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
9504
Manused
Esitamise kuupäev ja aeg
29.04.2022 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2022.aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
AS-i Ekspress Grupp 2022. aasta I kvartali müügitulu kasvas 22%, ulatudes 13,4
miljoni euroni ja EBITDA 3% 0,62 miljoni euroni. Tulenevalt kontserni valdkonna
sesoonsusest teenis kontsern ootuspäraselt 2022. aasta I kvartalis puhaskahjumit
0,51 miljonit eurot. Digitaalsete tulude osakaal moodustas märtsi lõpus 78%
kontserni kogukäibest. Digitaalsed tulud kasvasid 36% võrreldes eelmise aasta
sama perioodiga.
Kontserni I kvartal vastas ootustele: kvartali konsolideeritud müügitulu ulatus
13,4 miljoni euroni (I kvartal 2021: 11,0 miljonit eurot), kasvades 22%
võrreldes eelmise aastaga. I kvartali müügitulu kasvu taga on peamiselt
veebireklaami ja digitellimustulude kasv. Kogu reklaamiturg ei ole mahult
võrreldes eelmise aasta sama perioodiga oluliselt muutunud, kuid online
reklaamiturg on jätkanud kasvutrendis võrreldes traditsiooniliste
meediakanalitega. Müügitulu kasv oli küll ootuspärane, kuid seda mõjutas siiski
negatiivselt Venemaa rünnak Ukraina vastu, mille mõjul mitmed reklaamiklientide
poolt plaanitud kampaaniad lükati edasi, eriti Leedus ja Lätis. Sõjast tingitud
laiemat mõju Balti riikide majandusele on täna raske hinnata. 2021. aasta lõpus
omandatud Geenius Meedia müügitulu ulatus I kvartalis 0,5 miljoni euroni ehk
suurendas kontserni müüki ca 5%.
AS-i Ekspress Grupp digitaalsete tellimuste hulk kasvas 2022. aasta märtsi
lõpuks 50% võrdluses eelmise aastaga ja ulatus 146 tuhande tellimuseni. Suurimat
kasvu näitasid Õhtuleht ja Leedu Delfi. Digitellimuste kasv vastas samuti
ootustele, kuid tellijate juurekasv kiirenes tänavu veebruari lõpus, kuna
maailmas ärevatel aegadel kasvab lugejate huvi kvaliteetse ja objektiivse
ajakirjanduse vastu.
Ekspress Grupi kasum enne intresse, makse, kulumit ja amortisatsiooni (EBITDA)
oli I kvartalis 0,62 miljonit eurot, mis kasvas 3% võrreldes 2021. aasta sama
perioodiga. Tulenevalt valdkonna sesoonsusest teenis kontsern ootuspäraselt I
kvartalis puhaskahjumit 0,51 miljonit eurot. I kvartalis on kajastatud ühekordse
väljaminekuna toetus Ukrainale kogusummas 0,09 miljonit eurot. Tegevuskulud
suurenesid I kvartalis 2,54 miljonit eurot (22%), millest tööjõukulude kasv
moodustab 1,78 miljonit eurot (29%). Töötajate arv suurenes I kvartalis 18% ehk
132 töötaja võrra. 46 töötajat lisandus 2021. aasta lõpus omandatud OÜ Geenius
Meedia arvelt ja 86 töötajat teistes meediaettevõtetes Eestis, Lätis ja Leedus.
Lisaks üldisest hinnatõusust tekkinud survest palkade kasvule on töötajatega
seotud kulubaasi suurendanud Ukraina sõjategevuse kajastamisega seotud
toimetuste lisakulud.
Seoses 24.veebruaril alanud sõjategevusega Ukrainas olid meie toimetused
kõikides meediaettevõtetes valvel ööpäevaringselt. See paneb suure surve nii
toimetuse tööle kui ajakirjanikele. Meie toimetused on kriiside käsitlemisega
harjunud ning töö korraldati ümber kiirelt ja efektiivselt. Nii Eestis, Lätis ja
Leedus avati operatiivselt spetsiaalselt ukraina põgenikele mõeldud venekeelsed
portaalid. Ekspress Grupi osalusega kinnisvaraportaal Kinnisvara24.ee
(https://kinnisvara24.delfi.ee/) ehitas Sotsiaalministeeriumi palvel spetsiaalse
kinnisvarakeskkonna sõjapõgenikele, kes soovivad leida elamispinda, ning
eestimaalastele, kes soovivad kuulutada tasuta majutusvõimalusi Ukraina
sõjapõgenikele.
