Börsiteade

Pealkiri

AS Ekspress Grupp: Consolidated Interim Report for the First Quarter of 2014

Teade

Tallinn, Estonia, 2014-04-30 13:42 CEST (GLOBE NEWSWIRE) --


In the 1st quarter of 2014, the normalised EBITDA of Ekspress Group amounted to
EUR 1.64 million and the net profit was EUR 0.69 million. The normalised EBITDA
increased by 9.2% year-on-year and the net profit figure was 8.3% higher as
compared to Q1 2013. In the 1st quarter, extraordinary expenses included the
amount of EUR 0.19 million in costs related to the court dispute with AS Eesti
Meedia. The normalised result exceeds last year’s figures, as well as the
Group’s budgeted quarterly result by approximately EUR 0.4 million in terms of
both EBITDA and the net profit. Almost all Group companies contributed to that
positive result. Without normalising the figures, the company’s EBITDA was EUR
1.45 million and the net profit was EUR 0.50 million. The Company has a strong
financial position. The debt service coverage ratio is as high as 1.64 and the
liquidity ratio is over 1.0. By the end of the quarter, the Company’s ratio of
total debt to EBTIDA decreased to 3.26. 

The above numbers relate to all our joint ventures (AS SL Õhtuleht, AS
Ajakirjade Kirjastus and AS Express Post) consolidated line-by-line 50%.
Starting from 2014, in accordance with new international financial reporting
standards (IFRS) 50% joint ventures are recognized under the equity method in
the consolidated financial statements. The change in these accounting policies
did not affect the net profit, but decreased the first-quarter revenue by EUR 2
million and the EBITDA by EUR 0.1 million. In its monthly reports, the
management monitors the Group’s performance by continuing proportionate
consolidation of joint ventures. Also loan covenants set in the syndicated loan
contract are calculated based on proportionate consolidation. For purposes of
clarity, the management report shows two sets of indicators: one where joint
ventures are consolidated line by line and the other where joint ventures are
recognised under the equity method and their results are presented in one line
as financial income. In Note 3 of the interim financial statements, the impact
of each joint venture on relevant lines of the income statement and balance
sheet is shown in more detail. 

In the 1st quarter, the biggest growth in both revenue and EBITDA was recorded
in the online media segment, where sales revenue increased by 12% and EBITDA
were up by 96%. The periodicals segment managed to increase the revenue by 4%,
but EBITDA improved by 42%. In the printing services segment, revenue increased
by 7% and EBITDA improved by 3%. 

In the online media segment, the biggest revenue growth was posted by Delfi
Estonia, and was up by 26%. The revenue of Delfi Lithuania increased by 11%. In
the 1st quarter, the revenue of Delfi Latvia decreased by 5%, but the result
was still better in the light of the possible price shock related to the euro
changeover. The EBITDA figure improved significantly both in Estonia and
Lithuania. In the 1st quarter, the operations in the online media segment were
characterised by focusing in addition on core products also on specialized
verticals. In all three countries we also continued developing portals zave.ee,
zave.lv and zave.lt that publish discount campaign offers of retailers. By the
end of the 1st quarter, the fastest-growing of the three was Zave in Estonia
with more than 20 different retailers in their system. 

The periodicals segment is characterised by weak print advertising market that
is partly being off-set by revenue from subscriptions and single-copy sales. In
the segment, the revenue of AS Eesti Ajalehed increased by 9% and EBITDA
improved by 82%. The growth is largely attributable to an increase in cover
prices in both retail sales and subscriptions, as well as the success in
criminal novels series. Because of the popularity of the book series, it was
decided to extend it by 10 titles. The digital subscriptions of Eesti Ekspress
and Eesti Päevaleht have also strongly increased as compared to the year
earlier, by 98% and 134%, respectively, reaching 7 thousand subscribers by the
end of the quarter. In the 1st quarter, the first digital subscriptions for
Maaleht were sold and by the end of the quarter, Maaleht had approximately 3.5
thousand paying digital subscribers. In the periodicals segment, the revenue of
AS SL Õhtuleht and AS Ajakirjade Kirjastus also increased moderately.  The
EBITDA of AS SL Õhtuleht for the quarter was 12% lower than a year earlier,
whereas the EBITDA of AS Ajakirjade Kirjastus was 1.5 times higher as compared
to the year before, reaching EUR 10 thousand in profit in absolute figures. The
book publishing enterprise OÜ Hea Lugu earned 20% higher EBITDA year-over-year,
whereas AS Express Post increased its profit by 14%. The Lithuanian magazine
publishing company ended the first quarter with a loss of EUR 29 thousand. 

In January, Eesti Päevaleht underwent modernisation and separate topical days
were launched. Every day, four final pages are dedicated to one specific topic
(sports, business, science, health and consumers, respectively). Maakodu
(Country Home) that this year celebrates its 25th anniversary, has been
published in a new format since March. Changes also concern Eesti Ekspress that
at the end of April will be published on Wednesdays and not on Thursdays, as at
present.<span style="font-size:11pt;"> </span> 

Specially should be mentioned our journalists who outperformed the yearly
competition by winning the biggest number of press awards for articles
published in 2013 including the most prestigious one – the Bonnier Award. 

In the printing services segment, the revenue of AS Printall increased by 7%
and EBITDA was up by 3%. Estonian revenue increased in the 1st quarter,
decreasing the share of exports by one percentage point to 68%. The breakdown
of exports by countries is constantly changing: in the first quarter, sales to
Finland increased by 58% whereas sales of Russia fell by 33% as compared to the
year before. 

On the Group level, the dispute with the competing media enterprise Eesti
Meedia over the realisation of the purchasing right pertaining to the ownership
of joint ventures continued. 

In the second quarter, we expect sales to grow moderately by 5% as compared to
the year before, evenly in all segments, and the increase of EBITDA and the net
profit by 10%. Our view for the second quarter does not take into consideration
possible negative developments in our neighbouring economies that may be caused
by the dramatic deterioration of the economic environment. 

In the 2nd quarter, the Group’s Lithuanian subsidiaries will be merged into one
media-house.  The objective is to strengthen our position and to achieve
synergy both in expenses and in quality. Close cooperation with Lithuania’s
largest advertising network Adnet, in which the acquisition of a minority
ownership is being completed, is expected to help it. 

We continue to look for new sources of growth that would help to develop
innovative solutions for our demanding readers and customers.  With our
solutions we continue to offer new and interesting experiences both on paper
and in digital media, without compromising on news quality, choice of topics
and journalistic objectivity. 

FINANCIAL INDICATORS AND RATIOS –joint ventures line-by-line 50% consolidated

<span              <span style="font-size:9pt;">Q1             <span
style="font-size:9pt;">Q1                   <span                              
<span style="font-size:9pt;">Q1             <span style="font-size:9pt;">Q1 
 style                                 2014</span>                             
   2013</span>   style="font-size:9pt;">Change%</span>                         
         2012</span>                                 2011</span> 
="font 
-size: 
9pt;"> 
Perfor 
mance 
 indic 
ators 
 – 
 joint 
 ventu 
res 
 conso 
lidate 
d by 
 50% 
 (EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
For 
 the 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;">14 766</span>  <span
style="font-size:9pt;">13 809</span>    <span style="font-size:9pt;">7%</span> 
<span style="font-size:9pt;">14 219</span>  <span style="font-size:9pt;">13
146</span> 
 style 
="font 
-size: 
9pt;"> 
Sales< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span    <span style="font-size:9pt;">1 454</span>   <span
style="font-size:9pt;">1 503</span>   <span style="font-size:9pt;">-3%</span>  
<span style="font-size:9pt;">1 615</span>   <span style="font-size:9pt;">1
395</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
</span 
> 
<span     <span style="font-size:9pt;">9.8%</span>   <span
style="font-size:9pt;">10.9%</span>                                            
<span style="font-size:9pt;">11.4%</span>   <span
style="font-size:9pt;">10.6%</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 margi 
n 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">691</span>     <span
style="font-size:9pt;">840</span>  <span style="font-size:9pt;">-18%</span>    
<span style="font-size:9pt;">756</span>     <span
style="font-size:9pt;">555</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t* 
 </spa 
n> 
<span     <span style="font-size:9pt;">4.7%</span>    <span
style="font-size:9pt;">6.1%</span>                                             
<span style="font-size:9pt;">5.3%</span>    <span
style="font-size:9pt;">4.2%</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span    <span style="font-size:9pt;">(176)</span>   <span
style="font-size:9pt;">(197)</span>   <span style="font-size:9pt;">11%</span>  
<span style="font-size:9pt;">(488)</span>   <span
style="font-size:9pt;">(559)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
ses</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span>  <span style="font-size:9pt;">-21%</span>    
<span style="font-size:9pt;">179</span>   <span
style="font-size:9pt;">(155)</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 / 
 (loss 
) for 
 the 
 perio 
d 
 *</sp 
an> 
<span     <span style="font-size:9pt;">3.4%</span>    <span
style="font-size:9pt;">4.6%</span>                                             
<span style="font-size:9pt;">1.3%</span>   <span
style="font-size:9pt;">-1.2%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span>  <span style="font-size:9pt;">-21%</span>    
<span style="font-size:9pt;">179</span>   <span style="font-size:9pt;">1
385</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t / 
 (loss 
) for 
 the 
 perio 
d in 
 the 
 finan 
cial 
 state 
ments 
 (incl 
. 
 impai 
rments 
 and 
 gain 
 on 
 sale 
 of 
 owner 
ship 
 inter 
est)</ 
span> 
<span     <span style="font-size:9pt;">3.4%</span>    <span
style="font-size:9pt;">4.6%</span>                                             
<span style="font-size:9pt;">1.3%</span>   <span
style="font-size:9pt;">10.5%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span     <span style="font-size:9pt;">0.7%</span>    <span
style="font-size:9pt;">0.8%</span>                                             
<span style="font-size:9pt;">0.2%</span>    <span
style="font-size:9pt;">1.6%</span> 
 style 
="font 
-size: 
9pt;"> 
ROA 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">1.2%</span>    <span
style="font-size:9pt;">1.5%</span>                                             
<span style="font-size:9pt;">0.5%</span>    <span
style="font-size:9pt;">3.8%</span> 
 style 
="font 
-size: 
9pt;"> 
ROE 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span     <span style="font-size:9pt;">0.02</span>    <span
style="font-size:9pt;">0.02</span>                                             
<span style="font-size:9pt;">0.01</span>    <span
style="font-size:9pt;">0.05</span> 
 style 
="font 
-size: 
9pt;"> 
Earnin 
gs per 
 share 
 (EPS) 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 

