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
8339
Attachments
Submission date and time
30.10.2020 08:00:00
Content of announcement in Estonian
Title
AS Ekspress Grupp: 2020.aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Message
ASi Ekspress Grupp 2020. aasta III kvartali müügitulu oli 15,2 miljonit ja
puhaskasum 1,08 miljonit eurot. 9 kuu müügitulu oli 44,8 miljonit ja puhaskasum
0,92 miljonit eurot. Kontserni digitaalsete tulude osakaal moodustas septembri
lõpus 48% kogukäibest ning 70% meedia segmendi käibest (2019 9 kuud vastavalt
44% kogukäibest ja 68% meedia segmendi käibest).
Kontserni III kvartali müügitulu taastus eriolukorrast tingitud madalseisust
hästi ja oli samal tasemel võrreldes eelmise aastaga. 9 kuu müügitulu oli
peamiselt II kvartali eriolukorra mõjul ca 6% väikesem kui 2019. aastal. Kui II
kvartalis oli selge müügitulude langus tulenevalt klientide ettevaatlikkusest,
siis kolmandas kvartalis nägime käibe taastumist, seda eriti veebireklaami
numbrites.
Ekspress Grupp kasvatas III kvartalis digitaalseid tulusid, mis moodustasid 70%
kontserni meediasegmendi müügituludest ning 48% kontserni kogukäibest. Kasvu
aitas saavutada III kvartalis jätkuvalt suurenenud Ekspress Grupi
meediaväljaannete digitellimuste hulk, mis jõudis Balti riikides kokku 71
tuhande tellijani, kasvades kvartaliga üle 12%, ning olles 42% enam võrreldes
2019. aasta lõpu seisuga. Digitellimuste kasv on hoogustunud peale erakordseid
sündmusi maailmas, mis näitab hästi, et lugeja hindab toimetatud sisu ning on
nõus selle eest ka tasuma. Digitulud kasvasid nii Eestis, Lätis kui Leedus.
Eestis, kus oleme pakkunud tasulist sisu Balti riikidest kõige kauem, moodustas
III kvartali lõpuks Ekspress Grupi väljaannete digitellimuste arv 53% Eesti
Meediaettevõtete Liidu poolt avaldatavast koguturu mahust. Läti ja Leedu
potentsiaal on samuti avanemas ning digitellimuste arv kiirelt kasvamas.
Ekspress Grupi kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA)
oli III kvartalis 2,23 miljonit eurot, mis on 0,91 miljonit eurot rohkem
võrreldes 2019. aasta III kvartaliga. III kvartali EBITDA sisaldab 0,41 miljonit
eurot ühekordseid koroonakriisiga seotud riiklikke abimeetmeid. EBITDA oli 9
kuuga kokku 4,56 miljonit eurot (sh 0,73 miljonit eurot koroonakriisiga seotud
riiklikke abimeetmeid), kasvades 27% võrdluses eelmise aastaga.
Kontserni puhaskasum oli III kvartalis 1,08 miljonit eurot, mis on 1,06 miljonit
rohkem kui eelmisel aastal. III kvartali tulemust mõjutab positiivselt jätkuv
kulude kokkuhoid ning müügitulude taastumine. 9 kuuga teenis kontsern 0,92
miljonit eurot puhaskasumit, mis on 1,16 miljoni võrra rohkem kui 2019. aastal.
9 kuu tulemuse peamine mõju tuleb III kvartalist.
Kontsern tegutses jätkuvalt kulude kokkuhoiu rezhiimil ning otsis võimalusi
efektiivsuse tõstmiseks. Kriisikuudel reageeris kontsern koheselt kulude
vähendamisega ning 9 kuuga kokku on kulubaasi vähendatud ca 3 miljoni euro võrra
võrreldes eelmise aastaga, mis on samas suurusjärgus 9 kuu müügitulude
vähenemisega. Eriolukord II kvartalis, kus enamik meedia segmendi töötajatest
töötas distantsilt, andis hea võimaluse töökorralduse ümbervaatamiseks,
kontoripinna ümberjaotamiseks ning madalama kulubaasi hoidmiseks. Samas on
meedia segmendis oluline riskikoht tuleviku osas Eesti pabermeedia
kojukandekulud, sest pole jõutud pikaajalise kokkuleppeni kandehindade ja riigi
osaluse osas kandevõrgu ülalpidamisel. Ekspress Grupp näeb ohuna riigi kui
kojukandeorganisatsiooni omaniku vähest huvi kandevõrgu optimeerimisel. Kontsern
on korduvalt teemale tähelepanu pööranud ja valmis otsima efektiivsemaid
meetodeid pikaajaliseks lahenduseks.
