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AS Ekspress Grupp
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Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
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08.05.2009 16:30:00
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AS Ekspress Grupp I kvartal 2009 aruanne
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Ekspress Grupi müügitulu langes 2009 aasta esimeses kvartalis 17.8 % ja kulumieelne ärikasum (EBITDA) moodustas möödunud aasta sama perioodi tasemest 19.4%. Arvestamata 2008 aasta esimeses kvartalis OÜ Netikuulutused müügist saadud ühekordset kasumit 3.5 miljonit krooni (0.2 miljonit eurot) moodustas EBITDA möödunud aasta sama perioodi tasemest 21.3%. Müügitulu ja EBITDA langus on tingitud majanduse langusest põhjustatud reklaamitulude ja muude müügitulude langusest. Ekspress Grupi 2009 aasta I kvartali tegevust iseloomustavad olulised arvnäitajad - Müügitulu 264.2 miljonit krooni (16.9 miljonit eurot), aastane muutus -17.8% - Brutokasum 45.1 miljonit krooni ( 2.9 miljonit eurot), aastane muutus -44.6% - Kulumieelne ärikasum (EBITDA) 7.7 milj. krooni (0.5 milj. eurot), aastane muutus -80.6% - Ärikasum (EBIT) -7.5 miljonit krooni (-0.5 miljonit eurot) - Puhaskasum -17.6 miljonit krooni (-1.1 miljonit eurot) 2009 aasta I kvartali olulisemad sündmused - Keskmiselt 10%-lise töötasu languse kehtestamine kehtivusega üks aasta - Ürituste andmebaasi www.mistoimub.ee lansseerimine - Kõigi aegade kõrgeimate unikaalsete kasutajate arvu saavutamine Delfis - Raamatukaupluse avamine Pärnu kaubanduskeskuses Pärnus „Rahva Raamat“ kaubamärgi all - Maalehe uue kujunduse lansseerimine Reklaamituru ülevaade 2008 aasta neljandas kvartalis järsult langenud reklaamiturg tegi järsu languse läbi ka 2009 aasta esimeses kvartalis. TNS Emor-i reklaamituru uuringu järgi langes meediareklaami müügitulu Eestis 2009 aasta esimeses kvartalis 34% võrreldes 2008 aasta sama perioodiga ulatudes 268.7 miljoni kroonini (17.2 miljoni euroni) (2008: 407.3 miljonit krooni, 26.0 miljonit eurot). Suurima languse tegid läbi ajakirjade reklaam ja ajalehtede reklaam vastavalt 48% ja 45%. Väikseim langus tabas Internetireklaami - 11%. Internetireklaam küll langes, kuid tema osakaalu kasv kogu reklaamiturust on kiirenenud. Kui 2008 aasta esimees kvartalis moodustas Internetireklaam 10% kogu reklaamiturust, siis 2009 aasta esimeses kvartalis juba 14%. Valdkondadest domineerisid 2009 aasta esimeses kvartalis reklaamiturul sisustusreklaam ja jaemüügikettide jt tarbimisreklaam. Teises ja kolmandas kvartalis peaks reklaamiturgu turgutama valimisreklaam. Ülevaade segmentide lõikes Ekspress Grupi tegevus keskendus 2009 aasta esimeses kvartalis jätkuvalt viiele põhisegmendile: online meedia, kirjastamine, trükiteenused, raamatute müük ja infoteenused. Online meedia segmendis kajastuvad lisaks Delfi Grupile ASi Eesti Päevaleht, SL Õhtuleht ASi, Eesti Ekspress Kirjastus ASi ja ASi Maaleht veebi väljaanded; Eesti Ekspress Kirjastus ASi auto, kinnisvara ja töö veebi keskkonnad, ja Läti autoportaal. Samuti kajastatakse online media segmendis kõik tulevikus loodavad veebi keskkonnad. Online meedia segmendis on Delfi jätkuvalt Baltimaade juhtiv uudisteportaal, saavutades esimeses kvartalis kõigi aegade kõrgeima kasutatavuse. TNS Metrixi andmetel oli Eestis kõrgeim kasutatavus 13-ndal nädalal, kui unikaalsete kasutajate arv ulatus 645 tuhande kasutajani. Lätis ja Leedus näitas Gemius Traffic'u statistika kõigi aegade kõrgeimat kasutajate arvu 2-l nädalal, vastavalt 722 tuhat unikaalset kasutajat ja 908 tuhat unikaalset kasutajat. Rekordilised kasutajanumbrid tugevdavad Delfi turupositsiooni veelgi ja loovad kõik eeldused reklaamiraha ligitõmbamiseks turgude elavnedes. TNS Metrixi andmetel oli Delfi Eestis 2009 aasta esimeses kvartalis jätkuvalt suurim uudisteportaal keskmiselt 605 000 unikaalse kasutajaga nädalas, kasvatades kasutajaskonda võrreldes aasta taguse sama ajaga enam kui 60 000 unikaalse kasutaja võrra. Delfi suurimal konkurendil www.postimees.ee oli 2009 aasta esimeses kvartalis nädalas keskmiselt 505 000 unikaalset kasutajat. Leedus oli Delfi Gemius Audience andmetel jätkuvalt internetituru liider, omades 2009 esimeses kvartalis keskmiselt 976 000 unikaalset kasutajat kuus. Konkureerivatel uudisportaalidel www.lrytas.lt ja www.alfa.lt oli samal perioodil vastavalt 744 000 ja 624 000 unikaalset külastajat kuus. Lätis oli Delfi samuti 2009 aasta esimeses kvartalis Gemius Audience andmetel suurim uudisteportaal keskmiselt 626 000 unikaalse kasutajaga kuus. Lätis Delfiga konkureerivatel uudisportaalidel www.tvnet.lv oli 445 000 ja www.apollo.lv 362 000 unikaalset külastajat. 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. Veebruarist asus Delfi Eesti toimetust juhtima pikaaegse uudistetoimetuse juhi kogemustega Urmo Soonvald, kelle ülesandeks on tugevdada Delfi uudistoodangut originaaluudistega. Delfi lansseeris esimeses kvartalis Eesti mahukaima veebipõhise ürituste, kohtade ja huvialade andmebaasi „Mis toimub“ (www.mistoimub.ee). Tänu andmete lihtsale integreerimisele võimaldab andmebaas pakkuda teenust kolmandatele osapooltele. Täna on alustatud koostööd Tallinna Linnavalitsusega, kes lisab regulaarselt ürituste infot andmebaasi. Andmebaasile on juurdepääs ka Tallinna linna kodulehelt Tallinn.ee Autoportaal www.ekspressauto.ee tugevdas integratsiooni Delfi tehnika ja teadusuudiste rubriigiga Forte (www.forte.ee) ning võitis seeläbi juurde ca 50 000 unikaalset kasutajat nädalas. Samal tehnilisel platvormil lansseeris Ekspress Grupi tütarettevõtja Lätis autoportaali www.autopunkts.lv, järgmise sammuna planeerib Grupi juhtkond portaali tugevamat integreerimist Delfiga. Üle 25 000 unikaalse külastaja võrra nädalas kasvas esimeses kvartalis töökuulutuste portaal www.ekspressjob.ee, omades keskmiselt 37 000 unikaalset külastajat nädalas. Kinnisvara portaal www.ekspresskinnisvara.ee tugevdas oma positsiooni juhtivate kinnisvara kuulutuste portaalide seas, omades keskmiselt nädalas 70 000 unikaalset külastajat Kontserni juhtkonna eesmärk on tugevdada kontserni turuliidri positsiooni internetiturul kõikides Balti riikides. Online meedia müügitulu langes 2009 aasta esimeses kvartalis 28.1% võrreldes 2008 aasta sama perioodiga ulatudes 27.6 miljoni kroonini (1.8 miljoni euroni). EBITDA moodustas -3.3 miljonit krooni (-0.2 miljonit eurot) vähenedes 12.1 miljonit krooni (0.8 miljonit eurot) võrreldes möödunud aasta sama perioodiga. Kuna online meedias moodustab kogu müügitulu reklaamitulu, on sesoonsuse mõju sellele segmendile kõige tugevam ja seda just esimeses kvartalis, mis on aasta kõige kehvem. 2009 aasta esimese kvartali suhtarvud võrreldes möödunud aasta sama perioodiga on ka halvemad, sest 2008 aasta esimene kvartal oli online reklaamis üsna tugev, langus algas teisest poolaastast. Müügitulu ja EBITDA langus on tingitud Interneti reklaamitulu järsust kukkumisest Lätis ja Leedus. Nii Lätis kui Leedus avaldab reklaamiturule negatiivset mõju järsult süvenev majanduslangus. EBITDA langus on mõjustatud ka Delfi Ukraina arendamisega seotud kuludest 0.8 miljonit krooni (49 tuhat eurot). Online meedia kasumlikkusele avaldavad negatiivselt mõju ka eelmisel aastal lansseeritud uued portaalid nagu Mango, Klubas, Publik, Forte ja klassifitseeritud portaalid, mis pole plaanitud break-even punkti saavutanud. Kirjastamissegmendi reklaamituludes jätkus 2009 aasta esimeses kvartalis järsk langus, mis sai alguse möödunud aasta neljandas kvartalis. Arvestades reklaamiäri sesoonset iseloomu on Maalehe lisandumisel esimese kvartali langusperioodi mõju segmendi majandusnäitajatele suurem. Kui TNS Emor-i reklaamituru uuringu järgi langesid ajakirjade ja ajalehtede reklaam 45.4%, siis kontserni kirjastamissegmendi reklaamitulu langes 2009 aasta esimeses kvartalis 41%. Majanduslangusest tingitud tarbimise langus on mõjutanud ka perioodika üksikmüüki, mis on langenud 2009 aasta esimeses kvartalis 20% 2008 aasta sama perioodiga võrreldes. Samal ajal on tellimuste müük langenud vaid 5%. Müügitulude olulise languse tõttu langes kirjastamissegmendi EBITDA 2009 aasta esimeses kvatalis 11,6%-lt -0.7%-le võrreldes 2008 aasta sama perioodiga. Maaleht lansseeris 19. veebruaril 2009 uue kujunduse, mis tõstab paremini esile Maalehe tugevaks küljeks olevaid põhjalikke ja tasakaalukaid teemakäsitlusi. Samuti võimaldab uus ja rõõmsam kujundus positsioneerida Maalehte paremini uue Maalehe lugejate põlvkonna hulgas - noored inimesed, kes näevad maal olemise ja elamise võlu. 2009 aasta esimeses kvartalis on Maalehe tellijaskond suurenenud ligi 3% eelmise aasta sama perioodiga võrreldes, esimeses kvartalis saavutatud 2009 aasta esimese numbri trükiarv 75 000 eksemplari on seni kõigi aegade rekord. Trükiteenuste segmendis on trükiettevõtja müügitulu langus 2009 aasta esimeses kvartalis 13.7% 2008 aasta sama perioodiga võrreldes. Müügitulu langus on tingitud Eesti sisese müügitulu langusest 28% möödunud aasta sama perioodiga võrreldes. Samal ajal on 2009 aasta esimeses kvartalis eksport kasvanud 18.5% möödunud aasta sama perioodiga võrreldes, mille tulemusena on ekspordi osakaal tõusnud aastaga 44%-lt 56%-le. .Alates märtsist osutab trükiettevõtja teenust ka Grupi Leedus tegutsevale ajakirjade kirjastusele, mis võimaldab ära kasutada ajakirjade trükimasina vaba tootmisvõimsust ja kasvatada trükiettevõtja müügitulu. EBITDA langes 2009 aasta esimeses kvartalis 25.1% 2008 aasta sama perioodiga võrreldes võrreldes. Raamatumüügis langes müügitulu 2009 aasta esimeses kvartalis 5.3% möödunud aasta sama perioodiga võrreldes. Müügitulu langus oli tingitud hulgimüügi tulu langusest 24.9%. Raamatute jaemüügi müügitulu kasv moodustas 19.0%, mis on saavutatud tänu müügipinna lisandumisele. 