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AS Ekspress Grupp
LEI kood
529900B52V1TUMW7FS54
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Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
10282
Manused
Esitamise kuupäev ja aeg
28.04.2023 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2023.aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
AS-i Ekspress Grupp 2023. aasta I kvartali müügitulu kasvas 25%, ulatudes 16,8
miljoni euroni ja EBITDA 87% 1,2 miljoni euroni. Tulenevalt sesoonsusest teenis
kontsern ootuspäraselt 2023. aasta I kvartalis jooksvatelt tegevustelt
puhaskahjumit 0,4 miljonit eurot, mida on 20% vähem võrreldes eelmise aastaga.
Märtsi lõpus moodustas digitaalsete tulude osakaal 80% kontserni kogukäibes.
Kontsern jätkab edukalt müügimahtude kasvatamist reklaamis ja digitellimustes,
seda nii läbi turuosa suurenemise kui ka keskmise hinna kasvatamise. Kontserni I
kvartali müügitulu tegi tugeva kasvu ja suurenes 25% võrreldes eelmise aasta
sama perioodiga. Kui müügitulust jätta kõrvale 2022. aasta II poolaastal Leedus
tehtud ostud (uudisteportaal Lrytas ja uudisteagentuur ELTA), kujunes müügitulu
kasvuks 18%. Reklaamikasvule aitasid kaasa valimised nii Eestis kui Leedus.
Lätis, kus reklaamiturg oli aasta esimestel kuudel olnud tugeva surve all,
saavutasime kasvu peamiselt läbi piletimüügiettevõtte tulu ja kasumi
suurenemise. Kasvu näitas ka reklaamitulu välikraanidelt, millesse kontsern on
eelnevatel aastatel teinud investeeringuid. Käesoleval aastal jätkame
lisaekraanide püstitamist Lätis ja Eestis.
AS-i Ekspress Grupp digitaalsete tellimuste hulk kasvas 2023. aasta märtsi
lõpuks võrdluses eelmise aastaga 15% ja ulatus 161,3 tuhande tellimuseni.
Ekspress Grupi meediaettevõtted võitsid aastaga kokku juurde üle 21 000
digitellija, millega kinnistasime oma positsiooni Balti riikide juhtiva
digitaalse ärimudeliga meediaettevõttena. Suhteliselt näitas suurimat kasvu
grupi uusim liige Geenius Meedia, kellele lisandus aastaga 36% rohkem
digitellijaid. Väga olulise kasvu on teinud suurima tellijate arvuga Delfi
Meedia, kuhu lisandus aastaga ca 13,5 tuhat ehk 17% rohkem digitellimusi. Delfi
Läti ja Leedu tütarettevõtete digitellimuste kasv nii kvartali kui aasta
võrdluses tõestab, et eelmise aasta lõpus ellu viidud tellimuspakettide reform
on osutunud edukaks ja nendelt turgudelt võib oodata kasvu ka edaspidi.
Ekspress Grupi kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA)
oli I kvartalis 1,2 miljonit eurot, mis on kasvanud 87% ehk peaaegu kaks korda
võrreldes eelmise aasta sama perioodiga. Kasumlikkust on aidanud tõsta
veebireklaami ja digitellimuste edukas müük Eestis ja Leedus ning
piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasv.
I kvartali EBITDA-le ei avalda veel positiivset 100%lise osaluse soetamine Leedu
ühes populaarseimas uudisteportaalis lrytas.lt (https://www.lrytas.lt/) 2022.
aasta lõpus. Lrytase omandamine on kontserni strateegia orgaaniline osa, millega
seotud positiivset mõju ootame käesoleva aasta teises pooles.
2023. aasta I kvartali konsolideeritud puhaskahjum ilma erakorraliste kuludeta
oli 0,4 miljonit eurot (I kvartal 2022: 0,5 miljonit eurot) ehk jooksvate
tegevustega seotud kahjum vähenes eelmise aasta sama perioodiga võrredes 20%.
Puhaskasumi kujunemise peamised põhjused on lisaks ootuspärasele sesoonsusele ka
kontserni investeeringutest tulenev amortisatsioonikulu kasv ning seoses
Euribori tõusuga kasvanud intressimäärad. Ligikaudu kaks korda kasvanud
intressikulude negatiivne mõju puhaskasumile on I kvartalis 0,2 miljonit eurot.
Koos erakorraliste kuludega oli puhaskahjum 0,7 miljonit eurot, millest 0,3
miljonit moodustas ASi Express Post kojukandeteenuste sulgemisega seotud
ühekordne reservkulu. I kvartalis 2023 otsustas kontserni 50%lises omanduses
oleva ASi Express Post nõukogu sulgeda ettevõtte kojukandeteenuse valdkonna.
