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AS Ekspress Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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08.05.2008 16:41:54
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I kvartali aruanne
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TEGEVUSE VAHEARUANNE Ekspress Grupi müügitulu kasvas I kvartalis 29% võrreldes möödunud aasta sama perioodiga. Selline kasv on saavutatud eelkõige 2007 aastal Ekspress Gruppi lisandunud uute ettevõtjate panusest kuid ka olemasolevate ettevõtjate müügitulu tõusust. Ekspress Grupi 2008 aasta I kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 321.3 miljonit krooni (20.5 miljonit eurot), aastane kasv 29% - Brutokasum 81.4 miljonit krooni ( 5.2 miljonit eurot), aastane kasv 24% - Kulumieelne ärikasum (EBITDA) 40.1 milj. krooni(2.6 milj. eurot), aastane kasv 31% - Ärikasum (EBIT) 25.2 miljonit krooni (1.6 miljonit eurot), aastane kasv 13% - Puhaskasum 10.9 miljonit krooni (0.7 miljonit eurot), aastane muutus -41% 2008 aasta I kvartali olulisemad sündmused - Autoportaali www.EkspressAuto.ee lansseerimine - Kinnisvara portaali www.EkspressKinnisvara.ee lansseerimine - Meelelahutusportaali www.klubas.lt lansseerimine Leedus - Uue ajakirjade liimimisliini käivitamine ASsPrintall Reklaamituru ülevaade TNS Emor-i Eesti reklaamituru uuringu järgi oli esimese kvartali reklaamitulu 407 miljonit krooni, mis võrreldes 2007 aasta I kvartali näitajaga tähendas küll minimaalset 1,2%-list langust, kuid tuleb arvestada, et eelmise aasta I kvartalit ilmestasid suures osas valimistele tehtud reklaamikulutused. Reklaamihindade tõusu tõttu 2008 aasta algusest ei täheldatud esimeses kvartalis olulist üldist reklaamitulu langust. Langust näitasid ajalehed 7% ja telereklaam 8%, mis on ka loomulik, kuna need kaks meedia liiki said eelmisel aastal samal ajal valimiste meediareklaamirahast kõige suurema osa.Võrreldes 2007 aasta esimese kvartaliga, mis sisaldab valimisreklaami, on kõige enam kasvanud interneti reklaam 35%. Reklaamituludest on endiselt suurima oskaaluga ajalehtede reklaam 40%, kuid koos TV reklaamiga on mõlemad kaotanud positsioone Interneti reklaamile, mille osakaal on 7%-lt 2007 aasta esimeses kvartalis tõusnud 10%-le 2008 aasta esimeses kvartalis. Valdkondadest olid 2008 aasta esimeses kvartalis valitsevad autoreklaam, reisireklaam ja luksuskaupade reklaam. Vastupidiselt Eesti reklaamiturul toimuvale mõningasele jahenemisele näitab Leedu reklaamiturg tõusu märke. TNS Emor-i Leedu reklaamituru uuringu järgi kasvas esimeses kvartalis Leedus interneti reklaamitulu 89% ja ajakirjade reklaamitulu 25% võrreldes 2007 aasta sama perioodiga. Selline Leedu reklaamituru käitumine on põhjendatav asjaoluga, et vastavalt Hansapanga majandusprognoosile oodatakse majanduse suurimat langust Leedus 2009 aastal. Eestis prognoosib Hansapank madalseisu põhjaks sügist 2008. Ülevaade segmentide lõikes Ekspress Grupi tegevus keskendus 2008 aasta esimeses kvartalis jätkuvalt viiele põhisegmendile: online meedia, kirjastamine, trükiteenused, raamatute müük ja infoteenused. Online meedia segmendis kajastuvad 2008 aastast ka ASi Eesti Päevaleht, SLÕhtuleht ASi ja Eesti Ekspress Kirjastus ASi web väljaanded ja Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö web keskkonnad, mida varem kajastati kirjastussegmendi all. Kõige suurem müügitulu kasv 2008 aasta esimeses kvartalis võrreldes 2007 aasta sama perioodiga absoluutnumbrites saavutati online meedia segmendis seoses möödunud aasta septembris kontserni lisandunud Delfi Grupiga. Esimese kvartali müügitulu kasvu andsid olulise panuse ajalehtede ja ajakirjade kirjastamine, osaliselt ASi Maaleht lisandumisega kontserni alates oktoobrist 2007, ja trükiteenuste segment, kus müügitulu tõus saavutati tootmisvõimsuste tõusuga uue trükipressi käikurakendamisel oktoobris 2007. 2007 aasta novembris Leedus avatud venekeelset uudisteportaali (http://ru.delfi.lt) iseloomustas 2008 aasta esimeses kvartalis 52 000 unikaalset külastust kuus. Bilansipäeva seisuga haldab AS Delfi koos Läti ja Leedu tütarettevõtjatega eesti- ja venekeelseid portaale Eestis, http://www.delfi.ee ja rus.delfi.ee, läti- ja venekeelseid portaale Lätis http://www.delfi.lv ja rus.delfi.lv, leedu- ja venekeelseid portaale Leedus http://www.delfi.lt, http://ru.delfi.lt) ning uudisteportaal Ukrainas http://www.delfi.ua. 2008 aasta esimeses kvartalis lansseeriti Delfi Eesti ja Eesti Ekspressi koostöös uued auto ja kinnisvara ühiskeskkonnad. Jaanuari lõpus lansseeriti autoportaal www.EkspressAuto.ee, mis tõusis kiiresti teise külastatavusega autoportaaliks. Esimeses kvartalis külastas uut autoportaali keskmiselt 33 000 unikaalset külastajat nädalas. Veebruari keskel lansseeriti kinnisvara portaal www.EkspressKinnisvara.ee, mida külastas esimeses kvartalis keskmiselt 23 000 unikaalset külastajat nädalas. Esimeses kvartalis lansseeriti Leedus meelelahutusportal www.klubas.lt, millele oodatakse aktiivset klientide huvi, mida toetab juba Leedu turul kontserni poolt väljaantav samanimeline seltskonnaajakiri “Klubas”. Aprillis on plaanis lansseerida uus töökuulutuste portal www.EkspressJob.ee. Delfi Grupi müügitulu aastane kasv 2008 aasta esimeses kvartalis oli 30%. 2008 aasta esimese kvartali EBITDA jäi 2007 aasta sama perioodi tasemele kulude tõttu Delfi Ukraina käivitamiseks. EBITDA marginaal oli 32%, mis tulenevalt internetireklaami sesoonsest iseloomust on esimeses kvartalis aasta keskmisest madalam. Kirjastamissegmendi reklaamituludes realiseerusid möödunud aasta neljandas kvartalis täheldatud reklaamikäibe kasvu aeglustumise märgid. Arvestades reklaamiäri sesoonset iseloomu on reklaamitulude kasvu tõttu nii Maalehe kui uute väljaannete lisandumisest I kvartali langusperioodi mõju segmendi majandusnäitajatele suurem. Reklaamitulu kasv on 2007 aasta esimese kvartaliga võrreldes minimaalne 1,9%. Perioodika tellimiste ja üksikmüügi kasvud 2007 aasta sama perioodiga võrreldes olid arvestatavad 27% ja 22%, baseerudes nii Maalehe lisandumisel kui uute väljaannete lisandumisel 2007 aasta teisel poolaastal. Reklaamitulu pidurdumisel on oluline mõju kirjastussegmendi kasumile, sest reklaamitulu brutomarginaal on oluliselt kõrgem kui tellimustel. EBITDA marginaal tõusis 11%-lt 2007 aasta esimeses kvartalis 13%-le 2008 aasta samal perioodil. Arvestamata 2008 aasta esimeses kvartalis OÜ Netikuulutused müügist saadud ühekordset kasumit 3.5 miljonit krooni (0.2 miljonit eurot) on EBITDA marginaal 10.3%. Trükiteenuste segmendis on trükiettevõtja müügitulu kasv 2008 aasta esimeses kvartalis arvestatav 12% 2007 aasta sama perioodiga võrreldes. Suurimat tõusu on näidanud ekspordikäive, arvestatav tõus on samuti kontserniväliste Eesti klientide osas. EBITDA kasv on 15%. 2007 aasta teisel poolaastal alustati ajakirjade tootmisüksuse moderniseerimist, millest esimese etapina käivitati oktoobris ajakirjade trükimasin Rotoman tootmisvõimsusega 55 000 16 lk A4 poognat tunnis. 