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AS Ekspress Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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26.02.2009 15:45:00
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AS Ekspress Grupp IV kvartali 2008 aruanne
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Ekspress Grupi müügitulu kasvas 2008 aastal 15 % ja kulumieelne ärikasum (EBITDA) 13% võrreldes möödunud aastaga. 2008 aasta IV kvartali müügitulu langus oli 1% ja EBITDA langus 16% võrreldes möödunud aasta sama perioodiga. Müügitulu kasvu peatumine ja EBITDA langus IV kvartalis on tingitud majanduse langusest põhjustatud reklaamitulude langusest. Ekspress Grupi 2008 aasta tegevust iseloomustavad olulised arvnäitajad - Müügitulu 1 323.4 miljonit krooni (84.6 miljonit eurot), aastane kasv 15% - Brutokasum 337.1 miljonit krooni ( 21.5 miljonit eurot), aastane kasv 11% - Kulumieelne ärikasum (EBITDA) 175.8 milj. krooni (11.2 milj. eurot), aastane kasv 13% - Ärikasum (EBIT) 114.3 miljonit krooni (7.3 miljonit eurot), aastane muutus -2% - Puhaskasum 49.5 miljonit krooni (3.2 miljonit eurot), aastane muutus -46% Ekspress Grupi 2008 aasta IV kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 360.1 miljonit krooni (23.0 miljonit eurot), aastane muutus -1% - Brutokasum 88.3 miljonit krooni ( 5.6 miljonit eurot), aastane muutus -1% - Kulumieelne ärikasum (EBITDA) 40.2 milj. Krooni (2.6 milj. eurot), aastane muutus -16% - Ärikasum (EBIT) 26.2 miljonit krooni (1.6 miljonit eurot), aastane muutus -22% - Puhaskasum 5.8 miljonit krooni (0.4 miljonit eurot), aastane muutus -73% 2008 aasta IV kvartali olulisemad sündmused - Delfi Infoliin 1184 lansseerimine, mis vahetas välja senise 1184 Numbriinfo. - naisteajakiri Moteris uuenenud veebiväljaande www.moteris.lt lansseerimine Leedus - Videouudiste portaali Delfi.TV lansseerimine Eestis ja Lätis - www.ekspresskinnisvara.ee tõus oktoobri lõpus külastatavuselt Eesti teiseks kinnisvaraportaaliks. - Raamatukaupluse avamine Rocca Al Mare kaubanduskeskuses Tallinnas „Rahva Raamat“ kaubamärgi all Reklaamituru ülevaade Meediaanalüütik Toomas Leito andmetel on ajakirjade reklaamitulu langenud 18% mulluse tasemega võrreldes. Ajalehtede reklaamitulu langus, mis on enim mõjutatud töökuulutuste, kinnisvara, ja auto reklaamide kokkukuivamisest, on 10%. Neljandas kvartalis jätkus Eestis printreklaami turu langus olles eelmiste kvartalitega võrreldes oluliselt järsem: ajalehtede reklaamitulu langes 22% ja ajakirjade reklaamitulu 17% 2007 aasta neljanda kvartaliga võrreldes. Samal ajal jäi interneti reklaamitulu neljandas kvartalis 2007 aasta sama perioodi tasemele. Veebireklaam ei kasva enam nii jõudsalt kui varasematel perioodidel, kuid kasv jätkub ning veebireklaami kasv kogu reklaamiturust on kiirenenud. Arvestades neljandas kvartalis valitsenud paanikat finantsturgude kokkuvarisemisest ja üldisest majanduse madalseisust, on selline tulemus ootuspärane. Ülevaade segmentide lõikes Ekspress Grupi tegevus keskendus 2008 aasta neljandas kvartalis jätkuvalt viiele põhisegmendile: online meedia, kirjastamine, trükiteenused, raamatute müük ja infoteenused. Online meedia segmendis kajastuvad 2008 aastast ka ASi Eesti Päevaleht, SLÕhtuleht ASi ja Eesti Ekspress Kirjastus ASi web väljaanded ja Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö web keskkonnad, mida varem kajastati kirjastussegmendi all. Samuti kajastatakse online media segmendis kõik tulevikus loodavad web keskkonnad. Kõige suurem müügitulu kasv 2008 aasta neljandas kvartalis absoluutnumbrites võrreldes 2007 aasta sama perioodiga saavutati trükiteenuste segmendis, kus müügitulu tõus saavutati tootmisvõimsuste tõusuga uue trükipressi käikurakendamisel oktoobris 2007. Müügitulu tõusis ka raamatumüügis tänu uute kaupluste avamisele. Enim langes müügitulu neljandas kvartalis kirjastamissegmendis, tingituna reklaamituru olulisest langusest aasta lõpul. Online meedia segmendis on Delfi jätkuvalt Baltimaade juhtiv uudisteportaal, mille kasutajaskond näitas 2007 aasta sama perioodiga võrreldes kasvu kõikidel turgudel. Kokku kasutab Delfi portaale 2.5 miljonit inimest Baltimaades ja Ukrainas. TNS Metrixi andmetel oli Delfi Eestis neljandas kvartalis jätkuvalt suurim uudisteportaal 549 000 unikaalse kasutajaga kuus, kasvatades kasutajaskonda võrreldes aasta taguse sama ajaga 28 000 unikaalse kasutaja võrra. Delfi suurimal konkurendil www.postimees.ee oli samal perioodil 445 000 unikaalset kasutajat. Leedus oli Delfil Gemius Audience andmetel neljandas kvartalis kuus keskmiselt 924 000 unikaalset külastajat, olles sellega jätkuvalt suurim uudisteportaal. Konkureerivatel uudisportaalidel www.lrytas.lt ja www.alfa.lt oli samal perioodil vastavalt 665 000 ja 527 000 unikaalset külastajat. Samuti on Delfi Lätis suurim uudisteportaal Gemius Audience andmetel 589 000 unikaalse kasutajaga kuus. Lätis Delfiga konkureerivatel uudisportaalidel www.tvnet.lv oli 420 000 ja www.apollo.lv 371 000 unikaalset külastajat. Bilansipäeva seisuga haldab AS Delfi koos Läti, Leedu ja Ukraina tütarettevõtjatega eesti- ja venekeelseid portaale Eestis, http://www.delfi.ee ja rus.delfi.ee, läti- ja venekeelseid portaale Lätis http://www.delfi.lv ja rus.delfi.lv, leedu- ja venekeelseid portaale Leedus http://www.delfi.lt, http://www.klubas.lt, http://ru.delfi.lt) ning uudisteportaal Ukrainas http://www.delfi.ua. Esimeses kvartalis Leedus lansseeritud meelelahutusportaal www.klubas.lt oli neljandas kvartalis 253 000 unikaalse kasutajaga kuus suurim meelelahutusportaal. Leedus teises kvartalis lansseeritud suurim naistele orienteeritud kuukirja „Panele“ uus veebiversioon www.panele.lt omas neljandas kvartalis 213 000 unikaalset kasutajat kuus, olles suurima kasutajaskonnaga ajakirja veebiversioon. Neljandas kvartalis tuli naisteajakiri Moteris Leedus välja uuenenud veebiväljaandega www.moteris.lt, mida külastas keskmiselt 73 000 unikaalset külastajat kuus. Juulis Lätis lansseeritud meelelahutusportaal www.mango.lv. tugevdas oma liidripositsiooni valdkonna juhtiva portaalina, saades 4 kvartalis juurde 33 000 unikaalset külastajat kuus. Augustis Delfi poolt Eestis lansseeritud meelelahutusportaal Publik.ee saavutas kiiresti oma valdkonnas juhtiva positsiooni, omades keskmiselt 237 000 unikaalset külastajat nädalas. Septembris Eestis lansseeritud teadus ja tehnoloogia uudiste keskkonnal Forte.ee omas neljanda kvartali lõpu seisuga 89 000 unikaalset kasutajat nädalas. Oktoobris lansseeriti Eestis ja novembris Lätis videouudiste portaal Delfi.TV, mis võimaldab esmakordselt internetipõhist videoportaali jälgida koduselt TV ekraanilt. AS Ekspress Kirjastus haldab Eestis autoportaali www.ekspressauto.ee, kinnisvaraportaali www.ekspresskinnisvara.ee ja töökuulutuste portaali www.ekspressjob.ee. Aasta alguses turule toodud www.ekspresskinnisvara.ee tõusis oktoobri lõpus veebilehtede mõõtmiskeskkonna TNS Metrix andmeil ligi 80 000 unikaalse külastajaga nädalas külastatavuselt teiseks kinnisvaraportaaliks Eestis möödudes sellistest portaalidest nagu kv.ee, soov.ee ja kuldnebors.ee. Ekspresskinnisvara.ee on olnud sel aastal üldse kõige kiiremini kasvav kinnisvaraportaal, kiire kasvu on taganud portaali hea tehniline lahendus ning igakülgne koostöö Delfiga. Autoportaal ekspressauto.ee kindlustas endale jätkuvalt turul teise positsiooni omades keskmiselt 26 000 unikaalset külastajat nädalas. Teises kvartalis lansseeritud tööotsingu keskkond ekspressjob.ee lansseeris Delfis detsembri lõpus tööuudiste rubriigi, mis tõstis ekspressjob.ee kasutajaskonna 30 000 unikaalsele külastajale nädalas. Kontserni juhtkonna eesmärk on tugevdada kontserni turuliidri positsiooni internetiturul kõikides Balti riikides. Detsembris alustati Delfi restruktureerimise projekti elluviimist, mille esimese sammuna registreeriti 23. detsembril 2008 Lätis AS-i Ekspress Grupp tütaräriühing SIA Delfi Holding. 30. detsembril 2008 sõlmiti Delfi AS (Eesti) ja SIA Delfi Holding vahel aktsiate ostu-müügileping 100% Delfi AS (Läti) aktsiate müügi kohta. Delfi Grupi müügitulu aastane langus 2008 aasta neljandas kvartalis oli 9%. Neljanda kvartali EBITDA moodustas 2007 aasta sama perioodi tasemest 41%. EBITDA langus neljandas kvartalis on tingitud Delfi Ukraina käivitamisega seotud kuludest 1.4 miljonit krooni (0.09 miljonit eurot), samuti uutest täiendavast arendusprojektist nagu klubas.lt Leedus 1.0 miljonit krooni (64 tuhat eurot), mango.lv Lätis 0.7 miljonit krooni (45 tuhat eurot), publik.ee Eestis 0.7 miljonit krooni (45 tuhat eurot) ja forte.ee Eestis 0.4 miljonit krooni (25 tuhat eurot). Neljanda kvartali kulusid suurendasid ka töötajate koondamistasud. Arvestamata ülalnimetatud arendusprojektide kulusid moodustas EBITDA neljandas kvartalis 73% 2007 aasta sama perioodi tasemest. Delfi Grupi 2008 aasta müügitulu kasvas 13% võrreldes 2007 aastaga ja EBITDA moodustas 2007 aasta tasemest 79%. Arvestamata ülalmainitud arendusprojektide kulusid on 2008 EBITDA langus 4%. Et reklaamitulud on äärmiselt tundlikud majanduskeskkonna suhtes, on majanduse jahenemisega kaasnenud kirjastamissegmendi reklaamikäibe langus. Neljandas kvartalis langes kontserni kirjastamissegmendi reklaamitulu 26%. Majanduse jahenemine on neljandas kvartalis mõjutanud ka perioodika üksikmüüki, mis on langenud 8% 2007 aasta neljanda kvartaliga võrreldes. Samal ajal on tellimuste müük langenud minimaalselt -1%. Reklaamitulu pidurdumisel on oluline mõju kirjastussegmendi kasumile, sest reklaamitulu brutomarginaal on oluliselt kõrgem kui tellimustel ja üksikmüügil. Kirjastamissegmendi EBITDA langes neljandas kvartalis 13% võrreldes 2007 aasta sama perioodiga. Neljandas kvartalis lõppes edukalt Eesti Päevalehe Eesti ajalugu käsitleva raamatusarja „Eesti Lugu“ tellimiskampaania, mis lisas Eesti Päevalehe lugejaskonda nii uusi tellijaid kui suurendas üksikmüüki. Neljapäeviti TV3-s linastuv Eesti Ekspress kajastav saade „Värske Ekspress“ on neljandas kvartalis suurendanud Eesti Ekspressi lugejaskonda. Trükiteenuste segmendis on trükiettevõtja müügitulu kasv 2008 aasta neljandas kvartalis arvestatav 9% 2007 aasta sama perioodiga võrreldes. 2007 aasta oktoobris käivitunud trükimasina tootmismahu katmine uute lepingutega lubas kasvatada tänavu oktoobris ettevõtja eksporti 73% võrra ning tõsta trükiettevõtja kogu müügitulu pea ajaloolise rekordi tasemele. Nii nagu kirjastamisele on ka trükiteenustele iseloomulik sesoonsus, kus üks kõrghetk on märtsist maini ja teine just oktoobris-novembris. 