Muudatus ei mõjuta Ekspress Grupi paberväljaannete väljaandmise mahtu, sagedust
ega kojukande tingimusi tellijate jaoks. Aasta teises pooles prognoosime
ühisettevõtte kahjumliku kojukandeteenuse sulgemisest positiivset mõju kontserni
kasumlikkusele.
Kontserni likviidsus on hea ja peame oluliseks likviidsusreservide hoidmist nii
võimalike uute ostude tarbeks, kui ka majanduse võimaliku jahtumise olukorraks.
31. märtsi 2023 seisuga oli kontsernil rahalisi vahendeid 7,3 miljonit eurot
(31.12.2022: 7,4 miljonit eurot). Käesoleva aasta märtsi alguses viis kontsern
lõpuni aktsiate tagasiostuprogrammi, mille kohaselt osteti turult tagasi 588
tuhat aktsiat hinnaga 1,70 eurot aktsia kohta kogumahus 1 miljon eurot.
Tagasiostuprogramm pakkus aktsionäridele suurt huvi ja atraktiivseid
turutingimusi väärtuse loomiseks. 4. mail 2023. aastal toimuval korralisel
aktsionäride üldkoosolekul tuleb hääletamisele kasumi jaotamise ettepanek, mille
kohaselt makstakse aktsionäridele korralist dividendi 5 euro senti aktsia kohta
kokku 1,5 miljoni euro väärtuses. Seega teeb kontsern 2023. aasta I poolaasta
jooksul aktsionäridele väljamakseid kokku 2,5 miljoni euro ulatuses.
I KVARTALI TULEMUSED
MÜÜGITULU
2023. aasta I kvartali konsolideeritud müügitulu oli 16,8 miljonit eurot (I
kvartal 2022: 13,4 miljonit eurot). I kvartali müügitulu suurenes 25% võrreldes
eelmise aastaga. Kasvu taga on nii veebi reklaamitulud kui digitellimuste tulud.
Kontserni digitaalsete tulude osakaal moodustas 2023. aasta I kvartali lõpus
80% kogukäibes (2022. aasta I kvartali lõpp: 78% kogukäibes). 2023. aasta I
kvartali digitaalsed tulud suurenesid 28% võrreldes eelmise aasta sama
perioodiga.
KASUMLIKKUS
2023. aasta I kvartali konsolideeritud EBITDA oli 1,2 miljonit eurot (I kvartal
2022: 0,6 miljonit eurot). EBITDA kasvas 87% võrreldes eelmise aastaga ning
EBITDA marginaal oli 7% (I kvartal 2022: 5%). Kasumlikkust on aidanud tõsta
veebireklaami ja digitellimuste edukas müük Eestis ja Leedus ning
piletimüügiplatvormide ja digitaalsete väliekraanide mahtude kasvud.
2023. aasta I kvartali konsolideeritud puhaskahjum ilma erakorraliste kuludeta
oli 0,4 miljonit eurot (I kvartal 2022: 0,5 miljonit eurot). 2023. aasta I
kvartalis vähenes puhaskahjum 20% võrreldes eelmise aastaga. Puhaskasumi
kujunemise peamised põhjused on lisaks ootuspärasele sesoonsusele ka kontserni
investeeringutest tulenev amortisatsioonikulu kasv ning seoses Euribori tõusuga
kasvanud intressimäärad. Ligikaudu kaks korda kasvanud intressikulude negatiivne
mõju puhaskasumile on I kvartalis 0,2 miljonit eurot.
Koos erakorraliste kuludega oli puhaskahjum 0,7 miljonit eurot, millest 0,3
miljonit moodustas ASi Express Post kojukandeteenuste sulgemisega seotud
ühekordne reservkulu. I kvartalis 2023 otsustas kontserni 50%lises omanduses
oleva ASi Express Post nõukogu sulgeda ettevõtte kojukandeteenuse valdkonna.
Muudatus ei mõjuta Ekspress Grupi paberväljaannete väljaandmise mahtu, sagedust
ega kojukande tingimusi tellijate jaoks. Aasta teises pooles prognoosime
ühisettevõtte kahjumliku kojukandeteenuse sulgemisest positiivset mõju kontserni
kasumlikkusele.
KULUD
2023. aasta I kvartali müüdud kaupade kulu, turundus- ja üldhalduskulud kokku
moodustasid 16,8 miljonit eurot (I kvartal 2022: 13,8 miljonit eurot).
Tegevuskulud suurenesid 3,0 miljonit eurot (+21%) võrreldes eelmise aasta sama
perioodiga. Suurima kasvu moodustab tööjõukulude kasv summas 1,4 miljonit eurot
(+18%).
