljonit eurot) ning 2019. aasta I poolaasta müügitulu oli
13,2 miljonit eurot (I poolaasta 2018: 12,6 miljonit eurot). Müügitulud kasvasid
5% võrreldes eelmise aastaga ja seda mõjutas peamiselt kõrgem paberihind.
Trükiteenuste müügitulu on langenud Eestis peamiselt seoses suurte
kauplusekettide trükimeedia ja reklaamibroshüüride osakaalu langusega. 2019.
aasta II kvartali EBITDA oli 0,6 miljonit eurot (II kvartal 2018: 0,8 miljonit
eurot) ning 2019. aasta I poolaasta EBITDA oli 1,1 miljonit eurot (I poolaasta
2018: 1,5 miljonit eurot). EBITDA vähenes 25% võrreldes eelmise aastaga. Seda
mõjutasid peamiselt kõrgemad sisendhinnad (paber, tööjõud, elekter ja maagaas
jne.) ja samuti tihedam konkurents, mis avaldas negatiivset survet
müügimarginaalidele.
Trükiteenuste segment on juba mitu aastat olnud surve all seoses tavapärase
ajakirjanduse jätkuva digitaliseerumisega ja interneti osatähtsuse suurenemisega
trükitoodete arvel. Jätkub tihe konkurents müügihindade osas. Trükitavate
tiraazhide müügimahud on vähenenud, mis omakorda suurendab trükikulusid. Lisaks
on suureks väljakutseks sisendhindade (sh tööjõud, paber, elekter) kallinemine.
AS Printalli 2019. aasta I poolaasta müügitulu osakaal väljaspool Eestit on 62%
(I poolaasta 2018: 61%).
FINANTSNÄITAJAD JA SUHTARVUD
Kasumlikkuse
näitajad -
ühisettevõtted
kapitaliosaluse
meetodil II kv II kv I pa I pa Muutus 12 kuud
(tuhandetes EUR) 2019 2018 Muutus % 2019 2018 % 2018
Perioodi kohta
Müügitulu 17 475 15 304 14% 32 785 29 321 12% 60 489
EBITDA 1 643 1 626 1% 2 259 2 248 0% 4 263
EBITDA marginaal
(%) 9,4% 10,6% 6,9% 7,7% 7,0%
Ärikasum
/(kahjum) 621 897 -31% 264 790 -67% 1 211
Ärirentaablus (%) 3,6% 5,9% 0,8% 2,7% 2,0%
Intressikulud (166) (99) -68% (282) (196) -44% (443)
Ühisettevõtete
kasum /(kahjum)
kapitaliosaluse
meetodil 51 152 -67% 0 91 -100% (273)
Perioodi
puhaskasum /(-
kahjum) 356 893 -60% (258) 653 -140% 25
Puhasrentaablus
(%) 2,0% 5,8% -0,8% 2,2% 0,0%
Varade tootlus
(%) 0,4% 1,2% -0,3% 0,9% 0,0%
Omakapitali
tootlus (%) 0,7% 1,7% -0,5% 1,2% 0,0%
Puhaskasum aktsia
kohta (EPS) 0,01 0,03 (0,01) 0,02 0,00
Finantsnäitajad ja kasumlikkuse suhtarvud proportsionaalselt konsolideerituna on
esitatud aruande leheküljel 11.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele ja bilansile on kirjeldatud aruande leheküljel 19 ja lisas
1.
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
Bilanss
(tuhandetes EUR) 30.06.2019 31.12.2018 Muutus % 30.06.2019 31.12.2018 Muutus %
Perioodi lõpu
seisuga
Käibevara 17 777 15 631 14% 16 283 13 831 18%
Põhivara 74 616 63 286 18% 74 113 62 907 18%
Varad kokku 92 393 78 917 17% 90 396 76 738 18%
sh raha ja
pangakontod 2 450 2 228 10% 1 507 1 268 19%
sh
firmaväärtus 43 347 39 799 9% 42 303 37 969 11%
Lühiajalised
kohustused 20 203 14 207 42% 18 400 12 186 51%
Pikaajalised
kohustused 22 276 14 276 56% 22 038 14 118 56%
Kohustused kokku 42 479 28 483 49% 40 439 26 304 54%
sh
võlakohustused 21 027 15 554 35% 20 745 15 474 34%
Omakapital 49 914 50 434 -1% 49 957 50 434 -1%
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
30.06.2019 30.06.2019
ilma ilma
Finantssuhtarvud IFRS 16 IFRS 16
(%) 30.06.2019 mõjuta 31.12.2018 30.06.2019 mõjuta 31.12.2018
Omakapitali
osakaal (%) 54% 56% 64% 55% 57% 66%
Võla ja
omakapitali suhe
(%) 42% 35% 31% 42% 35% 31%
Võla ja kapitali
suhe (%) 27% 23% 21% 28% 24% 22%
Koguvõla ja
EBITDA suhe
(total
debt/EBITDA
ratio) 4,85 4,09 3,70 4,85 4,15 3,63
Likviidsuskordaja 0,88 0,90 1,10 0,88 0,99 1,13
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
Seisuga 30.06.2019 on IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele
alljärgnev:
ühisettevõtted
ühisettevõtted 50% kapitaliosaluse meetodil
Bilanss (tuhandetes EUR) konsolideeritud 30.06.2019 30.06.2019
Ehitiste kasutusõigus 3 045 2 801
Rendikohustus
(lühiajaline) 412 368
Rendikohustus
(pikaajaline) 2 883 2 646
Jaotamata kasum (263) (219)
ühisettevõtted 50% ühisettevõtted
Kasumiaruanne (tuhandetes konsolideeritud kapitaliosaluse meetodil
EUR) I pa 2019 I pa 2019
Tegevuskulude vähenemine 462 388
Amortisatsioonikulu
suurenemine 391 351
Arvestuslik intressikulu
rendikohustustel 38 34
Finantssuhtarvude leidmisel kasutatud valemid
Kasum enne intresse, makse, materiaalse
ja immateriaalse põhivara kulumit. EBITDA
ei hõlma vara väärtuse langust,
mida kajastatakse perioodi jooksul või
EBITDA restruktureerimise tulemust.
