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
Half-yearly financial report
Unique data record identifier
9706
Attachments
Submission date and time
29.07.2022 08:00:00
Content of announcement in Estonian
Title
AS Ekspress Grupp: 2022.aasta II kvartali ja I poolaasta konsolideeritud auditeerimata vahearuanne
Message
AS-i Ekspress Grupp müügitulu oli teises kvartalis 16,4 miljonit ja puhaskasum
1,27 miljonit eurot. 2022. aasta 6 kuu müügitulu kasvas 23% võrdluses eelmise
aastaga 29,8 miljoni euroni ning puhaskasum 12% 0,76 miljoni euroni.
Digitaalsete tulude osakaal moodustas juuni lõpus 76% kontserni kogukäibest.
Digitaalsed tulud kasvasid 28% võrreldes eelmise aasta sama perioodiga.
Kontserni II kvartali müügitulu vastas ootustele. Kvartali konsolideeritud
müügitulu oli 16,4 miljonit eurot (II kvartal 2021: 13,3 miljonit eurot),
kasvades 23% võrreldes eelmise aastaga. Kontserni online reklaami müük näitas
head kasvu, mis põhines nii kogu turu kasvul kui ka klientidele pakutud
paindlikel digitaalsetel erilahendustel. Reklaamiostjad suunavad järjest suurema
osa eelarvest online kanalitesse, mis avab Ekspress Grupi ettevõtete jaoks uusi
võimalusi. I poolaasta müügitulu oli 29,8 miljonit eurot, suurenedes 23%
võrreldes eelmise aastaga. Esimese poolaasta kasv oli tugev, samas on kontsern
teadvustanud majanduskeskkonna nõrgenemisest tingitud kõrgemaid riske ning
võimalikku surutise perioodi tekkimist teisel poolaastal. Eelmise aastaga
võrreldes 12% suurenenud puhaskasumi kasvu pidurdasid reklaamimüügi osakaalu
suurenemine läbi agentuuride, mis on kontserni jaoks kõrgema kulubaasiga ning
tööjõu- ja teiste sisendkulude (eeskätt paberi-, energia ja teenuste hindade)
kasv.
AS-i Ekspress Grupp digitaalsete tellimuste hulk kasvas 2022. aasta juuni lõpuks
34% võrdluses eelmise aastaga ja ulatus 151 tuhande tellimuseni. Aastases
võrdluses jätkas kontsern digitellimuste arv kiiret kasvu, kuid tänavu II
kvartalis kasvutempo mõnevõrra aeglustus. Aeglustumine tuleneb ühelt poolt
ootuspäraselt asjaolust, et varasema perioodiga võrdlusbaas on järjest kõrgem,
teisest küljest paneb üldine hindade tõus osasid tarbijaid regulaarseid kulutusi
üle vaatama. Digitellimuste keskmised hinnad on aasta-aastalt samas märgatavalt
tõusnud.
Ekspress Grupi kasum enne intresse, makse, kulumit ja amortisatsiooni (EBITDA)
oli II kvartalis 2,22 miljonit ja esimesel poolaastal 2,83 miljonit eurot.
EBITDA kasv oli nii II kvartalis kui ka esimesel poolaastal 1% võrreldes sama
perioodiga 2021. aastal. Tulenevalt sisendhindade kasvust ning üldise
majanduskeskkonna survest palgakuludele on kontserni 6 kuu EBITDA marginaal
langenud 12%-lt 9%-le. Püüame leida muutnud majanduskeskkonnas võimalusi
efektiivsemaks protsesside juhtimiseks ning müügitulude kasvatamiseks.
2022. aasta II kvartali konsolideeritud puhaskasum oli 1,27 miljonit eurot ja I
poolaastal 0,76 miljonit eurot. 2022. aasta I poolaastas kasvas puhaskasum 12%
võrreldes eelmise aastaga.
AS Ekspress Grupp sõlmis mais lepingu uudisteagentuuri ELTA äritegevuse
omandamiseks Leedus. Uudisteagentuuri ELTA tegevuse omandamine on kontserni
strateegia orgaaniline osa. Tehingu põhieesmärk on tugevdada ja moderniseerida
saja-aastase kogemusega uudisteagentuur, pakkudes kaasaegset ja objektiivset
infoallikat nii Leedu meediale kui ka väliskanalitele ning tekitada Leedu
uudiste tootmise turule konkurentsi.
2022. aasta I poolaasta ärikeskkond osutus heitlikuks ja tekitab tuleviku suunal
ebakindlust, mis nõuab kontsernilt paindlikkust ja kiiret reageerimist. Kontsern
on viimasel kahel aastal näidanud võimet rasketes oludes kiiresti kohaneda ning
säilitada äri kasumlikkuse isegi nõrkades majandustingimustes.