15. detsembril 2008 sõlmis trükiettevõtja ostu-müügilepingu tema omanduses oleva 6859 m2-se hoonestamata kinnistu müügi kohta summas 9 miljonit krooni (0.6 miljonit eurot). Trükiettevõtja EBITDA kasv oli neljandas kvartalis 31%. Trükiettevõtja aastane EBITDA kasv oli 22% arvestamata kinnistu müügist saadud kasumit 6.6 miljonit krooni ( 0.4 miljonit eurot). Raamatumüügis saavutati neljandas kvartalis müügitulu 8%-line kasv. Raamatute jaemüügi müügitulu kasv moodustas koguni 37%, mis on saavutatud müügipinna lisandumisest. 2008 aastal avati kolm uut kauplust, millest 1. Oktoobril Rocca al Mare kaubanduskeskuses avatud 800 ruutmeetrisel pinnal asuv Rahva Raamat on Eestis suuruselt teine raamatukauplus. Järgmisel aastal avab Rahva Raamat ühe uue kaupluse, milleks on esinduskauplus uues Pärnu Keskuses. Kui 2008 aastal suurenes Infoteenuste müügitulu 6% võrreldes 2007 aastaga, siis neljandas kvartalis müügitulu mõnevõrra langes, 2% võrreldes 2007 aasta sama perioodiga. Infoteenuste müük arvestamata tulude periodiseerimist seevastu tõusis 17%. 2008 aasta neljanda kvartali EBITDA langus ja 2008 aasta EBITDA langus oli tingitud Rumeenias saavutatud kahjumist ja lootusetute nõuete mahakandmisest Eestis. Bilansi kuupäeva seisuga on Ekspress Grupp väljunud infoteenuste ärist Rumeenias. Oktoobris lansseeriti koostöös Delfiga uus Delfi Infoliin 1184, mis vahetab välja senise 1184 Numbriinfo.Uue brändi Delfi Infoliin 1184 alla on koondatud lisaks internetikeskkonnas www.ee.ee leiduvale informatsioonile ka Delfi firmaotsing. Delfi Infoliin 1184 on universaalne infotelefon, mis annab ööpäevaringselt infot vastavalt soovile eesti, inglise või vene keeles. Koostööst Delfiga ootame infoteenuste müügitulu kasvu. Kasum Arvestades reklaamiäri sesoonset iseloomu, on ASi Maaleht ja Delfi Grupi lisandumisega kontserni müügituludes reklaamitulude osakaal märgatavalt suurenenud, mistõttu on sesoonsuse mõju kontserni müügitulule ja kasumile varasemast suurem. Neljandas kvartalis süvenenud majanduse jahenemise mõju kontserni müügitulule ja kasumile väljendus ajalehtede ja ajakirjade reklaamitulude languses ja sellest tulenevalt kasumi languses. Müügitulude 1%-lise languse kõrval on otsekulud kasvanud neljandas kvartalis 1%, mille tulemusena on brutokasumi marginaal langenud neljandas kvartalis 26.6%-lt 24.5%-le. Trüki- ja leviteenuste kallinemise kõrval on tõusnud otsekuludes kajastatud põhivara kulum. 2008 aasta neljanda kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas 40.2 miljonit krooni (2.6miljonit eurot) moodustades 84% 2007 aasta sama perioodi tulemust. Neljanda kvartali ärikasum ulatus 26.1 miljoni kroonini (1.7 miljoni euroni) jäädes 2007 aasta tasemele alla 22%. Neljanda kvartali ärirentaabluseks kujunes 7.3% (2007 neljas kvartal: 9.2%). Ärikasumi kasvu aeglustumine on reklaamitulu languse kõrval tingitud kulumi kasvust seoses Delfi ja Maalehe soetamisel lisandunud immateriaalse põhivaraga ja teistest põhivara investeeringutest 2007 aastal. Grupi turunduskulud on kasvanud seoses uute firmade (AS Maaleht, Delfi Grupp, TeleTell), lisandumisega kontserni 2007 aasta teisel poolaastal ning uute toodete ja turunduskampaaniate lansseerimisega, mis on seotud uute toodete nagu kinnisvara-, auto- ja töökuulutuste portaalid, samuti Eesti Päevalehe uue raamatuprojekti turuletoomisega. Neljanda kvartali turunduskulud on tõusnud lisaks ülalnimetatutele ka Hotline brändireklaami kampaania ning telesaate Värske Ekspress tootmiskulude tõttu. Aastane kasv võrreldes 2007 aastaga on 16%. Samas on neljandas kvartalis turunduskulud langenud 12 % võrreldes 2007 aasta sama perioodiga, mis on saavutatud turunduskulude optimeerimisest. Administratiivkulud on neljandas kvartalis langenud 14% võrreldes eelmise aasta sama perioodiga. Administratiivkuludes kajastatud töötasu on langenud neljandas kvartalis 20% 2007 aasta sama perioodiga võrreldes. Üldhalduskulude langus on saavutatud allpool kirjeldatud kokkuhoiu meetmete realiseerimise tulemusena. Töötasu langus on saavutatud töötasu tõusu külmutamise ja töötajate koondamise tulemusena. Muudes ärituludes sisaldub kasum 6.6 miljonit krooni ( 0.4 miljonit eurot) Printalli omanduses oleva 6859 m2-se hoonestamata kinnistu müümisest vastavalt 15. Detsembril 2008 sõlmitud ostu-müügilepingule. Grupi 2008 aasta neljanda kvartali finantskulud ulatusid 18.7 miljoni kroonini (1.2 miljoni euroni). Põhilise osa finantskuludest moodustasid intressikulud 16.4 miljonit krooni (1.0 miljonit eurot) (2007 neljas kvartal: 14.7 miljonit krooni (0.9 miljonit eurot). Intressikulude tõus on tingitud Ekspress Grupi poolt 2007 aasta neljandas kvartalis Delfi ja Maalehe omandamiseks SEB-i, Sampo Panga ja Nordea panga sündikaadilt 674.4 miljoni krooni (43.1 miljoni euro) suuruse laenu võtmisest. Seisuga 31. detsember 2008 on laenu jääk 574.1 miljonit krooni (36.7 miljonit eurot). Kokku teenis Ekspress Grupp 2008 aasta neljandas kvartalis puhaskasumit (peale makse ja vähemusosalust) 5.8 miljonit krooni (0.4 miljonit eurot). 2007 aasta sama perioodiga võrreldes vähenes puhaskasum 73%. Puhaskasumi kasvu pidurdumine on lisaks ärikasumit mõjutavatest sündmustest tingitud intressikulude tõusust seoses võetud sündikaatlaenuga. Järjest süveneva majanduslanguse tingimustes oleme neljandas kvartalis jätkanud eelmistes kvartalis alustatud kulude kokkuhoiu programmi. Programmi põhiosad on paberi- ja printimiskulude kokkuhoid, IT arenduskulude kokkuhoid ja tööjõukulude kokkuhoid. Üldhalduskuludest on täiendavalt varem avalikustatud kulude kokkuhoiu meetmetele kärbitud koolitus- esindus-, lähetus-, parkimise jm kulusid. Suurim kokkuhoiu allikas on tööjõukulud, mis on peamiselt saavutatud läbi töötajate koondamise. Bilansi kuupäeva seisuga on koondatud 60 töötajat. Töötajate koondamine puudutab eelkõige Ajakirjade Kirjastust, Ekspress Kirjastust, Eesti Päevalehte ja Delfit. Seoses neljandas kvartalis läbiviidud täiendava töötajate koondamistega sisalduvad ka neljanda kvartali tööjõukuludes koondamistasud. Nende tööjõukulude kokkuhoiu efekt saavutatakse alates uuest aastast. Neljandas kvartalis läbiviidud täiendavad töötajate koondamised olid tingitud nii reklaamimahu oluliselt vähenemisest kui äriefektiivsuse tõstmiseks vajalikust tugifunktsioonide liitmisest. Töötajate arvu ning palkade vähendamine jätkub 2009 aastal. Bilanss ja investeeringud 2008. aasta 31. detsembri seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1 706.5 miljoni kroonini (109.0 miljoni euroni) vähenedes aastaga 2.6%. Käibevarad vähenesid aastaga 6% ulatudes 287.6 miljoni kroonini (18.4 miljoni euroni) seisuga 31. detsember 2008. Lühiajalised kohustused suurenesid aastaga 4% ulatudes aasta lõpus 457.6 miljoni kroonini (29.2 miljoni euroni). Lühiajalistest kohustustest vähenesid laenukohustused 11.5% ulatudes aasta lõpus 176.2 miljoni kroonini (11.3 miljoni euroni). Samal aja suurenesid võlad Grupi ettevõtjatele 27% ja tarnijatele 5%. Detsembri lõpu seisuga ulatusid Grupi pikaajalised võlakohustused 628.0 miljoni kroonini (40.1 miljoni euroni), vähenedes aastaga 113.8 miljonit krooni (7.3 miljonit eurot) ehk 15%. Pikaajalistest võlakohustustest moodustavad pangalaenud 524.3 miljonit krooni (33.5 miljonit eurot) ja kapitalirendi võlg 103.5 miljonit krooni (6.6 miljonit eurot). Pikaajalistest laenukohustustest moodustab 476.9 miljonit krooni (30.5 miljonit eurot) Ekspress Grupi poolt 2007 aasta neljandas kvartalis SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud 674.4 miljoni krooni (43.1 miljoni euro) suuruse laenu pikaajaline osa. Kogu nimetatud laenu jääk seisuga 31. detsember 2008 moodustab 574.1 miljonit krooni (36.7 miljonit eurot). Materiaalne põhivara ulatus aasta lõpu seisuga 389.6 miljoni kroonini (24.9 miljoni euroni) vähenedes aastaga 4%. Immateriaalne põhivara ulatus aasta lõpu seisuga 1 013.4 miljoni kroonini (64.7 miljoni euroni) vähenedes aastaga 1%. Immateriaalsest põhivarast moodustab 822.3 miljonit krooni (52.6 miljonit eurot) Delfi Grupi ostmisega lisandunud kaubamärkide, kliendisuhete ja tarkvara jääkväärtus ning soetamisel tekkinud firmaväärtus. Kinnisvarainvesteeringute suurenemine on tingitud Printalli 6859 m2-se hoonestamata kinnistu kajastamisest kinnisvarainvesteeringuna korrigeeritud turuväärtuses 9 miljonit krooni (0.6 miljonit eurot) seisuga 31. detsember 2008. Töötajad Ekspress Grupis töötas 2008 aasta 31. detsembri seisuga 2 393 inimest (31. detsember 2007: 2 292 inimest). 2008 aasta 12 kuu keskmine töötajate arv oli 2 375 (2007 12 kuu : 2 274 ). Ekspress Grupi töötajatele maksti 2008. aasta 12 kuu jooksul töötasusid kokku 309.3 miljonit krooni (19.8 miljonit eurot), (2007 12 kuu: 241.5 miljonit krooni ( 15.4 miljonit eurot))*. *ühisettevõtetest proportsionaalne osa -------------------------------------------------------------------------------- | Suhtarvud (%) | | 12 kuud 2008 | 12 kuud 2007 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | 15% | 24% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 25% | 26% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | 4% | 8% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 36% | 33% | -------------------------------------------------------------------------------- | Varade tootlus (%) | 3% | 8% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | 8% | 21% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | 9% | 10% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 63% | 69% | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | 139% | 167% | | (%) | | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 55% | 58% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2,61 | 5,00 | -------------------------------------------------------------------------------- | 0,17 | 0,32 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (müügitulu 12 kuud 2008 - müügitulu 12 kuud 2007) / müügitulu 12 kuud | | 2007*100 | -------------------------------------------------------------------------------- | brutokasum/müügitulu*100 | -------------------------------------------------------------------------------- | puhaskasum/müügitulu*100 | -------------------------------------------------------------------------------- | omakapital / (kohustused+omakapital)* 100 | -------------------------------------------------------------------------------- | puhaskasum/keskmised varad *100 | -------------------------------------------------------------------------------- | puhaskasum/keskmine omakapital *100 | -------------------------------------------------------------------------------- | ärikasum/müügitulu*100 | -------------------------------------------------------------------------------- | käibevara/lühiajalised kohustused | -------------------------------------------------------------------------------- | intressi kandvad võlakohustused/omakapital*100 | -------------------------------------------------------------------------------- | intressi kandvad võlakohustused-raha ja raha ekvivalendid/ intressi kandvad | | võlakohustused+omakapital*100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | puhaskasum/keskmine aktsiate arv | | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha | 46 388 | 68 970 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses muutusega | 8 025 | 4 606 | | läbi kasumiaruande | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 166 844 | 165 828 | -------------------------------------------------------------------------------- | Varud | 66 355 | 66 161 | -------------------------------------------------------------------------------- | Käibevara kokku | 287 612 | 305 565 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 3 270 | 13 671 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 302 | 964 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 12 341 | 3 732 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 389 600 | 404 880 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 1 013 379 | 1 023 419 | -------------------------------------------------------------------------------- | Põhivara kokku | 1 418 892 | 1 446 666 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 706 504 | 1 752 231 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Kohustused | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 176 219 | 199 013 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 281 416 | 240 703 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 457 635 | 439 716 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa 5) | 627 811 | 741 585 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 163 | 88 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 627 974 | 741 673 | -------------------------------------------------------------------------------- | Kohustused kokku | 1 085 609 | 1 181 389 | -------------------------------------------------------------------------------- | Omakapital | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv osa | | | | omakapitalist | | | -------------------------------------------------------------------------------- | Aktsiakapital | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Ülekurss | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reservid | 10 222 | 10 222 | -------------------------------------------------------------------------------- | Jaotamata kasum | 235 508 | 185 981 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 1 671 | 480 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv osa | 620 607 | 569 889 | | omakapitalist kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 288 | 953 | -------------------------------------------------------------------------------- | Omakapital kokku | 620 895 | 570 842 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 706 504 | 1 752 231 | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | -------------------------------------------------------------------------------- | Raha | 2 965 | 4 408 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses muutusega | 513 | 294 | | läbi kasumiaruande | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 10 663 | 10 598 | -------------------------------------------------------------------------------- | Varud | 4 241 | 4 228 | -------------------------------------------------------------------------------- | Käibevara kokku | 18 382 | 19 528 | -------------------------------------------------------------------------------- | Põhivara | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 207 | 874 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 19 | 62 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 789 | 239 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 24 900 | 25 877 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 64 767 | 65 408 | -------------------------------------------------------------------------------- | Põhivara kokku | 90 682 | 92 460 | -------------------------------------------------------------------------------- | VARAD KOKKU | 109 064 | 111 988 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | -------------------------------------------------------------------------------- | Kohustused | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 11 262 | 12 719 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 17 986 | 15 384 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 29 248 | 28 103 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa 5) | 40 124 | 47 396 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 10 | 6 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 40 134 | 47 402 | -------------------------------------------------------------------------------- | Kohustused kokku | 69 382 | 75 505 | -------------------------------------------------------------------------------- | Omakapital | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv osa | | | | omakapitalist | | | -------------------------------------------------------------------------------- | Aktsiakapital | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Ülekurss | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reservid | 653 | 653 | -------------------------------------------------------------------------------- | Jaotamata kasum | 15 052 | 11 886 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 107 | 31 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv osa | 39 664 | 36 422 | | omakapitalist kokku | | | -------------------------------------------------------------------------------- | Vähemusosalus | 18 | 61 | -------------------------------------------------------------------------------- | Omakapital kokku | 39 682 | 36 483 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 109 064 | 111 988 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | IV kv 2008 | III kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 360 096 | 365 316 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 271 821 | 275 682 | -------------------------------------------------------------------------------- | Brutokasum | 88 275 | 89 634 | -------------------------------------------------------------------------------- | Turunduskulud | 20 896 | 9 716 | -------------------------------------------------------------------------------- | Üldhalduskulud | 40 229 | 48 562 | -------------------------------------------------------------------------------- | Muud äritulud | (41) | 5 678 | -------------------------------------------------------------------------------- | Muud ärikulud | 943 | 3 354 | -------------------------------------------------------------------------------- | Ärikasum | 26 166 | 33 680 | -------------------------------------------------------------------------------- | Intressitulud | 940 | 1 561 | -------------------------------------------------------------------------------- | Intressikulud | (16 397) | (14 719) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (963) | 94 | -------------------------------------------------------------------------------- | Muud finantstulud | 29 | 2 504 | -------------------------------------------------------------------------------- | Muud finantskulud | (1 315) | (152) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (17 706) | (10 712) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (205) | (388) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 8 255 | 22 580 | -------------------------------------------------------------------------------- | Tulumaks | 2 500 | 963 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 5 755 | 21 617 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 5 755 | 21 517 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 100 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,30 | 1,13 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 kuud 2008 | 12 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 1 323 376 | 1 149 962 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 986 268 | 854 414 | -------------------------------------------------------------------------------- | Brutokasum | 337 108 | 295 548 | -------------------------------------------------------------------------------- | Turunduskulud | 67 105 | 48 733 | -------------------------------------------------------------------------------- | Üldhalduskulud | 162 535 | 133 972 | -------------------------------------------------------------------------------- | Muud äritulud | 13 793 | 9 025 | -------------------------------------------------------------------------------- | Muud ärikulud | 6 932 | 5 469 | -------------------------------------------------------------------------------- | Ärikasum | 114 329 | 116 399 | -------------------------------------------------------------------------------- | Intressitulud | 2 705 | 6 524 | -------------------------------------------------------------------------------- | Intressikulud | (57 452) | (24 569) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (1 375) | 34 | -------------------------------------------------------------------------------- | Muud finantstulud | 295 | 3 552 | -------------------------------------------------------------------------------- | Muud finantskulud | (2 612) | (3 653) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (58 439) | (18 112) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (627) | 996 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 55 263 | 99 283 | -------------------------------------------------------------------------------- | Tulumaks | 5 717 | 7 174 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 49 546 | 92 109 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 49 527 | 91 670 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 19 | 439 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 2,61 | 5,00 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | IV kv 2008 | IV kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 23 014 | 23 348 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 17 373 | 17 619 | -------------------------------------------------------------------------------- | Brutokasum | 5 641 | 5 729 | -------------------------------------------------------------------------------- | Turunduskulud | 1 335 | 621 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 571 | 3 104 | -------------------------------------------------------------------------------- | Muud äritulud | (3) | 363 | -------------------------------------------------------------------------------- | Muud ärikulud | 60 | 214 | -------------------------------------------------------------------------------- | Ärikasum | 1 672 | 2 153 | -------------------------------------------------------------------------------- | Intressitulud | 60 | 100 | -------------------------------------------------------------------------------- | Intressikulud | (1 048) | (941) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (62) | 6 | -------------------------------------------------------------------------------- | Muud finantstulud | 2 | 160 | -------------------------------------------------------------------------------- | Muud finantskulud | (84) | (10) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (1 132) | (685) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (13) | (25) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 527 | 1 443 | -------------------------------------------------------------------------------- | Tulumaks | 160 | 62 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 367 | 1 381 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 368 | 1 375 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 6 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,02 | 0,07 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 kuud 2008 | 12 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 84 579 | 73 496 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 63 034 | 54 607 | -------------------------------------------------------------------------------- | Brutokasum | 21 545 | 18 889 | -------------------------------------------------------------------------------- | Turunduskulud | 4 289 | 3 115 | -------------------------------------------------------------------------------- | Üldhalduskulud | 10 388 | 8 562 | -------------------------------------------------------------------------------- | Muud äritulud | 882 | 577 | -------------------------------------------------------------------------------- | Muud ärikulud | 443 | 350 | -------------------------------------------------------------------------------- | Ärikasum | 7 307 | 7 439 | -------------------------------------------------------------------------------- | Intressitulud | 173 | 417 | -------------------------------------------------------------------------------- | Intressikulud | (3 672) | (1 570) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (88) | 2 | -------------------------------------------------------------------------------- | Muud finantstulud | 19 | 227 | -------------------------------------------------------------------------------- | Muud finantskulud | (167) | (233) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (3 735) | (1 157) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (40) | 64 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 3 532 | 6 346 | -------------------------------------------------------------------------------- | Tulumaks | 365 | 459 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 3 167 | 5 887 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 3 166 | 5 859 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 1 | 28 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,17 | 0,32 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 kuud 2008 | 12 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | 114 329 | 116 399 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 61 466 | 39 814 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 289 | (4 169) | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 1 351 | (29 023) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | (194) | (21 304) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | 7 374 | 30 929 | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 184 615 | 132 646 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (5 717) | (6 302) | -------------------------------------------------------------------------------- | Makstud intressid | (57 468) | (28 735) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 121 430 | 97 609 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | (445) | (887 645) | -------------------------------------------------------------------------------- | Finantsvarade müük | 7 500 | 113 | -------------------------------------------------------------------------------- | Saadud intressid | 1 165 | 7 166 | -------------------------------------------------------------------------------- | Põhivara soetamine | (41 194) | (57 130) | -------------------------------------------------------------------------------- | Põhivara müük | 895 | 1 294 | -------------------------------------------------------------------------------- | Antud laenud | (4 182) | (70 828) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 236 | 80 861 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (36 025) | (926 169) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 0 | 219 081 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (35 043) | (22 513) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | (46 988) | 12 852 | -------------------------------------------------------------------------------- | Saadud laenud | 42 521 | 749 568 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (68 477) | (112 559) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (107 987) | 846 429 | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (22 582) | 17 869 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 68 970 | 51 101 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 46 388 | 68 970 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 kuud 2008 | 12 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | 7 307 | 7 439 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 3 928 | 2 545 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | 18 | (266) | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 86 | (1 855) | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | (12) | (1 362) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | 471 | 1 977 | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 11 799 | 8 478 | -------------------------------------------------------------------------------- | Makstud ettevõtte tulumaks | (365) | (403) | -------------------------------------------------------------------------------- | Makstud intressid | 0 | 0 | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | 7 761 | 6 238 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Osaluse soetus tütar- ja ühisettevõtjates | (123) | (56 676) | -------------------------------------------------------------------------------- | Finantsvarade müük | 96 | 1 | -------------------------------------------------------------------------------- | Saadud intressid | 113 | 317 | -------------------------------------------------------------------------------- | Põhivara soetamine | (1 779) | (2 502) | -------------------------------------------------------------------------------- | Põhivara müük | 53 | 18 | -------------------------------------------------------------------------------- | Antud laenud | (264) | (3 893) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 7 | 4 495 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (1 898) | (58 239) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 0 | 14 002 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (2 240) | (1 439) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | (3 003) | 821 | -------------------------------------------------------------------------------- | Saadud laenud | 2 718 | 47 906 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (4 376) | (7 194) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (6 902) | 54 097 | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (1 443) | 1 142 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 4 408 | 3 266 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 2 965 | 4 408 | -------------------------------------------------------------------------------- Lisainformatsioon Anne Kallas Juhatuse liige, finantsdirektor Telefon 6698197 e-post anne@egrupp.ee
Pealkiri
AS Ekspress Grupp quarterly report for Q4 2008
Teade
In 2008, the sales revenue of Ekspress Group increased by 15% and EBITDA increased by 13% as compared to last year. In the 4th quarter of 2008, the sales revenue declined by 1% and EBITDA declined by 16% as compared to the same period last year. The stalling of the sales revenue growth and the decline of EBITDA in the fourth quarter was caused by the decline of advertising revenue related to the economic recession. Key figures characterising the activities of Ekspress Group in 2008 - Sales revenue EEK 1 323.4 million (EUR 84.6 million), annual growth 15% - Gross profit EEK 337.1 million (EUR 21.5 million), annual growth 11% - EBITDA EEK 175.8 million (EUR 11.2 million), annual growth 13% - EBIT EEK 114.3 million (EUR 7.3 million), annual change -2% - Net profit EEK 49.5 million (3.2 million), annual change -46% Key figures characterising the activities of Ekspress Group in the 4th quarter of 2008 - Sales revenue EEK 360.1 million (EUR 23.0 million), year-over-year change -1% - Gross profit EEK 88.3 million (EUR 5.6 million), year-over-year change -1% - EBITDA EEK 40.2 million (EUR 2.6 million), year-over-year change -16% - EBIT EEK 26.2 million (EUR 1.6 million), year-over-year change -22% - Net profit EEK 5.8 million (0.4 million), year-over-year change -73% Key events of the 4th quarter of 2008 - launching of Delfi Infoliin 1184 (Delfi Information Line 1184) that replaced the previous 1184 Numbriinfo. - launching of the upgraded web publication of the womens' magazine Moteris www.moteris.lt in Lithuania - launching of the video news portal Delfi.TV in Estonia and Latvia - www.ekspresskinnisvara.ee became the second most popular real estate portal in Estonia at the end of October based on the number of visits - opening of a bookstore in Rocca Al Mare shopping centre in Tallinn under the trademark of "Rahva Raamat” Overview of the advertising market According to the data provided by media analyst Toomas Leito, the advertising revenue of magazines has fallen by 18% as compared to the previous year's level. The decline of the advertising revenue of newspapers which is mostly impacted by shrinkage of employment ads, real estate and automobile ads was 10%. In the fourth quarter, the decline of the Estonian market for printed ads continued, being considerably steeper as compared to previous quarters: the advertising revenue of newspapers fell by 22% and that of magazines fell by 17% as compared to the fourth quarter of 2007. At the same time, Internet advertising revenue stayed at the same level in the fourth quarter as in the same period last year. Web ads are not increasing as fast as in previous periods, but growth continues and the share of web ads in the total advertising market has accelerated. In light of the panic prevailing in the fourth quarter due to the crash of the financial markets and the overall economic recession, such results were to be expected. Overview of the