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Aktsiaselts Ekspress Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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Kuupäev
30.04.2025 08:00:30
Pealkiri
AS Ekspress Grupp: 2025.aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
Ekspress Grupi 2025. aasta I kvartali müügitulu kasvas aastases võrdluses 5%,
ulatudes 17,0 miljoni euroni. Samas EBITDA vähenes 0,2 miljoni euro võrra.
Digitaalsed tulud kasvasid samuti 5% ja digitaalsete tulude osakaal säilitas I
kvartalis 84% taseme kontserni kogukäibest.
Kontserni I kvartali tulemusi mõjutas enim ootuspärane sesoonsus, mille
tulemusena on ettevõtte kasumlikkus igal aastal I kvartalis suurima surve all.
Lisaks andis I kvartali reklaamituludes tunda Baltimaade nõrgast
majanduskeskkonnast tingitud madalam nõudlus.
Ekspress Grupi müügitulu ulatus I kvartalis 17,0 miljoni euroni, kasvades
eelmise aasta sama perioodiga võrreldes 5%. Kasvu taga on peamiselt
digitellimuste tulude suurenemine ning piletimüügiplatvormide ja digitaalsete
väliekraanide mahtude kasv. Samuti andsid positiivse panuse 2024. aasta juulis
Delfi Meedia poolt omandatud Eesti Koolitus- ja Konverentsikeskuse äritegevus ja
välised koostööprojektid. Ettevõtte tegevusele avaldas mõju Eesti, aga ka teiste
Balti riikide ettevõtluskeskkonna üldine madalseis, mis väljendus reklaamitulude
4% vähenemises.
Kontserni meediaettevõtete digitellimuste tulu ja digitellimust omavate inimeste
arv kasvasid aastases võrdluses kõigis kolmes riigis. Aastaga sai kontsern
Balti riikides juurde üle 25 000 digitellimuse (+12%), jõudes 2025. aasta I
kvartali lõpus 236 000 tellimuseni. Kontserni digitaalne tulu põhineb seega üha
enam digitellimuste müügitulul ja moodustab järjest suurema korduva tulubaasi
ilma täiendava müügitegevuste (ja -kulude) vajaduseta. Oleme tugevdanud grupi
meediaettevõtete pakutava sisu kvaliteeti ja mahtu, et olla kõigis Balti
riikides digitellimuste valdkonna liider. Kontsern liigub samm-sammult oma
strateegiliste finantseesmärkide suunas ja soovib aastaks 2026 pakkuda
digitaalset tasulist sisu vähemalt 340 000 tellijale.
Piletimüügiplatvormide tulud kasvasid aasta jooksul 10%. Samuti näitas
väliekraanide äri märkimisväärset 19% kasvu, mida toetas võrgustiku laiendamine
156 ekraanini kui ka keskmise hinna kasv ekraani kohta. Sellega on kontsern
suurendanud oma kohalolu just Läti turul, kus ekraanide arv kasvas aastaga 105-
lt 109-le, samas kui Eestis omame 47 ekraani. Need kaks valdkonda on osutunud
vastupidavaks ka aeglasema majanduskasvu tingimustes.
Ekspress Grupi kasum enne intresse, makse, kulumit ja amortisatsiooni (EBITDA)
oli I kvartalis 0,2 miljonit eurot, vähenedes 45%. Kasumlikkuse languse taga on
Baltimaade üldisest nõrgast majanduskeskkonnast tingitud reklaamituru kahanemine
ning kasvav surve sisendkuludele. 2025. aasta I kvartali puhaskahjumiks kujunes
1,6 miljonit eurot, mis on 31% suurem võrreldes eelmise aastaga. Puhaskahjumi
suurenemist mõjutab peamiselt kontserni investeeringutest tulenev
amortisatsioonikulu kasv.
