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AS Ekspress Grupp
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529900B52V1TUMW7FS54
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
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Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
8767
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Esitamise kuupäev ja aeg
30.04.2021 08:00:00
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AS Ekspress Grupp: 2021.aasta I kvartali konsolideeritud auditeerimata vahearuanne
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I kvartalis 2021 suutis grupp jätkuvalt tugevdada oma turupositsiooni ja parandada kasumlikkust, seda vaatamata järjest tõsisemaks kujunenud pandeemia olukorrale kõigis Balti riikides. Esimese kolme kuu müügitulu kahanes 2020. aastaga võrreldes 3% 15,3 miljonile eurole, kuid samas kontserni kasumlikkus paranes 64% ja puhaskahjum vähenes 0,26 miljoni euroni. Kontserni digitaalsete tulude osakaal moodustas märtsi lõpus 50% kogukäibest ning 72% meedia segmendi käibest. 2021. aasta I kvartali konsolideeritud müügitulu oli 15,3 miljonit eurot (I kvartal 2020: 15,7 miljonit eurot). Tulu vähenes peamiselt Euroopa koroonapiirangutest tingitud trükisegmendi ekspordimahtude languse tõttu. Digitaalsete tulude osakaal moodustas I kvartalis 50% kontserni kogukäibest ja 72% meedia segmendi käibest (I kvartal 2020: vastavalt 41% kogukäibest ja 65% meedia segmendi käibest). Digitaalsed tulud kasvasid 18% võrreldes eelmise aasta sama perioodiga. Meedia segmendi müügitulude põhiline mõjutaja on veebireklaami ja digitellimuste jätkuv tugev müük. ASi Ekspress Grupp digitaalsete tellimuste hulk kasvas 2021. märtsi lõpuks 74% võrreldes eelmise aasta sama perioodiga ja ulatus ca 95 tuhande tellimuseni. Lugejate huvi kvaliteetse sisu järele on tõusnud. Oleme säilitanud oma konkurentidega võrreldes edumaa, kuigi konkurents digitaalsete tellimuste valdkonnas on järjest tihedam. Ekspress Grupp on seadnud digitaalsete tellimuste kasvatamise üheks olulisemaks eesmärgiks, sest see annab Grupi meediaväljaannetele diferentseeritud ja järjest tugevama digitaalse tulubaasi. Ekspress Grupi kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA) oli I kvartalis 1,09 miljonit eurot, mis on 0,4 miljonit ehk 62% suurem võrreldes 2020. aasta I kvartaliga. Kasumlikkust on aidanud parandada jätkuv kulude kokkuhoid ning tugevad veebireklaami ja digitellimuste müügid kõigis Balti riikides. I kvartalis jätkunud pandeemia mõjud ei ole osutunud samaväärseteks 2020. aasta märtsiga, kui reklaamimüük sai väga olulise tagasilöögi. Veebireklaami ostjad on kohanenud uue keskkonna ja reaalsusega, kuid trükitoote reklaami osakaal on siiski vähenenud. Kontserni puhaskahjum oli I kvartalis 0,26 miljonit eurot, mis on 0,48 miljonit eurot ehk 64% vähem võrreldes I kvartaliga 2020. aastal. COVID-19-st tingitud eriolukord mõjutab enim piletimüügiplatvormi tegevust Lätis, kus käesoleva aasta I kvartalis tühistati kõik kultuuriüritused. Piletimüügi valdkonna tegevused on olnud äärmiselt piiratud kogu viimase 12 kuu jooksul. Oleme kasutanud seda perioodi, et keskenduda piletimüügiplatvormi arendusele ja alates aprillist käivitasime ka Eestis piletimüügi platvormi Piletitasku (https://www.piletitasku.ee/et/). Piletimüügiäri laiendamisega Eestisse jätkab Ekspress Grupp oma senist strateegiat, mille eesmärgiks on suurendada digitaalsete tulude osakaalu ja leida uute ärisuundade ning olemasoleva meediategevuse vahel tekkivat sünergiat. Soovime pakkuda mugavaimat platvormi nii piletiostjale kui ürituste korraldajatele. I kvartal oli märgilise tähtsusega Eesti suurimale uudisteportaalile Delfile, kuna lansseerisime värskendatud kujunduse ja mitmete muudatustega uue portaali. Lisaks visuaalsele väljanägemisele uuendati kogu portaali tehnoloogiat ja toimetuse sisemisi tööriistu, et tuua kvaliteetsed uudised tulevikus veel kiiremini lugejani. Foto, video, multimeedia ja tekstiliste artiklite töövahendite kõrval uuendasime ka Delfi kommentaariumi haldusmootorit, et edendada sisulist vestlust ja vähendada ebakvaliteetset kommenteerimist. Kommentaariumi halduses kasutatakse nüüdsest masinõpet ja tänapäevaselt automatiseeritud töövahendeid. Delfi portaali tehnoloogilise uuendamise vajaduse tingis ka lugemisharjumuste kolimine järjest enam arvutist mobiili. Hetkel kasutavad umbes kaks kolmandikku Delfi külastajatest mobiilseadet, mistõttu uuendasime kõige enam Delfi kasutamist mobiilivaates. Kogu uuenenud portaal on visuaalselt puhtam ja müravabam, artiklivaade sujuvam ning järgmistele lugudele liikumine lihtsam ja kiirem. Delfi uuenenud logo ja visuaalne keel on hoogne, tänapäevane ning sõbralik ja sobib hästi laia digitaalse meedia portfelliga. Uuenenud portaalide kujunduse lõi Ekspress Meedia disainerite meeskond. Delfi värske platvormi arendamise ja ehitamise kallal töötas 18 kuu jooksul üle 30 inimese kõigis Balti riikides. KOKKUVÕTE I KVARTALI TULEMUSTEST MÜÜGITULU 2021. aasta I kvartali konsolideeritud müügitulu oli 15,3 miljonit eurot (I kvartal 2020: 15,7 miljonit eurot). I kvartali müügitulu vähenes 3% võrreldes eelmise aastaga. Tulu vähenes peamiselt Euroopa koroonapiirangutest tingitud trükisegmendi ekspordimahtude languse tõttu. Kontserni digitaalsete tulude osakaal moodustas 2021. aasta I kvartalis 50% kogukäibest ja 72% meedia segmendi käibest (I kvartal 2020: vastavalt 41% kogukäibest ja 65% meedia segmendi käibest). Digitaalsed tulud kasvasid 18% võrreldes eelmise aasta sama perioodiga. KASUMLIKKUS 2021. aasta I kvartali konsolideeritud EBITDA oli 1,09 miljonit eurot (I kvartal 2020: 0,67 miljonit eurot). 