2008 aasta veebruaris käivitati uus liimimisliin Kolbus, milline on ainulaadne Eestis, võimaldades samaaegselt insertida kuni kolm reklaamlehte ja liimida ühe tootenäidise. Uue liimimisliini tootmisvõimsus on kuni 8000 toodet tunnis. Teises kvartalis on plaanis käivitada uus traatimisliin ning ajakirjade komplekteerimis- ja pakendamisliin. Raamatumüügis on esimeses kvartalis müügitulu tagasihoidlik 12%-line kasv märk jaekaubanduse mõningasest langusest. Tähelepanuväärne on 52%-line EBITDA kasv 2007 aasta sama perioodiga võrreldes, mis on saavutatud tänu parematele raamatute sisseostu tingimustele. Müügitulu lisa on oodata 2008 aastal teisel poolaastal seoses uute poodide avamisega Tartus, Tallinnas ja Pärnus. Infoteenuste müügitulu tõusis 2008 aasta esimeses kvartalis 23% 2007 aasta sama perioodiga võrreldes. EBITDA moodustas 2007 aasta tasemest 29%. EBITDA langus on tingitud AS-i Ekspress Hotline Rumeenias asuva tütarettevõtja prognoositust suuremate kahjumite kandmisest, mis on tingitud sõlmitud müügilepingute vähesest arvust. Äritegevuse mitteplaanipärase alguse põhjus Rumeenias on teenuse lühinumbri konkursi edasilükkumine uue elektroonilise sideseaduse vastuvõtmise viibimise tõttu. Kasum Arvestades reklaamiäri sesoonset iseloomu, on ASi Maaleht ja Delfi Grupi lisandumisega kontserni müügituludes reklaamitulude osakaal märgatavalt suurenenud, mistõttu on sesoonsuse mõju kontserni müügitulule ja kasumile varasemast suurem. Reklaamiäri I kvartali langusperioodi mõju kontserni müügitulule ja kasumile väljendus tagasihoidlikus reklaamitulude kasvus ja kasumi languses. 2008 aasta esimese kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas 40.1 miljonit krooni (2.6 miljonit eurot) ületades 31% 2007 aasta sama perioodi tulemust. Esimese kvartali ärikasum ulatus 25.2 miljoni kroonini (1.6 miljoni euroni) suurenedes eelmise aastaga võrreldes 13%. Esimese kvartali ärirentaabluseks kujunes 8% (2007 esimene kvartal: 9%). Ärikasumi kasvu aeglustumine on tingitud kulumi kasvust seoses Delfi ja Maalehe soetamisel lisandunud immateriaalse põhivaraga. Grupi turunduskulud kasvavad seoses grupi laienemisega ning uute toodete lansseerimisega. Aastane kasv võrreldes 2007 aasta esimese kvartaliga 23 %. Administratiivkulud on esimeses kvartalis kasvanud 45% võrreldes eelmise aasta sama perioodiga. Põhiline kasv on tingitud tööjõukulude kasvust, mis moodustab 49.7% 2007 aasta esimese kvartali tasemest. Sellest 31.7% on tingitud uute firmade lisandumisest (AS Maaleht, Delfi Grupp, TeleTell), 18% on tingitud töötajate arvu suurenemisest ajalehtede ja ajakirjade web väljaannetes ja palkade tõstmisest 2007 aastal. Grupi 2008 aasta esimese kvartali finantskulud ulatusid 14.6 miljoni kroonini (0.9 miljoni euroni). Põhilise osa finantskuludest moodustavad intressikulud 14.1 miljonit krooni (0.9 miljonit eurot) (2007 esimene kvartal: 2.6 miljonit krooni (0.2 miljonit eurot). Intressikulude tõus on tingitud Ekspress Grupi poolt 2007 aasta kolmandas kvartalis Delfi ja Maalehe omandamiseks SEB-i, Sampo Panga ja Nordea panga sündikaadilt 674.4 miljoni krooni (43.1 miljoni euro) suuruse laenu võtmisest. Kokku teenis Ekspress Grupp 2008 aasta esimeses kvartalis puhaskasumit (peale makse ja vähemusosalust) 10.9 miljonit krooni (0.7 miljonit eurot). 2007 aasta sama perioodiga võrreldes vähenes puhaskasum 41%. Puhaskasumi kasvu pidurdumine on lisaks ärikasumit mõjutavatest sündmustest tingitud intressikulude tõusust seoses augustis 2007 võetud sündikaatlaenuga summas 674.4 miljonit krooni (43.1 miljonit eurot). Majanduskasvu aeglustumise tingimustes, kus 2008 aastaks prognoositud majanduskasv on 2% vastavalt Eesti Panga kevadisele prognoosile, omavad üha suuremat tähtsust äritegevuse efektiivsus ja kulude kokkuhoid. Sellest tulenevalt on kontsernil koostatud kulude kokkuhoiu plaan. Kulude kokkuhoiu meetmetest kirjastamissegmendis võib mainida lehe mahu vähendamist, värvitrüki osalist asendamist must-valge trükiga, insertide ühendamist väljaande põhiosaga jne. Mainitud meetmed väljenduvad paberi ja trükikulude kokkuhoius. Püsikuludest on olulisim kokkuhoiu allikas tööjõukulud. Kokkuhoid saavutatakse selliselt, et ei realiseerita palgatõuse, lahkuvate inimeste asemele uusi ei võeta või leitakse firma seest. Samuti viiakse läbi töötajate koondamisi. Bilanss ja investeeringud 2008. aasta 31. märtsi seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1722.9 miljoni kroonini (110.1 miljoni euroni) kasvades aastaga 1.3 korda. Bilansis kajastatud varad ja kohustused on suurenenud grupi laienemise ja põhivara soetuseks tehtud investeeringute tulemusena. Käibevarad kasvasid aastaga 17% ulatudes 281.9 miljoni kroonini (18.0 miljoni euroni) seisuga 31. Märts 2008. Käibevaradest suurenesid nii protsentuaalselt kui absoluutarvudes enam varud ulatudes märtsi lõpus 69.1 miljoni kroonini (4.4 miljoni euroni), kasv aastaga 46%. Varude suurenemine on tingitud Maalehe lisandumisest alates oktoobrist 2007 ja Printalli tootmise laienemisest. Lühiajalised kohustused suurenesid aastaga 46% ulatudes märtsi lõpus 429.0 miljoni kroonini (27.4 miljoni euroni). Lühiajalistest kohustustest suurenesid enam võlad ja ettemaksed, ulatudes märtsi lõpus 253.4 miljoni kroonini (16.2 miljoni euroni). Võlgade ja ettemaksete suurenemine oli tingitud seotud osapoolelt võetud laenust, samuti suurenesid olulisel määral klientide ettemaksed. Märtsi lõpu seisuga ulatusid Grupi pikaajalised võlakohustused 712.4 miljoni kroonini (45.5 miljoni euroni), kasvades aastaga 2.9 korda. Pikaajalistest võlakohustustest moodustavad pangalaenud 585.2 miljonit krooni (37.4 miljonit eurot) ja kapitalirendi võlg 127.2 miljonit krooni (8.1 miljonit eurot). Materiaalne põhivara ulatus märtsi lõpu seisuga 401.3 miljoni kroonini (25.7 miljoni euroni) kasvades aastaga 40%. Põhiosa põhivara suurenemisest moodustab Printalli poolt soetatud uue trükimasina maksumus 74.0 miljonit krooni (4.7 miljonit eurot). Immateriaalne põhivara ulatus märtsi lõpu seisuga 1 021.6 miljoni kroonini (65.3 miljoni euroni) kasvades aastaga 6.1 korda. Immateriaalse põhivara suurenemisest moodustab 836.0 miljonit krooni (53.4 miljonit eurot) Delfi Grupi ostmisega lisandunud kaubamärkide, kliendisuhete ja tarkvara jääkväärtus ning soetamisel tekkinud firmaväärtus. 39.5 miljonit krooni (2.5 miljonit eurot) moodustab Maalehe ostmisega lisandunud kaubamärgi jääkväärtus ja soetamisel tekkinud firmaväärtus. Töötajad Ekspress Grupis töötas 2008. aasta märtsi lõpu seisuga 2 325 inimest (31. märts 2007: 1 964 inimest). 