EBITDA marginaal (%) EBITDA/müügitulu x 100
Ärirentaablus (%) Ärikasum/müügitulu x100
Puhaskasum raamatupidamise
Puhasrentaablus (%) aruandes/müügitulu x100
Puhaskasum aktsia kohta Puhaskasum/keskmine aktsiate arv
Omakapital/ (kohustused + omakapital)
Omakapitali osakaal (%) x100
Kokku väljamakstud dividendisumma /
Dividendi määr (%) Puhaskasum
Intressikandvad võlakohustused
Võla ja omakapitali suhe (%) /omakapital x 100
Intressikandvad võlakohustused - raha ja
pangakontod (netovõlg)
Võla ja kapitali suhe (%) /(netovõlg+omakapital) x 100
Koguvõla ja EBITDA suhe (total
debt/EBITDA ratio) Intressikandvad võlakohustused/EBITDA
Laenumaksete ja intresside
kattekordaja EBITDA/perioodi laenu- ja intressimaksed
Likviidsuskordaja Käibevara/lühiajalised kohustused
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.06.2019 31.12.2018
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 1 507 1 268
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 11 174 9 154
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 143 27
------------------------------------------------------------------------------
Varud 3 459 3 382
------------------------------------------------------------------------------
Käibevara kokku 16 283 13 831
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 1 004 1 588
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 49 44
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 585 2 345
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 337 319
------------------------------------------------------------------------------
Materiaalne põhivara 15 061 11 921
------------------------------------------------------------------------------
Immateriaalne põhivara 56 077 46 691
------------------------------------------------------------------------------
Põhivara kokku 74 113 62 907
------------------------------------------------------------------------------
VARAD KOKKU 90 396 76 738
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Laenukohustused 4 291 1 356
------------------------------------------------------------------------------
Võlad ja ettemaksed 14 002 10 801
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 107 29
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 18 400 12 186
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised laenukohustused 16 454 14 118
------------------------------------------------------------------------------
Muud pikaajalised kohustused 5 584 0
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 22 038 14 118
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 439 26 304
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 92 87
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 17 878 17 878
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (22) (22)
------------------------------------------------------------------------------
Reservid 1 688 1 688
------------------------------------------------------------------------------
Jaotamata kasum 16 044 16 526
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 49 865 50 347
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 49 957 50 434
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 90 396 76 738
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
12 kuud
(tuhandetes EUR) II kv 2019 II kv 2018 I pa 2019 I pa 2018 2018
-------------------------------------------------------------------------------
Müügitulu 17 475 15 304 32 785 29 321 60 489
-------------------------------------------------------------------------------
Müüdud toodangu kulu (14 126) (12 027) (27 223) (23 591) (48 874)
-------------------------------------------------------------------------------
Brutokasum 3 349 3 278 5 562 5 731 11 615
-------------------------------------------------------------------------------
Muud äritulud 170 121 289 160 394
-------------------------------------------------------------------------------
Turunduskulud (894) (718) (1 625) (1 485) (3 108)
-------------------------------------------------------------------------------
Üldhalduskulud (1 969) (1 766) (3 906) (3 582) (7 609)
-------------------------------------------------------------------------------
Muud ärikulud (35) (18) (56) (34) (82)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) 621 897 264 790 1 211
-------------------------------------------------------------------------------
Intressitulud 6 44 12 87 143
-------------------------------------------------------------------------------
Intressikulud (166) (99) (282) (196) (443)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (42) (15) (79) (34) (103)
-------------------------------------------------------------------------------
Kokku
finantstulud/(kulud) (202) (70) (349) (142) (403)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete aktsiatelt
ja osadelt 51 152 0 91 (273)
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt (16) 0 (75) 0 (234)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 454 979 (160) 740 302
-------------------------------------------------------------------------------
Tulumaks (97) (86) (98) (86) (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 356 893 (258) 653 25
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 354 894 (263) 654 6
-------------------------------------------------------------------------------
Vähemusosalusele 2 (1) 5 (1) 19
-------------------------------------------------------------------------------
Koondkasum /(kahjum)
kokku 356 893 (258) 653 25
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasum /(kahjum), mis
on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 354 894 (263) 654 6
-------------------------------------------------------------------------------
Vähemusosalusele 2 (1) 5 (1) 19
-------------------------------------------------------------------------------
Tava- ja lahustunud kasum
/(kahjum) aktsia kohta 0,01 0,03 (0,01) 0,02 0,00
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I pa 2019 I pa 2018
--------------------------------------------------------------------------
Rahavood äritegevusest
--------------------------------------------------------------------------
Aruandeperioodi ärikasum / (-kahjum) 264 790
--------------------------------------------------------------------------
Korrigeerimised:
--------------------------------------------------------------------------
Põhivara kulum ja väärtuse langus 1 977 1 458
--------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest 2 (7)
--------------------------------------------------------------------------
Äritegevuse rahavood:
--------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (1 902) (274)
--------------------------------------------------------------------------
Varude muutus (77) (814)
--------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 2 182 960
--------------------------------------------------------------------------
Rahavood põhitegevusest 2 446 2 113
--------------------------------------------------------------------------
Makstud ettevõtte tulumaks (140) (245)
--------------------------------------------------------------------------
Makstud intressid (317) (196)
--------------------------------------------------------------------------
Rahavood äritegevusest kokku 1 989 1 672
--------------------------------------------------------------------------
Rahavood investeerimistegevusest
--------------------------------------------------------------------------
Tütarettevõtete ost (miinus omandatud sularaha) (4 960) 0
--------------------------------------------------------------------------
Muude investeeringute ost 0 (1 000)
--------------------------------------------------------------------------
Saadud intressid 12 67
--------------------------------------------------------------------------
Põhivara soetamine (1 352) (1 212)
--------------------------------------------------------------------------
Põhivara müük 4 25
--------------------------------------------------------------------------
Antud laenud (78) (476)
--------------------------------------------------------------------------
Antud laenude tagasimaksed 301 574
--------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (6 073) (2 022)
--------------------------------------------------------------------------
Rahavood finantseerimistegevusest
--------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (410) (37)
--------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus 67 (92)
--------------------------------------------------------------------------
Saadud laenud / laenude tagasimaksed 4 667 0
--------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku 4 324 (129)
--------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 240 (479)
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 1 268 1 073
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 1 507 595
--------------------------------------------------------------------------
Lisainformatsioon:
Signe Kukin
Kontserni finantsjuht
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille peamised tegevused
hõlmavad veebimeedia sisutootmist, ajalehtede ja ajakirjade kirjastamist ning
trükiteenuste osutamist Eestis, Lätis ja Leedus. 1989. aastal tegevust alustanud
Ekspress Grupp annab tööd 1700 inimesele, omab juhtivaid veebimeedia portaale
Baltimaades ning kirjastab Eesti loetumaid päeva- ja nädalalehti, lisaks
enamikku Eesti populaarsematest ajakirjadest.