segments In the fourth quarter of 2008, Ekspress Group continued to focus on its five principal segments: online media, publishing, printing services, book sales and information services. From 2008, the online media segment also includes the web publications of AS Eesti Päevaleht, SL Õhtuleht AS and Eesti Ekspress Kirjastus AS as well as automobile, real estate and employment web environments of Eesti Ekspress Kirjastus AS which were previously included in the publishing segment. All web environments to be set up in the future are also included in the online media segment. In the fourth quarter of 2008, the largest revenue growth in absolute terms as compared to the same period in 2007 was attained in the segment of printed services where sales growth was attained through an increase of operating capacities related to the launching of the new printing press in October 2007. Book sales also increased as a result of the opening of new stores. In the fourth quarter, sales revenue declined the most in the publishing segment as a result of a major decline of the advertising market at the year-end. In the segment of online media Delfi continues to be the leading news portal in the Baltic States, the users of which grew in all markets as compared to the same period in 2007. A total of 2.5 million people in the Baltic States and the Ukraine use Delfi portals. According to the data by TNS Metrix, Delfi continued to be the largest news portal in Estonia in the third quarter with 549 000 unique users per month, growing its user base by 28 000 unique users as compared to the same period last year. Delfi's largest competitor www.postimees.ee had 445 000 unique visitors during the same period. According to the data by Gemius Audience, Delfi had on average 924 000 unique visitors per month in Lithuania in the fourth quarter and thereby continued to be the largest news portal there. The competing news portals www.lrytas.lt and www.alfa.lt had 665 000 and 527 000 unique visitors, respectively, in the same period. According to the data by Gemius Audience, Delfi is also the largest news portal in Latvia with 589 000 unique users per month. Delfi's competing news portals in Latvia, www.tvnet.lv had 420 000 and www.apollo.lv had 371 000 unique visitors. As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and Ukraine subsidiaries manages the Estonian and Russian-language portals in Estonia, http://www.delfi.ee and rus.delfi.ee, the Latvian and Russian-language portals in Latvia http://www.delfi.lv and rus.delfi.lv, the Lithuanian and Russian-language portals in Lithuania http://www.delfi.lt, http://www.klubas.lt, http://ru.delfi.lt) as well as the news portal in the Ukraine http://www.delfi.ua. The entertainment portal www.klubas.lt launched in Lithuania in the first quarter was the largest entertainment portal with its 253 000 unique users in the fourth quarter. The new web version www.panele.lt of the largest women-oriented monthly magazine “Panele” that was launched in Lithuania in the second quarter had 213 000 unique visitors per month in the fourth quarter, being a magazine's web version with the largest user base. In the fourth quarter, the womens' magazine Moteris introduced an upgraded website in Lithuania, www.moteris.lt, that on average was visited by 73 000 unique visitors per month. The entertainment portal www.mango.lv. launched in Latvia in July strengthened its leadership position as the leading portal in its field, gaining 33 000 unique visitors per month in the fourth quarter. The entertainment portal Publik.ee launched in Estonia in August by Delfi became fast the leading portal in its field, having on average 237 000 unique visitors per week. The science and technology news environment Forte.ee launched in Estonian in September had 89 000 unique visitors per week as of the end of the fourth quarter. The video news portal Delfi.TV was launched in Estonia in October and in Latvia in November, enabling to watch an Internet-based video portal for the first time on a TV screen at home. In Estonia, AS Ekspress Kirjastus manages the automobile portal www.ekspressauto.ee, the real estate portal www.ekspresskinnisvara.ee and the employment portal www.ekspressjob.ee. At the end of October, www.ekspresskinnisvara.ee that had been launched at the beginning of the year became the second most visited real estate portal with 80 000 unique visitors per week according to the data by the website measurement system TNS Metrix in Estonia, surpassing such portals as kv.ee, soov.ee and kuldnebors.ee. This year, ekspresskinnisvara.ee has been the fastest growing real estate portal, the factors behind this fast growth include a good technical solution and comprehensive cooperation with Delfi. The automobile portal ekspressauto.ee continued to secure its second place in the market, reaching an average of 26 000 unique visitors per week. The employment portal ekspressjob.ee launched in the second quarter, launched a column of employment news in Delfi in December which increased the user base of ekspressjob.ee to 30 000 unique visitors per week. The goal of the Group's management is to strengthen the Group's market leadership position in the Internet markets of all Baltic States. In December, Delfi started to implement the restructuring project, and as its first stage, the subsidiary of AS Ekspress Group in Latvia under the name of SIA Delfi Holding was registered on 23 December 2008. On 30 December 2008, a share purchase agreement was entered into between Delfi AS (Estonia) and SIA Delfi Holding for the sale of 100% of the shares of Delfi AS (Latvia). The year-over-year sales revenue growth of Delfi Group in the fourth quarter of 2008 was 9%. In the fourth quarter of 2008, EBITDA made up 41% of the level of the same period in 2007. The decline in EBITDA in the fourth quarter was related to the costs of launching Delfi Ukraina in the amount of EEK 1.4 million (EUR 0.09 million), as well as additional development projects such as klubas.lt in Lithuania in the amount of EEK 1.0 million (EUR 64 thousand), mango.lv in Latvia in the amount of EEK 0.7 million (EUR 45 thousand), publik.ee in Estonia in the amount of EEK 0.7 million (EUR 45 thousand) and forte.ee in Estonia in the amount of EEK 0.4 million (EUR 25 thousand). Fourth quarter's expenses were also impacted by the termination fees paid to employees. Excluding the costs related to the aforementioned development projects, EBITDA made up 73% of the level of the same period in 2007. The sales revenue growth of Delfi Group in 2008 was 13% as compared to 2007 and EBITDA made up 79% of the level in 2007. Excluding the costs related to the aforementioned development projects, EBITDA declined by 4% in 2008. As advertising revenue is extremely sensitive to the economic environment, the economic cool-down has led to a decline of advertising revenue in the publishing segment. In the fourth quarter, the Group's advertising revenue in the publishing segment declined by 26%. The economic cool-down in the fourth quarter has also had an impact on the single copy sales of periodicals, which decreased by 8% as compared to the fourth quarter of 2007. At the same time, the subscriptions decreased only by 1%. The stalling of the advertising revenue growth has a major impact on the profit in the publishing segment, because the gross margin of advertising revenue is significantly higher than that of subscriptions and single copy sales. EBITDA of the publishing sector fell by 13% in the fourth quarter as compared to the same period in 2007. The subscription campaign of Eesti Päevaleht regarding the book series “Eesti Lugu” (Estonian Story) dealing with the history of Estonia ended successfully in the fourth quarter, helping Eesti Päevaleht to gain new subscribers as well as to increase its single copy sales. The programme “Värske Ekspress” which is shown on TV3 on Thursdays has helped to increase the reader base of Eesti Ekspress in the fourth quarter. In the segment of printing services, the sales revenue growth of the printing company was a decent 9% in the fourth quarter of 2008 as compared to same period in 2007. The addition of new contracts to better utilise the operating capacity of the printing machine taken into use in October 2007 enabled to increase the Company's exports by 73% in October 2008 and increase the total sales revenue of the printing company to an almost record-breaking level. Similarly to publishing, printing services are also characterised by seasonality, with one peak being from March to May and the second, in October and November. On 15 December 2008, the printing company entered into a purchase and sales agreement regarding the sale of the 6859 m2 unimproved land plot in its possession in the amount EEK 9 million (EUR 0.6 million). The EBITDA growth of the printing company in the fourth quarter was 31%. The annual EBITDA growth of the printing company was 22%, excluding the proceeds from the sale of the land plot in the amount of EEK 6.6 million (EUR 0.4 million). With regard to book sales, 8% sales growth was attained in the fourth quarter. The growth of the retail sales of books was even 37%, achieved through the addition of new sales premises. In 2008, three new stores were opened, of which the store Rahva Raamat opened on 800m2 space in Rocca al Mare shopping centre on 1 October is the second largest bookstore in Estonia. Rahva Raamat will open another new store next year, in Pärnu Keskus located in Pärnu. The sales revenue of information services increased by 6% in 2008 as compared to 2007; however, in the fourth quarter it declined somewhat, by 2% as compared to the same period in 2007. However, the sales of information services without the effect of periodisation of revenue increased by 17%. The decline of EBITDA in the fourth quarter of 2008 and in 2008 was related to losses incurred in Romania and the write-off of doubtful receivables in Estonia. As of the balance sheet date, Ekspress Group has exited its business of information services in Romania. The Company launched Delfi Infoliin 1184 (Delfi Information Line 1184) in cooperation with Delfi that will replace the previous 1184 Numbriinfo. In addition to the information available in the Internet environment www.ee.ee, the new brand Delfi Infoliin 1184 also includes Delfi company search. Delfi Infoliin 1184 is a universal information telephone which provides information as desired in Estonian, English or Russian languages. We expect cooperation with Delfi to contribute to sales revenue growth of information services. Profit Given the seasonal nature of the advertising business, the addition of AS Maaleht and Delfi