Börsiteade
AS Ekspress Grupp
Kategooria
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Manused
Kuupäev
06.11.2008 15:00:00
Pealkiri
III kvartali aruanne
Teade
Ekspress Grupi müügitulu kasvas 2008 aasta 9 kuuga 23 % ja kulumieelne ärikasum (EBITDA) 25%. 2008 aasta III kvartali müügitulu kasv oli 15% ja EBITDA kasv 22% võrreldes möödunud aasta sama perioodiga. Müügitulu tagasihoidlik kasv III kvartalis on tingitud majanduse jahenemisest põhjustatud reklaamitulude langusest. EBITDA kasv on saavutatud efektiivsemast kulude juhtimisest ja 2007 aastal Ekspress Gruppi lisandunud uute ettevõtjate kõrgemast EBITDA marginaalist. Ekspress Grupi 2008 aasta III kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 295.0 miljonit krooni (18.9 miljonit eurot), aastane kasv 15% - Brutokasum 71.3 miljonit krooni ( 4.6 miljonit eurot), aastane kasv 1.4% - Kulumieelne ärikasum (EBITDA) 42.4 milj. krooni(2.7 milj. eurot), aastane kasv 22% - Ärikasum (EBIT) 25.8 miljonit krooni (1.6 miljonit eurot), aastane muutus 0% - Puhaskasum 12.0 miljonit krooni (0.8 miljonit eurot), aastane muutus -38% 2008 aasta III kvartali olulisemad sündmused - meelelahutusportaali www.mango.lv lansseerimine Lätis - meelelahutusportaali www.publik.ee lansseerimine - teadus- ja tehnoloogiauudiste keskkonna www.forte.ee lansseerimine - Raamatukaupluse avamine Tasku vabaajakeskuses Tartus „Rahva Raamat“ kaubamärgi all Reklaamituru ülevaade Lisaks sesoonselt nõrgale kvartalile oli reklaamituru langus kolmandas kvartalis oodatust suurem ja seda eriti printreklaami osas. TNS Emori uuringu andmetel näitab interneti reklaamitulu 2008 aasta 9 kuuga 31%-list kasvu. Ajakirjade reklaamitulu on langenud 1% mulluse tasemega võrreldes. Ajalehtede reklaamitulu langus, mis on enim mõjutatud töökuulutuste, kinnisvara, ja auto reklaamide kokkukuivamisest, on suurem - 8%. Majanduslangusest tuleneva reklaamimahu vähenemise ning reklaamihindade languse mõju on enam tunda kolmandas kvartalis, kus ajakirjade reklaamitulu on langenud 5% ja ajalehtede reklaamitulu 11% 2007 aasta kolmanda kvartaliga võrreldes. Samal ajal kasvas interneti reklaamitulu kolmandas kvartalis 21% 2007 aasta sama perioodiga võrreldes. Arvestades kolmandas kvartalis valitsenud paanikat finantsturgude kokkuvarisemisest ja üldisest majanduse madalseisust, võib seda korralikuks tulemuseks lugeda. Ülevaade segmentide lõikes Ekspress Grupi tegevus keskendus 2008 aasta kolmandas 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. Samuti kajastatakse online media segmendis kõik tulevikus loodavad web keskkonnad. Kõige suurem müügitulu kasv 2008 aasta kolmandas kvartalis absoluutnumbrites võrreldes 2007 aasta sama perioodiga saavutati online meedia segmendis seoses möödunud aasta septembris kontserni lisandunud Delfi Grupiga. Kolmanda 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. Bilansipäeva seisuga haldab AS Delfi koos Läti, Leedu ja Ukraina 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://www.klubas.lt, http://ru.delfi.lt) ning uudisteportaal Ukrainas http://www.delfi.ua. Delfi on jätkuvalt Baltimaade juhtiv uudisteportaal, mille kasutajaskond näitas 2007 aasta sama perioodiga võrreldes kasvu kõikidel turgudel. Kokku kasutab Delfi portaale 2.5 miljonit inimest Baltimaades ja Ukrainas. TNS Metrixi andmetel oli Delfi Eestis kolmandas kvartalis jätkuvalt suurim uudisteportaal 484 000 unikaalse kasutajaga kuus, kasvatades kasutajaskonda võrreldes aasta taguse sama ajaga 36 000 unikaalse kasutaja võrra. Leedus on Delfil Gemius Audience andmetel 880 000 unikaalset külastajat kuus olles sellega jätkuvalt suurim uudisteportaal. Samuti on Delfi Lätis suurim uudisteportaal Gemius Audience andmetel 580 000 unikaalse kasutajaga kuus. AS Ekspress Kirjastus haldab Eestis autoportaali www.ekspressauto.ee, kinnisvaraportaali www.ekspresskinnisvara.ee ja töökuulutuste portaali www.ekspressjob.ee. Kolmest nimetatud portaalist tegi kolmandas kvartalis kõige kiirema arengu ekspresskinnisvara.ee, kasvatades kasutajaskonda võrreldes teise kvartaliga pea topelt ning jõudes üle 50 000 unikaalse külastajani nädalas, millega tõusis kinnisvaraportaalide seas teisele kohale. Autoportaal ekspressauto.ee kindlustas endale jätkuvalt turul teise positsiooni omades keskmiselt 26 000 unikaalset külastajat nädalas. Teises kvartalis lansseeritud tööotsingu keskkond ekspressjob.ee-l oli kolmandas kvartalis keskmiselt 14 000 unikaalset külastajat. Esimeses kvartalis Leedus lansseeritud meelelahutusportaali www.klubas.lt külastas juunis 219 526 unikaalset külastajat. Kolmandas kvartalis jätkas www.klubas.lt külastajaskonna suurendamist, tõustes Leedu enim külastatavate internetikeskkondade seas 20-ndalt kohalt teises kvartalis 17-ndale kohale. www.klubas.lt unikaalsete külastajate arv ulatub 285 000 külastajani kuus. Leedus teises kvartalis lansseeritud suurima naistele orienteeritud kuukirja „Panele“ uue veebiversioon www.panele.lt. tõusis kolmandas kvartalis internetikeskkondade seas 19-ndale kohale. Juulis lansseeris Delfi Lätis uue meelelahutusportaali www.mango.lv., et rahuldada internetikasutajate kasvavat huvi meelelahutusvaldkonna vastu. Augustis Delfi poolt Eestis lansseeritud meelelahutusportaal Publik.ee tõusis kiiresti oma valdkonna juhtivaks portaaliks, omades keskmiselt 205 000 unikaalset külastajat nädalas. Septembris lansseeris Delfi Eestis teadus ja tehnoloogia uudiste keskkonna Forte.ee, millel oli kolmanda kvartali lõpu seisuga 50 000 unikaalset kasutajat nädalas. Kontserni juhtkonna eesmärk on tugevdada kontserni turuliidri positsiooni internetiturul kõikides Balti riikides. Delfi Grupi müügitulu aastane kasv 2008 aasta kolmandas kvartalis oli 15%. Samal ajal moodustas kolmanda kvartali EBITDA 2007 aasta sama perioodi tasemest 88%. EBITDA langus kolmandas kvartalis on tingitud Delfi Ukraina käivitamisega seotud kuludest 1.7 miljonit krooni (0.1 miljonit eurot), samuti kahest suurest täiendavast arendusprojektist: klubas.lt Leedus 1.1 miljonit krooni (70 tuhat eurot) ja mango.lv Lätis 0.4 miljonit krooni (25 tuhat eurot). Kolmanda kvartali kulusid suurendasid ka töötajate koondamistasud. Arvestamata nimetatud kolme arendusprojekti kulusid oli EBITDA kasv kolmandas kvartalis 46% võrreldes 2007 aasta sama perioodiga. Delfi Grupi 2008 aasta 9 kuu müügitulu kasvas 24% võrreldes 2007 aasta 9 kuuga ja EBITDA moodustas 2007 aasta 9 kuu tasemest 96%. Arvestamata ülalmainitud kolme arendusprojekti kulusid on 9 kuu EBITDA kasv 11%. Et reklaamitulud on äärmiselt tundlikud majanduskeskkonna suhtes, on majanduse jahenemisega kaasnenud kirjastamissegmendi reklaamikäibe langus. Tänu reklaamihinna tõusule 2007 aasta lõpul- 2008 aasta algul on reklaamitulude langus tagasihoidlikum. Kui ajalehtede ja ajakirjade reklaamitulud vähenesid kolmandas kvartalis vastavalt 11 ja 5%, siis kontserni kirjastamissegmendi reklaamitulu langes vaid 4,6%. Paberväljaannete reklaamitulude vähenemise arvel on tõusnud nende online keskkondade reklaamitulud. Perioodika tellimiste ja üksikmüügi kasvud olid kolmandas kvartalis 2007 aasta sama perioodiga võrreldes vastavalt 24% ja 2%. Majanduse jahenemine on kolmandas kvartalis mõjutanud perioodika üksikmüüki, mis ilma Maalehe mõjuta on kolmandas kvartalis langenud 6% 2007 aasta kolmanda kvartaliga võrreldes. Samal ajal on tellimuste müük peaaegu kõikidel väljaannetel tõusnud. Kasv kolmandas kvartalis ilma Maalehe mõjuta kirjastamissegmendis kokku 4% 2007 aasta sama perioodiga võrreldes. Reklaamitulu pidurdumisel on oluline mõju kirjastussegmendi kasumile, sest reklaamitulu brutomarginaal on oluliselt kõrgem kui tellimustel ja üksikmüügil. EBITDA marginaal langes 10%-lt 2007 aasta kolmandas kvartalis 8.6%-le 2008 aasta samal perioodil. Trükiteenuste segmendis on trükiettevõtja müügitulu kasv 2008 aasta kolmandas kvartalis arvestatav 7% 2007 aasta sama perioodiga võrreldes. Tänu uue trükimasina kasutuselevõtule on ekspordikäive tõusnud kolmandas kvartalis 27%. 2007 aasta teisel poolaastal alustati ajakirjade tootmisüksuse moderniseerimist, millest esimese etapina käivitati oktoobris ajakirjade trükimasin Rotoman ja 2008 aasta veebruaris uus liimimisliin Kolbus. Algselt kolmandas kvartalis plaanis olnud uue traatimisliini ning ajakirjade komplekteerimis- ja pakendamisliini käivitamine on edasi lükatud. Ettevõtja plaanib nimetatud investeeringu tegemisel taotleda EAS vahendusel tehnoloogiatoetust. Septembris sõlmis ettevõtja ostjaga kavatsuste protokolli tema omanduses oleva 6859 m2-se hoonestamata kinnistu müügi kohta. Vastavalt kinnistu hindamisaktile ja kavatsuste protokollile on kinnistu kajastatud kinnisvarainvesteeringuna turuväärtuses seisuga 30. September 2008. Trükiettevõtja EBITDA kasv oli kolmandas kvartalis 34% arvestamata kinnisvarainvesteeringu kajastamisest saadud kasumit 7.8 miljonit krooni ( 0.5 miljonit eurot). Raamatumüügis saavutati kolmandas kvartalis müügitulu 12%-line kasv. Raamatute jaemüügi müügitulu kasv moodustas samuti 12%, mis on saavutatud müügipinna lisandumisest 2007 aasta teisel poolel ja uue 554 m2 suuruse raamatukaupluse avamisest Tasku vabaajakeskuses Tartus. Uus avatud kauplus ületas avamise kuul müügitulu osas kõik ootused ning on juba saanud paljude tartlaste eelistatud raamatupoeks. Samuti annab jaemüügi kasv tunnistust sellest, et majanduse jahenemine ei ole raamatute jaemüüki olulises osas negatiivselt mõjutanud. Jaemüügi müügitulu lisa on oodata neljandas kvartalis 1. Oktoobril Rocca al Mare kaubanduskeskuses avatud raamatupoest. Pärnus 2008 aasta teisel poolaastal avada plaanitud raamatukaupluse avamine on arendaja viivituse tõttu edasi lükkunud 2009-ndasse aastasse. Infoteenuste müügitulu oli 2008 aasta kolmandas kvartalis mõnevõrra kõrgem kui 2007 aasta samal perioodil, kasv 4%. 