Content of announcement in English
Title
AS Ekspress Grupp: Consolidated unaudited interim report for the Second Quarter and First Half-Year of 2019
Message
The revenue of AS Ekspress Grupp totalled EUR 19.5 million in the 2(nd) quarter
and EUR 36.8 million in the first six months of 2019. Revenue growth continued
to be strong and it increased by 8% as compared to last year. Growth was
primarily driven by digital revenue which increased by 14% as compared to last
year and made up already 57% of the Group's media segment revenue
Despite intense competition, in the first half-year the Group increased its
market share in all markets and achieved a strong leadership position in Latvia.
In the 2(nd) quarter, the Estonian and Lithuanian media companies continued to
be successful both in the sale of advertisements as well as subscriptions.
Advertising sales were also temporarily boosted by the election of the European
Parliament. In Estonia, the growth in the share of digital subscriptions
continued. In the 2(nd) quarter, we launched sales of paid content in Latvia
under the name "Delfi Plus" which similarly to the Estonian market will take
time to change consumer habits and is therefore, a long-term process.
The number of people visiting Delfi portals in all Baltic States has grown more
than that of our competitors. Our journalists in Estonia, Latvia and Lithuania
managed to bring major socially relevant topics to readers which were well
received by both readers and professionals in their field.
The Group's earnings before interest, tax, depreciation and amortisation
(EBITDA) totalled EUR 1.80 million in the 2(nd) quarter and EUR 2.47 million in
the first six months of the year, growing by almost 6% as compared to the same
period last year. In the first half of the year, the Group's consolidated net
loss totalled EUR 0.26 million.
In the 2(nd) quarter, the Group managed to grow media segment profit to EUR 1.5
million as compared to EUR 1.2 million in the same period of 2018. Profitability
growth in the media sector was primarily attributable to the growth in
advertising sales and efficiency attained from cost savings. In the printing
services segment, profits continued to fall by almost 29% as compared to last
year. In a situation where the volumes in the printing segment are falling in
Estonia mostly due to the decline in the share of the print media and
advertising brochures of large store chains, we have nevertheless managed to
maintain our level of exports that made up 62% of the total portfolio of
printing services.
In the 2(nd) quarter, the Group acquired a 100% ownership interest in the
Latvian ticket sales portal SIA Bi?eshu Parad?ze that manages the electronic
ticket sales platform (bilesuparadize.lv (https://www.bilesuparadize.lv/en/))
and ticket sales sites, selling through them tickets to various entertainment
events on behalf of event organisers.
The purpose of the acquisition is to expand into new business sectors, by
focusing on increasing the Group's share of digital revenue, increasing the
Group's return on equity and using the synergy between the new business acquired
and media activities. We also wish to enhance our current core activities and
support the Group in its digital transformation as well as develop the diverse
digital footprint of the Group's business.
At the beginning of June, the technology and innovation conference Login took
place in Vilnius. The Group acquired an ownership interest in the latter in
order to enter the conference market. The purpose of the acquisition of the
ownership interest is to make this innovation and technology conference into one
of the most well-known innovation events in the Baltic States. The conference
"Julgus teha teisiti" ("The Audacity to Do Things Differently") of Eesti
Ekspress that took place for the first time in Tallinn was also well received by
its participants.
In the 2(nd) quarter, the Group's largest media company AS Ekspress Meedia
organised several other major entertainment events, such as the 95(th) jubilee
concert of magazine Eesti Naine in Alexela concert hall, Kroonika's
Entertainment Awards Gala in the Russian Cultural Centre, 10 performances of the
play Hakkame, mehed minema (Men, Let's Get Going) based on the life of choir
conductor and composer Gustav Ernesaks, and Delfi Rally Day. The two latter are
a good example of how Ekspress Meedia uses its potential to address a wide
audience and find current topics, thereby increasing the Company's revenue base.
SUMMARY OF THE RESULTS OF THE SECOND QUARTER AND FIRST HALF-YEAR
In the Group's reporting, the management monitors the performance on the basis
of proportional consolidation of joint ventures. The loan contract also
determines the calculation of some loan covenants while taking into account
proportional consolidation.
REVENUE
The consolidated revenue for the 2(nd) quarter of 2019 totalled EUR 19.5 million
(Q2 2018: EUR 17.7 million) and for 1(st) half-year 2019, it totalled EUR 36.8
million (1(st) half-year 2018: EUR 34.0 million). Revenue increased by 8% as
compared to the previous year. Revenue growth is primarily attributable to the
advertising revenue growth both in Estonia and Lithuania. The share of the
Group's digital revenue made up 39% of total revenue and 57% of media segment
revenue. In the 1(st) half-year 2019, the Group's digital revenue increased by
14% as compared to the same period last year.
