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AS Ekspress Grupp
LEI kood
529900B52V1TUMW7FS54
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
7552
Manused
Esitamise kuupäev ja aeg
31.10.2019 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2019.aasta III kvartali ja 9 kuu konsolideeritud auditeerimata vahearuanne
Teade
ASi Ekspress Grupp 2019. aasta III kvartali müügitulu oli 16,8 miljonit eurot ja
9 kuu müügitulu 53,6 miljonit eurot. Kontserni müügitulu jätkas kasvutrendi ning
suurenes III kvartalis 8% võrreldes eelmise aastaga. Kasv on seotud peamiselt
kontserni digitaalsete tuludega, mis kasvasid eelmise aastaga võrreldes 17% ning
moodustasid septembri lõpus 58% meedia segmendi käibest.
Kontserni kuuluvate meediaettevõtete tulubaas kasvas 9 kuu vaates üle 12%. III
kvartalis olid suurem enamus meediaettevõtteid edukad reklaamimüügis. Eestis
jätkus ka digitellimuste osakaalu suurenemine. Olulise uuendusena alustas Leedu
Delfi III kvartalis tasulise sisu müügiga "DELFI plius" nime all. Oluline oli ka
Leedu turul DELFI enda lineaarse televisioonikanali avamine koostöös Teliaga. II
kvartalis alustatud tasulise sisu müük Läti Delfis on saanud turult positiivse
vastukaja ning müük täidab oodatud eesmärke. Tuleb silmas pidada, et tasulise
sisu müük on pikaajaline protsess, mis vajab aega tarbijate harjumuste
muutumiseks, eriti Lätis ja Leedus, kus tarbijad ei ole varem kohaliku meedia
tasulise sisuga kokku puutunud.
Kontserni kasum enne intresse, makse ja kulumit (EBITDA) oli III kvartalis 1,41
miljonit eurot ning 9 kuuga kokku 3,88 miljonit eurot. III kvartali EBITDA
kasvas 117% võrreldes eelmise aasta sama perioodiga ning 9 kuu vaates 30%.
Vaatamata tugevale EBITDA kasvule jäi kontsern tulenevalt kahest eelmisest
kvartalist siiski 9 kuu vaates 0,24 miljoni euroga kahjumisse. III kvartalis
teenis kontsern 0,02 miljonit eurot kasumit.
ASi Ekspress Grupp Läti tütarettevõte A/S Delfi omandas oktoobri alguses 25,5%
osaluse finantstoodete võrdlus- ja vahendusportaali ettevõttes SIA Altero, mis
haldab Lätis ja Leedus finantstoodete võrdlus- ja vahendusportaale (Altero.lv
(https://www.altero.lv/) ja Altero.lt (https://www.altero.lt/)). Alates turule
toomisest 2016. aasta juunis on enam kui 90 000 Altero klienti võrrelnud
tarbimislaenude, autolaenude ja muude toodete finantspakkumisi, mis teeb
ettevõttest juhtiva finantstoodete võrdluse pakkuja Lätis ja Leedus. Omandamise
eesmärk on suurendada grupi digitulude osakaalu ja arendada grupi mitmekülgset
digiäri. Lisaks omab Altero tegevus sünergiat meie meediaäriga, kus lõppkliendi
liikumine internetis on sarnase mustriga.
Lisaks emiteeris kontsern oktoobri alguses suunatud emissioonina AS-i LHV
Varahaldus poolt hallatavatele pensionifondidele 5000 võlakirja nimiväärtusega
1000 eurot, intressimääraga 6% aastas ja lunastustähtajaga emissioonikuupäeva
7.oktoober 2027. Võlakirjad märgiti kogumahus 5 miljonit eurot. Emissiooniga
kaastatud raha kasutas kontsern viimaste suuremate investeeringute stabiilseks
pikaajaliseks refinantseerimiseks ning tegevuse edasiseks laiendamiseks, et
toetada kontserni digitaalse muutuse läbiviimisel.
Kontsern on koostöös teiste meediaorganisatsioonide ja Meediaettevõtete Liiduga
alustanud Eestis teadlikkuse tõstmist digimajanduse õiglasema maksustamise
teemal, eesmärgiga kehtestada Eestis digitaalse teenuse osutamise maks.
Digitaalsete teenuste (sotsiaalmeedia võrgustike, jagamisplatvormide,
kõikvõimalike mobiilirakenduste, internetireklaami jne) plahvatuslik areng
viimasel kümnendil on oluliselt mõjutanud traditsioonilise majanduse struktuuri,
kujundades täiesti uusi viise virtuaaltehingute tegemiseks. Samas on see kaasa
toonud märkimisväärseid muutusi majanduses: maksubaasi vähenemise ja suurte
infotehnoloogia-kontsernide kasumi ülekandmise madala tulumaksumääraga
riikidesse.
Eestis on digimajanduse kiire areng tekitanud sarnaseid probleeme kui mujal
Euroopa Liidus ja maailmas: suured digiteenuste ettevõtted on suutelised Eestis
püsivat tegevuskohta omamata genereerima märkimisväärset müügitulu Eesti
kasutajatele suunatud digiteenustest, kuid selline müügitulu jääb Eestis
üldjuhul täielikult maksustamata. Nii kontserni kui ka teiste
meediaorganisatsioonide arvates on õiguslikult võimalik Eestis ühepoolselt
kehtestada digiteenuste maks.
KOKKUVÕTE III KVARTALI JA 9 KUU TULEMUSTEST
Kontserni sisemises aruandluses jälgib juhtkond tulemusi konsolideerides
ühisettevõtted proportsionaalselt. Samuti on sätestatud laenulepingus suhtarvude
jälgimine, võttes arvesse proportsionaalset konsolideerimist.
MÜÜGITULU
2019. aasta III kvartali konsolideeritud müügitulu oli 16,8 miljonit eurot (III
kvartal 2018: 15,6 miljonit eurot) ning 2019. aasta 9 kuu konsolideeritud
müügitulu oli 53,6 miljonit eurot (9 kuud 2018: 49,6 miljonit eurot). III
kvartali müügitulu kasvas 8% võrreldes eelmise aastaga. Müügitulu suurenemine
tuleneb peamiselt reklaamimüügi tulude kasvust nii Eestis kui ka Leedus.
Kontserni digitaalsete tulude osakaal moodustas III kvartali lõpus 40%
kogukäibest ning 58% meedia segmendi käibest. Kontserni 2019. aasta 9 kuu
digitaalsed tulud kasvasid 17% võrreldes eelmise aasta sama perioodiga.
KASUMLIKKUS
2019. aasta III kvartali konsolideeritud EBITDA oli 1,41 miljonit eurot (III
kvartal 2018: 0,65 miljonit eurot) ning 2019. aasta 9 kuu konsolideeritud EBITDA
oli 3,88 miljonit eurot (9 kuud 2018: 2,99 miljonit eurot). EBITDA kasvas 30%
võrreldes eelmise aastaga, millest +0,64 miljonit eurot oli alates 01.01.2019
rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud" mõju EBITDA-le.
EBITDA marginaal kasvas 7,2%-ni (9 kuud 2018: 6,0%). III kvartalis teenis
ettevõte 0,02 miljonit eurot kasumit. 2019. aasta 9 kuu konsolideeritud kahjum
oli -0,24 miljonit eurot (9 kuud 2018: kasum 0,27 miljonit eurot). Kasumlikkuse
langus tuleneb eelkõige trükiteenuste segmendi üha tihenevast konkurentsist ning
sisendhindade tõusust. Lisaks oli see seotud trükimeedia tulude languse ning
suuremate kojukande- ja tööjõukuludega. 2019. aasta 9 kuu tulemus sisaldab ka
täiendavat kahjumit osalustelt sidusettevõtetesse ja teistesse
finantsinvesteeringutesse summas 0,1 miljonit eurot.
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele seisuga 30.09.2019 on
toodud aruande leheküljel 18.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil proportsionaalselt konsolideerides vabu
rahalisi vahendeid 3,4 miljonit eurot ning omakapitali 49,9 miljonit eurot (54%
bilansimahust, jättes arvestamata IFRS 16 mõju - 56%). Võrreldavad andmed 2018.
aasta 30. september seisuga olid vastavalt 2,2 miljonit eurot ning 50,4 miljonit
eurot (64% bilansimahust). Seisuga 30. september 2019 oli kontserni netovõlg
16,4 miljonit eurot, jättes arvestamata IFRS 16 mõju, oli kontserni netovõlg
13,4 miljonit eurot (30. september 2018: 13,3 miljonit eurot).
ÄRITEGEVUS
Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtted kajastada konsolideeritud raamatupidamise aruannetes
kapitaliosaluse meetodil. Kontserni sisemises aruandluses jälgib juhtkond
tulemust konsolideerides ühisettevõtted proportsionaalselt. Samuti on sätestatud
sündikaatlaenulepingus teatud suhtarvude jälgimine, võttes arvesse
proportsionaalset konsolideerimist.