Märtsi algul sõlmisid AS Ekspress Grupp ja AS Postimees Grupp ning Omniva
kaubamärgi all tegutsev AS Eesti Post lepingu, mille kohaselt Omniva omandab
meediamajadelt kõik ASi Express Post aktsiad. Tehingu peab enne jõustumist
kiitma heaks konkurentsiamet, kellel on seisukoha kujundamiseks aega kuni 5
kuud. Eestis muutub iga aastaga järjest keerulisemaks mitme paralleelse
kojukandevõrgu tegutsemine, seda vaatamata pidevale efektiivsuse parandamisele
mõlemas kandeorganisatsioonis ja riigi dotatsioonile maapiirkondades. Kontserni
huvi on pakkuda lugejatele võimalikult pikas perspektiivis taskukohast
lehetellimust ja Eesti suuruses riigis on postiettevõtete liitumine selleks
ainuvõimalik teekond. Express Posti ja Omniva liitumise tagajärjel sünnib
senisest suurem ja tugevam postiorganisatsioon, millest võidavad kõik osapooled,
eelkõige ajalehtede ja ajakirjade püsitellijad.
I KVARTALI TULEMUSED
MÜÜGITULU
2022. aasta I kvartali konsolideeritud müügitulu oli 13,4 miljonit eurot (I
kvartal 2021: EUR 11,0 miljonit eurot). I kvartali müügitulu suurenes 22%
võrreldes eelmise aastaga. Kasvu taga on nii veebi reklaamitulud kui
digitellimuste tulud. Kontserni digitaalsete tulude osakaal moodustas 2022.
aasta I kvartali lõpus 78% kogukäibest (2021. aasta I kvartali lõpp: 70%
kogukäibest). Digitaalsed tulud suurenesid 36% võrreldes eelmise aasta sama
perioodiga.
KASUMLIKKUS
2022. aasta I kvartali konsolideeritud EBITDA oli 0,62 miljonit eurot (I kvartal
2021: 0,60 miljonit eurot). 2022. aasta I kvartalis kasvas EBITDA 3% võrreldes
eelmise aastaga ning EBITDA marginaal oli 5% (I kvartal 2021: 5%). 2022. aasta I
kvartali konsolideeritud puhaskahjum oli -0,51 miljonit eurot (I kvartal 2021:
-0,45 miljonit eurot).
KULUD
2022. aasta I kvartali müüdud kaupade kulu, turundus- ja üldhalduskulud kokku
moodustasid 13,84 miljonit eurot (I kvartal 2021: 11,30 miljonit eurot).
Tegevuskulud suurenesid I kvartalis 2,54 miljonit eurot (22%), millest
tööjõukulude kasv moodustab 1,78 miljonit eurot (29%). Töötajate arv suurenes I
kvartalis 18% (+132 töötajat, sh 46 töötajat lisandus 2021. aasta lõpus
omandatud OÜ Geenius Meedia arvelt ja 86 töötajat teistes meediaettevõtetes
Eestis, Lätis ja Leedus). Lisaks üldisest hinnatõusust tekkinud survest palkade
kasvule on töötajatega seotud kulubaasi suurendanud Ukraina sõjategevuse
kajastamisega seotud toimetuste lisakulud.
I kvartalis on kajastatud ühekordse väljaminekuna toetus Ukrainale kogusummas
0,09 miljonit eurot.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 8,9 miljonit eurot
ja omakapitali 53,2 miljonit eurot (57% bilansimahust). Võrreldavad andmed
2021. aasta 31. märtsi seisuga, mis sisaldavad ka trükiteenuste segmenti, olid
vastavalt 4,6 miljonit eurot ja EUR 54,1 miljonit eurot (58% bilansimahust).
Seisuga 31. märts 2022 oli kontserni netovõlg 12,7 miljonit eurot (31. detsember
2021: EUR 11,3 miljonit eurot).