PROFITABILITY
In the 2(nd) quarter of 2019, consolidated EBITDA totalled EUR 1.80 million (Q2
2018: EUR 1.68 million) and for the 1(st) half-year 2019, it totalled EUR 2.47
million (1(st) half-year 2018: EUR 2.34 million). EBITDA increased by 6% as
compared to the previous year, of which EUR +0,43 million was related to the
effect of the new accounting standard IFRS 16 Leases on EBITDA entered into
force on 1 January 2019. The EBITDA margin declined to 6.7% (1(st) half-year
2018: 6.9%). In the 1(st) half-year 2019, the net loss totalled EUR -0.26
million (1(st) half-year 2018: EUR 0.65 million). The decline in profitability
was primarily related to the intensifying competition in the printing services
segment and the increase in input prices. In addition, it was related to the
decline in the revenue of print media as well as higher home delivery and labour
costs. In the 1(st) half-year, the additional loss of EUR 0.1 million was
related to interests in associates and other financial investments.
From 1 January 2019, the Group has applied the new mandatory accounting standard
IFRS 16 Leases. Due to this, the leased assets and lease liabilities are
recognised at the present value of lease payments in the balance sheet.
Depreciation on leased assets and the estimated interest expense on lease
liabilities are recognised in the income statement.
The effect of IFRS 16 on the consolidated balance sheet and income statement as
at 30 June 2019 is disclosed on page 19 of the financial statements.
CASH POSITION
At the end of the reporting period, the Group had available cash by proportional
consolidation in the amount of EUR 2.5 million and equity in the amount of EUR
49.9 million (54% of total assets, without taking into account the effect of
IFRS 16 - 56%). The comparative figures as of 30 June 2018 were EUR 1.4 million
and EUR 51.1 million (64% of total assets), respectively. As of 30 June 2019,
the Group's net debt totalled EUR 18.6 million. Without taking into account the
effect of IFRS 16, the Group's net debt totalled EUR 15.3 million (30 June
2018: EUR 14.0 million).
BUSINESS OPERATIONS
In the consolidated financial reports 50% joint ventures are recognised under
the equity method, in compliance with International Financial Reporting
Standards (IFRS). In its monthly reports, the management monitors the Group's
performance on the 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 and the other where joint
ventures are recognised under the equity method and their net result is
presented as financial income in one line.
The effect of the new standard IFRS 16 "Leases" that entered into force on 1
January 2019 is described on page 19 and in Note 1 of the financial statements.
FINANCIAL INDICATORS AND RATIOS - joint ventures consolidated 50% line-by-line
Performance
indicators -
joint ventures
consolidated 1(st) 1(st) 12
50% (EUR Half year Half year months
thousand) Q2 2019 Q2 2018 Change % 2019 2018 Change % 2018
For the period
Sales 19 471 17 659 10% 36 784 34 010 8% 69 096
EBITDA 1 796 1 676 7% 2 474 2 344 6% 4 206
EBITDA margin
(%) 9.2% 9.5% 6.7% 6.9% 6.1%
Operating
profit /(loss) 674 1 050 -36% 269 890 -70% 944
Operating
margin (%) 3.5% 5.9% 0.7% 2.6% 1.4%
Interest
expenses (166) (102) -62% (284) (205) -38% (458)
Net profit
/(loss) for the
period 356 893 -60% (258) 653 -139% 25
Net margin (%) 1.8% 5.1% -0.7% 1.9% 0.0%
Return on
assets (ROA)
(%) 0.4% 1.1% -0.3% 0.8% 0.0%
Return on
equity (ROE)
(%) 0.7% 1.7% -0.5% 1.2% 0.0%
Earnings per
share (EPS) 0.01 0.03 (0.01) 0.02 0.00
Financial indicators and ratios under the equity method are disclosed on pages
18-19 of the financial statements.
SEGMENT OVERVIEW
The Group's activities are divided into two large segments - media segment and
printing services segment
The media segment includes the Group's activities in Estonia, Latvia and
Lithuania. It comprises the operations of online portal Delfi, several other
news portal providing online advertising network and programmatic sales
solutions, digital outdoor advertising in Estonia and Latvia, publishing of the
Estonian weekly newspapers Maaleht, Eesti Ekspress and LP, publishing of the
daily newspaper Päevaleht and tabloid Õhtuleht, publishing of the freesheet
Linnaleht, publishing of books and magazines in Estonia and providing home
delivery services. The media segment also includes organisation of the
technology and innovation conference Login in Lithuania (since March 2019),
management of the electronic ticket sales platform (bilesuparadize.lv
(http://www.bilesuparadize.lv)) and ticket sales sites in Latvia (since June
2019), selling through them tickets to various entertainment events on behalf of
event organisers.
The printing services segment includes AS Printall which one of the largest is
printing companies in Estonia. We are able to print high-quality magazines,
newspapers, advertising materials, product and service catalogues, yearbooks,
paperback books and other publications in our printing plant.
Segment EBITDA does not include one-off write-downs for goodwill and trademarks.
Volume-based fees and other fees payable to agencies have been deducted from the
segment's advertising revenue.
The effect of the new standard IFRS 16 Leases entered into effect on 1 January
2019 on the income statement is described on page 19 and Note 1 to the financial
statements.