2008 aasta esimese kvartali keskmine töötajate arv oli 2 321 (2007 I kvartal: 1 940). Ekspress Grupi töötajatele maksti 2008. aasta esimese kvartali jooksul töötasusid kokku 70.7 miljonit krooni (4.5 miljonit eurot), (2007 I kvartal: 48.0 miljonit krooni (3.1 miljonit eurot))*. Ekspress Grupi aktsiad ja aktsionärid Seltsi aktsiakapital on 189 710 810 krooni (12 124 731 eurot), mis on jagatud 10 kroonisteks (0.6 eurosteks) aktsiateks. Kõik aktsiad on ühte liiki ning omandipiirangud puuduvad. Seltsi põhikirjast ei tulene piiranguid Seltsi aktsiate võõrandamisel. Aktsiaseltsi ja aktsionäride vahelistes lepingutes puuduvad aktsiate võõrandamise piirangud. Aktsionäride omavahelistes lepingutes on need seltsi teada vaid selles ulatuses, mis on seotud väärtpaberite pantimisega ning mis on avalik teave. Olulist osalust ASs Ekspress Grupp omavad seisuga 31.märts 2008 järgmised isikud: Hans Luik, kelle kontrolli all on 12 683 220 aktsiat, mis on 66.86% Seltsi aktsiakapitalist Skandinaviska Enskilda Banken, kelle klientidele kuulub 1 320 522 aktsiat, mis on 6.96% Seltsi aktsiakapitalist Seltsil puuduvad spetsiifilist kontrollõigust andvad aktsiad Seltsil puudub teave kokkulepete kohta aktsionäride hääleõiguste piirangute osas. *ühisettevõtetest proportsionaalne osa Olulisemad finantsnäitajad -------------------------------------------------------------------------------- | Suhtarvud (%) | | 1 kv 2008 | 1 kv 2007 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | 29% | 18% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 25% | 26% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | 3% | 7% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 34% | 37% | -------------------------------------------------------------------------------- | Varade tootlus (%) | 1% | 3% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | 2% | 7% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | 8% | 9% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 0,66 | 0,82 | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe (%) | 161% | 108% | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 59% | 44% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (müügitulu 1 kv 2008 - müügitulu 1 kv 2007) / müügitulu 1 kv 2007*100 | -------------------------------------------------------------------------------- | brutokasum/müügitulu*100 | -------------------------------------------------------------------------------- | puhaskasum/müügitulu*100 | -------------------------------------------------------------------------------- | omakapital / (kohustused+omakapital)* 100 | -------------------------------------------------------------------------------- | puhaskasum/keskmised varad *100 | -------------------------------------------------------------------------------- | puhaskasum/keskmine omakapital *100 | -------------------------------------------------------------------------------- | ärikasum/müügitulu*100 | -------------------------------------------------------------------------------- | käibevara/lühiajalised kohustused | -------------------------------------------------------------------------------- | intressi kandvad võlakohustused/omakapital*100 | -------------------------------------------------------------------------------- | intressi kandvad võlakohustused-raha ja raha ekvivalendid/ intressi kandvad | | võlakohustused+omakapital*100 | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 31.03.2008 | 31.12.2007 | 31.03.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 37 775 | 68 970 | 38 342 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 5 682 | 4 606 | 6 847 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 168 652 | 165 828 | 147 987 | -------------------------------------------------------------------------------- | Varud | 69 147 | 66 161 | 47 358 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 670 | 0 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 281 926 | 305 565 | 240 534 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 13 624 | 13 671 | 9 706 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 740 | 964 | 168 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 3 635 | 3 732 | 4 026 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 401 348 | 404 880 | 360 156 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 1 021 625 | 1 023 419 | 144 044 | -------------------------------------------------------------------------------- | Põhivara kokku | 1 440 972 | 1 446 666 | 518 100 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 722 898 | 1 752 231 | 758 634 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 175 595 | 199 013 | 106 148 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 253 397 | 240 703 | 188 223 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 428 992 | 439 716 | 294 371 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 712 426 | 741 585 | 182 928 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 308 | 88 | 292 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 712 734 | 741 673 | 183 220 | -------------------------------------------------------------------------------- | Kohustused kokku | 1 141 726 | 1 181 389 | 477 591 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 189 711 | 189 711 | 165 232 | -------------------------------------------------------------------------------- | Ülekurss | 183 495 | 183 495 | 0 | -------------------------------------------------------------------------------- | Reservid | 10 273 | 10 222 | 2 766 | -------------------------------------------------------------------------------- | Jaotamata kasum | 196 820 | 185 981 | 112 714 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 526 | 480 | 0 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 580 825 | 569 889 | 280 712 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 347 | 953 | 331 | -------------------------------------------------------------------------------- | Omakapital kokku | 581 172 | 570 842 | 281 043 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 722 898 | 1 752 231 | 758 634 | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 31.03.2008 | 31.12.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 2 414 | 4 408 | 2 451 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 363 | 294 | 438 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 10 779 | 10 598 | 9 458 | -------------------------------------------------------------------------------- | Varud | 4 419 | 4 228 | 3 027 | -------------------------------------------------------------------------------- | Müügiootel põhivara | 43 | 0 | 0 | -------------------------------------------------------------------------------- | Käibevara kokku | 18 018 | 19 528 | 15 374 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 872 | 874 | 620 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 47 | 62 | 11 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 232 | 239 | 257 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 25 651 | 25 877 | 23 018 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 65 294 | 65 408 | 9 206 | -------------------------------------------------------------------------------- | Põhivara kokku | 92 096 | 92 460 | 33 112 | -------------------------------------------------------------------------------- | VARAD KOKKU | 110 114 | 111 988 | 48 486 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 11 223 | 12 719 | 6 784 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 16 195 | 15 384 | 12 030 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 27 418 | 28 103 | 18 814 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 45 532 | 47 396 | 11 691 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 20 | 6 | 19 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 45 552 | 47 402 | 11 710 | -------------------------------------------------------------------------------- | Kohustused kokku | 72 970 | 75 505 | 30 524 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 12 125 | 12 125 | 10 560 | -------------------------------------------------------------------------------- | Ülekurss | 11 727 | 11 727 | 0 | -------------------------------------------------------------------------------- | Reservid | 657 | 653 | 177 | -------------------------------------------------------------------------------- | Jaotamata kasum | 12 579 | 11 886 | 7 204 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 34 | 31 | 0 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 37 122 | 36 422 | 17 941 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 22 | 61 | 21 | -------------------------------------------------------------------------------- | Omakapital kokku | 37 144 | 36 483 | 17 962 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 110 114 | 111 988 | 48 486 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | I kv 2008 | I kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 321 338 | 249 592 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 239 948 | 184 093 | -------------------------------------------------------------------------------- | Brutokasum | 81 390 | 65 499 | -------------------------------------------------------------------------------- | Turunduskulud | 17 257 | 14 078 | -------------------------------------------------------------------------------- | Üldhalduskulud | 41 177 | 28 425 | -------------------------------------------------------------------------------- | Muud äritulud | 4 751 | 1 226 | -------------------------------------------------------------------------------- | Muud ärikulud | 2 501 | 1 839 | -------------------------------------------------------------------------------- | Ärikasum | 25 206 | 22 383 | -------------------------------------------------------------------------------- | Intressitulud | 277 | 737 | -------------------------------------------------------------------------------- | Intressikulud | (14 090) | (2 600) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (331) | (16) | -------------------------------------------------------------------------------- | Muud finantstulud | 175 | 294 | -------------------------------------------------------------------------------- | Muud finantskulud | (175) | (5) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (14 144) | (1 590) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | (198) | 334 | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 10 864 | 21 127 | -------------------------------------------------------------------------------- | Tulumaks | 0 | 2 564 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 10 864 | 18 563 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 10 839 | 18 404 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 25 | 159 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta (lisa | 0,57 | 1,11 | | 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | I kv 2008 | I kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 20 537 | 15 952 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 15 335 | 11 766 | -------------------------------------------------------------------------------- | Brutokasum | 5 202 | 4 186 | -------------------------------------------------------------------------------- | Turunduskulud | 1 103 | 900 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 632 | 1 817 | -------------------------------------------------------------------------------- | Muud äritulud | 304 | 78 | -------------------------------------------------------------------------------- | Muud ärikulud | 160 | 118 | -------------------------------------------------------------------------------- | Ärikasum | 1 611 | 1 431 | -------------------------------------------------------------------------------- | Intressitulud | 18 | 47 | -------------------------------------------------------------------------------- | Intressikulud | (901) | (166) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (21) | (1) | -------------------------------------------------------------------------------- | Muud finantstulud | 11 | 19 | -------------------------------------------------------------------------------- | Muud finantskulud | (11) | 0 | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (904) | (102) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja osadelt | (13) | 21 | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 694 | 1 350 | -------------------------------------------------------------------------------- | Tulumaks | 0 | 164 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 694 | 1 186 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 693 | 1 176 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 2 | 10 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta (lisa | 0,04 | 0,07 | | 8) | | | -------------------------------------------------------------------------------- Lisainformatsioon: Priit Leito juhatuse esimees tel: +372 669 8340 e-post priit@egrupp.ee
Pealkiri
Results of operations of the Ekspress Group, first 3 months of 2008
Teade
INTERIM MANAGEMENT REPORT The sales revenue of Ekspress Group grew in the first quarter by 29% as compared to the same period of the last year. Such a growth is mainly attributable to the contribution of new companies that were added to Ekspress Group in 2007 as well as the growth of the sales revenue of the existing companies. Key figures characterising the activities of Ekspress Group in the first quarter 2008 - Sales revenue EEK 321.3 million (EUR 20.5 million), year-over-year growth 29% - Gross profit EEK 81.4 million (EUR 5.2 million), year-over-year growth 24% - EBITDA EEK 40.1 million (EUR 2.6 million), year-over-year growth 31% - EBIT EEK 25.2 million (EUR 1.6 million), year-over-year growth 13% - Net profit EEK 10.9 million (EUR 0.7 million), year-over-year change -41% Key events of the first quarter 2008 - Launch of automobile portal www.EkspressAuto.ee - Launch of real estate portal www.EkspressKinnisvara.ee - Launch of entertainment portal www.klubas.lt in Lithuania - Putting into operation of new magazine glueing line in AS Printall Overview of the advertising market According to the survey of the Estonian advertising market conducted by TNS Emor, the advertising revenue of the first quarter was EEK 407 million which constituted a minimal decline of 1.2% as compared to the same figure in the first quarter of 2007, but it must be borne in mind that the first quarter of the last year was impacted by the advertising costs for elections. Due to the increase of advertising prices at the beginning of 2008, no significant general decline of the advertising revenue was observed in the first quarter. A decrease of 7% and 8% was demonstrated by newspapers and television advertising, respectively, which is also natural, since these two types of media received the largest proportion of the media advertising money related to the elections in the same period of the last year. As compared