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AS Ekspress Grupp
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Teate ID
3045
Esitamise kuupäev ja aeg
29.10.2010 17:14:09
Teate sisu inglise keeles
Pealkiri
EEG: Consolidated Interim Report for the Third Quarter and First Nine Months of 2010
Teade
Ekspress Grupp Quarterly report 29.10.2010
Consolidated Interim Report for the Third Quarter and First Nine Months of 2010
Selected financial indicators EEK
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q III 2010 | Q III 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales* | 184 780 | 175 859 | 5,1% |
--------------------------------------------------------------------------------
| Gross profit* | 38 226 | 21 090 | 81,3% |
--------------------------------------------------------------------------------
| EBITDA* | 19 980 | (6 078) | 428,7% |
--------------------------------------------------------------------------------
| Operating profit* | 7 716 | (19 410) | 139,7% |
--------------------------------------------------------------------------------
| Profit /(loss) for the | (4 110) | (31 242) | 86,8% |
| year from continuing | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Profit /(loss) for the | (4 110) | (66 571) | 93,8% |
| period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales* | 578 903 | 603 012 | -4,0% |
--------------------------------------------------------------------------------
| Gross profit* | 123 664 | 105 385 | 17,3% |
--------------------------------------------------------------------------------
| EBITDA* | 66 015 | 33 773 | 95,5% |
--------------------------------------------------------------------------------
| Operating profit* | 27 753 | (6 893) | 502,0% |
--------------------------------------------------------------------------------
| Profit/(loss) for the | (10 803) | (43 680) | 75,3% |
| year from continuing | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Profit/(loss) for the | (5 125) | (80 058) | 93,6% |
| period | | | |
--------------------------------------------------------------------------------
| Financial indicators | 30.09.2010 | 30.09.2009** | Change % |
| (thousand) | | | |
--------------------------------------------------------------------------------
| Total current assets | 223 577 | 197 514 | 13,2% |
--------------------------------------------------------------------------------
| Total non-current | 1 117 237 | 1 348 138 | -17,1% |
| assets | | | |
--------------------------------------------------------------------------------
| Total assets | 1 340 814 | 1 545 652 | -13,3% |
--------------------------------------------------------------------------------
| Total short-term | 227 090 | 374 825 | -39,4% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term | 550 992 | 611 077 | -9,8% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total liabilities | 778 082 | 985 902 | -21,1% |
--------------------------------------------------------------------------------
| Total equity | 562 732 | 559 750 | 0,5% |
--------------------------------------------------------------------------------
Selected financial indicators EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q III 2010 | Q III 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales* | 11 810 | 11 239 | 5,1% |
--------------------------------------------------------------------------------
| Gross profit* | 2 443 | 1 347 | 81,3% |
--------------------------------------------------------------------------------
| EBITDA* | 1 277 | (388) | 428,7% |
--------------------------------------------------------------------------------
| Operating profit* | 493 | (1 241) | 139,7% |
--------------------------------------------------------------------------------
| Profit /(loss) for the | (263) | (1 998) | 86,8% |
| year from continuing | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Profit /(loss) for the | (263) | (4 256) | 93,8% |
| period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales* | 36 999 | 38 539 | -4,0% |
--------------------------------------------------------------------------------
| Gross profit* | 7 904 | 6 735 | 17,3% |
--------------------------------------------------------------------------------
| EBITDA* | 4 219 | 2 158 | 95,5% |
--------------------------------------------------------------------------------
| Operating profit* | 1 773 | (441) | 502,0% |
--------------------------------------------------------------------------------
| Profit/(loss) for the | (690) | (2 792) | 75,3% |
| year from continuing | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Profit/(loss) for the | (327) | (5 117) | 93,6% |
| period | | | |
--------------------------------------------------------------------------------
| Financial indicators | 30.09.2010 | 30.09.2009** | Change % |
| (thousand) | | | |
--------------------------------------------------------------------------------
| Total current assets | 14 290 | 12 624 | 13,2% |
--------------------------------------------------------------------------------
| Total non-current | 71 403 | 86 161 | -17,1% |
| assets | | | |
--------------------------------------------------------------------------------
| Total assets | 85 693 | 98 785 | -13,3% |
--------------------------------------------------------------------------------
| Total short-term | 14 514 | 23 956 | -39,4% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term | 35 214 | 39 055 | -9,8% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total liabilities | 49 728 | 63 011 | -21,1% |