2021. aasta I kvartali EBITDA kasvas 62% võrreldes eelmise aastaga ning EBITDA marginaal oli 7,1% (I kvartal 2020: 4,3%). Kasumlikkust on aidanud parandada jätkuv kulude kokkuhoid ning tugevad veebireklaami ja digitellimuste müügid kõigis Balti riikides. 2021. aasta I kvartali konsolideeritud puhaskahjum oli 0,26 miljonit eurot (I kvartal 2020: -0,74 miljonit eurot), mis on 0,48 miljonit eurot ja 64% vähem võrreldes 2020. aastaga. RAHAPOSITSIOON Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid summas 4,6 miljonit eurot ja omakapitali summas 54,1 miljonit eurot (58% bilansimahust). Võrreldavad andmed 2020. aasta 31. märtsi seisuga olid vastavalt 3,5 miljonit eurot ja 50,9 miljonit eurot (54% bilansimahust). Seisuga 31. märts 2021 oli kontserni netovõlg 18,2 miljonit eurot (31. märts 2020: 20,4 miljonit eurot). 2020. aasta rahapositsiooni mõjutas tulenevalt COVID-19 eriolukorrast sõlmitud kokkulepe AS-iga SEB Pank laenumaksete peatamiseks perioodil märts-august 2020 (1,2 miljonit eurot) ja AS-iga Citadele banka laenumaksete peatamiseks perioodil juuni-november 2020 (0,3 miljonit eurot). Detsembris 2020 tehti erakorraline enneaegne tagasimakse summas 0,35 miljonit eurot, et katta põhiosamaksed perioodil jaanuarist juunini 2021. Täiendavalt mõjutas kontserni rahapositsiooni positiivselt 2020. aastal Eesti Töötukassalt saadud töötasu hüvitis (1,14 miljonit eurot) ja 2020. aasta eriolukorra ajal tekkinud maksukohustuse (1,60 miljonit eurot) ajatamine perioodiks 24 kuud. Segmentide peamised finantsnäitajad (tuhandetes EUR) Müügitulu I kv 2021 I kv 2020 Muutus % 12 kuud 2020 Meedia segment 10 656 10 026 6% 43 728 sh tulu kõikidest digitaalsetest ja online kanalitest 7 663 6 505 18% 30 963 % tulu kõikidest digitaalsetest ja online kanalitest 72% 65% 71% Trükiteenuste segment 4 908 6 243 -21% 21 384 Kesksed tegevused 1 052 515 104% 2 761 Segmentidevahelised elimineerimised (1 326) (1 082) (4 629) KONTSERN KOKKU 15 290 15 703 -3% 63 243 % tulu kõikidest digitaalsetest ja online kanalitest 50% 41% 49% (tuhandetes EUR) EBITDA I kv 2021 I kv 2020 Muutus % 12 kuud 2020 Meedia segment 795 248 221% 6 601 Trükiteenuste segment 493 584 -16% 2 224 Kesksed tegevused (178) (143) -24% (720) Segmentidevahelised elimineerimised* (20) (17) (1 101) KONTSERN KOKKU 1 089 671 62% 7 004 * COVID-19 jätkuva mõju tõttu majanduslikule olukorrale on kontsern IV kvartalis 2020. aastal kajastanud materiaalse põhivara väärtuse languse kahjumit summas 1,0 miljonit eurot. EBITDA marginaal I kv 2021 I kv 2020 12 kuud 2020 Meedia segment 7% 2% 15% Trükiteenuste segment 10% 9% 10% KONTSERN KOKKU 7% 4% 11% Konsolideeritud bilanss (auditeerimata) (tuhandetes EUR) 31.03.2021 31.12.2020 ------------------------------------------------------------------------------ VARAD ------------------------------------------------------------------------------ Käibevara ------------------------------------------------------------------------------ Raha ja raha ekvivalendid 4 571 6 269 ------------------------------------------------------------------------------ Nõuded ostjate vastu ja muud nõuded 9 269 9 450 ------------------------------------------------------------------------------ Ettevõtte tulumaksu nõuded 85 7 ------------------------------------------------------------------------------ Varud 2 746 2 756 ------------------------------------------------------------------------------ Käibevara kokku 16 671 18 482 ------------------------------------------------------------------------------ Põhivara ------------------------------------------------------------------------------ Muud nõuded ja investeeringud 949 982 ------------------------------------------------------------------------------ Edasilükkunud tulumaksu vara 30 30 ------------------------------------------------------------------------------ Investeeringud ühisettevõtetesse 1 676 1 661 ------------------------------------------------------------------------------ Investeeringud sidusettevõtetesse 2 339 2 253 ------------------------------------------------------------------------------ Materiaalne põhivara 15 286 14 134 ------------------------------------------------------------------------------ Immateriaalne põhivara 56 682 56 635 ------------------------------------------------------------------------------ Põhivara kokku 76 962 75 696 ------------------------------------------------------------------------------ VARAD KOKKU 93 633 94 177 ------------------------------------------------------------------------------ KOHUSTUSED ------------------------------------------------------------------------------ Lühiajalised kohustused ------------------------------------------------------------------------------ Võlakohustused 3 695 3 613 ------------------------------------------------------------------------------ Võlad ja ettemaksed 14 863 15 251 ------------------------------------------------------------------------------ Ettevõtte tulumaksu kohustused 76 81 ------------------------------------------------------------------------------ Lühiajalised kohustused kokku 18 635 18 945 ------------------------------------------------------------------------------ Pikaajalised kohustused ------------------------------------------------------------------------------ Pikaajalised võlakohustused 19 073 18 589 ------------------------------------------------------------------------------ Muud pikaajalised kohustused 1 785 2 025 ------------------------------------------------------------------------------ Pikaajalised kohustused kokku 20 858 20 613 ------------------------------------------------------------------------------ KOHUSTUSED KOKKU 39 493 39 558 ------------------------------------------------------------------------------ OMAKAPITAL ------------------------------------------------------------------------------ Vähemusosalus 127 126 ------------------------------------------------------------------------------ Emaettevõtte omanikele kuuluv kapital ja reservid: ------------------------------------------------------------------------------ Aktsiakapital 18 478 18 478 ------------------------------------------------------------------------------ Ülekurss 14 277 14 277 ------------------------------------------------------------------------------ Omaaktsiad (420) (209) ------------------------------------------------------------------------------ Reservid 1 768 1 758 ------------------------------------------------------------------------------ Jaotamata kasum 19 910 20 189 ------------------------------------------------------------------------------ Emaettevõtte omanikele kuuluv kapital ja reservid kokku 54 013 54 493 ------------------------------------------------------------------------------ OMAKAPITAL KOKKU 54 140 54 619 ------------------------------------------------------------------------------ KOHUSTUSED JA OMAKAPITAL KOKKU 93 633 94 177 ------------------------------------------------------------------------------ Konsolideeritud koondkasumiaruanne (auditeerimata) (tuhandetes EUR) I kv 2021 I kv 2020 12 kuud 2020 ------------------------------------------------------------------------------- Müügitulu 15 290 15 703 63 243 ------------------------------------------------------------------------------- Müüdud toodangu kulu (12 747) (13 472) (50 637) ------------------------------------------------------------------------------- Brutokasum 2 544 2 230 12 607 ------------------------------------------------------------------------------- Muud äritulud 107 84 2 040 ------------------------------------------------------------------------------- Turunduskulud (596) (757) (2 701) ------------------------------------------------------------------------------- Üldhalduskulud (2 025) (1 893) (7 532) ------------------------------------------------------------------------------- Muud ärikulud (26) (24) (1 336) ------------------------------------------------------------------------------- Ärikasum /(kahjum) 4 (359) 3 078 ------------------------------------------------------------------------------- Intressitulud 9 6 28 ------------------------------------------------------------------------------- Intressikulud (211) (224) (877) ------------------------------------------------------------------------------- Muud finantstulud/(kulud) 11 (16) 614 ------------------------------------------------------------------------------- Kokku finantstulud/(kulud) (191) (234) (235) ------------------------------------------------------------------------------- Kasum/(kahjum) ühisettevõtete aktsiatelt ja osadelt (107) (127) 102 ------------------------------------------------------------------------------- Kasum/(kahjum) sidusettevõtete aktsiatelt ja osadelt 35 (20) (129) ------------------------------------------------------------------------------- Kasum /(kahjum) enne tulumaksustamist (259) (740) 2 816 ------------------------------------------------------------------------------- Tulumaks (5) (2) (280) ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum) (264) (742) 2 536 ------------------------------------------------------------------------------- Aruandeperioodi kasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (265) (743) 2 510 ------------------------------------------------------------------------------- Vähemusosalusele 1 1 26 ------------------------------------------------------------------------------- Koondkasum /(kahjum) kokku (264) (742) 2 536 ------------------------------------------------------------------------------- Aruandeperioodi koondkasum /(kahjum), mis on omistatav ------------------------------------------------------------------------------- Emaettevõtte aktsionäridele (265) (743) 2 510 ------------------------------------------------------------------------------- Vähemusosalusele 1 1 26 ------------------------------------------------------------------------------- Tavakasum /(-kahjum) aktsia kohta (0,01) (0,02) 0,08 ------------------------------------------------------------------------------- Lahustunud kasum /(kahjum) aktsia kohta (0,01) (0,02) 0,08 ------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) (tuhandetes EUR) I kv 2021 I kv 2020 ------------------------------------------------------------------------------- Rahavood äritegevusest ------------------------------------------------------------------------------- Aruandeperioodi ärikasum 4 (359) ------------------------------------------------------------------------------- Korrigeerimised: ------------------------------------------------------------------------------- Põhivara kulum 1 111 1 039 ------------------------------------------------------------------------------- (Kasum)/-kahjum põhivara müügist, mahakandmisest ja väärtuse langusest (1) 0 ------------------------------------------------------------------------------- Aktsiaoptsiooni väärtuse muutus 10 0 ------------------------------------------------------------------------------- Äritegevuse rahavood: ------------------------------------------------------------------------------- Äritegevusega seotud nõuete ja ettemaksete muutus 192 1 588 ------------------------------------------------------------------------------- Varude muutus 10 (213) ------------------------------------------------------------------------------- Äritegevusega seotud kohustuste ja ettemaksete muutus (573) (308) ------------------------------------------------------------------------------- Rahavood põhitegevusest ------------------------------------------------------------------------------- Makstud ettevõtte tulumaks (88) (93) ------------------------------------------------------------------------------- Makstud intressid (128) (127) ------------------------------------------------------------------------------- Rahavood äritegevusest kokku 536 1 526 ------------------------------------------------------------------------------- Rahavood investeerimistegevusest ------------------------------------------------------------------------------- Tütar- ja sidusettevõtete ning muude investeeringute ost (miinus omandatud sularaha) / sissemaksed kapitaliosaluse meetodil arvestatud investeeringutesse (80) (84) ------------------------------------------------------------------------------- Laekumised muudest investeeringutest 51 0 ------------------------------------------------------------------------------- Saadud intressid 2 1 ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara soetamine (628) (610) ------------------------------------------------------------------------------- Materiaalse ja immateriaalse põhivara müük 1 1 ------------------------------------------------------------------------------- Antud laenud (40) (59) ------------------------------------------------------------------------------- Rahavood investeerimistegevusest kokku (696) (752) ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest ------------------------------------------------------------------------------- Rendikohustuse põhiosa tagasimaksed (498) (310) ------------------------------------------------------------------------------- Arvelduskrediidi kasutuse muutus 0 (25) ------------------------------------------------------------------------------- Saadud laenud / Laenude tagasimaksed (618) (562) ------------------------------------------------------------------------------- Tasutud omaaktsiate tagasiostmisel (422) 0 ------------------------------------------------------------------------------- Rahavood finantseerimistegevusest kokku (1 537) (897) ------------------------------------------------------------------------------- RAHA JA RAHA EKVIVALENTIDE MUUTUS (1 697) (123) ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi alguses 6 269 3 647 ------------------------------------------------------------------------------- Raha ja raha ekvivalendid perioodi lõpus 4 571 3 524 ------------------------------------------------------------------------------- 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 1600 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 2021