2023. aasta I kvartalis oli kontsernis keskmiselt 969 töötajat, mis on 123
töötajat rohkem võrreldes eelmise aasta sama perioodiga (I kvartal 2022: 846
töötajat). Kasvu taga olevad 88 töötajat on lisandunud läbi ettevõtete ostude,
sh 2022. aasta mais omandatud ELTA uudiste agentuur Leedus ja 2022. aasta
detsembris omandatud uudisteportaali lrytas.lt arvelt. 35 töötajat lisandus
teistes ettevõtetes Eestis, Lätis ja Leedus.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 7,3 miljonit eurot
ja omakapitali 53,7 miljonit eurot (53% bilansimahust). Võrreldavad andmed
2022. aasta 31. märtsi seisuga olid vastavalt 8,9 miljonit eurot ja EUR 53,2
miljonit eurot (57% bilansimahust). Seisuga 31. märts 2023 oli kontserni
netovõlg 13,6 miljonit eurot (31. märts 2022: EUR 7,7 miljonit eurot).
2023. aasta I kvartali kontserni rahavood äritegevusest olid 2,4 miljonit eurot
(I kvartal 2022: 0,5 miljonit eurot), mida mõjutasid positiivselt nii Eestis kui
Lätis piletimüügi platvormid. Läti piletimüügiplatvormi müügiaktiivsus on
taastunud ning tulenevalt kõrgematest piletihindadest parem võrreldes koroona
eelsele perioodile.
2023. aasta I kvartali kontserni rahavood investeerimistegevusest olid -0,7
miljonit eurot (I kvartal 2022: -1,8 miljonit eurot, sh -1,0 miljonit eurot
investeeringud uutesse LED ekraanidesse).
2023. aasta I kvartali kontserni rahavood finantseerimistegevusest olid -1,9
miljonit eurot (I kvartal 2022: -0,8 miljonit eurot), millest -1,0 miljonit
eurot moodustab omaaktsiate tagasiostmine. Finantseerimistegevused sisaldavad
samuti netomuutust laenukohustustes -0,4 miljonit eurot ja rendikohustustes -0,5
miljonit eurot.
AKTSIATE TAGASIOST JA DIVIDENDID
Aktsiate tagasiostuprogrammi raames ostis AS Ekspress Grupp 9.märtsil 2023
tagasi 588 235 aktsiat hinnaga 1,70 eurot aktsia kohta kogusummas 1,0 miljonit
eurot.
2023. aasta märtsis tegi kontserni juhatus ettepaneku maksta 2022. majandusaasta
puhaskasumi arvel aktsionäridele dividendidena välja 5 eurosenti aktsia kohta,
kokku 1,5 miljonit eurot. Kasumi jaotamise otsus tehakse 4. mail 2023. aastal
toimuval aktsionäride korralisel üldkoosolekul.
SEGMENTIDE ÜLEVAADE
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
I kv 2023 I kv 2022 Muutus % 12 kuud 2022
Meediasegment 16 867 13 081 29% 62 690
reklaam 9 681 7 840 23% 37 613
tellimused (sh üksikmüük) 4 560 3 886 17% 16 819
turuplatsid 636 353 80% 2 232
väliekraanid 688 402 71% 2 396
muud müügitulud 1 302 600 117% 3 630
Kesksed tegevused 1 226 1 092 12% 4 500
Segmentidevahelised elimineerimised (1 339) (747) (3 050)
KONTSERN KOKKU 16 755 13 426 25% 64 141
sh tulu kõikidest digitaalsetest
kanalitest 13 384 10 434 28% 49 928
% tulu kõikidest digitaalsetest
kanalitest 80% 78% 78%
(tuhandetes EUR) EBITDA
I kv 2023 I kv 2022 Muutus % 12 kuud 2022
Meediasegment 1 478 893 66% 10 183
Kesksed tegevused (321) (230) -39% (1 122)
Segmentidevahelised elimineerimised (3) (46) (171)
KONTSERN KOKKU 1 153 616 87% 8 891
EBITDA marginaal I kv 2023 I kv 2022 12 kuud 2022
Meediasegment 9% 7% 16%
KONTSERN KOKKU 7% 5% 14%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 31.03.2023 31.12.2022
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 7 272 7 448
------------------------------------------------------------------------------
Nõuded ostjatele ja muud nõuded 12 090 11 661
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 74 49
------------------------------------------------------------------------------
Varud 278 286
------------------------------------------------------------------------------
Käibevara kokku 19 714 19 444
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Muud nõuded ja investeeringud 1 580 1 580
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 59 60
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 983 1 017
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 225 2 279
------------------------------------------------------------------------------
Materiaalne põhivara 9 104 8 736
------------------------------------------------------------------------------
Immateriaalne põhivara 66 838 66 720
------------------------------------------------------------------------------
Põhivara kokku 80 790 80 392
------------------------------------------------------------------------------
VARAD KOKKU 100 504 99 836
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 3 050 3 393
------------------------------------------------------------------------------
Võlad tarnijatele ja muud võlad 21 152 19 004
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 21 25
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 24 223 22 422
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised võlakohustused 22 536 21 948
------------------------------------------------------------------------------
Muud pikaajalised kohustused 44 43
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 22 580 21 991
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 46 803 44 413
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 150 147
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 18 478 18 478
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (1 334) (334)
------------------------------------------------------------------------------
Reservid 2 067 2 059
------------------------------------------------------------------------------
Jaotamata kasum 20 063 20 796
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 53 551 55 276
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 53 701 55 423
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 100 504 99 836
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) I kv 2023 I kv 2022 12 kuud 2022
-------------------------------------------------------------------------------
Müügitulu 16 755 13 426 64 141
-------------------------------------------------------------------------------
Müüdud toodangu kulu (13 641) (11 034) (48 185)