2009 aasta esimene kvartal tõi lisa 2008 aastal avatud kolmele uuele kauplusele: märtsis 2009 avati esinduskauplus uues Pärnu Keskuses. Müügitulu languse ja uute poodidega kaasnevate püsikulude tõttu langes EBITDA marginaal 2009 aasta esimeses kvartalis aastaga 3.7%-lt 0.2%-le. Infoteenuste müügitulu langes 2009 aasta esimeses kvartalis 10.7% möödunud aasta sama perioodiga võrreldes. EBITDA tõusis aastaga 48.3% tänu Rumeenia infoteenuste ärist väljumisele. Möödunud aasta oktoobris koostöös Delfiga lansseeritud Delfi Infoliin 1184 näitas 2009 aasta esimeses kvartalis korralikku kasvutrendi. Soodsaima hinnaga infotelefon 1185 on esimeses kvartalis kasvatanud kõnede mahtu 160% võrreldes eelmise aasta sama perioodiga. Ekspress Hotline alustas esimeses kvartalis oma teenuse eksporti töödeldes Soome firma Contactia OY SMS sõnumeid, mis toob täiendavat müügitulu ligi 155 tuhat krooni (10 tuhat euri) kuus. 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. 2009 aasta esimeses kvartalis järsult süvenenud majanduslanguse mõju kontserni müügitulule ja kasumile väljendus reklaamitulude järsus languses ja müügitulude languses tervikuna, ja sellest tulenevalt kasumi languses. Müügitulude 17.8%-lise languse kõrval langesid otsekulud 2009 aasta esimeses kvartalis 8.7%, mille tulemusena langes brutokasumi marginaal 25.3%-lt 17.1%-le. Brutokasumi marginaali järsk langus on seletatav reklaamitulude kõrge brutokasumi marginaaliga, mistõttu toob reklaamitulude järsk langus kaasa brutokasumi marginaali järsu languse. Alates märtsist trükitakse Grupi Leedus tegutseva ajakirjade kirjastuse väljaandeid Grupile kuuluvas trükiettevõtjas, mis parandab Grupi likviidsusseisu ja vähendab tulevastel perioodidel Grupi otsekulusid. 2009 aasta esimese kvartali kulumieelne ärikasum (kasum enne põhivara amortisatsiooni, finantstulusid-kulusid, tulumaksu ja vähemusosa) (EBITDA) moodustas 7.7 miljonit krooni (0.5 miljonit eurot), langus võrreldes 2008 aasta sama perioodiga 80.6%. Arvestamata 2008 aasta esimeses kvartalis OÜ Netikuulutused müügist saadud ühekordset kasumit 3.5 miljonit krooni (0.2 miljonit eurot) on EBITDA langus 78.7%. 2009 aasta esimese kvartali ärikasum moodustas -7.5 miljonit krooni (-0.5 miljonit eurot) jäädes 2008 aasta sama perioodi tasemele alla 32.4 miljonit krooni (2.1 miljonit eurot). Ärikasumi langus on tingitud majanduslangusest mõjustatud müügitulu langusest tervikuna ja eriti kõrge kasumimarginaaliga reklaamitulu langusest. Grupi turunduskulud vähenesid 2009 aasta esimeses kvartalis 23.1% võrreldes möödunud aasta sama perioodiga, mis on saavutatud turunduskulude optimeerimisest: osa turundusprojekte on teostatud piiratud ulatuses, osa turundusprojekte on tühistatud. Turunduskuludes kajastatud töötasu on langenud esimeses kvartalis 15.4% 2008 aasta sama perioodiga võrreldes. Administratiivkulud on 2009 aasta esimeses kvartalis langenud 4,8% möödunud aasta sama perioodiga võrreldes. Administratiivkuludes kajastatud töötasu on langenud esimeses kvartalis 4,9% 2008 aasta sama perioodiga võrreldes. Üldhalduskulude langus on saavutatud allpool kirjeldatud kokkuhoiu meetmete realiseerimise tulemusena. Töötasu langus on saavutatud palkade alandamise ja töötajate koondamise tulemusena. Grupi 2009 aasta esimese kvartali finantskulud ulatusid 10.7 miljoni kroonini (0.7 miljoni euroni). Põhilise osa finantskuludest moodustasid intressikulud 10.4 miljonit krooni (0.7 miljonit eurot) (2008: 14.1 miljonit krooni (0.9 miljonit eurot). Intressikulud on valdavalt makstud Ekspress Grupi poolt 2007 aasta neljandas kvartalis Delfi ja Maalehe omandamiseks SEB-i, Sampo Panga ja Nordea panga sündikaadilt võetud laenult. Kokku moodustas Ekspress Grupp 2009 aasta esimese kvartali puhaskasum (peale makse ja vähemusosalust) -17.6 miljonit krooni (-1.1 miljonit eurot). 2008 aasta sama perioodiga võrreldes vähenes puhaskasum 28.5 miljonit krooni (1.8 miljonit eurot). Puhaskasumi kasvu pidurdumine on lisaks ärikasumit mõjutavatest sündmustest tingitud intressikulude kõrgest tasemest seoses võetud sündikaatlaenuga. Vastavalt 12. detsembril 2008 aktsionäride koosolekul otsustatud aktsiakapitali suurendamisele laekus12. Jaanuaril 2009 uute emiteeritud aktsiate eest AS-le Ekspress Grupp 28.2 miljonit krooni (1.8 miljonit eurot), mis parandab Grupi likviidsusseisu ja kapitali struktuuri ning sellest tuletatud suhtarve. Järjest süveneva majanduslanguse tingimustes on Grupi juhtkond alates möödunud aasta algusest viinud läbi kulude kokkuhoiu programmi. Programmi põhiosad on paberi- ja printimiskulude kokkuhoid, IT arenduskulude kokkuhoid ja tööjõukulude kokkuhoid. Kontsernis on aasta jooksul peamiselt koondamiste teel vähendatud 118 töökohta ning uutesse projektidesse (peamiselt uued raamatupoed) juurde loodud 63 töökohta. 2009 aasta esimeses kvartalis maksti koondamistasusid 1,5 miljonit krooni. 2009 aasta jaanuaris alanud reklaamituru järsu languse ja sellest tingitud EBITDA olulise vähenemise tingimustes on Grupi juhtkond alates 1. märtsist 2009 (osades firmades alates 1. aprillist) alandanud Grupile kuuluvates tütarettevõtjates, samuti emaettevõtjas töötajate palku keskmiselt 10% üheks aastaks kuni 1. märtsini 2010 (osades firmades 1. aprillini 2010). Palkade alandamine puudutab kõiki töötajaid, kaasaarvatud juhatuse liikmed. Grupi juhtkonna hinnangul on palkade alandamisega võimalik säilitada meediaväljaannete kvaliteet majanduslanguse tingimustes. Töötajate arvu ning palkade vähendamine jätkub 2009 aasta järgmistes kvartalites, põhjuseks nii reklaamimahu oluline vähenemine kui äriefektiivsuse tõstmiseks vajalik tugifunktsioonide ja juhtimisstruktuuride liitmine. Teise suure kulude kokkuhoiu allikana näeb Grupi juhtkond tütarettevõtjate tugifunktsioonide nagu IT haldus, finantsteenused jt ühendamist, mis kujutab endast esimest etappi tütarettevõtjate juhtimisstruktuuride liitmisel. Bilanss ja investeeringud 2009. aasta 31. märtsi seisuga ulatus Ekspress Grupi konsolideeritud bilansimaht 1658.4 miljoni kroonini (106.0 miljoni euroni) vähenedes aastaga 3.7%. Käibevarad vähenesid aastaga 11.8% ulatudes 248.6 miljoni kroonini (15.9 miljoni euroni) seisuga 31. märts 2009. Lühiajalised kohustused vähenesid aastaga 5.1% ulatudes 406.9 miljoni kroonini (26.0 miljoni euroni) seisuga 31. Märts 2009. Lühiajalistest kohustustest vähenesid laenukohustused 4.6% ulatudes 167.4 miljoni kroonini (10.7 miljoni euroni) seisuga 31. märts 2009. Laenukohustused on vähenenud tänu 24. märtsil 2009 sündikaatpankadega sõlmitud laenu restruktureerimise kokkuleppele, mille järgi tasub Ekspress Grupp perioodil 1.märts-1. August 2009 laenu põhiosamakseid 50% alandatud ulatuses. Märtsi lõpu seisuga ulatusid Grupi pikaajalised võlakohustused 620.2 miljoni kroonini (39.6 miljoni euroni), vähenedes aastaga 92.2 miljonit krooni (5.9 miljonit eurot) ehk 12.9%. Pikaajalistest võlakohustustest moodustavad pangalaenud 525.4 miljonit krooni (33.6 miljonit eurot) ja kapitalirendi võlg 94.8 miljonit krooni (6.1 miljonit eurot). Pikaajalistest laenukohustustest moodustab 480.9 miljonit krooni (30.7 miljonit eurot) Ekspress Grupi poolt 2007 aasta neljandas 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 31. märts 2009 moodustab 560.6 miljonit krooni (35.8 miljonit eurot). Materiaalne põhivara ulatus märtsi lõpu seisuga 382.7 miljoni kroonini (24.5 miljoni euroni) vähenedes aastaga 4.6%. Immateriaalne põhivara ulatus märtsi lõpu seisuga 1 010.1 miljoni kroonini (64.6 miljoni euroni) vähenedes aastaga 1.1%. Immateriaalsest põhivarast moodustab 819.9 miljonit krooni (52.4 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 ümberklassifitseerimisest kinnisvarainvesteeringuks väärtuses 9 miljonit krooni (0.6 miljonit eurot) seisuga 31. detsember 2008. Töötajad Ekspress Grupis töötas 2009 aasta 31. märtsi seisuga 2 270 inimest (31. märts 2008: 2 325 inimest). 2009 aasta esimese kvartali keskmine töötajate arv oli 2 282 (2008 I kvartal : 2 321). Ekspress Grupi töötajatele maksti 2009. aasta esimese kvartali jooksul töötasusid kokku 69.2 miljonit krooni (4.4 miljonit eurot), (2008 I kvartal: 70.3 miljonit krooni (4.5 miljonit eurot))*. *ühisettevõtetest proportsionaalne osa -------------------------------------------------------------------------------- | Suhtarvud (%) | | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Müügitulu kasv (%) | -18% | 29% | -------------------------------------------------------------------------------- | Brutorentaablus (%) | 17% | 26% | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | -7% | 3% | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | 37% | 34% | -------------------------------------------------------------------------------- | Varade tootlus (%) | -1% | 106% | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | -3% | 2% | -------------------------------------------------------------------------------- | Ärirentaablus (%) | -3% | 8% | -------------------------------------------------------------------------------- | Likviidsuskordaja | 61% | 62% | -------------------------------------------------------------------------------- | Võla ja omakapitali | 133% | 161% | | suhe (%) | | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | 55% | 58% | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (0,85) | 0,57 | | EEK | | | -------------------------------------------------------------------------------- | Puhaskasum aktsia kohta | (0,05) | 0,04 | | EUR | | | -------------------------------------------------------------------------------- Suhtarvude valemid -------------------------------------------------------------------------------- | Müügitulu kasv (%) | (müügitulu 3 kuud 2009 - müügitulu 3 kuud 2008) | | | / müügitulu 3 kuud 2008*100 | -------------------------------------------------------------------------------- | Brutorentaablus (%) | brutokasum/müügitulu*100 | -------------------------------------------------------------------------------- | Puhasrentaablus (%) | puhaskasum/müügitulu*100 | -------------------------------------------------------------------------------- | Omakapitali osakaal (%) | omakapital / (kohustused+omakapital)* 100 | -------------------------------------------------------------------------------- | Varade tootlus (%) | puhaskasum/keskmised varad *100 | -------------------------------------------------------------------------------- | Omakapitali tootlus (%) | puhaskasum/keskmine omakapital *100 | -------------------------------------------------------------------------------- | Ärirentaablus (%) | ärikasum/müügitulu*100 | -------------------------------------------------------------------------------- | Likviidsuskordaja | käibevara/lühiajalised kohustused | -------------------------------------------------------------------------------- | Võla ja omakapitali suhe | intressi kandvad võlakohustused/omakapital*100 | | (%) | | -------------------------------------------------------------------------------- | Finantsvõimendus (%) | intressi kandvad võlakohustused-raha ja raha | | | ekvivalendid/ intressi kandvad | | | võlakohustused+omakapital*100 | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) EEK -------------------------------------------------------------------------------- | (tuhandetes) | 31.03.2009 | 31.12.2008 | 31.03.2008 | -------------------------------------------------------------------------------- | VARAD | | | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 29 216 | 46 388 | 37 775 | -------------------------------------------------------------------------------- | Finantsvarad õiglases | 4 472 | 8 025 | 5 682 | | väärtuses muutusega läbi | | | | | kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 152 084 | 166 649 | 169 322 | -------------------------------------------------------------------------------- | Varud | 62 836 | 65 658 | 69 147 | -------------------------------------------------------------------------------- | Käibevara kokku | 248 608 | 286 720 | 281 926 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 4 255 | 4 217 | 13 624 | -------------------------------------------------------------------------------- | Investeeringud | 354 | 302 | 740 | | sidusettevõtetesse | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 12 341 | 12 341 | 3 635 | -------------------------------------------------------------------------------- | Materiaalne põhivara (lisa 4) | 382 732 | 389 572 | 401 348 | -------------------------------------------------------------------------------- | Immateriaalne põhivara (lisa | 1 010 095 | 1 013 379 | 1 021 601 | | 4) | | | | -------------------------------------------------------------------------------- | Põhivara kokku | 1 409 777 | 1 419 811 | 1 440 948 | -------------------------------------------------------------------------------- | VARAD KOKKU | 1 658 385 | 1 706 531 | 1 722 874 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused (lisa 5) | 167 440 | 176 219 | 175 595 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 239 465 | 281 911 | 253 397 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 406 905 | 458 130 | 428 992 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 620 236 | 627 811 | 712 426 | | (lisa 5) | | | | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 325 | 163 | 308 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 9 555 | 9 555 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 630 116 | 637 529 | 712 734 | -------------------------------------------------------------------------------- | Kohustused kokku | 1 037 021 | 1 095 659 | 1 141 726 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 208 488 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Ülekurss | 192 883 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reservid | 4 125 | 4 125 | 10 222 | -------------------------------------------------------------------------------- | Jaotamata kasum | 214 304 | 231 898 | 196 847 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 1 276 | 1 355 | 526 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | 621 076 | 610 584 | 580 801 | | kuuluv osa omakapitalist | | | | | kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 288 | 288 | 347 | -------------------------------------------------------------------------------- | Omakapital kokku | 621 364 | 610 872 | 581 148 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | 1 658 385 | 1 706 531 | 1 722 874 | | KOKKU | | | | -------------------------------------------------------------------------------- Konsolideeritud bilanss (auditeerimata) EUR -------------------------------------------------------------------------------- | (tuhandetes) | 31.03.200 | 31.12.2008 | 31.03.2008 | | | 9 | | | -------------------------------------------------------------------------------- | VARAD | | | -------------------------------------------------------------------------------- | Käibevara | | | | -------------------------------------------------------------------------------- | Raha | 1 867 | 2 965 | 2 414 | -------------------------------------------------------------------------------- | Finantsvarad õiglases väärtuses | 286 | 513 | 363 | | muutusega läbi kasumiaruande | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 9 720 | 10 651 | 10 822 | -------------------------------------------------------------------------------- | Varud | 4 016 | 4 196 | 4 419 | -------------------------------------------------------------------------------- | Käibevara kokku | 15 889 | 18 325 | 18 018 | -------------------------------------------------------------------------------- | Põhivara | | | | -------------------------------------------------------------------------------- | Nõuded ja ettemaksed | 272 | 268 | 872 | -------------------------------------------------------------------------------- | Investeeringud | 23 | 19 | 47 | | sidusettevõtetesse | | | | -------------------------------------------------------------------------------- | Kinnisvarainvesteeringud | 789 | 789 | 232 | -------------------------------------------------------------------------------- | Materiaalne põhivara | 24 461 | 24 898 | 25 651 | -------------------------------------------------------------------------------- | Immateriaalne põhivara | 64 557 | 64 767 | 65 292 | -------------------------------------------------------------------------------- | Põhivara kokku | 90 102 | 90 741 | 92 094 | -------------------------------------------------------------------------------- | VARAD KOKKU | 105 991 | 109 066 | 110 112 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL | | | | -------------------------------------------------------------------------------- | Kohustused | | | | -------------------------------------------------------------------------------- | Lühiajalised kohustused | | | | -------------------------------------------------------------------------------- | Laenukohustused | 10 701 | 11 262 | 11 223 | -------------------------------------------------------------------------------- | Võlad ja ettemaksed | 15 305 | 18 017 | 16 195 | -------------------------------------------------------------------------------- | Lühiajalised kohustused kokku | 26 006 | 29 279 | 27 418 | -------------------------------------------------------------------------------- | Pikaajalised kohustused | | | | -------------------------------------------------------------------------------- | Pikaajalised laenukohustused | 39 640 | 40 124 | 45 532 | -------------------------------------------------------------------------------- | Muud pikaajalised võlad | 21 | 10 | 20 | -------------------------------------------------------------------------------- | Pikaajalised eraldised | 611 | 611 | 0 | -------------------------------------------------------------------------------- | Pikaajalised kohustused kokku | 40 272 | 40 745 | 45 552 | -------------------------------------------------------------------------------- | Kohustused kokku | 66 278 | 70 024 | 72 970 | -------------------------------------------------------------------------------- | Omakapital | | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | | | | | kuuluv osa omakapitalist | | | | -------------------------------------------------------------------------------- | Aktsiakapital | 13 325 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Ülekurss | 12 327 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reservid | 264 | 264 | 653 | -------------------------------------------------------------------------------- | Jaotamata kasum | 13 697 | 14 821 | 12 581 | -------------------------------------------------------------------------------- | Valuutakursi muutuste reserv | 82 | 87 | 34 | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäridele | 39 695 | 39 024 | 37 120 | | kuuluv osa omakapitalist kokku | | | | -------------------------------------------------------------------------------- | Vähemusosalus | 18 | 18 | 22 | -------------------------------------------------------------------------------- | Omakapital kokku | 39 713 | 39 042 | 37 142 | -------------------------------------------------------------------------------- | KOHUSTUSED JA OMAKAPITAL KOKKU | 105 991 | 109 066 | 110 112 | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) EEK -------------------------------------------------------------------------------- | (tuhandetes) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Müügitulu | 264 170 | 321 338 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 219 108 | 239 070 | -------------------------------------------------------------------------------- | Brutokasum | 45 062 | 82 268 | -------------------------------------------------------------------------------- | Turunduskulud | 13 269 | 17 257 | -------------------------------------------------------------------------------- | Üldhalduskulud | 40 028 | 42 029 | -------------------------------------------------------------------------------- | Muud äritulud | 1 881 | 4 486 | -------------------------------------------------------------------------------- | Muud ärikulud | 1 123 | 2 501 | -------------------------------------------------------------------------------- | Ärikasum | (7 477) | 24 967 | -------------------------------------------------------------------------------- | Intressitulud | 559 | 542 | -------------------------------------------------------------------------------- | Intressikulud | (10 383) | (14 090) | -------------------------------------------------------------------------------- | Kahjum (kahjum) valuutakursi muutusest | 116 | (331) | -------------------------------------------------------------------------------- | Muud finantstulud | 120 | 175 | -------------------------------------------------------------------------------- | Muud finantskulud | (276) | (175) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (9 864) | (13 879) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | 133 | (198) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (17 208) | 10 890 | -------------------------------------------------------------------------------- | Tulumaks | 386 | 0 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (17 594) | 10 890 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (17 594) | 10 865 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 25 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,85) | 0,57 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud kasumiaruanne (auditeerimata) EUR -------------------------------------------------------------------------------- | (tuhandetes) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Müügitulu | 16 884 | 20 537 | -------------------------------------------------------------------------------- | Müüdud toodangu kulu | 14 004 | 15 279 | -------------------------------------------------------------------------------- | Brutokasum | 2 880 | 5 258 | -------------------------------------------------------------------------------- | Turunduskulud | 848 | 1 103 | -------------------------------------------------------------------------------- | Üldhalduskulud | 2 558 | 2 686 | -------------------------------------------------------------------------------- | Muud äritulud | 121 | 287 | -------------------------------------------------------------------------------- | Muud ärikulud | 72 | 160 | -------------------------------------------------------------------------------- | Ärikasum | (477) | 1 596 | -------------------------------------------------------------------------------- | Intressitulud | 36 | 35 | -------------------------------------------------------------------------------- | Intressikulud | (664) | (901) | -------------------------------------------------------------------------------- | Kahjum (kahjum) valuutakursi muutusest | 7 | (21) | -------------------------------------------------------------------------------- | Muud finantstulud | 8 | 11 | -------------------------------------------------------------------------------- | Muud finantskulud | (18) | (11) | -------------------------------------------------------------------------------- | Kokku finantstulud/kulud | (631) | (887) | -------------------------------------------------------------------------------- | Kasum sidusettevõtete aktsiatelt ja | 9 | (13) | | osadelt | | | -------------------------------------------------------------------------------- | Kasum enne tulumaksustamist | (1 099) | 696 | -------------------------------------------------------------------------------- | Tulumaks | 25 | 0 | -------------------------------------------------------------------------------- | KONTSERNI PUHASKASUM | (1 124) | 696 | -------------------------------------------------------------------------------- | Aruandeaasta puhaskasumi jaotus: | | | -------------------------------------------------------------------------------- | Emaettevõtja aktsionäride osa kasumist | (1 124) | 694 | -------------------------------------------------------------------------------- | Vähemusosaluse osa kasumist | 0 | 2 | -------------------------------------------------------------------------------- | Tava- ja lahustunud kasum aktsia kohta | (0,05) | 0,04 | | (lisa 8) | | | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) EEK -------------------------------------------------------------------------------- | (tuhandetes) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | (7 477) | 24 967 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 15 184 | 14 905 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | (184) | (114) | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja | 19 577 | 3 835 | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 2 823 | (2 985) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (21 323) | (22 708) | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 8 600 | 17 900 | -------------------------------------------------------------------------------- | Makstud intressid | (10 383) | (13 845) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | (1 783) | 4 055 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Saadud intressid | 559 | 277 | -------------------------------------------------------------------------------- | Põhivara soetamine | (5 244) | (9 263) | -------------------------------------------------------------------------------- | Põhivara müük | 337 | 316 | -------------------------------------------------------------------------------- | Antud laenud | (1 697) | (3 067) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 539 | 46 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (5 506) | (11 691) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 28 166 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (8 899) | (7 788) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | 8 134 | (24 722) | -------------------------------------------------------------------------------- | Saadud laenud | 0 | 30 027 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (37 284) | (21 076) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (9 883) | (23 559) | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (17 172) | (31 195) | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi | 46 388 | 68 970 | | alguses | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 29 216 | 37 775 | -------------------------------------------------------------------------------- Konsolideeritud rahavoogude aruanne (auditeerimata) EUR -------------------------------------------------------------------------------- | (tuhandetes) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Rahavood äritegevusest | | | -------------------------------------------------------------------------------- | Aruandeperioodi ärikasum | (478) | 1 596 | -------------------------------------------------------------------------------- | Korrigeerimised: | | | -------------------------------------------------------------------------------- | Põhivara kulum ja väärtuse langus | 970 | 953 | -------------------------------------------------------------------------------- | Kasum(-) kahjum(+) põhiv.müügist ja | (12) | (7) | | mahakandmisest | | | -------------------------------------------------------------------------------- | Muutus käibekapitalis: | | | -------------------------------------------------------------------------------- | Äritegevusega seotud nõuete ja ettemaksete | 1 251 | 245 | | muutus | | | -------------------------------------------------------------------------------- | Varude muutus | 180 | (191) | -------------------------------------------------------------------------------- | Äritegevusega seotud kohustuste ja | (1 363) | (1 451) | | ettemaksete muutus | | | -------------------------------------------------------------------------------- | Rahavoog põhitegevusest | 550 | 1 144 | -------------------------------------------------------------------------------- | Makstud intressid | (664) | (885) | -------------------------------------------------------------------------------- | Rahavood äritegevusest kokku | (114) | 259 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest | | | -------------------------------------------------------------------------------- | Saadud intressid | 36 | 18 | -------------------------------------------------------------------------------- | Põhivara soetamine | (335) | (592) | -------------------------------------------------------------------------------- | Põhivara müük | 22 | 20 | -------------------------------------------------------------------------------- | Antud laenud | (108) | (196) | -------------------------------------------------------------------------------- | Antud laenude tagasimaksed | 34 | 3 | -------------------------------------------------------------------------------- | Rahavood investeerimistegevusest kokku | (352) | (747) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest | | | -------------------------------------------------------------------------------- | Aktsiate emiteerimine | 1 800 | 0 | -------------------------------------------------------------------------------- | Tasutud kapitalirendi maksed | (569) | (498) | -------------------------------------------------------------------------------- | Arvelduskrediidi kasutuse muutus | 520 | (1 580) | -------------------------------------------------------------------------------- | Saadud laenud | 0 | 1 919 | -------------------------------------------------------------------------------- | Saadud laenude tagasimaksed | (2 383) | (1 347) | -------------------------------------------------------------------------------- | Rahavood finantseerimistegevusest kokku | (632) | (1 506) | -------------------------------------------------------------------------------- | RAHA JA RAHA EKVIVALENTIDE MUUTUS | (1 097) | (1 994) | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi alguses | 2 965 | 4 408 | -------------------------------------------------------------------------------- | Raha ja raha ekvivalendid perioodi lõpus | 1 867 | 2 414 | -------------------------------------------------------------------------------- Lisainformatsioon Priit Leito Juhatuse esimees AS Ekspress Grupp e-post: priit@egrupp.ee telefon 372 669 8340
Pealkiri
AS Ekspress Gupp quarterly report for Q1 2009
Teade