II KVARTALI JA 6 KUU TULEMUSED
MÜÜGITULU
2022. aasta II kvartali konsolideeritud müügitulu oli 16,4 miljonit eurot (II
kvartal 2021: 13,3 miljonit eurot). II kvartali müügitulu suurenes 23% võrreldes
eelmise aastaga. 2022. aasta I poolaasta konsolideeritud müügitulu oli 29,8
miljonit eurot (I poolaasta 2021: 24,3 miljonit eurot). I poolaasta müügitulu
suurenes 23% võrreldes eelmise aastaga. Kasvu taga on nii veebi reklaamitulud
kui digitellimuste tulud. Kontserni digitaalsete tulude osakaal moodustas 2022.
aasta II kvartali lõpus 76% kogukäibest (2021. aasta II kvartali lõpp: 72%
kogukäibest). 2022. aasta I poolaasta digitaalsed tulud suurenesid 28% võrreldes
eelmise aasta sama perioodiga.
KASUMLIKKUS
2022. aasta II kvartali konsolideeritud EBITDA oli 2,22 miljonit eurot (II
kvartal 2021: 2,20 miljonit eurot). 2022. aasta II kvartalis kasvas EBITDA 1%
võrreldes eelmise aastaga ning EBITDA marginaal oli 14% (II kvartal
2021: 17%). 2022. aasta I poolaasta konsolideeritud EBITDA oli 2,83 miljonit
eurot (I poolaasta 2021: 2,80 miljonit eurot). 2022. aasta I poolaastas kasvas
EBITDA 1% võrreldes eelmise aastaga ning EBITDA marginaal oli 9% (I poolaasta
2021: 12%).
2022. aasta II kvartali konsolideeritud puhaskasum oli 1,27 miljonit eurot (II
kvartal 2021: 1,12 miljonit eurot). 2022. aasta II kvartalis kasvas puhaskasum
13% võrreldes eelmise aastaga. 2022. aasta I poolaasta konsolideeritud
puhaskasum oli 0,76 miljonit eurot (I poolaasta 2021: 0,68 miljonit eurot).
2022. aasta I poolaastas kasvas puhaskasum 12% võrreldes eelmise aastaga. II
kvartali puhaskasumile avaldas ühekordset mõju summas 0,20 miljonit eurot Bi?eshu
Parad?ze ostuga seotud lõpposamakse ümberhindlusest tekkinud kasum.
KULUD
2022. aasta I poolaasta müüdud kaupade kulu, turundus- ja üldhalduskulud kokku
moodustasid 29,20 miljonit eurot (I poolaasta 2021: 23,42 miljonit eurot).
Tegevuskulud suurenesid I poolaastas 5,78 miljonit eurot (25%), millest
tööjõukulude kasv moodustab 3,31 miljonit eurot (26%). Töötajate arv suurenes II
kvartalis 13 võrra võrreldes eelmise aasta sama perioodiga ja seisuga
30.06.2022 on kontsernis 145 töötajat rohkem võrreldes eelmise aastaga. Kasvu
taga on 47 töötajat, kes lisandusid 2021. aasta lõpus omandatud OÜ Geenius
Meedia arvelt ja 98 töötajat teistes meediaettevõtetes Eestis, Lätis ja Leedus.
Lisaks üldisest hinnatõusust tekkinud survest palkade kasvule on töötajatega
seotud kulubaasi suurendanud Ukraina sõjategevuse kajastamisega seotud
toimetuste lisakulud.
I poolaastas on kajastatud ühekordse väljaminekuna toetuseid Ukrainale
kogusummas 0,14 miljonit eurot (II kvartal 2022 annetatud täiendavalt 0,05
miljonit eurot).
Ukraina sõda on avaldanud olulist negatiivset mõju Baltimaade majanduskasvule.
Mõju tulemusena on majanduskasv vähenenud ning tekitanud kõrge inflatsioonilise
keskkonna (2022. aasta juunis oli inflatsioon Eestis: 21,9%, Leedus 21% ja
Lätis: 19,3% võrreldes eelmise aastaga). Kontsern ei oma äritegevust ega vara
Ukrainas või Venemaal, seega mõjutab kontserni vaid sõja kaudne mõju.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 6,8 miljonit eurot
ja omakapitali 52,1 miljonit eurot (56% bilansimahust). Võrreldavad andmed
2021. aasta 30. juuni seisuga, mis sisaldavad ka trükiteenuste segmenti, olid
vastavalt 4,2 miljonit eurot ja EUR 55,4 miljonit eurot (59% bilansimahust).