<span style="font-size:9pt;">*The results exclude impairment of goodwill and
trademarks, and the net extraordinary gain in relation to the acquisition of an
additional ownership interest in Eesti Päevalehe AS. In the 1st quarter of
2011, an additional 50% ownership interest in Eesti Päevalehe AS was acquired.
The transaction was accounted for in two parts: firstly, as the sale of the
current 50% ownership interest on which the net extraordinary gain totalled EUR
1 540 thousand and secondly, as the acquisition of the wholly-owned
subsidiary.</span> 

<span   <span style="font-size:9pt;">31.03.2014</span>  <span
style="font-size:9pt;">31.12.2013</span>     <span
style="font-size:9pt;">Change 
 style                                                                         
                                        %</span> 
="font 
-size: 
9pt;"> 
Balanc 
e 
 sheet 
 – 
 joint 
 ventu 
res 
 conso 
lidate 
d by 
 50% 
 (EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
As at 
 the 
 end 
 of 
 the 
 perio 
d</spa 
n> 
<span       <span style="font-size:9pt;">12 943</span>      <span
style="font-size:9pt;">14 447</span>  <span style="font-size:9pt;">-10%</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">62 476</span>      <span
style="font-size:9pt;">63 019</span>   <span style="font-size:9pt;">-1%</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">75 419</span>      <span
style="font-size:9pt;">77 466</span>   <span style="font-size:9pt;">-3%</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 asset 
s</spa 
n> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span        <span style="font-size:9pt;">3 230</span>       <span
style="font-size:9pt;">4 501</span>  <span style="font-size:9pt;">-28%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 cash 
 and 
 bank< 
/span> 
<span       <span style="font-size:9pt;">40 052</span>      <span
style="font-size:9pt;">40 052</span>    <span style="font-size:9pt;">0%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 goodw 
ill</s 
pan> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span       <span style="font-size:9pt;">12 843</span>      <span
style="font-size:9pt;">14 468</span>  <span style="font-size:9pt;">-11%</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">19 750</span>      <span
style="font-size:9pt;">20 673</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">32 593</span>      <span
style="font-size:9pt;">35 141</span>   <span style="font-size:9pt;">-7%</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 liabi 
lities 
</span 
> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span       <span style="font-size:9pt;">23 510</span>      <span
style="font-size:9pt;">24 432</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 borro 
wings< 
/span> 
<span       <span style="font-size:9pt;">42 826</span>      <span
style="font-size:9pt;">42 325</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
Equity 
</span 
> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 



<span style="font-size:9pt;">                  <span                <span       
 Financial ratios (%) – joint ventures  style="font-size:9p  style="font-size:9p
 consolidated by 50% </span>            t;">31.03.2014</spa  t;">31.12.2013</spa
                                                 n>                   n>        
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Equity            <span                <span       
 ratio (%)</span>                       style="font-size:9p  style="font-size:9p
                                           t;">57%</span>       t;">55%</span>  
<span style="font-size:9pt;">Debt to           <span                <span       
 equity ratio (%) </span>               style="font-size:9p  style="font-size:9p
                                           t;">55%</span>       t;">58%</span>  
<span style="font-size:9pt;">Debt to           <span                <span       
 capital ratio (%) </span>              style="font-size:9p  style="font-size:9p
                                           t;">32%</span>       t;">32%</span>  
<span style="font-size:9pt;">Total             <span                <span       
 debt / EBITDA ratio </span>            style="font-size:9p  style="font-size:9p
                                          t;">3.26</span>      t;">3.36</span>  
<span style="font-size:9pt;">Debt              <span                <span       
 service coverage ratio </span>         style="font-size:9p  style="font-size:9p
                                          t;">1.64</span>      t;">1.66</span>  
<span style="font-size:9pt;">Liquidity         <span                <span       
 ratio</span>                           style="font-size:9p  style="font-size:9p
                                          t;">1.01</span>      t;">1.00</span>  
--------------------------------------------------------------------------------



<span style="font-size:9pt;">   Formulas used to calculate the financial        
 ratios</span>                                                                  
--------------------------------------------------------------------------------
- 
<span style="font-size:9pt;">EBITDA      <span style="font-size:9pt;">          
 margin</span> <span                      EBITDA/sales x 100</span>             
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Operating   <span style="font-size:9pt;"> Operating
 margin</span><span                       profit*/sales x100</span>             
 style="font-size:9pt;">* </span><span                                          
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net         <span style="font-size:9pt;"> Net      
 margin* (%) </span>                      profit*/sales x100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net margin  <span style="font-size:9pt;"> Net      
 (%) </span>                              profit /sales x100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Earnings    <span style="font-size:9pt;"> Net      
 per share </span>                        profit / average number of            
                                          shares</span>                         
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Equity      <span style="font-size:9pt;">Equity /  
 ratio (%)</span>                         (liabilities + equity) x100</span>    
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 equity ratio (%)</span>                  bearing liabilities /equity x         
                                          100</span>                            
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 capital ratio (%)</span>                 bearing liabilities – cash and cash   
                                          equivalents (net debt) /(net debt     
                                          +equity) x 100</span>                 
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Total       <span style="font-size:9pt;">Interest  
 debt/EBITDA ratio</span>                 bearing borrowings /EBITDA</span>     
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt        <span                                  
 service coverage ratio </span>           style="font-size:9pt;">EBITDA/loan and
                                          interest payments for the             
                                          period</span>                         
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Liquidity   <span style="font-size:9pt;">Current   
 ratio </span>                            assets / current liabilities</span>   
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROA         <span style="font-size:9pt;">Net profit
 (%)</span>                               /average assets x 100</span>          
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROE         <span style="font-size:9pt;">Net profit
 (%)</span>                               /average equity x 100</span>          
--------------------------------------------------------------------------------

FINANCIAL INDICATORS AND RATIOS – joint ventures by equity method

<span              <span style="font-size:9pt;">Q1             <span
style="font-size:9pt;">Q1     <span style="font-size:9pt;">Change              
<span style="font-size:9pt;">Q1             <span style="font-size:9pt;">Q1 
 style                                 2014</span>                             
   2013</span>                  %</span>                                       
         2012</span>                                 2011</span> 
="font 
-size: 
9pt;"> 
Perfor 
mance 
 indic 
ators 
 – 
 joint 
 ventu 
res by 
 equit 
y 
 metho 
d (EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
For 
 the 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;">12 734</span>  <span
style="font-size:9pt;">11 812</span>    <span style="font-size:9pt;">8%</span> 
<span style="font-size:9pt;">12 177</span>  <span style="font-size:9pt;">11
149</span> 
 style 
="font 
-size: 
9pt;"> 
Sales 
 (subs 
idiari 
es 
 only) 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span    <span style="font-size:9pt;">1 330</span>   <span
style="font-size:9pt;">1 417</span>   <span style="font-size:9pt;">-6%</span>  
<span style="font-size:9pt;">1 548</span>   <span style="font-size:9pt;">1
295</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 </spa 
n><spa 
n 
 style 
="font 
-size: 
9pt;"> 
(subsi 
diarie 
s 
 only) 
</span 
> 
<span    <span style="font-size:9pt;">10.4%</span>   <span
style="font-size:9pt;">12.0%</span>                                            
<span style="font-size:9pt;">12.7%</span>   <span
style="font-size:9pt;">11.6%</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 margi 
n 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">593</span>     <span
style="font-size:9pt;">777</span>  <span style="font-size:9pt;">-24%</span>    
<span style="font-size:9pt;">720</span>     <span
style="font-size:9pt;">496</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t* 
 (subs 
idiari 
es 
 only) 
</span 
> 
<span     <span style="font-size:9pt;">4.7%</span>    <span
style="font-size:9pt;">6.6%</span>                                             
<span style="font-size:9pt;">5.9%</span>    <span
style="font-size:9pt;">4.4%</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span    <span style="font-size:9pt;">(176)</span>   <span
style="font-size:9pt;">(197)</span>   <span style="font-size:9pt;">11%</span>  
<span style="font-size:9pt;">(489)</span>   <span
style="font-size:9pt;">(563)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
ses 
 (subs 
idiari 
es 
 only) 
</span 
> 
<span       <span style="font-size:9pt;">98</span>      <span
style="font-size:9pt;">63</span>   <span style="font-size:9pt;">55%</span>     
<span style="font-size:9pt;">40</span>      <span
style="font-size:9pt;">70</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 from 
 joint 
 ventu 
res by 
 equit 
y 
 metho 
d</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span>  <span style="font-size:9pt;">-21%</span>    
<span style="font-size:9pt;">179</span>   <span
style="font-size:9pt;">(155)</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 / 
 (loss 
) for 
 the 
 perio 
d 
 *</sp 
an> 
<span     <span style="font-size:9pt;">3.9%</span>    <span
style="font-size:9pt;">5.4%</span>                                             
<span style="font-size:9pt;">1.5%</span>   <span
style="font-size:9pt;">-1.4%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span>  <span style="font-size:9pt;">-21%</span>    
<span style="font-size:9pt;">179</span>   <span style="font-size:9pt;">1
385</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t / 
 (loss 
) for 
 the 
 perio 
d in 
 the 
 finan 
cial 
 state 
ments 
 (incl 
. 
 impai 
rments 
 and 
 gain 
 on 
 sale 
 of 
 owner 
ship 
 inter 
est)</ 
span> 
<span     <span style="font-size:9pt;">3.9%</span>    <span
style="font-size:9pt;">5.4%</span>                                             
<span style="font-size:9pt;">1.5%</span>   <span
style="font-size:9pt;">12.5%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span     <span style="font-size:9pt;">0.7%</span>    <span
style="font-size:9pt;">0.8%</span>                                             
<span style="font-size:9pt;">0.2%</span>    <span
style="font-size:9pt;">1.7%</span> 
 style 
="font 
-size: 
9pt;"> 
ROA 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">1.2%</span>    <span
style="font-size:9pt;">1.5%</span>                                             
<span style="font-size:9pt;">0.5%</span>    <span
style="font-size:9pt;">3.8%</span> 
 style 
="font 
-size: 
9pt;"> 
ROE 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span     <span style="font-size:9pt;">0.02</span>    <span
style="font-size:9pt;">0.02</span>                                             
<span style="font-size:9pt;">0.01</span>    <span
style="font-size:9pt;">0.05</span> 
 style 
="font 
-size: 
9pt;"> 
Earnin 
gs per 
 share 
 (EPS) 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------------------------------------------- 