2008 aasta kolmanda kvartali EBITDA moodustas 2007 aasta tasemest 83%. Samal ajal moodustas 2008 aasta 9 kuu EBITDA 2007 aasta sama perioodi tasemest vaid 49%. EBITDA langus on peatatud tänu Bukarestis asuva tütarettevõtja püsikulude nagu agentide põhitöötasu, kontori kulud, jms külmutamisest alates maist kuni teenuse lühinumbri eraldamiseni. Kuna lühinumbrite konkursid on määramata ajaks edasi lükatud ja pika numbriga jätkamine on antud majanduskeskkonnas ebaefektiivne, on Grupi juhtkond otsustanud väljuda infoteenuste ärist Rumeenias 2008 aasta lõpuks. 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. Kolmandas kvartalis süvenenud majanduse jahenemise mõju kontserni müügitulule ja kasumile väljendus ajalehtede ja ajakirjade reklaamitulude languses ja sellest tulenevalt kasumi languses. Müügitulude 15%-lise kasvu kõrval on otsekulud kasvanud kolmandas kvartalis 17%, mille tulemusena on brutokasumi marginaal langenud kolmandas kvartalis 2008 26%-lt 24%-le. Trüki- ja leviteenuste kallinemise kõrval on tõusnud otsekuludes kajastatud põhivara kulum. 2008 aasta kolmanda kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas 42.4 miljonit krooni (2.7 miljonit eurot) ületades 22% 2007 aasta sama perioodi tulemust. Kolmanda kvartali ärikasum ulatus 25.8 miljoni kroonini (1.6 miljoni euroni) jäädes 2007 aasta tasemele. Kolmanda kvartali ärirentaabluseks kujunes 8.7% (2007 kolmas kvartal: 10.0%). Ärikasumi kasvu aeglustumine on tingitud kulumi kasvust seoses Delfi ja Maalehe soetamisel lisandunud immateriaalse põhivaraga ja teistest põhivara investeeringutest 2007 aastal. Grupi turunduskulud on kasvanud seoses uute firmade (AS Maaleht, Delfi Grupp, TeleTell), lisandumisega kontserni 2007 aasta teisel poolaastal ning uute toodete ja turunduskampaaniate lansseerimisega mis seotud uute toodete nagu kinnisvara-, auto- ja töökuulutuste portaalid ning Eesti Päevalehe uus raamatuprojekt turuletoomisega. Aastane kasv võrreldes 2007 aasta 9 kuuga on 18% ja võrreldes 2007 aasta kolmanda kvartaliga 1 %, mis on saavutatud optimistlike turunduseelarvete kärpimisest. Administratiivkulud on kolmandas kvartalis kasvanud 36% ja 9 kuuga 43% võrreldes eelmise aasta sama perioodiga. 2007 aastal kontserni lisandunud firmasid arvestamata on kasv kolmandas kvartalis 4% ja 9 kuuga 4,5%. 9 kuuga on administratiivkuludes kajastatud töötasu langenud 7% ja kolmandas kvartalis 13% 2007 aasta sama perioodiga võrreldes. Võrreldes 2008 aasta teise kvartaliga on kolmanda kvartali administratiivkulud langenud 5%, sealhulgas töötasukulud 13%. Üldhalduskulude langus on saavutatud allpool kirjeldatud kokkuhoiu meetmete realiseerimise tulemusena. Töötasu langus on saavutatud töötasu tõusu külmutamise ja töötajate koondamise tulemusena. Muudes ärituludes sisaldub kasum 7.8 miljonit krooni ( 0.5 miljonit eurot) Printalli omanduses oleva 6859 m2-se hoonestamata kinnistu kajastamisest kinnisvarainvesteeringuna turuväärtuses seisuga 30. September 2008 vastavalt septembris kinnistu ostjaga sõlmitud kavatsuste protokollile. Grupi 2008 aasta kolmanda kvartali finantskulud ulatusid 14.4 miljoni kroonini (0.9 miljoni euroni). Põhilise osa finantskuludest moodustasid intressikulud 13.9 miljonit krooni (0.89 miljonit eurot) (2007 kolmas kvartal: 5.5 miljonit krooni (0.35 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. Seisuga 30. September on laenu jääk 587.3 miljonit krooni (37.5 miljonit eurot). Kokku teenis Ekspress Grupp 2008 aasta kolmandas kvartalis puhaskasumit (peale makse ja vähemusosalust) 12.0 miljonit krooni (0.8 miljonit eurot). 2007 aasta sama perioodiga võrreldes vähenes puhaskasum 38%. Puhaskasumi kasvu pidurdumine on lisaks ärikasumit mõjutavatest sündmustest tingitud intressikulude tõusust seoses võetud sündikaatlaenuga. Süveneva majanduslanguse tingimustes oleme jätkanud esimeses kvartalis alustatud kulude kokkuhoiu programmi. Programmi põhiosad on paberi- ja printimiskulude kokkuhoid, IT arenduskulude kokkuhoid ja tööjõukulude kokkuhoid. Teostatud paberi- ja printimiskulude kokkuhoiu meetmetest võib mainida lehe mahu vähendamist, insertide ühendamist väljaande põhiosaga jne. Mainitud meetmed väljenduvad paberi ja trükikulude kokkuhoius. Arenduskulude kokkuhoid saavutatakse internetiarenduste teostamisel oma ressurssidega varasema teenuse sisseostmise asemel. Üldhalduskuludest on täiendavalt varem avalikustatud kulude kokkuhoiu meetmetele kärbitud koolitus- esindus-, parkimise jm kulusid. Suurim kokkuhoiu allikas on tööjõukulud. Kokkuhoid saavutatakse selliselt, et ei realiseerita palgatõuse, lahkuvate inimeste asemele uusi ei võeta või leitakse ettevõtja seest. Samuti viiakse läbi töötajate koondamisi. Aruande koostamise seisuga on otsustatud 36 töötaja koondamine. Töötajate koondamine puudutab eelkõige Ajakirjade Kirjastust, Ekspress Kirjastust, Eesti Päevalehte ja Delfit. Seoses kolmandas kvartalis läbiviidud töötajate koondamistega sisalduvad ka kolmanda kvartali tööjõukuludes koondamistasud. Nende tööjõukulude kokkuhoiu efekt saavutatakse alates neljandast kvartalist. Neljandas kvartalis seisab ees täiendavaid koondamisi, mis tingitud nii reklaamimahu vähenemisest kui äriefektiivsuse tõstmiseks vajalikust tugifunktsioonide liitmisest. Bilanss ja investeeringud 2008. aasta 30. septembri seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1 703.7 miljoni kroonini (108.9 miljoni euroni) kasvades aastaga 0.7%. Bilansis kajastatud varad ja kohustused on suurenenud kontserni laienemise ja põhivara investeeringute tulemusena. Käibevarad vähenesid aastaga 4% ulatudes 267.0 miljoni kroonini (17.1 miljoni euroni) seisuga 30. september 2008. Seisuga 30. september 2007 moodustasid käibevarad 277.7 miljonit krooni (17.7 miljonit eurot). Lühiajalised kohustused suurenesid aastaga 56.5% ulatudes septembri lõpus 425.7 miljoni kroonini (27.2 miljoni euroni). Lühiajalistest kohustustest suurenesid enam laenukohustused ulatudes september lõpus 179.4 miljoni kroonini (11.5 miljoni euroni). September lõpu seisuga ulatusid Grupi pikaajalised võlakohustused 663.1 miljoni kroonini (42.4 miljoni euroni), vähenedes aastaga 24%. Pikaajalistest võlakohustustest moodustavad pangalaenud 547.1 miljonit krooni (35.0 miljonit eurot) ja kapitalirendi võlg 113.0 miljonit krooni (7.2 miljonit eurot). Pikaajalistest laenukohustustest moodustab 497.1 miljonit krooni (31.8 miljonit eurot) Ekspress Grupi poolt 2007 aasta kolmandas kvartalis SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud 674.4 miljoni krooni (43.1 miljoni euro) suuruse laenu pikaajaline osa. Kogu nimetatud laenu jääk seisuga 30. september 2008 moodustab 587.3 miljonit krooni (37.5 miljonit eurot). Materiaalne põhivara ulatus septembri lõpu seisuga 392.0 miljoni kroonini (25.1 miljoni euroni) kasvades aastaga 4%. Immateriaalne põhivara ulatus september lõpu seisuga 1 016.9 miljoni kroonini (65.0 miljoni euroni) jäädes aasta tagusele tasemele. Immateriaalsest põhivarast moodustab 824.8 miljonit krooni (52.7 miljonit eurot) Delfi Grupi ostmisega lisandunud kaubamärkide, kliendisuhete ja tarkvara jääkväärtus ning soetamisel tekkinud firmaväärtus. Kinnisvarainvesteeringute suurenemine on tingitud Printalli 6859 m2-se hoonestamata kinnistu kajastamisest kinnisvarainvesteeringuna turuväärtuses 10 miljonit krooni (0.6 miljonit eurot) seisuga 30. September 2008. Töötajad Ekspress Grupis töötas 2008 aasta 30. septembri seisuga 2 361 inimest (30. september 2007: 2 344 inimest). 