Kontserni likviidsus on jätkuvalt hea. Juhatus peab oluliseks
likviidsusreservide hoidmist nii võimalike uute ostude tarbeks kui ka majanduse
edasise jahtumisega seotud olukordadeks. 31. märtsi 2025 seisuga oli kontsernil
rahalisi vahendeid 8,4 miljonit eurot (31.03.2024: 8,8 miljonit eurot). 23. mail
2025. aastal toimuval korralisel aktsionäride üldkoosolekul tuleb hääletamisele
kasumi jaotamise ettepanek, mille kohaselt makstakse aktsionäridele korralist
dividendi 6 euro senti aktsia kohta kokku 1,86 miljoni euro väärtuses.
I KVARTALI TULEMUSED
MÜÜGITULU
2025. aasta I kvartali konsolideeritud müügitulu oli 17,0 miljonit eurot (I
kvartal 2024: 16,2 miljonit eurot). I kvartali müügitulu suurenes 5% võrreldes
eelmise aastaga. Kasvu taga on peamiselt digitellimuste tulude suurenemine ning
piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv. Positiivse
panuse andsid ka 2024. aasta juulis Delfi Meedia poolt omandatud Eesti Koolitus-
ja Konverentsikeskuse äritegevus ning välised koostööprojektid. Väliste
projektide osas avaldab mõju Delfi UAB poolt arendatav tehisintellekti mudeli
arendus, mille eesmärk on võimaldada automaatselt tuvastada valeinfot. Projekt
algas 2025. aasta I kvartalis ja lõpeb eeldatavasti 2026. aasta II kvartalis
ning selle oodatav tulu on kokku ca 3 miljonit eurot. Mudel saab olema avalikult
kättesaadav kõigile tehisintellekti arendajatele.
Kontserni digitaalsete tulude osakaal moodustas 2025. aasta I kvartali lõpus
84% kogukäibest (2024. aasta I kvartali lõpp: 84% kogukäibest). 2025. aasta I
kvartali digitaalsed tulud suurenesid 5% võrreldes eelmise aasta sama
perioodiga.
KULUD
2025. aasta I kvartali müüdud kaupade kulu, turundus- ja üldhalduskulud ilma
kulumita kokku moodustasid 16,9 miljonit eurot (I kvartal 2024: 15,9 miljonit
eurot). Tegevuskulud suurenesid 1,0 miljonit eurot (+6%) võrreldes eelmise aasta
sama perioodiga. Suurima kasvu moodustab tööjõukulude kasv summas 0,3 miljonit
eurot (+3%).
KASUMLIKKUS
2025. aasta I kvartali konsolideeritud EBITDA oli 0,2 miljonit eurot (I kvartal
2024: 0,4 miljonit eurot). EBITDA vähenes 45% võrreldes eelmise aastaga ning
EBITDA marginaal oli 1,4% (I kvartal 2024: 2,7%). Kasumlikkuse languse taga on
Baltimaade üldisest nõrgast majanduskeskkonnast tingitud reklaamituru kahanemine
ning kasvav surve sisendkuludele.
2025. aasta I kvartali konsolideeritud puhaskahjum oli -1,6 miljonit eurot (I
kvartal 2024: -1,2 miljonit eurot), suurenedes 31%. Lisaks EBITDA vähenemisele
mõjutavad I kvartali puhaskahjumi suurenemist peamiselt ka kontserni
investeeringutest tulenev amortisatsioonikulu kasv.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 8,4 miljonit eurot
ja omakapitali 56,8 miljonit eurot (50% bilansimahust). Võrreldavad andmed
2024. aasta 31. märts seisuga olid vastavalt 8,8 miljonit eurot ja 55,7 miljonit
eurot (53% bilansimahust). Seisuga 31. märts 2025 oli kontserni netovõlg 20,0
miljonit eurot (31. märts 2024: 16,8 miljonit eurot). Netovõla suurenemine
tuleneb peamiselt Eesti Koolitus- ja Konverentsikeskuse äritegevuse ja UAB
Kenton Baltic (konverentsiäri Leedus) omandamise finantseerimisest.
2025. aasta I kvartali kontserni rahavood äritegevusest olid 0,7 miljonit eurot
(I kvartal 2024: 0,9 miljonit eurot), mida mõjutas negatiivselt EBITDA langus I
kvartalis võrreldes eelmise aasta sama perioodiga.
