Börsiteade
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
7816
Manused
Esitamise kuupäev ja aeg
28.02.2020 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2019.aasta IV kvartali ja 12 kuu konsolideeritud auditeerimata vahearuanne
Teade
2019. aasta kujunes ASile Ekspress Grupp viimaste aastate edukaimaks. Ettevõte
kasvatas digitaalsete tulude suurenemise toel müügitulu ning teenis aasta
viimases kvartalis tugeva kasumi, mille toel lõpetas ka kogu majandusaasta
kasumlikult.
Ekspress Grupi müügitulu ulatus neljandas kvartalis 21,7 miljoni euroni ja
2019. aastal kokku 75,3 miljoni euroni. Neljandas kvartalis kasvasid kontserni
tulud 11% võrreldes eelmise aasta sama perioodiga. Enim suurenesid digitaalsed
tulud, mis kasvasid eelmise aastaga võrreldes 22% ja moodustasid detsembri
lõpuks juba 60% kontserni meediasegmendi müügitulust.
Ekspress Grupi kasum enne intresse, makse, kulumit ja amortisatsiooni (EBITDA)
oli neljandas kvartalis 3,28 miljonit eurot ja 12 kuu jooksul kokku 7,16
miljonit eurot. Neljandas kvartalis teenis ettevõte viimase viie aasta suurima
EBITDA.
Kontsern jõudis tulude kasvule tuginedes kasumisse, teenides neljandas kvartalis
1,65 miljonit eurot puhaskasumit ning lõpetas majandusaasta kokku 1,41 miljoni
euro suuruse puhaskasumiga.
Juhtkond teeb ettepaneku jätta eelmise majandusaasta kasum jaotamata, kuna
kontserni eesmärk on jätkata investeeringuid digitaalse ärisuuna kasvatamisse.
Ekspress Grupi pikaajaline strateegia näeb ette üleminekut valdavalt
digitaalsele ärimudelile. Viimase 5 aasta jooksul ellu viidud tegevuste
tulemusena sõltub ettevõte järjest vähemal määral trükiteenustest.
2019. aasta viimases kvartalis oli ka Balti reklaamiturg kontserni kõigi
meediaettevõtete jaoks soodne. Meediaettevõtete müügitulu kasvas viimases
kvartalis 16% ja kogu aasta jooksul 13%. Osaliselt tuleneb kasv ka 2019. aastal
tehtud omandamistest.
Ekspress Grupp keskendub edaspidi nii olemasoleva digitaalse äri orgaanilisele
kasvule kui ka võimaluste leidmisele ärimahtude kasvatamiseks uute omandamiste
teel. Kontserni investeerimisstrateegiat toetab tugev rahapositsioon, mis kasvas
aastaga 2,2 miljonilt eurolt 4,5 miljoni euroni, ning pikaajaliste suunatud
võlakirjade väljastamine koostöös LHV Varahaldusega.
2019. aastal kasvas tugevalt Ekspress Grupi meediaväljaannete digitellimuste
hulk. Järjest suurem hulk meediaväljaannete lugejaid on valmis digitaalse
veebisisu eest maksma. Kõige suuremat kasvu näitasid digitellimused Eestis ja
Lätis. Leedus hakkas Ekspress Grupp tasulist sisu pakkuma alles kolmandas
kvartalis, kuid ka sealsed tulemused on julgustavad. Ettevõte teeb ka järgmistel
aastatel pingutusi digitellimuste hulga suurendamiseks kõigis kolmes Balti
riigis.