2008 aasta 9 kuu keskmine töötajate arv oli 2 374 (2007 9 kuu : 2 311 ). Ekspress Grupi töötajatele maksti 2008. aasta 9 kuu jooksul töötasusid kokku 230,7 miljonit krooni (14,7 miljonit eurot), (2007 9 kuu: 162,5 miljonit krooni ( 10,4 miljonit eurot))*. *ühisettevõtetest proportsionaalne osa -------------------------------------------------------------------------------- | Suhtarvud (%) | | 9 kuud 2008 | 9 kuud 2007 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | 23% | 18% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 26% | 26% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | 5% | 9% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 36% | 32% | -------------------------------------------------------------------------------- | Varade tootlus (%) | 3% | 8% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | 7% | 18% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | 9% | 11% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 0,63 | 1,02 | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe (%) | 147% | 174% | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 57% | 59% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2,33 | 3,87 | -------------------------------------------------------------------------------- | 0,15 | 0,25 | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (müügitulu 9 kuud 2008 - müügitulu 9 kuud 2007) / müügitulu 9 kuud 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 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | puhaskasum/keskmine aktsiate arv | | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 30.09.2008 | 31.12.2007 | 30.09.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 21 775 | 68 970 | 65 814 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 8 790 | 4 606 | 4 556 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 166 208 | 165 828 | 150 008 | -------------------------------------------------------------------------------- | Varud | 70 204 | 66 161 | 57 297 | -------------------------------------------------------------------------------- | Käibevara kokku | 266 977 | 305 565 | 277 675 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 13 880 | 13 671 | 10 143 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 516 | 964 | 1 068 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 13 439 | 3 732 | 3 830 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 392 023 | 404 880 | 377 359 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 1 016 851 | 1 023 419 | 1 021 123 | -------------------------------------------------------------------------------- | Põhivara kokku | 1 436 709 | 1 446 666 | 1 413 523 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 703 686 | 1 752 231 | 1 691 198 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 179 406 | 199 013 | 73 484 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 246 305 | 240 703 | 198 600 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 425 711 | 439 716 | 272 084 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa | 660 126 | 741 585 | 867 966 | | 5) | | | | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 2 972 | 88 | 2 910 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 663 098 | 741 673 | 870 876 | -------------------------------------------------------------------------------- | Kohustused kokku | 1 088 809 | 1 181 389 | 1 142 960 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 189 711 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Ülekurss | 183 495 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reservid | 10 757 | 10 222 | 10 222 | -------------------------------------------------------------------------------- | Jaotamata kasum | 230 093 | 185 981 | 164 464 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 533 | 480 | -218 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 614 589 | 569 889 | 547 674 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 288 | 953 | 564 | -------------------------------------------------------------------------------- | Omakapital kokku | 614 877 | 570 842 | 548 238 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 1 703 686 | 1 752 231 | 1 691 198 | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 30.09.2008 | 31.12.2007 | 30.09.2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | VARAD | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 1 392 | 4 408 | 4 206 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 562 | 294 | 291 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 10 624 | 10 598 | 9 587 | -------------------------------------------------------------------------------- | Varud | 4 487 | 4 228 | 3 662 | -------------------------------------------------------------------------------- | Käibevara kokku | 17 065 | 19 528 | 17 746 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 884 | 874 | 647 | -------------------------------------------------------------------------------- | Investeeringud sidusettevõtetesse | 33 | 62 | 68 | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 859 | 239 | 245 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 25 055 | 25 877 | 24 118 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa 4) | 64 989 | 65 408 | 65 262 | -------------------------------------------------------------------------------- | Põhivara kokku | 91 820 | 92 460 | 90 340 | -------------------------------------------------------------------------------- | VARAD KOKKU | 108 885 | 111 988 | 108 086 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 11 466 | 12 719 | 4 696 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 15 742 | 15 384 | 12 693 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 27 208 | 28 103 | 17 389 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused (lisa | 42 190 | 47 396 | 55 473 | | 5) | | | | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 190 | 6 | 186 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 42 380 | 47 402 | 55 659 | -------------------------------------------------------------------------------- | Kohustused kokku | 69 588 | 75 505 | 73 048 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 12 125 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Ülekurss | 11 727 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reservid | 687 | 653 | 653 | -------------------------------------------------------------------------------- | Jaotamata kasum | 14 706 | 11 886 | 10 511 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 34 | 31 | -14 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele kuuluv | 39 279 | 36 422 | 35 002 | | osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 18 | 61 | 36 | -------------------------------------------------------------------------------- | Omakapital kokku | 39 297 | 36 483 | 35 038 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 108 885 | 111 988 | 108 086 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | III kv 2008 | III kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 295 046 | 257 639 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 223 781 | 191 127 | -------------------------------------------------------------------------------- | Brutokasum | 71 265 | 66 512 | -------------------------------------------------------------------------------- | Turunduskulud | 13 099 | 12 982 | -------------------------------------------------------------------------------- | Üldhalduskulud | 39 552 | 29 197 | -------------------------------------------------------------------------------- | Muud äritulud | 8 250 | 1 410 | -------------------------------------------------------------------------------- | Muud ärikulud | 1 058 | (100) | -------------------------------------------------------------------------------- | Ärikasum | 25 806 | 25 843 | -------------------------------------------------------------------------------- | Intressitulud | 514 | 2 141 | -------------------------------------------------------------------------------- | Intressikulud | (13 924) | (5 472) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | 34 | (10) | -------------------------------------------------------------------------------- | Muud finantstulud | 256 | 482 | -------------------------------------------------------------------------------- | Muud finantskulud | (478) | (3 307) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (13 598) | (6 166) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (286) | 206 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 11 922 | 19 883 | -------------------------------------------------------------------------------- | Tulumaks | (44) | 626 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 11 966 | 19 257 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 11 966 | 19 137 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 120 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,63 | 1,02 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 kuud 2008 | 9 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 963 280 | 784 647 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 714 447 | 578 732 | -------------------------------------------------------------------------------- | Brutokasum | 248 833 | 205 915 | -------------------------------------------------------------------------------- | Turunduskulud | 46 209 | 39 018 | -------------------------------------------------------------------------------- | Üldhalduskulud | 122 307 | 85 410 | -------------------------------------------------------------------------------- | Muud äritulud | 13 835 | 3 347 | -------------------------------------------------------------------------------- | Muud ärikulud | 5 989 | 2 115 | -------------------------------------------------------------------------------- | Ärikasum | 88 163 | 82 719 | -------------------------------------------------------------------------------- | Intressitulud | 1 765 | 4 963 | -------------------------------------------------------------------------------- | Intressikulud | (41 056) | (9 849) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (412) | (61) | -------------------------------------------------------------------------------- | Muud finantstulud | 267 | 1 048 | -------------------------------------------------------------------------------- | Muud finantskulud | (958) | (3 501) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (40 394) | (7 400) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (422) | 1 385 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 47 347 | 76 704 | -------------------------------------------------------------------------------- | Tulumaks | 3 216 | 6 211 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 44 131 | 70 493 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 44 112 | 70 154 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 19 | 339 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 2,33 | 3,87 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | III kv 2008 | III kv 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 18 857 | 16 466 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 14 302 | 12 215 | -------------------------------------------------------------------------------- | Brutokasum | 4 555 | 4 251 | -------------------------------------------------------------------------------- | Turunduskulud | 837 | 830 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 528 | 1 866 | -------------------------------------------------------------------------------- | Muud äritulud | 527 | 90 | -------------------------------------------------------------------------------- | Muud ärikulud | 68 | (6) | -------------------------------------------------------------------------------- | Ärikasum | 1 649 | 1 651 | -------------------------------------------------------------------------------- | Intressitulud | 33 | 137 | -------------------------------------------------------------------------------- | Intressikulud | (890) | (350) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | 2 | (1) | -------------------------------------------------------------------------------- | Muud finantstulud | 16 | 31 | -------------------------------------------------------------------------------- | Muud finantskulud | (31) | (211) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (870) | (394) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (18) | 13 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 761 | 1 270 | -------------------------------------------------------------------------------- | Tulumaks | (3) | 40 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 764 | 1 230 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 765 | 1 223 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 8 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,04 | 0,06 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 kuud 2008 | 9 kuud 2007 | -------------------------------------------------------------------------------- | (tuhandetes) | | -------------------------------------------------------------------------------- | Müügitulu | 61 565 | 50 148 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 45 661 | 36 988 | -------------------------------------------------------------------------------- | Brutokasum | 15 904 | 13 160 | -------------------------------------------------------------------------------- | Turunduskulud | 2 953 | 2 494 | -------------------------------------------------------------------------------- | Üldhalduskulud | 7 818 | 5 459 | -------------------------------------------------------------------------------- | Muud äritulud | 884 | 214 | -------------------------------------------------------------------------------- | Muud ärikulud | 383 | 135 | -------------------------------------------------------------------------------- | Ärikasum | 5 634 | 5 286 | -------------------------------------------------------------------------------- | Intressitulud | 113 | 317 | -------------------------------------------------------------------------------- | Intressikulud | (2 624) | (629) | -------------------------------------------------------------------------------- | Kahjum valuutakursi muutusest | (26) | (4) | -------------------------------------------------------------------------------- | Muud finantstulud | 17 | 67 | -------------------------------------------------------------------------------- | Muud finantskulud | (61) | (224) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (2 581) | (473) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | (27) | 89 | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | 3 026 | 4 902 | -------------------------------------------------------------------------------- | Tulumaks | 206 | 397 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | 2 820 | 4 505 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | 2 820 | 4 484 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 1 | 22 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | 0,15 | 0,25 | | (lisa 8) | | | -------------------------------------------------------------------------------- Lisainformatsioon: Anne Kallas AS Ekspress Grupp Juhatuse liige Telefon + 372 669 8080 e-mail: anne.kallas@egrupp.ee
Pealkiri
INTERIM MANAGEMENT REPORT
Teade
In the first 9 months of 2008, the sales revenue of Ekspress Group grew by 23% and EBITDA grew by 25%. In the 3rd quarter of 2008, the sales revenue grew by 15% and EBITDA grew by 22% as compared to the same period last year. The modest sales growth in the 3rd quarter is related to the decline of advertising revenue as a result of an economic cool-down. The growth of EBITDA was achieved through more effective cost management and higher EBITDA margin of new companies added to Ekspress Group in 2007. Key figures characterising the activities of Ekspress Group in the third quarter of 2008 - Sales revenue EEK 295.0 million (EUR 18.9 million), year-over-year growth 15% - Gross profit EEK 71.3 million (EUR 4.6 million), year-over-year growth 1.4% - EBITDA EEK 42.4 million (EUR 2.7 million), year-over-year growth 22% - EBIT EEK 25.8 million (EUR 1.6 million), year-over-year change 0% - Net profit EEK 12.0 million (0.8 million), year-over-year change -38% Key events of the third quarter of 2008 - launching of the entertainment portal www.mango.lv in Latvia - launching of the entertainment portal www.publik.ee - launching of the environment of science and technology news www.forte.ee - opening of the bookstore in the recreation centre Tasku in Tartu under the brand “ Rahva Raamat” Overview of the advertising market Besides a seasonally weak quarter, the decline of the advertising market in the third quarter was larger than expected and this primarily in the area of printed ads. According to the survey conducted by TNS Emor, Internet advertising revenue increased by 31% in the first nine months of 2008. The advertising revenue of magazines declined by 1% as compared to last year's level. The decline of the advertising revenue of newspapers which is mostly impacted by shrinkage of employment ads, real estate and automobile ads was larger, 8%. The decline of the advertising volume and the impact of the decline of advertising prices due to the recession of the economy was most noticeable in the third quarter when the advertising revenue of magazines decreased by 5% and that of newspapers decreased by 21% as compared to the same period last year. In light of the panic following the crash of the financial markets in the third quarter and the overall economic depression, it may be considered as a decent result. Overview of the segments In the third quarter of 2008, Ekspress Group continued to focus on its five principal segments: online media, publishing, printing services, book sales and information services. From 2008, the online media segment also includes web publications of AS Eesti Päevaleht, SL Õhtuleht AS and Eesti Ekspress Kirjastus AS as well as automobile, real estate and employment web environments of Eesti Ekspress Kirjastus AS which were previously included in the publishing segment. All web environments to be set up in the future are also included in the online media segment. In the third quarter of 2008, the largest revenue growth in absolute terms as compared to the same period of 2007 was attained in the online media segment