Seisuga 30. juuni 2022 oli kontserni netovõlg 15,7 miljonit eurot (31. detsember
2021: EUR 11,3 miljonit eurot).
2022. aasta I poolaasta kontserni rahavood äritegevusest olid 2,57 miljonit
eurot (I poolaasta 2021: 1,99 miljonit eurot, sh trükiteenuste segment), mida
mõjutasid positiivselt nii Eestis kui Lätis piletimüügi platvormid. Läti
piletimüügiplatvormi müügiaktiivsus on taastunud ning tulenevalt kõrgematest
piletihindadest parem võrreldes koroona eelsele perioodile.
2022. aasta I poolaasta kontserni rahavood investeerimistegevusest olid -3,60
miljonit eurot (I poolaasta 2021: -1,42 miljonit eurot), millest -2,34 miljonit
eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja
soetamisega, mis näitab suurenenud investeeringud toodetesse ja tehnoloogiasse.
I poolaastas investeeris kontsern uutesse LED ekraanidesse -1,31 miljonit eurot,
mis finantseeritakse kapitalirendiga 2022. aasta II poolaastas.
2022. aasta I poolaasta kontserni rahavood finantseerimistegevusest olid -3,14
miljonit eurot (I poolaasta 2021: -2,64 miljonit eurot), millest -2,43 miljonit
eurot moodustab dividendimakse ASi Ekspress Grupp aktsionäridele.
Finantseerimistegevused sisaldavad samuti netomuutust laenukohustustes ja
rendikohustuse põhiosa tagasimakseid, kus avaldab positiivset mõju 2021. aasta
suvel sõlmitud SEB laenulepingute muudatused. 2021. aasta I poolaastas osteti
tagasi omaaktsiaid summas 0,45 miljonit eurot.
DIVIDENDID
2. mail 2022. aastal toimunud ASi Ekspress Grupp aktsionäride korralisel
üldkoosolekul otsustati maksta dividendi 8 eurosenti aktsia kohta kogusummas
2,43 miljonit eurot. Dividendid maksti aktsionäridele välja 20. mail 2022.
aastal.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
II kv II kv Muutus I pa I pa Muutus 12 kuud
2022 2021 % 2022 2021 % 2021
Meediasegment 16 062 12 904 24% 29 144 23 560 24% 52 093
sh tulu kõikidest
digitaalsetest ja
online kanalitest 12 494 9 939 26% 22 580 17 603 28% 40 453
% tulu kõikidest
digitaalsetest ja
online kanalitest 78% 77% 77% 75% 78%
Kesksed tegevused 1 090 1 054 3% 2 182 2 106 4% 4 118
Segmentidevahelised
elimineerimised (743) (652) (1 490) (1 357) (2 695)
KONTSERN KOKKU 16 409 13 306 23% 29 836 24 308 23% 53 516
% tulu kõikidest
digitaalsetest ja
online kanalitest 76% 75% 76% 72% 76%
(tuhandetes EUR) EBITDA
12
II kv II kv I pa I pa kuud
2022 2021 Muutus % 2022 2021 Muutus % 2021
Meediasegment 2 501 2 281 10% 3 394 3 076 10% 8 927
Kesksed tegevused (261) (111) -136% (491) (289) -70% (669)
Segmentidevahelised
elimineerimised (24) 33 (70) 13 (18)
KONTSERN KOKKU 2 216 2 204 1% 2 832 2 800 1% 8 240
EBITDA marginaal II kv 2022 II kv 2021 I pa 2022 I pa 2021 12 kuud 2021
Meediasegment 16% 18% 12% 13% 17%
KONTSERN KOKKU 14% 17% 9% 12% 15%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.06.2022 31.12.2021
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 6 793 10 962
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 10 786 9 323
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 181 2
------------------------------------------------------------------------------
Varud 293 266
------------------------------------------------------------------------------
Käibevara kokku 18 053 20 553
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Muud nõuded ja investeeringud 1 617 1 671
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 42 42
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 833 1 011
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 170 2 210
------------------------------------------------------------------------------
Materiaalne põhivara 9 100 7 964
------------------------------------------------------------------------------
Immateriaalne põhivara 61 017 60 807
------------------------------------------------------------------------------
Põhivara kokku 74 779 73 705
------------------------------------------------------------------------------
VARAD KOKKU 92 831 94 258
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 2 379 3 201
------------------------------------------------------------------------------
Võlad ja ettemaksed 17 621 17 664
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 40 82
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 20 040 20 947
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised võlakohustused 20 098 19 018
------------------------------------------------------------------------------
Muud pikaajalised kohustused 601 601
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 20 699 19 619
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 739 40 566
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 138 140
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 18 478 18 478
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (362) (384)
------------------------------------------------------------------------------
Reservid 2 048 1 920
------------------------------------------------------------------------------
Jaotamata kasum 17 513 19 261
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 51 954 53 552
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 52 092 53 692
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 92 831 94 258
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
12 kuud
(tuhandetes EUR) II kv 2022 II kv 2021 I pa 2022 I pa 2021 2021
-------------------------------------------------------------------------------
Jätkuvad
tegevusvaldkonnad
-------------------------------------------------------------------------------
Müügitulu 16 409 13 306 29 836 24 308 53 516
-------------------------------------------------------------------------------
Müüdud toodangu kulu (12 407) (9 691) (23 441) (18 693) (39 674)
-------------------------------------------------------------------------------
Brutokasum 4 002 3 615 6 395 5 615 13 842
-------------------------------------------------------------------------------
Muud äritulud 198 212 317 318 929
-------------------------------------------------------------------------------