Group has significantly increased the share of advertising revenue in the Group's sales revenue, therefore the impact of the seasonal nature on the Group's sales revenue and profit is larger than ever. The economic cool-down which deepened in the fourth quarter had an impact on the Group's revenue and profit, manifested in a decline of advertising revenue of newspapers and magazines as well as the related decline in profit. As compared to the 1% decline of sales revenue, direct costs increased by 1% in the fourth quarter as a result of which the gross margin declined from 26.6% to 24.5% in the fourth quarter. Besides appreciation of printing and distribution services, depreciation included in direct expenses has also increased. EBITDA totalled EEK 40.2 million (EUR 2.6 million) in the fourth quarter of 2008, making up 84% of the result of the same period in 2007. In the fourth quarter, operating profit reached EEK 26.1 (EUR 1.7), being less than the level of 2007. In the fourth quarter, the operating margin was 7.3% (4th quarter of 2007: 9.2%). The slowdown of EBIT is besides the decline of advertising revenue due to higher depreciation related to the intangible assets added in the acquisition of Delfi and Maaleht and other investments made into fixed assets in 2007. The marketing expenses of the Group have increased due to the addition of new companies (AS Maaleht, Delfi Group, TeleTell) in the Group in the second half of 2007 as well as the launching of new products and marketing campaigns such as the launching of automobile, real estate and employment web environments and the new book project of Eesti Päevaleht. In addition to the aforementioned reasons, the marketing costs in the fourth quarter also increased as a result of the Hotline brand advertising campaign and the production costs of the TV programme Värske Ekspress. Annual growth as compared to 2007 is 16%. However, marketing costs decreased by 12% in the fourth quarter as compared to the same period in 2007, attained through optimisation of marketing expenses. Administrative expenses decreased by 14% in the fourth quarter as compared to the same period last year. Wages and salaries included in administrative expenses decreased by 20% as compared to the same period in 2007. The decline of administrative expenses has been attained through implementation of cost-cutting measures described below. The decline of wages and salaries has been attained through freezing of wage increases and laying off of employees. Other operating income includes a gain of EEK 6.6 million (EUR 0.4 million) from recognising the sale of the 6859 m2 unimproved land plot in Printall's possession pursuant to the purchase and sales agreement entered into on 15 December 2008. The Group's financial expenses reached EEK 18.7 million (EUR 1.2 million) in the fourth quarter. Financial expenses were mostly made up of interest expenses in the amount of EEK 16.4 million (EUR 1.0 million) (4th quarter of 2007: EEK 14.7 million (EUR 0.9 million). Higher interest expenses are related to the loan in the amount of EEK 674.4 million (EUR 43.1 million) taken from the syndicate of SEB, Sampo Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the fourth quarter of 2007. As of 31 December 2008, the outstanding loan balance is EEK 574.1 million (EUR 36.7 million). The net profit (after taxes and minority interest) of Ekspress Group totalled EEK 5.8 million (EUR 0.4 million) in the fourth quarter of 2008. As compared to the same period in 2007, the net profit decreased by 73%. In addition to the events impacting the operating profit, the stalling of the net profit growth is related to the increase of interest expenses in connection with the syndicate loan. Under the conditions of a deepening economic recession, we have continued in the fourth quarter with the cost cutting programme introduced in the previous quarters. The main components of the programme include savings of paper and printing costs, savings of IT development costs and savings of payroll expenses. Of general expenses, training, representation, parking, etc. other costs have been curbed in addition to the cost saving measures announced earlier. The biggest cost savings source is payroll expenses, which is mainly achieved through lay-offs of employees. As of the balance sheet date, 60 employees have been laid off. Lay-offs relate mostly to Ajakirjade Kirjastus, Ekspress Kirjastus, Eesti Päevaleht and Delfi. Due to the additional lay-offs of employees in the fourth quarter, termination benefits are also included in the payroll expenses of the fourth quarter. The effect of saving these payroll expenses will be achieved in the next year. The additional lay-offs in the fourth quarter were related to a major decline of advertising revenue as well as combining of support functions necessary for increasing business effectiveness. The reduction in the number of employees and reduction of wages will continue in 2009. Balance sheet and investments As of 31 December 2008, the consolidated balance sheet total of Ekspress Group was EEK 1 706.5 million (EUR 109.0 million), decreasing by 2.6% year-over-year. As of 31 December 2008, current assets decreased by 6% year-over-year, reaching EEK 287.6 million (EUR 18.4 million). Current liabilities increased by 4% year-over-year, reaching EEK 457.6 million (EUR 29.2 million) at the year-end. Of current liabilities, borrowings decreased by 11.5% million, reaching EEK 176.2 million (EUR 11.3) at the year-end. At the same time, the payables to the Group companies increased by 27% and to the suppliers, by 5%. As of the end of December, the Group's long-term borrowings totalled EEK 628.0 million (EUR 40.1 million), decreasing by EEK 113.8 million (EUR 7.3 million) year-over-year or 15%. Of the long-term borrowings, bank loans constitute EEK 524.3 million (EUR 33.5 million) and the finance lease liability is EEK 103.5 million (EUR 6.6 million). Of the long-term loans, the non-current portion of the loan taken by Ekspress Group from the syndicate of SEB, Sampo Bank and Nordea Bank in the amount of EEK 674.4 (EUR 43.1 million) in the third quarter of 2007 totals 476.9 million (EUR 30.5 million). The total outstanding balance of this loan as of 31 December 2008 was EEK 574.1 million (EUR 36.7 million). Property, plant and equipment stood at EEK 389.6 million (EUR 24.9 million) as of year-end, decreasing by 4% year-over-year. As of the year-end, intangible assets were EEK 1 013.4 million (EUR 64.7 million), decreasing by 1% year-over-year. Of intangible assets, EEK 822.3 million (EUR 52.6 million) is related to the carrying value of trademarks, customer relations and software as well as goodwill which arose in the acquisition of Delfi Group. Investment property has increased due to the recognition of the 6859 m2 unimproved land plot of Printall as the investment property with the market value of EEK 9.0 million (EUR 0.6 million) as of 31 December 2008. Employees As of the end of December 2008 the Ekspress Group employed 2 393 people (As of 31 December 2007: 2 292 people). The average number of employees in the twelve months of 2008 was 2 375 ( 12 months of 2007: 2 274). Over the twelve months of 2008, wages and salaries paid to the employees of the Ekspress Group totalled EEK 309.3 million (EUR 19.8 million), (12 months of 2007: EEK 241.5 million (EUR 15.4 million))*. *proportional part from joint ventures Selected financial indicators -------------------------------------------------------------------------------- | Performance indicators (%) | | 12 months 2008 | 12 months 2008 | -------------------------------------------------------------------------------- | Sales growth (%) | 15% | 24% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 25% | 26% | -------------------------------------------------------------------------------- | Net profit margin (%) | 4% | 8% | | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | 36% | 33% | -------------------------------------------------------------------------------- | ROA (%) | 3% | 8% | -------------------------------------------------------------------------------- | ROE (%) | 8% | 21% | -------------------------------------------------------------------------------- | Operating profit margin | 9% | 10% | | (%) | | | -------------------------------------------------------------------------------- | Liquidity ratio | 63% | 69% | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 139% | 167% | -------------------------------------------------------------------------------- | Financial leverage (%) | 55% | 58% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2,61 | 5,00 | -------------------------------------------------------------------------------- | 0,17 | 0,32 | -------------------------------------------------------------------------------- | Earnings per share | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (sales 12 months 2008 -sales 12 months 2007) / | | sales 12 months 2007*100 | -------------------------------------------------------------------------------- | gross profit/ sales*100 | -------------------------------------------------------------------------------- | net profit/ sales*100 | -------------------------------------------------------------------------------- | equity / (equity + debt) * 100 | -------------------------------------------------------------------------------- | net profit/assets *100 | -------------------------------------------------------------------------------- | net profit/equity *100 | -------------------------------------------------------------------------------- | operating profit/ sales*100 | -------------------------------------------------------------------------------- | current assets/current liabilities | -------------------------------------------------------------------------------- | interest bearing liabilities/equity*100 | -------------------------------------------------------------------------------- | interest bearing liabilities-cash and cash equivalents/interest bearing | | liabilities + equity *100 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 46 388 | 68 970 | -------------------------------------------------------------------------------- | Other financial assets at fair value | 8 025 | 4 606 | | through profit or loss | | | -------------------------------------------------------------------------------- | Trade and other receivables | 166 844 | 165 828 | -------------------------------------------------------------------------------- | Inventories | 66 355 | 66 161 | -------------------------------------------------------------------------------- | Total current assets | 287 612 | 