attributable to the addition of Delfi Group to the Group in September last year. The publishing of newspapers and magazines, partially related to the addition of AS Maaleht in the Group in October 2007 as well as the segment of printing services where sales growth was attained through an increase of operating capacities related to the launching of a new printing press in October 2007 significantly contributed to the sales growth of the third quarter. As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and Ukraine subsidiaries manages the Estonian and Russian-language portals in Estonia, http://www.delfi.ee and rus.delfi.ee, the Latvian and Russia-language portals in Latvia http://www.delfi.lv and rus.delfi.lv, the Lithuanian and Russian-language portals in Lithuania http://www.delfi.lt, http://www.klubas.lt, http://ru.delfi.lt) as well as the news portal in the Ukraine http://www.delfi.ua. Delfi continues to be the leading news portal in the Baltic States, the users of which grew in all markets as compared to the same period of 2007. A total of 2.5 million people in the Baltic States and the Ukraine use Delfi portals. According to the data by TNS Metrix, in Estonia Delfi continued to be the largest news portal in the third quarter with 484 000 unique users a month, growing its user base by 36 000 unique users as compared to the same period last year. According to the data by Gemius Audience, Delfi has 880 000 unique visitors a month in Lithuania and thereby continues the largest news portal there. According to the data by Gemius Audience, Delfi is also the largest news portal in Latvia with 580 000 unique users a month. In Estonia, AS Ekspress Kirjastus manages the automobile portal www.ekspressauto.ee, the real estate portal www.ekspresskinnisvara.ee and the employment portal www.ekspressjob.ee. Of these three portals, ekspresskinnisvara.ee experienced the fastest growth in the third quarter, almost doubling its user base as compared to the second quarter and reached over 50 000 unique visitors a week, thereby placing second among real estate portals. The automobile portal ekspressauto.ee continued to secure its second place in the market, reaching an average of 26 000 unique visitors a week. The employment portal ekpressjob.ee launched in the second quarter had an average of 14 000 unique visitors in the third quarter. In June, 219 526 unique visitors visited the entertainment portal www.klubas.lt launched in Lithuania in the first quarter. In the third quarter, www.klubas.lt continued to increase its visitor base, rising from the 20th place among the most visited Lithuanian Internet environments in the second quarter to the 17th place. The number of unique visitors of www.klubas.lt reached 285 000 visitors a month. The new web version of the largest monthly magazine “Panele” targeted at women, www.panele.lt which was launched in Lithuania in the second quarter rose to the 19th place among Internet environments in the third quarter. In July, Delfi launched a new entertainment portal www.mango.lv in Latvia in order to satisfy the increasing interest of Internet users in the field of entertainment. The entertainment portal Publik.ee launched in Estonia in August became fast the leading portal in its field, having an average of 205 000 unique visitors a week. In September, Delfi launched the environment of science and technology news in Estonia, Forte.ee which as of the end of the third quarter had 50 000 unique visitors a week. The goal of the Group's management is to strengthen the Group's market leadership position in the Internet markets of all Baltic States. The year-over-year sales growth of Delfi Group in the third quarter of 2008 was 15%. At the same time, EBITDA in the third quarter made up 88% of the level of the same period in 2007. The decline of EBITDA in the third quarter is related to the expenses of launching Delfi Ukraina which totalled EEK 1.7 million (EUR 0.1 million) in the third quarter as well as two additional large development projects: klubas.lt in Lithuania totalling EEK 1.1 million (EUR 70 thousand) and mango.lv in Latvia totalling EEK 0.4 million (EUR 25 thousand). Third quarter's expenses were also impacted by the termination fees paid to employees. Excluding the costs related to the aforementioned three development projects, EBITDA grew by 46% in the third quarter as compared to the same period of 2007. The sales growth of Delfi Group in the first 9 months of 2008 was 24% as compared to the first 9 months of 2007 and EBITDA made up 96% of the level in the first 9 months of 2007. Excluding the costs related to the aforementioned three development projects, EBITDA growth in the first 9 months was 11%. As advertising revenue is extremely sensitive to the economic environment, the cool-down of the economy has led to a decline of advertising revenue in the publishing segment. Due to the increase of advertising prices at the end of 2007 and beginning of 2008, the decline of advertising revenue was less pronounced. While advertising revenue from newspapers and magazines decreased by 11 and 5%, respectively, in the third quarter, the advertising revenue from the publishing segment of the Group declined by only 4.6%. Although the advertising revenue of publications decreased, the advertising revenue of their online environments increased. The growth of subscription of periodicals and single copy sales was 24% and 2%, respectively, in the third quarter as compared to the same period of 2007. The cool-down of the economy impacted single copy sales of periodicals in the third quarter which without the impact of Maaleht decreased by 6% in the third quarter as compared to the third quarter of 2007. At the same time, subscriptions for almost all periodicals have increased. In the third quarter, growth without the impact of Maaleht totalled 4% in the publishing segment as compared to the same period of 2007. The stalling of the growth of 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 and single copy sales. EBITDA margin fell from 10% in the third quarter of 2007 to 8.6% in the same period of 2008. In the segment of printing services, the sales growth of the printing company was a decent 7% in the third quarter of 2008 as compared to the same period of 2007. Export turnover increased by 27% in the third quarter as a result of taking a new printing machine in use. Modernisation of the magazine production unit was commenced in the second half of 2007, the first stage of which comprised the launching of the magazine printing machine Rotoman and the new gluing line Kolbus in February 2008. The launching of the stitching line and the assembling and packing line for magazines planned for the third quarter has been postponed. The company plans to apply for a technology grant through Enterprise Estonia in order to make this investment. In September, the company signed a letter of intent with a buyer to sell the 6859 m2 unimproved land plot in its possession. According to the valuation report and the letter of intent, the land plot is valued at the market value of the investment property as of 30 September 2008. EBITDA growth of the printing company in the third quarter was 34% excluding the gain from the recognition of the investment property in the amount of EEK 7.8 million (EUR 0.5 million). With regard to book sales, 12% sales growth was attained in the third quarter. The growth of the retail sales of books was also 12%, achieved through the addition of new stores in the second half of 2007 as well as the opening of the new 554 m2 bookstore in the recreation centre Tasku in Tartu. The new store exceeded all expectations with regard to sales revenue in the first month after its opening and it has already become a preferred book store of the residents of Tartu. Retail sales growth also demonstrates that the economic cool-down has not had a major negative impact on the retail sales of books. Retail sales are expected to grow further in the fourth quarter due to the new bookstore opened in Rocca al Mare shopping centre on 1 October. The opening of a new bookstore in Pärnu planned for the second half of 2008 has been postponed until 2009 due to a delay by the developer. In the third quarter of 2008, the sales revenue of information services was somewhat higher than in the same period of 2007, 4% growth. EBITDA in the third quarter of 2008 made up 83% of the 2007 level. However, EBITDA in the first 9 months of 2008 made up only 49% of the level in the same period of 2007. An end has been put to the decline of EBITDA as a result of freezing the Bucharest located subsidiary's fixed costs such as agents' salaries, office expenses, etc. in May until the grant of the service's short number. As the bids for short numbers have been postponed until further notice and the keeping of the long number in the