--------------------------------------------------------------------------------
| Total equity | 35 965 | 35 774 | 0,5% |
--------------------------------------------------------------------------------
*Includes only result of continuing operations
** Comparative data include assets and liabilities of discontinued operations.
Performance indicators
--------------------------------------------------------------------------------
| Profitability ratios (%) | Q III 2010 | Q III 2009 | |
--------------------------------------------------------------------------------
| Sales growth (%) * | 5,1% | -24,1% |
--------------------------------------------------------------------------------
| Gross profit margin (%) * | 20,7% | 12,0% |
--------------------------------------------------------------------------------
| Net profit margin (%) * | -2,2% | -17,8% |
--------------------------------------------------------------------------------
| EBITDA margin (%) * | 10,8% | -3,5% |
--------------------------------------------------------------------------------
| Operating profit margin (%) * | 4,2% | -11,0% |
--------------------------------------------------------------------------------
| ROA (%) | -0,3% | -4,1% |
--------------------------------------------------------------------------------
| ROE (%) | -0,8% | -10,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK | (0,14) | (3,19) |
--------------------------------------------------------------------------------
| EUR | (0,01) | (0,20) |
--------------------------------------------------------------------------------
| Earnings per share | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profitability ratios (%) | 9 months 2010 | 9 months 2009 | |
--------------------------------------------------------------------------------
| Sales growth (%) * | -4,0% | -23,8% |
--------------------------------------------------------------------------------
| Gross profit margin (%) * | 21,4% | 17,5% |
--------------------------------------------------------------------------------
| Net profit margin (%) * | -1,9% | -7,2% |
--------------------------------------------------------------------------------
| EBITDA margin (%) * | 11,4% | 5,6% |
--------------------------------------------------------------------------------
| Operating profit margin (%) * | 4,8% | -1,1% |
--------------------------------------------------------------------------------
| ROA (%) | -0,8% | -4,9% |
--------------------------------------------------------------------------------
| ROE (%) | -2,2% | -13,0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK | (0,20) | (3,86) |
--------------------------------------------------------------------------------
| EUR | (0,01) | (0,25) |
--------------------------------------------------------------------------------
| Earnings per share | |
--------------------------------------------------------------------------------
* Financial ratios cover only continuing operations.
Following formulas have been used for calculating financial ratios presented.
--------------------------------------------------------------------------------
| Sales growth (%) | (sales 9 months 2010 -sales 9 months 2009) / |
| | sales 9 months 2009*100 |
--------------------------------------------------------------------------------
| Gross profit margin (%) | gross profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Net profit margin (%) | net profit/ sales*100 |
--------------------------------------------------------------------------------
| EBITDA margin (%) | EBITDA/sales*100 |
--------------------------------------------------------------------------------
| Operating profit margin | operating profit/ sales*100 |
| (%) | |
--------------------------------------------------------------------------------
| Earnings per share | net profit/average number of shares |
--------------------------------------------------------------------------------
| ROA (%) | net profit/assets *100 |
| | |
--------------------------------------------------------------------------------
| ROE (%) | net profit/equity *100 |
| | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial ratios (%) | 30.09.2010 | 30.09.2009 |
--------------------------------------------------------------------------------
| Equity ratio (%) | 42,0% | 36,2% |
--------------------------------------------------------------------------------
| Liquidity ratio | 1,0 | 0,5 |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 123,0% | 147,6% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 49,3% | 56,7% |
--------------------------------------------------------------------------------
Following formulas have been used for calculating financial ratios presented.
--------------------------------------------------------------------------------
| Equity ratio (%) | equity / (equity + debt) * 100 |
| | |
--------------------------------------------------------------------------------
| Liquidity ratio | current assets/current liabilities |
| | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| Financial leverage | interest bearing liabilities-cash and cash |
| (%) | equivalents/ |
| | interest bearing liabilities + equity * 100 |
--------------------------------------------------------------------------------
Revenue and EBITDA by group companies*
--------------------------------------------------------------------------------
| (thousand) | Revenue |
--------------------------------------------------------------------------------
| EEK | Q III 2010 | Q III 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 26 242 | 26 416 | -0,7% |
--------------------------------------------------------------------------------
| Delfi consolidated | 28 254 | 24 010 | 17,7% |
--------------------------------------------------------------------------------
| AS Printall | 86 163 | 77 742 | 10,8% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 9 823 | 10 750 | -8,6% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | 23 046 | 28 528 | -19,2% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 25 666 | 28 506 | -10,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 17 768 | 19 180 | -7,4% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 30 998 | 32 324 | -4,1% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | 1 978 | 2 623 | -24,6% |
--------------------------------------------------------------------------------
| UAB Medipresa | 37 560 | 34 848 | 7,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | Revenue |
--------------------------------------------------------------------------------
| EEK | 9 months 2010 | 9 months 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 85 534 | 94 516 | -9,5% |
--------------------------------------------------------------------------------
| Delfi consolidated | 87 342 | 78 966 | 10,6% |
--------------------------------------------------------------------------------
| AS Printall | 265 859 | 259 577 | 2,4% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 32 912 | 42 424 | -22,4% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | 75 132 | 101 812 | -26,2% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 79 936 | 91 902 | -13,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 55 450 | 57 904 | -4,2% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 97 842 | 112 848 | -13,3% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | 8 006 | 12 475 | -35,8% |
--------------------------------------------------------------------------------
| UAB Medipresa | 100 049 | 105 202 | -4,9% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
***AS Maaleht operations were transferred to Eesti Ajalehed AS 2009 year
--------------------------------------------------------------------------------
| (thousand) | EBITDA |