to the first quarter of 2007, which includes elections advertising, the Internet advertising has increased the most, i.e. by 35%. Of the advertising revenue, the newspaper advertising continues to have the largest share of 40%, but together with the TV advertising they both have lost positions to the Internet advertising, whose share has increased from 7% in the first quarter of 2007 to 10% in the first quarter of 2008. Of the types of advertising, the automobile advertising, travel advertising and luxury goods advertising were prevailing in the first quarter of 2008. Contrary to some cooling-off in the Estonian advertising market, the Lithuanian advertising market shows the signs of a rise. According to the survey of the Lithuanian advertising market conducted by TNS Emor Lithuania, the Internet advertising revenue increased in Lithuania 89% and magazines advertising revenue 25% in the first quarter as compared to the same period of 2007. Such behaviour in the Lithuanian advertising market may be explained by the fact that the largest economic decline in Lithuania is expected to occur in 2009 according to the economic forecast by Hansabank. In Estonia, economy will reach its lowest point in autumn 2008 as forecast by Hansabank. Overview by segments In the first quarter 2008, the activities of Ekspress Group continued to focus on the five main segments: online media, publishing, printing services, book sales and information services. Since 2008, the online media segment includes also the web publications of AS Eesti Päevaleht, SLÕhtuleht AS and Eesti Ekspress Kirjastus AS, and automobile, real estate and employment web environments of Eesti Ekspress Kirjastus AS, which were earlier included under the publishing segment. The largest growth of sales revenue in absolute terms in the first quarter 2008 as compared to the same period of 2007 was attained in the online media segment related to the addition of Delfi Group to Ekspress Group in September 2007. A significant contribution to the growth of the sales revenue in the first quarter was made by the publishing of newspapers and magazines, partially also by the addition of AS Maaleht to the Group in October 2007, and by the segment of printing services where the growth of sales revenue was achieved through the growth of production capacities upon launching of a new printing press in October 2007. A Russian-language news portal (http://ru.delfi.lt), opened in Lithuania in November 2007, was characterised in the first quarter 2008 by 52 000 unique visits per month. As of the balance sheet date, AS Delfi manages together with its Latvian and Lithuanian subsidiaries Estonian and Russian-language portals in Estonia http://www.delfi.ee and rus.delfi.ee, Latvian and Russian-language portals in Latvia http://www.delfi.lv and rus.delfi.lv, Lithuanian and Russian language portals in Lithuania http://www.delfi.lt, http://ru.delfi.lt), and a news portal in the Ukraine http://www.delfi.ua. In the first quarter 2008, new automobile and real state combined environments in collaboration with Delfi Eesti and Eesti Ekspress were launched. At the end of January, an automobile portal www.EkspressAuto.ee was launched which quickly became the second most frequently visited automobile portal. In the first quarter, the new automobile portal was visited on average by 33 000 unique visitors per week. In the middle of February, a real estate portal www.EkspressKinnisvara.ee was launched which was visited in the first quarter on average by 23 000 unique visitors per week. In the first quarter, an entertainment portal www.klubas.lt was launched in Lithuania, which is expected to attract the active interest of clients, which has already been supported by the celebrity magazine with the same name “Klubas”. A new job announcement portal www.EkspressJob.ee is planned to be launched in April. The annual growth in the sales revenue of Delfi Group in the first quarter 2008 was 30%. EBITDA in the first quarter 2008 remained at the level of the same period in 2007 due to the expenses for the launch of Delfi Ukraine. The EBITDA margin was 32%, which due to the seasonal nature of the Internet advertising is always below the yearly average in the first quarter. The advertising revenues of the publishing segment included the signs of a slow-down in the growth of advertising turnover observed in the fourth quarter of the last year. Given the seasonal nature of the advertising business, due to the growth of advertising revenue from the addition of Maaleht as well as new publications the impact of the decline period of the first quarter is more pronounced on the segment's economic indicators. The growth of the advertising expenses has been a minimal 1.9% as compared to the first quarter 2007. The growth in the subscription and sale of periodicals was significant - 27% and 22%, respectively as compared to the same period in 2007, based on the addition of Maaleht as well as other publications in the second half of 2007. The slow-down of the advertising revenue has an important impact on the profit of the publishing segment, because the gross margin of advertising revenue is significantly higher than that of subscriptions. EBITDA margin rose from 11% in the first quarter of 2007 to 13% in the same period of 2008. Excluding an extraordinary profit from the sale of OÜ Netikuulutused in the first quarter of 2008 in the amount of EEK 3.5 million (EUR 0.2 million), the EBITDA margin was 10.3%. In the segment of printing services, the sales growth in the first quarter 2008 was a significant 12% as compared to the same period in 2007. The export turnover demonstrated the largest growth, a significant growth also concerns non-Group Estonian customers. The growth of EBITDA is 15%. In the second half of 2007, the modernisation of the magazine production unit was commenced, the first stage of which comprised the launching of the magazine printing machine Rotoman with the production capacity 55 000 of 16 pages A4 printsheets per hour. In February 2008, a new glueing line Kolbus, unique in Estonia, was put into operation, enabling to simultaneously insert up to three advertising sheets and glue one product sample. The production capacity of the new glueing line is up to 8000 products per hour. In the second quarter, it is planned to launch a new stitching line, and an assembling and packing line of magazines. The modest sales growth 12% in book sales is a sign of some decline in retail trade. The EBITDA growth of 52% is remarkable as compared to the same period in 2007, which is attained owing to the better conditions for buying-in of books. Additional sales revenue is expected in the second half of 2008 as a result of the opening of new stores in Tartu, Tallinn and Pärnu. The sales revenue of information services increased in the first quarter of 2008 by 23% as compared to the same period in 2007. EBITDA comprised 29% of the 2007 level. The decline of EBITDA is related to larger-than-forecast losses of the subsidiary of AS Ekspress Hotline located in Romania, which is caused by a