2025. aasta I kvartali kontserni rahavood investeerimistegevusest olid -0,7
miljonit eurot (I kvartal 2024: -0,9 miljonit eurot), millest -1,0 miljonit
eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja
soetamisega, millest suuremad olid investeeringud Delfi platvormi ja Delfi TV
arendamisse.
2025. aasta I kvartali kontserni rahavood finantseerimistegevusest olid -0,5
miljonit eurot (I kvartal 2024: -0,8 miljonit eurot, millest +0,3 miljonit eurot
moodustavad laekumised omaaktsiate müügist aktsiaoptsiooni programmi raames).
Finantseerimistegevused sisaldavad netomuutust laenukohustustes +0,2 miljonit
eurot (I kvartal 2024: -0,6 miljonit eurot) ja rendikohustustes -0,6 miljonit
eurot (I kvartal 2024: -0,6 miljonit eurot) seoses järelejäänud rendiperioodi
tavapärase vähenemisega.
DIVIDENDID
2025. aasta aprillis tegi kontserni juhatus ettepaneku maksta 2024.
majandusaasta puhaskasumi arvel aktsionäridele dividendidena välja 6 eurosenti
aktsia kohta, kokku 1,86 miljonit eurot. Kasumi jaotamise otsus tehakse 23. mail
2025. aastal toimuval aktsionäride korralisel üldkoosolekul.
SEGMENTIDE ÜLEVAADE
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
I kv 2025 I kv 2024 Muutus % 12 kuud 2024
Meediasegment 16 983 16 205 5% 76 071
reklaam 8 489 8 800 -4% 42 234
tellimused (sh üksikmüük) 5 196 5 043 3% 20 457
piletimüügiplatvormid 1 000 910 10% 4 157
väliekraanid 929 783 19% 4 445
muud müügitulud 1 369 669 105% 4 778
Kesksed tegevused 196 170 15% 752
Segmentidevahelised elimineerimised (176) (155) (653)
KONTSERN KOKKU 17 003 16 220 5% 76 170
sh tulu kõikidest digitaalsetest
kanalitest 14 335 13 668 5% 65 786
% tulu kõikidest digitaalsetest
kanalitest 84% 84% 86%
(tuhandetes EUR) EBITDA
I kv 2025 I kv 2024 Muutus % 12 kuud 2024
Meediasegment 626 914 -32% 12 364
Kesksed tegevused (383) (477) 20% (1 699)
Segmentidevahelised elimineerimised 2 4 11
KONTSERN KOKKU 244 442 -45% 10 677
EBITDA marginaal I kv 2025 I kv 2024 12 kuud 2024
Meediasegment 4% 6% 16%
KONTSERN KOKKU 1% 3% 14%
Konsolideeritud finantsseisundi aruanne (auditeerimata)
(tuhandetes EUR) 31.03.2025 31.12.2024
--------------------------------------------------------------
VARAD
--------------------------------------------------------------
Käibevara
--------------------------------------------------------------
Raha ja raha ekvivalendid 8 441 8 971
--------------------------------------------------------------
Nõuded ostjatele ja muud nõuded 15 150 14 394
--------------------------------------------------------------
Ettevõtte tulumaksu nõuded 175 170
--------------------------------------------------------------
Varud 382 373
--------------------------------------------------------------
Käibevara kokku 24 147 23 908
--------------------------------------------------------------
Põhivara
--------------------------------------------------------------
Muud nõuded ja investeeringud 1 775 1 775
--------------------------------------------------------------
Edasilükkunud tulumaksu vara 71 71
--------------------------------------------------------------
Investeeringud ühisettevõtetesse 917 872
--------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 397 2 464
--------------------------------------------------------------
Materiaalne põhivara 10 485 10 834
--------------------------------------------------------------
Immateriaalne põhivara 74 160 74 112
--------------------------------------------------------------
Põhivara kokku 89 804 90 128
--------------------------------------------------------------
VARAD KOKKU 113 951 114 036
--------------------------------------------------------------
KOHUSTUSED
--------------------------------------------------------------
Lühiajalised kohustused
--------------------------------------------------------------
Võlakohustused 5 383 5 309
--------------------------------------------------------------
Võlad tarnijatele ja muud võlad 28 617 27 014
--------------------------------------------------------------
Ettevõtte tulumaksu kohustused 17 36
--------------------------------------------------------------
Lühiajalised kohustused kokku 34 017 32 359
--------------------------------------------------------------
Pikaajalised kohustused
--------------------------------------------------------------
Pikaajalised võlakohustused 23 088 23 232
--------------------------------------------------------------
Muud pikaajalised kohustused 5 5
--------------------------------------------------------------
Pikaajalised kohustused kokku 23 093 23 237
--------------------------------------------------------------