--------------------------------------------------------------------------------
| EEK | Q III 2010 | Q III 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 3 370 | (3 887) | 186,7% |
--------------------------------------------------------------------------------
| Delfi consolidated | 1 143 | (4 681) | 124,4% |
--------------------------------------------------------------------------------
| AS Printall | 17 221 | 11 249 | 53,1% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (993) | (6 021) | 83,5% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | (1 640) | (1 242) | -32,0% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 1 918 | 3 428 | -44,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 2 020 | 2 530 | -20,2% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 1 132 | (192) | 689,6% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | (242) | (73) | -231,5% |
--------------------------------------------------------------------------------
| UAB Medipresa | 54 | (12) | 550,0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | EBITDA |
--------------------------------------------------------------------------------
| EEK | 9 months 2010 | 9 months 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 8 190 | (4 964) | 265,0% |
--------------------------------------------------------------------------------
| Delfi consolidated | 7 235 | (923) | 883,9% |
--------------------------------------------------------------------------------
| AS Printall | 57 409 | 44 498 | 29,0% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (1 626) | (2 942) | 44,7% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | (7 480) | 2 128 | -451,5% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 6 640 | 12 636 | -47,5% |
--------------------------------------------------------------------------------
| AS Express Post** | 6 836 | 5 962 | 14,7% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 2 846 | (1 228) | 331,8% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | (918) | (151) | -507,9% |
--------------------------------------------------------------------------------
| UAB Medipresa | (153) | 466 | -132,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | Revenue |
--------------------------------------------------------------------------------
| EUR | Q III 2010 | Q III 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 1 677 | 1 688 | -0,7% |
--------------------------------------------------------------------------------
| Delfi consolidated | 1 806 | 1 535 | 17,7% |
--------------------------------------------------------------------------------
| AS Printall | 5 507 | 4 969 | 10,8% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 628 | 687 | -8,6% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | 1 473 | 1 823 | -19,2% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 1 640 | 1 822 | -10,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 1 136 | 1 226 | -7,4% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 1 981 | 2 066 | -4,1% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | 126 | 168 | -24,6% |
--------------------------------------------------------------------------------
| UAB Medipresa | 2 401 | 246 | 7,8% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | Revenue |
--------------------------------------------------------------------------------
| EUR | 9 months 2010 | 9 months 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 5 467 | 6 041 | -9,5% |
--------------------------------------------------------------------------------
| Delfi consolidated | 5 582 | 5 047 | 10,6% |
--------------------------------------------------------------------------------
| AS Printall | 16 991 | 16 590 | 2,4% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 2 103 | 2 711 | -22,4% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | 4 802 | 6 507 | -26,2% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 5 109 | 5 874 | -13,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 3 544 | 3 701 | -4,2% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 6 253 | 7 212 | -13,3% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | 512 | 797 | -35,8% |
--------------------------------------------------------------------------------
| UAB Medipresa | 6 394 | 6 724 | -4,9% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | EBITDA |
--------------------------------------------------------------------------------
| EUR | Q III 2010 | Q III 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 215 | (248) | 186,7% |
--------------------------------------------------------------------------------
| Delfi consolidated | 73 | (299) | 124,4% |
--------------------------------------------------------------------------------
| AS Printall | 1 101 | 719 | 53,1% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (63) | (385) | 83,5% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | (105) | (79) | -32,0% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 123 | 219 | -44,0% |
--------------------------------------------------------------------------------
| AS Express Post** | 129 | 162 | -20,2% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 72 | (12) | 689,6% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | (15) | (5) | -231,5% |
--------------------------------------------------------------------------------
| UAB Medipresa | 3 | (1) | 550,0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (thousand) | EBITDA |
--------------------------------------------------------------------------------
| EUR | 9 months 2010 | 9 months 2009 | Change % |
--------------------------------------------------------------------------------
| Eesti Ajalehed AS*** | 523 | (317) | 265,0% |
--------------------------------------------------------------------------------
| Delfi consolidated | 462 | (59) | 883,9% |
--------------------------------------------------------------------------------
| AS Printall | 3 669 | 2 844 | 29,0% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (104) | (188) | 44,7% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | (478) | 136 | -451,5% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 424 | 808 | -47,5% |
--------------------------------------------------------------------------------
| AS Express Post** | 437 | 381 | 14,7% |
--------------------------------------------------------------------------------
| AS Ajakirjade | 182 | (78) | 331,8% |
| Kirjastus** | | | |
--------------------------------------------------------------------------------
| AS Linnaleht | (59) | (10) | -507,9% |
--------------------------------------------------------------------------------
| UAB Medipresa | (10) | 30 | -132,8% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
***AS Maaleht operations were transferred to Eesti Ajalehed AS 2009 year
In the third quarter of 2010, Ekspress Grupp earned EBITDA of EEK 20 million
(EUR 1.3 million) which is a major improvement from last year loss of EEK 6.1
million (EUR 0.4 million). Compared to normalized result of QIII 2009 of EEK 5.4
million (EUR 0.4 million) (excluding extraordinary write-off of debtors and loss
of goodwill after the sale of a business unit in Lithuania), improvement in
EBITDA has been EEK 25.4 million (EUR 1.6 million) (311%). Net loss for the
period was EEK 4.1 million (EUR 0.3 million) compared to loss of EEK 66.6
million (EUR 4.2 million) from last year. Compared to normalized net loss of
QIII 2009 EEK 18.8 million (EUR 1.2 million) (in addition to above mentioned
also excluding extraordinary loss of goodwill from the sale of Ekspress Hotline)
improvement has been by EEK 14.7 million (EUR 1 million). Compared to internal
targets, EBITDA has been 26% better than forecasted and Net Profit 45.7% better
than forecasted.