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In the 1(st) quarter of 2021, the Group managed to further strengthen its market position and improve profitability, despite the worsening pandemic in the Baltic States. The revenue in the first three months of the year declined by 3% to EUR 15.3 million as compared to 2020 while the Group's profitability improved by 64% and net loss decreased to EUR 0.26 million. The share of the Group's digital revenue was 50% of total revenue and 72% of media segment revenue. In the 1(st) quarter of 2021, consolidated revenue totalled EUR 15.3 million (1(st) quarter 2020: EUR 15.7 million). The revenue decline is primarily attributed to the drop in export volumes in the printing services segment due to the European coronavirus restrictions. In the 1(st) quarter, digital revenue accounted for 50% of the Group's total revenue and 72% of media segment revenue (1(st) quarter 2020: 41% of total revenue and 65% of media segment revenue, respectively). Digital revenue increased by 18% as compared to the same period last year. The revenue of the media segment is primarily impacted by continued strong sales of online advertising and digital subscriptions. The volume of digital subscriptions of AS Ekspress Grupp increased by 74% by the end of March as compared to the same period last year and totalled ca 95 thousand subscriptions. Readers' interest in high-quality content has been increasing. We have maintained our leadership position as compared to our competitors, although competition in the area of digital subscriptions is intensifying. Ekspress Grupp has set digital subscription growth as one of its key goals because it will create a differentiated and increasingly stronger digital revenue base for the Group's media outlets. The earnings before interest, tax, depreciation and amortisation (EBITDA) of Ekspress Grupp totalled EUR 1.09 million in the 1(st) quarter which Is EUR 0.4 million or 62% higher as compared to the 1(st )quarter of 2020. Ongoing cost reduction and strong sales of online advertising and digital subscriptions in all Baltic States have helped improve profitability. The effects of the ongoing pandemic in the 1(st) quarter have not turned out to be of the same magnitude as in March 2020 when advertising sales received a major setback. The buyers of online advertisements have adjusted to the new environment and reality, however, the share of print media advertising has decreased. The Group's net loss in the 1(st) quarter was EUR 0.26 million which is EUR 0.48 million or 64% lower as compared to the 1(st) quarter of 2020. The state of emergency related to COVID-19 has the greatest impact on the ticket sales platform in Latvia where all cultural events were cancelled in the 1(st) quarter. The activities related to the ticket sales area have been extremely limited over the last 12 months. We have used this period to focus on the development of the ticket sales platform and since April, we also launched the ticket sales platform Piletitasku (https://www.piletitasku.ee/en) in Estonia. With the expansion of the ticket sales business into Estonia, Ekspress Grupp will continue its current strategy, the purpose of which is to increase the share of digital revenue and identify synergies between new business lines and existing media activities. We wish to provide the most convenient platform both for ticket buyers as well as event organisers. The 1(st) quarter marked a major milestone for the largest Estonian news portal Delfi, because we launched a portal with a revamped design and several changes. In addition to the visual layout, the web technologies of the entire portal and the internal tools of the editorial staff were upgraded in order to bring quality news even faster to the readers in the future. In addition to upgrading photo, video, multimedia and text entry tools, the administration settings of the Delfi comments block were also totally overhauled in order to facilitate substantive and reduce unsuitable commentary. Machines and other modern automated tools are now used to screen comments. The need for the technological upgrade of the Delfi portal also arose due to the increasing shift of news consumption from desktop to mobile devices. At the moment, about two thirds of the visitors of Delfi use mobile devices due to which most of the upgrades were related to the mobile layout of Delfi. The entire revamped portal is visually cleaner and noise-free, the article viewing is smoother and moving to the following articles is easier and faster. The new Delfi logo and the visual language are dynamic, modern and friendly, and they fit well into the broad digital media portfolio. The revamped portals were designed by the team of the designers of Ekspress Meedia. More than 30 people in the Baltic States worked on the development and launch of the new Delfi platform over the period of 18 months. SUMMARY OF THE RESULTS OF THE FIRST QUARTER REVENUE The consolidated revenue for the 1(st) quarter of 2021 totalled EUR 15.3 million (1(st) quarter 2020: EUR 15.7 million). Revenue decreased by 3% year-over-year in the 1(st) quarter. The revenue decline is primarily attributed to the drop in export volumes in the printing services segment due to the European coronavirus restrictions. In the 