Ekspress Grupp koostöös teiste meediaorganisatsioonide ja meediaettevõtete
liiduga töötas 2019. aastal selle nimel, et tõsta laiema avalikkuse,
regulaatorite ning seadusandjate teadlikkust meediaettevõtete õiglasema
maksustamise teemal. Globaalsete digiteenuste (näiteks sotsiaalmeediavõrgud,
jagamisplatvormid, erinevad mobiilirakendused, veebireklaamid jne) plahvatuslik
kasv viimase 15 aasta jooksul on märkimisväärselt mõjutanud traditsioonilise
majanduse struktuuri, pakkudes täiesti uusi võimalusi virtuaalsete tehingute
tegemiseks. See on aga põhjustanud suuri muutusi majanduses: vähendatud
maksubaasi, lubanud suurtel infotehnoloogiakontsernidel kasumite kandmist madala
maksumääraga riikidesse ning soodustanud ebaausat konkurentsi kohalike
meediaväljaannete tulude arvelt. Eesti Meediaettevõtete Liit on töötanud välja
kolm ettepanekut kohalike ning rahvusvaheliste meediaettevõtete võrdsemaks
kohtlemiseks: digimaks kohalikul turul tegutsevatele ülemaailmsetele
platvormidele, digitellimustele madalam käibemaks (sarnaselt paberväljaannetele)
ja selgem regulatsioon riiklike ringhäälinguorganisatsioonide tegevusele.
Neljandas kvartalis tähistasime Delfi portaali 20. sünnipäeva Eestis ja Lätis.
Mõlemas riigis on Delfi juba 20 aastat eelistatuim ja suurima lugejaskonnaga
uudisportaal.
KOKKUVÕTE IV KVARTALI JA 12 KUU TULEMUSTEST
Kontserni sisemises aruandluses jälgib juhtkond tulemusi konsolideerides
ühisettevõtted proportsionaalselt. Samuti on sätestatud laenulepingus ja
võlakirjade tingimustes suhtarvude jälgimine, võttes arvesse proportsionaalset
konsolideerimist.
MÜÜGITULU
2019. aasta IV kvartali konsolideeritud müügitulu oli 21,7 miljonit eurot (IV
kvartal 2018: 19,5 miljonit eurot) ja 12 kuu müügitulu oli 75,3 miljonit eurot
(12 kuud 2018: 69,1 miljonit eurot). IV kvartali müügitulu kasvas 11% võrreldes
eelmise aastaga. Müügitulu kasv tuleneb peamiselt reklaamimüügi tulude kasvust
nii Eestis kui ka Leedus ning samuti Läti piletimüügiplatvormi SIA Bi?eshu
Parad?ze omandamisest juunis 2019, mille tulemusena kasvas kontserni online
müügitulu ja selle osakaal kogukäibes. SIA Bi?eshu Parad?ze haldab elektroonilist
piletimüügiplatvormi (bilesuparadize.lv (https://www.bilesuparadize.lv/en/)) ja
piletimüügikohti, müües nende kaudu ürituste korraldajate nimel pileteid
erinevatele meelelahutusüritustele. Kontserni digitaalsete tulude osakaal
moodustas IV kvartali lõpus 42% kogukäibest ning 60% meedia segmendi käibest.
Kontserni 2019. aasta 12 kuu digitaalsed tulud kasvasid 22% võrreldes eelmise
aasta sama perioodiga.
KASUMLIKKUS
2019. aasta IV kvartali konsolideeritud EBITDA oli 3,28 miljonit eurot (IV
kvartal 2018: 1,22 miljonit eurot) ja 2019. aasta 12 kuu tulemus oli 7,16
miljonit eurot (12 kuud 2018: 4,21 miljonit eurot). EBITDA kasvas 70% võrreldes
eelmise aastaga, millest +0,84 miljonit eurot oli alates 01.01.2019 rakendunud
uue raamatupidamisstandardi IFRS 16 ?Rendilepingud" mõju EBITDA-le. EBITDA
marginaal kasvas 9,5%-ni (12 kuud 2018: 6,1%). IV kvartalis teenis kontsern
1,65 miljonit eurot kasumit. 2019. aasta 12 kuu konsolideeritud puhaskasum oli
1,41 miljonit eurot (12 kuud 2018: 0,03 miljonit eurot). Kasumlikkuse kasvu taga
on eelkõige meediasegmendi head tulemused. Trükiteenuste segmendi kasumlikkus
langes seoses tiheneva konkurentsiga ja sisendhindade tõusuga.