current economic environment is ineffective, the Group's management has decided to exit the business of information services in Romania at the year-end 2008. Profit Given the seasonal nature of the advertising business, the addition of AS Maaleht and Delfi Group has significantly increased the 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. The economic cool-down which deepened in the third quarter had an impact on the Group's revenue and profit, manifesting itself in a decline of advertising revenue of newspapers and magazines as well as the related decline in profit. As compared to the 15% sales growth, direct costs increased by 17% in the third quarter as a result of which the gross margin declined from 26% to 24% in the third quarter of 2008. Besides appreciation of printing and distribution services, depreciation included in direct expenses has also increased. EBITDA totalled EEK 42.4 million (EUR 2.7 million) in the third quarter of 2008, exceeding the result of the same period in 2007 by 22%. In the third quarter, EBIT reached EEK 25.8 million (EUR 1.6 million), staying at the same level as in 2007. In the third quarter, the operating margin was 8.7% (3rd quarter of 2007: 10.0%). The slowdown of EBIT is due to higher depreciation related to the intangible assets added in the acquisition of Delfi and Maaleht and other investments made into fixed assets in 2007. The marketing expenses of the Group have increased due to the addition of new companies (AS Maaleht, Delfi Group, TeleTell) in the Group in the second half of 2007 as well as the launching of new products and marketing campaigns such as the launching of automobile, real estate and employment web environments and new book project of Eesti Päevaleht. Year-over-year growth as compared to the first 9 months of 2007 is 18% and as compared to the third quarter of 2007, 1%, attained through cutting optimistic marketing budgets. Administrative expenses increased by 36% in the third quarter and 43% in the first 9 months as compared to the same period last year. The growth is 4% in the third quarter and 4.5% in the first 9 months without the impact of new companies added to the Group in 2007. Wages and salaries included in administrative expenses decreased by 7% in the first 9 months and by 13% in the third quarter as compared to the same period of 2007. As compared to the second quarter of 2008, administrative expenses decreased by 5% in the third quarter, including payroll expense by 13%. The decline of general expenses has been attained through implementation of cost-cutting measures described below. The decline of wages and salaries has been attained through freezing of wage increases and laying off of employees. Other operating income includes a gain of EEK 7.8 million (EUR 0.5 million) due to recognising the 6859 m2 unimproved land plot in Printall's possession as investment property at market value as of 30 September 2008 according to the letter of intent signed with the buyer of the land plot. The Group's financial expenses reached EEK 14.4 million (EUR 0.9 million) in the third quarter of 2008. Financial expenses were mostly made up of interest expenses in the amount of EEK 13.9 million (EUR 0.89 million) (3rd quarter of 2007: EEK 5.5 million (EUR 0.35 million). Higher interest expenses are related to the loan in the amount of EEK 674.4 million (EUR 43.1 million) taken from the syndicate of SEB, Sampo Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the third quarter of 2007. As of 30 September, the outstanding loan balance is EEK 587.3 million (EUR 37.5 million). The net profit (after taxes and minority interest) of Ekspress Group totalled EEK 12.0 million (EUR 0.8 million) in the third quarter. The net profit decreased by 38% as compared to the same period of 2007. In addition to the events impacting EBIT, the slowdown of net profit growth was also related to the increase of interest expenses in connection with the syndicate loan. Under the conditions of deepening economic recession, we have continued with the cost cutting programme introduced in the first quarter. The main components of the programme include savings of paper and printing costs, savings of IT development costs and savings of payroll expenses. Of the measures related to cost savings of paper and printing costs, a decrease of newspaper pages, combining of inserts with the principal part of publication, etc. are worth mentioning. These measures manifest themselves in the savings of paper and printing costs. The savings of development costs are attained through replacement of outsourcing services with the implementation of Internet developments with own resources. Of general expenses, training, representation, parking, etc. other costs have been curbed in addition to the cost saving measures announced earlier. The biggest cost saving source is payroll expenses. Savings are achieved through postponement of wage increases, new employees are not hired to replace those who have left the company or they are recruited internally. Lay-offs of employees are also carried out. As of the date of preparing the interim report, a decision has been made to lay off 36 employees. Lay-offs relate mostly to Ajakirjade Kirjastus, Ekspress Kirjastus, Eesti Päevaleht and Delfi. Due to the lay-off of employees in the third quarter, termination benefits are included in the payroll expenses of the third quarter. The effect of saving these payroll expenses will be achieved in the fourth quarter and hereinafter. More lay-offs are planned in the fourth quarter, related to a decline of advertising revenue as well as combining of support functions necessary for increasing business effectiveness. Balance sheet and investments As of 30 September 2008, the consolidated balance sheet total of Ekspress Group was EEK 1 703.7 million (EUR 108.9 million), increasing by 0.7% year-over-year. The assets and liabilities included in the balance sheet have increased as a result of the expansion of the Group and investments made to acquire fixed assets. As of 30 September 2008, current assets decreased by 4% year-over-year, reaching EEK 267.0 million (EUR 17.1 million). As of 30 September 2007, current assets totalled EEK 277.7 million (EUR 17.7 million). Current liabilities increased by 56.5% year-over-year, reaching EEK 425.7 million (EUR 27.2 million) at the end of September. Of current liabilities, borrowings increased the most, reaching EEK 179.4 million (EUR 11.5 million) at the end of September. As of the end of September, the Group's long-term borrowings totalled EEK 663.1 million (EUR 42.4 million), decreasing by 24% year-over-year. Of the long-term borrowings, bank loans constitute EEK 547.1 million (EUR 35.0 million) and the finance lease liability is EEK 113.0 million (EUR 7.2 million). Of the long-term borrowings, the non-current portion of the loan taken by Ekspress Group from the syndicate of SEB, Sampo Bank and Nordea Bank in the amount of EEK 674.4 (EUR 43.1 million) in the third quarter of 2007 totals 497.1 million (EUR 31.8 million). The total outstanding balance of the abovestated loan as of 30 September 2008 was EEK 587.3 million (EUR 37.5 million). Property, plant and equipment stood at EEK 392.0 million (EUR 25.1 million) as of the end of September, increasing by 4% year-over-year. As of the end of September, intangible assets stood at EEK 1 016.9 million (EUR 65.0 million), staying at the same level as last year. Of intangible assets, EEK 824.8 million (EUR 52.7 million) is related to the carrying value of trademarks, customer relations and software as well as goodwill which arose in the acquisition of Delfi Group. Investment property has increased due to the recognition of 6859 m2 unimproved land plot of Printall as the investment property at the market value of EEK 10.0 million (EUR 0.6 million) as of 30 September 2008. Employees As of the end of September the Ekspress Group employed 2 361 people (As of 30 September 2007: 2 344 people). The average number of employees in the first nine months of 2008 was 2 374 ( 9 months of 2007: 2 311). Over the first nine months of 2008, wages and salaries paid to the employees of the Ekspress Group totalled EEK 230.7 million (EUR 14.7 million), (9 months of 2007: EEK 162.5 million (EUR 10.4 million))*. *proportional part from joint ventures Selected financial indicators -------------------------------------------------------------------------------- | Performance indicators (%) | | 9 months 2008 | 9 months 2008 | -------------------------------------------------------------------------------- | Sales growth (%) | 23% | 18% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 26% | 26% | -------------------------------------------------------------------------------- | Net profit margin (%) | 5% | 9% | | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | 36% | 32% | -------------------------------------------------------------------------------- | ROA (%) | 3% | 8% | -------------------------------------------------------------------------------- | ROE (%) | 7% | 18% | -------------------------------------------------------------------------------- | Operating profit margin | 9% | 11% | | (%) | | | -------------------------------------------------------------------------------- | Liquidity ratio | 0,63 | 1,02 | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 147% | 174% | -------------------------------------------------------------------------------- | Financial leverage (%) | 57% | 59% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2,33 | 3,87 | -------------------------------------------------------------------------------- | 0,15 | 0,25 | -------------------------------------------------------------------------------- | Earnings per share (EEK) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (sales 9 months 2008 -sales 9 months 2007) / | | sales 9 months 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 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | net profit/average number of shares | | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 30.09.2008 | 31.12.2007 | 30.09.