305 565 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 3 270 | 13 671 | -------------------------------------------------------------------------------- | Investments in associates | 302 | 964 | -------------------------------------------------------------------------------- | Investment property | 12 341 | 3 732 | -------------------------------------------------------------------------------- | Property, plant and equipment (note 4) | 389 600 | 404 880 | -------------------------------------------------------------------------------- | Intangible assets (note 4) | 1 013 379 | 1 023 419 | -------------------------------------------------------------------------------- | Total non-current assets | 1 418 892 | 1 446 666 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 706 504 | 1 752 231 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 176 219 | 199 013 | -------------------------------------------------------------------------------- | Trade and other payables | 281 416 | 240 703 | -------------------------------------------------------------------------------- | Total current liabilities | 457 635 | 439 716 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 627 811 | 741 585 | -------------------------------------------------------------------------------- | Other long term liabilities | 163 | 88 | -------------------------------------------------------------------------------- | Total non-current liabilities | 627 974 | 741 673 | -------------------------------------------------------------------------------- | Total liabilities | 1 085 609 | 1 181 389 | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Capital and reserves attributable to equity | | | | holders of the Parent company | | | -------------------------------------------------------------------------------- | Share capital | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Share premium | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reserves | 10 222 | 10 222 | -------------------------------------------------------------------------------- | Retained earnings | 235 508 | 185 981 | -------------------------------------------------------------------------------- | Currency translation reserve | 1 671 | 480 | -------------------------------------------------------------------------------- | Total capital and reserves attributable to | 620 607 | 569 889 | | equity holders of the Parent company | | | -------------------------------------------------------------------------------- | Minority interest | 288 | 953 | -------------------------------------------------------------------------------- | Total equity | 620 895 | 570 842 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 706 504 | 1 752 231 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 2 965 | 4 408 | -------------------------------------------------------------------------------- | Other financial assets at fair value through | 513 | 294 | | profit or loss | | | -------------------------------------------------------------------------------- | Trade and other receivables | 10 663 | 10 598 | -------------------------------------------------------------------------------- | Inventories | 4 241 | 4 228 | -------------------------------------------------------------------------------- | Total current assets | 18 382 | 19 528 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 207 | 874 | -------------------------------------------------------------------------------- | Investments in associates | 19 | 62 | -------------------------------------------------------------------------------- | Investment property | 789 | 239 | -------------------------------------------------------------------------------- | Property, plant and equipment (note 4) | 24 900 | 25 877 | -------------------------------------------------------------------------------- | Intangible assets (note 4) | 64 767 | 65 408 | -------------------------------------------------------------------------------- | Total non-current assets | 90 682 | 92 460 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 109 064 | 111 988 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 11 262 | 12 719 | -------------------------------------------------------------------------------- | Trade and other payables | 17 986 | 15 384 | -------------------------------------------------------------------------------- | Total current liabilities | 29 248 | 28 103 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 40 124 | 47 396 | -------------------------------------------------------------------------------- | Other long term liabilities | 10 | 6 | -------------------------------------------------------------------------------- | Total non-current liabilities | 40 134 | 47 402 | -------------------------------------------------------------------------------- | Total liabilities | 69 382 | 75 505 | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Capital and reserves attributable to equity | | | | holders of the Parent company | | | -------------------------------------------------------------------------------- | Share capital | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Share premium | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reserves | 653 | 653 | -------------------------------------------------------------------------------- | Retained earnings | 15 052 | 11 886 | -------------------------------------------------------------------------------- | Currency translation reserve | 107 | 31 | -------------------------------------------------------------------------------- | Total capital and reserves attributable to | 39 664 | 36 422 | | equity holders of the Parent company | | | -------------------------------------------------------------------------------- | Minority interest | 18 | 61 | -------------------------------------------------------------------------------- | Total equity | 39 682 | 36 483 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 109 064 | 111 988 | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q IV 2008 | Q IV 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 360 096 | 365 316 | -------------------------------------------------------------------------------- | Costs of sales | 271 821 | 275 682 | -------------------------------------------------------------------------------- | Gross profit | 88 275 | 89 634 | -------------------------------------------------------------------------------- | Marketing expenses | 20 896 | 9 716 | -------------------------------------------------------------------------------- | Administrative expenses | 40 229 | 48 562 | -------------------------------------------------------------------------------- | Other income | (41) | 5 678 | -------------------------------------------------------------------------------- | Other expenses | 943 | 3 354 | -------------------------------------------------------------------------------- | Operating profit | 26 166 | 33 680 | -------------------------------------------------------------------------------- | Interest income | 940 | 1 561 | -------------------------------------------------------------------------------- | Interest expenses | (16 397) | (14 719) | -------------------------------------------------------------------------------- | Currency exchange loss | (963) | 94 | -------------------------------------------------------------------------------- | Other financial income | 29 | 2 504 | -------------------------------------------------------------------------------- | Other financial expenses | (1 315) | (152) | -------------------------------------------------------------------------------- | Financial income/expenses total | (17 706) | (10 712) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (205) | (388) | -------------------------------------------------------------------------------- | Profit before income tax | 8 255 | 22 580 | -------------------------------------------------------------------------------- | Income tax expense | 2 500 | 963 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 5 755 | 21 617 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 5 755 | 21 517 | -------------------------------------------------------------------------------- | Minority interest | 0 | 100 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,30 | 1,13 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 months 2008 | 12 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 1 323 376 | 1 149 962 | -------------------------------------------------------------------------------- | Costs of sales | 986 268 | 854 414 | -------------------------------------------------------------------------------- | Gross profit | 337 108 | 295 548 | -------------------------------------------------------------------------------- | Marketing expenses | 67 105 | 48 733 | -------------------------------------------------------------------------------- | Administrative expenses | 162 535 | 133 972 | -------------------------------------------------------------------------------- | Other income | 13 793 | 9 025 | -------------------------------------------------------------------------------- | Other expenses | 6 932 | 5 469 | -------------------------------------------------------------------------------- | Operating profit | 114 329 | 116 399 | -------------------------------------------------------------------------------- | Interest income | 2 705 | 6 524 | -------------------------------------------------------------------------------- | Interest expenses | (57 452) | (24 569) | -------------------------------------------------------------------------------- | Currency exchange loss | (1 375) | 34 | -------------------------------------------------------------------------------- | Other financial income | 295 | 3 552 | -------------------------------------------------------------------------------- | Other financial expenses | (2 612) | (3 653) | -------------------------------------------------------------------------------- | Financial income/expenses total | (58 439) | (18 112) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (627) | 996 | -------------------------------------------------------------------------------- | Profit before income tax | 55 263 | 99 283 | -------------------------------------------------------------------------------- | Income tax expense | 5 717 | 7 174 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 49 546 | 92 109 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 49 527 | 91 670 | -------------------------------------------------------------------------------- | Minority interest | 19 | 439 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 