Kõige enam on COVID-19-st tingitud eriolukord mõjutanud Läti
piletimüügiplatvormi tegevust. Läti riik on seadnud 50%-lise piirangu saalide
täituvuse osas ning ettevõtte tegevus on seetõttu oluliselt piiratud võrreldes
eelmise aastaga. Samas on piletimüügiplatvorm saanud keskenduda oma
veebiplatvormi arendusele ning lansseeris uue ja oluliselt tänapäevasema
lahenduse lõppklientidele. Uued tehnilised võimalused sealjuures riigi poolt
seatud nõuded piletiplatvormi kliendiprofiilile, kus iga pileti ostnud klient on
tuvastatav, mille oleme enda süsteemides edukalt arendanud, on aidanud turuosa
pea kahekordistada, kuid tegevus jääb riiklike piirangute tõttu siiski oluliselt
pärsituks ka järgmistel kuudel.
Septembri algusest käivitus Leedus Delfi TV uus hooaeg, mille jooksul näidatakse
üle 50 erineva saate ning rohkem kui kuue tunni ulatuses igapäevaseid
otseülekandeid. Delfi TV alustas Leedus 2020. aasta alguses üle-leedulise tv-
kanalina vabalevis. Delfi kasutajate seas on videosisu saamas üha olulisemaks.
Delfi voogedastusteenused on end juba tõestamas Leedu turul, kus Delfi on üks
enim vaadatud netitelevisioone.
Kontserni likviidsus on jätkuvalt hea. 30. septembri 2020 seisuga on kontsernil
rahalisi vahendeid 5,8 miljonit eurot (30.09.2019 2,8 miljonit eurot).
Likviidsust mõjutasid positiivselt pankade poolt antud maksepuhkused,
maksukohustuste ajatamine ning Eesti Töötuskassalt saadud töötasu hüvitis.
Likviidsuspositsiooni hoidmine on Kontsernile oluline, sest koroonamõjudest
tingitud kriisi edasine ulatus on veel teadmata.
KOKKUVÕTE III KVARTALI JA 9 KUU TULEMUSTEST
Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtted kajastada konsolideeritud raamatupidamise aruannetes
kapitaliosaluse meetodil. Selleks, et aruandetarbijale tagada selgem ühtne vaade
raamatupidamise aruannetega, on alates 2020. aasta I kvartalist tegevusaruandes
esitatud ainult näitajaid, milles ühisettevõtted on kajastatud kapitaliosaluse
meetodil ning nende tulemus kajastub ühe reana finantstuludes.
MÜÜGITULU
2020. aasta III kvartali konsolideeritud müügitulu oli 15,2 miljonit eurot (III
kvartal 2019: 15,0 miljonit eurot). III kvartali müügitulu suurenes 1% võrreldes
eelmise aastaga. 2020. aasta 9 kuu konsolideeritud müügitulu oli 44,8 miljonit
eurot (9 kuud 2019: 47,8 miljonit eurot). Kontserni digitaalsete tulude osakaal
moodustas III kvartali lõpus 48% kogukäibest ning 70% meedia segmendi käibest
(2019 III kvartal vastavalt 44% kogukäibest ja 68% meedia segmendi käibest).
