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AS Ekspress Grupp
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529900B52V1TUMW7FS54
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Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
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Muud korporatiivtoimingud
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7968
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Esitamise kuupäev ja aeg
30.04.2020 08:00:00
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AS Ekspress Grupp: 2020.aasta I kvartali konsolideeritud auditeerimata vahearuanne
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ASi Ekspress Grupp 2020. aasta esimese kvartali müügitulu ulatus 15,7 miljonit euroni, mida on võrreldes 2019. aasta sama perioodiga 0,4 miljonit eurot ehk 2 protsenti enam. Kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA) oli 0,67 miljonit eurot, kasvades aastaga 0,06 miljonit eurot ehk 9 protsenti. Kontsern on jätkuvalt täitmas seatud eesmärki digitulude kasvatamise osas: I kvartali lõpuks moodustasid digitaalsed tulud 65 protsenti kontserni meediasegmendi müügituludest ning näitasid 7 protsendilist kasvu võrreldes eelmise aastaga. I kvartali puhaskahjumiks kujunes 0,74 miljonit eurot, mida on võrreldes 2019. aasta sama perioodiga 0,13 miljonit eurot ehk 21 protsenti enam. I kvartali kahjum on meediakontsernile tulenevalt sesoonsusest tavapärane, kuid kahjumi suurenemist mõjutas kontserni kõrgem intressikulu võrreldes eelmise aastaga. Valdav osa esimesest kvartalist Balti riikide majanduses tugev periood, mida peegeldas väga hästi ka meediaettevõtete tugev reklaamimüük. Jätkus ka tugev digitellimuste kasv kõigis kolmes riigis. Läti Delfi saavutas kohalikul ajakirjandusturul olukorra, kus eelmisel aastal turule toodud digitaalse tellimuse mudel omab tänaseks päevaks rohkem tellijaid kui suurem enamus Läti ajalehti. Veebruaris tähistas Leedu Delfi oma 20ndat sünnipäeva. Koos lineaarse telekanali lansseerimisega Leedu turul tutvustas Delfi oma uut visuaalset identiteeti, millele lähevad selle aasta jooksul üle ka nii Eesti kui Läti Delfi. Kontsern sai olulise tagasilöögi märtsi keskpaigas, kui Balti riigid kehtestasid eriolukorra koroonaviiruse leviku tõkestamiseks. See tõi omakorda kaasa järsud muudatused majanduskeskkonnas. Juhatus näeb, et viirusega kaasneva majanduskriisi mõjud saavad olema kontsernile olulised eeskätt teises ja kolmandas kvartalis ning sõltuvad eriolukorra pikkusest ja seatud piirangute sisust. Piirangutest tulenevate mõjude suhtes on kõige haavatavamad kontserni meediaettevõtted, eriti välimeedia, ning piletimüügi platvorm Lätis. Kriisile reageerimiseks kärpis kontserni juhtkond juba märtsis oluliselt kogu kulubaasi. Oleme jätkuvalt analüüsimas erinevaid stsenaariume ja võimalusi kulude vähendamiseks ning muid meetmeid finantsmõju haldamiseks. Kontsern on seisukohal, et pärast eriolukorra lõppu loodetav majanduse taastumine sõltub sellest, kui kaua eriolukord kestab. Oleme taotlemas erinevad riiklikke abimeetmeid, et leevendada eriolukorra mõju kontserni ettevõtetele raskeks kujunevas teises kvartalis. 2020. aasta esimeses kvartalis kasvas tugevalt Ekspress Grupi meediaväljaannete digitellimuste hulk jõudes Balti riikides kokku 54 tuhande tellijani. Järjest suurem hulk meediaväljaannete lugejaid on valmis digitaalse veebisisu eest maksma. Kõige suuremat kasvu näitasid digitellimused Eestis ja Lätis vastavalt 11% ja 61%. Digitellijate kasv on jätkunud ka eriolukorras, mis näitab väga selgesti, et pakume oma lugejatele usaldusväärset ajakirjandust. Ekspress Grupi ajakirjanikud pälvisid suure arvu ajakirjanduspreemiate nominatsioone ja võitsid Eestis kuus preemiat. Eesti Ekspressi ajakirjanik Sulev Vedler tunnistati Eesti mainekaima Bonneri preemia auhinna vääriliseks. Nii Kantar Emori poolt korraldatud eriolukorra seireuuring kui kiirenev digitellimuste kasv näitavad meediatarbijate kõrget usaldust kohaliku ajakirjanduse vastu. Eesmärgiga anda investoritele ja aruande lugejatele selgem, ühtne vaade ning hoida tegevusaruande ja finantsaruande vahel parem seos, esitab kontsern alates I kvatalist 2020 kõik tegevusaruandes toodud näitajad ja suhtarvud Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt. IFRS-i kohaselt on kontserni ühisettevõtted kajastatud tegevusaruandes kapitaliosaluse meetodil mitte enam proportsionaalselt konsolideerituna. KOKKUVÕTE I