2022. aasta I kvartali kontserni rahavood äritegevusest olid 0,54 miljonit eurot
(I kvartal 2021: 0,54 miljonit eurot, sh trükiteenuste segment).
2022. aasta I kvartali kontserni rahavood investeerimistegevusest olid -1,80
miljonit eurot (I kvartal 2021: -0,70 miljonit eurot), millest -1,63 miljonit
eurot oli seotud materiaalse ja immateriaalse põhivara arendamise ja
soetamisega, mis näitab suurenenud investeeringud toodetesse ja tehnoloogiasse.
I kvartalis investeeris kontsern uutesse LED ekraanidesse -1,18 miljonit eurot,
mis finantseeritakse osaliselt kapitalirendiga 2022. aasta II ja III kvartalis.
2022. aasta I kvartali kontserni rahavood finantseerimistegevusest olid -0,82
miljonit eurot (I kvartal 2021: -1,54 miljonit eurot). Finantseerimistegevused
on peamiselt seotud netomuutusega laenukohustustes ja rendikohustuse põhiosa
tagasimaksetega, kus avaldab positiivset mõju 2021. aasta suvel sõlmitud SEB
laenulepingute muudatused. 2021. aasta I kvartalis osteti tagasi omaaktsiaid
summas 0,42 miljonit eurot.
DIVIDENDID
2022. aasta veebruaris tegi kontserni juhatus ettepaneku maksta 2021.
majandusaasta puhaskasumi arvel aktsionäridele dividendidena välja 5 eurosenti
aktsia kohta, kokku 1,51 miljonit eurot. 28.04.2022 seisuga on aktsionärid Hans
Luik ja HHL Rühm OÜ esitanud uue otsuse eelnõu maksta dividendi 8 eurosenti
aktsia kohta kogusummas 2,42 miljonit eurot. Kasumi jaotamise otsus tehakse 2.
mail 2022. aastal toimuval aktsionäride korralisel üldkoosolekul.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
I kv 2022 I kv 2021 Muutus % 12 kuud 2021
Meediasegment 13 081 10 656 23% 52 093
sh tulu kõikidest
digitaalsetest ja online
kanalitest 10 434 7 663 36% 40 453
% tulu kõikidest
digitaalsetest ja online
kanalitest 80% 72% 78%
Kesksed tegevused 1 092 1 052 4% 4 118
Segmentidevahelised elimineerimised (747) (706) (2 695)
KONTSERN KOKKU 13 426 11 002 22% 53 516
% tulu kõikidest
digitaalsetest ja online
kanalitest 78% 70% 76%
(tuhandetes EUR) EBITDA
I kv 2022 I kv 2021 Muutus % 12 kuud 2021
Meediasegment 893 795 12% 8 927
Kesksed tegevused (230) (179) -29% (669)
Segmentidevahelised elimineerimised (46) (20) (18)
KONTSERN KOKKU 616 596 3% 8 240
EBITDA marginaal I kv 2022 I kv 2021 12 kuud 2021
Meediasegment 7% 7% 17%
KONTSERN KOKKU 5% 5% 15%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 31.03.2022 31.12.2021
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 8 878 10 962
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 9 517 9 323
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 120 2
------------------------------------------------------------------------------
Varud 272 266
------------------------------------------------------------------------------
Käibevara kokku 18 787 20 553
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Muud nõuded ja investeeringud 1 645 1 671
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 42 42
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 041 1 011
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 367 2 210
------------------------------------------------------------------------------
Materiaalne põhivara 8 781 7 964
------------------------------------------------------------------------------
Immateriaalne põhivara 60 924 60 807
------------------------------------------------------------------------------
Põhivara kokku 74 801 73 705
------------------------------------------------------------------------------
VARAD KOKKU 93 587 94 258
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 2 754 3 201
------------------------------------------------------------------------------
Võlad ja ettemaksed 18 087 17 664
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 73 82
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 20 913 20 947
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised võlakohustused 18 846 19 018
------------------------------------------------------------------------------
Muud pikaajalised kohustused 601 601
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 19 447 19 619
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 40 361 40 566
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 139 140
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 18 478 18 478
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (Lisa 10) (367) (384)
------------------------------------------------------------------------------
Reservid (Lisa 10) 1 929 1 920
------------------------------------------------------------------------------
Jaotamata kasum 18 771 19 261
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 53 088 53 552
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 53 227 53 692
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 93 587 94 258
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) I kv 2022 I kv 2021 12 kuud 2021
-------------------------------------------------------------------------------
Jätkuvad tegevusvaldkonnad
-------------------------------------------------------------------------------
Müügitulu 13 426 11 002 53 516
-------------------------------------------------------------------------------
Müüdud toodangu kulu (11 034) (9 002) (39 674)
-------------------------------------------------------------------------------
Brutokasum 2 393 2 000 13 842
-------------------------------------------------------------------------------
Muud äritulud 119 106 929
-------------------------------------------------------------------------------
Turunduskulud (655) (417) (2 359)
-------------------------------------------------------------------------------
Üldhalduskulud (2 147) (1 876) (7 435)
-------------------------------------------------------------------------------
