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AS Ekspress Grupp
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26.02.2010 19:39:16
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AS Ekspress Grupp Consolidated Interim Report for the Fourth Quarter and Twelve months of 2009
Teade
The following report presents the financial results of Ekspress Grupp for the 4th quarter of 2009 and twelve months of 2009, related market developments and management decisions. Key financial results for Jan - Dec 2009 -------------------------------------------------------------------------------- | (thousand) | EEK | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales revenue | 983 530 | 1 254 851 | -21,6% | -------------------------------------------------------------------------------- | Gross profit | 165 740 | 302 205 | -45,2% | -------------------------------------------------------------------------------- | EBITDA | 51 506 | 171 409 | -69,9% | -------------------------------------------------------------------------------- | EBIT | (98 743) | 112 354 | -187,9% | -------------------------------------------------------------------------------- | Net profit | (189 013) | 45 982 | -511,0% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (thousand) | EUR | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales revenue | 62 859 | 80 200 | -21,6% | -------------------------------------------------------------------------------- | Gross profit | 10 593 | 19 314 | -45,2% | -------------------------------------------------------------------------------- | EBITDA | 3 292 | 10 955 | -69,9% | -------------------------------------------------------------------------------- | EBIT | (6 311) | 7 181 | -187,9% | -------------------------------------------------------------------------------- | Net profit | (12 080) | 2 939 | -511,0% | -------------------------------------------------------------------------------- Key financial results for Oct - Dec 2009 -------------------------------------------------------------------------------- | (thousand) | EEK | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales revenue | 266 947 | 344 705 | -21,6% | -------------------------------------------------------------------------------- | Gross profit | 52 142 | 80 666 | -45,2% | -------------------------------------------------------------------------------- | EBITDA | 17 857 | 39 645 | -55,0% | -------------------------------------------------------------------------------- | EBIT | (88 159) | 26 216 | -25,1% | -------------------------------------------------------------------------------- | Net profit | (108 955) | 1 653 | -113,3% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (thousand) | EUR | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Sales revenue | 17 061 | 22 031 | -21,6% | -------------------------------------------------------------------------------- | Gross profit | 3 332 | 5 155 | -45,2% | -------------------------------------------------------------------------------- | EBITDA | 1 141 | 2 534 | -55,0% | -------------------------------------------------------------------------------- | EBIT | (5 634) | 1 676 | -25,1% | -------------------------------------------------------------------------------- | Net profit | (6 963) | 106 | -113,3% | -------------------------------------------------------------------------------- Highlights for October - December 2009 Management In December 2009, Sven Nuutmann was appointed as Chairman and CEO of Delfi Group. Financial In October 2009, the Estonian Competition Authority authorised the sale of AS Ekspress Hotline. In the 3rd quarter, we already wrote off the goodwill of Ekspress Hotline in the amount of EEK 35.2 million (EUR 2.2 million). In the 4th quarter, we renegotiated a new transaction structure with the buyer and agreed that the buyer will not pay part of the price in 5 years as discussed earlier, but immediately. We discounted the future cash flows and the final value of the transaction was EEK EUR 75.2 million (EUR 4.8 million). The sales in the 4th quarter were significantly lower than in the same period of 2008. In October 2009, the management started discussions with a bank syndicate to restructure the debt of Ekspress Grupp. The agreement was reached and signed in February 2010. The loans have longer maturities and the principal payments of the loan and leases of AS Printall are reduced in 2010 and 2011. Overview of segments The company has been operating and reporting the following segments: Online media Publishing (newspapers, magazines and books) Information services Printing services Book sales (retail and wholesale) With the sale of Ekspress Hotline and Rahva Raamat, the company will exit the segments of information services and book sales. Those segments will not appear in future reports. In the current report, we report the financial data for those segments but will not discuss the market trends. Key segment data Jan-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Online media | 118 292 | 162 484 | -27,2% | -------------------------------------------------------------------------------- | Publishing | 396 258 | 553 205 | -28,4% | -------------------------------------------------------------------------------- | Printing services | 355 125 | 422 997 | -16,0% | -------------------------------------------------------------------------------- | Book sales | 188 575 | 207 790 | -9,2% | -------------------------------------------------------------------------------- | Other segments | 2 276 | 2 552 | -11,0% | -------------------------------------------------------------------------------- | Intersegment eliminations | (76 997) | (94 177) | 