2,61 | 5,00 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q IV 2008 | Q IV 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 23 014 | 23 348 | -------------------------------------------------------------------------------- | Costs of sales | 17 373 | 17 619 | -------------------------------------------------------------------------------- | Gross profit | 5 641 | 5 729 | -------------------------------------------------------------------------------- | Marketing expenses | 1 335 | 621 | -------------------------------------------------------------------------------- | Administrative expenses | 2 571 | 3 104 | -------------------------------------------------------------------------------- | Other income | (3) | 363 | -------------------------------------------------------------------------------- | Other expenses | 60 | 214 | -------------------------------------------------------------------------------- | Operating profit | 1 672 | 2 153 | -------------------------------------------------------------------------------- | Interest income | 60 | 100 | -------------------------------------------------------------------------------- | Interest expenses | (1 048) | (941) | -------------------------------------------------------------------------------- | Currency exchange loss | (62) | 6 | -------------------------------------------------------------------------------- | Other financial income | 2 | 160 | -------------------------------------------------------------------------------- | Other financial expenses | (84) | (10) | -------------------------------------------------------------------------------- | Financial income/expenses total | (1 132) | (685) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (13) | (25) | -------------------------------------------------------------------------------- | Profit before income tax | 527 | 1 443 | -------------------------------------------------------------------------------- | Income tax expense | 160 | 62 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 367 | 1 381 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 368 | 1 375 | -------------------------------------------------------------------------------- | Minority interest | 0 | 6 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,02 | 0,07 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 months 2008 | 12 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 84 579 | 73 496 | -------------------------------------------------------------------------------- | Costs of sales | 63 034 | 54 607 | -------------------------------------------------------------------------------- | Gross profit | 21 545 | 18 889 | -------------------------------------------------------------------------------- | Marketing expenses | 4 289 | 3 115 | -------------------------------------------------------------------------------- | Administrative expenses | 10 388 | 8 562 | -------------------------------------------------------------------------------- | Other income | 882 | 577 | -------------------------------------------------------------------------------- | Other expenses | 443 | 350 | -------------------------------------------------------------------------------- | Operating profit | 7 307 | 7 439 | -------------------------------------------------------------------------------- | Interest income | 173 | 417 | -------------------------------------------------------------------------------- | Interest expenses | (3 672) | (1 570) | -------------------------------------------------------------------------------- | Currency exchange loss | (88) | 2 | -------------------------------------------------------------------------------- | Other financial income | 19 | 227 | -------------------------------------------------------------------------------- | Other financial expenses | (167) | (233) | -------------------------------------------------------------------------------- | Financial income/expenses total | (3 735) | (1 157) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (40) | 64 | -------------------------------------------------------------------------------- | Profit before income tax | 3 532 | 6 346 | -------------------------------------------------------------------------------- | Income tax expense | 365 | 459 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 3 167 | 5 887 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 3 166 | 5 859 | -------------------------------------------------------------------------------- | Minority interest | 1 | 28 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,17 | 0,32 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 months 2008 | 12 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | 114 329 | 116 399 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and | 61 466 | 39 814 | | impairment of property, plant and | | | | equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant | 289 | (4 169) | | and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 1 351 | (29 023) | -------------------------------------------------------------------------------- | Inventories | (194) | (21 304) | -------------------------------------------------------------------------------- | Trade and other payables | 7 374 | 30 929 | -------------------------------------------------------------------------------- | Cash generated from operations | 184 615 | 132 646 | -------------------------------------------------------------------------------- | Income tax paid | (5 717) | (6 302) | -------------------------------------------------------------------------------- | Interest paid | (57 468) | (28 735) | -------------------------------------------------------------------------------- | Net cash generated from operating | 121 430 | 97 609 | | activities | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | (445) | (887 645) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 7 500 | 113 | -------------------------------------------------------------------------------- | Interest received | 1 165 | 7 166 | -------------------------------------------------------------------------------- | Purchase of property, plant and | (41 194) | (57 130) | | equipment | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant | 895 | 1 294 | | and equipment | | | -------------------------------------------------------------------------------- | Loans granted | (4 182) | (70 828) | -------------------------------------------------------------------------------- | Loan repayments received | 236 | 80 861 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (36 025) | (926 169) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 0 | 219 081 | -------------------------------------------------------------------------------- | Finance lease payments made | (35 043) | (22 513) | -------------------------------------------------------------------------------- | Change in overdraft used | (46 988) | 12 852 | -------------------------------------------------------------------------------- | Proceeds from borrowings | 42 521 | 749 568 | -------------------------------------------------------------------------------- | Repayments of borrowings | (68 477) | (112 559) | -------------------------------------------------------------------------------- | Net cash generated from financing | (107 987) | 846 429 | | activities | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (22 582) | 17 869 | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 68 970 | 51 101 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 46 388 | 68 970 | | the period | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 months 2008 | 12 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | 7 307 | 7 439 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and | 3 928 | 2 545 | | impairment of property, plant and | | | | equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant | 18 | (266) | | and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 86 | (1 855) | -------------------------------------------------------------------------------- | Inventories | (12) | (1 362) | -------------------------------------------------------------------------------- | Trade and other payables | 471 | 1 977 | -------------------------------------------------------------------------------- | Cash generated from operations | 11 799 | 8 478 | -------------------------------------------------------------------------------- | Income tax paid | (365) | (403) | -------------------------------------------------------------------------------- | Interest paid | 0 | 0 | -------------------------------------------------------------------------------- | Net cash generated from operating | 7 761 | 6 238 | | activities | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | (123) | (56 676) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 96 | 1 | -------------------------------------------------------------------------------- | Interest received | 113 | 317 | -------------------------------------------------------------------------------- | Purchase of property, plant and | (1 779) | (2 502) | | equipment | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant | 53 | 18 | | and equipment | | | -------------------------------------------------------------------------------- | Loans granted | (264) | (3 893) | -------------------------------------------------------------------------------- | Loan repayments received | 7 | 4 495 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (1 898) | (58 239) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 0 | 14 002 | -------------------------------------------------------------------------------- | Finance lease payments made | (2 240) | (1 439) | -------------------------------------------------------------------------------- | Change in overdraft used | (3 003) | 821 | -------------------------------------------------------------------------------- | Proceeds from borrowings | 2 718 | 47 906 | -------------------------------------------------------------------------------- | Repayments of borrowings | (4 376) | (7 194) | -------------------------------------------------------------------------------- | Net cash generated from financing | (6 902) | 54 097 | | activities | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (1 443) | 1 142 | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 4 408 | 3 266 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 2 965 | 4 408 | | the period | | | -------------------------------------------------------------------------------- Anne Kallas Member of the board AS Ekspress Grupp Tel:(+372) 669 8080 e-mail: anne.kallas@egrupp.ee