KASUMLIKKUS
2020. aasta III kvartali konsolideeritud EBITDA oli 2,23 miljonit eurot (III
kvartal 2019: 1,32 miljonit eurot) ja 2020. aasta 9 kuu konsolideeritud EBITDA
oli 4,56 miljonit eurot (9 kuud 2019: 3,58 miljonit eurot). 2020. aasta III kv
EBITDA kasvas 69% võrreldes eelmise aastaga ning EBITDA marginaal oli 14,7% (III
kvartal 2019: 8,8%) ja 2020. aasta 9 kuu EBITDA kasvas 27% võrreldes eelmise
aastaga ning EBITDA marginaal oli 10,2% (9 kuud 2019: 7,5%). Kasumlikkust
mõjutas positiivselt 2020. aasta II ja III kvartalis väga olulised
kontserniülesed kulude kokkuhoiud (sh palgakärped) ja II kvartalis saadud
töötasu hüvitis Eesti Töötukassalt kokku summas 1,14 miljonit eurot, mis
periodiseeritakse tulusse II - IV kvartali jooksul. 2020. aasta III kvartali
EBITDA-s moodustas töötasu hüvitis 0,41 miljonit eurot ja 2020. aasta 9 kuu
EBITDA-s moodustas töötasu hüvitis 0,73 miljonit eurot. 2020. aasta III kvartali
puhaskasum oli 1,08 miljonit eurot, mida on võrreldes 2019. aasta sama
perioodiga 1,06 miljonit eurot enam.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 5,8 miljonit eurot
ja omakapitali 52,6 miljonit eurot (55% bilansimahust). Võrreldavad andmed
2019. aasta 30. september seisuga olid vastavalt 2,8 miljonit eurot ning 50,0
miljonit eurot (55% bilansimahust). Seisuga 30. september 2020 oli kontserni
netovõlg 16,5 miljonit eurot (30. september 2019: 16,7 miljonit eurot).
Tulenevalt COVID-19 eriolukorrast oli kontsernil kokkulepe AS-iga SEB Pank
laenumaksete peatamiseks perioodil märts-august 2020 (1,2 miljonit eurot) ja AS-
iga Citadele banka laenumaksete peatamiseks perioodil juuni-november 2020 (0,3
miljonit eurot). Täiendavalt on kontserni rahapositsiooni mõjutanud positiivelt
Eesti Töötukassalt saadud töötasu hüvitis (1,14 miljonit eurot) ja eriolukorra
ajal tekkinud maksukohustuse (1,60 miljonit eurot) ajatamine perioodiks 24 kuud.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
III kv III kv Muutus 9 kuud 9 kuud Muutus 12 kuud
2020 2019 % 2020 2019 % 2019
Meedia segment 10 709 9 908 8% 30 572 30 777 -1% 44 218
sh tulu
kõikidest
digitaalsetest ja
online kanalitest 7 812 6 987 12% 21 338 20 815 3% 30 534
sh % tulu
kõikidest
digitaalsetest ja
online kanalitest 73% 71% 70% 68% 69%
Trükiteenuste segment 4 901 5 608 -13% 15 714 18 789 -16% 25 695
Kesksed tegevused 693 512 35% 1 728 1 558 11% 2 076
Segmentidevahelised
elimineerimised (1 125) (1 043) (3 243) (3 353) (4 533)
KONTSERN KOKKU 15 179 14 985 1% 44 771 47 771 -6% 67 456
sh % tulu kõikidest
digitaalsetest ja
online kanalitest 51% 47% 48% 44% 45%
(tuhandetes EUR) EBITDA
12
III kv III kv 9 kuud 9 kuud kuud
2020 2019 Muutus % 2020 2019 Muutus % 2019
Meedia segment 1 729 1 188 45% 3 491 2 988 17% 5 966
Trükiteenuste segment 603 357 69% 1 434 1 465 -2% 2 032
(1
Kesksed tegevused (90) (219) 59% (325) (854) 62% 150)
Segmentidevahelised
elimineerimised (11) (10) (43) (23) (75)
KONTSERN KOKKU 2 231 1 317 69% 4 556 3 576 27% 6 772
9 kuud 12 kuud
EBITDA marginaal III kv 2020 III kv 2019 9 kuud 2020 2019 2019
Meedia segment 16% 12% 11% 10% 13%
Trükiteenuste
segment 12% 6% 9% 8% 8%
KONTSERN KOKKU 15% 9% 10% 7% 10%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.09.2020 31.12.2019
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 5 760 3 647
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 10 871 12 705
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 48 0
------------------------------------------------------------------------------
Varud 2 906 3 120
------------------------------------------------------------------------------
Käibevara kokku 19 585 19 472
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Muud nõuded ja investeeringud 1 041 975
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 38 38
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 629 1 254
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 276 2 356
------------------------------------------------------------------------------
Materiaalne põhivara 14 348 14 943
------------------------------------------------------------------------------
Immateriaalne põhivara 56 583 56 369
------------------------------------------------------------------------------
Põhivara kokku 75 915 75 935
------------------------------------------------------------------------------
VARAD KOKKU 95 499 95 407
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 3 368 5 100
------------------------------------------------------------------------------
Võlad ja ettemaksed 17 699 16 483
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 24 65
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 21 091 21 647
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised võlakohustused 18 933 19 242
------------------------------------------------------------------------------
Muud pikaajalised kohustused 2 922 2 895
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 21 855 22 137
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 42 947 43 784
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 115 100
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 17 878 17 878
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (22) (22)
------------------------------------------------------------------------------
Reservid 1 758 1 688
------------------------------------------------------------------------------
Jaotamata kasum 18 546 17 701
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 52 437 51 522
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 52 552 51 622
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 95 499 95 407
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
III kv III kv 9 kuud 9 kuud 12 kuud
(tuhandetes EUR) 2020 2019 2020 2019 2019
-------------------------------------------------------------------------------