Note: in the accumulated EBITDA for the year, we have made an adjustment by
repositioning profit from sales of book retailing company from “other income” to
“discontinued operations” therefore EBITDA in QI 2010 has decreased by EEK 6.2
million (EUR 0.4 million) but there is no change in Net Profit.
In the media business, QIII is the low point of the year in terms of revenue and
profits due to low economic activity in July and August as main vacation months
of the year.
Comparing the QIII 2010 with QIII 2009, major improvements in the revenue side
have been taking place in the online media segment which has increased by 13.1%
and in the printing services segment which has increased by 10.8% (for segment
results, see page 31 Note 6). These improvements in sales have also contributed
most to the improvement in total sale - compared to last year the total sale has
grown by 5.1%. The periodicals segment has been improving sales quarter by
quarter but is still decreasing compared to last year by 6.9%. In the second
quarter, drop compared to last year was in an average of 15%.
In the online business, major contributors to the growth have been Delfi
Estonian and Lithuanian operations growing respectively by 15.9% and 25.4%
compared to previous year. Delfi Latvia is still lagging behind with a y-o-y
drop of 14.7% compared to last year. Economic environment in Latvia has been
challenging with all the advertising sectors decreasing for a year, but the
management sees signs of decline coming to an end and we are predicting modest
growth for Latvian online media for the remaining months of the year. In the
Estonian online media market, revenues have concentrated more in the hands of
the two biggest players in the market, Delfi and Postimees, both increasing
their market share on behalf of smaller online environments. In the Lithuanian
online market, Delfi has increased its market share but also the whole online
market has grown and transition from traditional media into digital media has
been more dramatic.
The biggest contributors to the EBITDA in the online media segment have been
Delfi operations in Baltics and Ukraine. Delfi group in total has instead of
making loss of EEK 4.7 million (EUR 0.3 million) in QIII 2009 made profit of EEK
1.1 million (EUR 0.07 million) in QIII 2010. The cost level of local operations
has been held in the level they reached after cost cutting except for Ukraine
operations, where during QIII 2010 additional resources in the form of labour
costs have been allocated to improve the news production capabilities. The
management will evaluate the success of these measures and overall performance
of Ukraine operations at the end of the year and will decide a strategy for
2011. Also it is important to note, that as in both increasing and decreasing
periods of advertising revenues, cost structure of the online media stays fixed
and therefore the management considers a positive EBITDA result in a low revenue
period of summer months a very good achievement.
In periodicals, the only company being able to maintain revenue compared to last
year has been the publisher of weekly papers Eesti Ekspress and Maaleht.
However, there has been a nominal decrease of 0.7%. The Reason for the company
beating the market lies in successful reorganization of Eesti Ekspress printed
edition and steady readership and circulation numbers of Maaleht added
increasing advertising revenues for the paper. Both of the products have well
stood against market turmoil due to the fact of being products with clear
concept and market orientation.
Magazine producers both in Estonia and Lithuania have been still declining. In
Estonia by 4.1% compared to last year and in Lithuania by 8.6%.
The biggest decliners in the periodicals have been daily papers Õhtuleht and
Eesti Päevaleht, both losing revenue by 10% and 19.2% respectively compared to
last year. Although the circulation and subscribers have stood fairly stable in
Õhtuleht, the decline comes from ongoing drop in advertising revenues. In Eesti
Päevaleht, one of the major contributors to the decline is unsuccessful new
series of books, which in the previous years have contributed well to both
revenue and EBITDA.
EBITDA in the periodicals segment for QIII 2010 has been profit of EEK 4.7
million (EUR 0.3 million) compared to loss of EEK 6.2 million (EUR 0.4 million)
in QIII 2009. Compared to normalized result of QIII 2009 being loss of EEK 1.6
million (EUR 0.1 million) (excluding extraordinary loss from the sale of
business unit in Lithuania and expenses related to the merger of the managements
of two weekly papers), the improvement has been EEK 6.2 million (EUR 0.4
million) compared to QIII 2009. The biggest contributors to the outcome have
been the publisher of weekly papers and Estonian magazine publisher. Normalized
result of Lithuanian magazine publisher has stayed flat compared to last year,
daily papers Õhtuleht and Eesti Päevaleht have made EBITDA less than last year.
Õhtuleht is maintaining EBITDA positive but Eesti Päevaleht is still making a
negative result. All the companies have been trimmed in respect to cost
structure. Regarding Eesti Päevaleht, there are resources to be taken into use
and the management is addressing the issue.