<span style="font-size:9pt;">*The results exclude impairment of goodwill and
trademarks, and the net extraordinary gain in relation to the acquisition of an
additional ownership interest in Eesti Päevalehe AS. In the 1st quarter of
2011, an additional 50% ownership interest in Eesti Päevalehe AS was acquired.
The transaction was accounted for in two parts: firstly, as the sale of the
current 50% ownership interest on which the net extraordinary gain totalled EUR
1 540 thousand and secondly, as the acquisition of the wholly-owned
subsidiary.</span> 

<span   <span style="font-size:9pt;">31.03.2014</span>  <span
style="font-size:9pt;">31.12.2013</span>     <span
style="font-size:9pt;">Change 
 style                                                                         
                                        %</span> 
="font 
-size: 
9pt;"> 
Balanc 
e 
 sheet 
 – 
 joint 
 ventu 
res by 
 equit 
y 
 metho 
d (EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
As at 
 the 
 end 
 of 
 the 
 perio 
d</spa 
n> 
<span        <span style="font-size:9pt;">9 985</span>      <span
style="font-size:9pt;">11 357</span>  <span style="font-size:9pt;">-12%</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">63 452</span>      <span
style="font-size:9pt;">63 898</span>   <span style="font-size:9pt;">-1%</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">73 437</span>      <span
style="font-size:9pt;">75 255</span>   <span style="font-size:9pt;">-2%</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 asset 
s</spa 
n> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span        <span style="font-size:9pt;">1 348</span>       <span
style="font-size:9pt;">2 209</span>  <span style="font-size:9pt;">-39%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 cash 
 and 
 bank< 
/span> 
<span       <span style="font-size:9pt;">39 596</span>      <span
style="font-size:9pt;">39 596</span>    <span style="font-size:9pt;">0%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 goodw 
ill</s 
pan> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span       <span style="font-size:9pt;">10 861</span>      <span
style="font-size:9pt;">12 258</span>  <span style="font-size:9pt;">-11%</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">19 750</span>      <span
style="font-size:9pt;">20 672</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">30 611</span>      <span
style="font-size:9pt;">32 930</span>   <span style="font-size:9pt;">-7%</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 liabi 
lities 
</span 
> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 
<span       <span style="font-size:9pt;">23 510</span>      <span
style="font-size:9pt;">24 432</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 borro 
wings< 
/span> 
<span       <span style="font-size:9pt;">42 826</span>      <span
style="font-size:9pt;">42 325</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
Equity 
</span 
> 
--------------------------------------------------------------------------------
---------------------------------------------------------------- 



<span style="font-size:9pt;">                  <span                <span       
 Financial ratios (%) – joint ventures  style="font-size:9p  style="font-size:9p
 by equity method</span>                t;">31.03.2014</spa  t;">31.12.2013</spa
                                                 n>                   n>        
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Equity            <span                <span       
 ratio (%)</span>                       style="font-size:9p  style="font-size:9p
                                           t;">58%</span>       t;">56%</span>  
<span style="font-size:9pt;">Debt to           <span                <span       
 equity ratio (%) </span>               style="font-size:9p  style="font-size:9p
                                           t;">55%</span>       t;">58%</span>  
<span style="font-size:9pt;">Debt to           <span                <span       
 capital ratio (%) </span>              style="font-size:9p  style="font-size:9p
                                           t;">34%</span>       t;">34%</span>  
<span style="font-size:9pt;">Total             <span                <span       
 debt /EBITDA ratio </span>             style="font-size:9p  style="font-size:9p
                                          t;">3.61</span>      t;">3.71</span>  
<span style="font-size:9pt;">Debt              <span                <span       
 service coverage ratio </span>         style="font-size:9p  style="font-size:9p
                                          t;">1.48</span>      t;">1.50</span>  
<span style="font-size:9pt;">Liquidity         <span                <span       
 ratio</span>                           style="font-size:9p  style="font-size:9p
                                          t;">0.92</span>      t;">0.93</span>  
--------------------------------------------------------------------------------



<span style="font-size:9pt;">Formulas used to calculate the financial           
 ratios</span>                                                                  
--------------------------------------------------------------------------------
- 
<span style="font-size:9pt;">Operating   <span style="font-size:9pt;"> Operating
 margin</span><span                       profit*/sales x100</span>             
 style="font-size:9pt;">* </span><span                                          
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net         <span style="font-size:9pt;"> Net      
 margin* (%) </span>                      profit*/sales x100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net margin  <span style="font-size:9pt;"> Net      
 (%) </span>                              profit /sales x100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Earnings    <span style="font-size:9pt;"> Net      
 per share </span>                        profit / average number of            
                                          shares</span>                         
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Equity      <span style="font-size:9pt;">Equity /  
 ratio (%)</span>                         (liabilities + equity) x100</span>    
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 equity ratio (%)</span>                  bearing liabilities /equity x         
                                          100</span>                            
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 capital ratio (%)</span>                 bearing liabilities – cash and cash   
                                          equivalents (net debt) /(net debt     
                                          +equity) x 100</span>                 
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Total       <span style="font-size:9pt;">Interest  
 debt/EBITDA ratio</span>                 bearing borrowings /EBITDA</span>     
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt        <span                                  
 service coverage ratio </span>           style="font-size:9pt;">EBITDA/loan and
                                          interest payments for the             
                                          period</span>                         
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Liquidity   <span style="font-size:9pt;">Current   
 ratio </span>                            assets / current liabilities</span>   
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROA         <span style="font-size:9pt;">Net profit
 (%)</span>                               /average assets x 100</span>          
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROE         <span style="font-size:9pt;">Net profit
 (%)</span>                               /average equity x 100</span>          
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Operating   <span style="font-size:9pt;"> Operating
 margin</span><span                       profit*/sales x100</span>             
 style="font-size:9pt;">* </span><span                                          
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------

OVERVIEW OF THE SEGMENTS

Since 2009 the Group operates in the following operating segments:

-        Online media

-        Periodicals (newspapers, magazines and books)

-        Printing services.

Cyclicality

All operating areas of the Group are characterised by cyclicality and
fluctuation, related to the changes in the overall economic conditions and
consumer confidence. The Group’s revenue can be adversely affected by an
economic slowdown or recession. It can appear in lower advertising costs in
retail, preference of other advertising channels (e.g. preference of internet
rather than print media) and changes in consumption habits of retail consumers
(following current news in news portals versus reading printed newspapers,
preference of the younger generation to use mobile devices and other
communication channels, etc.). 

Seasonality

The revenue from the Group’s advertising sales as well as in the printing
services segment is impacted by major seasonal fluctuations. The level of both
types of revenue is the highest in the 2nd and 4th quarter of each year and the
lowest in the 3rd quarter. Revenue is higher in the 4th quarter because of
higher consumer spending during the Christmas season, accompanied by the
increase in advertising expenditure. Advertising expenditure is usually the
lowest during the summer months, as well as during the first months of the year
following Christmas and New Year’s celebrations. 