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavaid varasid ja rendikohustusi bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil proportsionaalselt konsolideerides vabu
rahalisi vahendeid 4,5 miljonit eurot ja omakapitali 51,6 miljonit eurot (53%
bilansimahust, jättes arvestamata IFRS 16 mõju - 55%). Võrreldavad andmed 2018.
aasta 31. detsembri seisuga olid vastavalt 2,2 miljonit eurot ning 50,4 miljonit
eurot (64% bilansimahust). Seisuga 31. detsember 2019 oli kontserni netovõlg
20,1 miljonit eurot, jättes arvestamata IFRS 16 mõju, oli kontserni netovõlg
16,8 miljonit eurot (31. detsember 2018: 13,3 miljonit eurot).
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
IV kv IV kv 12 kuud 12 kuud
2019 2018 Muutus % 2019 2018 Muutus %
Meedia segment
(kapitaliosaluse
meetodil) 13 441 11 246 20% 44 218 37 248 19%
sh tulu kõikidest
digitaalsetest ja
online kanalitest 9 842 7 093 39% 30 534 24 561 24%
Trükiteenuste segment 6 906 7 052 -2% 25 695 25 242 2%
Kesksed tegevused 518 338 53% 2 076 2 341 -11%
Segmentidevahelised
elimineerimised (1 180) (1 238) (4 533) (4 342)
KONTSERN KOKKU
kapitaliosaluse
meetodil 19 685 17 398 13% 67 456 60 489 12%
Meedia segment
(proportsionaalselt
konsolideerituna) 15 627 13 509 16% 52 711 46 716 13%
sh tulu kõikidest
digitaalsetest ja
online kanalitest 10 103 7 482 35% 31 577 25 954 22%
Trükiteenuste segment 6 906 7 052 -2% 25 695 25 242 2%
Kesksed tegevused 518 338 53% 2 076 2 341 -11%
Segmentidevahelised
elimineerimised (1 339) (1 409) (5 185) (5 204)
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 21 712 19 490 11% 75 297 69 096 9%
(tuhandetes EUR) EBITDA
IV kv IV kv 12 kuud 12 kuud
2019 2018 Muutus % 2019 2018 Muutus %
Meedia segment
(kapitaliosaluse
meetodil) 2 978 1 333 123% 5 966 3 355 78%
Meedia segment
(proportsionaalselt
konsolideerituna) 3 083 1 221 152% 6 376 3 329 92%
Trükiteenuste segment 567 479 18% 2 032 2 403 -15%
Kesksed tegevused (296) (450) 34% (1 150) (1 492) 23%
Segmentidevahelised
elimineerimised (52) (3) (75) (2)
KONTSERN KOKKU
kapitaliosaluse
meetodil 3 196 1 359 135% 6 772 4 263 59%
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 3 284 1 215 170% 7 164 4 206 70%
EBITDA marginaal IV kv 2019 IV kv 2018 12 kuud 2019 12 kuud 2018
Meedia segment
(kapitaliosaluse meetodil) 22% 12% 13% 9%
Meedia segment
(proportsionaalselt
konsolideerituna) 20% 9% 12% 7%
Trükiteenuste segment 8% 7% 8% 10%
KONTSERN KOKKU kapitaliosaluse
meetodil 16% 8% 10% 7%
KONTSERN KOKKU
proportsionaalselt
konsolideerituna 15% 6% 10% 6%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 31.12.2019 31.12.2018
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 3 647 1 268
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 12 705 9 154
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 0 27
------------------------------------------------------------------------------
Varud 3 120 3 382
------------------------------------------------------------------------------
Käibevara kokku 19 472 13 831
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 975 1 588
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 38 44
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 254 2 345
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 356 319
------------------------------------------------------------------------------
Materiaalne põhivara 14 943 11 921
------------------------------------------------------------------------------
Immateriaalne põhivara 56 369 46 691
------------------------------------------------------------------------------
Põhivara kokku 75 935 62 907
------------------------------------------------------------------------------
VARAD KOKKU 95 407 76 738
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 5 100 1 356
------------------------------------------------------------------------------
Võlad ja ettemaksed 16 483 10 801
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 65 29
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 21 647 12 186
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised laenukohustused 19 242 14 118
------------------------------------------------------------------------------
Muud pikaajalised kohustused 2 895 0
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 22 137 14 118
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 43 784 26 304
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 100 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 17 701 16 526
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 51 522 50 347
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 51 622 50 434
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 95 407 76 738
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) IV kv 2019 IV kv 2018 12 kuud 2019 12 kuud 2018
-------------------------------------------------------------------------------
Müügitulu 19 685 17 398 67 456 60 489
-------------------------------------------------------------------------------
Müüdud toodangu kulu (14 660) (13 884) (54 044) (48 874)
-------------------------------------------------------------------------------
Brutokasum 5 025 3 513 13 412 11 615
-------------------------------------------------------------------------------