The management is extremely proud of the results in the printing services
segment, where revenues have shown growth of 10.8% compared to last year. The
growth comes from increasing export revenues. Printall has made a breakthrough
to export markets by being able to be reliable and efficient partner for the
publishers. Recent client wins come from Scandinavia but also from South of
France and Monaco. For the future coming months, the company still has enough
free capacity. Due to successful growth in export markets, the management has
initiated a discussion about additional investments into increasing capacity or
taking more share of post press value chain to keep the growth rate. The
exceptional result in sales growth is also brought an increase in EBITDA, where
QIII 2010 has ended with EEK 17.2 million (EUR 1.1 million) compared to EEK 11.2
million (EUR 0.6 million) in QIII 2009. QIII 2010 result is influenced by
one-time write-off of debt in the range of EEK 0.8 million (EUR 0.05 million)
coming from a bankrupted Danish client and a client in Russia.
EBITDA margins for the whole group in QIII was 10.8% compared to last year's
negative margin. In the online media segment the margin has stayed positive
being 1.7%, in the periodicals the margin was 5.9% and in the printing services
segment 20% (all being improvements compared to last year). Taking into account
QIII being the lowest quarter of the year, the management considers overall
margin being in line with an annual internal target of 10%.
Most important developments and actions during QIII 2010 have been as follows:
- The publisher of weekly papers Eesti Ekspress and Maaleht has started a
project
with an aim to produce digital version of Eesti Ekspress for Apple tablet
computer iPad. The digital version will be launched in QIV 2010.
- The Lithuanian magazine publisher Ekspress Leidyba has taken a decision to
withdraw from active book publishing activities and concentrate mainly on making
present portfolio of magazines more profitable. Ekspress Leidyba will continue
to publish only books with forecasted return on investment 25% and more p.a.
- Online portal Delfi introduced new facelift of the front page in Estonia and
will continue executing facelifts in all the portals in Delfi group during the
year with an aim to fresh up the products in all the countries by the end of the
year.
- Delfi Estonia performed an image campaign to build a bigger image of an
opinion
leader in the online environment in Estonia.
- Delfi Estonia launched contextual keyword based advertising sale with an aim
to
offer small businesses an opportunity to advertise with affordable budgets next
to articles featuring a topic connected to their business orientation.
- Delfi Estonia launched a new editorial section Noorte Hääl (Voice of the
youth)
targeted to young readers aged 15-25.
- Delfi Estonia continued the development of Rahva Hääl (Voice of the people)
project which is targeted for motivating readers to contribute editorial
material and photos to build up a strong user generated content presence in
Delfi.
- Delfi Latvia launched a new project Aculiecinieks (Eyewitness) and Delfi
Lithuania launched a new project Pilietis (Citizen) which are analogs of
Estonian user generated content project Rahva Hääl.
- Delfi Lithuania signed an agreement with the Lithuanian government to start
publishing a new portal Delfi Green. The project is funded by EU donation in the
amount of EEK 1.6 million (EUR 1 million).
Investments
Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | | |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 12 | 171 |
--------------------------------------------------------------------------------
| Plant and equipment | 918 | 2 133 |
--------------------------------------------------------------------------------
| Other equipment | 2 364 | 3 711 |
--------------------------------------------------------------------------------
| Unfinished buildings and prepayments | 14 | 1 601 |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 3 308 | 7 616 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | | |
--------------------------------------------------------------------------------
| Development | 1 581 | 2 203 |
--------------------------------------------------------------------------------
| Compu-ter software | 1 292 | 1 522 |
--------------------------------------------------------------------------------
| Prepayments | 420 | 522 |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | 3 293 | 4 247 |
| total | | |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 6 601 | 11 863 |
--------------------------------------------------------------------------------
Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | | |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 1 | 11 |
--------------------------------------------------------------------------------
| Plant and equipment | 59 | 137 |
--------------------------------------------------------------------------------
| Other equipment | 152 | 238 |
--------------------------------------------------------------------------------
| sUnfinished buildings and | 1 | 102 |
| prepayments | | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 213 | 488 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | | |
--------------------------------------------------------------------------------
| Development | 100 | 139 |
--------------------------------------------------------------------------------
| Compu-ter software | 83 | 97 |
--------------------------------------------------------------------------------
| Prepayments | 27 | 33 |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | 210 | 269 |
| total | | |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 423 | 757 |
--------------------------------------------------------------------------------
All investments in the first nine months of 2010 were ordinary, in order to
improve the assets used in business activity at bare minimum extent.
Employees
As of the end of June 2010 Ekspress Group employed 1 771 people (As of 30
September 2009 (includes employees of discontinued operations): 2 161). The
average number of employees in the first nine months of 2010 was 1 780 (9 months
2009 includes employees of discontinued operations: 2 254).
In the first nine months of 2010, the personnel costs of Ekspress Grupp totalled
EEK 155.8 million (EUR 10.0 million), (9 months 2009 with the personnel cost of
discontinued operations EEK 206.7 million (EUR 13.2 million))*.