Muud ärikulud (42) (24) (113)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) (332) (211) 4 864
-------------------------------------------------------------------------------
Intressitulud 10 9 35
-------------------------------------------------------------------------------
Intressikulud (169) (181) (709)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (14) 16 339
-------------------------------------------------------------------------------
Kokku finantstulud/(kulud) (172) (157) (335)
-------------------------------------------------------------------------------
Kasum/(kahjum) ühisettevõtete aktsiatelt ja
osadelt (133) (107) (281)
-------------------------------------------------------------------------------
Kasum/(kahjum) sidusettevõtete aktsiatelt ja
osadelt 130 35 161
-------------------------------------------------------------------------------
Kasum /(kahjum) enne tulumaksustamist (508) (440) 4 409
-------------------------------------------------------------------------------
Tulumaks (4) (5) (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum)
jätkuvatest tegevusvaldkondadest (512) (445) 4 133
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum)
lõpetatud tegevusvaldkonnast 0 180 (1 876)
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum) (512) (264) 2 257
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (511) (265) 2 243
-------------------------------------------------------------------------------
Vähemusosalusele (1) 1 14
-------------------------------------------------------------------------------
Koondkasum /(kahjum) kokku (512) (264) 2 257
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (511) (265) 2 243
-------------------------------------------------------------------------------
Vähemusosalusele (1) 1 14
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta jätkuvatest
tegevusvaldkondadest (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum) aktsia kohta (0,02) (0,01) 0,14
-------------------------------------------------------------------------------
Lahustunud kasum /(kahjum) aktsia kohta (0,02) (0,01) 0,13
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum) aktsia kohta (0,02) (0,01) 0,07
-------------------------------------------------------------------------------
Lahustunud kasum /(kahjum) aktsia kohta (0,02) (0,01) 0,07
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
I kv I kv 12 kuud
(tuhandetes EUR) 2022 2021* 2021*
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum /(-kahjum) (332) 4 3 060
-------------------------------------------------------------------------------
Korrigeerimised (mitterahalised):
-------------------------------------------------------------------------------
Põhivara kulum 948 1 111 4 162
-------------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist, mahakandmisest ja
väärtuse langusest (7) (1) (10)
-------------------------------------------------------------------------------
Aktsiaoptsiooni väärtuse muutus 9 10 36
-------------------------------------------------------------------------------
Kahjum lõpetatud tegevusvaldkonna müügist 0 0 2 077
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (214) 192 (1 599)
-------------------------------------------------------------------------------
Varude muutus (6) 10 (33)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 378 (573) 1 464
-------------------------------------------------------------------------------
Rahavood põhitegevusest
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (131) (88) (281)
-------------------------------------------------------------------------------
Makstud intressid (104) (128) (803)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 542 536 8 073
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude investeeringute
ost (miinus omandatud sularaha) /
sissemaksed kapitaliosaluse meetodil arvestatud
investeeringutesse (257) (80) (3 325)
-------------------------------------------------------------------------------
Lõpetatud tegevusvaldkonna müügist laekunud raha
(miinus rahasaldo) 0 0 6 326
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 0 51 51
-------------------------------------------------------------------------------
Saadud intressid 1 2 3
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetamine (1 627) (628) (2 786)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 25 1 3
-------------------------------------------------------------------------------
Antud laenud (30) (40) (212)
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 86 0 156
-------------------------------------------------------------------------------
Saadud dividendid 0 0 828
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (1 803) (696) 1 044
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Makstud dividendid 0 0 (3 028)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (402) (498) (1 814)
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed (420) (618) 864
-------------------------------------------------------------------------------
Tasutud omaaktsiate tagasiostmisel 0 (422) (446)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (823) (1 537) (4 424)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (2 084) (1 697) 4 693
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 10 962 6 269 6 269
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 8 878 4 571 10 962
-------------------------------------------------------------------------------
*2021. aasta konsolideeritud rahavoogudes vastavalt IFRS-i nõuetele
korrigeerimisi tehtud ei ole. Trükiteenuste segmendiga seotud rahavood on
endiselt rida-realt konsolideeritud.