18,2% | -------------------------------------------------------------------------------- | TOTAL | 983 529 | 1 254 851 | -21,6% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Online media | 7 560 | 10 385 | -27,2% | -------------------------------------------------------------------------------- | Publishing | 25 326 | 35 356 | -28,4% | -------------------------------------------------------------------------------- | Printing services | 22 697 | 27 034 | -16,0% | -------------------------------------------------------------------------------- | Book sales | 12 052 | 13 280 | -9,2% | -------------------------------------------------------------------------------- | Other segments | 145 | 163 | -11,0% | -------------------------------------------------------------------------------- | Intersegment eliminations | (4 921) | (6 019) | 18,2% | -------------------------------------------------------------------------------- | TOTAL | 62 859 | 80 200 | -21,6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA MARGIN | | | | | | -------------------------------------------------------------------------------- | Online media | -5,8% | 18,3% | | | | -------------------------------------------------------------------------------- | Publishing | 2,6% | 10,7% | | | | -------------------------------------------------------------------------------- | Printing services | 16,8% | 20,9% | | | | -------------------------------------------------------------------------------- | Book sales | 1,8% | 3,5% | | | | -------------------------------------------------------------------------------- | Unallocated | -635,5% | -375,0% | | | | -------------------------------------------------------------------------------- | Intersegment | 0,6% | 3,7% | | | | | eliminations | | | | | | -------------------------------------------------------------------------------- | TOTAL | 5,2% | 13,7% | | | | -------------------------------------------------------------------------------- Key segment data Oct-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change | | | | | % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Online media | 31 774 | 40 964 | -22,4% | -------------------------------------------------------------------------------- | Publishing | 98 651 | 143 495 | -31,3% | -------------------------------------------------------------------------------- | Printing services | 95 548 | 116 057 | -17,7% | -------------------------------------------------------------------------------- | Book sales | 63 112 | 69 525 | -9,2% | -------------------------------------------------------------------------------- | Unallocated | 409 | 697 | -42,2% | -------------------------------------------------------------------------------- | Intersegment eliminations | (22 547) | (26 033) | 13,4% | -------------------------------------------------------------------------------- | TOTAL | 266 947 | 344 705 | -22,6% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change | | | | | % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Online media | 2 031 | 2 618 | -22,4% | -------------------------------------------------------------------------------- | Publishing | 6 305 | 9 171 | -31,3% | -------------------------------------------------------------------------------- | Printing services | 6 107 | 7 417 | -17,7% | -------------------------------------------------------------------------------- | Book sales | 4 034 | 4 443 | -9,2% | -------------------------------------------------------------------------------- | Unallocated | 26 | 45 | -42,2% | -------------------------------------------------------------------------------- | Intersegment eliminations | (1 441) | (1 664) | 13,4% | -------------------------------------------------------------------------------- | TOTAL | 17 061 | 22 031 | -22,6% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBITDA MARGIN | | | | | | -------------------------------------------------------------------------------- | Online media | -0,8% | 11,8% | | | | -------------------------------------------------------------------------------- | Publishing | 4,6% | 9,8% | | | | -------------------------------------------------------------------------------- | Printing services | 15,8% | 17,5% | | | | -------------------------------------------------------------------------------- | Book sales | 5,6% | 4,9% | | | | -------------------------------------------------------------------------------- | Unallocated | -1332,5% | -410,0% | | | | -------------------------------------------------------------------------------- | Intersegment | -1,9% | 0,1% | | | | | eliminations | | | | | | -------------------------------------------------------------------------------- | TOTAL | 6,7% | 11,5% | | | | -------------------------------------------------------------------------------- Online media segment Online media segment includes Delfi operations in Estonia, Latvia, Lithuania and Ukraine. It also includes online operations of Eesti Päevalehe AS, Eesti Ajalehed AS (Maaleht and Eesti Ekspress), AS SL Õhtuleht. Online media segment key financial results Jan-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | | EEK | | Change % | -------------------------------------------------------------------------------- | (thousand) | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | 34 533 | 45 502 | -24,1% | -------------------------------------------------------------------------------- | Delfi Latvia | 28 036 | 46 441 | -39,6% | -------------------------------------------------------------------------------- | Delfi Lithuania | 45 091 | 55 455 | -18,7% | -------------------------------------------------------------------------------- | Delfi