-------------------------------------------------------------------------------
Brutokasum 3 114 2 393 15 956
-------------------------------------------------------------------------------
Muud äritulud 70 119 789
-------------------------------------------------------------------------------
Turunduskulud (571) (655) (2 979)
-------------------------------------------------------------------------------
Üldhalduskulud (2 551) (2 147) (8 823)
-------------------------------------------------------------------------------
Muud ärikulud (20) (42) (146)
-------------------------------------------------------------------------------
Ärikasum /(-kahjum) 42 (332) 4 797
-------------------------------------------------------------------------------
Intressitulud 9 10 36
-------------------------------------------------------------------------------
Intressikulud (330) (169) (738)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (11) (14) 179
-------------------------------------------------------------------------------
Kokku finantstulud/(-kulud) (331) (172) (523)
-------------------------------------------------------------------------------
Kasum/(kahjum) ühisettevõtete aktsiatelt ja
osadelt (553) (133) (242)
-------------------------------------------------------------------------------
Kasum/(kahjum) sidusettevõtete aktsiatelt ja
osadelt 128 130 325
-------------------------------------------------------------------------------
Kasum /(kahjum) enne tulumaksustamist (715) (508) 4 357
-------------------------------------------------------------------------------
Tulumaks (16) (4) (302)
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum) (730) (512) 4 055
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (733) (511) 4 048
-------------------------------------------------------------------------------
Vähemusosalusele 3 (1) 7
-------------------------------------------------------------------------------
Koondkasum /(-kahjum) kokku (730) (512) 4 055
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum /(kahjum), mis on omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (733) (511) 4 048
-------------------------------------------------------------------------------
Vähemusosalusele 3 (1) 7
-------------------------------------------------------------------------------
Puhaskasum (-kahjum) aktsia kohta (eurodes)
-------------------------------------------------------------------------------
Tavakasum /(-kahjum) aktsia kohta (0,0243) (0,0169) 0,1335
-------------------------------------------------------------------------------
Lahustunud kasum /(kahjum) aktsia kohta (0,0235) (0,0163) 0,1294
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
12 kuud
(tuhandetes EUR) I kv 2023 I kv 2022 2022
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum /(-kahjum) 42 (332) 4 797
-------------------------------------------------------------------------------
Korrigeerimised (mitterahalised):
-------------------------------------------------------------------------------
Põhivara kulum 1 112 948 4 084
-------------------------------------------------------------------------------
(Kasum)/ kahjum põhivara müügist, mahakandmisest
ja väärtuse langusest (2) (7) 29
-------------------------------------------------------------------------------
Aktsiaoptsiooni väärtuse muutus 8 9 29
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (441) (214) (1 939)
-------------------------------------------------------------------------------
Varude muutus 7 (6) (9)
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete
muutus 1 960 378 2 188
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (44) (131) (401)
-------------------------------------------------------------------------------
Makstud intressid (262) (104) (767)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 2 380 542 8 011
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude
investeeringute ost (miinus omandatud sularaha)/
sissemaksed kapitaliosaluse meetodil arvestatud
investeeringutesse (387) (257) (7 632)
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 0 0 10
-------------------------------------------------------------------------------
Saadud intressid 0 1 2
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara soetamine (495) (1 627) (3 748)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 2 25 66
-------------------------------------------------------------------------------
Antud laenud 0 (30) (30)
-------------------------------------------------------------------------------
Antud laenude tagasimaksed 0 86 86
-------------------------------------------------------------------------------
Saadud dividendid 199 0 601
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (681) (1 803) (10 645)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Makstud dividendid 0 0 (2 425)
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (456) (402) (1 751)
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed (420) (420) 3 296
-------------------------------------------------------------------------------
Tasutud omaaktsiate tagasiostmisel (1 000) 0 0
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (1 876) (823) (880)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (176) (2 084) (3 514)
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 7 448 10 962 10 962
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 7 272 8 878 7 448
-------------------------------------------------------------------------------
Muudatused kontserni juriidilises struktuuris
ASi Ekspress Grupp nõukogu otsustas teha kontserni struktuuris mitu muudatust,
mille eesmärk on suurendada juhtimise efektiivsust ja läbipaistvust, lihtsustada
grupi juriidilist struktuuri ning muuta kontserni kesksete finantsteenuste
osutamine efektiivsemaks. Samuti aitavad muudatused täita panga esitatud
nõudeid.