Selguse huvides on tegevusaruandes välja toodud kaks versiooni näitajaid: üks,
kus ühisettevõtted on konsolideeritud rida-realt, ning teine, kus ühisettevõtted
on kajastatud kapitaliosaluse meetodil ning nende tulemus kajastub ühe reana
finantstuludes.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 18 ja lisas 1.
FINANTSNÄITAJAD JA SUHTARVUD - ühisettevõtted rida-realt 50% konsolideerituna
Kasumlikkuse
näitajad -
ühisettevõtted
50%
konsolideeritud III kv III kv 9 kuud 9 kuud Muutus 12 kuud
(tuhandetes EUR) 2019 2018 Muutus % 2019 2018 % 2018
Perioodi kohta
Müügitulu 16 800 15 596 8% 53 585 49 606 8% 69 096
EBITDA 1 405 647 117% 3 880 2 991 30% 4 206
EBITDA marginaal
(%) 8,4% 4,1% 7,2% 6,0% 6,1%
Ärikasum /(-
kahjum) 324 (195) 267% 594 695 -15% 944
Ärirentaablus (%) 1,9% -1,2% 1,1% 1,4% 1,4%
Intressikulud (240) (111) -115% (562) (317) -77% (458)
Perioodi
puhaskasum /(-
kahjum) 20 (387) 105% (238) 266 -189% 25
Puhasrentaablus
(%) 0,1% -2,5% -0,4% 0,5% 0,0%
Varade tootlus
(%) 0,0% -0,5% -0,3% 0,3% 0,0%
Omakapitali
tootlus (%) 0,0% -0,8% -0,5% 0,5% 0,0%
Puhaskasum
/(kahjum) aktsia
kohta (EPS) 0,00 (0,01) (0,01) 0,01 0,00
SEGMENTIDE ÜLEVAADE
Kontserni tegevus on jagatud kaheks suuremaks segmendiks: meedia segmendiks ja
trükiteenuste segmendiks. Meedia segment hõlmab kontserni tegevusi Eestis, Lätis
ja Leedus. Siia kuuluvad internetiportaali Delfi äritegevus, mitmed teised
uudisteportaalid, mis pakuvad interneti reklaamivõrgu- ja sihtrühmapõhiseid
reklaamimüügi lahendusi, digitaalse välireklaami müüki Eestis ja Lätis, Eesti
nädalalehtede Maaleht, Eesti Ekspress ja LP kirjastamist, päevalehe Eesti
Päevaleht ja tabloidlehe Õhtuleht kirjastamist, tasuta lehe Linnaleht
kirjastamist, raamatute ja ajakirjade kirjastamist Eestis ning kojukandeteenuse
osutamist. Samuti hõlmab meedia segment tehnoloogia- ja innovatsioonikonverentsi
?Login" korraldamist Leedus (alates märts 2019), elektroonilise
piletimüügiplatvormi (bilesuparadize.lv (https://www.bilesuparadize.lv/en/)) ja
piletimüügikohtade haldamist Lätis (alates juuni 2019), müües nende kaudu
ürituste korraldajate nimel pileteid erinevatele meelelahutusüritustele ning
sisuloome produktsioonistuudiot Leedus.
Trükiteenustesegment hõlmab ASi Printall, mis on suurimaid trükikodasid Eestis.
Trükikojas on võimalik trükkida kvaliteetseid ajakirju, ajalehti,
reklaammaterjale, toote- ja teenustekatalooge, aastaraamatuid, pehmekaanelisi
raamatuid ja muid trükiseid.
Segmentide EBITDA ei sisalda ühekordseid firmaväärtuste ja kaubamärkide
allahindlusi. Agentuuridele makstavaid mahupõhised ja muud tasud on maha arvatud
segmentide reklaamimüügituludest.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 18 ja lisas 1.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
III kv III kv Muutus 9 kuud 9 kuud Muutus 12 kuud
2019 2018 % 2019 2018 % 2018
Meedia segment
(kapitaliosaluse
meetodil) 9 908 8 593 15% 30 777 26 002 18% 37 248
sh tulu kõikidest
digitaalsetest ja
online kanalitest 6 987 5 555 26% 20 815 17 468 19% 24 561
Trükiteenuste segment 5 608 5 614 0% 18 789 18 190 3% 25 242
Kesksed tegevused 512 615 -17% 1 558 2 004 -22% 2 341
Segmentidevahelised
elimineerimised (1 043) (1 052) (3 353) (3 104) (4 342)
KONTSERN KOKKU
kapitaliosaluse
meetodil 14 985 13 770 9% 47 771 43 091 11% 60 489
Meedia segment
(proportsionaalselt
konsolideerituna) 11 877 10 573 12% 37 084 33 208 12% 46 716
sh tulu kõikidest
digitaalsetest ja
online kanalitest 7 204 5 875 23% 21 598 18 471 17% 25 954
Trükiteenuste segment 5 608 5 614 0% 18 789 18 190 3% 25 242
Kesksed tegevused 512 615 -17% 1 558 2 004 -22% 2 341
Segmentidevahelised
elimineerimised (1 197) (1 206) (3 846) (3 795) (5 204)
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 16 800 15 596 8% 53 585 49 606 8% 69 096
(tuhandetes EUR) EBITDA
12
III kv III kv 9 kuud 9 kuud kuud
2019 2018 Muutus % 2019 2018 Muutus % 2018
Meedia segment
(kapitaliosaluse
meetodil) 1 188 625 90% 2 988 2 022 48% 3 355
Meedia segment
(proportsionaalselt
konsolideerituna) 1 277 616 107% 3 292 2 108 56% 3 329
Trükiteenuste segment 357 440 -19% 1 465 1 924 -24% 2 403
(1
Kesksed tegevused (219) (409) 47% (854) (1 042) 18% 492)
Segmentidevahelised
elimineerimised (10) 0 (23) 1 (2)
KONTSERN KOKKU
kapitaliosaluse
meetodil 1 317 656 101% 3 576 2 905 23% 4 263
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 1 405 647 117% 3 880 2 991 30% 4 206
III kv III kv 9 kuud 9 kuud 12 kuud
EBITDA marginaal 2019 2018 2019 2018 2018
Meedia segment
(kapitaliosaluse
meetodil) 12% 7% 10% 8% 9%
Meedia segment
(proportsionaalselt
konsolideerituna) 11% 6% 9% 6% 7%
Trükiteenuste segment 6% 8% 8% 11% 10%
KONTSERN KOKKU
kapitaliosaluse meetodil 9% 5% 7% 7% 7%
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 8% 4% 7% 6% 6%
MEEDIA SEGMENT
ONLINE MEEDIA
Olulised edusammud ja märkimisväärsed saavutused riikide lõikes on toodud
alljärgnevalt.
Eesti
* Ekspress Meedia oli pildis mitmete suurte kampaaniatega, nagu ?Roolis ei
loe" (Delfi), ?Järvejooksude sari" (Delfi), ?mets" (Maaleht), ?Balti kett
30" (Maaleht), "Homse päeva leht" (Eesti Päevaleht) ja Eesti Ekspressi
lehelaste kampaania.
* Ilmusid mitmed suuremahulised longread artiklid "Vaata tagasi laulupeole
(https://longread.delfi.ee/a/86657111)", Estonia huku
(https://longread.delfi.ee/a/87445717) longread ja Mähkmeeri
(https://longread.delfi.ee/a/86538559) longread.
* Delfis läks nii veebi- kui mobiiliversioonis eetrise värskendatud
kujundusega "breaking news" plokk.
* Delfil valmis korvpalli MM 2019
(https://sport.delfi.ee/news/korvpall/mm2019/) erikeskkond.
* Ekspress Meedial oli edukas ürituste kvartal, mida ilmestasid Anne ja Stiili
hooaja avapidu; Zalgirise korvpalliõhtu, Maalehe retked ja Olustvere
hoidiste mess.
* Ekspress Meedia lansseeris uue suuremahulise portaali Delfi Lood
(https://lood.delfi.ee/).
* Ekspress Meedia käivitas uue DelfiTV videoploki värskendatud ülesehituse ja
kujundusega.
* Õhtuleht Kirjastus lansseeris uuendatud mobiiliäpid mõlemal platvormil
(Android ja iOS).
* Õhtuleht Kirjastus käivitas mobiilimaksega artikliostu võimaluse ja tegi
digitaalsete toodete käibes uue rekordi.
Läti
* Läti Delfi oli jätkuvalt suurim interneti uudistekanal lugejate koguarvu
põhjal.
* Läti Delfi koos digitellimustega kasvas oodatust kiiremini.
* Läti Delfi oli järgmiste ürituste peamine meediapartner: Rammstein, Father
John Misty, Positivus (muusikafestival), Fono C?sis (muusikafestival), Pr?ta
V?tra (ansambel), Instrumenti (ansambel), Dagamba (ansambel), Jelgava 94
(Läti film).