*proportional part from joint ventures
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 31.09.2010 | 31.12.2009 | 31.09.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 26 916 | 39 953 | 14 016 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 47 011 | 892 | 8 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 107 841 | 120 136 | 121 239 |
--------------------------------------------------------------------------------
| Inventories | 41 809 | 55 160 | 62 251 |
--------------------------------------------------------------------------------
| Total current assets | 223 577 | 216 141 | 197 514 |
--------------------------------------------------------------------------------
| Assets of discontinued | 0 | 93 457 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 2 635 | 5 697 | 9 237 |
--------------------------------------------------------------------------------
| Investments in associates | 194 | 640 | 481 |
--------------------------------------------------------------------------------
| Investment property | 6 360 | 6 360 | 12 341 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 307 513 | 345 938 | 365 748 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 800 535 | 821 613 | 960 331 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 117 | 1 180 248 | 1 348 138 |
| | 237 | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 340 | 1 489 846 | 1 545 652 |
| | 814 | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 89 061 | 143 093 | 150 669 |
--------------------------------------------------------------------------------
| Trade and other payables | 138 029 | 283 668 | 224 156 |
--------------------------------------------------------------------------------
| Total current liabilities | 227 090 | 426 761 | 374 825 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 17 231 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 535 540 | 583 047 | 599 766 |
--------------------------------------------------------------------------------
| Other long term liabilities | 1 459 | 28 | 1 756 |
--------------------------------------------------------------------------------
| Derivative instruments | 13 993 | 13 993 | 9 555 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 550 992 | 597 068 | 611 077 |
--------------------------------------------------------------------------------
| Total liabilities | 778 082 | 1 041 060 | 985 902 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves | | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 297 968 | 208 488 | 208 488 |
--------------------------------------------------------------------------------
| Share premium | 223 394 | 192 883 | 192 883 |
--------------------------------------------------------------------------------
| Reserves | (313) | (313) | 5 564 |
--------------------------------------------------------------------------------
| Retained earnings | 40 680 | 45 805 | 151 840 |
--------------------------------------------------------------------------------
| Currency translation reserve | 715 | 1 635 | 687 |
--------------------------------------------------------------------------------
| Total capital and reserves | 562 444 | 448 498 | 559 462 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 288 |
--------------------------------------------------------------------------------
| Total equity | 562 732 | 448 786 | 559 750 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 340 | 1 489 846 | 1 545 652 |
| | 814 | | |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 31.09.2010 | 31.12.2009 | 31.09.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 720 | 2 553 | 896 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 3 005 | 57 | 1 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 6 893 | 7 677 | 7 748 |
--------------------------------------------------------------------------------
| Inventories | 2 672 | 3 525 | 3 979 |
--------------------------------------------------------------------------------
| Total current assets | 14 290 | 13 812 | 12 624 |
--------------------------------------------------------------------------------
| Assets of discontinued operations | 0 | 5 973 | 0 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 167 | 364 | 589 |
--------------------------------------------------------------------------------
| Investments in associates | 12 | 41 | 31 |
--------------------------------------------------------------------------------
| Investment property | 406 | 406 | 789 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 19 654 | 22 109 | 23 376 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 51 164 | 52 511 | 61 376 |
--------------------------------------------------------------------------------
| Total non-current assets | 71 403 | 75 431 | 86 161 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 85 693 | 95 216 | 98 785 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 5 692 | 9 145 | 9 630 |
--------------------------------------------------------------------------------
| Trade and other payables | 8 822 | 18 130 | 14 326 |
--------------------------------------------------------------------------------
| Total current liabilities | 14 514 | 27 275 | 23 956 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 1 101 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 34 227 | 37 263 | 38 332 |
--------------------------------------------------------------------------------
| Other long term liabilities | 93 | 2 | 112 |
--------------------------------------------------------------------------------
| Derivative instruments | 894 | 894 | 611 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 35 214 | 38 159 | 39 055 |
--------------------------------------------------------------------------------
| Total liabilities | 49 728 | 66 535 | 63 011 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable | | | |
| to equity holders of the Parent | | | |
| company | | | |
--------------------------------------------------------------------------------
| Share capital | 19 044 | 13 325 | 13 325 |
--------------------------------------------------------------------------------
| Share premium | 14 277 | 12 327 | 12 327 |
--------------------------------------------------------------------------------
| Reserves | (20) | (20) | 356 |
--------------------------------------------------------------------------------
| Retained earnings | 2 600 | 2 927 | 9 704 |
--------------------------------------------------------------------------------
| Currency translation reserve | 46 | 104 | 44 |
--------------------------------------------------------------------------------
| Total capital and reserves | 35 947 | 28 663 | 35 756 |
| attributable to equity holders of | | | |
| the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 18 |
--------------------------------------------------------------------------------
| Total equity | 35 965 | 28 681 | 35 774 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 85 693 | 95 216 | 98 785 |
--------------------------------------------------------------------------------
* Only the assets and liabilities related to AS Ekspress Hotline are reflected
as discontinued operations.