Leedus otsustas nõukogu ühendada kontserni tütarettevõtte UAB Satyre eelmisel
aastal omandatud UAB-ga Lrytas. Eestis otsustati liita 100% kontsernile kuuluv
tütarettevõte OÜ Ekspress Finants emaettevõttega AS Ekspress Grupp.
Kontserniülest finantseerimis- ja raamatupidamisteenust pakub kontserni
tütarettevõtetele Eestis edaspidi emaettevõte.
ÄS § 421 lg 4 järgi ei ole ühinemise heakskiitmine ühinemisotsusega ASi Ekspress
Grupp poolt nõutav, sest ühendatava osaühingu (Ekspress Finants) osakapitalist
100% kuulub ühendavale ühingule. Ühinemisotsus on vajalik, kui seda nõuavad
ühendava aktsiaseltsi aktsionärid, kelle aktsiatega on esindatud vähemalt 1/20
aktsiakapitalist. ASi Ekspress Grupp aktsionäridel on vastava nõude esitamiseks
aega kuni 28. maini 2023. a.
Nimetatud tehingutel ei ole mõju ASi Ekspress Grupp kontserni konsolideeritud
kasumile, varadele ega kohustustele.
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 ning pakub väliekraanide teenust Eestis ja Lätis. Ekspress
Grupp alustas oma tegevust 1989. aastal ja annab tööd ligi 1600 inimesele.
Teate sisu inglise keeles
Pealkiri
AS Ekspress Grupp: Consolidated unaudited interim report for the First Quarter of 2023
Teade
The revenue of AS Ekspress Grupp for the 1(st) quarter of 2023 increased by 25%
and totalled EUR 16.8 million, and EBITDA increased by 87% to EUR 1.2 million.
As expected, due to seasonality the Group's net operating loss in the 1(st)
quarter of 2023 totalled EUR 0.4 million which is 20% lower than in the previous
year. Digital revenue made up 80% of the Group's total revenue at the end of
March.
The Group continues to successfully increase its sales volumes in advertising
and digital subscriptions, both through an increase in its market share and an
increase in average prices. The Group's revenue for the 1(st) quarter
demonstrated strong growth, increasing by 25% as compared to the same period
last year. Excluding from revenue the acquisitions made in Lithuania (news
portal Lrytas and news agency ELTA) in the second half of 2022, revenue growth
was 18%. Elections both in Estonia and Lithuania helped boost advertising sales.
In Latvia, where the advertising market had been under a strong pressure in the
first months of the year, we achieved growth primarily through growth in the
revenue of ticket sales companies and higher profits. Advertising revenue from
outdoor screens also grew, due to the investments made by the Group in previous
years. We are going to install more screens in Latvia and Estonia this year.
The number of digital subscriptions of AS Ekspress Grupp increased by 15% year-
over-year by the end of March 2023 and totalled 161.3 thousand subscriptions.
The media companies of Ekspress Grupp gained more than 21 000 digital
subscribers, solidifying our position as the leading Baltic media company with a
digital business model. In relative terms, the Group's newest member, Geenius
Meedia, showed the strongest growth, gaining 36% more digital subscribers in a
year. Delfi Meedia with the largest number of subscribers achieved significant
growth, gaining ca 13.5 thousand or 17% more digital subscriptions in a year.
The growth of the digital subscriptions of Delfi's Latvian and Lithuanian
subsidiaries, on a quarter-over-quarter and on a year-over-year basis,
demonstrated that the subscription package reform implemented at the end of last
year has been successful, and further growth may be expected in these markets in
the future.
The earnings before interest, tax, depreciation and amortisation (EBITDA) of
Ekspress Grupp totalled EUR 1.2 million in the 1(st) quarter, growing by 87% or
almost doubling as compared to the same period last year. Profitability has been
boosted by successful sales of online advertising and digital subscriptions in
Estonia and Lithuania, and volume growth of ticket sales platforms and digital
outdoor screens.
The acquisition of the 100% ownership interest in one of the most popular
Lithuanian news portals lrytas.lt (https://www.lrytas.lt/) at the end of 2022
has not yet had a positive impact on the 1(st) quarter's EBITDA. The acquisition
of Lrytas is an organic part of the Group's strategy, the positive impact of
which is to be expected in the second half of the current year.
The consolidated net loss, excluding extraordinary expenses, totalled EUR 0.4
million in the 1(st) quarter of 2023 (Q1 2022: EUR 0.5 million), or the
operating loss decreased by 20% as compared to the same period last year. In
addition to expected seasonality, net profit was primarily impacted by higher
depreciation charges related to the Group's investments and higher interest
rates due to the increase in Euribor rates. Interest costs which almost doubled
had a negative impact of EUR 0.2 million on net profit in the 1(st) quarter.