Key financial indicators for segments
(EUR thousand) Sales
1(st) 1(st)
Half Half 12
year year months
Q2 2019 Q2 2018 Change % 2019 2018 Change % 2018
Media segment
(under equity
method) 11 512 9 314 24% 20 869 17 409 20% 37 248
incl. revenue
from all digital
and online
channels 7 775 6 492 20% 13 829 11 913 16% 24 561
Printing services
segment 6 610 6 355 4% 13 180 12 576 5% 25 242
Corporate
functions 508 697 -27% 1 046 1 388 -25% 2 341
Inter-segment
eliminations (1 155) (1 062) (2 310) (2 052) (4 342)
TOTAL GROUP under
equity method 17 475 15 304 14% 32 785 29 321 12% 60 489
Media segment (by
proportional
consolidation) 13 684 11 926 15% 25 207 22 635 11% 46 716
incl. revenue
from all digital
and online
channels 8 030 6 870 17% 14 394 12 597 14% 25 954
Printing services
segment 6 610 6 355 4% 13 180 12 576 5% 25 242
Corporate
functions 508 697 -27% 1 046 1 388 -25% 2 341
Inter-segment
eliminations (1 330) (1 320) (2 649) (2 589) (5 204)
TOTAL GROUP by
proportional
consolidation 19 471 17 659 10% 36 784 34 010 8% 69 096
(EUR thousand) EBITDA
1(st) 1(st)
Half Half 12
year year months
Q2 2019 Q2 2018 Change % 2019 2018 Change % 2018
Media segment
(under equity
method) 1 364 1 151 19% 1 800 1 397 29% 3 355
Media segment (by
proportional
consolidation) 1 519 1 202 26% 2 015 1 492 35% 3 329
Printing services
segment 558 783 -29% 1 108 1 484 -25% 2 403
Corporate
functions (273) (309) 12% (636) (633) 0% (1 492)
Inter-segment
eliminations (7) 1 (13) 1 (2)
TOTAL GROUP under
equity method 1 643 1 626 1% 2 259 2 248 0% 4 263
TOTAL GROUP by
proportional
consolidation 1 796 1 676 7% 2 474 2 344 6% 4 206
1(st) Half 1(st) Half 12 months
EBITDA margin Q2 2019 Q2 2018 year 2019 year 2018 2018
Media segment (under
equity method) 12% 12% 9% 8% 9%
Media segment (by
proportional
consolidation) 11% 10% 8% 7% 7%
Printing services
segment 8% 12% 8% 12% 10%
TOTAL GROUP under
equity method 9% 11% 7% 8% 7%
TOTAL GROUP by
proportional
consolidation 9% 9% 7% 7% 6%
MEDIA SEGMENT
ONLINE MEDIA
Important progress and significant accomplishments per country are listed below.
Estonia
* Ekspress Meedia launched a new Delfi IOS application and a new web platform
of Eesti Päevaleht.
* The annual photography competition of Ekspress Media's Reisijuht.ee
(https://reisijuht.delfi.ee/) and Turist.ee (https://turist.delfi.ee/)
received a new visual appearance.
* Eesti Päevaleht and LP launched a joint Friday edition with a new design and
concept.
* Maakodu arranged a charity project at the recently opened family house for
the people with special needs in Pärnu, celebrating the magazine's jubilee.
* Delfi published longread-type (https://longread.delfi.ee/a/86329103)
analysis of the elections.
* Ekspress Meedia launched the social campaign Roolis ei loe
(https://www.delfi.ee/news/paevauudised/rooliseiloe/) (Don't Read While
Driving).
* Ekspress Meedia relaunched the summer paperboy project
(https://www.delfi.ee/teemalehed/lehelapsed).
* Ekspress Meedia organised several major events, such as Eesti Ekspress
conference "The Audacity to Do Things Differently", the 95(th) jubilee
concert of magazine Eesti Naine in Alexela concert hall, Kroonika's
Entertainment Awards Gala in the Russian Cultural Centre, Delfi Rally Day,
and 10 performances of the play Hakkame, mehed minema (Men, Let's Get Going)
based on the life of choir conductor and composer Gustav Ernesaks.
* Õhtuleht Kirjastus launched new mobile applications and revamped the web
platform kalale.ee (http://www.kalale.ee).
Latvia
* Delfi Latvia finished the quarter as the biggest online news outlet in
Latvia by total audience, page views and user time-share.
* Delfi Latvia introduced paid digital subscription service Delfi Plus to the
market.
* During Q2, Delfi podcast center (https://www.delfi.lv/podkasti/) got a
number of content additions and was growing rapidly.
* Delfi Latvia launched web platform refresh for vertical content portals.
* Delfi Latvia covered Ice Hockey World, European women basketball and
Wimbledon championships in tennis (including local coverage from Wimbledon).
* Vi?a.lv launched of multimedia series "Against a flow" - stories about
Latvians who have moved from city to countryside.
* Delfi Latvia served as main media partner for: Muse (band), Lampa talk
festival, Dentsu Digital Camp, Sound poets band, Rally Liep?ja, EBIT
conference, Sound Poets band, Musiqq band.
* Delfi Latvia organised 'uz:RUNA' (https://www.delfi.lv/news/delfi-par-
mums/runas-speks-nav-tas-skaluma-aizvadita-delfi-konference-
uzruna.d?id=51101235), a conference of public speaking.
* During talk festival LAMPA Delfi Latvia participated in 17 different
sessions and panel discussions.
Lithuania
* Delfi Lithuania became a member of The International Fact-Checking Network
(https://www.delfi.lt/m360/naujausi-straipsniai/delfi-tapo-tarptautinio-
faktu-tikrinimo-tinklo-partneriais.d?id=81550287), IFCN.
* Delfi Lithuania relaunched English information channel
(https://en.delfi.lt).
* Longread-type multimedia projects such as ?Events, that changed the world"
(http://apps.delfi.lt/ivykiai/), ?Forest Brothers"
(https://www.delfi.lt/multimedija/misko-broliai/) and a project to
commemorate the twentieth anniversary of Zhalgiris victory in Euroleague
(https://www.delfi.lt/apps/eurolygaga/) were published.
* Delfi Lithuania together with partner companies launched a social initiative
"do not squint" (https://www.delfi.lt/m360/naujausi-straipsniai/delfi-
kviecia-prie-socialines-iniciatyvos-nezvairuok-prisijungti-
menininkus.d?id=81660845) to draw attention on the issue of mobile phone use
while driving.