Müügitulu 15 179 14 985 44 771 47 771 67 456
-------------------------------------------------------------------------------
Müüdud toodangu kulu (12 255) (12 161) (37 325) (39 384) (54 044)
-------------------------------------------------------------------------------
Brutokasum 2 924 2 824 7 446 8 387 13 412
-------------------------------------------------------------------------------
Muud äritulud 693 161 1 352 450 607
-------------------------------------------------------------------------------
Turunduskulud (661) (685) (1 949) (2 311) (3 124)
-------------------------------------------------------------------------------
Üldhalduskulud (1 658) (1 962) (5 153) (5 868) (8 024)
-------------------------------------------------------------------------------
Muud ärikulud (24) 1 (104) (54) (148)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) 1 274 339 1 593 603 2 722
-------------------------------------------------------------------------------
Intressitulud 7 6 19 18 22
-------------------------------------------------------------------------------
Intressikulud (217) (239) (658) (555) (784)
-------------------------------------------------------------------------------
Muud
finantstulud/(kulud) (33) 7 (61) (37) (61)
-------------------------------------------------------------------------------
Kokku
finantstulud/(kulud) (243) (226) (700) (574) (823)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete
aktsiatelt ja osadelt 99 (16) 107 (17) (38)
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt (48) (22) (75) (97) (114)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 1 082 75 924 (85) 1 746
-------------------------------------------------------------------------------
Tulumaks (1) (55) (3) (153) (339)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 1 081 20 921 (238) 1 407
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 074 20 906 (243) 1 394
-------------------------------------------------------------------------------
Vähemusosalusele 7 0 15 5 13
-------------------------------------------------------------------------------
Koondkasum /(kahjum)
kokku 1 081 20 921 (238) 1 407
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasum /(kahjum),
mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 074 20 906 (243) 1 394
-------------------------------------------------------------------------------
Vähemusosalusele 7 0 15 5 13
-------------------------------------------------------------------------------
Tavakasum /(-kahjum)
aktsia kohta 0,04 0,00 0,03 (0,01) 0,05
-------------------------------------------------------------------------------
Lahustunud kasum
/(kahjum) aktsia kohta 0,03 0,00 0,03 (0,01) 0,05
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) 9 kuud 2020 9 kuud 2019
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum 1 593 603
-------------------------------------------------------------------------------
Korrigeerimised:
-------------------------------------------------------------------------------
Põhivara kulum ja väärtuse langus 2 974 2 989
-------------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest (1) (17)
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus 1 880 (1 463)
-------------------------------------------------------------------------------
Varude muutus 214 130
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 327 3 347
-------------------------------------------------------------------------------
Rahavood põhitegevusest
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (91) (220)
-------------------------------------------------------------------------------
Makstud intressid (453) (428)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 6 443 4 940
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude investeeringute
ost (miinus omandatud sularaha) /
sissemaksed kapitaliosaluse meetodil arvestatud
investeeringutesse (203) (4 858)
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 84 323
-------------------------------------------------------------------------------
Saadud intressid 1 18
-------------------------------------------------------------------------------
Saadud dividendid 150 0
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetamine (1 623) (2 111)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 29 18
-------------------------------------------------------------------------------
Antud laenud (187) (93)
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 0 303
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (1 750) (6 400)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (693) (669)
-------------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus (1 018) (267)
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed (868) 3 899
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (2 579) 2 963
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 2 114 1 503
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 3 647 1 268
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 5 760 2 771
-------------------------------------------------------------------------------
Signe Kukin
Kontserni finantsjuht
AS Ekspress Grupp
Tel: +372 669 8381
E-kiri: [email protected] (mailto:[email protected])
AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille tegevus hõlmab
veebimeedia sisutootmist, ajalehtede ja ajakirjade kirjastamist ning
trükiteenuste osutamist Eestis, Lätis ja Leedus. Samuti haldab kontsern
elektroonilist piletimüügiplatvormi ja piletimüügikohtasid Lätis. Ekspress
Grupp, mis alustas oma tegevust 1989. aastal, annab tööd ligi 1700 inimesele,
omab Baltimaades juhtivaid online-meedia portaale, annab välja kõige
populaarsemaid päeva- ja nädalalehti ning enamikku Eesti kõige populaarsemaid
ajakirju.