The consolidated sales revenue of Ekspress Group fell by 17.8% in the first quarter of 2009, and earnings before depreciation, financial income and expenses, income tax and minority interest (EBITDA) made up 19.4% of the level of the same period last year. Excluding the one-off profit from the selling of OÜ Netikuulutused in the first quarter of 2008 in the amount of EEK 3.5 million (EUR 0.2 million), EBITDA made up 21.3% of the level of the same period last year . The decline of the sales revenue and EBITDA is caused by the decline of advertising revenue and other sales revenue driven by the economic recession. Key figures characterising the activities of Ekspress Group in the first quarter of 2009 - Sales revenue EEK 264.2 million (EUR 16.9 million), year-over-year change -17.8% - Gross profit EEK 45.1 million (EUR 2.9 million), year-over-year change -44.6% - EBITDA EEK 7.7 million (EUR 0.5 million), year-over-year change -80.6% - EBIT EEK -7.5 million (EUR -0.5 million) - Net profit EEK -17.6 million (EUR -1.1 million) Key events of the 1st quarter of 2009 Establishing of the salary reduction of 10% for one year for all employees Launching of the events' web database www.mistoimub.ee Achieving of the highest ever number of Delfi unique users Opening of a bookstore in Pärnu shopping centre in Pärnu under the trademark of "Rahva Raamat” Launching of the new layout of the weekly “Maaleht” Overview of the advertising market The advertising market which declined in the 4th quarter of 2008 continued sharp decline in the 1st quarter of 2009. According to the survey of the media advertising market conducted by TNS Emor, the sales revenue of media advertising fell by 34% in Estonia in the 1st quarter of 2009 as compared to the same period last year, reaching EEK 268.7 million (EUR 17.2 million) (2008: EEK 407.3 million, EUR 26.0 million). Magazine advertising and newspaper advertising declined the most, by 48% and 45%, respectively. Online advertising was impacted less, declining by - 11%. Although online advertising has declined, its share in the total advertising market has increased. If online advertising made up 10% of the total advertising market in the 1st quarter of 2008, it had reached 14% in the 1st quarter of 2009. With regard to specific areas, consumer advertising of retail chains, and other different kind of consumer advertising predominated in the 1st quarter of 2009. Election advertising should support advertising market in the in the second and third quarter of 2009. Overview of segments In the 1st quarter of 2009, Ekspress Group continued to focus on its five principal segments: online media, publishing, printing services, book sales and information services. Besides Delfi Group, the online media segment includes the web publications of AS Eesti Päevaleht, SLÕhtuleht AS, Eesti Ekspress Kirjastus AS and AS Maaleht, as well as automobile, real estate and employment web environments of Eesti Ekspress Kirjastus AS, and Latvian automobile web environment. All web environments to be set up in the future are also included in the online media segment. In the online media segment, Delfi continues to be the leading news portal in the Baltic States, reaching its highest ever use in the 1st quarter of 2009. According to the data by TNS Metrix, the highest use occurred in Estonia in the 13th week, when the number of unique visitors reached 645 thousand users. According to the statistics by Gemius Traffic, the record number of users was registered in Latvia and Lithuania in the 2nd week, 722 thousand unique visitors and 908 thousand unique visitors, respectively. These record-breaking user numbers will further strengthen Delfi's market position and create all preconditions necessary for attracting advertising money when the markets pick up again. According to the data by TNS Metrix, Delfi continued to be the largest news portal in Estonia in the 1st quarter of 2009 with 605 000 unique users per week, growing its user base by more than 60 000 unique users as compared to the same period last year. Delfi's largest competitor www.postimees.ee had 505 000 unique users per week in the 1st quarter of 2009. According to the data by Gemius Audience, Delfi continued to be the leader of the Internet market in Lithuania in the 1st quarter of 2009 with an average of 976 000 unique users per month. The competing news portals www.lrytas.lt and www.alfa.lt had 744 000 and 624 000 unique users per month, respectively, in the same period of 2009. According to the data by Gemius Audience, Delfi was also the largest news portal in Latvia in the 1st quarter of 2009 with 626 000 unique users per month. Delfi's competing news portals www.tvnet.lv had 445 000 and www.apollo.lv had 362 000 unique visitors. As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and Ukrainian subsidiaries manages the Estonian and Russian-language portals in Estonia, http://www.delfi.ee and rus.delfi.ee, the Latvian and Russian-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 Ukraine http://www.delfi.ua. In February, Urmas Soonvald with a long-term news editing experience started to head the editor's office with the goal of strengthening the news production of Delfi with original news. In the 1st quarter of 2009, Delfi launched the biggest Estonian online database of events, places and hobbies called “Mis toimub” (www.mistoimub.ee). The database enables to offer the service to third parties due to its simple data integration. Collaboration has been launched with Tallinn City Government which regularly updates the database with information about events. The database can also be accessed on the website of the City of Tallinn, www. tallinn.ee. The automobile portal www.ekspressauto.ee strengthened integration with the technology and research news column Forte (www.forte.ee) and gained thereby ca. 50 000 new unique visitors per week. Using the same technological platform, the subsidiary of Ekspress group in Latvia launched an automobile portal www.autopunkts.lv, the next step of the Group's management is stronger integration of the portal with Delfi. The employment portal www.ekspressjob.ee gained over 25 000 unique visitors per week in the 1st quarter with 37 000 unique visitors per week on average. The real estate portal www.ekspresskinnisvara.ee strengthened its position among the leading real estate portals with 70 000 unique visitors per week on average. The goal of the Group's management is to strengthen the Group's market leadership position in the Internet markets of all Baltic States. In the 1st quarter of 2009, the sales revenue of online media declined by 28.1% as compared to the same period of 2008, reaching EEK 27.6 million (EUR 1.8 million). EBITDA was EEK -3.3 million (EUR -0.2 million), decreasing by EEK 12.1 million (EUR 0.8 million) as compared to the same period last year. As advertising revenue is the only revenue generated in online media, the effect of seasonality is most pronounced in this segment and especially in the 1st quarter which is the weakest quarter of the year. The financial ratios in the 1st quarter of 2009 were weaker as compared to the same period last year because online advertising was strong in the 1st quarter of 2008, decline started in the second half of the year. The decline in the sales revenue and EBITDA is related to a sharp decline in online advertising revenue in Latvia and Lithuania. The deepening recession has a negative impact on the advertising market both in Latvia and Lithuania. The decline in EBITDA has also been impacted by the costs incurred for developing Delfi Ukraina in the amount EEK 0.8 million (EUR 49 thousand). New portals such as Mango, Klubas, Publik, Forte and classified portals that have not yet reached a break-even point also have a negative effect on the profitability of online media. With regard to the advertising revenue in the publishing segment, the steep decline which commenced in the 4th quarter of last year, continued in the 1st quarter of 2009. According to the survey of the advertising market conducted by TNS Emor, the magazine and newspaper advertising declined by 45.4%, however, the advertising revenue of the Group's publishing sector declined by 41% in the 1st quarter of 2009. Lower consumption as a result of the recession has also impacted single copy sales of periodicals which declined by 20% in the 1st quarter of 2009 as compared to the same period in 2008. At the same time, the subscriptions have fallen only by 5%. Due to the substantial downturn of the sales revenue, the EBITDA of the publishing segment fell in the 1st quarter of 2009 from 11.6% to -0.7% as compared to the same period of 2008. On 19 February 2009, Maaleht launched a new layout which highlights its major strength - thorough and balanced coverage of topics. The new and brighter layout will also enable to position Maaleht better with a new generation of readers - young people who appreciate being and living in the country-side. The subscription base of Maaleht has increased by 3% in the 1st quarter of 2009 as compared to the same period last year. In the segment of printing services, the sales revenue decline of the printing company is 13.7% as compared to the same period of 2008. The decline in sales revenue is related to the decline in sales revenue in Estonia by 28% as compared to the same period last year. At the same time, exports have increased by 18.5% as compared to the same period last year, as a result of which the share of exports has increased from 44% to 56%. From March, the printing company also provides services to the Group's publisher of magazines in Lithuania, enabling to use spare capacity of the magazine printing press and increase the sales revenue of the printing company. In the 1st quarter, EBITDA declined by 25.1% as compared to the same period in 2008. In the segment of book sales, the sales revenue declined by 5.3% in the 1st quarter of 2009 as compared to the same period of 2008. The decline of sales revenue was caused by the decline of wholesale sales of 24.9%. The growth of the retail sales of books was 19% achieved through the addition of new sales premises. In addition to 3 new stores opened in 2008, in the 1st quarter of 2009, in March a new flagship store was opened in new Pärnu Centre located in Pärnu. Due to the decline in the sales revenue and fixed costs attributable to new stores, EBITDA margin declined year-over-year from 3.7% to 0.2% in the first quarter of 2009. The sales revenue of information services fell by 10.7% in the 1st quarter of 2009 as compared to the same period last year. EBITDA grew by 48.3% in a year owing to the exit from the business of information services in Romania. Delfi Infoliin 1184 (Delfi Information Line 1184) launched in cooperation with Delfi last October, showed a decent growth trend in the 1st quarter of 2009. The information line 1185 with its most favourable prices has increased the volume of calls by 160% as compared to the same period last year. In the 1st quarter, Ekspress Hotline started to export its services for the first time, by processing the SMS messages of the Finnish company Contactia OY which will generate additional sales revenue of EEK 155 thousand (EUR 10 thousand) a month. 