Muud äritulud 157 173 607 394
-------------------------------------------------------------------------------
Turunduskulud (814) (930) (3 124) (3 108)
-------------------------------------------------------------------------------
Üldhalduskulud (2 156) (2 211) (8 024) (7 609)
-------------------------------------------------------------------------------
Muud ärikulud (94) (33) (148) (82)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) 2 119 511 2 722 1 211
-------------------------------------------------------------------------------
Intressitulud 4 25 22 143
-------------------------------------------------------------------------------
Intressikulud (229) (138) (784) (443)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (24) (52) (61) (103)
-------------------------------------------------------------------------------
Kokku finantstulud/(kulud) (249) (165) (823) (403)
-------------------------------------------------------------------------------
Kasum/(kahjum) ühisettevõtete
aktsiatelt ja osadelt (22) (261) (38) (273)
-------------------------------------------------------------------------------
Kasum/(kahjum) sidusettevõtete
aktsiatelt ja osadelt (17) (243) (114) (234)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 1 831 (158) 1 746 302
-------------------------------------------------------------------------------
Tulumaks (186) (83) (339) (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 1 645 (240) 1 407 25
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele 1 637 (262) 1 394 6
-------------------------------------------------------------------------------
Vähemusosalusele 8 21 13 19
-------------------------------------------------------------------------------
Koondkasum /(kahjum) kokku 1 645 (240) 1 407 25
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum
/(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele 1 637 (262) 1 394 6
-------------------------------------------------------------------------------
Vähemusosalusele 8 21 13 19
-------------------------------------------------------------------------------
Tava- ja lahustunud kasum
/(kahjum) aktsia kohta 0,05 (0,01) 0,05 0,00
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) 2019 2018
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum 2 722 1 211
-------------------------------------------------------------------------------
Korrigeerimised:
-------------------------------------------------------------------------------
Põhivara kulum ja väärtuse langus 4 070 3 052
-------------------------------------------------------------------------------
Kasum osaluse muutusest tütarettevõttes (31) 0
-------------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest (4) (5)
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (2 929) (397)
-------------------------------------------------------------------------------
Varude muutus 262 (550)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 3 594 2 449
-------------------------------------------------------------------------------
Rahavood põhitegevusest 7 684 5 760
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (270) (379)
-------------------------------------------------------------------------------
Makstud intressid (740) (462)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 6 675 4 920
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütarettevõtete / sidusettevõtete ost (miinus omandatud raha) (6 648) 0
-------------------------------------------------------------------------------
Muude investeeringute ost ja laekumised 9 (995)
-------------------------------------------------------------------------------
Sissemaksed/laekumised kapitaliosaluse meetodil arvestatud
investeeringutesse /-st (63) 0
-------------------------------------------------------------------------------
Saadud intressid 14 127
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara ost (2 775) (3 082)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 19 29
-------------------------------------------------------------------------------
Antud laenud (118) (700)
-------------------------------------------------------------------------------
Laenude tagasimaksed 303 1 763
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (9 259) (2 858)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Väljamakstud dividendid 0 (2 085)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (2018:
kapitalirendimaksed) (978) (74)
-------------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus (265) 1 191
-------------------------------------------------------------------------------
Võlakirjade emiteerimine 5 000 0
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed 1 207 (900)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku 4 964 (1 868)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS 2 379 194
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 1 268 1 073
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 3 647 1 268
-------------------------------------------------------------------------------
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 fourth quarter and 12 months of 2019
Teade
The year 2019 was the most successful one for AS Ekspress Grupp in recent years.