Content of announcement in English
Title
AS Ekspress Grupp: Consolidated unaudited interim report for the Third Quarter and Nine Months of 2020
Message
In the third quarter of 2020, the revenue of AS Ekspress Grupp totalled EUR
15.2 million and net profit totalled EUR 1.08 million. The revenue for the first
nine months of the year totalled EUR 44.8 million and net profit was EUR 0.92
million. At the end of September, the Group's digital revenue accounted for 48%
of total revenue and 70% of media segment revenue (9 months of 2019: 44% of
total revenue and 68% of media segment revenue, respectively).
In the 3(rd) quarter, the Group's revenue recovered well from the downturn
caused by the state of emergency and was at the same level as the year before.
The revenue for the first 9 months of the year was ca 6% lower than in 2019,
primarily related to the state of emergency in the 2(nd) quarter. While the
revenue drop in 2(nd) quarter was clearly attributable to cautiousness of
customers, in the 3rd quarter we witnessed revenue recovery, especially relating
to the data of online advertising.
In the 3(rd) quarter, the digital revenue of Ekspress Grupp increased and
accounted for 70% of the Group's media segment revenue and 48% of the Group's
total revenue. In the 3(rd) quarter, growth was propelled by the steadily
increasing volume of digital subscriptions of periodicals of Ekspress Grupp and
reached 71 thousand subscribers in the Baltic States, growing by more than 12%
in a quarter and being 42% higher than at the year-end 2019. The growth in
digital subscriptions has accelerated following the extraordinary events in the
world, demonstrating clearly that readers appreciate edited content and they are
willing to pay for it. Digital revenue increased in Estonia, Latvia and
Lithuania. In Estonia, where we have offered paid content the longest in the
Baltic States, the number of digital subscriptions of the periodicals of
Ekspress Grupp accounted for 53% of the volume of the entire market at end of
the 3(rd) quarter, as reported by the Estonian Association of Media Companies.
Latvia and Lithuania are also improving their potential and the number of
digital subscriptions is growing strongly.
Earnings before interest, tax, depreciation and amortisation (EBITDA) of
Ekspress Grupp were EUR 2.23 million in the 3(rd) quarter which is EUR 0.91
million higher as compared to the 3(rd) quarter of 2019. The EBITDA in the
3(rd) quarter also includes one-off public government measures related to the
corona crisis in the amount of EUR 0.41 million. The EBITDA for the first 9
months of the year totalled EUR 4.56 million (incl. EUR 0.73 million of
government measures related to the corona crisis), increasing by 27% year-over-
year.
The Group's net profit in the 3(rd) quarter totalled EUR 1.08 million, which is
EUR 1.06 million higher than in the previous year. Third quarter results were
positively impacted by ongoing cost savings and revenue recovery. In the first
9 months of the year, the Group's net profit totalled EUR 0.92 million which is
EUR 1.16 higher as compared to 2019. The key effect over the nine-month period
comes from the 3(rd) quarter.
The Group continued to operate in the cost-cutting mode and searched for ways to
increase efficiency. In the crisis months, the Group immediately took action by
cutting costs and the cost base has been reduced by ca EUR 3 million over the
nine-month period, the as compared to the previous year. It is within the same
range as revenue reduction over the first 9 months of the year. The state of
emergency in the 2(nd) quarter when most of the employees worked remotely,
provided an excellent opportunity to review organisation of work, reallocation
of the office space and preservation of a lower cost base. However, in the media
segment home delivery costs of Estonian paper periodicals pose a major risk in
the future, as no agreements have been reached in respect of delivery prices and
the state's participation in the maintenance of the delivery network. For
Ekspress Grupp, the danger lies in the limited interest of the state as the home
delivery organisation in the optimisation of the delivery network. The Group has
repeatedly addressed the issue and is ready to search for more efficient methods
for a long-term outcome.