* Delfi Lithuania improved top of mind awareness
(https://www.delfi.lt/m360/naujausi-straipsniai/visuomenes-apklausa-delfi-
yra-pagrindinis-naujienu-portalas-beveik-pusei-lietuvos-
gyventoju.d?id=81486963&fbclid=IwAR3Lcdqy9rOMH9FqiFLLELNo0_rXtP5oiL8SMOxaI-
AiXvODZyjc1UQTR-o) among users, also spontaneous awareness, recognition of
being users main information portal as well as recognition of becoming a TV
platform (https://www.delfi.lt/m360/naujausi-straipsniai/delfi-tv-suolis-po-
ispudingu-augimo-metu-tapo-populiariausia-interneto-televizija-
lietuvoje.d?id=81525943&fbclid=IwAR3e8Lky1JVxwwawTTJ50QivScUbbOThOj92Mkwx0qq
1jkcOX6XIUin5Ibg).
PRINT MEDIA
Based on the data of the Estonian Newspaper Association, the daily newspaper
with the largest circulation in Estonia for the last 12 months continues to be
Õhtuleht. In January and December, the newspaper with the largest circulation
was Maaleht. During the last 12 months, the circulation of the five largest
newspapers has declined by 7 600 copies.
In the 2(nd) quarter of 2019, the revenue in the media segment totalled EUR
13.7 million (Q2 2018: EUR 11.9 million) and in the 1(st) half-year 2019, it
totalled EUR 25.2 million (1(st) half-year 2018: EUR 22.6 million). Revenue
increased by 11% as compared to the previous year. Revenue growth is primarily
attributable to the advertising revenue growth in Estonia and Lithuania.
Digital media keeps growing and despite tough competition, we have not lost
market share and our revenue is increasing. By the end of the 1(st) half-year
2019, the Group's digital revenue made up 39% of total revenue and 57% of the
media segment revenue. The Group's digital revenue in the 1(st) half-year 2019
increased by 14% as compared to the same period last year.
The EBITDA of the media segment in the 2(nd) quarter of 2019 totalled EUR 1.5
million (2(nd) quarter 2018: EUR 1.2 million) and in the 1(st) half-year 2019,
it totalled EUR 2.0 million (1(st) half-year 2018: EUR 1.5 million). As compared
to the previous year, EBITDA increased by 35%, of which EUR +0,38 million was
the effect of the new accounting standard IFRS 16 Leases entered into force on
1 January 2019 on EBITDA.
REAL ESTATE PORTAL
According to the survey on the recognition of real estate companies that was
conducted by Turu-uuringute AS in the 2(nd) quarter of 2019, the recognition of
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) that was launched just one year
ago has reached almost the same level as that of the market leaders kv.ee and
City24. In just one year, Kinnisvara24.ee (https://kinnisvara24.delfi.ee) has
become the most popular real estate search channel for 39% of the respondents.
By the end of the 2(nd) quarter of 2019, Kinnisvara24.ee
(https://kinnisvara24.delfi.ee) still surpasses its key competitor, real estate
portal City24. As of 30 June 2019, there were 22 548 advertisements in the
portal Kinnisvara24.ee (https://kinnisvara24.delfi.ee) which is 5.4% more than
the portal City24 had. Due to intense competition, from February 2019 the
competitors kv.ee and City24 do not publish the data on the number of people
visiting their sites. In the 2(nd) quarter of 2019, the average number of
browsers of Kinnisvara24.ee (https://kinnisvara24.delfi.ee) was 89 821 on
average.
As of 30 June 2019, there were 519 active real estate companies and 661 regular
users with active ads in the portal Kinnisvara24.ee
(https://kinnisvara24.delfi.ee). The number of brokers who had joined the portal
was 1 614.
The Group will continue to actively develop the portal to attain the leadership
position in the market. The first-class search engine developed for
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) enables to search real estate
properties by such criteria as "house with a pool" and "pets allowed" (rental
properties).
At the competition "Real Estate Deal of the Year", the Estonian Real Estate
Agents' Association awarded the first prize to the development of the real
estate portal Kinnisvara24.ee.
PRINTING SERVICES SEGMENT
In the 2(nd) quarter of 2019, the revenue of AS Printall totalled EUR 6.6
million (Q2 2018: EUR 6.4 million) and in the 1(st) half-year 2019, it totalled
EUR 13.2 million (1(st) half-year 2018: EUR 12.6 million). Revenue increased by
5% as compared to the previous year and it was primarily impacted by higher
paper prices. The revenue of printing services has declined in Estonia due to
the decline of the share of printed media and advertising brochures of large
store chains. In the 2(nd) quarter of 2019, EBITDA totalled EUR 0.6 million (Q2
2018: EUR 0.8 million) and in the 1(st) half-year 2019, it totalled EUR 1.1
million (1(st) half-year 2018: EUR 1.5 million). EBITDA decreased by 25% as
compared to the previous year. This was primarily impacted by higher input
prices (paper, labour, electricity, natural gas, etc.) as well as tighter
competition which put negative pressure on sales margins.
For several consecutive years, the printing services segment has been under
pressure due to continued digitalisation of regular journalism and increasing
popularity of Internet as compared to printed products. Competition concerning
sales prices continues to be intense. The sales volumes of print circulations
have declined which in turn leads to higher printing costs. In addition,
appreciation of input prices (incl. labour, paper and electricity) is another
major challenge.
In the 1(st) half-year 2019, the revenue of AS Printall in other countries is
62% (1(st) half-year 2018: 61%).