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 ning ajalehtede, ajakirjade ja raamatute kirjastamist.
Samuti haldab kontsern elektroonilist piletimüügiplatvormi ja
piletimüügikohtasid Eestis ja Lätis. Ekspress Grupp, mis alustas oma tegevust
1989. aastal, annab tööd üle 1400 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 First Quarter of 2022
Teade
In the 1(st) quarter of 2022, the revenue of AS Ekspress Grupp increased by 22%
to EUR 13.4 million and EBITDA increased by 3% to EUR 0.62 million. Due to the
seasonality of the Group's business, as expected the Group's net loss in the
1(st) quarter of 2022 totalled EUR 0.51 million. Digital revenue contributed
78% to the Group's total revenue at the end of March. Digital revenue increased
by 36% as compared to the same period last year.
The Group's performance in the 1(st) quarter met expectations: the consolidated
revenue totalled EUR 13.4 million (1(st) quarter 2021: EUR 11.0 million),
increasing by 22% as compared to the previous year. Revenue growth in the 1(st)
quarter was primarily attributable to the growth in online advertising and
digital subscription revenue. The total advertising market has not changed
substantially in terms of its size as compared to the previous year, but the
online advertising market has continued to grow as compared to traditional media
channels. Revenue growth was as expected but it was still negatively impacted by
Russia's offensive in Ukraine due to which several planned campaigns were
postponed by advertising customers, primarily in Lithuania and Latvia. The wider
impact of the war on the economies of the Baltic States is currently difficult
to predict. The revenue of Geenius Meedia that was acquired at the end of 2021
totalled EUR 0.5 million in the 1(st) quarter, i.e. contributing ca 5% to the
Group's sales.
The number of the digital subscriptions of AS Ekspress Grupp increased by 50% by
the end of March 2022 as compared to the same period last year and totalled 146
thousand. Õhtuleht and Delfi Lithuania demonstrated the strongest growth. The
growth of digital subscriptions also met expectations, but the number of
subscribers increased at the end of February, because during turbulent times in
the world, the readers are more interested in high-quality and objective
journalism.
The earnings before interest, tax, depreciation and amortisation (EBITDA) of
Ekspress Grupp totalled EUR 0.62 million in the 1(st) quarter which is 3% more
as compared to the same period in 2021. Due to the seasonality of the business,
the Group incurred a net loss of EUR 0.51 million in the 1(st) quarter. In the
1(st) quarter, the financial aid to Ukraine in the amount of EUR 0.09 million
was recognised as a one-off expense. Operating expenses increased by EUR 2.54
million (22%) in the 1(st) quarter of which staff costs made up EUR 1.78 million
(29%). In the 1(st) quarter, the number of employees increased by 18%, i.e. by
132 people, 46 employees of whom came from OÜ Geenius Meedia acquired at the end
of 2021 and 86 employees from other media companies in Estonia, Latvia and
Lithuania. In addition to the pressure on wages due to the general price
inflation, the employee-related cost base has increased on account of additional
expenditures of the editorial offices covering the warfare in Ukraine.
Due to the military operation launched in Ukraine on 24 February, the editorial
offices in all our media companies are working 24/7. This will put enormous
pressure on the work of the editorial offices as well as journalists. Our
editorial offices are used to covering crises, and their work was reorganised
quickly and efficiently. Special Russian language portals targeting Ukrainian
refugees were launched operatively in Estonia, Latvia and Lithuania. The real
estate portal Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) that is co-owned
by Ekspress Grupp developed as special real estate environment at the request of
the Ministry of Social Affairs for the refugees who wish to find accommodation,
and for the people of Estonia who wish to advertise accommodation for the
Ukrainian refugees.