Turunduskulud (783) (682) (1 437) (1 099) (2 359)
-------------------------------------------------------------------------------
Üldhalduskulud (2 170) (1 747) (4 317) (3 623) (7 435)
-------------------------------------------------------------------------------
Muud ärikulud (43) (25) (85) (49) (113)
-------------------------------------------------------------------------------
Ärikasum /(-kahjum) 1 205 1 373 873 1 162 4 864
-------------------------------------------------------------------------------
Intressitulud 9 8 19 17 35
-------------------------------------------------------------------------------
Intressikulud (178) (181) (347) (362) (709)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) 210 (11) 197 4 339
-------------------------------------------------------------------------------
Kokku finantstulud/(-
kulud) 41 (184) (131) (341) (335)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete
aktsiatelt ja osadelt (87) (63) (220) (170) (281)
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt 143 32 273 67 161
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 1 302 1 157 794 718 4 409
-------------------------------------------------------------------------------
Tulumaks (31) (34) (36) (39) (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum)
jätkuvatest
tegevusvaldkondadest 1 271 1 124 759 679 4 133
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum)
lõpetatud
tegevusvaldkonnast 0 123 0 304 (1 876)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 1 271 1 247 759 982 2 257
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 272 1 246 761 980 2 243
-------------------------------------------------------------------------------
Vähemusosalusele (1) 1 (2) 2 14
-------------------------------------------------------------------------------
Koondkasum /(-kahjum)
kokku 1 271 1 247 759 982 2 257
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum /(-kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 272 1 246 761 980 2 243
-------------------------------------------------------------------------------
Vähemusosalusele (1) 1 (2) 2 14
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta jätkuvatest tegevusvaldkondadest (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum)
aktsia kohta 0,0419 0,0371 0,0251 0,0224 0,1362
-------------------------------------------------------------------------------
Lahustunud kasum
/(kahjum) aktsia kohta 0,0405 0,0357 0,0242 0,0216 0,1316
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum)
aktsia kohta 0,0419 0,0412 0,0251 0,0325 0,0742
-------------------------------------------------------------------------------
Lahustunud kasum
/(kahjum) aktsia kohta 0,0405 0,0396 0,0242 0,0312 0,0716
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
12 kuud
(tuhandetes EUR) I pa 2022 I pa 2021* 2021*
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum /(-kahjum) 873 1 524 3 060
-------------------------------------------------------------------------------
Korrigeerimised (mitterahalised):
-------------------------------------------------------------------------------
Põhivara kulum 1 959 2 281 4 162
-------------------------------------------------------------------------------
(Kasum)/ kahjum põhivara müügist, mahakandmisest
ja väärtuse langusest 2 36 (10)
-------------------------------------------------------------------------------
Aktsiaoptsiooni väärtuse muutus 18 19 36
-------------------------------------------------------------------------------
Kahjum lõpetatud tegevusvaldkonna müügist 0 0 2 077
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (1 385) (1 150) (1 599)
-------------------------------------------------------------------------------
Varude muutus (27) 160 (33)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete
muutus 1 572 (390) 1 464
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (262) (212) (281)
-------------------------------------------------------------------------------
Makstud intressid (181) (277) (803)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 2 569 1 992 8 073
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude
investeeringute ost (miinus omandatud sularaha) /
sissemaksed kapitaliosaluse meetodil arvestatud
investeeringutesse (1 971) (201) (3 325)
-------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna müügist laekunud raha
(miinus rahasaldo) 0 0 6 326
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 10 51 51
-------------------------------------------------------------------------------
Saadud intressid 1 2 3
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetamine (2 335) (1 268) (2 786)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 40 1 3
-------------------------------------------------------------------------------
Antud laenud (30) (82) (212)
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 86 0 156
-------------------------------------------------------------------------------
Saadud dividendid 601 78 828
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (3 598) (1 419) 1 044
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Makstud dividendid (2 425) 0 (3 028)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (851) (954) (1 814)
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed 136 (1 235) 864
-------------------------------------------------------------------------------
Tasutud omaaktsiate tagasiostmisel 0 (446) (446)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (3 140) (2 635) (4 424)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (4 169) (2 062) 4 693
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 10 962 6 269 6 269
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 6 793 4 207 10 962
-------------------------------------------------------------------------------
*2021. aasta konsolideeritud rahavoogudes vastavalt IFRS-i nõuetele
korrigeerimisi tehtud ei ole. Trükiteenuste segmendiga seotud rahavood on
endiselt rida-realt konsolideeritud.