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q III 2010 | Q III 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 184 780 | 175 859 |
--------------------------------------------------------------------------------
| Costs of sales | 146 554 | 154 769 |
--------------------------------------------------------------------------------
| Gross profit | 38 226 | 21 090 |
--------------------------------------------------------------------------------
| Marketing expenses | 7 627 | 7 812 |
--------------------------------------------------------------------------------
| Administrative expenses | 23 517 | 27 573 |
--------------------------------------------------------------------------------
| Other income | 1 429 | 842 |
--------------------------------------------------------------------------------
| Other expenses | 795 | 5 957 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 7 716 | (19 410) |
--------------------------------------------------------------------------------
| Interest income | 81 | 295 |
--------------------------------------------------------------------------------
| Interest expenses | (10 012) | (13 638) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | (1 407) | (485) |
--------------------------------------------------------------------------------
| Other financial expenses | (539) | (333) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (11 877) | (14 161) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 51 | (24) |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (4 110) | (33 595) |
--------------------------------------------------------------------------------
| Income tax expense | 0 | (2 353) |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (4 110) | (31 242) |
| continued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 0 | (35 329) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (4 110) | (66 571) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (4 110) | (66 571) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 1 425 | (1 065) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (2 685) | (67 636) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (2 685) | (67 636) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,14) | (3,19) |
| profit attributable to the equity | | |
| holders of the Company (Note 8) | | |
--------------------------------------------------------------------------------
*Comparable data for 2009 have been adjusted and include only the result of
continuing
operations. Income and expenses related to AS Ekspress Hotline and AS Rahva
Raamat have
been eliminated from each income and expense line and are reflected in „Profit
/(loss) for
sthe year from discontinued operations“.
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 578 903 | 603 012 |
--------------------------------------------------------------------------------
| Costs of sales | 455 239 | 497 627 |
--------------------------------------------------------------------------------
| Gross profit | 123 664 | 105 385 |
--------------------------------------------------------------------------------
| Marketing expenses | 24 966 | 28 215 |
--------------------------------------------------------------------------------
| Administrative expenses | 73 364 | 84 272 |
--------------------------------------------------------------------------------
| Other income | 4 324 | 7 671 |
--------------------------------------------------------------------------------
| Other expenses | 1 905 | 7 462 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 27 753 | (6 893) |
--------------------------------------------------------------------------------
| Interest income | 321 | 1 609 |
--------------------------------------------------------------------------------
| Interest expenses | (30 627) | (35 467) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 7 | (565) |
--------------------------------------------------------------------------------
| Other financial expenses | (2 120) | (784) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (32 419) | (35 207) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (341) | 29 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (5 007) | (42 071) |
--------------------------------------------------------------------------------
| Income tax expense | 5 796 | 1 609 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (10 803) | (43 680) |
| continued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 5 678 | (36 378) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (5 125) | (80 058) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (5 125) | (80 058) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (920) | (666) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (6 045) | (80 724) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (6 045) | (80 724) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | (0,20) | (3,86) |
| for profit attributable to the equity | | |
| holders of the Company (Note 8) | | |
--------------------------------------------------------------------------------
*Comparable data for 2009 have been adjusted and include only the result of
continuing
operations. Income and expenses related to AS Ekspress Hotline and AS Rahva
Raamat have
been eliminated from each income and expense line and are reflected in „Profit
/(loss) for
sthe year from discontinued operations“.
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q III 2010 | Q III 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 11 810 | 11 239 |
--------------------------------------------------------------------------------
| Costs of sales | 9 367 | 9 892 |
--------------------------------------------------------------------------------
| Gross profit | 2 443 | 1 347 |
--------------------------------------------------------------------------------
| Marketing expenses | 487 | 499 |
--------------------------------------------------------------------------------
| Administrative expenses | 1 503 | 1 762 |
--------------------------------------------------------------------------------
| Other income | 91 | 54 |
--------------------------------------------------------------------------------
| Other expenses | 51 | 381 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 493 | (1 241) |
--------------------------------------------------------------------------------
| Interest income | 5 | 19 |
--------------------------------------------------------------------------------
| Interest expenses | (640) | (872) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | (90) | (31) |
--------------------------------------------------------------------------------
| Other financial expenses | (34) | (21) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (759) | (905) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 3 | (2) |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (263) | (2 148) |
--------------------------------------------------------------------------------
| Income tax expense | 0 | (150) |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | (263) | (1 998) |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 0 | (2 258) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (263) | (4 256) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (263) | (4 256) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | 91 | (68) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (172) | (4 324) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (172) | (4 324) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,01) | (0,20) |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
*Comparable data for 2009 have been adjusted and include only the result of
continuing
operations. Income and expenses related to AS Ekspress Hotline and AS Rahva
Raamat have
been eliminated from each income and expense line and are reflected in „Profit
/(loss) for
sthe year from discontinued operations“.