1(st) quarter of 2021, the share of the Group's digital revenue accounted for 50% of total revenue and 72% of media segment revenue (1(st) quarter 2020: 41% of total revenue and 65% media segment revenue, respectively). Digital revenue increased by 18% as compared to the same period last year. PROFITABILITY In the 1(st) quarter of 2021, the consolidated EBITDA totalled EUR 1.09 million (1(st) quarter 2020: EUR 0.67 million). In the 1(st) quarter of 2021, EBITDA increased by 62% as compared to the previous year and the EBITDA margin was 7.1% (1(st) quarter 2020: 4.3%). Ongoing cost reduction and strong sales of online advertising and digital subscriptions in all Baltic States have helped improve profitability. In the 1(st) quarter of 2021, the consolidated net loss totalled EUR 0.26 million (1(st) quarter 2020: EUR -0,74 million), which is EUR 0.48 million and 64% lower as compared to 2020. CASH POSITION At the end of the reporting period, the Group had available cash in the amount of EUR 4.6 million and equity in the amount of EUR 54.1 million (58% of total assets). The comparable data as of 31 March 2020 were EUR 3.5 million and EUR 50.9 million (54% of total assets), respectively. As of 31 March 2021, the Group's net debt was EUR 18.2 million (31 March 2020: EUR 20.4 million). The cash position in 2020 was impacted by the agreements concluded with the banks due to the COVID-19 related state of emergency. An agreement was concluded with AS SEB Pank to suspend loan payments in the period March-August 2020 (EUR 1.2 million) and with AS Citadele banka in the period of June-November 2020 (EUR 0.3 million). In December 2020, an extraordinary one-off payment was made in the amount of EUR 0.35 million to cover principal payments in the period from January to June 2021. The salary subsidy received from the Estonian Unemployment Insurance Fund (EUR 1.14 million) and the postponement of the payment of tax arrears (EUR 1.60 million) due to the state of emergency for the period of 24 months had an additional positive impact on the Group's cash position. Key financial indicators for segments (EUR thousand) Sales Q1 2021 Q1 2020 Change % 12 months 2020 Media segment 10 656 10 026 6% 43 728 incl. revenue from all digital and online channels 7 663 6 505 18% 30 963 % of revenue from all digital and online channels 72% 65% 71% Printing services segment 4 908 6 243 -21% 21 384 Corporate functions 1 052 515 104% 2 761 Inter-segment eliminations (1 326) (1 082) (4 629) TOTAL GROUP 15 290 15 703 -3% 63 243 % of revenue from all digital and online channels 50% 41% 49% (EUR thousand) EBITDA Q1 2021 Q1 2020 Change % 12 months 2020 Media segment 795 248 221% 6 601 Printing services segment 493 584 -16% 2 224 Corporate functions (178) (143) -24% (720) Inter-segment eliminations* (20) (17) (1 101) TOTAL GROUP 1 089 671 62% 7 004 * Due to continuing impact of COVID-19 on economical situation the group has recognised an impairment loss for property, plant and equipment in amount of EUR 1.0 million in the 4(th) quarter 2020. EBITDA margin Q1 2021 Q1 2020 12 months 2020 Media segment 7% 2% 15% Printing services segment 10% 9% 10% TOTAL GROUP 7% 4% 11% Consolidated balance sheet (unaudited) (EUR thousand) 31.03.2021 31.12.2020 ------------------------------------------------------------------------------- ASSETS ------------------------------------------------------------------------------- Current assets ------------------------------------------------------------------------------- Cash and cash equivalents 4 571 6 269 ------------------------------------------------------------------------------- Trade and other receivables 9 269 9 450 ------------------------------------------------------------------------------- Corporate income tax prepayment 85 7 ------------------------------------------------------------------------------- Inventories 2 746 2 756 ------------------------------------------------------------------------------- Total current assets 16 671 18 482 ------------------------------------------------------------------------------- Non-current assets ------------------------------------------------------------------------------- Other receivables and investments 949 982 ------------------------------------------------------------------------------- Deferred tax asset 30 30 ------------------------------------------------------------------------------- Investments in joint ventures 1 676 1 661 ------------------------------------------------------------------------------- Investments in associates 2 339 2 253 ------------------------------------------------------------------------------- Property, plant and equipment 15 286 14 134 ------------------------------------------------------------------------------- Intangible assets 56 682 56 635 ------------------------------------------------------------------------------- Total non-current assets 76 962 75 696 ------------------------------------------------------------------------------- TOTAL