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 ning ajalehtede, ajakirjade ja raamatute kirjastamist.
Samuti haldab kontsern elektroonilist piletimüügiplatvormi ja
piletimüügikohtasid Eestis ja Lätis. Ekspress Grupp, mis alustas oma tegevust
1989. aastal, annab tööd enam kui 1400 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 Second Quarter and First Half-Year of 2022
Message
In the 2(nd) quarter of 2022, the revenue of AS Ekspress Grupp totalled EUR
16.4 million and net profit totalled EUR 1.27 million. The revenue in the first
6 months of 2022 increased by 23% year-over-year to EUR 29.8 million and net
profit increased by 12% to EUR 0.76 million. Digital revenue contributed 76% to
the Group's total revenue at the end of June. Digital revenue increased by 28%
as compared to the same period last year.
The Group's performance in the 2(nd) quarter met expectations: the consolidated
revenue totalled EUR 16.4 million (Q2 2021: EUR 13.3 million), increasing by
23% as compared to the previous year. The Group's online advertising sales were
strong, attributable to the total market growth as well as special digital
advertising solutions offered to the customers. Advertising buyers continue to
invest an increasing share of their funds in online channels which opens up new
opportunities for Ekspress Group companies. In the first 6 months of the year,
the revenue totalled EUR 29.8 million, increasing by 23% as compared to the last
year. The growth in the first 6 months of the year was strong; however, the
Group is aware of higher risks arising from weaker economy and a potential
recession in the second half of the year. Net profit growth of 12% as compared
to the previous year was hindered by a higher share of advertising sales through
agencies which has a higher cost base for the Group, as well as higher labour
and other input prices (primarily paper, energy and services).
The number of digital subscriptions of AS Ekspress Grupp increased by 34% by the
end of June as compared to the same period last year and totalled 151 thousand
subscriptions. In a year-over-year comparison, the number of digital
subscriptions continued to demonstrate strong growth, but the growth rate slowed
down slightly in the 2(nd) quarter this year. As expected, on the one hand this
slowdown is related to the fact that the reference base as compared to previous
periods continues to increase while on the other hand the overall inflation
forces some consumers to regularly review their expenses. The average prices of
digital subscriptions have considerably continued to grow year after year.
The earnings before interest, tax, depreciation and amortisation (EBITDA) of
Ekspress Grupp totalled EUR 2.22 million in the 2(nd) quarter and EUR 2.83
million in the first 6 months of the year. EBITDA growth was 1% both in the
2(nd) quarter as well as in the 1(st) half of the year as compared to the same
period in 2021. Due to the growth of input prices and the pressure of the
general economic environment on labour costs, the Group's EBITDA margin has
fallen from 12% to 9%. We are aiming to find opportunities in the new economic
environment for more efficient process management and revenue growth.
The consolidated net profit was EUR 1.27 million in the 2(nd) quarter of 2022
and EUR 0.76 million in the first half of 2022. The net profit in the first 6
months of 2022 increased by 12% as compared to last year.
In May, AS Ekspress Grupp entered into a contract to acquire the operations of
the news agency ELTA in Lithuania. The acquisition of the news agency ELTA is
part of the Group's organic growth strategy. The key purpose of the transaction
is to enhance and modernize a news agency with one hundred years of experience,
by offering a modern and objective source of information for the Lithuanian
media and foreign channels, and to foster competition in the Lithuanian news
production market.
The business environment in the first half of 2022 was volatile and it will
create insecurity for the future, requiring flexibility and quick responses from
the Group. Over the last two years, the Group has demonstrated its ability to
quickly adapt to difficult conditions and maintain profitability even in weak
economic conditions.