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 downturn which steeply deepened in the first quarter of 2009 had an impact on the Group's revenue and profit, manifested in a steep decline of advertising revenue and an overall decline of sales revenue as well as the related decline in profit. As compared to the 17.8% decline of sales revenue, direct costs decreased by 8.7% in the 1st quarter of 2009 as a result of which the gross margin declined from 25.3% to 17.1%. The decline in the gross margin is attributable to the high gross margin of advertising revenue - sharp decline in advertising revenue triggers a sharp decline in the gross margin. From March, the publications of the Group's publishing agency operating in Lithuania have been printed in the printing company being part of the Group which will improve the Group's liquidity position and reduce the Group's direct costs. EBITDA totalled EEK 7.7 million (EUR 0.5 million) in the 1st quarter of 2009, the decline being 80.6% as compared to the same period of 2008. Excluding the one-off profit from the selling of OÜ Netikuulutused in the first quarter of 2008 in the amount of EEK 3.5 million (EUR 0.2 million), the decline of EBITDA was 78.7%. In the 1st quarter of 2009, EBIT constituted EEK -7.5 million (EUR -0.5 million), being EEK 32.4 million (EUR 2.1 million) less than the level of the same period of 2008. The factors behind the slowdown of EBIT are the overall decline of sales revenue driven by the economic recession and especially the decline of advertising revenue having a high profit margin. The marketing expenses of the Group decreased in the 1st quarter of 2009 by 23.1% as compared to the same period of 2008, attained through optimisation of marketing expenses: some marketing projects have been executed in a limited scope, some of the projects have been cancelled. Wages and salaries included in marketing expenses decreased in the 1st quarter by 15.4% as compared to the same period of 2008. In the 1st quarter of 2009, administrative expenses have decreased by 4.8% as compared to the same period of 2008. Wages and salaries included in administrative expenses decreased in the 1st quarter by 4.9% as compared to the same period in 2008. The decline in administrative expenses has been attained through implementation of cost-cutting measures described below. The decline in wages and salaries has been attained through reduction of wages and laying off of employees. In the 1st quarter of 2009, the Group's financial expenses reached EEK 10.7 million (EUR 0.7 million). Financial expenses were mostly made up of interest expenses in the amount of EEK 10.4 million (EUR 0.7 million) (2008: EEK 14.1 million (EUR 0.9 million). Interest expenses are mostly related to the loan taken from the syndicate of SEB, Sampo Bank and Nordea Bank for the acquisition of Delfi and Maaleht in the fourth quarter of 2007. The net profit (after taxes and minority interest) of Ekspress Group totalled EEK -17.6 million (EUR -1.1 million) in the 1st quarter of 2009. As compared to the same period in 2008, the net profit decreased by EEK 28.5 million (EUR 1.8 million). In addition to the events impacting the operating profit, the stalling of the net profit growth is related to the high level of interest expenses in connection with the syndicate loan. According to the share capital increase decided at the shareholders' meeting held on 12 December 2008, on 12 January 2009 AS Ekspress Grupp received EEK 28.2 million (EUR 1.8 million) for the issue of new shares, which improves the liquidity situation and the capital structure of the Group as well as financial ratios derived from it. Under the conditions of a deepening economic recession, the management of the Group has carried out a cost cutting programme starting from the beginning of last year. The main components of the programme include savings of paper and printing costs, savings of IT development costs and savings of payroll expenses. As of the balance sheet date, 118 employees have been laid off in a year. The new projects (mainly new book stores) have generated 63 new work places. The total headcount has decreased by 55 in a year. As a result of steep decline in advertising revenue starting from January 2009, which resulted in a substantial decrease of EBITDA, from 1 March 2009 (in some subsdiaries from 1 April 2009), the Group has reduced salaries of employees of subsidiaries, as well as the parent company by 10% on average for one year until 1 March 2010. Reduction of salaries concerns all employees, including members of the Management Board. The Group's management estimates that the reduction in salaries enables to maintain the quality of media publications under the conditions of the economic recession. The reduction in the number of employees and reduction of wages will continue in the next quarters of 2009 caused by a major decline of advertising revenue as well as combining of support functions and management structures necessary for increasing business effectiveness. The Group sees the consolidation of the support functions of its subsidiaries, such as IT management, financial services, etc. as another major source of cost savings, which represents the first stage in the integration of the management structures of subsidiaries. Balance sheet and investments As of 31 March 2009, the consolidated balance sheet total of Ekspress Group was EEK 1 658.4 million (EUR 106.0 million), decreasing by 3.7 % year-over-year. As of 31 March 2009, current assets decreased by 11.8% year-over-year, reaching EEK 248.6 million (EUR 15.9 million). Current liabilities decreased by 5.1% year-over-year, reaching EEK 406.9 million (EUR 26 million) as of 31 March 2009. Of current liabilities, borrowings decreased by 4.6% million, reaching EEK 167.4 million (EUR 10.7 million) as of 31 March 2009. Borrowings have decreased owing to the loan restructuring agreement concluded with the syndicate of SEB Bank, Sampo Bank and Nordea Bank on 24 March 2009, according to which Ekspress Grupp pays the principal instalments in a 50% reduced amount in the period from 1 March 2009 to 1 August 2009. As of the end of March 2009, the Group's long-term borrowings totalled EEK 620.2 million (EUR 39.6 million), decreasing by EEK 92.2 million (EUR 5.9 million) year-over-year or 12.9%. Of the long-term borrowings, bank loans constitute EEK 525.4 million (EUR 33.6 million) and the finance lease liability is EEK 94.8 million (EUR 6.1 million). Of the long-term loans, 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 million (EUR 43.1 million) in the fourth quarter of 2007 totals 480.9 million (EUR 30.7 million). The total outstanding balance of this loan as of 31 March 2009 was EEK 560.6 million (EUR 35.8 million). Property, plant and equipment stood at EEK 382.7 million (EUR 24.5 million) as of March-end, decreasing by 4.6% year-over-year. As of March-end, intangible assets were EEK 1 010.1 million (EUR 64.6 million), decreasing by 1.1% year-over-year. Of intangible assets, EEK 819.9 million (EUR 52.4 million) is related to the carrying amount 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 reclassification of the 6859 m2 unimproved land plot of Printall as an investment property with the market value of EEK 9.0 million (EUR 0.6 million) as of 31 December 2008. Employees As of the end of March 2009 the Ekspress Group employed 2 270 people (As of 31 March 2007: 2 325 people). The average number of employees in the twelve months of 2008 was 2 282 (Q I 2008: 2 321). In the first quarter of 2009, wages and salaries paid to the employees of the Ekspress Group totalled EEK 69.2 million (EUR 4.4 million), (Q I 2008: EEK 70.7 million (EUR 4.5 million))*. *proportional part from joint ventures -------------------------------------------------------------------------------- | Performance indicators | | Q I 2009 | Q I 2008 | | (%) | | | | -------------------------------------------------------------------------------- | Sales growth (%) | -18% | 29% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 17% | 26% | | | | | -------------------------------------------------------------------------------- | Net profit margin (%) | -7% | 3% | | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | 37% | 34% | | | | | -------------------------------------------------------------------------------- | ROA (%) | -1% | 106% | | | | | -------------------------------------------------------------------------------- | ROE (%) | -3% | 2% | | | | | -------------------------------------------------------------------------------- | Operating profit margin | -3% | 8% | | (%) | | | -------------------------------------------------------------------------------- | Liquidity ratio | 61% | 62% | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 133% | 161% | -------------------------------------------------------------------------------- | Financial leverage (%) | 55% | 58% | -------------------------------------------------------------------------------- | Earnings per share EEK | (0,85) | 0,57 | -------------------------------------------------------------------------------- | Earnings per share EUR | (0,05) | 