Key financial data of the segments Q1 2011-2014

      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------ 
<span                                               <span
style="font-size:9pt;">Sales</span>                                            
                        <span style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
        <span style="font-size:9pt;">Q1 2014</span>  <span
style="font-size:9pt;">Q1 2013</span>    <span style="font-size:9pt;">Change   
<span style="font-size:9pt;">Q1 2012</span>  <span style="font-size:9pt;">Q1
2011</span> 
                                                                               
                                 %</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span     <span style="font-size:9pt;">2 737</span>    <span
style="font-size:9pt;">2 437</span>  <span style="font-size:9pt;">12%</span>   
<span style="font-size:9pt;">2 187</span>    <span style="font-size:9pt;">1
852</span> 
 style 
="font 
-size: 
9pt;"> 
Online 
 media 
</span 
> 
<span     <span style="font-size:9pt;">5 967</span>    <span
style="font-size:9pt;">5 743</span>   <span style="font-size:9pt;">4%</span>   
<span style="font-size:9pt;">5 781</span>    <span style="font-size:9pt;">5
562</span> 
 style 
="font 
-size: 
9pt;"> 
Period 
icals 
 (incl 
. 
 conso 
lidate 
d 
 joint 
 ventu 
res)</ 
span> 
<span     <span style="font-size:9pt;">7 062</span>    <span
style="font-size:9pt;">6 617</span>   <span style="font-size:9pt;">7%</span>   
<span style="font-size:9pt;">7 376</span>    <span style="font-size:9pt;">6
470</span> 
 style 
="font 
-size: 
9pt;"> 
Printi 
ng 
 servi 
ces</s 
pan> 
<span       <span style="font-size:9pt;">422</span>      <span
style="font-size:9pt;">355</span>  <span style="font-size:9pt;">19%</span>     
<span style="font-size:9pt;">140</span>       <span
style="font-size:9pt;">26</span> 
 style 
="font 
-size: 
9pt;"> 
Corpor 
ate 
 funct 
ions</ 
span> 
<span   <span style="font-size:9pt;">(1 422)</span>  <span
style="font-size:9pt;">(1 343)</span>  <span style="font-size:9pt;">-6%</span> 
<span style="font-size:9pt;">(1 264)</span>    <span
style="font-size:9pt;">(765)</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span    <span style="font-size:9pt;">14 766</span>   <span
style="font-size:9pt;">13 809</span>   <span style="font-size:9pt;">7%</span>  
<span style="font-size:9pt;">14 219</span>   <span style="font-size:9pt;">13
146</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span   <span style="font-size:9pt;">(2 032)</span>  <span
style="font-size:9pt;">(1 997)</span>                                          
<span style="font-size:9pt;">(2 042)</span>  <span style="font-size:9pt;">(1
997)</span> 
 style 
="font 
-size: 
9pt;"> 
Impact 
 of 
 joint 
 ventu 
res</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span    <span style="font-size:9pt;">12 734</span>   <span
style="font-size:9pt;">11 812</span>   <span style="font-size:9pt;">8%</span>  
<span style="font-size:9pt;">12 177</span>   <span style="font-size:9pt;">11
149</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
 by 
 new 
 accou 
nting 
 stand 
ards</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span                                              <span
style="font-size:9pt;">EBITDA</span>                                           
                     <span style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                  <span style="font-size:9pt;">Q1            <span
style="font-size:9pt;">Q1     <span style="font-size:9pt;">Change              
<span style="font-size:9pt;">Q1            <span style="font-size:9pt;">Q1 
                                      2014</span>                              
 2013</span>                   %</span>                                        
       2012</span>                                2011</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- 
<span     <span style="font-size:9pt;">165</span>     <span
style="font-size:9pt;">84</span>    <span style="font-size:9pt;">96%</span>   
<span style="font-size:9pt;">238</span>   <span
style="font-size:9pt;">(37)</span> 
 style 
="font 
-size: 
9pt;"> 
Online 
 media 
</span 
> 
<span     <span style="font-size:9pt;">298</span>    <span
style="font-size:9pt;">210</span>    <span style="font-size:9pt;">42%</span>   
 <span style="font-size:9pt;">21</span>    <span
style="font-size:9pt;">144</span> 
 style 
="font 
-size: 
9pt;"> 
Period 
icals 
 (incl 
. 
 conso 
lidate 
d 
 joint 
 ventu 
res)</ 
span> 
<span   <span style="font-size:9pt;">1 459</span>  <span
style="font-size:9pt;">1 414</span>     <span style="font-size:9pt;">3%</span> 
<span style="font-size:9pt;">1 529</span>  <span style="font-size:9pt;">1
496</span> 
 style 
="font 
-size: 
9pt;"> 
Printi 
ng 
 servi 
ces</s 
pan> 
<span   <span style="font-size:9pt;">(467)</span>  <span
style="font-size:9pt;">(206)</span>  <span style="font-size:9pt;">-127%</span> 
<span style="font-size:9pt;">(174)</span>  <span
style="font-size:9pt;">(214)</span> 
 style 
="font 
-size: 
9pt;"> 
Corpor 
ate 
 funct 
ions</ 
span> 
<span       <span style="font-size:9pt;">0</span>      <span
style="font-size:9pt;">1</span>   <span style="font-size:9pt;">-78%</span>     
<span style="font-size:9pt;">0</span>      <span
style="font-size:9pt;">5</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- 
<span   <span style="font-size:9pt;">1 454</span>  <span
style="font-size:9pt;">1 503</span>    <span style="font-size:9pt;">-3%</span> 
<span style="font-size:9pt;">1 615</span>  <span style="font-size:9pt;">1
395</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- 
<span   <span style="font-size:9pt;">(125)</span>   <span
style="font-size:9pt;">(86)</span>                                             
<span style="font-size:9pt;">(67)</span>  <span
style="font-size:9pt;">(100)</span> 
 style 
="font 
-size: 
9pt;"> 
Impact 
 of 
 joint 
 ventu 
res</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- 
<span   <span style="font-size:9pt;">1 330</span>  <span
style="font-size:9pt;">1 417</span>    <span style="font-size:9pt;">-6%</span> 
<span style="font-size:9pt;">1 548</span>  <span style="font-size:9pt;">1
295</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
 by 
 new 
 accou 
nting 
 stand 
ards</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--- 
<span           <span style="font-size:9pt;">Q1          <span
style="font-size:9pt;">Q1          <span style="font-size:9pt;">Q1         
<span style="font-size:9pt;">Q1 
 style                              2014</span>                             
2013</span>                              2012</span>                           
  2011</span> 
="font 
-size: 
9pt;"> 
EBITDA 
 margi 
n</spa 
n> 
------- 
<span    <span style="font-size:9pt;">6%</span>   <span
style="font-size:9pt;">3%</span>  <span style="font-size:9pt;">11%</span> 
<span style="font-size:9pt;">-2%</span> 
 style 
="font 
-size: 
9pt;"> 
Online 
 media 
</span 
> 
<span    <span style="font-size:9pt;">5%</span>   <span
style="font-size:9pt;">4%</span>   <span style="font-size:9pt;">0%</span>  
<span style="font-size:9pt;">3%</span> 
 style 
="font 
-size: 
9pt;"> 
Period 
icals< 
/span> 
<span   <span style="font-size:9pt;">21%</span>  <span
style="font-size:9pt;">21%</span>  <span style="font-size:9pt;">21%</span> 
<span style="font-size:9pt;">23%</span> 
 style 
="font 
-size: 
9pt;"> 
Printi 
ng 
 servi 
ces</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 
<span   <span style="font-size:9pt;">10%</span>  <span
style="font-size:9pt;">11%</span>  <span style="font-size:9pt;">11%</span> 
<span style="font-size:9pt;">11%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 
<span   <span style="font-size:9pt;">10%</span>  <span
style="font-size:9pt;">12%</span>  <span style="font-size:9pt;">13%</span> 
<span style="font-size:9pt;">12%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
 by 
 new 
 accou 
nting 
 stand 
ards</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 

The segments’ EBITDA does not include intragroup management fees, and
impairment of goodwill and trademarks. Volume-based and other fees payable to
advertising agencies have not been deducted from the advertising sales of
segments, because the management monitors gross advertising sales. Discounts
and rebates are deducted from the consolidated sales revenues and are included
in the combined line of eliminations. 

News portals owned by the Group

<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Owner</span>    9pt;">Portal</span  pt;">Owner</span>    9pt;">Portal</span
                     >                                        >                 
--------------------------------------------------------------------------------
<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Delfi           9pt;">www.delfi.ee  pt;">AS Eesti        9pt;">www.ekspress
 Estonia</span>      </span>              Ajalehed</span>     .ee</span>        
--------------------------------------------------------------------------------
                     <span                                    <span             
                      style="font-size:                        style="font-size:
                     9pt;">rus.delfi.ee                       9pt;">www.maaleht.
                     </span>                                  ee</span>         
--------------------------------------------------------------------------------
<span                <span                                    <span             
 style="font-size:9   style="font-size:                        style="font-size:
pt;">Delfi           9pt;">www.delfi.lv                       9pt;">www.epl.ee</
 Latvia</span>       </span>                                  span>             
--------------------------------------------------------------------------------
                     <span                                    <span             
                      style="font-size:                        style="font-size:
                     9pt;">rus.delfi.lv                       9pt;">www.arileht.
                     </span>                                  ee</span>         
--------------------------------------------------------------------------------
<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Delfi           9pt;">www.delfi.lt  pt;">AS SL           9pt;">www.ohtuleht
 Lithuania</span>    </span>              Õhtuleht</span>     .ee</span>        
--------------------------------------------------------------------------------
                     <span                                                      
                      style="font-size:                                         
                     9pt;">ru.delfi.lt<                                         
                     /span>                                                     
--------------------------------------------------------------------------------



Advertising portals owned by the Group

<span               <span               <span                <span              
 style="font-size:   style="font-size:   style="font-size:9   style="font-size:9
9pt;">Owner</span>  9pt;">Portal</span  pt;">Owner</span>    pt;">Portal</span> 
                    >                                                           
--------------------------------------------------------------------------------
<span               <span               <span                <span              
 style="font-size:   style="font-size:   style="font-size:9   style="font-size:9
9pt;">Delfi         9pt;">www.alio.lt   pt;">AS Eesti        pt;">www.ekspressjo
 Lithuania</span>    </span>             Ajalehed </span>    b.ee</span>        
--------------------------------------------------------------------------------
                                                             <span              
                                                              style="font-size:9
                                                             pt;">www.ekspressau
                                                             to.ee</span>       
--------------------------------------------------------------------------------
                                                             <span              
                                                              style="font-size:9
                                                             pt;">www.hyppelaud.
                                                             ee</span>          
--------------------------------------------------------------------------------



Online media segment

The online media segment includes Delfi operations in Estonia, Latvia,
Lithuania and Ukraine as well as the Parent Company Delfi Holding. Starting
from 1 March 2014, the operations in Ukraine have been terminated. The
first-quarter EBITDA of Delfi Ukraine includes expenses related to the
termination of operations. 