Q2 AND 6 MONTHS RESULTS
REVENUE
In the 2(nd) quarter of 2022, the consolidated revenue totalled EUR 16.4 million
(Q2 2021: EUR 13.3 million). The revenue for the 2(nd) quarter increased by 23%
year-over-year. The consolidated revenue for the first 6 months of 2022 totalled
EUR 29.8 million (first 6 months 2021: EUR 24.3 million). The revenue for the
first 6 months increased by 23% year-over-year. This growth was attributable to
both online advertising revenue as well as digital subscriptions revenue. The
share of the Group's digital revenue in total revenue was 76% at the end of the
2(nd) quarter of 2022 (at the end of the 2(nd) quarter 2021: 72% of total
revenue). Digital revenue for the first 6 months of 2022 increased by 28% as
compared to the same period last year.
PROFITABILITY
In the 2(nd) quarter of 2022, the consolidated EBITDA totalled EUR 2.22 million
(Q2 2021: EUR 2.20 million). In the 2(nd) quarter of 2022, EBITDA increased by
1% as compared to the previous year and the EBITDA margin was 14% (Q2
2021: 17%). The consolidated EBITDA for the first 6 months of 2022 totalled EUR
2.83 million (6 months 2021: EUR 2.80 million). In the first 6 months of 2022,
EBITDA increased by 1% as compared to the previous year and the EBITDA margin
was 9% (6 months 2021: 12%).
The consolidated net profit for the 2(nd) quarter of 2022 totalled EUR 1.27
million (Q2 2021: EUR 1.12 million). In the 2(nd) quarter of 2022, the net
profit increased by 13% as compared to the previous year. In the first 6 months
of 2022, the consolidated net profit was EUR 0.76 million (6 months 2021: EUR
0.68 million). In the first 6 months of 2022, the net profit increased by 12% as
compared to the previous year. The revaluation profit from the final acquisition
instalment of Bi?eshu Parad?ze in the amount of EUR 0.2 million had a one-off
effect on the net profit for the 2(nd) quarter.
EXPENSES
In the first 6 months of 2022, the cost of goods sold, marketing, general and
administrative costs totalled EUR 29.20 million (6 months 2021: EUR 23.42
million). In the first 6 months of the year, operating expenses increased by EUR
5.78 million (25%), of which staff costs totalled EUR 3.31 million (26%). In the
2(nd) quarter of 2022, the number of employees increased by 13 people as
compared to the same period last year and as of 30 June 2022, there were 145
employees more working at the Group as compared to the previous year. This
growth is attributable to 47 employees of OÜ Geenius Meedia that was acquired at
the end of 2021 and 98 employees of other media companies in Estonia, Latvia and
Lithuania. In addition to inflationary pressures on salary growth, the employee
cost base has increased due to additional expenditure related to the editorial
staffs covering the war in Ukraine.
In the first 6 months of the year, one-off expenditure includes donations to
Ukraine in the total amount of EUR 0.14 million (Q2 2022: additional donations
of EUR 0.05 million).
The war in Ukraine has had a major negative effect on the GDP growth in the
Baltic States. As a result, the economy has slowed down and created a high
inflation environment (in June 2022, inflation was 21.9% in Estonia, 21% in
Lithuania and 19.3% in Latvia as compared to the previous year). The Group has
neither any operations nor any assets in Ukraine and Russia, and therefore, the
war has only an indirect impact on the Group.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 6.8 million and equity in the amount of EUR 52.1 million (56% of total
assets). The comparable data as of 30 June 2021, including the printing services
segment, were EUR 4.2 million and EUR 55.4 million (59% of total assets),
respectively. As of 30 June 2022, the Group's net debt was EUR 15.7 million (31
December 2021: EUR 11.3 million).
In the first 6 months of 2022, the Group's cash flows from operating activities
totalled EUR 2.57 million (6 months 2021: EUR 1.99 million, incl. printing
services segment) that were positively impacted by the ticket sales platforms in
Estonia and Latvia. The sales activity of the Latvian ticket sales platform has
recovered and is in a better position due to higher ticket prices as compared to
the pre-Covid-19 period.
In the first 6 months of 2022, the Group's cash flows from investing activities
totalled EUR -3.60 million (6 months 2021: EUR -1.42 million), of which EUR
-2.34 million was related to development and acquisition of property, plant and
equipment, indicating higher investments in products and technologies. In the
first 6 months of the year, the Group invested EUR -1.31 million in new LED
screens, partly to be funded with finance lease in the second half of 2022.
In the first 6 months of 2022, the Group's cash flows from financing activities
totalled EUR -3.14 million (6 months 2021: EUR -2.64 million), of which EUR
-2.43 million was the dividend payment to the shareholders of AS Ekspress Grupp.
Financing activities also include a net change in borrowings and principal lease
payments, where the changes made to SEB loan contracts entered into in summer
2021 had a positive impact. In the first 6 months of 2021, treasury shares were
purchased in the amount of EUR 0.45 million.