The state of emergency related to COVID-19 has impacted the activities of the
Latvian ticket sales network the most. The Latvian State has set a 50% limit on
the occupancy rate of movie theatres and the company's activities are therefore
considerably more restricted than the year before. At the same time, the ticket
sales platform has been able to focus on the development of its web platform and
launched a new and more modern solution for its end users. New technological
opportunities, including requirements for the customer profile of the ticket
platform set by the state where each customer can be identified and that we have
successfully developed in our systems, have helped to almost double our market
share. However, due to the government restrictions, the activities will still be
significantly impaired in the coming months.
At the beginning of September, the new season of Delfi TV was launched in
Lithuania, where more than 50 different programmes and more than six hours of
daily live broadcasts will be broadcast. At the beginning of 2020, Delfi TV was
launched in Lithuania as a free-to-air Lithuania-wide TV station. Video content
has become more popular among Delfi users. Delfi streaming services have already
gained popularity on the Lithuanian market where Delfi is one of the most
popular online television channels.
The Group's liquidity continues to be strong. As of 30 September 2020, the
Group's available cash totalled EUR 5.8 million (30.09.2019: EUR 2.8 million).
Liquidity was positively impacted by the grace periods granted by banks and the
salary subsidy received from the Estonian Unemployment Insurance Fund. For the
Group, it is important to maintain its liquidity position as the future scope of
the crisis related to the coronavirus is still unknown.
SUMMARY OF THE RESULTS OF THE THIRD QUARTER AND NINE MONTHS
In accordance with International Financial Reporting Standards (IFRS), 50% joint
venture should be recognised under the equity method in the consolidated
financial statements. To provide a clearer uniform overview of the financial
statements to the readers of the financial statements, from the 1(st) quarter of
2020, only the information relating to the joint ventures recognised under the
equity method is presented in the financial statements and their results are
shown as one line in the finance income.
REVENUE
The consolidated revenue for the 3(rd) quarter of 2020 totalled EUR 15.2 million
(3(rd) quarter 2019: EUR 15.0 million). Revenue increased by 1% year-over-year
in the 3(rd) quarter. The consolidated revenue for the first nine months of
2020 totalled EUR 44.8 million (9 months of 2019: EUR 47.8 million). At the end
of the 3(rd) quarter, digital revenue accounted for 48% of total revenue and
70% of media segment revenue (3(rd) quarter 2019: 44% of total revenue and 68%
of media segment revenue, respectively).
PROFITABILITY
In the 3(rd )quarter of 2020, the consolidated EBITDA totalled EUR 2.23 million
(3(rd) quarter 2019: EUR 1.32 million) and in the first nine months of 2020, the
consolidated EBITDA totalled EUR 4.56 million (first 9 months 2019: EUR 3.58
million). In the 3(rd) quarter of 2020, EBITDA grew by 69% year-over-year and
the EBITDA margin was 14.7% (3(rd) quarter 2019: 8.8%) and in the first nine
months of 2020, EBITDA increased by 27% as compared to the previous year and the
EBITDA margin was 10.2% (first 9 months 2019: 7.5%). Profitability was
positively impacted by cost savings implemented throughout the entire Group in
the 2(nd) and 3(rd) quarters (incl. salary cuts) and the salary subsidy of the
Estonian Unemployment Insurance Fund in the amount of EUR 1.14 million that was
received in the 2(nd) quarter and that will be accrued as income in the second,
third and fourth quarters. The salary subsidy accounted for EUR 0.41 million of
the EBITDA in the 3(rd) quarter of 2020 and EUR 0.73 million of the EBITDA in
the first nine months of 2020. The net profit for the 3(rd) quarter of 2020
totalled EUR 1.08 million which is EUR 1.06 million higher than in the same
period of 2019.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 5.8 million and equity in the amount of EUR 52.6 million (55% of total
assets). The comparable data as of 30 September 2019 were EUR 2.8 million and
EUR 50.0 million (55% of total assets), respectively. As of 30 September 2020,
the Group's net debt totalled EUR 16.5 million (30 September 2019: EUR 16.7
million). Due to the state of emergency related to COVID-19, the Group concluded
an agreement with AS SEB Pank to suspend loan payments in the period March-
August 2020 (EUR 1.2 million) and with AS Citadele banka to suspend loan
payments in the period June-November 2020 (EUR 0.3 million). The salary subsidy
received from the Estonian Unemployment Insurance Fund (EUR 1.14 million) and
the postponement of the payment of tax arrears (EUR 1.60 million) due to the
state of emergency for the period of 24 months had an additional positive impact
on the Group's cash position.