The company increased its revenue on account of digital revenue growth, earned a
strong profit in the last quarter of the year and was also profitable for the
entire financial year.
The revenue of Ekspress Grupp totalled EUR 21.7 million in the fourth quarter of
last year and EUR 75.3 million in 2019. In the fourth quarter, the Group's
revenue increased by 11% as compared to the same period last year. Digital
revenue increased the most, growing by 22% as compared to last year and making
up already 60% of the Group's media segment revenue by the end of December.
The Group's earnings before interest, tax, depreciation and amortisation
(EBITDA) totalled EUR 3.28 million in the 4(th) quarter and EUR 7.16 million for
the 12 months period. The 4(th) quarter EBITDA sets a highest level of profits
of the Group over the last 5 years.
Due to higher revenue, the Group became profitable, earning net profit of EUR
1.65 in the fourth quarter and EUR 1.41 million in the financial year.
Management proposes not to distribute dividends from the retained profits, in
order to continue the investments into the growth of digital business. The Group
consistently continues to implement its long-term growth and investment strategy
in digital revenues in order to transform from print to digital. As a
consequence of the activities implemented over the last five years, the company
is less dependent on printing services.
The Baltic's advertising market supported a strong result in the last quarter of
all media businesses. The revenue of the Group's media companies increased by
16% in the last quarter and by 13% during the full year. This has also been
strongly supported by Group's acquisitions made in 2019.
Ekspress Grupp continues focusing on organic growth to increase our digital
footprint and at the same time exploring constantly various options for
potential acquisitions in order to increase the share of Group's digital
revenues and develop its diversified digital business. The Group's continuing
investment strategy is supported by a stronger cash position that has improved
from EUR 2.2 million last year to EUR 4.5 million as at 31 December 2019 and
also issuing the long-term bonds as private placement with the cooperation of
LHV Varahaldus.
In 2019, the number of digital subscriptions of the periodicals of Ekspress
Grupp increased strongly. A greater number of readers of periodicals are willing
to pay for the digital web content. The digital subscriptions in Estonia and
Latvia increased the most. In Lithuania, Ekspress Grupp started to provide paid
content in the third quarter, and its results are also encouraging. The company
will continue making efforts in the upcoming years to increase digital
subscriptions in all Baltic States.
Ekspress Grupp in collaboration with other media organisations and the
Association of Media Companies worked hard in 2019 to increase the awareness of
the wider public, regulators and legislators regarding the topic of fairer
taxation of media companies. The explosive growth of global digital services
(e.g. social media networks, sharing platforms, various mobile applications,
online advertising, etc.) over the last 15 years has significantly impacted the
structure of traditional economy, offering completely new ways to make virtual
transactions. This has led to major changes in the economy: reducing the tax
base, allowing large information technology groups to transfer their profits to
countries with a low tax rate and encouraging unfair competition by reducing the
earnings of local periodicals. The Estonian Association of Media Companies has
come up with three proposals for more equal treatment of local and international
media companies: a digital tax for global platforms operating in the local
market, lower value added tax for digital subscriptions (similarly to paper
periodicals) and clearer regulations for national broadcasting organisations.