DIVIDENDS
At the regular General Meeting of Shareholders of AS Ekspress Grupp held on 2
May 2022, it was decided to pay a dividend of 8 euro cents per share in the
total amount of EUR 2.43 million. Dividends were paid to shareholders on 20 May
2022.
Key financial indicators for segments
(EUR thousand) Sales
12 months
Q2 2022 Q2 2021 Change % 6M 2022 6M 2021 Change % 2021
Media segment 16 062 12 904 24% 29 144 23 560 24% 52 093
incl. revenue
from all digital
and online
channels 12 494 9 939 26% 22 580 17 603 28% 40 453
% of revenue
from all digital
and online
channels 78% 77% 77% 75% 78%
Corporate
functions 1 090 1 054 3% 2 182 2 106 4% 4 118
Inter-segment
eliminations (743) (652) (1 490) (1 357) (2 695)
TOTAL GROUP 16 409 13 306 23% 29 836 24 308 23% 53 516
% of revenue
from all digital
and online
channels 76% 75% 76% 72% 76%
(EUR thousand) EBITDA
12 months
Q2 2022 Q2 2021 Change % 6M 2022 6M 2021 Change % 2021
Media segment 2 501 2 281 10% 3 394 3 076 10% 8 927
Corporate
functions (261) (111) -136% (491) (289) -70% (669)
Inter-segment
eliminations (24) 33 (70) 13 (18)
TOTAL GROUP 2 216 2 204 1% 2 832 2 800 1% 8 240
EBITDA margin Q2 2022 Q2 2021 6M 2022 6M 2021 12 months 2021
Media segment 16% 18% 12% 13% 17%
TOTAL GROUP 14% 17% 9% 12% 15%
Consolidated balance sheet (unaudited)
(EUR thousand) 30.06.2022 31.12.2021
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 6 793 10 962
-------------------------------------------------------------------------------
Trade and other receivables 10 786 9 323
-------------------------------------------------------------------------------
Corporate income tax prepayment 181 2
-------------------------------------------------------------------------------
Inventories 293 266
-------------------------------------------------------------------------------
Total current assets 18 053 20 553
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Other receivables and investments 1 617 1 671
-------------------------------------------------------------------------------
Deferred tax asset 42 42
-------------------------------------------------------------------------------
Investments in joint ventures 833 1 011
-------------------------------------------------------------------------------
Investments in associates 2 170 2 210
-------------------------------------------------------------------------------
Property, plant and equipment 9 100 7 964
-------------------------------------------------------------------------------
Intangible assets 61 017 60 807
-------------------------------------------------------------------------------
Total non-current assets 74 779 73 705
-------------------------------------------------------------------------------
TOTAL ASSETS 92 831 94 258
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 2 379 3 201
-------------------------------------------------------------------------------
Trade and other payables 17 621 17 664
-------------------------------------------------------------------------------
Corporate income tax payable 40 82
-------------------------------------------------------------------------------
Total current liabilities 20 040 20 947
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 20 098 19 018
-------------------------------------------------------------------------------
Other long-term liabilities 601 601
-------------------------------------------------------------------------------
Total non-current liabilities 20 699 19 619
-------------------------------------------------------------------------------
TOTAL LIABILITIES 40 739 40 566
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority interest 138 140
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 18 478 18 478
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (362) (384)
-------------------------------------------------------------------------------
Reserves 2 048 1 920
-------------------------------------------------------------------------------
Retained earnings 17 513 19 261
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 51 954 53 552
-------------------------------------------------------------------------------
TOTAL EQUITY 52 092 53 692
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 92 831 94 258
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q2 2022 Q2 2021 6M 2022 6M 2021 12 months 2021
-------------------------------------------------------------------------------
Continuing operations
-------------------------------------------------------------------------------
Sales 16 409 13 306 29 836 24 308 53 516
-------------------------------------------------------------------------------
Cost of sales (12 407) (9 691) (23 441) (18 693) (39 674)
-------------------------------------------------------------------------------
Gross profit 4 002 3 615 6 395 5 615 13 842
-------------------------------------------------------------------------------
Other income 198 212 317 318 929
-------------------------------------------------------------------------------
Marketing expenses (783) (682) (1 437) (1 099) (2 359)
-------------------------------------------------------------------------------
Administrative expenses (2 170) (1 747) (4 317) (3 623) (7 435)
-------------------------------------------------------------------------------
Other expenses (43) (25) (85) (49) (113)
-------------------------------------------------------------------------------
Operating profit /(loss) 1 205 1 373 873 1 162 4 864
-------------------------------------------------------------------------------
Interest income 9 8 19 17 35
-------------------------------------------------------------------------------
Interest expenses (178) (181) (347) (362) (709)
-------------------------------------------------------------------------------
Other finance income/(costs) 210 (11) 197 4 339
-------------------------------------------------------------------------------
Net finance cost 41 (184) (131) (341) (335)
-------------------------------------------------------------------------------
Profit/(loss) on shares of
joint ventures (87) (63) (220) (170) (281)
-------------------------------------------------------------------------------
Profit/(loss) on shares of
associates 143 32 273 67 161