* Läti Delfi lanseeris mitmed olulised projektid, sh "Izlaushan?s 94
(https://www.delfi.lv/izlausanas/)" (suurim vanglast põgenemine Läti
ajaloos), "Stay brutal (https://www.delfi.lv/stay-brutal/)" (Ole karm,
noorte alamkultuurid 90.ndatel), "1989: Back to Freedom
(https://www.delfi.lv/1989-majupcels-briviba/)" (Tagasi vabadusse), "The
Threshold of Pain (https://www.delfi.lv/temas/sapju-slieksnis)" (Valulävi,
palliatiivhooldusest), DELFI Campus (https://www.delfi.lv/campus/) (DELFI
ülikoolilinnak, uus portaal STEM hariduse kohta).
* Delfi TV lansseeris uue regulaarse videosaate "You must know to judge" (Pead
teadma, et hinnata).
* Delfi Verticals jätkast tugevate tulemuste saavutamist, nt Tasty
(https://www.delfi.lv/tasty/) ja Vina (https://www.delfi.lv/vina/)
saavutasid suurima lugejaskonna ajaloos.
* Läti Delfi lansseeris põhjaliku programmi portaali optimeerimiseks ja
täiustamiseks.
Leedu
* Leedu Delfi lansseeris Delfi Plius digitellimused ja Open Monetization
Platform (https://www.delfi.lt/m360/medijos/delfi-sukure-atvira-platforma-
leisiancia-uzsidirbti-visiems-turinio-kurejams.d?id=81643595) (avatud
monetiseerimisplatvorm) ning need mõlemad võeti turul hästi vastu.
* DELFI TV lineaarkanal lansseeriti Telia platvormil Leedus.
* Leedu Delfi lansseeris juba neljandat aastat järjest oma traditsioonilise
mõjukate projekti (https://www.delfi.lt/apps/itakingiausieji2019/).
* Leedu Delfi lansseeris annetuspõhise initsiatiivi "vastutav seisukoht
(https://www.delfi.lt/temos/atsakingas-poziuris/)".
* Debunk.eu projekt saavutas suuremat rahvusvahelist tähelepanu ja tunnustust:
The Independent (https://www.independent.co.uk/news/world/europe/lithuania-
elves-russia-election-tampering-online-cyber-crime-hackers-kremlin-
a9008931.html?fbclid=IwAR2gFFzmUR8y8OBvVDLhlUKXz-
AFKx0oQtqo7LJXAiBrCQNU7LPQFLhUslM) kirjutas projekti kohta positiivse
artikli ja Euroopa Nõukogu jagas Debunk initsiatiivi kohta videoloo oma
sotsiaalmeedia Facebook'i, Instagram'i, Twitteri ja LinkedIn kontodel, kus
selgitatakse, kuidas Leedu rakendus julgustab ajakirjanikke võitlema
valeinfoga (https://www.facebook.com/watch/?v=928577420918174).
TRÜKIMEEDIA
Eesti Ajalehtede Liidu andmete põhjal on Õhtuleht viimase 12 kuu jooksul
tervikuna jätkuvalt suurima tiraazhiga päevaleht Eestis. Jaanuaris ja detsembris
oli suurima tiraazhiga ajaleht Maaleht.
2019. aasta III kvartali meediasegmendi müügitulu oli 11,9 miljonit eurot (III
kvartal 2018: 10,6 miljonit eurot) ning 2019. aasta 9 kuu meediasegmendi
müügitulu oli 37,1 miljonit eurot (9 kuud 2018: 33,2 miljonit eurot). Müügitulu
kasvas 12% võrreldes eelmise aastaga. Müügitulu kasv tuleneb peamiselt
reklaamimüügi tulude kasvust nii Eestis kui ka Leedus.
Digimeedia kasvab ja vaatamata tõsisele konkurentsile ei ole kontsern turuosa
kaotanud ning tulud kasvavad. 2019. aasta III kvartali lõpuks ulatusid kontserni
digitaalsed tulud 40%-ni kogutuludest ning 58%-ni meediasegmendi tuludest.
Kontserni digitaalsed tulud 2019. aasta 9 kuu jooksul kasvasid 17% võrreldes
sama perioodiga eelmisel aastal.
2019. aasta III kvartalis oli meediasegmendi EBITDA 1,3 miljonit eurot (III
kvartal 2018: 0,6 miljonit eurot) ning 2019. aasta 9 kuu meediasegmendi EBITDA
oli 3,3 miljonit eurot (9 kuud 2018: 2,1 miljonit eurot). Võrreldes eelmise
aastaga EBITDA kasvas 56%, millest +0,57 miljonit eurot oli alates 01.01.2019
rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud" mõju EBITDA-le.
KINNISVARAPORTAAL
Vastavalt 2019.aasta II kvartalis Turu-uuringute AS-i poolt läbi viidud
uuringule kinnivarafirmade tuntuse osas, on vaid aasta tagasi turule tulnud
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) tuntus kasvanud varasemate
turuvalitsejate kv.ee ja City24 portaalidega pea samale tasemele -
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) on tõusnud vaid ühe aastaga 39%
vastajate jaoks kõige populaarsemaks kinnisvaraotsingu kanaliks.
2019.aasta III kvartalis oli Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
portaalil suur rõhk brändingul - reklaamid olid lisaks tavapärastele
reklaamikanalitele ka teles, raadios, välireklaamidel, ajakirjades ja
ajalehtedes ning sellest tulenevalt tõusis III kvartalis orgaaniline
külastatavus 25%.
Portaalis valmis uusarenduste alaleht, kuhu on tänaseks lisatud üle 170
uusarenduse projekti. Alustati tihedat koostööd Inbankiga, et pakkuda
külastajatele remondi- ja sisustuslaenu, mida on võimalik mugavalt
kinnisvaraportaalist tellida.
Septembri lõpu seisuga on Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
portaalis aktiivseid kinnisvaraettevõtteid 506 ning 560 tavakasutajat, kellel on
aktiivne kuulutus. Portaaliga liitunud maaklerite arv oli 1716.
2019.aasta III kvartalis kasvas käive võrreldes II kvartaliga 7%.
Kontsern jätkab aktiivselt portaali arendamisega saavutamaks kõrgemat
positsiooni turul. Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
tootearenduses arendatud esmaklassiline otsingumootor, kus saab näiteks otsida
vara selliste kriteeriumitega nagu "basseiniga maja" ja "lemmikloom lubatud"
(üürikorterid).
Eesti Kinnisvarafirmade Liit (EKFL) valis konkursi "Kinnisvarategu 2018"
võitjaks kinnisvaraportaali Kinnisvara24.ee (https://kinnisvara24.delfi.ee)
loomise.
TRÜKITEENUSTE SEGMENT
AS Printalli 2019. aasta III kvartali müügitulu oli 5,6 miljonit eurot (III
kvartal 2018: 5,6 miljonit eurot) ning 2019. aasta 9 kuu müügitulu oli 18,8
miljonit eurot (9 kuud 2018: 18,2 miljonit eurot). Müügitulud kasvasid 3%
võrreldes eelmise aastaga ja seda mõjutas peamiselt kõrgem paberihind.
Trükiteenuste müügitulu on langenud Eestis peamiselt seoses suurte
kauplusekettide trükimeedia ja reklaamibroshüüride osakaalu langusega. 2019.
aasta III kvartali EBITDA oli 0,4 miljonit eurot (III kvartal 2018: 0,4 miljonit
eurot) ning 2019. aasta 9 kuu EBITDA oli 1,5 miljonit eurot (9 kuud 2018: 1,9
miljonit eurot). EBITDA vähenes 24% võrreldes eelmise aastaga. Seda mõjutasid
peamiselt kõrgemad sisendhinnad (paber, tööjõud, elekter ja maagaas jne.) ja
samuti tihedam konkurents, mis avaldas negatiivset survet müügimarginaalidele.
Trükiteenuste segment on juba mitu aastat olnud surve all seoses tavapärase
ajakirjanduse jätkuva digitaliseerumisega ja interneti osatähtsuse suurenemisega
trükitoodete arvel. Jätkub tihe konkurents müügihindade osas. Trükitavate
tiraazhide müügimahud on vähenenud, mis omakorda suurendab trükikulusid. Lisaks
on suureks väljakutseks sisendhindade (sh tööjõud, paber, elekter) kallinemine.
AS Printalli 2019. aasta 9 kuu müügitulu osakaal väljaspool Eestit on 62% (9
kuud 2018: 60%).