0,04 | -------------------------------------------------------------------------------- Formulas of financial ratios -------------------------------------------------------------------------------- | Sales growth (%) | (sales 12 months 2008 -sales 12 months 2007) / | | | sales 12 months 2007*100 | -------------------------------------------------------------------------------- | Gross profit margin (%) | gross profit/ sales*100 | -------------------------------------------------------------------------------- | Net profit margin (%) | net profit/ sales*100 | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | equity / (equity + debt) * 100 | -------------------------------------------------------------------------------- | ROA (%) | net profit/assets *100 | -------------------------------------------------------------------------------- | ROE (%) | net profit/equity *100 | -------------------------------------------------------------------------------- | Operating profit margin | operating profit/ sales*100 | | (%) | | -------------------------------------------------------------------------------- | Liquidity ratio | current assets/current liabilities | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | interest bearing liabilities/equity*100 | -------------------------------------------------------------------------------- | Financial leverage (%) | interest bearing liabilities-cash and cash | | | equivalents/interest bearing liabilities + | | | equity *100 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) EEK -------------------------------------------------------------------------------- | (thousand) | 31.03.2009 | 31.12.2008 | 31.03.2008 | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 29 216 | 46 388 | 37 775 | -------------------------------------------------------------------------------- | Other financial assets at | 4 472 | 8 025 | 5 682 | | fair value through profit or | | | | | loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 152 084 | 166 649 | 169 322 | -------------------------------------------------------------------------------- | Inventories | 62 836 | 65 658 | 69 147 | -------------------------------------------------------------------------------- | Total current assets | 248 608 | 286 720 | 281 926 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 4 255 | 4 217 | 13 624 | -------------------------------------------------------------------------------- | Investments in associates | 354 | 302 | 740 | -------------------------------------------------------------------------------- | Investment property | 12 341 | 12 341 | 3 635 | -------------------------------------------------------------------------------- | Property, plant and equipment | 382 732 | 389 572 | 401 348 | -------------------------------------------------------------------------------- | Intangible assets | 1 010 095 | 1 013 379 | 1 021 601 | -------------------------------------------------------------------------------- | Total non-current assets | 1 409 777 | 1 419 811 | 1 440 948 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 658 385 | 1 706 531 | 1 722 874 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND | | | | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 167 440 | 176 219 | 175 595 | -------------------------------------------------------------------------------- | Trade and other payables | 239 465 | 281 911 | 253 397 | -------------------------------------------------------------------------------- | Total current liabilities | 406 905 | 458 130 | 428 992 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 620 236 | 627 811 | 712 426 | -------------------------------------------------------------------------------- | Other long term liabilities | 325 | 163 | 308 | -------------------------------------------------------------------------------- | Long-term provisions | 9 555 | 9 555 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 630 116 | 637 529 | 712 734 | -------------------------------------------------------------------------------- | Total liabilities | 1 037 021 | 1 095 659 | 1 141 726 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves | | | | | attributable to equity | | | | | holders of the Parent company | | | | -------------------------------------------------------------------------------- | Share capital | 208 488 | 189 711 | 189 711 | -------------------------------------------------------------------------------- | Share premium | 192 883 | 183 495 | 183 495 | -------------------------------------------------------------------------------- | Reserves | 4 125 | 4 125 | 10 222 | -------------------------------------------------------------------------------- | Retained earnings | 214 304 | 231 898 | 196 847 | -------------------------------------------------------------------------------- | Currency translation reserve | 1 276 | 1 355 | 526 | -------------------------------------------------------------------------------- | Total capital and reserves | 621 076 | 610 584 | 580 801 | | attributable to equity | | | | | holders of the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 288 | 288 | 347 | -------------------------------------------------------------------------------- | Total equity | 621 364 | 610 872 | 581 148 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 658 385 | 1 706 531 | 1 722 874 | -------------------------------------------------------------------------------- Consolidated interim balance sheet (unaudited) EUR -------------------------------------------------------------------------------- | (thousand) | 31.03.200 | 31.12.2008 | 31.03.2008 | | | 9 | | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 867 | 2 965 | 2 414 | -------------------------------------------------------------------------------- | Other financial assets at fair | 286 | 513 | 363 | | value through profit or loss | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 9 720 | 10 651 | 10 822 | -------------------------------------------------------------------------------- | Inventories | 4 016 | 4 196 | 4 419 | -------------------------------------------------------------------------------- | Total current assets | 15 889 | 18 325 | 18 018 | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 272 | 268 | 872 | -------------------------------------------------------------------------------- | Investments in associates | 23 | 19 | 47 | -------------------------------------------------------------------------------- | Investment property | 789 | 789 | 232 | -------------------------------------------------------------------------------- | Property, plant and equipment | 24 461 | 24 898 | 25 651 | -------------------------------------------------------------------------------- | Intangible assets | 64 557 | 64 767 | 65 292 | -------------------------------------------------------------------------------- | Total non-current assets | 90 102 | 90 741 | 92 094 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 105 991 | 109 066 | 110 112 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND | | | | | LIABILITIES | | | | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 10 701 | 11 262 | 11 223 | -------------------------------------------------------------------------------- | Trade and other payables | 15 305 | 18 017 | 16 195 | -------------------------------------------------------------------------------- | Total current liabilities | 26 006 | 29 279 | 27 418 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Borrowings | 39 640 | 40 124 | 45 532 | -------------------------------------------------------------------------------- | Other long term liabilities | 21 | 10 | 20 | -------------------------------------------------------------------------------- | Long-term provisions | 611 | 611 | 0 | -------------------------------------------------------------------------------- | Total non-current liabilities | 40 272 | 40 745 | 45 552 | -------------------------------------------------------------------------------- | Total liabilities | 66 278 | 70 024 | 72 970 | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Capital and reserves | | | | | attributable to equity holders | | | | | of the Parent company | | | | -------------------------------------------------------------------------------- | Share capital | 13 325 | 12 125 | 12 125 | -------------------------------------------------------------------------------- | Share premium | 12 327 | 11 727 | 11 727 | -------------------------------------------------------------------------------- | Reserves | 264 | 264 | 653 | -------------------------------------------------------------------------------- | Retained earnings | 13 697 | 14 821 | 12 581 | -------------------------------------------------------------------------------- | Currency translation reserve | 82 | 87 | 34 | -------------------------------------------------------------------------------- | Total capital and reserves | 39 695 | 39 024 | 37 120 | | attributable to equity holders | | | | | of the Parent company | | | | -------------------------------------------------------------------------------- | Minority interest | 18 | 18 | 22 | -------------------------------------------------------------------------------- | Total equity | 39 713 | 39 042 | 37 142 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 105 991 | 109 066 | 110 112 | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) EEK -------------------------------------------------------------------------------- | (thousand) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Sales | 264 170 | 321 338 | -------------------------------------------------------------------------------- | Costs of sales | 219 108 | 239 070 | -------------------------------------------------------------------------------- | Gross profit | 45 062 | 82 268 | -------------------------------------------------------------------------------- | Marketing expenses | 13 269 | 17 257 | -------------------------------------------------------------------------------- | Administrative