KVARTALI TULEMUSTEST Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50% ühisettevõtted kajastada konsolideeritud raamatupidamise aruannetes kapitaliosaluse meetodil. Selleks, et aruandetarbijale tagada selgem ühtne vaade raamatupidamise aruannetega, on alates 2020. aasta I kvartalist tegevusaruandes esitatud ainult näitajaid, milles ühisettevõtted on kajastatud kapitaliosaluse meetodil ning nende tulemus kajastub ühe reana finantstuludes. MÜÜGITULU 2020. aasta I kvartali konsolideeritud müügitulu oli 15,7 miljonit eurot (I kvartal 2019: 15,3 miljonit eurot). I kvartali müügitulu kasvas 2% võrreldes eelmise aastaga. Müügitulu kasv tuleneb peamiselt digitaalsete müügitulude kasvust. Kontserni digitaalsete tulude osakaal moodustas I kvartali lõpus 41% kogukäibest ning 65% meedia segmendi käibest. Kontserni 2020. aasta I kvartali digitaalsed tulud kasvasid 7% võrreldes eelmise aasta sama perioodiga. 2020. aasta I kvartali konsolideeritud müügitulu, milles ühisettevõtted on 50% rida- realt konsolideeritud, oli 17,6 miljonit eurot (I kvartal 2019: 17,3 miljonit eurot). KASUMLIKKUS 2020. aasta I kvartali konsolideeritud EBITDA oli 0,67 miljonit eurot (I kvartal 2019: 0,62 miljonit eurot). EBITDA kasvas 9% võrreldes eelmise aastaga ning EBITDA marginaal oli 4,3% (I kvartal 2019: 4,0%). I kvartali puhaskahjum oli 0,74 miljonit eurot, mida on võrreldes 2019. aasta sama perioodiga 0,13 miljonit eurot ehk 21 protsenti enam. I kvartali kahjum on meediakontsernile tulenevalt sesoonsusest tavapärane, kuid kahjumi suurenemist mõjutas kontserni kõrgem intressikulu võrreldes eelmise aastaga. RAHAPOSITSIOON Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 3,5 miljonit eurot ja omakapitali 50,9 miljonit eurot (54% bilansimahust). Võrreldavad andmed 2019. aasta 31. märts seisuga olid vastavalt 0,8 miljonit eurot ning 49,6 miljonit eurot (62% bilansimahust). Seisuga 31. märts 2020 oli kontserni netovõlg 20,4 miljonit eurot (31. märts 2019: 17,0 miljonit eurot). Tulenevalt COVID-19 eriolukorrast on kontsernil kokkulepe AS-iga SEB Pank laenumaksete peatamiseks perioodil märts-mai 2020. Segmentide peamised finantsnäitajad (tuhandetes EUR) Müügitulu I kv 2020 I kv 2019 Muutus % 12 kuud 2019 Meedia segment 10 003 9 357 7% 44 218 sh tulu kõikidest digitaalsetest ja online kanalitest 6 505 6 054 7% 30 534 sh % tulu kõikidest digitaalsetest ja online kanalitest 65% 65% 69% Trükiteenuste segment 6 243 6 570 -5% 25 695 Kesksed tegevused 515 539 -4% 2 076 Segmentidevahelised elimineerimised (1 082) (1 155) (4 533) KONTSERN KOKKU 15 680 15 310 2% 67 456 (tuhandetes EUR) EBITDA I kv 2020 I kv 2019 Muutus % 12 kuud 2019 Meedia segment 248 436 -43% 5 966 Trükiteenuste segment 584 550 6% 2 032 Kesksed tegevused (143) (363) 61% (1 150) Segmentidevahelised elimineerimised (17) (7) (75) KONTSERN KOKKU 671 616 9% 6 772 EBITDA marginaal I kv 2020 I kv 2019 12 kuud 2019 Meedia segment 2% 5% 13% Trükiteenuste segment 9% 8% 8% KONTSERN KOKKU 4% 4% 10% KONSOLIDEERITUD BILANSS (AUDITEERIMATA) (tuhandetes EUR) 31.03.2020 31.12.2019 ------------------------------------------------------------------------------ VARAD ------------------------------------------------------------------------------ Käibevara ------------------------------------------------------------------------------ Raha ja raha ekvivalendid 3 524 3 647 ------------------------------------------------------------------------------ Nõuded ostjate vastu ja muud nõuded 11 193 12 705 ------------------------------------------------------------------------------ Ettevõtte tulumaksu nõuded 66 0 ------------------------------------------------------------------------------ Varud 3 334 3 120 ------------------------------------------------------------------------------ Käibevara kokku 18 116 19 472 ------------------------------------------------------------------------------ Põhivara ------------------------------------------------------------------------------ Muud nõuded ja investeeringud 984 975 ------------------------------------------------------------------------------ Edasilükkunud tulumaksu vara 38 38 ------------------------------------------------------------------------------ Investeeringud ühisettevõtetesse 1 170 1 254 ------------------------------------------------------------------------------ Investeeringud sidusettevõtetesse 2 387 2 356 ------------------------------------------------------------------------------ Materiaalne põhivara 15 012 14 943 ------------------------------------------------------------------------------ Immateriaalne põhivara 56 305 56 369 ------------------------------------------------------------------------------ Põhivara kokku 75 896 75 935 ------------------------------------------------------------------------------ VARAD KOKKU 94 011 95 407 ------------------------------------------------------------------------------ KOHUSTUSED ------------------------------------------------------------------------------ Lühiajalised kohustused ------------------------------------------------------------------------------ Võlakohustused 5 016 5 100 ------------------------------------------------------------------------------ Võlad ja ettemaksed 16 285 16 483 ------------------------------------------------------------------------------ Ettevõtte tulumaksu kohustused 40 65 ------------------------------------------------------------------------------ Lühiajalised kohustused kokku 21 341 21 647 ------------------------------------------------------------------------------ Pikaajalised kohustused ------------------------------------------------------------------------------ Pikaajalised võlakohustused 18 908 19 242 ------------------------------------------------------------------------------ Muud pikaajalised kohustused 2 884 2 895 ------------------------------------------------------------------------------ Pikaajalised kohustused kokku 21 791 22 137 ------------------------------------------------------------------------------ KOHUSTUSED KOKKU 43 132 43 784 ------------------------------------------------------------------------------ OMAKAPITAL ------------------------------------------------------------------------------ Vähemusosalus 101 100 ------------------------------------------------------------------------------ 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 16 958 17 701 ------------------------------------------------------------------------------ Emaettevõtte omanikele kuuluv kapital ja reservid kokku 50 779 51 522 ------------------------------------------------------------------------------ OMAKAPITAL KOKKU 50 880 51 622 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL KOKKU 94 011 95 407 ------------------------------------------------------------------------------ KONSOLIDEERITUD KOONDKASUMIARUANNE (AUDITEERIMATA) (tuhandetes EUR) I kv 2020 I kv 2019 12 kuud 2019 ------------------------------------------------------------------------------- Müügitulu 15 680 15 310 67 456 ------------------------------------------------------------------------------- Müüdud toodangu kulu (13 472) (13 097) (54 044) ------------------------------------------------------------------------------- Brutokasum 2 208 2 214 13 412 ------------------------------------------------------------------------------- Muud äritulud 107 119 607 ------------------------------------------------------------------------------- Turunduskulud (757) (731) (3 124) ------------------------------------------------------------------------------- Üldhalduskulud (1 893) (1 938) (8 024) ------------------------------------------------------------------------------- Muud ärikulud (24) (21) (148) ------------------------------------------------------------------------------- Ärikasum /(kahjum) (359) (357) 2 722 ------------------------------------------------------------------------------- Intressitulud 6 6 22 ------------------------------------------------------------------------------- Intressikulud (224) (134) (784) ------------------------------------------------------------------------------- Muud finantstulud/(kulud) (16) (19) (61) ------------------------------------------------------------------------------- Kokku finantstulud/(kulud) (234) (147) (823) ------------------------------------------------------------------------------- Kasum/(kahjum) ühisettevõtete aktsiatelt ja osadelt (127) (51) (38) ------------------------------------------------------------------------------- Kasum/(kahjum) sidusettevõtete aktsiatelt ja osadelt (20) (59) (114) ------------------------------------------------------------------------------- Kasum /(kahjum) enne tulumaksustamist (740) (614) 1 746 ------------------------------------------------------------------------------- Tulumaks (2) (1) (339) ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum) (742) (615) 1 407 ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (743) (618) 1 394 ------------------------------------------------------------------------------- Vähemusosalusele 1 3 13 ------------------------------------------------------------------------------- Koondkasum /(kahjum) kokku (742) (615) 1 407 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (743) (618) 1 394 ------------------------------------------------------------------------------- Vähemusosalusele 1 3 13 ------------------------------------------------------------------------------- Tava- ja lahustunud kasum /(kahjum) aktsia kohta (0,02) (0,02) 0,05 ------------------------------------------------------------------------------- KONSOLIDEERITUD RAHAVOOGUDE ARUANNE (AUDITEERIMATA) (tuhandetes EUR) I kv 2020 I kv 2019 ------------------------------------------------------------------------------- Rahavood äritegevusest ------------------------------------------------------------------------------- Aruandeperioodi ärikasum (359) (357) ------------------------------------------------------------------------------- Korrigeerimised: ------------------------------------------------------------------------------- Põhivara kulum ja väärtuse langus 1 039 962 ------------------------------------------------------------------------------- (Kasum)/-kahjum põhivara müügist ja mahakandmisest 0 (1) ------------------------------------------------------------------------------- Äritegevuse rahavood: ------------------------------------------------------------------------------- Äritegevusega seotud nõuete ja ettemaksete muutus 1 588 (16) ------------------------------------------------------------------------------- Varude muutus (213) (217) ------------------------------------------------------------------------------- Äritegevusega seotud kohustuste ja ettemaksete muutus (308) 993 ------------------------------------------------------------------------------- Rahavood põhitegevusest ------------------------------------------------------------------------------- Makstud ettevõtte tulumaks (93) (73) ------------------------------------------------------------------------------- Makstud intressid (127) (134) ------------------------------------------------------------------------------- Rahavood äritegevusest kokku 1 526 1 158 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest ------------------------------------------------------------------------------- Tütar- ja sidusettevõtete ning muude investeeringute ost (miinus omandatud sularaha) / sissemaksed kapitaliosaluse meetodil arvestatud investeeringutesse (84) (459) ------------------------------------------------------------------------------- Saadud intressid 1 6 ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara soetamine (610) (597) ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara müük 1 3 ------------------------------------------------------------------------------- Antud laenud (59) (49) ------------------------------------------------------------------------------- Antud laenude tagasimaksed 0 199 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest kokku (752) (897) ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest ------------------------------------------------------------------------------- Rendikohustuse põhiosa tagasimaksed (310) (196) ------------------------------------------------------------------------------- Arvelduskrediidi kasutuse muutus (25) (665) ------------------------------------------------------------------------------- Saadud laenud / Laenude tagasimaksed (562) 138 ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest kokku (897) (723) ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENTIDE MUUTUS (123) (462) ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 3 647 1 268 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi lõpus 3 524 805 ------------------------------------------------------------------------------- Signe Kukin Kontserni finantsjuht AS Ekspress Grupp Tel: +372 669 8381 E-kiri: [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. Samuti haldab kontsern elektroonilist piletimüügiplatvormi ja piletimüügikohtasid Lätis. Ekspress Grupp, mis alustas oma tegevust 1989. aastal, annab tööd ligi 1700 inimesele, omab Baltimaades juhtivaid online-meedia portaale, annab välja kõige populaarsemaid päeva- ja nädalalehti ning enamikku Eesti kõige populaarsemaid ajakirju.