-------------------------------------------------------------------------------
Profit /(loss) before income
tax 1 302 1 157 794 718 4 409
-------------------------------------------------------------------------------
Income tax expense (31) (34) (36) (39) (276)
-------------------------------------------------------------------------------
Net profit /(loss) from
continuing operations 1 271 1 124 759 679 4 133
-------------------------------------------------------------------------------
Net profit /(loss) from
discontinued operation 0 123 0 304 (1 876)
-------------------------------------------------------------------------------
Net profit /(loss) for the
reporting period 1 271 1 247 759 982 2 257
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the parent
company 1 272 1 246 761 980 2 243
-------------------------------------------------------------------------------
Minority interest (1) 1 (2) 2 14
-------------------------------------------------------------------------------
Total comprehensive income
/(loss) 1 271 1 247 759 982 2 257
-------------------------------------------------------------------------------
Comprehensive income /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the parent
company 1 272 1 246 761 980 2 243
-------------------------------------------------------------------------------
Minority interest (1) 1 (2) 2 14
-------------------------------------------------------------------------------
Earnings per share (euro) - continuing operations
-------------------------------------------------------------------------------
Basic earnings per share 0.0419 0.0371 0.0251 0.0224 0.1362
-------------------------------------------------------------------------------
Diluted earnings per share 0.0405 0.0357 0.0242 0.0216 0.1316
-------------------------------------------------------------------------------
Earnings per share (euro)
-------------------------------------------------------------------------------
Basic earnings per share 0.0419 0.0412 0.0251 0.0325 0.0742
-------------------------------------------------------------------------------
Diluted earnings per share 0.0405 0.0396 0.0242 0.0312 0.0716
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
12 months
(EUR thousand) 6M 2022 6M 2021* 2021*
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year 873 1 524 3 060
-------------------------------------------------------------------------------
Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 1 959 2 281 4 162
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment of
property, plant and equipment 2 36 (10)
-------------------------------------------------------------------------------
Change in value of share option 18 19 36
-------------------------------------------------------------------------------
Loss on sale of discontinued operation 0 0 2 077
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (1 385) (1 150) (1 599)
-------------------------------------------------------------------------------
Inventories (27) 160 (33)
-------------------------------------------------------------------------------
Trade and other payables 1 572 (390) 1 464
-------------------------------------------------------------------------------
Income tax paid (262) (212) (281)
-------------------------------------------------------------------------------
Interest paid (181) (277) (803)
-------------------------------------------------------------------------------
Net cash generated from operating activities 2 569 1 992 8 073
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less cash
acquired) and
other investments / cash paid-in equity-accounted
investees (1 971) (201) (3 325)
-------------------------------------------------------------------------------
Disposal of discontinued operation, net of cash
disposed of 0 0 6 326
-------------------------------------------------------------------------------
Receipts of other investments 10 51 51
-------------------------------------------------------------------------------
Interest received 1 2 3
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (2 335) (1 268) (2 786)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment
and intangible assets 40 1 3
-------------------------------------------------------------------------------
Loans granted (30) (82) (212)
-------------------------------------------------------------------------------
Loan repayments received 86 0 156
-------------------------------------------------------------------------------
Dividends received 601 78 828
-------------------------------------------------------------------------------
Net cash used in investing activities (3 598) (1 419) 1 044
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid (2 425) 0 (3 028)
-------------------------------------------------------------------------------
Payment of lease liabilities (851) (954) (1 814)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans 136 (1 235) 864
-------------------------------------------------------------------------------
Purchases of treasury shares 0 (446) (446)
-------------------------------------------------------------------------------
Net cash used in financing activities (3 140) (2 635) (4 424)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (4 169) (2 062) 4 693
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
period 10 962 6 269 6 269
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 6 793 4 207 10 962
-------------------------------------------------------------------------------
*No adjustments have been made to the consolidated cash flows for 2021 in
accordance with the requirements of IFRS. Cash flows related to the printing
services segment are still consolidated line-by-line.
Signe Kukin
Group CFO
AS Ekspress Grupp
Telephone: +372 669 8381
E-mail address: [email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading Baltic media group whose key activities include
web media content production, publishing of newspapers, magazines and books. The
Group also operates an electronic ticket sales platform and ticket sales sites
in Estonia and Latvia. Ekspress Grupp that launched its operations in 1989
employs more than 1400 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.