Including extraordinary expenses, the net loss totalled EUR 0.7 million, of
which the one-off reserve cost totalled EUR 0.3 million, related to the closure
of the home delivery service of AS Express Post. In the 1(st) quarter of 2023,
the Supervisory Board of AS Express Post, 50% of which is owned by the Group,
decided to liquidate the home delivery service business. The change will not
affect the volume, frequency or home delivery conditions of Ekspress Group's
paper publications for its subscribers. We expect to see a positive effect from
the liquidation of the joint venture's unprofitable home delivery service on the
Group's profitability in the second half of the year.
The Group's liquidity is solid and we consider it important to keep liquidity
reserves for possible new acquisitions as well as for the possible economic
cooldown. As of 31 March 2023, the Group's monetary funds totalled EUR 7.3
million (31.12.2022: EUR 7.4 million). At the beginning of March this year, the
Group completed its share buy-back programme, according to which 588 thousand
shares at the price of EUR 1.70 per shares in the total amount of EUR 1 million
were purchased in the market. The share buy-back programme generated keen
interest among shareholders and created attractive market conditions for value
generation. The ordinary general meeting of shareholders to be convened on 4 May
2023 will vote on the profit allocation proposal, according to which regular
dividends of 5 euro cents per share in the total amount of EUR 1.5 million will
be distributed to the shareholders. Thus, the Group's payments to its
shareholders will total EUR 2.5 million in the first half of 2023.
Q1 RESULTS
REVENUE
In the 1(st) quarter of 2023, the consolidated revenue totalled EUR 16.8 million
(Q1 2022: EUR 13.4 million). The revenue for the 1(st) quarter increased by 25%
year-over-year. This growth was attributable to both online advertising revenue
as well as digital subscription revenue. The share of the Group's digital
revenue in total revenue was 80% at the end of the 1(st) quarter of 2023 (at the
end of Q1 2022: 78% of total revenue). Digital revenue for the 1(st) quarter of
2023 increased by 28% as compared to the same period last year.
PROFITABILITY
In the 1(st) quarter of 2023, the consolidated EBITDA totalled EUR 1.2 million
(Q1 2022: EUR 0.6 million). EBITDA grew by 87% as compared to last year and the
EBITDA margin was 7% (Q1 2022: 5%). Profitability has been driven by successful
sales of online advertising and digital subscriptions in Estonia and Lithuania,
and the volume growth or ticket sales platforms and digital outdoor screens.
The consolidated net profit for the 1(st) quarter of 2023 (excl. extraordinary
expenses) totalled EUR 0.4 million (Q1 2022: EUR 0.5 million). In the 1(st)
quarter of 2023, net profit decreased by 20% as compared to last year. In
addition to expected seasonality, net profit was primarily impacted by higher
depreciation charges related to the Group's investments and higher interest
rates due to the increase in Euribor rates. Interest costs which almost doubled
had a negative impact of EUR 0.2 million on net profit in the 1(st) quarter.
Including extraordinary expenses, the net loss totalled EUR 0.7 million, of
which the one-off reserve cost totalled EUR 0.3 million, related to the closure
of the home delivery service of AS Express Post. In the 1(st) quarter of 2023,
the Supervisory Board of AS Express Post, 50% of which is owned by the Group,
decided to liquidate the home delivery service business. The change will not
affect the volume, frequency or home delivery conditions of Ekspress Group's
paper publications for its subscribers. We expect to see a positive effect from
the liquidation of the joint venture's unprofitable home delivery service on the
Group's profitability in the second half of the year.
EXPENSES
In the 1(st) quarter of 2023, the cost of goods sold, marketing, and general and
administrative costs totalled EUR 16.8 million (Q1 2022: EUR 13.8 million).
Operating expenses increased by EUR 3.0 million (+21%) as compared to the same
period last year. Labour costs increased the most, by EUR 1.4 million (+18%).
In the 1(st) quarter of 2023, the Group employed 969 employees which is 123 more
as compared to the same period last year (Q1 2022: 846 employees). This growth
is attributable to 88 employees who were transferred from the acquired
companies, incl. ELTA news agency in Lithuania acquired in May 2022 and the news
portal lrytas.lt acquired in December 2022. 35 employees were hired from other
companies in Estonia, Latvia and Lithuania.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 7.3 million and equity in the amount of EUR 53.7 million (53% of total
assets). The comparable data as of 31 March 2022 were EUR 8.9 million and EUR
53.2 million (57% of total assets), respectively. As of 31 March 2023, the
Group's net debt was EUR 13.6 million (31 March 2022: EUR 7.7 million).