FINANCIAL INDICATORS AND RATIOS
Performance
indicators -
joint ventures
under equity 1(st) 1(st)
method (EUR Half year Half year 12 months
thousand) Q2 2019 Q2 2018 Change % 2019 2018 Change % 2018
For the period
Sales 17 475 15 304 14% 32 785 29 321 12% 60 489
EBITDA 1 643 1 626 1% 2 259 2 248 0% 4 263
EBITDA margin
(%) 9.4% 10.6% 6.9% 7.7% 7.0%
Operating
profit /(loss) 621 897 -31% 264 790 -67% 1 211
Operating
margin (%) 3.6% 5.9% 0.8% 2.7% 2.0%
Interest
expenses (166) (99) -68% (282) (196) -44% (443)
Profit /(loss)
of joint
ventures under
equity method 51 152 -67% 0 91 -100% (273)
Net profit
/(loss) for
the period 356 893 -60% (258) 653 -140% 25
Net margin (%) 2.0% 5.8% -0.8% 2.2% 0.0%
Return on
assets (ROA)
(%) 0.4% 1.2% -0.3% 0.9% 0.0%
Return on
equity (ROE)
(%) 0.7% 1.7% -0.5% 1.2% 0.0%
Earnings per
share (EPS) 0.01 0.03 (0.01) 0.02 0.00
Financial indicators and profitability ratios by proportional consolidation are
disclosed on page 11 of the financial statements.
The effect of the new standard IFRS 16 "Leases" that entered into effect on 1
January 2019 on the income statement and balance sheet is described on page 19
and Note 1 of the financial statements.
joint ventures 50% joint ventures under equity
consolidated method
Balance sheet
(EUR thousand) 30.06.2019 31.12.2018 Change % 30.06.2019 31.12.2018 Change %
As of the end of
the period
Current assets 17 777 15 631 14% 16 283 13 831 18%
Non-current
assets 74 616 63 286 18% 74 113 62 907 18%
Total assets 92 393 78 917 17% 90 396 76 738 18%
incl. cash and
bank 2 450 2 228 10% 1 507 1 268 19%
incl. goodwill 43 347 39 799 9% 42 303 37 969 11%
Current
liabilities 20 203 14 207 42% 18 400 12 186 51%
Non-current
liabilities 22 276 14 276 56% 22 038 14 118 56%
Total
liabilities 42 479 28 483 49% 40 439 26 304 54%
incl.
borrowings 21 027 15 554 35% 20 745 15 474 34%
Equity 49 914 50 434 -1% 49 957 50 434 -1%
joint ventures 50% consolidated joint ventures under equity method
30.06.2019 30.06.2019 30.06.2019
without without without
Financial the effect the effect the effect
ratios (%) 30.06.2019 of IFRS 16 30.06.2019 of IFRS 16 30.06.2019 of IFRS 16
Equity
ratio (%) 54% 56% 64% 55% 57% 66%
Debt to
equity
ratio (%) 42% 35% 31% 42% 35% 31%
Debt to
capital
ratio (%) 27% 23% 21% 28% 24% 22%
Total
debt/EBITDA
ratio 4.85 4.09 3.70 4.85 4.15 3.63
Liquidity
ratio 0.88 0.90 1.10 0.88 0.99 1.13
From 1 January 2019, the Group applied the new mandatory accounting standard
IFRS 16 "Leases" to recognise rental expenses. Due to this, the leased assets
and lease liabilities are recognised at the present value of lease payments and
depredation on leased assets and the estimates interest expenses on lease
liabilities is recognised in the income statement.
As of 30.06.2019, the effect of IFRS 16 on the consolidated balance sheet and
income statement is as follows:
joint ventures 50% joint ventures under
Balance sheet (EUR thousand) consolidated 30.06.2019 equity method 30.06.2019
Right of use of buildings 3 045 2 801
Lease liability (short-term) 412 368
Lease liability (long-term) 2 883 2 646
Retained earnings (263) (219)
joint ventures 50% joint ventures under
Income statement (EUR consolidated equity method
thousand) 1(st) Half year 2019 1(st) Half year 2019
Decrease in operating
expenses 462 388
Increase in depreciation 391 351
Estimated interest expense
on lease liabilities 38 34
Formulas used to calculate the financial ratios
Earnings before interest, tax, depreciation and
amortisation. EBITDA does not include any
impairment losses
recognised during the period or result from
EBITDA restructuring.
EBITDA margin (%) EBITDA/sales x 100
Operating margin (%) Operating profit/sales x100
Net margin (%) Net margin in financial statements/sales x100
Earnings per share Net profit / average number of shares
Equity ratio (%) Equity/ (liabilities + equity) x100
Dividend rate (%) Total amount of dividends paid / Net profit
Debt to equity ratio (%) Interest bearing liabilities /equity x 100
Interest bearing liabilities - cash and cash
Debt to capital ratio (%) equivalents (net debt) /(net debt +equity) x 100
Total debt/EBITDA ratio Interest bearing borrowings /EBITDA
Debt service coverage ratio EBITDA/loan and interest payments for the period
Liquidity ratio Current assets / current liabilities
Return on assets ROA (%) Net profit /average assets x 100
Return on equity ROE (%) Net profit /average equity x 100
Consolidated balance sheet (unaudited)
(EUR thousand) 30.06.2019 31.12.2018
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 1 507 1 268
-------------------------------------------------------------------------------
Trade and other receivables 11 174 9 154
-------------------------------------------------------------------------------
Corporate income tax prepayment 143 27
-------------------------------------------------------------------------------
Inventories 3 459 3 382
-------------------------------------------------------------------------------
Total current assets 16 283 13 831
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Trade and other receivables 1 004 1 588
-------------------------------------------------------------------------------
Deferred tax asset 49 44
-------------------------------------------------------------------------------
Investments in joint ventures 1 585 2 345
-------------------------------------------------------------------------------
Investments in associates 337 319
-------------------------------------------------------------------------------
Property, plant and equipment 15 061 11 921
-------------------------------------------------------------------------------
Intangible assets 56 077 46 691
-------------------------------------------------------------------------------
Total non-current assets 74 113 62 907
-------------------------------------------------------------------------------
TOTAL ASSETS 90 396 76 738
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 4 291 1 356
-------------------------------------------------------------------------------
Trade and other payables 14 002 10 801
-------------------------------------------------------------------------------
Corporate income tax payable 107 29
-------------------------------------------------------------------------------
Total current liabilities 18 400 12 186
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 16 454 14 118
-------------------------------------------------------------------------------
Other long-term liabilities 5 584 0
-------------------------------------------------------------------------------
Total non-current liabilities 22 038 14 118
-------------------------------------------------------------------------------
TOTAL LIABILITIES 40 439 26 304
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority shareholding 92 87
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 17 878 17 878
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (22) (22)
-------------------------------------------------------------------------------
Reserves 1 688 1 688
-------------------------------------------------------------------------------
Retained earnings 16 044 16 526
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 49 865 50 347