small number of concluded sales contracts. The reason for the not-as-planned beginning of the business activities in Romania is the postponement of a service short-number competition due to the delay in adoption of a new electronic communication law. Profit Given the seasonal nature of the advertising business, the addition of AS Maaleht and Delfi Group has led to significantly increased share of advertising revenue in the Group's sales revenue, therefore the impact of the seasonal nature on the Group's sales revenue and profit is larger than ever before. The impact of the downturn of the advertising business in the first quarter on the Group's sales revenue and profit manifested itself in a modest growth in advertising revenue and a decline of profit. EBITDA in the first quarter of 2008 comprised EEK 40.1 million (EUR 2.6 million), exceeding by 31% the result of the same period in 2007. EBIT in the first quarter reached EEK 25.2 million (EUR 1.6 million), increasing by 13% as compared to the last year. The operating margin in the first quarter was 8% (first quarter 2007: 9%). The slowdown of EBIT results from the growth of depreciation related to the intangible assets acquired in the acquisition of Delfi and Maaleht. The marketing expenses of the Group are increasing due to expansion of the Group and launching of new products. The annual growth is 23% as compared to the first quarter 2007. The administrative expenses have increased by 45% in the first quarter as compared to the same period last year. The growth is mainly caused by increased labour expenses, which comprise 49.7% of the level of the first quarter. Of this, 31.7% is attributable to the addition of new companies (AS Maaleht, Delfi Grupp, TeleTell) and 18% is attributable to the increased number of employees in the web publications of newspapers and magazines and raising of wages in 2007. The financial expenses of the Group in the first quarter 2008 reached EEK 14.6 million (EUR 0.9 million). A major part of the financial expenses is made up of interest expenses in the amount of EEK 14.1 million (EUR 0.9 million) (first quarter 2007: EEK 2.6 million (EUR 0.2 million). The growth of interest expenses is related to the loan in the amount of EEK 674.4 million (EUR 43.1 million) taken from the syndicate of SEB, Sampo Pank and Nordea Pank for the acquisition of Delfi and Maaleht by the Ekspress Group in the third quarter 2007. Overall, Ekspress Group earned a net profit (after taxes and minority interest) in the amount of EEK 10.9 million (EUR 0.7 million) in the first quarter 2008. As compared to same period in 2007, the net profit decreased by 41%. Besides the events influencing EBIT, the slow-down in the growth of net profit is related to the increased interest expenses in connection with the syndicate loan in the amount of EEK 674.4 million (EUR 43.1 million) taken in August 2007. Under the conditions of the slow-down of economic growth, with the forecast economic growth of 2% in 2008 according to the spring forecast by the Bank of Estonia, the effectiveness of business activities and saving of expenses are becoming increasingly more important. As a result thereof, the Group has prepared a cost saving plan. Of the measures related to cost saving in the publishing segment, a decrease of pages of a newspaper, partial replacement of colour printing with black and white printing, uniting of inserts with the principal part of a publication, etc. are worth mentioning. These measures manifest themselves in the saving of paper and printing expenses. Of the fixed expenses, the most important source of saving is the labour expenses. Cost savings are achieved so that wages increases are postponed, new people are not hired to replace those who have left or they are recruited internally. Lay-offs of employees will be also carried out. Balance sheet and investments As of 31 March 2008, the consolidated balance sheet total of Ekspress Group was EEK 1722.9 million (EUR 110.1), increasing by 1.3 times in a year. The assets and liabilities included in the balance sheet have increased as a result of the expansion of the Group and the investments made to acquire non-current assets. Current assets increased by 17% in a year, reaching EEK 281.9 million (EUR 18.0 million) as of 31 March 2008. Of the current assets, the Group's inventories increased the most, both in percentage and in absolute numbers, reaching EEK 69.1 million (EUR 4.4 million) at the end of March, the growth in a year being 46%. The increase of inventories is related to the addition of Maaleht in October 2007 and the expansion of production of Printall. Current liabilities increased by 46% in a year, reaching EEK 429.0 million (EUR 27.4 million) at the end of March. Of the current liabilities, trade payables and prepayments increased the most, reaching EEK 253.4 million (EUR 16.2 million) at the end of March. The increase of trade payables and prepayments was related to the loan taken from a related party, the prepayments of customers also increased significantly. As of end of March, the long-term borrowings of the Group totalled EEK 712.4 million (EUR 45.5 million), growing 2.9 times in a year. Of the long-term borrowings, bank loans total EEK 585.2 million (EUR 37.4 million) and finance lease payables total EEK 127.2 million (EUR 8.1 million). As of the end of March, property, plant and equipment stood at EEK 401.3 million (EUR 257 million), increasing by 40% in a year. A major part of the growth of property, plant and equipment is made up of the cost of the new printing press acquired by Printall in the amount of EEK 74.0 million (EUR 4.7 million). As of the end of March, intangible assets stood at EEK 1 021.6 million (EUR 65.3 million), increasing by 6.1 times in a year. Of the growth of intangible assets, EEK 836.0 million (EUR 53.4 million) is made up of the carrying value of trademarks, customer relations and software related to the purchase of Delfi Group as well as goodwill which arose in the acquisitions. The carrying value of the trade mark and the goodwill which arose in the acquisition of Maaleht amounts to EEK 39.5 million (EUR 2.5 million). Employees As of the end of March, the Ekspress Group employed 2 325 people (As of 31 March 2007: 1 964 people). The average number of employees in the first quarter of 2008 was 2 321 (Q I 2007: 1 940 ). In the first quarter of 2008, wages and salaries paid to the employees of the Ekspress Group totalled EEK 70.7 million (EUR 4.5 million), (Q I 2007: EEK 48.0 million (EUR 3.1 million))*. *proportional part from joint ventures Olulisemad finantsnäitajad -------------------------------------------------------------------------------- | Performance indicators (%) | | Q I 2008 | Q I 2007 | -------------------------------------------------------------------------------- | Sales growth (%) | 29% | 18% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 25% | 26% | -------------------------------------------------------------------------------- | Net profit margin (%) | 3% | 7% | -------------------------------------------------------------------------------- | Equity