FINANTSNÄITAJAD JA SUHTARVUD
Kasumlikkuse
näitajad -
ühisettevõtted
kapitaliosaluse
meetodil III kv III kv 9 kuud 9 kuud Muutus 12 kuud
(tuhandetes EUR) 2019 2018 Muutus % 2019 2018 % 2018
Perioodi kohta
Müügitulu 14 985 13 770 9% 47 771 43 091 11% 60 489
EBITDA 1 317 656 101% 3 576 2 905 23% 4 263
EBITDA marginaal
(%) 8,8% 4,8% 7,5% 6,7% 7,0%
Ärikasum
/(kahjum) 339 (90) 477% 603 700 -14% 1 211
Ärirentaablus (%) 2,3% -0,7% 1,3% 1,6% 2,0%
Intressikulud (239) (109) -119% (555) (305) -82% (443)
Ühisettevõtete
kasum /(kahjum)
kapitaliosaluse
meetodil (16) (103) 84% (17) (12) -44% (273)
Perioodi
puhaskasum /(-
kahjum) 20 (387) 105% (238) 266 -190% 25
Puhasrentaablus
(%) 0,1% -2,8% -0,5% 0,6% 0,0%
Varade tootlus
(%) 0,0% -0,5% -0,3% 0,3% 0,0%
Omakapitali
tootlus (%) 0,0% -0,8% -0,5% 0,5% 0,0%
Puhaskasum aktsia
kohta (EPS) 0,00 (0,01) (0,01) 0,01 0,00
Finantsnäitajad ja kasumlikkuse suhtarvud proportsionaalselt konsolideerituna on
esitatud aruande leheküljel 11.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele ja bilansile on kirjeldatud aruande leheküljel 18 ja lisas
1.
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
Bilanss
(tuhandetes EUR) 30.09.2019 31.12.2018 Muutus % 30.09.2019 31.12.2018 Muutus %
Perioodi lõpu
seisuga
Käibevara 18 017 15 631 15% 16 916 13 831 22%
Põhivara 74 235 63 286 17% 73 487 62 907 17%
Varad kokku 92 252 78 917 17% 90 403 76 738 18%
sh raha ja
pangakontod 3 391 2 228 52% 2 771 1 268 119%
sh
firmaväärtus 43 420 39 799 9% 42 376 37 969 12%
Lühiajalised
kohustused 20 785 14 207 46% 19 131 12 186 57%
Pikaajalised
kohustused 21 532 14 276 51% 21 295 14 118 51%
Kohustused kokku 42 318 28 483 49% 40 426 26 304 54%
sh
võlakohustused 19 758 15 554 27% 19 498 15 474 26%
Omakapital 49 934 50 434 -1% 49 977 50 434 -1%
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
30.09.2019 30.09.2019
ilma ilma
Finantssuhtarvud IFRS 16 IFRS 16
(%) 30.09.2019 mõjuta 31.12.2018 30.09.2019 mõjuta 31.12.2018
Omakapitali
osakaal (%) 54% 56% 64% 55% 57% 66%
Võla ja
omakapitali suhe
(%) 40% 33% 31% 39% 33% 31%
Võla ja kapitali
suhe (%) 25% 21% 21% 25% 22% 22%
Koguvõla ja
EBITDA suhe
(total
debt/EBITDA
ratio) 3,88 3,30 3,70 3,95 3,40 3,63
Likviidsuskordaja 0,87 0,88 1,10 0,88 0,89 1,13
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
Seisuga 30.09.2019 on IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele
alljärgnev:
ühisettevõtted ühisettevõtted
50% konsolideeritud kapitaliosaluse meetodil
Bilanss (tuhandetes EUR) 30.09.2019 30.09.2019
Ehitiste kasutusõigus 2 750 2 525
Rendikohustus
(lühiajaline) 197 175
Rendikohustus
(pikaajaline) 2 775 2 537
Jaotamata kasum (263) (219)
ühisettevõtted 50% ühisettevõtted
Kasumiaruanne (tuhandetes konsolideeritud kapitaliosaluse meetodil
EUR) 9 kuud 2019 9 kuud 2019
Tegevuskulude vähenemine 693 590
Amortisatsioonikulu
suurenemine 585 525
Arvestuslik intressikulu
rendikohustustel 55 50
Finantssuhtarvude leidmisel kasutatud valemid
Kasum enne intresse, makse, materiaalse
ja immateriaalse põhivara kulumit. EBITDA
ei hõlma
vara väärtuse langust, mida kajastatakse
perioodi jooksul või restruktureerimise
EBITDA tulemust.
EBITDA marginaal (%) EBITDA/müügitulu x 100
Ärirentaablus (%) Ärikasum/müügitulu x100
Puhaskasum raamatupidamise
Puhasrentaablus (%) aruandes/müügitulu x100
Puhaskasum aktsia kohta Puhaskasum/keskmine aktsiate arv
Omakapital/ (kohustused + omakapital)
Omakapitali osakaal (%) x100
Kokku väljamakstud dividendisumma /
Dividendi määr (%) Puhaskasum
Intressikandvad võlakohustused
Võla ja omakapitali suhe (%) /omakapital x 100
Intressikandvad võlakohustused - raha ja
pangakontod (netovõlg)
Võla ja kapitali suhe (%) /(netovõlg+omakapital) x 100
Koguvõla ja EBITDA suhe (total
debt/EBITDA ratio) Intressikandvad võlakohustused/EBITDA
Laenumaksete ja intresside
kattekordaja EBITDA/perioodi laenu- ja intressimaksed
Likviidsuskordaja Käibevara/lühiajalised kohustused
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
Intresside ja laenumaksete
kattekordaja (DSCR) EBITDA/(laenu- ja intressimaksed)
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.09.2019 31.12.2018
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 2 771 1 268
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 10 674 9 154
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 219 27
------------------------------------------------------------------------------
Varud 3 253 3 382
------------------------------------------------------------------------------
Käibevara kokku 16 916 13 831
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 986 1 588
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 49 44
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 272 2 345
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 323 319
------------------------------------------------------------------------------
Materiaalne põhivara 14 702 11 921
------------------------------------------------------------------------------
Immateriaalne põhivara 56 155 46 691
------------------------------------------------------------------------------
Põhivara kokku 73 487 62 907
------------------------------------------------------------------------------
VARAD KOKKU 90 403 76 738
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Laenukohustused 3 848 1 356
------------------------------------------------------------------------------
Võlad ja ettemaksed 15 123 10 801
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 159 29
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 19 131 12 186
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised laenukohustused 15 650 14 118
------------------------------------------------------------------------------
Muud pikaajalised kohustused 5 645 0
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 21 295 14 118
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 426 26 304
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 92 87
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 17 878 17 878
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (22) (22)
------------------------------------------------------------------------------
Reservid 1 688 1 688
------------------------------------------------------------------------------
Jaotamata kasum 16 064 16 526
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 49 885 50 347
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 49 977 50 434
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 90 403 76 738
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
III kv III kv 9 kuud 9 kuud 12 kuud
(tuhandetes EUR) 2019 2018 2019 2018 2018
-------------------------------------------------------------------------------
Müügitulu 14 985 13 770 47 771 43 091 60 489
-------------------------------------------------------------------------------
Müüdud toodangu kulu (12 161) (11 399) (39 384) (34 989) (48 874)
-------------------------------------------------------------------------------
Brutokasum 2 824 2 371 8 387 8 102 11 615
-------------------------------------------------------------------------------
Muud äritulud 161 61 450 222 394
-------------------------------------------------------------------------------
Turunduskulud (685) (693) (2 311) (2 177) (3 108)
-------------------------------------------------------------------------------
Üldhalduskulud (1 962) (1 816) (5 868) (5 398) (7 609)
-------------------------------------------------------------------------------
Muud ärikulud 1 (14) (54) (49) (82)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) 339 (90) 603 700 1 211
-------------------------------------------------------------------------------
Intressitulud 6 30 18 118 143
-------------------------------------------------------------------------------
Intressikulud (239) (109) (555) (305) (443)
-------------------------------------------------------------------------------
Muud
finantstulud/(kulud) 7 (17) (37) (51) (103)
-------------------------------------------------------------------------------
Kokku
finantstulud/(kulud) (226) (96) (574) (238) (403)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete
aktsiatelt ja osadelt (16) (103) (17) (12) (273)
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt (22) 9 (97) 9 (234)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 75 (280) (85) 460 302
-------------------------------------------------------------------------------
Tulumaks (55) (107) (153) (194) (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 20 (387) (238) 266 25
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 20 (386) (243) 268 6
-------------------------------------------------------------------------------
Vähemusosalusele 0 (1) 5 (2) 19
-------------------------------------------------------------------------------
Koondkasum /(kahjum)
kokku 20 (387) (238) 266 25
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasum /(kahjum),
mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 20 (386) (243) 268 6
-------------------------------------------------------------------------------
Vähemusosalusele 0 (1) 5 (2) 19
-------------------------------------------------------------------------------
Tava- ja lahustunud
kasum /(kahjum) aktsia
kohta 0,00 (0,01) (0,01) 0,01 0,00
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) 9 kuud 2019 9 kuud 2018
------------------------------------------------------------------------------
Rahavood äritegevusest
------------------------------------------------------------------------------
Aruandeperioodi ärikasum / (-kahjum) 603 700
------------------------------------------------------------------------------
Korrigeerimised:
------------------------------------------------------------------------------
Põhivara kulum ja väärtuse langus 2 987 2 204
------------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest (17) (8)
------------------------------------------------------------------------------
Äritegevuse rahavood:
------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (1 463) (157)
------------------------------------------------------------------------------
Varude muutus 130 (840)
------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 3 363 1 287
------------------------------------------------------------------------------
Rahavood põhitegevusest
------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (220) (317)
------------------------------------------------------------------------------
Makstud intressid (428) (305)
------------------------------------------------------------------------------
Rahavood äritegevusest kokku 4 954 2 564
------------------------------------------------------------------------------
Rahavood investeerimistegevusest
------------------------------------------------------------------------------
Tütarettevõtete ost (miinus omandatud raha) (4 858) 0
------------------------------------------------------------------------------
Muude investeeringute ost 0 (1 000)
------------------------------------------------------------------------------
Laekumised muudest investeeringutest 323 0
------------------------------------------------------------------------------
Saadud intressid 18 70
------------------------------------------------------------------------------
Põhivara soetamine (2 124) (1 663)
------------------------------------------------------------------------------
Põhivara müük 18 27
------------------------------------------------------------------------------
Antud laenud (93) (551)
------------------------------------------------------------------------------
Antud laenude tagasimaksed 303 1 069
------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (6 414) (2 047)
------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
------------------------------------------------------------------------------
Makstud dividend 0 (2 085)
------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (669) (55)
------------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus (267) 1 008
------------------------------------------------------------------------------
Saadud laenud / laenude tagasimaksed 3 899 200
------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku 2 963 (932)
------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 1 503 (415)
------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 1 268 1 073
------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 2 771 658
------------------------------------------------------------------------------
Signe Kukin
Kontserni finantsjuht
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille tegevus hõlmab
veebimeedia sisutootmist, ajalehtede ja ajakirjade kirjastamist ning
trükiteenuste osutamist Eestis, Lätis ja Leedus. Ekspress Grupp, mis alustas oma
tegevust 1989. aastal, annab tööd 1700 inimesele, omab Baltimaades juhtivaid
online-meedia portaale, annab välja kõige populaarsemaid päeva- ja nädalalehti
ning enamikku Eesti kõige populaarsemaid ajakirju.