KOHUSTUSED KOKKU 57 110 55 596
--------------------------------------------------------------
OMAKAPITAL
--------------------------------------------------------------
Aktsiakapital 18 576 18 576
--------------------------------------------------------------
Ülekurss 14 295 14 295
--------------------------------------------------------------
Omaaktsiad (5) (5)
--------------------------------------------------------------
Reservid 2 364 2 364
--------------------------------------------------------------
Jaotamata kasum 21 611 23 210
--------------------------------------------------------------
OMAKAPITAL KOKKU 56 841 58 440
--------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 113 951 114 036
--------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
12 kuud
(tuhandetes EUR) I kv 2025 I kv 2024 2024
-------------------------------------------------------------------------------
Müügitulu 17 003 16 220 76 170
-------------------------------------------------------------------------------
Müüdud toodangu kulu (14 848) (13 569) (58 209)
-------------------------------------------------------------------------------
Brutokasum 2 155 2 652 17 961
-------------------------------------------------------------------------------
Muud äritulud 171 156 959
-------------------------------------------------------------------------------
Turunduskulud (908) (858) (3 369)
-------------------------------------------------------------------------------
Üldhalduskulud (2 770) (2 834) (10 530)
-------------------------------------------------------------------------------
Muud ärikulud (48) (21) (164)
-------------------------------------------------------------------------------
Ärikasum /(-kahjum) (1 400) (906) 4 857
-------------------------------------------------------------------------------
Intressitulud 28 36 117
-------------------------------------------------------------------------------
Intressikulud (411) (457) (1 836)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (17) (11) (58)
-------------------------------------------------------------------------------
Kokku finantstulud/(-kulud) (400) (432) (1 777)
-------------------------------------------------------------------------------
Kasum/(kahjum) ühisettevõtete aktsiatelt ja
osadelt 44 39 318
-------------------------------------------------------------------------------
Kasum/(kahjum) sidusettevõtete aktsiatelt ja
osadelt 161 80 471
-------------------------------------------------------------------------------
Kasum /(kahjum) enne tulumaksustamist (1 595) (1 218) 3 869
-------------------------------------------------------------------------------
Tulumaks (4) (4) (617)
-------------------------------------------------------------------------------
Aruandeperioodi puhaskasum /(kahjum) (1 599) (1 221) 3 252
-------------------------------------------------------------------------------
Koondkasum /(-kahjum) kokku (1 599) (1 221) 3 252
-----------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum) aktsia kohta (0,0517) (0,0404) 0,1058
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I kv 2025 I kv 2024 12 kuud 2024
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum /(-kahjum) (1 400) (906) 4 857
-------------------------------------------------------------------------------
Korrigeerimised (mitterahalised):
-------------------------------------------------------------------------------
Põhivara kulum 1 643 1 353 5 823
-------------------------------------------------------------------------------
(Kasum)/ kahjum põhivara müügist,
mahakandmisest ja väärtuse langusest 16 4 33
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete
muutus (727) 367 (1 281)
-------------------------------------------------------------------------------
Varude muutus (9) (11) (52)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja
ettemaksete muutus 1 473 469 3 390
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (27) (73) (707)
-------------------------------------------------------------------------------
Makstud intressid (303) (336) (1 875)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 664 867 10 188
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude
investeeringute ost (miinus omandatud
sularaha)/müük/
sissemaksed kapitaliosaluse meetodil
arvestatud investeeringutesse 0 0 (5 246)
-------------------------------------------------------------------------------
Laekunud intressid 28 36 115
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara
soetamine (988) (1 082) (4 619)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 1 3 3
-------------------------------------------------------------------------------
Antud laenud 0 0 (12)
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 0 4 4
-------------------------------------------------------------------------------
Laekunud dividendid 228 102 379
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (731) (937) (9 376)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Makstud dividendid 0 0 (1 848)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (623) (557) (2 315)
-------------------------------------------------------------------------------
Arvelduskrediidi muutus 887 0 0
-------------------------------------------------------------------------------
Saadud laenud 0 0 4 640
-------------------------------------------------------------------------------
Laenude tagasimaksed (726) (561) (2 419)
-------------------------------------------------------------------------------
Laekunud aktsiate emiteerimisest 0 0 98
-------------------------------------------------------------------------------
Laekunud omaaktsiate müügist 0 343 397
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (463) (775) (1 447)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (530) (845) (635)
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 8 971 9 606 9 606
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 8 441 8 761 8 971
-------------------------------------------------------------------------------
Lili Kirikal
CFO
AS Ekspress Grupp
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 ning pakub väliekraanide teenust Eestis ja Lätis. Ekspress
Grupp alustas oma tegevust 1989. aastal ja annab tööd ligi 1100 inimesele.
Pealkiri
AS Ekspress Grupp: Consolidated unaudited interim report for Q1 of 2025
Teade
The revenue of AS Ekspress Grupp for the 1(st) quarter of 2025 increased by 5%
year-over-year to EUR 17.0 million. However, EBITDA decreased by EUR 0.2
million. Digital revenue also increased by 5% and the share of digital revenue
remained at 84% of the Group's total revenue in the first quarter.
As expected, the Group's first quarter's results were most affected by the
expected seasonality, due to which the company's profitability is under the
greatest pressure in the 1(st) quarter each year. In addition, lower demand due
to the weak economic environment in the Baltic States, was reflected in the
advertising revenue of the 1(st) quarter.
In the 1(st) quarter, Ekspress Grupp's revenue amounted to EUR 17.0 million, an
increase of 5% as compared to the same period last year. The increase is mainly
due to the increase in digital subscription revenue and the increase in the
volumes of ticket platforms and digital outdoor screens. The business operations
of Eesti Koolitus- ja Konverentsikeskus (the Estonian Training and Conference
Centre), acquired by Delfi Meedia in July 2024 as well as external cooperation
projects also made a positive contribution. The company's operations were
affected by the general downturn in the business environment in Estonia, as well
as in other Baltic countries, which was reflected in a 4% decrease in
advertising revenue.
The digital subscription revenue and the number of people with digital
subscriptions of the Group's media companies increased strongly in all three
countries. In a year, the Group received more than 25 000 new digital
subscriptions (+12%) in the Baltic States, reaching 236 000 subscriptions at the
end of the 1(st) quarter of 2025. Thus, the Group's digital revenue is
increasingly based on digital subscription revenue and makes up an increasingly
larger recurring revenue base without the need for additional sales activity
(and costs). We have enhanced the quality and volume of content offered by the
Group's media companies to be the leader in the digital subscription field in
all Baltic States. The Group is gradually moving towards its financial strategic
goals and wishes to offer paid digital content to at least 340 000 subscribers
by the year 2026.
The revenue of ticket sales platforms increased by 10% in a year. The outdoor
screen business also demonstrated significant 19% growth, supported by the
extension of the network to 156 screens as well as the increase in the average
price per screen. With this, the Group has increased its presence in the Latvian
market, where the number of screens increased from 105 to 109 in a year, while
we have 47 screens in Estonia. These two areas have shown resilience also in the
conditions of slower economic growth.