ratio (%) | 34% | 37% | -------------------------------------------------------------------------------- | ROA (%) | 1% | 3% | -------------------------------------------------------------------------------- | ROE (%) | 2% | 7% | -------------------------------------------------------------------------------- | Operating profit margin (%) | 8% | 9% | -------------------------------------------------------------------------------- | Liquidity ratio | 0,66 | 0,82 | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 161% | 108% | -------------------------------------------------------------------------------- | Financial leverage (%) | 59% | 44% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (sales 1 kv 2008 -sales 1 kv 2007) / sales 1 kv 2007*100 | -------------------------------------------------------------------------------- | gross profit/ sales*100 | -------------------------------------------------------------------------------- | net profit/ sales*100 | -------------------------------------------------------------------------------- | equity / (equity + debt) * 100 | -------------------------------------------------------------------------------- | net profit/assets *100 | -------------------------------------------------------------------------------- | net profit/equity *100 | -------------------------------------------------------------------------------- | operating profit/ sales*100 | -------------------------------------------------------------------------------- | current assets/current liabilities | -------------------------------------------------------------------------------- | interest bearing liabilities/equity*100 | -------------------------------------------------------------------------------- | interest bearing liabilities-cash and cash equivalents/interest bearing | | liabilities + equity * 100 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 31.03.2008 | 31.12.2007 | 31.03.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 37 775 | 68 970 | 38 342 | -------------------------------------------------------------------------------- | Other financial assets at fair | 5 682 | 4 606 | 6 847 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 168 652 | 165 828 | 147 987 | -------------------------------------------------------------------------------- | Inventories | 69 147 | 66 161 | 47 358 | -------------------------------------------------------------------------------- | Assets classified as held for sale | 670 | 0 | 0 | -------------------------------------------------------------------------------- | Total current assets | 281 926 | 305 565 | 240 534 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 13 624 | 13 671 | 9 706 | -------------------------------------------------------------------------------- | Investments in associates | 740 | 964 | 168 | -------------------------------------------------------------------------------- | Investment property | 3 635 | 3 732 | 4 026 | -------------------------------------------------------------------------------- | Property, plant and equipment | 401 348 | 404 880 | 360 156 | -------------------------------------------------------------------------------- | Intangible assets | 1 021 625 | 1 023 419 | 144 044 | -------------------------------------------------------------------------------- | Total non-current assets | 1 440 972 | 1 446 666 | 518 100 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 722 898 | 1 752 231 | 758 634 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 175 595 | 199 013 | 106 148 | -------------------------------------------------------------------------------- | Trade and other payables | 253 397 | 240 703 | 188 223 | -------------------------------------------------------------------------------- | Total current liabilities | 428 992 | 439 716 | 294 371 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 712 426 | 741 585 | 182 928 | -------------------------------------------------------------------------------- | Other long term liabilities | 308 | 88 | 292 | -------------------------------------------------------------------------------- | Total non-current liabilities | 712 734 | 741 673 | 183 220 | -------------------------------------------------------------------------------- | Total liabilities | 1 141 726 | 1 181 389 | 477 591 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves attributable | | | | | to equity holders of the Parent | | | | | company | | | | -------------------------------------------------------------------------------- | Share capital | 189 711 | 189 711 | 165 232 | -------------------------------------------------------------------------------- | Share premium | 183 495 | 183 495 | 0 | -------------------------------------------------------------------------------- | Reserves | 10 273 | 10 222 | 2 766 | -------------------------------------------------------------------------------- | Retained earnings | 196 820 | 185 981 | 112 714 | -------------------------------------------------------------------------------- | Currency translation reserve | 526 | 480 | 0 | -------------------------------------------------------------------------------- | Total capital and reserves | 580 825 | 569 889 | 280 712 | | attributable to equity holders of | | | | | the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 347 | 953 | 331 | -------------------------------------------------------------------------------- | Total equity | 581 172 | 570 842 | 281 043 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 722 898 | 1 752 231 | 758 634 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 31.03.2008 | 31.12.2007 | 31.03.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 2 414 | 4 408 | 2 451 | -------------------------------------------------------------------------------- | Other financial assets at fair | 363 | 294 | 438 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 10 779 | 10 598 | 9 458 | -------------------------------------------------------------------------------- | Inventories | 4 419 | 4 228 | 3 027 | -------------------------------------------------------------------------------- | Assets classified as held for sale | 43 | 0 | 0 | -------------------------------------------------------------------------------- | Total current assets | 18 018 | 19 528 | 15 374 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 872 | 874 | 620 | -------------------------------------------------------------------------------- | Investments in associates | 47 | 62 | 11 | -------------------------------------------------------------------------------- | Investment property | 232 | 239 | 257 | -------------------------------------------------------------------------------- | Property, plant and equipment | 25 651 | 25 877 | 23 018 | -------------------------------------------------------------------------------- | Intangible assets | 65 294 | 65 408 | 9 206 | -------------------------------------------------------------------------------- | Total non-current assets | 92 096 | 92 