Teate sisu inglise keeles
Pealkiri
AS Ekspress Grupp: Consolidated unaudited interim report for the third quarter and 9 months of 2019
Teade
The revenue of AS Ekspress Grupp totalled EUR 16.8 million in the 3(rd) quarter
and EUR 53.6 million in the first nine months of 2019. Revenue growth continued
to be strong and it increased by 8% in the 3(rd) quarter as compared to last
year. Growth was primarily driven by digital revenue which increased by 17% as
compared to last year and made up already 58% of the Group's media segment
revenue at the end of September.
The revenue of the Group's media companies increased by over 12% in the first 9
months of the year. In the 3(rd) quarter, most media companies were successful
in advertising sale. In Estonia, the share of digital subscriptions also
continued to increase. As an important innovation, Delfi Lithuania launched the
sale of paid content in the 3(rd) quarter under the name of "DELFI plius". The
launch of DELFI's own linear television channel in collaboration with Telia was
also important in the Lithuanian market. The sale of paid content launched in
Latvia in the 2(nd) quarter has been well received in the market, meeting our
expectations. It should be kept in mind that the sale of paid content is a long-
term process and it takes time to change consumer habits, primarily in Latvia
and Lithuania where consumers have previously had no experience with paid
content of local media.
The Group's earnings before interest, tax, depreciation and amortisation
(EBITDA) totalled EUR 1.41 million in the 3(rd) quarter and EUR 3.88 million in
the first 9 months of the year. The 3(rd) quarter's EBITDA increased by 117% as
compared to the same period last year and by 30% in the first 9 months of the
year. Despite strong EBITDA growth, the Group still incurred a consolidated loss
in the amount of EUR 0.24 million in the first 9 months of the year due to two
previous weak quarters. In the 3(rd) quarter, the Group earned a profit in the
amount of EUR 0.02 million.
At the beginning of October, the wholly-owned Latvian subsidiary of AS Ekspress
Grupp, i.e. A/S Delfi, concluded a contract to acquire 25.5% of the shares SIA
Altero, that operates a comparison and brokerage portal for financial products
in Latvia and Lithuania (Altero.lv (https://www.altero.lv/) and Altero.lt
(https://www.altero.lt/)). More than 90,000 Altero clients have compared
financial offers of consumer loans, car loans and other products since the
launch in June 2016, which makes the company a leading provider of financial
comparison services in Latvia and Lithuania. The aim of the acquisition is to
increase the share of Group's digital revenues and develop its diversified
digital business. Altero activity has clear synergies with our media business
where movement of the final consumer has a similar pattern.
At the beginning of October, the Group issued 5000 notes with the nominal value
of 1000 euros, interest rate of 6% per year and the maturity date on 7 October
2027 in a private placement for the pension funds managed by AS LHV Varahaldus.
The notes were subscribed in the total amount of EUR 5 million. The Group used
the proceeds from the issuance of the notes for stable long-term refinancing of
the latest major capital expenditures and further expansion of the activities to
foster the Group in its implementation of a digital change.
In collaboration with other media organisations and the Association of Media
Companies, the Group has started to increase the awareness in Estonia regarding
on the topic of fairer taxation, with the goal of establishing a tax for
provision of digital services in Estonia.
Explosive growth of digital services (social media networks, sharing platforms,
various mobile applications, online advertising, etc.) over the last ten years
has significantly impacted the structure of traditional economy, providing
completely new ways for making virtual transactions. On the other hand, this has
led to major changes in the economy: reducing the tax base and transferring the
profits of large information technology groups to the countries with a low tax
rate.
In Estonia, the fast development of digital economy has created the similar
problems as elsewhere in the European Union and the world: large digital
services companies are capable of generating significant revenue from digital
services targeted at Estonian users without a permanent place of operation in
Estonia, but such digital revenue is generally not taxed in Estonia. Both the
Group and other media organisations are of opinion that it is unilaterally
possible to legally establish a digital services tax.
SUMMARY OF THE RESULTS OF THE THIRD QUARTER AND NINE MONTHS
In the Group's reporting, the management monitors the performance on the basis
of proportional consolidation of joint ventures. The loan contract also
determines the calculation of some loan covenants while taking into account
proportional consolidation.
REVENUE
The consolidated revenue for the 3(rd) quarter of 2019 totalled EUR 16.8 million
(3(rd) quarter 2018: EUR 15.6 million) and for the first 9 months of the year,
it totalled EUR 53.6 million (9 months 2018: EUR 49.6 million). In the 3(rd)
quarter revenue increased by 8% as compared to the previous year. Revenue growth
is primarily attributable to the advertising revenue growth both in Estonia and
Lithuania. The share of the Group's digital revenue made up 40% of total revenue
and 58% of media segment revenue at the end of the 3(rd) quarter. In the first
9 months of 2019, the Group's digital revenue increased by 17% as compared to
the same period last year.
PROFITABILITY
In the 3(rd) quarter of 2019, consolidated EBITDA totalled EUR 1.41 million
(3(rd) quarter 2018: EUR 0.65 million) and in the first 9 months of 2019, it
totalled EUR 3.88 million (9 months 2018: EUR 2.99 million). EBITDA increased by
30% as compared to the previous year, of which EUR +0.64 million was related to
the effect of the new accounting standard IFRS 16 Leases entered into force on
1 January 2019 on EBITDA. The EBITDA margin increased to 7.2% (9 months
2018: 6.0%). In the 3(rd) quarter, the Group earned a profit in the amount of
EUR 0.02 million. In the first 9 months of 2019, the consolidated net loss was
EUR -0.24 million (9 months 2018: profit EUR 0.27 million). The decline in
profitability was primarily related to the intensifying competition in the
printing services segment and the increase in input prices. In addition, it was
related to the decline in the revenue of print media as well as higher home
delivery and labour costs. In the first 9 months of 2019, the additional loss of
EUR 0.1 million was related to the interests in associates and other financial
investments.
From 1 January 2019, the Group has applied the new mandatory accounting standard
IFRS 16 Leases. Due to this, the leased assets and lease liabilities are
recognised at the present value of lease payments in the balance sheet.
Depreciation on leased assets and the estimated interest expense on lease
liabilities are recognised in the income statement.
The effect of IFRS 16 on the consolidated balance sheet and income statement as
at 30 September 2019 is disclosed on page 18 of the financial statements.