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AS Ekspress Grupp: Consolidated unaudited interim report for the First Quarter of 2020
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The revenue of Ekspress Grupp totalled EUR 15.7 million in the first quarter of 2020 which is EUR 0.4 million or 2 percent higher than in the same period last year. The Group's earnings before interest, tax, depreciation and amortisation (EBITDA) totalled EUR 0.67 million, increasing by EUR 0.06 million or 9 per cent year-over-year. The Group consistently meets its long-term goal of growing its digital revenue: at the end of the 1(st) quarter, digital revenue accounted for 65 per cent the Group's media segment revenue and it increased by 7 per cent as compared to the previous year. The net loss of the 1(st) quarter totalled EUR 0.74 million which is EUR 0.13 million or 21 per cent higher than in the same period of 2019. The loss incurred in the 1st quarter is typical of a media group due to seasonality, but the increase in the loss was additionally caused by a higher interest cost as compared to the previous year. The economy of the Baltic States was strong for the most part of the first quarter, evident in strong advertising sales of media companies. The growth of digital subscriptions also continued strongly in all three countries. Delfi Latvia achieved a situation in the local advertising market where the model of digital subscriptions launched on the market last year has yielded more subscribers today than most Latvia newspapers. In February, Delfi Lithuania celebrated its 20th anniversary. Together with the launch of the linear TV station in the Lithuanian market, Delfi introduced its new visual identity to be adopted by both Delfi Estonia and Delfi Latvia. In March, the Group received a major setback when the Baltic States declared a state of emergency to curb the spread of the coronavirus. This in turn led to dramatic changes in the economic environment. The Management Board is aware that the effects of the economic crisis accompanying the virus will be significant for the Group in the second and third quarters, and will depend on the duration and restrictions of the state of emergency. The Group's media companies are the most vulnerable to the effects arising from the restrictions, especially outdoor media and the ticket sales platform in Latvia. To react to the crisis, the Group's management significantly cut is cost base already in March. We are still analysing various scenarios and opportunities to cut costs and other measures to manage the economic effect. The Group is of opinion that after the end of the state of emergency, the expected economic recovery will depend on the duration of the state of emergency. We are applying for various national aid measures to alleviate the effect of the state of emergency on group companies in the second quarter which is expected to be difficult. In the 1st quarter of 2020, the number of digital subscriptions of the periodicals of Ekspress Grupp increased strongly, reaching 54 thousand subscribers. A greater number of the readers of periodicals are willing to pay for the digital web content. The digital subscriptions in Estonia and Latvia increased the most, by 11% and 61%, respectively. The growth of digital subscriptions has also continued in the state of emergency which clearly demonstrates that we provide reliable journalism to our readers. The journalists of Ekspress Grupp received a large number of nominations for journalism awards and won six awards in Estonia. The journalist of Eesti Ekspress, Sulev Vedler, received the Bonnier prize which is the most prestigious prize in Estonia. The survey conducted by Kantar Emor on the state of emergency as well as the accelerating growth of digital subscriptions demonstrate a high level of trust of media consumers in local journalism. For the purpose of providing a clearer and uniform view to the investors and readers of the financial statements, as well as for establishing a better link between the management report and the financial statements, from the 1st quarter of 2020, the Group discloses all figures and ratios in the management report according to International Financial Reporting Standards (IFRS). According to the IFRS, the Group's joint ventures are shown in the management report under the equity method and no longer by proportionate consolidation. SUMMARY OF THE RESULTS OF THE FIRST QUARTER In accordance with International Financial Reporting Standards (IFRS), 50% joint venture should be recognised under the equity method in the consolidated financial statements. To provide a clearer uniform overview of the financial statements to the readers of the financial statements, from the 1st quarter of 2020, only the information relating to the joint ventures recognised under the equity method is presented in the financial statements and their results are shown as one line in the finance income. REVENUE The consolidated revenue for the 1st quarter of 2020 totalled EUR 15.7 million (1st quarter 2019: EUR 15.3 million). The revenue for the 1st quarter increased by 2% year-over-year. Revenue growth is primarily attributable to the growth in digital revenue. At the end of the 1st quarter, digital revenue accounted for 41% of total revenue and 65% of the media segment revenue. The Group's digital revenue for the 1st quarter increased by 7% year-over-year. The consolidated revenue for the 1st quarter of 2020 where joint ventures have been 50% consolidated line-by-line, totalled EUR 17.6 million (1st quarter 2019: EUR 17.3 million). PROFITABILITY In the 1st quarter of 2020, the consolidated EBITDA totalled EUR 0.67 million (1st quarter 2019: EUR 0.62 million). EBITDA grew by 9% year-over-year and EBITDA margin was 4.3% (1st quarter 2019: 4.0%). The net loss for the 1st quarter was EUR 0.74 million, which is EUR 0.13 million or 21 per cent higher as compared to the same period in 2019. The loss incurred in the 1st quarter is typical of a media group due