460 | 33 112 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 110 114 | 111 988 | 48 486 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 11 223 | 12 719 | 6 784 | -------------------------------------------------------------------------------- | Trade and other payables | 16 195 | 15 384 | 12 030 | -------------------------------------------------------------------------------- | Total current liabilities | 27 418 | 28 103 | 18 814 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 45 532 | 47 396 | 11 691 | -------------------------------------------------------------------------------- | Other long term liabilities | 20 | 6 | 19 | -------------------------------------------------------------------------------- | Total non-current liabilities | 45 552 | 47 402 | 11 710 | -------------------------------------------------------------------------------- | Total liabilities | 72 970 | 75 505 | 30 524 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves attributable | | | | | to equity holders of the Parent | | | | | company | | | | -------------------------------------------------------------------------------- | Share capital | 12 125 | 12 125 | 10 560 | -------------------------------------------------------------------------------- | Share premium | 11 727 | 11 727 | 0 | -------------------------------------------------------------------------------- | Reserves | 657 | 653 | 177 | -------------------------------------------------------------------------------- | Retained earnings | 12 579 | 11 886 | 7 204 | -------------------------------------------------------------------------------- | Currency translation reserve | 34 | 31 | 0 | -------------------------------------------------------------------------------- | Total capital and reserves | 37 122 | 36 422 | 17 941 | | attributable to equity holders of | | | | | the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 22 | 61 | 21 | -------------------------------------------------------------------------------- | Total equity | 37 144 | 36 483 | 17 962 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 110 114 | 111 988 | 48 486 | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q I 2008 | Q I 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 321 338 | 249 592 | -------------------------------------------------------------------------------- | Costs of sales | 239 948 | 184 093 | -------------------------------------------------------------------------------- | Gross margin | 81 390 | 65 499 | -------------------------------------------------------------------------------- | Marketing expenses | 17 257 | 14 078 | -------------------------------------------------------------------------------- | Administrative expenses | 41 177 | 28 425 | -------------------------------------------------------------------------------- | Other income | 4 751 | 1 226 | -------------------------------------------------------------------------------- | Other expenses | 2 501 | 1 839 | -------------------------------------------------------------------------------- | Operating profit | 25 206 | 22 383 | -------------------------------------------------------------------------------- | Interest income | 277 | 737 | -------------------------------------------------------------------------------- | Interest expenses | (14 090) | (2 600) | -------------------------------------------------------------------------------- | Currency exchange loss | (331) | (16) | -------------------------------------------------------------------------------- | Other financial income | 175 | 294 | -------------------------------------------------------------------------------- | Other financial expenses | (175) | (5) | -------------------------------------------------------------------------------- | Financial income/expenses total | (14 144) | (1 590) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (198) | 334 | -------------------------------------------------------------------------------- | Profit before income tax | 10 864 | 21 127 | -------------------------------------------------------------------------------- | Income tax expense | 0 | 2 564 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 10 864 | 18 563 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 10 839 | 18 404 | -------------------------------------------------------------------------------- | Minority interest | 25 | 159 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | 0,57 | 1,11 | | profit attributable to the equity holders | | | | of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q I 2008 | Q I 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 20 537 | 15 952 | -------------------------------------------------------------------------------- | Costs of sales | 15 335 | 11 766 | -------------------------------------------------------------------------------- | Gross margin | 5 202 | 4 186 | -------------------------------------------------------------------------------- | Marketing expenses | 1 103 | 900 | -------------------------------------------------------------------------------- | Administrative expenses | 2 632 | 1 817 | -------------------------------------------------------------------------------- | Other income | 304 | 78 | -------------------------------------------------------------------------------- | Other expenses | 160 | 118 | -------------------------------------------------------------------------------- | Operating profit | 1 611 | 1 431 | -------------------------------------------------------------------------------- | Interest income | 18 | 47 | -------------------------------------------------------------------------------- | Interest expenses | (901) | (166) | -------------------------------------------------------------------------------- | Currency exchange loss | (21) | (1) | -------------------------------------------------------------------------------- | Other financial income | 11 | 19 | -------------------------------------------------------------------------------- | Other financial expenses | (11) | 0 | -------------------------------------------------------------------------------- | Financial income/expenses total | (904) | (102) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (13) | 21 | -------------------------------------------------------------------------------- | Profit before income tax | 694 | 1 350 | -------------------------------------------------------------------------------- | Income tax expense | 0 | 164 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 694 | 1 186 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 693 | 1 176 | -------------------------------------------------------------------------------- | Minority interest | 2 | 10 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | 0,04 | 0,07 | | profit attributable to the equity holders of | | | | the Company | | | -------------------------------------------------------------------------------- Additional information: Priit Leito Chairman of the Board AS Ekspress Grupp Phone: +372 6 698 340 E-mail: priit@egrupp.ee