expenses | 40 028 | 42 029 | -------------------------------------------------------------------------------- | Other income | 1 881 | 4 486 | -------------------------------------------------------------------------------- | Other expenses | 1 123 | 2 501 | -------------------------------------------------------------------------------- | Operating profit | (7 477) | 24 967 | -------------------------------------------------------------------------------- | Interest income | 559 | 542 | -------------------------------------------------------------------------------- | Interest expenses | (10 383) | (14 090) | -------------------------------------------------------------------------------- | Currency exchange loss | 116 | (331) | -------------------------------------------------------------------------------- | Other financial income | 120 | 175 | -------------------------------------------------------------------------------- | Other financial expenses | (276) | (175) | -------------------------------------------------------------------------------- | Financial income/expenses total | (9 864) | (13 879) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 133 | (198) | -------------------------------------------------------------------------------- | Profit before income tax | (17 208) | 10 890 | -------------------------------------------------------------------------------- | Income tax expense | 386 | 0 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (17 594) | 10 890 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (17 594) | 10 865 | -------------------------------------------------------------------------------- | Minority interest | 0 | 25 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | (0,85) | 0,57 | | profit attributable to the equity holders | | | | of the Company | | | -------------------------------------------------------------------------------- Consolidated interim income statement (unaudited) EUR -------------------------------------------------------------------------------- | (thousand) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Sales | 16 884 | 20 537 | -------------------------------------------------------------------------------- | Costs of sales | 14 004 | 15 279 | -------------------------------------------------------------------------------- | Gross profit | 2 880 | 5 258 | -------------------------------------------------------------------------------- | Marketing expenses | 848 | 1 103 | -------------------------------------------------------------------------------- | Administrative expenses | 2 558 | 2 686 | -------------------------------------------------------------------------------- | Other income | 121 | 287 | -------------------------------------------------------------------------------- | Other expenses | 72 | 160 | -------------------------------------------------------------------------------- | Operating profit | (477) | 1 596 | -------------------------------------------------------------------------------- | Interest income | 36 | 35 | -------------------------------------------------------------------------------- | Interest expenses | (664) | (901) | -------------------------------------------------------------------------------- | Currency exchange loss | 7 | (21) | -------------------------------------------------------------------------------- | Other financial income | 8 | 11 | -------------------------------------------------------------------------------- | Other financial expenses | (18) | (11) | -------------------------------------------------------------------------------- | Financial income/expenses total | (631) | (887) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 9 | (13) | -------------------------------------------------------------------------------- | Profit before income tax | (1 099) | 696 | -------------------------------------------------------------------------------- | Income tax expense | 25 | 0 | -------------------------------------------------------------------------------- | PROFIT FOR THE YEAR | (1 124) | 696 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (1 124) | 694 | -------------------------------------------------------------------------------- | Minority interest | 0 | 2 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share for | (0,05) | 0,04 | | profit attributable to the equity holders | | | | of the Company | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) EEK -------------------------------------------------------------------------------- | (thousand) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | (7 477) | 24 967 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and | 15 184 | 14 905 | | impairment of property, plant and | | | | equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant | (184) | (114) | | and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 19 577 | 3 835 | -------------------------------------------------------------------------------- | Inventories | 2 823 | (2 985) | -------------------------------------------------------------------------------- | Trade and other payables | (21 323) | (22 708) | -------------------------------------------------------------------------------- | Cash generated from operations | 8 600 | 17 900 | -------------------------------------------------------------------------------- | Interest paid | (10 383) | (13 845) | -------------------------------------------------------------------------------- | Net cash generated from operating | (1 783) | 4 055 | | activities | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Interest received | 559 | 277 | -------------------------------------------------------------------------------- | Purchase of property, plant and | (5 244) | (9 263) | | equipment | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant | 337 | 316 | | and equipment | | | -------------------------------------------------------------------------------- | Loans granted | (1 697) | (3 067) | -------------------------------------------------------------------------------- | Loan repayments received | 539 | 46 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (5 506) | (11 691) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 28 166 | 0 | -------------------------------------------------------------------------------- | Finance lease payments made | (8 899) | (7 788) | -------------------------------------------------------------------------------- | Change in overdraft used | 8 134 | (24 722) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 0 | 30 027 | -------------------------------------------------------------------------------- | Repayments of borrowings | (37 284) | (21 076) | -------------------------------------------------------------------------------- | Net cash generated from financing | (9 883) | (23 559) | | activities | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (17 172) | (31 195) | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 46 388 | 68 970 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 29 216 | 37 775 | | the period | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) EUR -------------------------------------------------------------------------------- | (thousand) | I kv 2009 | I kv 2008 | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit for the period | (478) | 1 596 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortization and impairment | 970 | 953 | | of property, plant and equipment and | | | | intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, plant | (12) | (7) | | and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 1 251 | 245 | -------------------------------------------------------------------------------- | Inventories | 180 | (191) | -------------------------------------------------------------------------------- | Trade and other payables | (1 363) | (1 451) | -------------------------------------------------------------------------------- | Cash generated from operations | 550 | 1 144 | -------------------------------------------------------------------------------- | Interest paid | (664) | (885) | -------------------------------------------------------------------------------- | Net cash generated from operating | (114) | 259 | | activities | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Interest received | 36 | 18 | -------------------------------------------------------------------------------- | Purchase of property, plant and equipment | (335) | (592) | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant and | 22 | 20 | | equipment | | | -------------------------------------------------------------------------------- | Loans granted | (108) | (196) | -------------------------------------------------------------------------------- | Loan repayments received | 34 | 3 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (352) | (747) | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 1 800 | 0 | -------------------------------------------------------------------------------- | Finance lease payments made | (569) | (498) | -------------------------------------------------------------------------------- | Change in overdraft used | 520 | (1 580) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 0 | 1 919 | -------------------------------------------------------------------------------- | Repayments of borrowings | (2 383) | (1 347) | -------------------------------------------------------------------------------- | Net cash generated from financing | (632) | (1 506) | | activities | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND CASH | (1 097) | (1 994) | | EQUIVALENTS | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the beginning | 2 965 | 4 408 | | of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 1 867 | 2 414 | | the period | | | -------------------------------------------------------------------------------- Additional information: Priit Leito AS Ekspress Grupp Chairman of the Management Board e-mail: priit@egrupp.ee phone: 6698340