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 21 775 | 68 970 | 65 814 | -------------------------------------------------------------------------------- | Other financial assets at fair | 8 790 | 4 606 | 4 556 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 166 208 | 165 828 | 150 008 | -------------------------------------------------------------------------------- | Inventories | 70 204 | 66 161 | 57 297 | -------------------------------------------------------------------------------- | Total current assets | 266 977 | 305 565 | 277 675 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 13 880 | 13 671 | 10 143 | -------------------------------------------------------------------------------- | Investments in associates | 516 | 964 | 1 068 | -------------------------------------------------------------------------------- | Investment property | 13 439 | 3 732 | 3 830 | -------------------------------------------------------------------------------- | Property, plant and equipment (note | 392 023 | 404 880 | 377 359 | | 4) | | | | -------------------------------------------------------------------------------- | Intangible assets (note 4) | 1 016 851 | 1 023 419 | 1 021 123 | -------------------------------------------------------------------------------- | Total non-current assets | 1 436 709 | 1 446 666 | 1 413 523 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 703 686 | 1 752 231 | 1 691 198 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 179 406 | 199 013 | 73 484 | -------------------------------------------------------------------------------- | Trade and other payables | 246 305 | 240 703 | 198 600 | -------------------------------------------------------------------------------- | Total current liabilities | 425 711 | 439 716 | 272 084 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 660 126 | 741 585 | 867 966 | -------------------------------------------------------------------------------- | Other long term liabilities | 2 972 | 88 | 2 910 | -------------------------------------------------------------------------------- | Total non-current liabilities | 663 098 | 741 673 | 870 876 | -------------------------------------------------------------------------------- | Total liabilities | 1 088 809 | 1 181 389 | 1 142 960 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves attributable | | | | | to equity holders of the Parent | | | | | company | | | | -------------------------------------------------------------------------------- | Share capital | 189 711 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Share premium | 183 495 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reserves | 10 757 | 10 222 | 10 222 | -------------------------------------------------------------------------------- | Retained earnings | 230 093 | 185 981 | 164 464 | -------------------------------------------------------------------------------- | Currency translation reserve | 533 | 480 | -218 | -------------------------------------------------------------------------------- | Total capital and reserves | 614 589 | 569 889 | 547 674 | | attributable to equity holders of | | | | | the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 288 | 953 | 564 | -------------------------------------------------------------------------------- | Total equity | 614 877 | 570 842 | 548 238 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 703 686 | 1 752 231 | 1 691 198 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 30.09.2008 | 31.12.2007 | 30.09.2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 392 | 4 408 | 4 206 | -------------------------------------------------------------------------------- | Other financial assets at fair | 562 | 294 | 291 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 10 624 | 10 598 | 9 587 | -------------------------------------------------------------------------------- | Inventories | 4 487 | 4 228 | 3 662 | -------------------------------------------------------------------------------- | Total current assets | 17 065 | 19 528 | 17 746 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 884 | 874 | 647 | -------------------------------------------------------------------------------- | Investments in associates | 33 | 62 | 68 | -------------------------------------------------------------------------------- | Investment property | 859 | 239 | 245 | -------------------------------------------------------------------------------- | Property, plant and equipment (note | 25 055 | 25 877 | 24 118 | | 4) | | | | -------------------------------------------------------------------------------- | Intangible assets (note 4) | 64 989 | 65 408 | 65 262 | -------------------------------------------------------------------------------- | Total non-current assets | 91 820 | 92 460 | 90 340 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 108 885 | 111 988 | 108 086 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 11 466 | 12 719 | 4 696 | -------------------------------------------------------------------------------- | Trade and other payables | 15 742 | 15 384 | 12 693 | -------------------------------------------------------------------------------- | Total current liabilities | 27 208 | 28 103 | 17 389 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings (note 5) | 42 190 | 47 396 | 55 473 | -------------------------------------------------------------------------------- | Other long term liabilities | 190 | 6 | 186 | -------------------------------------------------------------------------------- | Total non-current liabilities | 42 380 | 47 402 | 55 659 | -------------------------------------------------------------------------------- | Total liabilities | 69 588 | 75 505 | 73 048 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves attributable | | | | | to equity holders of the Parent | | | | | company | | | | -------------------------------------------------------------------------------- | Share capital | 12 125 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Share premium | 11 727 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reserves | 687 | 653 | 653 | -------------------------------------------------------------------------------- | Retained earnings | 14 706 | 11 886 | 10 511 | -------------------------------------------------------------------------------- | Currency translation reserve | 34 | 31 | -14 | -------------------------------------------------------------------------------- | Total capital and reserves | 39 279 | 36 422 | 35 002 | | attributable to equity holders of | | | | | the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 18 | 61 | 36 | -------------------------------------------------------------------------------- | Total equity | 39 297 | 36 483 | 35 038 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 108 885 | 111 988 | 108 086 | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q III 2008 | Q III 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 295 046 | 257 639 | -------------------------------------------------------------------------------- | Costs of sales | 223 781 | 191 127 | -------------------------------------------------------------------------------- | Gross profit | 71 265 | 66 512 | -------------------------------------------------------------------------------- | Marketing expenses | 13 099 | 12 982 | -------------------------------------------------------------------------------- | Administrative expenses | 39 552 | 29 197 | -------------------------------------------------------------------------------- | Other