ASSETS 93 633 94 177 ------------------------------------------------------------------------------- LIABILITIES ------------------------------------------------------------------------------- Current liabilities ------------------------------------------------------------------------------- Borrowings 3 695 3 613 ------------------------------------------------------------------------------- Trade and other payables 14 863 15 251 ------------------------------------------------------------------------------- Corporate income tax payable 76 81 ------------------------------------------------------------------------------- Total current liabilities 18 635 18 945 ------------------------------------------------------------------------------- Non-current liabilities ------------------------------------------------------------------------------- Long-term borrowings 19 073 18 589 ------------------------------------------------------------------------------- Other long-term liabilities 1 785 2 025 ------------------------------------------------------------------------------- Total non-current liabilities 20 858 20 613 ------------------------------------------------------------------------------- TOTAL LIABILITIES 39 493 39 558 ------------------------------------------------------------------------------- EQUITY ------------------------------------------------------------------------------- Minority interest 127 126 ------------------------------------------------------------------------------- Capital and reserves attributable to equity holders of parent company: ------------------------------------------------------------------------------- Share capital 18 478 18 478 ------------------------------------------------------------------------------- Share premium 14 277 14 277 ------------------------------------------------------------------------------- Treasury shares (420) (209) ------------------------------------------------------------------------------- Reserves 1 768 1 758 ------------------------------------------------------------------------------- Retained earnings 19 910 20 189 ------------------------------------------------------------------------------- Total capital and reserves attributable to equity holders of parent company 54 013 54 493 ------------------------------------------------------------------------------- TOTAL EQUITY 54 140 54 619 ------------------------------------------------------------------------------- TOTAL LIABILITIES AND EQUITY 93 633 94 177 ------------------------------------------------------------------------------- Consolidated statement of comprehensive income (unaudited) (EUR thousand) Q1 2021 Q1 2020 12 months 2020 ------------------------------------------------------------------------------- Sales 15 290 15 703 63 243 ------------------------------------------------------------------------------- Cost of sales (12 747) (13 472) (50 637) ------------------------------------------------------------------------------- Gross profit 2 544 2 230 12 607 ------------------------------------------------------------------------------- Other income 107 84 2 040 ------------------------------------------------------------------------------- Marketing expenses (596) (757) (2 701) ------------------------------------------------------------------------------- Administrative expenses (2 025) (1 893) (7 532) ------------------------------------------------------------------------------- Other expenses (26) (24) (1 336) ------------------------------------------------------------------------------- Operating profit /(loss) 4 (359) 3 078 ------------------------------------------------------------------------------- Interest income 9 6 28 ------------------------------------------------------------------------------- Interest expenses (211) (224) (877) ------------------------------------------------------------------------------- Other finance income/(costs) 11 (16) 614 ------------------------------------------------------------------------------- Net finance cost (191) (234) (235) ------------------------------------------------------------------------------- Profit/(loss) on shares of joint ventures (107) (127) 102 ------------------------------------------------------------------------------- Profit/(loss) on shares of associates 35 (20) (129) ------------------------------------------------------------------------------- Profit /(loss) before income tax (259) (740) 2 816 ------------------------------------------------------------------------------- Income tax expense (5) (2) (280) ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period (264) (742) 2 536 ------------------------------------------------------------------------------- Net profit /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (265) (743) 2 510 ------------------------------------------------------------------------------- Minority interest 1 1 26 ------------------------------------------------------------------------------- Total comprehensive income /(loss) (264) (742) 2 536 ------------------------------------------------------------------------------- Comprehensive income /(loss) for the reporting period attributable to ------------------------------------------------------------------------------- Equity holders of the parent company (265) (743) 2 510 ------------------------------------------------------------------------------- Minority interest 1 1 26 ------------------------------------------------------------------------------- Basic earnings per share (0.01) (0.02) 0.08 ------------------------------------------------------------------------------- Diluted earnings per share (0.01) (0.02) 0.08 ------------------------------------------------------------------------------- Consolidated cash flow statement (unaudited) (EUR thousand) Q1 2021 Q1 2020 ------------------------------------------------------------------------------- Cash flows from operating activities ------------------------------------------------------------------------------- Operating profit for the reporting year 4 (359) ------------------------------------------------------------------------------- Adjustments for: ------------------------------------------------------------------------------- Depreciation and amortisation 1 111 1 039 ------------------------------------------------------------------------------- (Gain)/loss on sale, write-down and impairment of property, plant and equipment (1) 0 ------------------------------------------------------------------------------- Change in value of share option 10 0 ------------------------------------------------------------------------------- Cash flows from operating activities: ------------------------------------------------------------------------------- Trade and other receivables 192 1 588 ------------------------------------------------------------------------------- Inventories 10 (213) ------------------------------------------------------------------------------- Trade and other payables (573) (308) ------------------------------------------------------------------------------- Cash generated from operations ------------------------------------------------------------------------------- Income tax paid (88) (93) ------------------------------------------------------------------------------- Interest paid (128) (127) ------------------------------------------------------------------------------- Net cash generated from operating activities 536 1 526 ------------------------------------------------------------------------------- Cash flows from investing activities ------------------------------------------------------------------------------- Acquisition of subsidiaries/ associates (less cash acquired) and other investments / cash paid-in equity-accounted investees (80) (84) ------------------------------------------------------------------------------- Receipts of other investments 51 0 ------------------------------------------------------------------------------- Interest received 2 1 ------------------------------------------------------------------------------- Purchase of property, plant and equipment and intangible assets (628) (610) ------------------------------------------------------------------------------- Proceeds from sale of property, plant and equipment and intangible assets 1 1 ------------------------------------------------------------------------------- Loans granted (40) (59) ------------------------------------------------------------------------------- Net cash used in investing activities (696) (752) ------------------------------------------------------------------------------- Cash flows from financing activities ------------------------------------------------------------------------------- Payment of lease liabilities (498) (310) ------------------------------------------------------------------------------- Change in overdraft 0 (25) ------------------------------------------------------------------------------- Loans received / Repayments of bank loans (618) (562) ------------------------------------------------------------------------------- Purchases of treasury shares (422) 0 ------------------------------------------------------------------------------- Net cash used in financing activities (1 537) (897) ------------------------------------------------------------------------------- NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (1 697) (123) ------------------------------------------------------------------------------- Cash and cash equivalents at the beginning of the period 6 269 3 647 ------------------------------------------------------------------------------- Cash and cash equivalents at the end of the period 4 571 3 524 ------------------------------------------------------------------------------- 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 1600 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.