In the 1(st) quarter, Ekspress Grupp's profit before interest, tax, depreciation
and amortisation (EBITDA) totalled EUR 0.2 million, decreasing by 45%. Behind
the decline in profitability is the decline in the advertising market due to the
general weak economic environment in the Baltic States and increasing pressure
on input costs. The net loss for the 1(st) quarter of 2025 was EUR 1.6 million,
which is 31% higher than last year. The increase in net loss is mainly
influenced by higher depreciation costs due to the Group's investments.
The Group's liquidity continues to be strong. The Management Board considers it
important to maintain liquidity reserves both for potential new acquisitions and
for situations related to further cooling of the economy. As of 31 March 2025,
the Group had EUR 8.4 million (31.03.2024: EUR 8.8 million) in cash. The
ordinary general meeting of shareholders to be held on 23 May 2025 shall vote on
the profit allocation proposal, according to which shareholders will be paid
regular dividends of 6 euro cents per share in the total amount of EUR 1.86
million.
Q1 RESULTS
REVENUE
In the 1(st) quarter of 2025, the consolidated revenue totalled EUR 17.0 million
(Q1 2024: EUR 16.2 million). The revenue for the 1(st) quarter increased by 5%
year-over-year. The growth is primarily attributable to the increase in digital
subscription revenue as well as increase in the volume of ticket sales platforms
and digital outdoor screens. The business operations of Eesti Koolitus- ja
Konverentsikeskus (the Estonian Training and Conference Centre), acquired by
Delfi Meedia in July 2024 as well as external cooperation projects also made a
positive contribution. Revenues from external projects will be affected by the
development of Delfi UAB's artificial intelligence module for the automatic
identification of false information. The project, which began in the 1(st)
quarter of 2025 and is scheduled to conclude in the 2(nd) quarter of 2026, is
expected to generate revenue of 3 million euros. The model will be publicly
available to all artificial intelligence developers.
The share of the Group's digital revenue in total revenue was 84% at the end of
the 1(st) quarter of 2025 (at the end of Q1 2024: 84% of total revenue). Digital
revenue for the 1(st) quarter of 2025 increased by 5% as compared to the same
period last year.
EXPENSES
In the 1(st) quarter of 2025, the cost of goods sold, marketing, and general and
administrative costs, excluding depreciation and amortisation totalled EUR 16.9
million (Q1 2024: EUR 15.9 million). Operating expenses increased by EUR 1.0
million (+6%) as compared to the same period last year. Labour costs increased
the most, by EUR 0.3 million (+3%).
PROFITABILITY
In the 1(st) quarter of 2025, the consolidated EBITDA totalled EUR 0.2 million
(Q1 2024: EUR 0.4 million). EBITDA decreased by 45% as compared to last year and
the EBITDA margin was 1.4% (Q1 2024: 2.7%). The decrease in profitability is
impacted by the decline in the advertising market due to the general weak
economic environment in the Baltic States and the increasing pressure of input
costs.
The consolidated net loss for the 1(st) quarter of 2025 totalled EUR -1.6
million (Q1 2024: EUR -1.2 million), an increase of 31%. In addition to the
decrease in EBITDA, higher net loss is also primarily related to higher
depreciation expenses arising from the Group's investments.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 8.4 million and equity in the amount of EUR 56.8 million (50% of total
assets). The comparable data as of 31 March 2024 were EUR 8.8 million and EUR
55.7 million (53% of total assets), respectively. As of 31 March 2025, the
Group's net debt was EUR 20.0 million (31 March 2024: EUR 16.8 million). The
increase in net debt is mainly due to the financing of the acquisitions of
business operations of Eesti Koolitus- ja Konverentsikeskus (the Estonian
Training and Conference Centre) and UAB Kenton Baltic (conference business in
Lithuania).
In the 1(st) quarter of 2025, the Group's cash flows from operating activities
totalled EUR 0.7 million (Q1 2024: EUR 0.9 million), which was negatively
affected by the decrease in EBITDA in the first quarter compared to the same
period last year.