CASH POSITION
At the end of the reporting period, the Group had available cash by proportional
consolidation in the amount of EUR 3.4 million and equity in the amount of EUR
49.9 million (54% of total assets, without taking into account the effect of
IFRS 16 - 56%). The comparative figures as of 30 September 2018 were EUR 2.2
million and EUR 50.4 million (64% of total assets), respectively. As of 30
September 2019, the Group's net debt totalled EUR 16.4 million. Without taking
into account the effect of IFRS 16, the Group's net debt totalled EUR 13.4
million (30 September 2018: EUR 13.3 million).
BUSINESS OPERATIONS
In the consolidated financial reports 50% joint ventures are recognised under
the equity method, in compliance with International Financial Reporting
Standards (IFRS). In its monthly reports, the management monitors the Group's
performance on the basis of proportional consolidation of joint ventures and the
syndicated loan contract also determines the calculation of some loan covenants
by proportional consolidation.
For the purpose 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 net result is
presented as financial income in one line.
The effect of the new standard IFRS 16 "Leases" that entered into force on 1
January 2019 is described on page 18 and in Note 1 of the financial statements.
FINANCIAL INDICATORS AND RATIOS - joint ventures consolidated 50% line-by-line
Performance
indicators -
joint ventures
consolidated 12
50% (EUR 9 months 9 months months
thousand) Q3 2019 Q3 2018 Change % 2019 2018 Change % 2018
For the period
Sales 16 800 15 596 8% 53 585 49 606 8% 69 096
EBITDA 1 405 647 117% 3 880 2 991 30% 4 206
EBITDA margin
(%) 8.4% 4.1% 7.2% 6.0% 6.1%
Operating
profit /(loss) 324 (195) 267% 594 695 -15% 944
Operating
margin (%) 1.9% -1.2% 1.1% 1.4% 1.4%
Interest
expenses (240) (111) -115% (562) (317) -77% (458)
Net profit
/(loss) for the
period 20 (387) 105% (238) 266 -189% 25
Net margin (%) 0.1% -2.5% -0.4% 0.5% 0.0%
Return on
assets (ROA)
(%) 0.0% -0.5% -0.3% 0.3% 0.0%
Return on
equity (ROE)
(%) 0.0% -0.8% -0.5% 0.5% 0.0%
Earnings per
share (EPS) 0.00 (0.01) (0.01) 0.01 0.00
SEGMENT OVERVIEW
The Group's activities are divided into two large segments - media segment and
printing services segment
The media segment includes the Group's activities in Estonia, Latvia and
Lithuania. It comprises the operations of online portal Delfi, several other
news portal providing online advertising network and programmatic sales
solutions, digital outdoor advertising in Estonia and Latvia, publishing of the
Estonian weekly newspapers Maaleht, Eesti Ekspress and LP, publishing of the
daily newspaper Päevaleht and tabloid Õhtuleht, publishing of the freesheet
Linnaleht, publishing of books and magazines in Estonia and providing home
delivery services. The media segment also includes organisation of the
technology and innovation conference Login in Lithuania (since March 2019),
operation of the electronic ticket sales platform (bilesuparadize.lv
(http://www.bilesuparadize.lv)), ticket sales sites in Latvia (since June
2019), selling through them tickets to various entertainment events on behalf of
event organisers and production studio for content creation.
The printing services segment includes AS Printall which one of the largest is
printing companies in Estonia. We are able to print high-quality magazines,
newspapers, advertising materials, product and service catalogues, yearbooks,
paperback books and other publications in our printing plant.
Segment EBITDA does not include one-off write-downs for goodwill and trademarks.
Volume-based fees and other fees payable to agencies have been deducted from the
segment's advertising revenue.
The effect of the new standard IFRS 16 Leases entered into effect on 1 January
2019 on the income statement is described on page 18 and Note 1 to the financial
statements.
Key financial indicators for segments
(EUR thousand) Sales
12
9 months 9 months months
Q3 2019 Q3 2018 Change % 2019 2018 Change % 2018
Media segment
(under equity
method) 9 908 8 593 15% 30 777 26 002 18% 37 248
incl. revenue
from all digital
and online
channels 6 987 5 555 26% 20 815 17 468 19% 24 561
Printing services
segment 5 608 5 614 0% 18 789 18 190 3% 25 242
Corporate
functions 512 615 -17% 1 558 2 004 -22% 2 341
Inter-segment
eliminations (1 043) (1 052) (3 353) (3 104) (4 342)
TOTAL GROUP under
equity method 14 985 13 770 9% 47 771 43 091 11% 60 489
Media segment (by
proportional
consolidation) 11 877 10 573 12% 37 084 33 208 12% 46 716
incl. revenue
from all digital
and online
channels 7 204 5 875 23% 21 598 18 471 17% 25 954
Printing services
segment 5 608 5 614 0% 18 789 18 190 3% 25 242
Corporate
functions 512 615 -17% 1 558 2 004 -22% 2 341
Inter-segment
eliminations (1 197) (1 206) (3 846) (3 795) (5 204)
TOTAL GROUP by
proportional
consolidation 16 800 15 596 8% 53 585 49 606 8% 69 096
(EUR thousand) EBITDA
12
9 months 9 months months
Q3 2019 Q3 2018 Change % 2019 2018 Change % 2018
Media segment
(under equity
method) 1 188 625 90% 2 988 2 022 48% 3 355
Media segment (by
proportional
consolidation) 1 277 616 107% 3 292 2 108 56% 3 329
Printing services
segment 357 440 -19% 1 465 1 924 -24% 2 403
Corporate
functions (219) (409) 47% (854) (1 042) 18% (1 492)
Inter-segment
eliminations (10) 0 (23) 1 (2)
TOTAL GROUP under
equity method 1 317 656 101% 3 576 2 905 23% 4 263
TOTAL GROUP by
proportional
consolidation 1 405 647 117% 3 880 2 991 30% 4 206
12 months
EBITDA margin Q3 2019 Q3 2018 9 months 2019 9 months 2018 2018
Media segment (under
equity method) 12% 7% 10% 8% 9%
Media segment (by
proportional
consolidation) 11% 6% 9% 6% 7%
Printing services
segment 6% 8% 8% 11% 10%
TOTAL GROUP under
equity method 9% 5% 7% 7% 7%
TOTAL GROUP by
proportional
consolidation 8% 4% 7% 6% 6%
MEDIA SEGMENT
ONLINE MEDIA
Important progress and significant accomplishments per country are listed below.
Estonia
* Ekspress Meedia stood out with several large campaigns, such as "Don't Read
While Driving" (Delfi), "Series of Lake Races" (Delfi), "Forest" (Maaleht),
"The Baltic Way 30" (Maaleht), "The Newspaper of Tomorrow" (Eesti
Päevaleht), and the campaign of newspaper boys and girls of Eesti Ekspress.
* Several major longread articles were published, such as "Look Back at the
Song Festival (https://longread.delfi.ee/a/86657111)", a longread related to
the shipwreck of MS Estonia (https://longread.delfi.ee/a/87445717) and a
long-read Mähkmeer (https://longread.delfi.ee/a/86538559).
* In Delfi, the block "breaking news" was revamped both in online and mobile
versions.
* Delfi launched a special environment for Basketball World Championship 2019
(https://sport.delfi.ee/news/korvpall/mm2019/).
* Ekspress Meedia had a successful quarter of events, the highlights including
the opening party of the magazine Anne ja Stiil; Zalgiris basketball
evening, Maaleht trips and Olustvere fair of home-canned foods.
* Ekspress Meedia launched a new major portal Delfi Lood
(https://lood.delfi.ee/).
* Ekspress Meedia launched a new DelfiTV video block with a revamped structure
and design.
* Õhtuleht Kirjastus launched revamped mobile apps for both platforms (Android
ja iOS).
* Õhtuleht Kirjastus launched an option to buy articles using mobile payments
and reached a new record in the revenue of digital products.
Latvia
* Latvian Delfi continued to be the biggest online news outlet by total
audience.
* Latvian Delfi plus digital subscriptions continued to grow quicker than
expected.
* Latvian Delfi served as main media partner for: Rammstein, Father John
Misty, Positivus (music festival), Fono C?sis (music festival), Pr?ta V?tra
(band), Instrumenti (band), Dagamba (band), Jelgava 94 (Latvian movie).
* Latvian Delfi launched multiple significant projects such as "Izlaushan?s 94
(https://www.delfi.lv/izlausanas/)" (the biggest escape in the history of
Latvian prisons), "Stay brutal (https://www.delfi.lv/stay-brutal/)" (youth
subcultures in 90'ties), "1989: Back to Freedom (https://www.delfi.lv/1989-
majupcels-briviba/)", "The Threshold of Pain
(https://www.delfi.lv/temas/sapju-slieksnis)" (about palliative care), DELFI
Campus (https://www.delfi.lv/campus/) (new portal about STEM education).
* Delfi TV launched new regular video show "You must know to judge".