In the 4th quarter we also celebrated Delfi's 20th anniversary in Estonia and
Latvia. Our portals in every country are the most preferred news portals with
the highest visitors' numbers and also with the biggest time share - already for
20 years.
SUMMARY OF THE RESULTS OF THE FOURTH QUARTER AND 12 MONTHS
In the Group's reporting, the management monitors the performance on the basis
of proportional consolidation of joint ventures. The loan contract and note
terms and conditions also determine the calculation of some covenants while
taking into account proportional consolidation.
REVENUE
The consolidated revenue for the 4(th) quarter of 2019 totalled EUR 21.7 million
(4(th) quarter 2018: EUR 19.5 million) and for 12 months of the year, it
totalled EUR 75.3 million (12 months 2018: EUR 69.1 million). In the 4(th)
quarter revenue increased by 11% as compared to the previous year. Revenue
growth is primarily attributable to the advertising revenue growth both in
Estonia and Lithuania and also to the acquisition of the Latvian ticket sales
platform company SIA Bi?eshu Parad?ze in June 2019 which increased the Group's
online revenue and its share in total revenue. SIA Bi?eshu Parad?ze manages the
electronic ticket sales platform (bilesuparadize.lv
(https://www.bilesuparadize.lv/en/)) and ticket sales sites, through which
tickets to various entertainment events on behalf of event organisers are sold.
The share of the Group's digital revenue made up 42% of total revenue and 60% of
media segment revenue at the end of the 4(th) quarter. The Group's digital
revenue for the 12 months of 2019 increased by 22% as compared to the same
period last year.
PROFITABILITY
In the 4(th) quarter of 2019, consolidated EBITDA totalled EUR 3.28 million
(4(th) quarter 2018: EUR 1.22 million) and in the 12 months of 2019, it totalled
EUR 7.16 million (12 months 2018: EUR 4.21 million). EBITDA increased by 70% as
compared to the previous year, of which EUR +0.84 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 9.5% (12 months
2018: 6.1%). In the 4(th) quarter, the Group earned a profit in the amount of
EUR 1.65 million. The consolidated net profit for the 12 months of 2019 was EUR
1.41 million (12 months 2018: EUR 0.03 million). The growth in profitability was
primarily related to the good results in media segment. In the printing services
segment there was a decline in profitablity due to the intensifying competition
and the increase in input prices.
From 1 January 2019, the Group has adopted 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.
CASH POSITION
At the end of the reporting period, the Group had available cash by proportional
consolidation in the amount of EUR 4.5 million and equity in the amount of EUR
51.6 million (53% of total assets, without taking into account the effect of
IFRS 16 - 55%). The comparative figures as of 31 December 2018 were EUR 2.2
million and EUR 50.4 million (64% of total assets), respectively. As of 31
December 2019, the Group's net debt totalled EUR 20.1 million. Without taking
into account the effect of IFRS 16, the Group's net debt totalled EUR 16.8
million (31 December 2018: EUR 13.3 million).