In the 1(st) quarter of 2023, the Group's cash flows from operating activities
totalled EUR 2.4 million (Q1 2022: EUR 0.5 million) that were positively
impacted by the ticket sales platforms in Estonia and Latvia. The sales activity
of the Latvian ticket sales platform has recovered and is in a better position
due to higher ticket prices as compared to the pre-Covid-19 period.
In the 1(st) quarter of 2023, the Group's cash flows from investing activities
totalled EUR -0.7 million (Q1 2022: EUR -1.8 million, incl. EUR -1.0 million
investments in new LED screens).
In the 1(st) quarter of 2023, the Group's cash flows from financing activities
totalled EUR -1,9 million (Q1 2022: EUR -0.8 million), of which EUR -1,0 million
is the share buy-back. Financing activities also include a net change in
borrowings in the amount of EUR -0.4 million and lease liabilities in the amount
of EUR -0.5 million.
SHARE BUY-BACK AND DIVIDENDS
Within the framework of the share buy-back programme, on 9 March 2023 AS
Ekspress Grupp purchased 588 235 shares at the price of EUR 1.70 per share in
the total amount of EUR 1.0 million.
In March 2023, the Group's Management Board proposed to pay 5 euro cents per
share as dividends to shareholders from the net profit of the financial year
2022 in the total amount of 1.5 million. The profit allocation proposal will be
made at the ordinary general meeting of shareholders on 4 May 2023.
SEGMENT OVERVIEW
Key financial indicators for segments
(EUR thousand) Sales
Q1 2023 Q1 2022 Change % 12 months 2022
Media segment 16 867 13 081 29% 62 690
advertising revenue 9 681 7 840 23% 37 613
subscriptions (incl. single-copy
sales) 4 560 3 886 17% 16 819
marketplaces 636 353 80% 2 232
outdoor screens 688 402 71% 2 396
sale of other goods and services 1 302 600 117% 3 630
Corporate functions 1 226 1 092 12% 4 500
Inter-segment eliminations (1 339) (747) (3 050)
TOTAL GROUP 16 755 13 426 25% 64 141
incl. revenue from all digital
channels 13 384 10 434 28% 49 928
% of revenue from all digital
channels 80% 78% 78%
(EUR thousand) EBITDA
Q1 2023 Q1 2022 Change % 12 months 2022
Media segment 1 478 893 66% 10 183
Corporate functions (321) (230) -39% (1 122)
Inter-segment eliminations (3) (46) (171)
TOTAL GROUP 1 153 616 87% 8 891
EBITDA margin Q1 2023 Q1 2022 12 months 2022
Media segment 9% 7% 16%
TOTAL GROUP 7% 5% 14%
Consolidated balance sheet (unaudited)
(EUR thousand) 31.03.2023 31.12.2022
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ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 7 272 7 448
-------------------------------------------------------------------------------
Trade and other receivables 12 090 11 661
-------------------------------------------------------------------------------
Corporate income tax prepayment 74 49
-------------------------------------------------------------------------------
Inventories 278 286
-------------------------------------------------------------------------------
Total current assets 19 714 19 444
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Other receivables and investments 1 580 1 580
-------------------------------------------------------------------------------
Deferred tax asset 59 60
-------------------------------------------------------------------------------
Investments in joint ventures 983 1 017
-------------------------------------------------------------------------------
Investments in associates 2 225 2 279
-------------------------------------------------------------------------------
Property, plant and equipment 9 104 8 736
-------------------------------------------------------------------------------
Intangible assets 66 838 66 720
-------------------------------------------------------------------------------
Total non-current assets 80 790 80 392
-------------------------------------------------------------------------------
TOTAL ASSETS 100 504 99 836
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 3 050 3 393
-------------------------------------------------------------------------------
Trade and other payables 21 152 19 004
-------------------------------------------------------------------------------
Corporate income tax payable 21 25
-------------------------------------------------------------------------------
Total current liabilities 24 223 22 422
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 22 536 21 948
-------------------------------------------------------------------------------
Other long-term liabilities 44 43
-------------------------------------------------------------------------------
Total non-current liabilities 22 580 21 991
-------------------------------------------------------------------------------
TOTAL LIABILITIES 46 803 44 413
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority interest 150 147
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 18 478 18 478
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (1 334) (334)
-------------------------------------------------------------------------------
Reserves 2 067 2 059
-------------------------------------------------------------------------------
Retained earnings 20 063 20 796
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 53 551 55 276
-------------------------------------------------------------------------------
TOTAL EQUITY 53 701 55 423
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 100 504 99 836
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q1 2023 Q1 2022 12 months 2022
-------------------------------------------------------------------------------
Sales 16 755 13 426 64 141
-------------------------------------------------------------------------------
Cost of sales (13 641) (11 034) (48 185)
-------------------------------------------------------------------------------
Gross profit 3 114 2 393 15 956
-------------------------------------------------------------------------------
Other income 70 119 789
-------------------------------------------------------------------------------
Marketing expenses (571) (655) (2 979)
-------------------------------------------------------------------------------
Administrative expenses (2 551) (2 147) (8 823)
-------------------------------------------------------------------------------
Other expenses (20) (42) (146)
-------------------------------------------------------------------------------
Operating profit /(loss) 42 (332) 4 797
-------------------------------------------------------------------------------
Interest income 9 10 36