* Delfi Verticals continued to post strong results, for example Tasty
(https://www.delfi.lv/tasty/) and Vina (https://www.delfi.lv/vina/) reached
their largest audience in history.
* Latvian Delfi launched a comprehensive program for optimizations and portal
improvements.
Lithuania
* Lithuanian Delfi launched Delfi Plius digital subscriptions and the Open
Monetization Platform (https://www.delfi.lt/m360/medijos/delfi-sukure-
atvira-platforma-leisiancia-uzsidirbti-visiems-turinio-
kurejams.d?id=81643595) both of which were well received by the market.
* DELFI TV linear channel was launched on Telia platform in Lithuania.
* Lithuanian Delfi launched 4th year in a row its traditional Influentials
project (https://www.delfi.lt/apps/itakingiausieji2019/).
* Lithuanian Delfi launched a donations based initiative ?responsible
standpoint (https://www.delfi.lt/temos/atsakingas-poziuris/)".
* Debunk.eu project got even more international attention and recognition: The
Independent (https://www.independent.co.uk/news/world/europe/lithuania-
elves-russia-election-tampering-online-cyber-crime-hackers-kremlin-
a9008931.html?fbclid=IwAR2gFFzmUR8y8OBvVDLhlUKXz-
AFKx0oQtqo7LJXAiBrCQNU7LPQFLhUslM) wrote favorably about the project and
European Council shared a video story about Debunk initiative across its
social media accounts on Facebook, Instagram, Twitter and LinkedIn which
explains how the Lithuanian tool empowers journalists in a fight against
disinformation (https://www.facebook.com/watch/?v=928577420918174).
PRINT MEDIA
Based on the data of the Estonian Newspaper Association, the daily newspaper
with the largest circulation in Estonia for the last 12 months continues to be
Õhtuleht. In January and December, the newspaper with the largest circulation
was Maaleht.
In the 3(rd) quarter of 2019, media segment revenue totalled EUR 11.9 million
(3(rd) quarter 2018: EUR 10.6 million) and in the first nine months of 2019, it
totalled EUR 37.1 million (first nine months of 2018: EUR 33.2 million). Revenue
increased by 12% as compared to the previous year. Revenue growth is primarily
attributable to the advertising revenue growth both in Estonia and Lithuania.
Digital media keeps growing and despite tough competition, we have not lost
market share and our revenue is increasing. By the end of the 3(rd) quarter, the
Group's digital revenue made up 40% of total revenue and 58% of media segment
revenue. The Group's digital revenue in the first 9 months of 2019 increased by
17% as compared to the same period last year.
The EBITDA of the media segment in the 3(rd) quarter of 2019 totalled EUR 1.3
million (3(rd) quarter 2018: EUR 0.6 million) and in the first 9 months of
2019, it totalled EUR 3.3 million (first 9 months of 2018: EUR 2.1 million). As
compared to the previous year, EBITDA increased by 56%, of which EUR +0.57
million was the effect of the new accounting standard IFRS 16 Leases entered
into force on 1 January 2019 on EBITDA.
REAL ESTATE PORTAL
According to the survey on the recognition of real estate companies that was
conducted by Turu-uuringute AS in the 2nd quarter of 2019, the recognition of
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) that was launched just one year
ago has reached almost the same level as that of the market leaders kv.ee and
City24. In just one year, Kinnisvara24.ee (https://kinnisvara24.delfi.ee) has
become the most popular real estate search channel for 39% of the respondents.
In the 3(rd) quarter of 2019, the portal Kinnisvara24.ee
(https://kinnisvara24.delfi.ee) laid a great emphasis on branding - in addition
to regular advertising channels, ads ran also on TV, radio, outdoor billboards,
magazines and newspapers and thus, the organic growth in the number of visits
reached 25% in the 3(rd) quarter.
A new portal subsite was completed which today has more than 170 new real estate
development projects. Close cooperation was launched with Inbank in order to
provide repair and interior decoration loans to visitors that can be
conveniently applied for through the real estate portal.
As of 30 September 2019, the portal Kinnisvara24.ee
(https://kinnisvara24.delfi.ee) had 506 active real estate companies and 560
regular users with active ads. The number of brokers who had joined the portal
was 1716.
In the 3(rd) quarter of 2019, the revenue increased by 7% as compared to the
2nd quarter.
The Group continues to actively develop the portal to attain the leadership
position in the market. The first-class search engine developed for
Kinnisvara24.ee (https://kinnisvara24.delfi.ee) enables to search real estate
properties by such criteria as "house with a pool" and "pets allowed" (rental
apartments).
At the competition "Real Estate Deal of the Year 2018", the Estonian Real Estate
Agents' Association awarded the first prize to the development of the real
estate portal Kinnisvara24.ee.
PRINTING SERVICES SEGMENT
In the 3(rd) quarter of 2019, the revenue of AS Printall totalled EUR 5.6
million (3(rd) quarter 2018: EUR 5.6 million) and in the first 9 months of
2019, it totalled EUR 18.8 million (first 9 months of 2018: EUR 18.2 million).
Revenue increased by 3% as compared to the previous year and it was primarily
impacted by higher paper prices. The revenue of printing services has declined
in Estonia due to the decline of the share of print media and advertising
brochures of large store chains. In the 3(rd) quarter of 2019, EBITDA totalled
EUR 0.4 million (3(rd) quarter 2018: EUR 0.4 million) and in the first nine
months of 2019, it totalled EUR 1.5 million (first nine months of 2018: EUR 1.9
million). EBITDA decreased by 24% as compared to the previous year. This was
primarily impacted by higher input prices (paper, labour, electricity, natural
gas, etc.) as well as stronger competition which put negative pressure on sales
margins.
For several consecutive years, the printing services segment has been under
pressure due to continued digitalisation of regular journalism and increasing
popularity of Internet as compared to printed products. Competition concerning
sales prices continues to be intense. The sales volumes of print circulations
have declined which in turn leads to higher printing costs. In addition,
appreciation of input prices (incl. labour, paper and electricity) is another
major challenge.
In the first 9 months of the year, the share of revenue of AS Printall in other
countries was 62% (9 months 2018: 60%).
FINANCIAL INDICATORS AND RATIOS
Performance
indicators -
joint ventures
under equity
method (EUR 9 months 9 months 12 months
thousand) Q3 2019 Q3 2018 Change % 2019 2018 Change % 2018
For the period
Sales 14 985 13 770 9% 47 771 43 091 11% 60 489
EBITDA 1 317 656 101% 3 576 2 905 23% 4 263
EBITDA margin
(%) 8.8% 4.8% 7.5% 6.7% 7.0%
Operating
profit /(loss) 339 (90) 477% 603 700 -14% 1 211
Operating
margin (%) 2.3% -0.7% 1.3% 1.6% 2.0%
Interest
expenses (239) (109) -119% (555) (305) -82% (443)
Profit /(loss)
of joint
ventures under
equity method (16) (103) 84% (17) (12) -44% (273)
Net profit
/(loss) for
the period 20 (387) 105% (238) 266 -190% 25
Net margin (%) 0.1% -2.8% -0.5% 0.6% 0.0%
Return on
assets (ROA)
(%) 0.0% -0.5% -0.3% 0.3% 0.0%
Return on
equity (ROE)
(%) 0.0% -0.8% -0.5% 0.5% 0.0%
Earnings per
share (EPS) 0.00 (0.01) (0.01) 0.01 0.00
Financial indicators and profitability ratios by proportional consolidation are
disclosed on page 11 of the financial statements.
The effect of the new standard IFRS 16 "Leases" that entered into effect on 1
January 2019 on the income statement and balance sheet is described on page 18
and Note 1 of the financial statements.
joint ventures 50% joint ventures under equity
consolidated method
Balance sheet
(EUR thousand) 30.09.2019 31.12.2018 Change % 30.09.2019 31.12.2018 Change %
As of the end of
the period
Current assets 18 017 15 631 15% 16 916 13 831 22%
Non-current
assets 74 235 63 286 17% 73 487 62 907 17%
Total assets 92 252 78 917 17% 90 403 76 738 18%
incl. cash and
bank 3 391 2 228 52% 2 771 1 268 119%
incl. goodwill 43 420 39 799 9% 42 376 37 969 12%
Current
liabilities 20 785 14 207 46% 19 131 12 186 57%
Non-current
liabilities 21 532 14 276 51% 21 295 14 118 51%
Total
liabilities 42 318 28 483 49% 40 426 26 304 54%
incl.
borrowings 19 758 15 554 27% 19 498 15 474 26%
Equity 49 934 50 434 -1% 49 977 50 434 -1%
joint ventures under equity
joint ventures 50% consolidated method
30.09.2019 30.09.2019
without without
Financial the effect the effect
ratios (%) 30.09.2019 of IFRS 16 31.12.2018 30.09.2019 of IFRS 16 31.12.2018
Equity
ratio (%) 54% 56% 64% 55% 57% 66%
Debt to
equity
ratio (%) 40% 33% 31% 39% 33% 31%
Debt to
capital
ratio (%) 25% 21% 21% 25% 22% 22%
Total
debt/EBITDA
ratio 3.88 3.30 3.70 3.95 3.40 3.63
Liquidity
ratio 0.87 0.88 1.10 0.88 0.89 1.13
From 1 January 2019, the Group applied the new mandatory accounting standard
IFRS 16 "Leases" to recognise rental expenses. Due to this, the leased assets
and lease liabilities are recognised at the present value of lease payments and
depredation on leased assets and the estimates interest expenses on lease
liabilities is recognised in the income statement.