Key financial indicators for segments
(EUR thousand) Sales
12 months 12 months
Q4 2019 Q4 2018 Change % 2019 2018 Change %
-------------------------------------------------------------------------------
Media segment (under
equity method) 13 441 11 246 20% 44 218 37 248 19%
-------------------------------------------------------------------------------
incl. revenue
from all digital
and online channels 9 842 7 093 39% 30 534 24 561 24%
-------------------------------------------------------------------------------
Printing services
segment 6 906 7 052 -2% 25 695 25 242 2%
-------------------------------------------------------------------------------
Corporate functions 518 338 53% 2 076 2 341 -11%
-------------------------------------------------------------------------------
Inter-segment
eliminations (1 180) (1 238) (4 533) (4 342)
-------------------------------------------------------------------------------
TOTAL GROUP under
equity method 19 685 17 398 13% 67 456 60 489 12%
-------------------------------------------------------------------------------
Media segment (by
proportional
consolidation) 15 627 13 509 16% 52 711 46 716 13%
-------------------------------------------------------------------------------
incl. revenue from
all digital and
online channels 10 103 7 482 35% 31 577 25 954 22%
-------------------------------------------------------------------------------
Printing services
segment 6 906 7 052 -2% 25 695 25 242 2%
-------------------------------------------------------------------------------
Corporate functions 518 338 53% 2 076 2 341 -11%
-------------------------------------------------------------------------------
Inter-segment
eliminations (1 339) (1 409) (5 185) (5 204)
-------------------------------------------------------------------------------
TOTAL GROUP by
proportional
consolidation 21 712 19 490 11% 75 297 69 096 9%
-------------------------------------------------------------------------------
(EUR thousand) EBITDA
12 months 12 months
Q4 2019 Q4 2018 Change % 2019 2018 Change %
Media segment (under
equity method) 2 978 1 333 123% 5 966 3 355 78%
Media segment (by
proportional
consolidation) 3 083 1 221 152% 6 376 3 329 92%
Printing services
segment 567 479 18% 2 032 2 403 -15%
Corporate functions (296) (450) 34% (1 150) (1 492) 23%
Inter-segment
eliminations (52) (3) (75) (2)
TOTAL GROUP under
equity method 3 196 1 359 135% 6 772 4 263 59%
TOTAL GROUP by
proportional
consolidation 3 284 1 215 170% 7 164 4 206 70%
EBITDA margin Q4 2019 Q4 2018 12 months 2019 12 months 2018
Media segment (under equity
method) 22% 12% 13% 9%
Media segment (by proportional
consolidation) 20% 9% 12% 7%
Printing services segment 8% 7% 8% 10%
TOTAL GROUP under equity method 16% 8% 10% 7%
TOTAL GROUP by proportional
consolidation 15% 6% 10% 6%
Consolidated balance sheet (unaudited)
(EUR thousand) 31.12.2019 31.12.2018
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 3 647 1 268
-------------------------------------------------------------------------------
Trade and other receivables 12 705 9 154
-------------------------------------------------------------------------------
Corporate income tax prepayment 0 27
-------------------------------------------------------------------------------
Inventories 3 120 3 382
-------------------------------------------------------------------------------
Total current assets 19 472 13 831
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Trade and other receivables 975 1 588
-------------------------------------------------------------------------------
Deferred tax asset 38 44
-------------------------------------------------------------------------------
Investments in joint ventures 1 254 2 345
-------------------------------------------------------------------------------
Investments in associates 2 356 319
-------------------------------------------------------------------------------
Property, plant and equipment 14 943 11 921
-------------------------------------------------------------------------------
Intangible assets 56 369 46 691
-------------------------------------------------------------------------------
Total non-current assets 75 935 62 907
-------------------------------------------------------------------------------
TOTAL ASSETS 95 407 76 738
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 5 100 1 356
-------------------------------------------------------------------------------
Trade and other payables 16 483 10 801
-------------------------------------------------------------------------------
Corporate income tax payable 65 29
-------------------------------------------------------------------------------
Total current liabilities 21 647 12 186
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 19 242 14 118
-------------------------------------------------------------------------------
Other long-term liabilities 2 895 0
-------------------------------------------------------------------------------
Total non-current liabilities 22 137 14 118
-------------------------------------------------------------------------------
TOTAL LIABILITIES 43 784 26 304
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority shareholding 100 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 17 701 16 526
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 51 522 50 347
-------------------------------------------------------------------------------
TOTAL EQUITY 51 622 50 434
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 95 407 76 738
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q4 2019 Q4 2018 12 months 2019 12 months 2018
-------------------------------------------------------------------------------
Sales 19 685 17 398 67 456 60 489
-------------------------------------------------------------------------------
Cost of sales (14 660) (13 884) (54 044) (48 874)
-------------------------------------------------------------------------------
Gross profit 5 025 3 513 13 412 11 615
-------------------------------------------------------------------------------