Key financial indicators for segments
(EUR thousand) Sales
12
9 months 9 months months
Q3 2020 Q3 2019 Change % 2020 2019 Change % 2019
Media segment 10 709 9 908 8% 30 572 30 777 -1% 44 218
incl.
revenue from
all digital and
online channels 7 812 6 987 12% 21 338 20 815 3% 30 534
incl. % of
revenue from
all digital and
online channels 73% 71% 70% 68% 69%
Printing
services
segment 4 901 5 608 -13% 15 714 18 789 -16% 25 695
Corporate
functions 693 512 35% 1 728 1 558 11% 2 076
Inter-segment
eliminations (1 125) (1 043) (3 243) (3 353) (4 533)
TOTAL GROUP 15 179 14 985 1% 44 771 47 771 -6% 67 456
incl. % of
revenue from
all digital and
online channels 51% 47% 48% 44% 45%
(EUR thousand) EBITDA
12
9 months 9 months months
Q3 2020 Q3 2019 Change % 2020 2019 Change % 2019
Media segment 1 729 1 188 45% 3 491 2 988 17% 5 966
Printing
services
segment 603 357 69% 1 434 1 465 -2% 2 032
Corporate
functions (90) (219) 59% (325) (854) 62% (1 150)
Inter-segment
eliminations (11) (10) (43) (23) (75)
TOTAL GROUP 2 231 1 317 69% 4 556 3 576 27% 6 772
EBITDA margin Q3 2020 Q3 2019 9 months 2020 9 months 2019 12 months 2019
Media segment 16% 12% 11% 10% 13%
Printing services
segment 12% 6% 9% 8% 8%
TOTAL GROUP 15% 9% 10% 7% 10%
Consolidated balance sheet (unaudited)
(EUR thousand) 30.09.2020 31.12.2019
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 5 760 3 647
-------------------------------------------------------------------------------
Trade and other receivables 10 871 12 705
-------------------------------------------------------------------------------
Corporate income tax prepayment 48 0
-------------------------------------------------------------------------------
Inventories 2 906 3 120
-------------------------------------------------------------------------------
Total current assets 19 585 19 472
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Other receivables and investments 1 041 975
-------------------------------------------------------------------------------
Deferred tax asset 38 38
-------------------------------------------------------------------------------
Investments in joint ventures 1 629 1 254
-------------------------------------------------------------------------------
Investments in associates 2 276 2 356
-------------------------------------------------------------------------------
Property, plant and equipment 14 348 14 943
-------------------------------------------------------------------------------
Intangible assets 56 583 56 369
-------------------------------------------------------------------------------
Total non-current assets 75 915 75 935
-------------------------------------------------------------------------------
TOTAL ASSETS 95 499 95 407
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 3 368 5 100
-------------------------------------------------------------------------------
Trade and other payables 17 699 16 483
-------------------------------------------------------------------------------
Corporate income tax payable 24 65
-------------------------------------------------------------------------------
Total current liabilities 21 091 21 647
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 18 933 19 242
-------------------------------------------------------------------------------
Other long-term liabilities 2 922 2 895
-------------------------------------------------------------------------------
Total non-current liabilities 21 855 22 137
-------------------------------------------------------------------------------
TOTAL LIABILITIES 42 947 43 784
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority shareholding 115 100
-------------------------------------------------------------------------------
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 1 758 1 688
-------------------------------------------------------------------------------
Retained earnings 18 546 17 701
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 52 437 51 522
-------------------------------------------------------------------------------
TOTAL EQUITY 52 552 51 622
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 95 499 95 407
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
9 months 9 months 12 months
(EUR thousand) Q3 2020 Q3 2019 2020 2019 2019
-------------------------------------------------------------------------------
Sales 15 179 14 985 44 771 47 771 67 456
-------------------------------------------------------------------------------
Cost of sales (12 255) (12 161) (37 325) (39 384) (54 044)
-------------------------------------------------------------------------------
Gross profit 2 924 2 824 7 446 8 387 13 412
-------------------------------------------------------------------------------
Other income 693 161 1 352 450 607
-------------------------------------------------------------------------------
Marketing expenses (661) (685) (1 949) (2 311) (3 124)
-------------------------------------------------------------------------------
Administrative
expenses (1 658) (1 962) (5 153) (5 868) (8 024)
-------------------------------------------------------------------------------
Other expenses (24) 1 (104) (54) (148)
-------------------------------------------------------------------------------
Operating profit
/(loss) 1 274 339 1 593 603 2 722