In the 1(st) quarter of 2025, the Group's cash flows from investing activities
totalled EUR -0.7 million (Q1 2024: EUR -0.9 million), of which EUR -1.0 million
was related to development and acquisition of property, plant and equipment and
intangible assets, of which the largest investments were in the development of
Delfi platform and Delfi TV.
In the 1(st) quarter of 2025, the Group's cash flows from financing activities
totalled EUR -0.5 million (Q1 2024: EUR -0.8 million, of which EUR +0.3 million
were proceeds from the sale of treasury shares within the framework of the
exercise of share options). Financing activities include a net change in
borrowings in the amount of EUR +0.2 million (Q1 2024: EUR -0.6 million) and
lease liabilities in the amount of EUR -0.6 million (Q1 2024: EUR -0.6 million)
due to the normal reduction of the remaining lease term.
DIVIDENDS
In April 2025, the Group's Management Board proposed to pay 6 euro cents per
share as dividends to shareholders from the net profit of the financial year
2024 in the total amount of EUR 1.86 million. The profit allocation proposal
will be made at the ordinary general meeting of shareholders on 23 May 2025.
SEGMENT OVERVIEW
Key financial indicators for segments
(EUR thousand) Sales
Q1 2025 Q1 2024 Change % 12 months 2024
Media segment 16 983 16 205 5% 76 071
advertising revenue 8 489 8 800 -4% 42 234
subscriptions (incl. single-copy
sales) 5 196 5 043 3% 20 457
ticket sales platforms 1 000 910 10% 4 157
outdoor screens 929 783 19% 4 445
sale of other goods and services 1 369 669 105% 4 778
Corporate functions 196 170 15% 752
Inter-segment eliminations (176) (155) (653)
TOTAL GROUP 17 003 16 220 5% 76 170
incl. revenue from all digital
channels 14 335 13 668 5% 65 786
% of revenue from all digital
channels 84% 84% 86%
(EUR thousand) EBITDA
Q1 2025 Q1 2024 Change % 12 months 2024
Media segment 626 914 -32% 12 364
Corporate functions (383) (477) 20% (1 699)
Inter-segment eliminations 2 4 11
TOTAL GROUP 244 442 -45% 10 677
EBITDA margin Q1 2025 Q1 2024 12 months 2024
Media segment 4% 6% 16%
TOTAL GROUP 1% 3% 14%
Consolidated statement of financial position (unaudited)
(EUR thousand) 31.03.2025 31.12.2024
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ASSETS
--------------------------------------------------------------
Current assets
--------------------------------------------------------------
Cash and cash equivalents 8 441 8 971
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Trade and other receivables 15 150 14 394
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Corporate income tax prepayment 175 170
--------------------------------------------------------------
Inventories 382 373
--------------------------------------------------------------
Total current assets 24 147 23 908
--------------------------------------------------------------
Non-current assets
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Other receivables and investments 1 775 1 775
--------------------------------------------------------------
Deferred tax asset 71 71
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Investments in joint ventures 917 872
--------------------------------------------------------------
Investments in associates 2 397 2 464
--------------------------------------------------------------
Property, plant and equipment 10 485 10 834
--------------------------------------------------------------
Intangible assets 74 160 74 112
--------------------------------------------------------------
Total non-current assets 89 804 90 128
--------------------------------------------------------------
TOTAL ASSETS 113 951 114 036
--------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------
Current liabilities
--------------------------------------------------------------
Borrowings 5 383 5 309
--------------------------------------------------------------
Trade and other payables 28 617 27 014
--------------------------------------------------------------
Corporate income tax payable 17 36
--------------------------------------------------------------
Total current liabilities 34 017 32 359
--------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------
Long-term borrowings 23 088 23 232
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Other long-term liabilities 5 5
--------------------------------------------------------------
Total non-current liabilities 23 093 23 237
--------------------------------------------------------------
TOTAL LIABILITIES 57 110 55 596
--------------------------------------------------------------
EQUITY
--------------------------------------------------------------
Share capital 18 576 18 576
--------------------------------------------------------------
Share premium 14 295 14 295
--------------------------------------------------------------
Treasury shares (5) (5)
--------------------------------------------------------------
Reserves 2 364 2 364
--------------------------------------------------------------
Retained earnings 21 611 23 210
--------------------------------------------------------------
TOTAL EQUITY 56 841 58 440
--------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 113 951 114 036
--------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
12 months
(EUR thousand) Q1 2025 Q1 2024 2024
-----------------------------------------------------------------------------
Sales 17 003 16 220 76 170
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Cost of sales (14 848) (13 569) (58 209)