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 36 999 | 38 539 |
--------------------------------------------------------------------------------
| Costs of sales | 29 095 | 31 804 |
--------------------------------------------------------------------------------
| Gross profit | 7 904 | 6 735 |
--------------------------------------------------------------------------------
| Marketing expenses | 1 596 | 1 803 |
--------------------------------------------------------------------------------
| Administrative expenses | 4 689 | 5 386 |
--------------------------------------------------------------------------------
| Other income | 276 | 490 |
--------------------------------------------------------------------------------
| Other expenses | 122 | 477 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 1 773 | (441) |
--------------------------------------------------------------------------------
| Interest income | 21 | 103 |
--------------------------------------------------------------------------------
| Interest expenses | (1 957) | (2 267) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 0 | (36) |
--------------------------------------------------------------------------------
| Other financial expenses | (135) | (50) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (2 071) | (2 250) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (22) | 2 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (320) | (2 689) |
--------------------------------------------------------------------------------
| Income tax expense | 370 | 103 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (690) | (2 792) |
| continued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 363 | (2 325) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (327) | (5 117) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (327) | (5 117) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (58) | (43) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (385) | (5 160) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (385) | (5 160) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | (0,01) | (0,25) |
| for profit attributable to the equity | | |
| holders of the Company (Note 8) | | |
--------------------------------------------------------------------------------
*Comparable data for 2009 have been adjusted and include only the result of
continuing
operations. Income and expenses related to AS Ekspress Hotline and AS Rahva
Raamat have
been eliminated from each income and expense line and are reflected in „Profit
/(loss) for
sthe year from discontinued operations“.
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit(loss) for the period | 27 753 | (6 893) |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 38 262 | 40 665 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, | 104 | 570 |
| plant and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | (5 348) | 36 355 |
--------------------------------------------------------------------------------
| Inventories | (699) | 2 104 |
--------------------------------------------------------------------------------
| Trade and other payables | (69 601) | (26 697) |
--------------------------------------------------------------------------------
| Cash generated from operations | (9 529) | 46 104 |
--------------------------------------------------------------------------------
| Income tax paid | (5 796) | (5 587) |
--------------------------------------------------------------------------------
| Interest paid | (31 697) | (30 665) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (47 022) | 9 852 |
| activities | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | (16 718) | 8 031 |
| activities from discontinued operations | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 62 266 | 0 |
--------------------------------------------------------------------------------
| Interest received | 321 | 1 842 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (6 601) | (7 684) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 274 | 6 446 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (585) | (4 702) |
--------------------------------------------------------------------------------
| Loan repayments received | 9 767 | 10 219 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 65 442 | 6 121 |
--------------------------------------------------------------------------------
| Net cash used in/generated from | 32 851 | 275 |
| investing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 82 121 | 29 606 |
--------------------------------------------------------------------------------
| Finance lease payments made | (15 286) | (26 732) |
--------------------------------------------------------------------------------
| Change in overdraft used | (22 005) | 9 907 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | (2 797) | 10 292 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (89 547) | (68 929) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (47 514) | (45 856) |
| activities | | |
--------------------------------------------------------------------------------
| Net cash used in/generated from | (76) | (10 795) |
| financing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND | (13 037) | (32 372) |
| CASH EQUIVALENTS | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 39 953 | 46 388 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 26 916 | 14 016 |
| the period | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 9 months 2010 | 9 months 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit(loss) for the period | 1 773 | (441) |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 2 445 | 2 599 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, | 7 | 36 |
| plant and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | (341) | 2 323 |
--------------------------------------------------------------------------------
| Inventories | (45) | 134 |
--------------------------------------------------------------------------------
| Trade and other payables | (4 448) | (1 706) |
--------------------------------------------------------------------------------
| Cash generated from operations | (609) | 2 947 |
--------------------------------------------------------------------------------
| Income tax paid | (370) | (357) |
--------------------------------------------------------------------------------
| Interest paid | (2 026) | (1 960) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (3 005) | 630 |
| activities | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | (1 068) | 513 |
| activities from discontinued operations | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 3 980 | 0 |
--------------------------------------------------------------------------------
| Interest received | 21 | 118 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (422) | (491) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 18 | 412 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (37) | (301) |
--------------------------------------------------------------------------------
| Loan repayments received | 624 | 653 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 4 183 | 391 |
--------------------------------------------------------------------------------
| Net cash used in/generated from | 2 100 | 18 |
| investing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 5 248 | 1 892 |
--------------------------------------------------------------------------------
| Finance lease payments made | (977) | (1 708) |
--------------------------------------------------------------------------------
| Change in overdraft used | (1 406) | 633 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | (179) | 658 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (5 723) | (4 405) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (3 037) | (2 931) |
| activities | | |
--------------------------------------------------------------------------------
| Net cash used in/generated from | (5) | (690) |
| financing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND | (833) | (2 069) |
| CASH EQUIVALENTS | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 2 553 | 2 965 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 1 720 | 896 |
| the period | | |
--------------------------------------------------------------------------------
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
E-mail: [email protected]
1. eg_iii_kvartal_2010_eng.pdf <PDF>
(https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=324442)