At the beginning of March, AS Ekspress Grupp, AS Postimees Grupp and AS Eesti
Post operating under the trademark of Omniva concluded a contract, according to
which Omniva will acquire all shares of AS Express Post from the media houses.
Before entry into force, the transaction needs to be approved by the Estonia
Competition Authority that has up to 5 months to develop a position. The
operations of several parallel home delivery networks are getting more
complicated in Estonia each year, despite continuous improvements of efficiency
in both delivery organisations and state subsidies in rural areas. The Group is
keen on offering affordable newspaper subscriptions for as long as possible, and
in a country the size of Estonia, the merger of postal companies is the only
possible outcome. As a result of the merger of Express Post and Omniva, a larger
and stronger postal organisation will be established, from which all parties
will gain, primarily the subscribers of newspapers and magazines.
Q1 RESULTS
REVENUE
In the 1(st) quarter of 2022, the consolidated revenue totalled EUR 13.4 million
(1(st) quarter 2021: EUR 11.0 million). Revenue increased by 22% year-over-year
in the 1(st) quarter. Both online advertising as well as digital subscriptions
revenue contributed to this growth. The share of the Group's digital revenue in
the total revenue was 78% at the end of the 1(st) quarter of 2022 (at the end of
the 1(st) quarter 2021: 70% of total revenue). Digital revenue increased by 36%
as compared to the same period last year.
PROFITABILITY
In the 1(st) quarter of 2022, the consolidated EBITDA totalled EUR 0.62 million
(1(st) quarter 2021: EUR 0.60 million). In the 1(st) quarter of 2022, EBITDA
increased by 3% as compared to the previous year and the EBITDA margin was 5%
(1(st) quarter 2021: 5%). In the 1(st) quarter of 2022, the consolidated net
loss totalled EUR -0.51 million (1(st) quarter 2021: EUR -0.45 million).
EXPENSES
In the 1(st) quarter of 2022, the cost of goods sold, marketing, and general and
administrative costs totalled EUR 13.84 million (1(st) quarter 2021: EUR 11.30
million). In the 1(st) quarter of 2022, operating expenses increased by EUR
2.54 million (22%), of which staff costs were EUR 1.78 million (29%). In the
1(st) quarter of 2022, the number of employees increased by 18% (+132 employees,
incl. 46 employees from the acquisition of OÜ Geenius Meedia at the end of 2021
and 86 employees from other media companies in Estonia, Latvia and Lithuania).
In addition to the pressure on wages due to the general price inflation, the
employee-related cost base has increased on account of additional expenditures
of the editorial offices covering the warfare in Ukraine.
In the 1(st) quarter, the financial aid to Ukraine in the amount of EUR 0.09
million was recognised as a one-off expense.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 8.9 million and equity in the amount of EUR 53.2 million (57% of total
assets). The comparable data as of 31 March 2021, including the printing
services segment, were EUR 4.6 million and EUR 54.1 million (58% of total
assets), respectively. As of 31 March 2022, the Group's net debt was EUR 12.7
million (31 December 2021: EUR 11.3 million).
In the 1(st) quarter of 2022, the Group's cash flows from operating activities
totalled EUR 0.54 million (1(st) quarter 2021: EUR 0.54 million, incl. printing
services segment).
In the 1(st) quarter of 2022, the Group's cash flows from investing activities
totalled EUR -1.80 million (1(st) quarter 2021: EUR -0.70 million), of which EUR
-1,63 million was related to development and acquisition of property, plant and
equipment and intangible assets, indicating higher investments in products and
technologies. In the 1(st) quarter, the Group invested EUR -1.18 million in new
LED screens, partly to be funded with a finance lease in the 2(nd) and 3(rd)
quarter of 2022.
In the 1(st) quarter of 2022, the Group's cash flows from financing activities
totalled EUR -0.82 million (1(st) quarter 2021: EUR -1.54 million). Financing
activities were primarily related to the net changes in borrowings and principal
payments of the lease liability, where the changes made to SEB loan contracts
entered into in summer 2021 had a positive impact. In the 1(st) quarter of
2021, treasury shares were purchased in the amount of EUR 0.42 million.