      
--------------------------------------------------------------------------------
----------------------------------------------- 
<span                                              <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
           <span style="font-size:9pt;">Q1</span>    <span
style="font-size:9pt;">Q1 </span>     <span style="font-size:9pt;">Change 
        <span style="font-size:9pt;"> 2014</span>   <span
style="font-size:9pt;">2013</span>                  %</span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">1 073</span>    <span
style="font-size:9pt;">852</span>   <span style="font-size:9pt;">26%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span     <span style="font-size:9pt;">494</span>    <span
style="font-size:9pt;">520</span>   <span style="font-size:9pt;">-5%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span   <span style="font-size:9pt;">1 169</span>  <span
style="font-size:9pt;">1 055</span>   <span style="font-size:9pt;">11%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span       <span style="font-size:9pt;">2</span>     <span
style="font-size:9pt;">10</span>  <span style="font-size:9pt;">-80%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span      <span style="font-size:9pt;">0 </span>      <span
style="font-size:9pt;">0</span>     <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 Delfi 
 compa 
nies</ 
span> 
<span     <span style="font-size:9pt;">(1)</span>      <span
style="font-size:9pt;">0</span>     <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">2 737</span>  <span
style="font-size:9pt;">2 437</span>   <span style="font-size:9pt;">12%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 



      
--------------------------------------------------------------------------------
---------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
          <span style="font-size:9pt;">Q1</span>    <span
style="font-size:9pt;">Q1</span>     <span style="font-size:9pt;">Change 
        <span style="font-size:9pt;">2014</span>  <span
style="font-size:9pt;">2013</span>                   %</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span     <span style="font-size:9pt;">37</span>  <span
style="font-size:9pt;">(29)</span>   <span style="font-size:9pt;">228%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span   <span style="font-size:9pt;">(83)</span>    <span
style="font-size:9pt;">38</span>  <span style="font-size:9pt;">-318%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span    <span style="font-size:9pt;">161</span>    <span
style="font-size:9pt;">43</span>   <span style="font-size:9pt;">274%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span   <span style="font-size:9pt;">(51)</span>  <span
style="font-size:9pt;">(59)</span>    <span style="font-size:9pt;">14%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span    <span style="font-size:9pt;">100</span>    <span
style="font-size:9pt;">90</span>    <span style="font-size:9pt;">11%</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 Delfi 
 compa 
nies</ 
span> 
<span      <span style="font-size:9pt;">1</span>     <span
style="font-size:9pt;">1</span>      <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span    <span style="font-size:9pt;">165</span>    <span
style="font-size:9pt;">84</span>    <span style="font-size:9pt;">96%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 



In the 1st quarter, sales and number of users of Delfi continued to grow
strongly both in Estonia and in Lithuania. The sales growth was mainly
attributable to the successful launch of new verticals and topical portals, new
advertising solutions, Delfi TV and the growing use of the mobile app. The
EBITDA of Delfi in Lithuania increased mainly because of higher efficiency of
the sales team, improved customer focus and more active handling of overdue
receivables. The sales and the EBITDA of Delfi in Latvia have decreased as
compared to the year before, but exceeded the budget significantly. We had
budgeted the possible negative impact of the euro changeover, but it turned out
to be smaller than we estimated. On the other hand, the events unfolding in
Ukraine have had an impact and are likely to affect business also in the
future. We believe that initiatives launched all over the Baltic states will
add boost to our growth in Latvia and that this year will generally be more
successful in sales and product development as compared to the year earlier. 



Delfi Estonia<span style="font-size:11pt;"> </span>

·       Launch of separate Delfi TV on a new platform.

·       Delfi Estonia continued live webcasts under the Delfi TV brand. Major
projects included, already for the second year, events dedicated to the
anniversary of the Republic of Estonia, reports from Olympic Games, streams
from basketball matches abroad, etc. 

·       Websites for weather and jokes were renewed. The latter was re-named
www.igav.ee. 

·       In connection with launching a new comments’ section, the number of
comments posted by registered users has increased. 

·       Delfi has received a lot of feedback and support in connection with the
complaint that the Grand Chamber of European Court of Human Rights has decided
to give further examination. AS Delfi continuously is in an opinion that
website owners are not under the obligation to pre-edit user-created content.
The court case started in 2006 when Vjatšeslav Leedo sued Delfi for comments
published at the article „SLK destroys planned ice route“. The article received
a total of 185 readers’ comments, 20 of which Mr. Leedo considered defamatory. 



Estonian online readership 2013-2014

The 1st quarter of 2014 has been successful for Delfi. The difference in the
number of users with the competing portal postimees.ee has been stable at more
than 150 thousand unique browsers a week. Also the consumption of news portals
by smartphones continues to increase – in the 1st quarter there were weeks when
the number of mobile users of Delfi has exceeded 330 thousand unique browsers.
This shows that at times 25% of Delfi news is consumed via mobile equipment. 



Delfi Latvia

·       Delfi TV streams based on a new platform from such events as matches of
the Latvian basketball league and ice hockey league, an exclusive cabaret show
from Concert Hall Palladium, opening of the National Library, etc. 

<span style="font-size:11pt;">·       </span><span style="font-size:11pt;">New
Latvian-language and Russian-language travel portals, portal for discount
offers </span><span style="font-size:11pt;">www.zave.lv</span><span
style="font-size:11pt;"> and humour website </span><span
style="font-size:11pt;">www.loli.lv</span><span style="font-size:11pt;"> were
launched</span> 

<span style="font-size:11pt;">·       </span><span style="font-size:11pt;">In
Q1, the cooking portal </span><span
style="font-size:11pt;">www.tasty.lv</span><span style="font-size:11pt;"> has
become Latvia’s largest and most popular recipe portal.</span> 

<span style="font-size:11pt;">·       </span><span
style="font-size:11pt;">Separate topical sites such as Sochi Olympics,
Valentine’s Day, Women’s Day, etc.</span> 

·       Cooperation projects:

-        Latvian Music Awards „The Great Music Award“ (media partner),

-        Marketing Festival „Password“ (media partner),

-        Riga Fashion Week (media partner).

                                        

Latvian online readership 2013-2014

In the 1st quarter, the users’ activity in news portals was again very high.
This was attributable to the users’ interest to the tragic accident that
happened in Riga in November and the escalation of events in Ukraine. 

The number of unique visitors of Delfi has been growing sharply during last few
months. Delfi is close to get the biggest portal of Latvia and based on the
March statistics there is only 20 thousand real users that inbox.lv has more
than Delfi. Taking into the account that these figures do not consist mobile
users it is fair to assume that with mobile traffic Delfi would be the biggest
portal in Latvia. 

In the 1st quarter, the most important event on the market was the acquisition
of Apollo.lv by Tvnet.lv. As a result, Delfi will have a strong competitor in
Latvia. 

Starting from January 2014, the method of the Gemius online survey has changed.
The readership in 2014 includes only results for computer users (PC) and
excludes all mobile equipment. Separate statistics on mobile equipment will be
created within 2014. 



<strong style="font-size: 11pt;">Delfi Lithuania

<span style="font-size:11pt;">·       </span><span
style="font-size:11pt;">Delfi TV was launched on a new platform and has
produced live webcast and streams from such events as Login, the largest tech
conference in the Baltic states, ideas conference Tedx Vilnius, Davis Cup
tennis match between Lithuania and Norway, various fashion and theatre events,
Geneva Automotive Show, etc.  </span> 

<span style="font-size:11pt;">·       </span><span
style="font-size:11pt;">Delfi TV launched a daily TV programme with news in
brief that in 2 minutes wraps up the most important and interesting news.
</span> 

<span style="font-size:11pt;">·       </span><span
style="font-size:11pt;">Delfi TV produced a documentary series about Bushido
and the history of samurais, the mission of NATO Air Force in Lithuania, a
popular science project ScienceExpress, cooking projects, etc.</span> 

<span style="font-size:11pt;">·       </span><span style="font-size:11pt;">New
TV channels „Moteris TV“ (“Lithuanian Woman”)  and „Mano namai TV“ (“My Home”)
were launched.</span> 

·       Coverage of news in Ukraine which included local freelance journalists
and photographers from Ukraine and covering economy, politics and defence
policy were very popular with the audience. 

·       Cooperation projects in different fields:

-        Lithuanian Winter Rally (cooperation partner),

<span style="font-size:11pt;">-        </span><span
style="font-size:11pt;">Economic conference "Valstyb?" (cooperation partner),
</span> 

<span style="font-size:11pt;">-        </span><span style="font-size:11pt;">BZN
START - awards gala of start-ups (official media partner).</span> 



Lithuanian online readership 2013-2014

Among Lithuanian internet users, Delfi Lithuania remains an uncontested market
leader, with more than 1.2 million unique users a month. The events in Ukraine
have notably increased the readership of Delfi and users’ numbers show that
Delfi’s coverage has been most successful since competing publications have
been losing readers. 