income | 8 250 | 1 410 | -------------------------------------------------------------------------------- | Other expenses | 1 058 | (100) | -------------------------------------------------------------------------------- | Operating profit | 25 806 | 25 843 | -------------------------------------------------------------------------------- | Interest income | 514 | 2 141 | -------------------------------------------------------------------------------- | Interest expenses | (13 924) | (5 472) | -------------------------------------------------------------------------------- | Currency exchange loss | 34 | (10) | -------------------------------------------------------------------------------- | Other financial income | 256 | 482 | -------------------------------------------------------------------------------- | Other financial expenses | (478) | (3 307) | -------------------------------------------------------------------------------- | Financial income/expenses total | (13 598) | (6 166) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (286) | 206 | -------------------------------------------------------------------------------- | Profit before income tax | 11 922 | 19 883 | -------------------------------------------------------------------------------- | Income tax expense | (44) | 626 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 11 966 | 19 257 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 11 966 | 19 137 | -------------------------------------------------------------------------------- | Minority interest | 0 | 120 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,63 | 1,02 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 9 months 2008 | 9 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 963 280 | 784 647 | -------------------------------------------------------------------------------- | Costs of sales | 714 447 | 578 732 | -------------------------------------------------------------------------------- | Gross profit | 248 833 | 205 915 | -------------------------------------------------------------------------------- | Marketing expenses | 46 209 | 39 018 | -------------------------------------------------------------------------------- | Administrative expenses | 122 307 | 85 410 | -------------------------------------------------------------------------------- | Other income | 13 835 | 3 347 | -------------------------------------------------------------------------------- | Other expenses | 5 989 | 2 115 | -------------------------------------------------------------------------------- | Operating profit | 88 163 | 82 719 | -------------------------------------------------------------------------------- | Interest income | 1 765 | 4 963 | -------------------------------------------------------------------------------- | Interest expenses | (41 056) | (9 849) | -------------------------------------------------------------------------------- | Currency exchange loss | (412) | (61) | -------------------------------------------------------------------------------- | Other financial income | 267 | 1 048 | -------------------------------------------------------------------------------- | Other financial expenses | (958) | (3 501) | -------------------------------------------------------------------------------- | Financial income/expenses total | (40 394) | (7 400) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (422) | 1 385 | -------------------------------------------------------------------------------- | Profit before income tax | 47 347 | 76 704 | -------------------------------------------------------------------------------- | Income tax expense | 3 216 | 6 211 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 44 131 | 70 493 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 44 112 | 70 154 | -------------------------------------------------------------------------------- | Minority interest | 19 | 339 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 2,33 | 3,87 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q III 2008 | Q III 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 18 857 | 16 466 | -------------------------------------------------------------------------------- | Costs of sales | 14 302 | 12 215 | -------------------------------------------------------------------------------- | Gross profit | 4 555 | 4 251 | -------------------------------------------------------------------------------- | Marketing expenses | 837 | 830 | -------------------------------------------------------------------------------- | Administrative expenses | 2 528 | 1 866 | -------------------------------------------------------------------------------- | Other income | 527 | 90 | -------------------------------------------------------------------------------- | Other expenses | 68 | (6) | -------------------------------------------------------------------------------- | Operating profit | 1 649 | 1 651 | -------------------------------------------------------------------------------- | Interest income | 33 | 137 | -------------------------------------------------------------------------------- | Interest expenses | (890) | (350) | -------------------------------------------------------------------------------- | Currency exchange loss | 2 | (1) | -------------------------------------------------------------------------------- | Other financial income | 16 | 31 | -------------------------------------------------------------------------------- | Other financial expenses | (31) | (211) | -------------------------------------------------------------------------------- | Financial income/expenses total | (870) | (394) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (18) | 13 | -------------------------------------------------------------------------------- | Profit before income tax | 761 | 1 270 | -------------------------------------------------------------------------------- | Income tax expense | (3) | 40 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 764 | 1 230 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 765 | 1 223 | -------------------------------------------------------------------------------- | Minority interest | 0 | 8 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,04 | 0,06 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 9 months 2008 | 9 months 2007 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 61 565 | 50 148 | -------------------------------------------------------------------------------- | Costs of sales | 45 661 | 36 988 | -------------------------------------------------------------------------------- | Gross profit | 15 904 | 13 160 | -------------------------------------------------------------------------------- | Marketing expenses | 2 953 | 2 494 | -------------------------------------------------------------------------------- | Administrative expenses | 7 818 | 5 459 | -------------------------------------------------------------------------------- | Other income | 884 | 214 | -------------------------------------------------------------------------------- | Other expenses | 383 | 135 | -------------------------------------------------------------------------------- | Operating profit | 5 634 | 5 286 | -------------------------------------------------------------------------------- | Interest income | 113 | 317 | -------------------------------------------------------------------------------- | Interest expenses | (2 624) | (629) | -------------------------------------------------------------------------------- | Currency exchange loss | (26) | (4) | -------------------------------------------------------------------------------- | Other financial income | 17 | 67 | -------------------------------------------------------------------------------- | Other financial expenses | (61) | (224) | -------------------------------------------------------------------------------- | Financial income/expenses total | (2 581) | (473) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | (27) | 89 | -------------------------------------------------------------------------------- | Profit before income tax | 3 026 | 4 902 | -------------------------------------------------------------------------------- | Income tax expense | 206 | 397 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | 2 820 | 4 505 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | 2 820 | 4 484 | -------------------------------------------------------------------------------- | Minority interest | 1 | 22 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | 0,15 | 0,25 | | for profit attributable to the equity | | | | holders of the Company | | | -------------------------------------------------------------------------------- Anne Kallas Member of the board AS Ekspress Grupp Tel: (+372) 669 8080 e-mail: anne.kallas@egrupp.ee