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Gross profit 2 155 2 652 17 961
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Other income 171 156 959
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Marketing expenses (908) (858) (3 369)
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Administrative expenses (2 770) (2 834) (10 530)
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Other expenses (48) (21) (164)
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Operating profit /(loss) (1 400) (906) 4 857
-----------------------------------------------------------------------------
Interest income 28 36 117
-----------------------------------------------------------------------------
Interest expenses (411) (457) (1 836)
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Other finance income/(costs) (17) (11) (58)
-----------------------------------------------------------------------------
Net finance cost (400) (432) (1 777)
-----------------------------------------------------------------------------
Profit/(loss) on shares of joint ventures 44 39 318
-----------------------------------------------------------------------------
Profit/(loss) on shares of associates 161 80 471
-----------------------------------------------------------------------------
Profit /(loss) before income tax (1 595) (1 218) 3 869
-----------------------------------------------------------------------------
Income tax expense (4) (4) (617)
-----------------------------------------------------------------------------
Net profit /(loss) for the reporting period (1 599) (1 221) 3 252
-----------------------------------------------------------------------------
Total comprehensive income /(loss) (1 599) (1 221) 3 252
-------------------------------------------------------------------
Earnings per share (euro)
-----------------------------------------------------------------------------
Basic earnings per share (0.0517) (0.0404) 0.1058
-----------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) Q1 2025 Q1 2024 12 months 2024
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year (1 400) (906) 4 857
-------------------------------------------------------------------------------
Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 1 643 1 353 5 823
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment
of property, plant and equipment 16 4 33
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (727) 367 (1 281)
-------------------------------------------------------------------------------
Inventories (9) (11) (52)
-------------------------------------------------------------------------------
Trade and other payables 1 473 469 3 390
-------------------------------------------------------------------------------
Income tax paid (27) (73) (707)
-------------------------------------------------------------------------------
Interest paid (303) (336) (1 875)
-------------------------------------------------------------------------------
Net cash generated from operating activities 664 867 10 188
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less
cash acquired) and other investments /sale/
cash paid-in equity-accounted investees 0 0 (5 246)
-------------------------------------------------------------------------------
Interest received 28 36 115
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (988) (1 082) (4 619)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment and intangible assets 1 3 3
-------------------------------------------------------------------------------
Loans granted 0 0 (12)
-------------------------------------------------------------------------------
Loan repayments received 0 4 4
-------------------------------------------------------------------------------
Dividends received 228 102 379
-------------------------------------------------------------------------------
Net cash used in investing activities (731) (937) (9 376)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid 0 0 (1 848)
-------------------------------------------------------------------------------
Payment of lease liabilities (623) (557) (2 315)
-------------------------------------------------------------------------------
Change in overdraft 887 0 0
-------------------------------------------------------------------------------
Proceeds from borrowings 0 0 4 640
-------------------------------------------------------------------------------
Repayments of bank loans (726) (561) (2 419)
-------------------------------------------------------------------------------
Proceeds from share issuance 0 0 98
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Proceeds from sale of treasury shares 0 343 397
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Net cash used in financing activities (463) (775) (1 447)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (530) (845) (635)
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of
the period 8 971 9 606 9 606
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the
period 8 441 8 761 8 971
-------------------------------------------------------------------------------
Lili Kirikal
CFO
AS Ekspress Grupp
Email: [email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading Baltic media group whose key activities include
web media content production, and publishing of newspapers, magazines and books.
The Group also operates an electronic ticket sales platform and ticket sales
offices and offers outdoor screen service in Estonia and Latvia. Ekspress Grupp
launched its operations in 1989 and employs almost 1,100 people.