Starting from January 2014, the method of the Gemius online survey has changed.
The readership in 2014 includes only results for computer users (PC) and
excludes all mobile equipment. Separate statistics on mobile equipment will be
created within 2014. 



Periodicals segment



The periodicals segment includes AS Eesti Ajalehed, the publisher of Maaleht,
Eesti Ekspress and Eesti Päevaleht, AS SL Õhtuleht, the publisher of Õhtuleht
and Linnaleht, book publisher OÜ Hea Lugu, magazine publishers AS Ajakirjade
Kirjastus in Estonia and UAB Ekspress Liedyba in Lithuania. This segment also
includes AS Express Post, engaged in home delivery of periodicals. 



------- 
<span                                              <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
----------------------------------------------- 
                  <span style="font-size:9pt;">Q1            <span
style="font-size:9pt;">Q1       <span style="font-size:9pt;">Change 
                                      2014</span>                              
 2013</span>                                  %</span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">2 862</span>  <span
style="font-size:9pt;">2 615</span>    <span style="font-size:9pt;">9%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span     <span style="font-size:9pt;">308</span>    <span
style="font-size:9pt;">329</span>   <span style="font-size:9pt;">-6%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span     <span style="font-size:9pt;">584</span>    <span
style="font-size:9pt;">628</span>   <span style="font-size:9pt;">-7%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span    <span style="font-size:9pt;">(10)</span>   <span
style="font-size:9pt;">(12)</span>   <span style="font-size:9pt;">17%</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span   <span style="font-size:9pt;">3 744</span>  <span
style="font-size:9pt;">3 560</span>    <span style="font-size:9pt;">5%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 (subs 
idiari 
es)</s 
pan> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span     <span style="font-size:9pt;">948</span>    <span
style="font-size:9pt;">900</span>    <span style="font-size:9pt;">5%</span> 
 style 
="font 
-size: 
9pt;"> 
SL 
 Õhtul 
eht 
 AS*</ 
span> 
<span     <span style="font-size:9pt;">960</span>    <span
style="font-size:9pt;">918</span>    <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span     <span style="font-size:9pt;">584</span>    <span
style="font-size:9pt;">601</span>   <span style="font-size:9pt;">-3%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span   <span style="font-size:9pt;">(270)</span>  <span
style="font-size:9pt;">(236)</span>  <span style="font-size:9pt;">-15%</span> 
 style 
="font 
-size: 
9pt;"> 
Additi 
onal 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">2 223</span>  <span
style="font-size:9pt;">2 183</span>    <span style="font-size:9pt;">2%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 (join 
t 
 ventu 
res)</ 
span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">5 967</span>  <span
style="font-size:9pt;">5 743</span>    <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 segme 
nt</sp 
an> 
--------------------------------------------------------------------------------
------------------------------------------------------ 



      
--------------------------------------------------------------------------------
---------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                 <span style="font-size:9pt;">Q1           <span
style="font-size:9pt;">Q1        <span style="font-size:9pt;">Change 
                                     2014</span>                              
2013</span>                                   %</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span    <span style="font-size:9pt;">133</span>    <span
style="font-size:9pt;">73</span>    <span style="font-size:9pt;">82%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span     <span style="font-size:9pt;">66</span>    <span
style="font-size:9pt;">55</span>    <span style="font-size:9pt;">20%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span   <span style="font-size:9pt;">(29)</span>   <span
style="font-size:9pt;">(5)</span>  <span style="font-size:9pt;">-480%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span      <span style="font-size:9pt;">4</span>     <span
style="font-size:9pt;">0</span>      <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
Inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span    <span style="font-size:9pt;">174</span>   <span
style="font-size:9pt;">123</span>    <span style="font-size:9pt;">41%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 (subs 
idiari 
es)</s 
pan> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span     <span style="font-size:9pt;">31</span>    <span
style="font-size:9pt;">35</span>   <span style="font-size:9pt;">-12%</span> 
 style 
="font 
-size: 
9pt;"> 
SL 
 Õhtul 
eht 
 AS*</ 
span> 
<span     <span style="font-size:9pt;">10</span>  <span
style="font-size:9pt;">(22)</span>   <span style="font-size:9pt;">145%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span     <span style="font-size:9pt;">84</span>    <span
style="font-size:9pt;">74</span>    <span style="font-size:9pt;">14%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span    <span style="font-size:9pt;">(1)</span>     <span
style="font-size:9pt;">1</span>  <span style="font-size:9pt;">-192%</span> 
 style 
="font 
-size: 
9pt;"> 
Additi 
onal 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span    <span style="font-size:9pt;">124</span>    <span
style="font-size:9pt;">87</span>    <span style="font-size:9pt;">43%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 (join 
t 
 ventu 
res)</ 
span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span    <span style="font-size:9pt;">298</span>   <span
style="font-size:9pt;">210</span>    <span style="font-size:9pt;">42%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 segme 
nt</sp 
an> 
--------------------------------------------------------------------------------
----------------------------------------------------- 

<span style="font-size:9pt;">*Proportionate share of joint ventures</span>



It was a challenging quarter for the periodicals segment. Whereas the
advertising market of magazines has been slightly improving, advertising income
of all newspapers is decreasing. Revenue has been maintained by special
projects, book series and also by the increase in cover price, although
circulations are shrinking. The positive factor is the growth in the number of
subscribers, especially in digital subscriptions, that is off-setting the
disappearance of retail locations. The number of digital subscriptions has
increased by 98% for Eesti Ekspress and 134% for Eesti Päevaleht, amounting to
more than 7 thousand subscribers. The series of criminal novels of LP has been
relatively successful, whereas the results of the series of children’s movies
on DVDs is significantly below expectations. We continue to publish more book
titles. “Late-night Textbook of Maths”, a new concept launched at the end of
2013, has been very successful and is now available also electronically for
free. 



In cooperation with Ajakirjade Kirjastus, AS SL Õhtuleht has through its
network significantly increased online advertising sales. 



In the 1st quarter, Ajakirjade Kirjastus launched new products Kilo&Kalor, a
special supplement of TervisPluss, and Unistuste Pulmad, a special wedding
publication of Anne&Stiil.  Special attention has been paid on developing
online portal www.ideesahver.ee and a new parenting portal
www.tarklapsevanem.ee. Significant changes have also been made in the work of
the telemarketing department that should improve future sales results. 



Estonian newspaper readership 2013-2014<span style="font-size:11pt;"> </span>

Circulations of Estonian newspapers have remained stable or are falling
moderately. The circulation of daily newspapers is falling faster than that of
weeklies. As at Q1 2014, the highest decline in the circulation was recorded
for Postimees, more than 10% in comparison with Q1 2013. In the 1st quarter
2014, the circulation of largest daily newspapers has fallen by 3% on average. 

Weekly newspapers have done relatively well. As for the weekly publications of
Ekspress Grupp, Eesti Ekspress managed to maintain average circulation and
Maaleht being the only larger newspaper that has increased its circulation.
With regard to the publications of Ekspress Grupp, one needs to add also
subscribers of digital newspapers numbering about 7 000 for both Eesti Ekspress
and for Eesti Päevaleht as of the 1st quarter of 2014. The number of digital
subscribers continues to grow. 

Estonian newspaper readership 2013-2014

In the 1st quarter of 2014, there were no major changes in the readership of
Estonian newspapers. According to the readership survey of Turu-uuringute AS,
the number of newspaper readers fell by 2% on average in Q1 2014. Monthly
fluctuations have been bigger, but it is attributed mainly to the survey
methods. It should be mentioned that the number of digital newspapers of
Ekspress Grupp is not included in the above figures and the number of readers
of all publications of Ekspress Grupp is higher than shown in the graph. 



Printing services segment<span style="font-size:11pt;"> </span>

All printing services of the Group are provided by AS Printall which is one of
the largest printing companies in Estonia. Printall is able to print both
newspapers (coldset) and magazines (heatset). 



------- 
<span                                            <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
--------------------------------------------- 
                  <span style="font-size:9pt;">Q1            <span
style="font-size:9pt;">Q1   <span style="font-size:9pt;">Change 
                                      2014</span>                              
 2013</span>                 %</span> 
--------------------------------------------------------------------------------
---------------------------------------------------- 
<span   <span style="font-size:9pt;">7 062</span>  <span
style="font-size:9pt;">6 617</span>  <span style="font-size:9pt;">7%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
---------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                  <span style="font-size:9pt;">Q1            <span
style="font-size:9pt;">Q1   <span style="font-size:9pt;">Change 
                                      2014</span>                              
 2013</span>                 %</span> 
--------------------------------------------------------------------------------
---------------------------------------------------- 
<span   <span style="font-size:9pt;">1 459</span>  <span
style="font-size:9pt;">1 414</span>  <span style="font-size:9pt;">3%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
---------------------------------------------------- 



In the 1st quarter, the revenue of AS Printall from printing services only
increased by 5.6% and sale of paper increased by 8%. After a long period, the
non-Group sales in Estonia increased, by as much as 20%. This was attributable
to the growth in circulation of existing customers, printing of new
publications and additional new customers. The share of exports in revenue
decreased from 69% to 68%. There have also been significant changes in the
geographical break-down of export markets. The share of Finland and Denmark has
increased, whereas exports to Russia, Norway and Sweden decreased. The Company
continues to increase its productivity. Although the volume of printing
production increased in the 1st quarter, the number of working hours remained
on the same level as compared to the previous year same period. 