As of 30.09.2019, the effect of IFRS 16 on the consolidated balance sheet and
income statement is as follows:
joint ventures
Balance sheet (EUR joint ventures under equity method
thousand) 50% consolidated 30.09.2019 30.09.2019
Right of use of
buildings 2 750 2 525
Lease liability (short-
term) 197 175
Lease liability (long-
term) 2 775 2 537
Retained earnings (263) (219)
joint ventures 50% joint ventures under
Income statement (EUR consolidated equity method
thousand) 9 months 2019 9 months 2019
Decrease in operating
expenses 693 590
Increase in depreciation 585 525
Estimated interest expense
on lease liabilities 55 50
Formulas used to calculate the financial ratios
Earnings before interest, tax, depreciation
and amortisation. EBITDA does not include
any impairment losses
recognised during the period or result from
EBITDA restructuring.
EBITDA margin (%) EBITDA/sales x 100
Operating margin (%) Operating profit/sales x100
Net margin in financial statements/sales
Net margin (%) x100
Earnings per share Net profit / average number of shares
Equity ratio (%) Equity/ (liabilities + equity) x100
Dividend rate (%) Total amount of dividends paid / Net profit
Debt to equity ratio (%) Interest bearing liabilities /equity x 100
Interest bearing liabilities - cash and
cash equivalents (net debt) /(net debt
Debt to capital ratio (%) +equity) x 100
Total debt/EBITDA ratio Interest bearing borrowings /EBITDA
EBITDA/loan and interest payments for the
Debt service coverage ratio period
Liquidity ratio Current assets / current liabilities
Return on assets ROA (%) Net profit /average assets x 100
Return on equity ROE (%) Net profit /average equity x 100
EBITDA/(interest payments + principal
Debt-Service Coverage Ratio (DSCR) repayments)
Consolidated balance sheet (unaudited)
(EUR thousand) 30.09.2019 31.12.2018
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 2 771 1 268
-------------------------------------------------------------------------------
Trade and other receivables 10 674 9 154
-------------------------------------------------------------------------------
Corporate income tax prepayment 219 27
-------------------------------------------------------------------------------
Inventories 3 253 3 382
-------------------------------------------------------------------------------
Total current assets 16 916 13 831
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Trade and other receivables 986 1 588
-------------------------------------------------------------------------------
Deferred tax asset 49 44
-------------------------------------------------------------------------------
Investments in joint ventures 1 272 2 345
-------------------------------------------------------------------------------
Investments in associates 323 319
-------------------------------------------------------------------------------
Property, plant and equipment 14 702 11 921
-------------------------------------------------------------------------------
Intangible assets 56 155 46 691
-------------------------------------------------------------------------------
Total non-current assets 73 487 62 907
-------------------------------------------------------------------------------
TOTAL ASSETS 90 403 76 738
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 3 848 1 356
-------------------------------------------------------------------------------
Trade and other payables 15 123 10 801
-------------------------------------------------------------------------------
Corporate income tax payable 159 29
-------------------------------------------------------------------------------
Total current liabilities 19 131 12 186
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 15 650 14 118
-------------------------------------------------------------------------------
Other long-term liabilities 5 645 0
-------------------------------------------------------------------------------
Total non-current liabilities 21 295 14 118
-------------------------------------------------------------------------------
TOTAL LIABILITIES 40 426 26 304
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority shareholding 92 87
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 17 878 17 878
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (22) (22)
-------------------------------------------------------------------------------
Reserves 1 688 1 688
-------------------------------------------------------------------------------
Retained earnings 16 064 16 526
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 49 885 50 347
-------------------------------------------------------------------------------
TOTAL EQUITY 49 977 50 434
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 90 403 76 738
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
9 months 9 months 12 months
(EUR thousand) Q3 2019 Q3 2018 2019 2018 2018
-------------------------------------------------------------------------------
Sales 14 985 13 770 47 771 43 091 60 489
-------------------------------------------------------------------------------
Cost of sales (12 161) (11 399) (39 384) (34 989) (48 874)
-------------------------------------------------------------------------------
Gross profit 2 824 2 371 8 387 8 102 11 615
-------------------------------------------------------------------------------
Other income 161 61 450 222 394
-------------------------------------------------------------------------------
Marketing expenses (685) (693) (2 311) (2 177) (3 108)
-------------------------------------------------------------------------------
Administrative
expenses (1 962) (1 816) (5 868) (5 398) (7 609)
-------------------------------------------------------------------------------
Other expenses 1 (14) (54) (49) (82)
-------------------------------------------------------------------------------
Operating profit
/(loss) 339 (90) 603 700 1 211
-------------------------------------------------------------------------------
Interest income 6 30 18 118 143
-------------------------------------------------------------------------------
Interest expenses (239) (109) (555) (305) (443)
-------------------------------------------------------------------------------
Other finance income
and costs 7 (17) (37) (51) (103)
-------------------------------------------------------------------------------
Net finance cost (226) (96) (574) (238) (403)
-------------------------------------------------------------------------------
Profit (loss) on
shares of joint
ventures (16) (103) (17) (12) (273)
-------------------------------------------------------------------------------
Profit (loss) on
shares of associates (22) 9 (97) 9 (234)
-------------------------------------------------------------------------------
Profit /(loss) before
income tax 75 (280) (85) 460 302
-------------------------------------------------------------------------------
Income tax expense (55) (107) (153) (194) (276)
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period 20 (387) (238) 266 25
-------------------------------------------------------------------------------
Net profit /(loss)
for the reporting
period attributable
to
-------------------------------------------------------------------------------
Equity holders of the
parent company 20 (386) (243) 268 6
-------------------------------------------------------------------------------
Minority shareholders 0 (1) 5 (2) 19
-------------------------------------------------------------------------------
Total comprehensive
income 20 (387) (238) 266 25
-------------------------------------------------------------------------------
Comprehensive income
for the reporting
period attributable
to
-------------------------------------------------------------------------------
Equity holders of the
parent company 20 (386) (243) 268 6
-------------------------------------------------------------------------------
Minority shareholders 0 (1) 5 (2) 19
-------------------------------------------------------------------------------
Basic and diluted
earnings per share 0,00 (0,01) (0,01) 0,01 0,00
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 9 months 2019 9 months 2018
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year 603 700
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation, amortisation and impairment 2 987 2 204
-------------------------------------------------------------------------------
(Gain)/loss on sale and write-down of property,
plant and equipment (17) (8)
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (1 463) (157)
-------------------------------------------------------------------------------
Inventories 130 (840)
-------------------------------------------------------------------------------
Trade and other payables 3 363 1 287
-------------------------------------------------------------------------------
Cash generated from operations
-------------------------------------------------------------------------------
Income tax paid (220) (317)
-------------------------------------------------------------------------------
Interest paid (428) (305)
-------------------------------------------------------------------------------
Net cash generated from operating activities 4 954 2 564
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Purchase of subsidiaries (less acquired cash) (4 858) 0
-------------------------------------------------------------------------------
Purchase of other investments 0 (1 000)
-------------------------------------------------------------------------------
Proceeds from joint ventures 323 0
-------------------------------------------------------------------------------
Interest received 18 70
-------------------------------------------------------------------------------
Purchase of property, plant and equipment (2 124) (1 663)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment 18 27
-------------------------------------------------------------------------------
Loans granted (93) (551)
-------------------------------------------------------------------------------
Loan repayments received 303 1 069
-------------------------------------------------------------------------------
Net cash used in investing activities (6 414) (2 047)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid 0 (2 085)
-------------------------------------------------------------------------------
Lease payments made (669) (55)
-------------------------------------------------------------------------------
Change in overdraft (267) 1 008
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans 3 899 200
-------------------------------------------------------------------------------
Net cash used in financing activities 2 963 (932)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS 1 503 (415)
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
year 1 268 1 073
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the year 2 771 658
-------------------------------------------------------------------------------
Signe Kukin
Group CFO
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading media group in the Baltic States whose key
activities include web media content production, publishing of newspapers and
magazines and provision of printing services in Estonia, Latvia and Lithuania.
Ekspress Grupp that launched its operations in 1989 employs 1700 people, owns
leading web media portals in the Baltic States and publishes the most popular
daily and weekly newspapers as well as the majority of the most popular
magazines in Estonia.