-------------------------------------------------------------------------------
Interest income 7 6 19 18 22
-------------------------------------------------------------------------------
Interest expenses (217) (239) (658) (555) (784)
-------------------------------------------------------------------------------
Other finance
income/(costs) (33) 7 (61) (37) (61)
-------------------------------------------------------------------------------
Net finance cost (243) (226) (700) (574) (823)
-------------------------------------------------------------------------------
Profit/(loss) on
shares of joint
ventures 99 (16) 107 (17) (38)
-------------------------------------------------------------------------------
Profit/(loss) on
shares of associates (48) (22) (75) (97) (114)
-------------------------------------------------------------------------------
Profit /(loss) before
income tax 1 082 75 924 (85) 1 746
-------------------------------------------------------------------------------
Income tax expense (1) (55) (3) (153) (339)
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period 1 081 20 921 (238) 1 407
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period attributable
to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 074 20 906 (243) 1 394
-------------------------------------------------------------------------------
Minority shareholders 7 0 15 5 13
-------------------------------------------------------------------------------
Total comprehensive
income /(loss) 1 081 20 921 (238) 1 407
-------------------------------------------------------------------------------
Comprehensive income
/(loss) for the
reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 074 20 906 (243) 1 394
-------------------------------------------------------------------------------
Minority shareholders 7 0 15 5 13
-------------------------------------------------------------------------------
Basic earnings per
share 0.04 0.00 0.03 (0.01) 0.05
-------------------------------------------------------------------------------
Diluted earnings per
share 0.03 0.00 0.03 (0.01) 0.05
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 9 months 2020 9 months 2019
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit for the reporting year 1 593 603
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation, amortisation and impairment 2 974 2 989
-------------------------------------------------------------------------------
(Gain)/loss on sale and write-down of property,
plant and equipment (1) (17)
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables 1 880 (1 463)
-------------------------------------------------------------------------------
Inventories 214 130
-------------------------------------------------------------------------------
Trade and other payables 327 3 347
-------------------------------------------------------------------------------
Cash generated from operations
-------------------------------------------------------------------------------
Income tax paid (91) (220)
-------------------------------------------------------------------------------
Interest paid (453) (428)
-------------------------------------------------------------------------------
Net cash generated from operating activities 6 443 4 940
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less cash
acquired) and other investments /
cash paid-in equity-accounted investees (203) (4 858)
-------------------------------------------------------------------------------
Proceeds from other investments 84 323
-------------------------------------------------------------------------------
Interest received 1 18
-------------------------------------------------------------------------------
Dividends received 150 0
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (1 623) (2 111)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment and intangible assets 29 18
-------------------------------------------------------------------------------
Loans granted (187) (93)
-------------------------------------------------------------------------------
Loan repayments received 0 303
-------------------------------------------------------------------------------
Net cash used in investing activities (1 750) (6 400)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Payment of lease liabilities (693) (669)
-------------------------------------------------------------------------------
Change in overdraft (1 018) (267)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans (868) 3 899
-------------------------------------------------------------------------------
Net cash used in financing activities (2 579) 2 963
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS 2 114 1 503
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
year 3 647 1 268
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the year 5 760 2 771
-------------------------------------------------------------------------------
Signe Kukin
Group CFO
AS Ekspress Grupp
Phone: +372 669 8381
E-mail: [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.
The Group also manages the electronic ticket sales platform and ticket sales
sites in Latvia. Ekspress Grupp that launched its operations in 1989 employs
almost 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.