Printing services and the environment

In addition to its very strong financial position, Printall also focuses on
environmentally conscious production. In 2012, Printall was granted ISO 9001
management and ISO 14001 environmental certificates.<span
style="font-size:11pt;"> </span> 

The Minister of the Environment of the Republic of Estonia and the waste
managing company AS Ragn-Sells awarded Printall with the title of the Top
Recycler of the Year, because the company recycles 95% of its waste. 

The Nordic Council of Ministers has awarded Printall with the environmental
label “The Nordic Ecolabel”, used to acknowledge the companies in the Nordic
countries that use environmentally efficient production. Printall also has FSC
and PEFC Chain of Custody (COC) certificates, which the company uses to promote
a green way of thinking in the printing industry. Both of those certificates
indicate compliance with monitoring and product production process requirements
which are issued to businesses that comply with the requirements established by
the FSC (Forest Stewardship Council) and the PEFC (Programme for the
Endorsement of Forest Certification). A business that is issued these
certificates helps to support the environmentally friendly, socially fair and
economically viable management of the world’s forests. 

Printall cares about the environment and uses green energy. The POWERED BY
GREEN certificate is a proof that the company buys electricity, 70% of which
has been generated by renewable sources of energy. 

                                        

Consolidated balance sheet (unaudited)

<span   <span style="font-size:10pt;">31.03.2014</span>  <span
style="font-size:10pt;">31.12.2013</span> 
 style 
="font 
-size: 
10pt;" 
>(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
------------------------ 
       -------------------------------------------------
<span                                                    
 style                                                   
="font                                                   
-size:                                                   
9pt;">                                                   
ASSETS                                                   
</span                                                   
>                                                        
<span                                                    
 style                                                   
="font                                                   
-size:                                                   
9pt;">                                                   
Curren                                                   
t                                                        
 asset                                                   
s</spa                                                   
n>                                                       
<span         <span style="font-size:9pt;">1 245</span>        <span
style="font-size:9pt;">2 111</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
</span 
> 
<span           <span style="font-size:9pt;">103</span>           <span
style="font-size:9pt;">98</span> 
 style 
="font 
-size: 
9pt;"> 
Term 
 depos 
it</sp 
an> 
<span         <span style="font-size:9pt;">6 538</span>        <span
style="font-size:9pt;">6 819</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span         <span style="font-size:9pt;">2 099</span>        <span
style="font-size:9pt;">2 329</span> 
 style 
="font 
-size: 
9pt;"> 
Invent 
ories< 
/span> 
<span         <span style="font-size:9pt;">9 985</span>       <span
style="font-size:9pt;">11 357</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 curre 
nt 
 asset 
s</spa 
n> 
--------------------------------------------------------------------------------
------------------------ 
--------------------------------------------------------------------------------
------------------------ 
<span 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s</spa 
n> 
<span           <span style="font-size:9pt;">410</span>          <span
style="font-size:9pt;">399</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span         <span style="font-size:9pt;">1 642</span>        <span
style="font-size:9pt;">1 543</span> 
 style 
="font 
-size: 
9pt;"> 
Invest 
ment 
 in 
 joint 
 ventu 
res 
 and 
 assoc 
iates< 
/span> 
<span        <span style="font-size:9pt;">13 234</span>       <span
style="font-size:9pt;">13 595</span> 
 style 
="font 
-size: 
9pt;"> 
Proper 
ty, 
 plant 
 and 
 equip 
ment 
 </spa 
n> 
<span        <span style="font-size:9pt;">48 166</span>       <span
style="font-size:9pt;">48 361</span> 
 style 
="font 
-size: 
9pt;"> 
Intang 
ible 
 asset 
s 
 </spa 
n> 
<span        <span style="font-size:9pt;">63 452</span>       <span
style="font-size:9pt;">63 898</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 non-c 
urrent 
 asset 
s</spa 
n> 
<span        <span style="font-size:9pt;">73 437</span>       <span
style="font-size:9pt;">75 255</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 ASSET 
S</spa 
n> 
--------------------------------------------------------------------------------
------------------------ 
      
--------------------------------------------------------------------------------
----------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
LIABIL 
ITIES 
 </spa 
n> 
<span 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 liabi 
lities 
</span 
> 
<span         <span style="font-size:9pt;">3 782</span>        <span
style="font-size:9pt;">3 760</span> 
 style 
="font 
-size: 
9pt;"> 
Borrow 
ings 
 </spa 
n> 
<span         <span style="font-size:9pt;">7 079</span>        <span
style="font-size:9pt;">8 498</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 payab 
les</s 
pan> 
<span        <span style="font-size:9pt;">10 861</span>       <span
style="font-size:9pt;">12 258</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 curre 
nt 
 liabi 
lities 
</span 
> 
<span 
 style 
="font 
-size: 
9pt;"> 
Long 
 term 
 liabi 
lities 
</span 
> 
<span        <span style="font-size:9pt;">19 728</span>       <span
style="font-size:9pt;">20 672</span> 
 style 
="font 
-size: 
9pt;"> 
Long-t 
erm 
 borro 
wings< 
/span> 
<span            <span style="font-size:9pt;">22</span>            <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 long- 
term 
 payab 
les</s 
pan> 
<span        <span style="font-size:9pt;">19 750</span>       <span
style="font-size:9pt;">20 672</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 non-c 
urrent 
 liabi 
lities 
</span 
> 
<span        <span style="font-size:9pt;">30 611</span>       <span
style="font-size:9pt;">32 930</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 LIABI 
LITIES 
</span 
> 
--------------------------------------------------------------------------------
------------------------ 
--------------------------------------------------------------------------------
------------------------ 
<span 
 style 
="font 
-size: 
9pt;"> 
EQUITY 
</span 
> 
<span        <span style="font-size:9pt;">17 878</span>       <span
style="font-size:9pt;">17 878</span> 
 style 
="font 
-size: 
9pt;"> 
Share 
 capit 
al 
 </spa 
n> 
<span        <span style="font-size:9pt;">14 277</span>       <span
style="font-size:9pt;">14 277</span> 
 style 
="font 
-size: 
9pt;"> 
Share 
 premi 
um</sp 
an> 
<span         <span style="font-size:9pt;">1 284</span>        <span
style="font-size:9pt;">1 250</span> 
 style 
="font 
-size: 
9pt;"> 
Reserv 
es 
 </spa 
n> 
<span         <span style="font-size:9pt;">9 351</span>        <span
style="font-size:9pt;">8 848</span> 
 style 
="font 
-size: 
9pt;"> 
Retain 
ed 
 earni 
ngs</s 
pan> 
<span            <span style="font-size:9pt;">36</span>           <span
style="font-size:9pt;">72</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
cy 
 trans 
lation 
 reser 
ve</sp 
an> 
<span        <span style="font-size:9pt;">42 826</span>       <span
style="font-size:9pt;">42 325</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 EQUIT 
Y 
 </spa 
n> 
<span        <span style="font-size:9pt;">73 437</span>       <span
style="font-size:9pt;">75 255</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 LIABI 
LITIES 
 AND 
 EQUIT 
Y</spa 
n> 
--------------------------------------------------------------------------------
------------------------ 



Consolidated statement of comprehensive income (unaudited)

<span             <span style="font-size:10pt;">Q1            <span
style="font-size:10pt;">Q1 
 style                                 2014</span>                             
   2013</span> 
="font 
-size: 
10pt;" 
>(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
-------------- 
--------------------------------------------------------------------------------
-------------- 
<span   <span style="font-size:9pt;">12 734</span>  <span
style="font-size:9pt;">11 812</span> 
 style 
="font 
-size: 
9pt;"> 
Sales 
 reven 
ue</sp 
an> 
<span             <span style="font-size:9pt;">(10             <span
style="font-size:9pt;">(9 
 style                                 223)</span>                             
   482)</span> 
="font 
-size: 
9pt;"> 
Cost 
 of 
 sales 
</span 
> 
<span    <span style="font-size:9pt;">2 511</span>   <span
style="font-size:9pt;">2 330</span> 
 style 
="font 
-size: 
9pt;"> 
Gross 
 profi 
t</spa 
n> 
<span      <span style="font-size:9pt;">116</span>      <span
style="font-size:9pt;">93</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 incom 
e</spa 
n> 
<span    <span style="font-size:9pt;">(440)</span>   <span
style="font-size:9pt;">(364)</span> 
 style 
="font 
-size: 
9pt;"> 
Market 
ing 
 expen 
ses</s 
pan> 
<span              <span style="font-size:9pt;">(1             <span
style="font-size:9pt;">(1 
 style                                 536)</span>                             
   259)</span> 
="font 
-size: 
9pt;"> 
Admini 
strati 
ve 
 expen 
ses</s 
pan> 
<span     <span style="font-size:9pt;">(58)</span>    <span
style="font-size:9pt;">(23)</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 expen 
ses</s 
pan> 
--------------------------------------------------------------------------------
-------------- 
<span      <span style="font-size:9pt;">593</span>     <span
style="font-size:9pt;">777</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t</spa 
n> 
--------------------------------------------------------------------------------
-------------- 
      