to seasonality, but the increase in the loss was caused by a higher interest cost as compared to the previous year. CASH POSITION At the end of the reporting period, the Group had available cash in the amount of EUR 3.5 million and equity In the amount of EUR 50.9 million (54% of total assets). The comparable figures as of 31 March 2019 were EUR 0.8 million and EUR 49.6 million (62% of total assets), respectively. As of 31 March 2020, the Group's net debt totalled EUR 20.4 million (31 March 2019: EUR 17.0 million). Due to the emergency state related to COVID-19, the Group has an agreement with AS SEB Pank to suspend loan repayments in the period March - May 2020. Key financial indicators for segments (EUR thousand) Sales Q1 2020 Q1 2019 Change % 12 months 2019 Media segment 10 003 9 357 7% 44 218 incl. revenue from all digital and online channels 6 505 6 054 7% 30 534 incl. % of revenue from all digital and online channels 65% 65% 69% Printing services segment 6 243 6 570 -5% 25 695 Corporate functions 515 539 -4% 2 076 Inter-segment eliminations (1 082) (1 155) (4 533) TOTAL GROUP 15 680 15 310 2% 67 456 (EUR thousand) EBITDA Q1 2020 Q1 2019 Change % 12 months 2019 Media segment 248 436 -43% 5 966 Printing services segment 584 550 6% 2 032 Corporate functions (143) (363) 61% (1 150) Inter-segment eliminations (17) (7) (75) TOTAL GROUP 671 616 9% 6 772 EBITDA margin Q1 2020 Q1 2019 12 months 2019 Media segment 2% 5% 13% Printing services segment 9% 8% 8% TOTAL GROUP 4% 4% 10% Consolidated balance sheet (unaudited) (EUR thousand) 31.03.2020 31.12.2019 ------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------- Current assets ------------------------------------------------------------------------------- Cash and cash equivalents 3 524 3 647 ------------------------------------------------------------------------------- Trade and other receivables 11 193 12 705 ------------------------------------------------------------------------------- Corporate income tax prepayment 66 0 ------------------------------------------------------------------------------- Inventories 3 334 3 120 ------------------------------------------------------------------------------- Total current assets 18 116 19 472 ------------------------------------------------------------------------------- Non-current assets ------------------------------------------------------------------------------- Other receivables and investments 984 975 ------------------------------------------------------------------------------- Deferred tax asset 38 38 ------------------------------------------------------------------------------- Investments in joint ventures 1 170 1 254 ------------------------------------------------------------------------------- Investments in associates 2 387 2 356 ------------------------------------------------------------------------------- Property, plant and equipment 15 012 14 943 ------------------------------------------------------------------------------- Intangible assets 56 305 56 369 ------------------------------------------------------------------------------- Total non-current assets 75 896 75 935 ------------------------------------------------------------------------------- TOTAL ASSETS 94 011 95 407 ------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------- Current liabilities ------------------------------------------------------------------------------- Borrowings 5 016 5 100 ------------------------------------------------------------------------------- Trade and other payables 16 285 16 483 ------------------------------------------------------------------------------- Corporate income tax payable 40 65 ------------------------------------------------------------------------------- Total current liabilities 21 341 21 647 ------------------------------------------------------------------------------- Non-current liabilities ------------------------------------------------------------------------------- Long-term borrowings 18 908 19 242 ------------------------------------------------------------------------------- Other long-term liabilities 2 884 2 895 ------------------------------------------------------------------------------- Total non-current liabilities 21 791 22 137 ------------------------------------------------------------------------------- TOTAL LIABILITIES 43 132 43 784 ------------------------------------------------------------------------------- EQUITY ------------------------------------------------------------------------------- Minority shareholding 101 100 ------------------------------------------------------------------------------- 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 16 958 17 701 ------------------------------------------------------------------------------- Total capital and reserves attributable to equity holders of parent company 50 779 51 522 ------------------------------------------------------------------------------- TOTAL EQUITY 50 880 51 622 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 94 011 95 407 ------------------------------------------------------------------------------- Consolidated statement of comprehensive income (unaudited) (EUR thousand) Q1 2020 Q1 2019 12 months 2019 ------------------------------------------------------------------------------- Sales 15 680 15 310 67 456 ------------------------------------------------------------------------------- Cost of sales (13 472) (13 097) (54 044) ------------------------------------------------------------------------------- Gross profit 2 208 2 214 13 412 ------------------------------------------------------------------------------- Other income 107 119 607 ------------------------------------------------------------------------------- Marketing expenses (757) (731) (3 124) ------------------------------------------------------------------------------- Administrative expenses (1 893) (1 938) (8 024) ------------------------------------------------------------------------------- Other expenses (24) (21) (148) ------------------------------------------------------------------------------- Operating profit /(loss) (359) (357) 2 722 ------------------------------------------------------------------------------- Interest income 6 6 22 ------------------------------------------------------------------------------- Interest expenses (224) (134) (784) ------------------------------------------------------------------------------- Other finance income/(costs) (16) (19) (61) ------------------------------------------------------------------------------- Net finance cost (234) (147) (823) ------------------------------------------------------------------------------- Profit/(loss) on shares of joint ventures (127) (51) (38) ------------------------------------------------------------------------------- Profit/(loss) on shares of associates (20) (59) (114) ------------------------------------------------------------------------------- Profit /(loss) before income tax (740) (614) 1 746 ------------------------------------------------------------------------------- Income tax expense (2) (1) (339) ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period (742) (615) 1 407 ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (743) (618) 1 394 ------------------------------------------------------------------------------- Minority shareholders 1 3 13 ------------------------------------------------------------------------------- Total comprehensive income /(loss) (742) (615) 1 407 ------------------------------------------------------------------------------- Comprehensive income /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (743) (618) 1 394 ------------------------------------------------------------------------------- Minority shareholders 1 3 13 ------------------------------------------------------------------------------- Basic and diluted earnings per share (0.02) (0.02) 0.05 ------------------------------------------------------------------------------- Consolidated cash flow statement (unaudited) (EUR thousand) Q1 2020 Q1 2019 ------------------------------------------------------------------------------- Cash flows from operating activities ------------------------------------------------------------------------------- Operating profit for the reporting year (359) (357) ------------------------------------------------------------------------------- Adjustments for: ------------------------------------------------------------------------------- Depreciation, amortisation and impairment 1 039 962 ------------------------------------------------------------------------------- (Gain)/loss on sale and write-down of property, plant and equipment 0 (1) ------------------------------------------------------------------------------- Cash flows from operating activities: ------------------------------------------------------------------------------- Trade and other receivables 1 588 (16) ------------------------------------------------------------------------------- Inventories (213) (217) ------------------------------------------------------------------------------- Trade and other payables (308) 993 ------------------------------------------------------------------------------- Cash generated from operations ------------------------------------------------------------------------------- Income tax paid (93) (73) ------------------------------------------------------------------------------- Interest paid (127) (134) ------------------------------------------------------------------------------- Net cash generated from operating activities 1 526 1 158 ------------------------------------------------------------------------------- Cash flows from investing activities ------------------------------------------------------------------------------- Acquisition of subsidiaries/ associates (less cash acquired) and other investments / cash paid-in equity-accounted investees (84) (459) ------------------------------------------------------------------------------- Interest received 1 6 ------------------------------------------------------------------------------- Purchase of property, plant and equipment and intangible assets (610) (597) ------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment and intangible assets 1 3 ------------------------------------------------------------------------------- Loans granted (59) (49) ------------------------------------------------------------------------------- Loan repayments received 0 199 ------------------------------------------------------------------------------- Net cash used in investing activities (752) (897) ------------------------------------------------------------------------------- Cash flows from financing activities ------------------------------------------------------------------------------- Payment of lease liabilities (310) (196) ------------------------------------------------------------------------------- Change in overdraft (25) (665) ------------------------------------------------------------------------------- Loans received / Repayments of bank loans (562) 138 ------------------------------------------------------------------------------- Net cash used in financing activities (897) (723) ------------------------------------------------------------------------------- NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (123) (462) ------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the year 3 647 1 268 ------------------------------------------------------------------------------- Cash and cash equivalents at the end of the year 3 524 805 ------------------------------------------------------------------------------- Signe Kukin Group CFO AS Ekspress Grupp Phone: +372 669 8381 E-mail: [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. The Group also manages the electronic ticket sales platform and ticket sales sites in Latvia. Ekspress Grupp that launched its operations in 1989 employs almost 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.