DIVIDENDS
In February 2022, the Management Board of the Group made a proposal to the
shareholders to distribute dividends from the net profit of 2021 in the amount
of 5 euro cents per share, i.e. in the total amount of EUR 1.51 million. As of
28.04.2022, the shareholders Hans Luik and HHL Rühm OÜ have submitted a new
draft resolution to pay dividends of 8 euro cents per share, i.e. in the total
amount of EUR 2.42 million. The decision on dividend distribution will be made
at the General Meeting of Shareholders on 2 May 2022.
Key financial indicators for segments
(EUR thousand) Sales
Q1 2022 Q1 2021 Change % 12 months 2021
Media segment 13 081 10 656 23% 52 093
incl. revenue from all digital
and online channels 10 434 7 663 36% 40 453
% of revenue from all digital and
online channels 80% 72% 78%
Corporate functions 1 092 1 052 4% 4 118
Inter-segment eliminations (747) (706) (2 695)
TOTAL GROUP 13 426 11 002 22% 53 516
% of revenue from all digital and
online channels 78% 70% 76%
(EUR thousand) EBITDA
Q1 2022 Q1 2021 Change % 12 months 2021
Media segment 893 795 12% 8 927
Corporate functions (230) (179) -29% (669)
Inter-segment eliminations (46) (20) (18)
TOTAL GROUP 616 596 3% 8 240
EBITDA margin Q1 2022 Q1 2021 12 months 2021
Media segment 7% 7% 17%
TOTAL GROUP 5% 5% 15%
Consolidated balance sheet (unaudited)
(EUR thousand) 31.03.2022 31.12.2021
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ASSETS
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Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 8 878 10 962
-------------------------------------------------------------------------------
Trade and other receivables 9 517 9 323
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Corporate income tax prepayment 120 2
-------------------------------------------------------------------------------
Inventories 272 266
-------------------------------------------------------------------------------
Total current assets 18 787 20 553
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Other receivables and investments 1 645 1 671
-------------------------------------------------------------------------------
Deferred tax asset 42 42
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Investments in joint ventures 1 041 1 011
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Investments in associates 2 367 2 210
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Property, plant and equipment 8 781 7 964
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Intangible assets 60 924 60 807
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Total non-current assets 74 801 73 705
-------------------------------------------------------------------------------
TOTAL ASSETS 93 587 94 258
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LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings (Note 5) 2 754 3 201
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Trade and other payables 18 087 17 664
-------------------------------------------------------------------------------
Corporate income tax payable 73 82
-------------------------------------------------------------------------------
Total current liabilities 20 913 20 947
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 18 846 19 018
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Other long-term liabilities 601 601
-------------------------------------------------------------------------------
Total non-current liabilities 19 447 19 619
-------------------------------------------------------------------------------
TOTAL LIABILITIES 40 361 40 566
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EQUITY
-------------------------------------------------------------------------------
Minority interest 139 140
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 18 478 18 478
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (367) (384)
-------------------------------------------------------------------------------
Reserves 1 929 1 920
-------------------------------------------------------------------------------
Retained earnings 18 771 19 261
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 53 088 53 552
-------------------------------------------------------------------------------
TOTAL EQUITY 53 227 53 692
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 93 587 94 258
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q1 2022 Q1 2021 12 months 2021
-------------------------------------------------------------------------------
Continuing operations
-------------------------------------------------------------------------------
Sales 13 426 11 002 53 516
-------------------------------------------------------------------------------
Cost of sales (11 034) (9 002) (39 674)
-------------------------------------------------------------------------------
Gross profit 2 393 2 000 13 842
-------------------------------------------------------------------------------
Other income 119 106 929
-------------------------------------------------------------------------------
Marketing expenses (655) (417) (2 359)
-------------------------------------------------------------------------------
Administrative expenses (2 147) (1 876) (7 435)
-------------------------------------------------------------------------------
Other expenses (42) (24) (113)
-------------------------------------------------------------------------------
Operating profit /(loss) (332) (211) 4 864
-------------------------------------------------------------------------------
Interest income 10 9 35
-------------------------------------------------------------------------------
Interest expenses (169) (181) (709)
-------------------------------------------------------------------------------
Other finance income/(costs) (14) 16 339
-------------------------------------------------------------------------------
Net finance cost (172) (157) (335)
-------------------------------------------------------------------------------
Profit/(loss) on shares of joint ventures (133) (107) (281)
-------------------------------------------------------------------------------