--------------------------------------------------------------------------------
------- 
<span        <span style="font-size:9pt;">2</span>       <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 incom 
e</spa 
n> 
<span    <span style="font-size:9pt;">(176)</span>   <span
style="font-size:9pt;">(197)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
se</sp 
an> 
<span       <span style="font-size:9pt;">36</span>      <span
style="font-size:9pt;">16</span> 
 style 
="font 
-size: 
9pt;"> 
Foreig 
n 
 excha 
nge 
 gains 
/losse 
s</spa 
n> 
<span     <span style="font-size:9pt;">(16)</span>    <span
style="font-size:9pt;">(11)</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 finan 
ce 
 incom 
e/cost 
s</spa 
n> 
<span   <span style="font-size:9pt;"> (154)</span>  <span
style="font-size:9pt;"> (192)</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 finan 
ce 
 incom 
e/cost 
s</spa 
n> 
<span       <span style="font-size:9pt;">98</span>      <span
style="font-size:9pt;">63</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 (loss 
) on 
 share 
s of 
 joint 
 ventu 
res</s 
pan> 
<span    <span style="font-size:9pt;"> (12)</span>    <span
style="font-size:9pt;"> (7)</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 (loss 
) on 
 share 
s of 
 assoc 
iates< 
/span> 
<span      <span style="font-size:9pt;">525</span>     <span
style="font-size:9pt;">641</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 (loss 
) 
 befor 
e 
 incom 
e 
 tax</ 
span> 
<span     <span style="font-size:9pt;">(22)</span>     <span
style="font-size:9pt;">(3)</span> 
 style 
="font 
-size: 
9pt;"> 
Income 
 tax 
 expen 
se</sp 
an> 
--------------------------------------------------------------------------------
-------------- 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
-------------- 
--------------------------------------------------------------------------------
-------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t for 
 the 
 repor 
ting 
 perio 
d 
 attri 
butabl 
e 
 to</s 
pan><s 
pan 
 style 
="font 
-size: 
9pt;"> 
:</spa 
n> 
<span      <span style="font-size:9pt;">503</span>     <span
style="font-size:9pt;">638</span> 
 style 
="font 
-size: 
9pt;"> 
Equity 
 holde 
rs of 
 the 
 paren 
t 
 compa 
ny</sp 
an> 
<span 
 style 
="font 
-size: 
9pt;"> 
Other 
 compr 
ehensi 
ve 
 incom 
e 
 (expe 
nse</s 
pan><s 
pan 
 style 
="font 
-size: 
9pt;"> 
)</spa 
n><spa 
n 
 style 
="font 
-size: 
9pt;"> 
 that 
 can 
 be 
 later 
 recla 
ssifie 
d to 
 profi 
t or 
 loss 
 </spa 
n> 
<span    <span style="font-size:9pt;"> (36)</span>   <span
style="font-size:9pt;"> (20)</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
cy 
 trans 
lation 
 diffe 
rences 
</span 
> 
<span    <span style="font-size:9pt;"> (36)</span>   <span
style="font-size:9pt;"> (20)</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 other 
 compr 
ehensi 
ve 
 incom 
e for 
 the 
 perio 
d</spa 
n> 
<span      <span style="font-size:9pt;">467</span>     <span
style="font-size:9pt;">618</span> 
 style 
="font 
-size: 
9pt;"> 
Compre 
hensiv 
e 
 incom 
e 
 (expe 
nse) 
 for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
<span      <span style="font-size:9pt;">467</span>     <span
style="font-size:9pt;">618</span> 
 style 
="font 
-size: 
9pt;"> 
Attrib 
utable 
 to 
 </spa 
n><spa 
n 
 style 
="font 
-size: 
9pt;"> 
equity 
 holde 
rs of 
 the 
 paren 
t 
 compa 
ny</sp 
an> 
<span     <span style="font-size:9pt;">0.02</span>    <span
style="font-size:9pt;">0.02</span> 
 style 
="font 
-size: 
9pt;"> 
Basic 
 and 
 dilut 
ed 
 earni 
ngs 
 per 
 share 
 </spa 
n> 
--------------------------------------------------------------------------------
-------------- 



Consolidated cash flow statement (unaudited)

<span   <span style="font-size:9pt;">Q1 2014</span>            <span
style="font-size:9pt;">Q1 
 style                                                                         
   2013</span> 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
-------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 opera 
ting 
 activ 
ities< 
/span> 
--------------------------------------------------------------------------------
-------------- 
<span       <span style="font-size:9pt;">593</span>    <span
style="font-size:9pt;">777</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
-------------- 
--------------------------------------------------------------------------------
-------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Adjust 
ments: 
</span 
> 
<span       <span style="font-size:9pt;">736</span>    <span
style="font-size:9pt;">639</span> 
 style 
="font 
-size: 
9pt;"> 
Deprec 
iation 
, 
 amort 
isatio 
n and 
 impai 
rment< 
/span> 
<span       <span style="font-size:9pt;">(3)</span>    <span
style="font-size:9pt;">(1)</span> 
 style 
="font 
-size: 
9pt;"> 
Loss 
 on 
 sale 
 and 
 write 
-down 
 of 
 prope 
rty, 
 plant 
 and 
 equip 
ment</ 
span> 
<span        <span style="font-size:9pt;">34</span>      <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Change 
 in 
 value 
 of 
 share 
 optio 
n</spa 
n> 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 opera 
ting 
 activ 
ities: 
</span 
> 
<span       <span style="font-size:9pt;">275</span>    <span
style="font-size:9pt;">827</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span       <span style="font-size:9pt;">229</span>    <span
style="font-size:9pt;">470</span> 
 style 
="font 
-size: 
9pt;"> 
Invent 
ories< 
/span> 
<span   <span style="font-size:9pt;">(1 387)</span>  <span
style="font-size:9pt;">(992)</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 payab 
les</s 
pan> 
<span       <span style="font-size:9pt;">477</span>  <span
style="font-size:9pt;">1 720</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 gener 
ated 
 from 
 opera 
tions< 
/span> 
<span      <span style="font-size:9pt;">(47)</span>   <span
style="font-size:9pt;">(15)</span> 
 style 
="font 
-size: 
9pt;"> 
Income 
 tax 
 paid< 
/span> 
<span     <span style="font-size:9pt;">(176)</span>  <span
style="font-size:9pt;">(197)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 paid< 
/span> 
      
--------------------------------------------------------------------------------
------- 
<span       <span style="font-size:9pt;">254</span>  <span
style="font-size:9pt;">1 508</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 cash 
 gener 
ated 
 from 
 opera 
ting 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
-------------- 
--------------------------------------------------------------------------------
-------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 inves 
ting 
 activ 
ities 
 </spa 
n> 
<span         <span style="font-size:9pt;">0</span>   <span
style="font-size:9pt;">(15)</span> 
 style 
="font 
-size: 
9pt;"> 
Purcha 
se of 
 other 
 finan 
cial 
 inves 
tments 
</span 
> 
<span         <span style="font-size:9pt;">2</span>      <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 recei 
ved</s 
pan> 
<span     <span style="font-size:9pt;">(175)</span>  <span
style="font-size:9pt;">(172)</span> 
 style 
="font 
-size: 
9pt;"> 
Purcha 
se of 
 prope 
rty, 
 plant 
 and 
 equip 
ment</ 
span> 
<span         <span style="font-size:9pt;">4</span>      <span
style="font-size:9pt;">3</span> 
 style 
="font 
-size: 
9pt;"> 
Procee 
ds 
 from 
 sale 
 of 
 prope 
rty, 
 plant 
 and 
 equip 
ment</ 
span> 
<span      <span style="font-size:9pt;">(20)</span>    <span
style="font-size:9pt;">(2)</span> 
 style 
="font 
-size: 
9pt;"> 
Loans 
 grant 
ed</sp 
an> 
<span         <span style="font-size:9pt;">1</span>      <span
style="font-size:9pt;">2</span> 
 style 
="font 
-size: 
9pt;"> 
Loan 
 repay 
ments 
 recei 
ved</s 
pan> 
      
--------------------------------------------------------------------------------
------- 
<span     <span style="font-size:9pt;">(188)</span>  <span
style="font-size:9pt;">(184)</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 cash 
 gener 
ated 
 from 
 inves 
ting 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
-------------- 
--------------------------------------------------------------------------------
-------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 finan 
cing 
 activ 
ities 
 </spa 
n> 
<span      <span style="font-size:9pt;">(18)</span>      <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Financ 
e 
 lease 
 repay 
ments 
 made< 
/span> 
<span         <span style="font-size:9pt;">0</span>  <span
style="font-size:9pt;">(745)</span> 
 style 
="font 
-size: 
9pt;"> 
Change 
 in 
 use 
 of 
 overd 
raft</ 
span> 
<span     <span style="font-size:9pt;">(914)</span>  <span
style="font-size:9pt;">(894)</span> 
 style 
="font 
-size: 
9pt;"> 
Repaym 
ents 
 of 
 borro 
wings< 
/span> 
      
--------------------------------------------------------------------------------
------- 
<span     <span style="font-size:9pt;">(932)</span>            <span
style="font-size:9pt;">(1 
 style                                                                         
   639)</span> 
="font 
-size: 
9pt;"> 
Net 
 cash 
 used 
 in 
 finan 
cing 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
-------------- 
<span     <span style="font-size:9pt;">(866)</span>  <span
style="font-size:9pt;">(315)</span> 
 style 
="font 
-size: 
9pt;"> 
NET 
 (DECR 
EASE)/ 
INCREA 
SE IN 
 CASH 
 AND 
 CASH 
 EQUIV 
ALENTS 
</span 
> 
--------------------------------------------------------------------------------
-------------- 
      
--------------------------------------------------------------------------------
------- 
<span     <span style="font-size:9pt;">2 111</span>  <span
style="font-size:9pt;">1 193</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
 at 
 the 
 begin 
ning 
 of 
 the 
 perio 
d</spa 
n> 
<span     <span style="font-size:9pt;">1 245</span>    <span
style="font-size:9pt;">877</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
 at 
 the 
 end 
 of 
 the 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
-------------- 




         Additional information:
         Gunnar Kobin
         Chairman of the Management Board
         GSM: +372 5188111
         e-mail: [email protected]