-------------------------------------------------------------------------------
TOTAL EQUITY 49 957 50 434
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 90 396 76 738
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
1(st) Half 1(st) Half 12 months
(EUR thousand) Q2 2019 Q2 2018 year 2019 year 2018 2018
-------------------------------------------------------------------------------
Sales 17 475 15 304 32 785 29 321 60 489
-------------------------------------------------------------------------------
Cost of sales (14 126) (12 027) (27 223) (23 591) (48 874)
-------------------------------------------------------------------------------
Gross profit 3 349 3 278 5 562 5 731 11 615
-------------------------------------------------------------------------------
Other income 170 121 289 160 394
-------------------------------------------------------------------------------
Marketing expenses (894) (718) (1 625) (1 485) (3 108)
-------------------------------------------------------------------------------
Administrative
expenses (1 969) (1 766) (3 906) (3 582) (7 609)
-------------------------------------------------------------------------------
Other expenses (35) (18) (56) (34) (82)
-------------------------------------------------------------------------------
Operating profit
/(loss) 621 897 264 790 1 211
-------------------------------------------------------------------------------
Interest income 6 44 12 87 143
-------------------------------------------------------------------------------
Interest expenses (166) (99) (282) (196) (443)
-------------------------------------------------------------------------------
Other finance income
and costs (42) (15) (79) (34) (103)
-------------------------------------------------------------------------------
Net finance cost (202) (70) (349) (142) (403)
-------------------------------------------------------------------------------
Profit (loss) on
shares of joint
ventures 51 152 0 91 (273)
-------------------------------------------------------------------------------
Profit (loss) on
shares of associates (16) 0 (75) 0 (234)
-------------------------------------------------------------------------------
Profit /(loss) before
income tax 454 979 (160) 740 302
-------------------------------------------------------------------------------
Income tax expense (97) (86) (98) (86) (276)
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period 356 893 (258) 653 25
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period attributable
to
-------------------------------------------------------------------------------
Equity holders of the
parent company 354 894 (263) 654 6
-------------------------------------------------------------------------------
Minority shareholders 2 (1) 5 (1) 19
-------------------------------------------------------------------------------
Total comprehensive
income 356 893 (258) 653 25
-------------------------------------------------------------------------------
Comprehensive income
for the reporting
period attributable
to
-------------------------------------------------------------------------------
Equity holders of the
parent company 354 894 (263) 654 6
-------------------------------------------------------------------------------
Minority shareholders 2 (1) 5 (1) 19
-------------------------------------------------------------------------------
Basic and diluted
earnings per share 0.01 0.03 (0.01) 0.02 0.00
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 1(st) Half year 2019 1(st) Half year 2018
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the
reporting year 264 790
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation, amortisation and
impairment 1 977 1 458
-------------------------------------------------------------------------------
(Gain)/loss on sale and write-down
of property, plant and equipment 2 (7)
-------------------------------------------------------------------------------
Cash flows from operating
activities:
-------------------------------------------------------------------------------
Trade and other receivables (1 902) (274)
-------------------------------------------------------------------------------
Inventories (77) (814)
-------------------------------------------------------------------------------
Trade and other payables 2 182 960
-------------------------------------------------------------------------------
Cash generated from operations 2 446 2 113
-------------------------------------------------------------------------------
Income tax paid (140) (245)
-------------------------------------------------------------------------------
Interest paid (317) (196)
-------------------------------------------------------------------------------
Net cash generated from operating
activities 1 989 1 672
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Purchase of subsidiaries (less
acquired cash) (4 960) 0
-------------------------------------------------------------------------------
Purchase of other investments 0 (1 000)
-------------------------------------------------------------------------------
Interest received 12 67
-------------------------------------------------------------------------------
Purchase of property, plant and
equipment (1 352) (1 212)
-------------------------------------------------------------------------------
Proceeds from sale of property,
plant and equipment (Note 5) 4 25
-------------------------------------------------------------------------------
Loans granted (78) (476)
-------------------------------------------------------------------------------
Loan repayments received 301 574
-------------------------------------------------------------------------------
Net cash used in investing
activities (6 073) (2 022)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Finance lease payments made (410) (37)
-------------------------------------------------------------------------------
Change in overdraft 67 (92)
-------------------------------------------------------------------------------
Loans received / Repayments of bank
loans 4 667 0
-------------------------------------------------------------------------------
Net cash used in financing
activities 4 324 (129)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND
CASH EQUIVALENTS 240 (479)
-------------------------------------------------------------------------------
Cash and cash equivalents at the
beginning of the year 1 268 1 073
-------------------------------------------------------------------------------
Cash and cash equivalents at the end
of the year 1 507 595
-------------------------------------------------------------------------------
Additional information:
Signe Kukin
Group CFO
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading media group in the Baltic States whose key
activities include web media content production, publishing of newspapers and
magazines and provision of printing services in Estonia, Latvia and Lithuania.
Ekspress Grupp that launched its operations in 1989 employs 1700 people, owns
leading web media portals in the Baltic States and publishes the most popular
daily and weekly newspapers as well as the majority of the most popular
magazines in Estonia.