Other income 157 173 607 394
-------------------------------------------------------------------------------
Marketing expenses (814) (930) (3 124) (3 108)
-------------------------------------------------------------------------------
Administrative expenses (2 156) (2 211) (8 024) (7 609)
-------------------------------------------------------------------------------
Other expenses (94) (33) (148) (82)
-------------------------------------------------------------------------------
Operating profit /(loss) 2 119 511 2 722 1 211
-------------------------------------------------------------------------------
Interest income 4 25 22 143
-------------------------------------------------------------------------------
Interest expenses (229) (138) (784) (443)
-------------------------------------------------------------------------------
Other finance income and costs (24) (52) (61) (103)
-------------------------------------------------------------------------------
Net finance cost (249) (165) (823) (403)
-------------------------------------------------------------------------------
Profit (loss) on shares of
joint ventures (22) (261) (38) (273)
-------------------------------------------------------------------------------
Profit (loss) on shares of
associates (17) (243) (114) (234)
-------------------------------------------------------------------------------
Profit /(loss) before income
tax 1 831 (158) 1 746 302
-------------------------------------------------------------------------------
Income tax expense (186) (83) (339) (276)
-------------------------------------------------------------------------------
Net profit /(loss) for the
reporting period 1 645 (240) 1 407 25
-------------------------------------------------------------------------------
Net profit /(loss) for the
reporting period attributable
to
-------------------------------------------------------------------------------
Equity holders of the parent
company 1 637 (262) 1 394 6
-------------------------------------------------------------------------------
Minority shareholders 8 21 13 19
-------------------------------------------------------------------------------
Total comprehensive income 1 645 (240) 1 407 25
-------------------------------------------------------------------------------
Comprehensive income for the
reporting period attributable
to
-------------------------------------------------------------------------------
Equity holders of the parent
company 1 637 (262) 1 394 6
-------------------------------------------------------------------------------
Minority shareholders 8 21 13 19
-------------------------------------------------------------------------------
Basic and diluted earnings per
share 0.05 (0.01) 0.05 0.00
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 2019 2018
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit for the reporting year 2 722 1 211
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation, amortisation and impairment 4 070 3 052
-------------------------------------------------------------------------------
Gain from change in ownership interest in subsidiary (31) 0
-------------------------------------------------------------------------------
(Gain)/loss on sale and write-down of property, plant and
equipment (4) (5)
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (2 929) (397)
-------------------------------------------------------------------------------
Inventories 262 (550)
-------------------------------------------------------------------------------
Trade and other payables 3 594 2 449
-------------------------------------------------------------------------------
Cash generated from operations 7 684 5 760
-------------------------------------------------------------------------------
Income tax paid (270) (379)
-------------------------------------------------------------------------------
Interest paid (740) (462)
-------------------------------------------------------------------------------
Net cash generated from operating activities 6 675 4 920
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less cash acquired) (6 648) 0
-------------------------------------------------------------------------------
Purchase and receipts of other investments 9 (995)
-------------------------------------------------------------------------------
Cash paid-in/ received from equity-accounted investees (63) 0
-------------------------------------------------------------------------------
Interest received 14 127
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and intangible
assets (2 775) (3 082)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment and
intangible assets 19 29
-------------------------------------------------------------------------------
Loans granted (118) (700)
-------------------------------------------------------------------------------
Loan repayments received 303 1 763
-------------------------------------------------------------------------------
Net cash used in investing activities (9 259) (2 858)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid 0 (2 085)
-------------------------------------------------------------------------------
Payment of lease liabilities (2018: payment of finance lease
liabilities) (978) (74)
-------------------------------------------------------------------------------
Change in overdraft (265) 1 191
-------------------------------------------------------------------------------
Notes issued 5 000 0
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans 1 207 (900)
-------------------------------------------------------------------------------
Net cash used in financing activities 4 964 (1 868)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS 2 379 194
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the year 1 268 1 073
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the year 3 647 1 268
-------------------------------------------------------------------------------
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.