Profit/(loss) on shares of associates 130 35 161
-------------------------------------------------------------------------------
Profit /(loss) before income tax (508) (440) 4 409
-------------------------------------------------------------------------------
Income tax expense (4) (5) (276)
-------------------------------------------------------------------------------
Net profit /(loss) from continuing operations (512) (445) 4 133
-------------------------------------------------------------------------------
Net profit /(loss) from discontinued operation 0 180 (1 876)
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period (512) (264) 2 257
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (511) (265) 2 243
-------------------------------------------------------------------------------
Minority interest (1) 1 14
-------------------------------------------------------------------------------
Total comprehensive income /(loss) (512) (264) 2 257
-------------------------------------------------------------------------------
Comprehensive income /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (511) (265) 2 243
-------------------------------------------------------------------------------
Minority interest (1) 1 14
-------------------------------------------------------------------------------
Earnings per share (euro) - continuing operations
-------------------------------------------------------------------------------
Basic earnings per share (0.02) (0.01) 0.14
-------------------------------------------------------------------------------
Diluted earnings per share (0.02) (0.01) 0.13
-------------------------------------------------------------------------------
Earnings per share (euro)
-------------------------------------------------------------------------------
Basic earnings per share (0.02) (0.01) 0.07
-------------------------------------------------------------------------------
Diluted earnings per share (0.02) (0.01) 0.07
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
Q1 Q1 12 months
(EUR thousand) 2022 2021* 2021*
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year (332) 4 3 060
-------------------------------------------------------------------------------
Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 948 1 111 4 162
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment of
property, plant and equipment (7) (1) (10)
-------------------------------------------------------------------------------
Change in value of share option 9 10 36
-------------------------------------------------------------------------------
Loss on sale of discontinued operation 0 0 2 077
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (214) 192 (1 599)
-------------------------------------------------------------------------------
Inventories (6) 10 (33)
-------------------------------------------------------------------------------
Trade and other payables 378 (573) 1 464
-------------------------------------------------------------------------------
Cash generated from operations
-------------------------------------------------------------------------------
Income tax paid (131) (88) (281)
-------------------------------------------------------------------------------
Interest paid (104) (128) (803)
-------------------------------------------------------------------------------
Net cash generated from operating activities 542 536 8 073
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less cash
acquired) and other investments /
cash paid-in equity-accounted investees (257) (80) (3 325)
-------------------------------------------------------------------------------
Disposal of discontinued operation, net of cash
disposed of 0 0 6 326
-------------------------------------------------------------------------------
Receipts of other investments 0 51 51
-------------------------------------------------------------------------------
Interest received 1 2 3
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (1 627) (628) (2 786)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment
and intangible assets 25 1 3
-------------------------------------------------------------------------------
Loans granted (30) (40) (212)
-------------------------------------------------------------------------------
Loan repayments received 86 0 156
-------------------------------------------------------------------------------
Dividends received 0 0 828
-------------------------------------------------------------------------------
Net cash used in investing activities (1 803) (696) 1 044
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid 0 0 (3 028)
-------------------------------------------------------------------------------
Payment of lease liabilities (402) (498) (1 814)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans (420) (618) 864
-------------------------------------------------------------------------------
Purchases of treasury shares 0 (422) (446)
-------------------------------------------------------------------------------
Net cash used in financing activities (823) (1 537) (4 424)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (2 084) (1 697) 4 693
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
period 10 962 6 269 6 269
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 8 878 4 571 10 962
-------------------------------------------------------------------------------
*No adjustments have been made to the consolidated cash flows for 2021 in
accordance with the requirements of IFRS. Cash flows related to the printing
services segment are still consolidated line-by-line.
Signe Kukin
Group CFO
AS Ekspress Grupp
Telephone: +372 669 8381
E-mail address: [email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading Baltic media group whose key activities include
web media content production, publishing of newspapers, magazines and books. The
Group also operates an electronic ticket sales platform and ticket sales sites
in Estonia and Latvia. Ekspress Grupp that launched its operations in 1989
employs more than 1400 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.