-------------------------------------------------------------------------------
Interest expenses (330) (169) (738)
-------------------------------------------------------------------------------
Other finance income/(costs) (11) (14) 179
-------------------------------------------------------------------------------
Net finance cost (331) (172) (523)
-------------------------------------------------------------------------------
Profit/(loss) on shares of joint ventures (553) (133) (242)
-------------------------------------------------------------------------------
Profit/(loss) on shares of associates 128 130 325
-------------------------------------------------------------------------------
Profit /(loss) before income tax (715) (508) 4 357
-------------------------------------------------------------------------------
Income tax expense (16) (4) (302)
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting
period (730) (512) 4 055
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (733) (511) 4 048
-------------------------------------------------------------------------------
Minority interest 3 (1) 7
-------------------------------------------------------------------------------
Total comprehensive income /(loss) (730) (512) 4 055
-------------------------------------------------------------------------------
Comprehensive income /(loss) for the reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (733) (511) 4 048
-------------------------------------------------------------------------------
Minority interest 3 (1) 7
-------------------------------------------------------------------------------
Earnings per share (euro)
-------------------------------------------------------------------------------
Basic earnings per share (0.0243) (0.0169) 0.1335
-------------------------------------------------------------------------------
Diluted earnings per share (0.0235) (0.0163) 0.1294
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
12 months
(EUR thousand) Q1 2023 Q1 2022 2022
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year 42 (332) 4 797
-------------------------------------------------------------------------------
Adjustments for (non-cash):
-------------------------------------------------------------------------------
Depreciation and amortisation 1 112 948 4 084
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment of
property, plant and equipment (2) (7) 29
-------------------------------------------------------------------------------
Change in value of share option 8 9 29
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (441) (214) (1 939)
-------------------------------------------------------------------------------
Inventories 7 (6) (9)
-------------------------------------------------------------------------------
Trade and other payables 1 960 378 2 188
-------------------------------------------------------------------------------
Income tax paid (44) (131) (401)
-------------------------------------------------------------------------------
Interest paid (262) (104) (767)
-------------------------------------------------------------------------------
Net cash generated from operating activities 2 380 542 8 011
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less cash
acquired) and other investments /
cash paid-in equity-accounted investees (387) (257) (7 632)
-------------------------------------------------------------------------------
Receipts of other investments 0 0 10
-------------------------------------------------------------------------------
Interest received 0 1 2
-------------------------------------------------------------------------------
Purchase of property, plant and equipment and
intangible assets (495) (1 627) (3 748)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment
and intangible assets 2 25 66
-------------------------------------------------------------------------------
Loans granted 0 (30) (30)
-------------------------------------------------------------------------------
Loan repayments received 0 86 86
-------------------------------------------------------------------------------
Dividends received 199 0 601
-------------------------------------------------------------------------------
Net cash used in investing activities (681) (1 803) (10 645)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Dividends paid 0 0 (2 425)
-------------------------------------------------------------------------------
Payment of lease liabilities (456) (402) (1 751)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans (420) (420) 3 296
-------------------------------------------------------------------------------
Purchases of treasury shares (1 000) 0 0
-------------------------------------------------------------------------------
Net cash used in financing activities (1 876) (823) (880)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (176) (2 084) (3 514)
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the
period 7 448 10 962 10 962
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 7 272 8 878 7 448
-------------------------------------------------------------------------------
Changes in the Group's legal structure
The Supervisory Board decided to make several changes to the Group's structure,
the aim of which is to increase management efficiency and transparency, simplify
the Group's legal structure, and make the provision of the central financial
services more efficient. The changes will also help meeting the bank's
requirements.
In Lithuania, the Supervisory Board decided to merge the Group's subsidiary UAB
Satyre with UAB Lrytas that was acquired last year. In Estonia, the Group's
wholly-owned subsidiary OÜ Ekspress Finants will be merged with the parent
company AS Ekspress Grupp. Group-wide financing and accounting services will be
provided by the parent company to the Group's subsidiaries in Estonia.
According to §421(4) of the Commercial Code, approval of the merger with the
merger decision is not required of AS Ekspress Grupp, because 100% of the share
capital of the company being merged (Ekspress Finance) belongs to the merging
company. A merger decision is necessary if it is requested by the shareholders
of the merging joint-stock company, whose shares represent at least 1/20 of
share capital. The shareholders of AS Ekspress Grupp will have until 28 May
2023 to submit this request.
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 offices
in Estonia and Latvia. Ekspress Grupp launched its operations in 1989 and
employs almost 1600 people.