Ukraine | 42 | 16 | 200,0% | -------------------------------------------------------------------------------- | Other | 10 590 | 15 070 | -29,9% | -------------------------------------------------------------------------------- | TOTAL | 118 292 | 162 484 | -27,2% | -------------------------------------------------------------------------------- Inter-segment revenue is eliminated Revenue -------------------------------------------------------------------------------- | | EUR | | Change % | -------------------------------------------------------------------------------- | (thousand) | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | 2 207 | 2 908 | -24,1% | -------------------------------------------------------------------------------- | Delfi Latvia | 1 792 | 2 968 | -39,6% | -------------------------------------------------------------------------------- | Delfi Lithuania | 2 882 | 3 544 | -18,7% | -------------------------------------------------------------------------------- | Delfi Ukraine | 3 | 1 | 200,0% | -------------------------------------------------------------------------------- | Other | 676 | 964 | -29,9% | -------------------------------------------------------------------------------- | TOTAL | 7 560 | 10 385 | -27,2% | -------------------------------------------------------------------------------- Inter-segment revenue is eliminated EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | (5 297) | (438) | -1110,7% | -------------------------------------------------------------------------------- | Delfi Latvia | 3 312 | 19 381 | -82,9% | -------------------------------------------------------------------------------- | Delfi Lithuania | 8 040 | 18 523 | -56,6% | -------------------------------------------------------------------------------- | Delfi Ukraine | (3 775) | (1 296) | -190,4% | -------------------------------------------------------------------------------- | Other | (9 183) | (6 445) | -42,5% | -------------------------------------------------------------------------------- | TOTAL | (6 903) | 29 725 | -123,2% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | (339) | (28) | -1110,7% | -------------------------------------------------------------------------------- | Delfi Latvia | 212 | 1 239 | -82,9% | -------------------------------------------------------------------------------- | Delfi Lithuania | 514 | 1 184 | -56,6% | -------------------------------------------------------------------------------- | Delfi Ukraine | (241) | (83) | -190,4% | -------------------------------------------------------------------------------- | Other | (587) | (412) | -42,5% | -------------------------------------------------------------------------------- | TOTAL | (441) | 1 900 | -123,2% | -------------------------------------------------------------------------------- Online media segment key financial results Oct-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | | EEK | | Change | | | | | % | -------------------------------------------------------------------------------- | (thousand) | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | 9 059 | 11 208 | -19,1% | -------------------------------------------------------------------------------- | Delfi Latvia | 6 584 | 11 468 | -42,6% | -------------------------------------------------------------------------------- | Delfi Lithuania | 13 077 | 14 257 | -8,2% | -------------------------------------------------------------------------------- | Delfi Ukraine | 16 | 15 | 0,0% | -------------------------------------------------------------------------------- | Other | 3 038 | 4 016 | -24,5% | -------------------------------------------------------------------------------- | TOTAL | 31 774 | 40 964 | -22,4% | -------------------------------------------------------------------------------- Inter-segment revenue is eliminated Revenue -------------------------------------------------------------------------------- | | EUR | | Change | | | | | % | -------------------------------------------------------------------------------- | (thousand) | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | 579 | 716 | -19,1% | -------------------------------------------------------------------------------- | Delfi Latvia | 421 | 733 | -42,6% | -------------------------------------------------------------------------------- | Delfi Lithuania | 836 | 911 | -8,2% | -------------------------------------------------------------------------------- | Delfi Ukraine | 1 | 1 | 0,0% | -------------------------------------------------------------------------------- | Other | 194 | 257 | -24,5% | -------------------------------------------------------------------------------- | TOTAL | 2 031 | 2 618 | -22,4% | -------------------------------------------------------------------------------- Inter-segment revenue is eliminated EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | (1 519) | (1 944) | 21,8% | -------------------------------------------------------------------------------- | Delfi Latvia | 487 | 3 412 | -85,8% | -------------------------------------------------------------------------------- | Delfi Lithuania | 5 189 | 4 712 | 10,3% | -------------------------------------------------------------------------------- | Delfi Ukraine | (1 600) | 69 | -2650,0% | -------------------------------------------------------------------------------- | Other | (2 811) | (1 415) | -100,0% | -------------------------------------------------------------------------------- | TOTAL | (254) | 4 834 | -105,2% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Delfi Estonia | (97) | (124) | 21,8% | -------------------------------------------------------------------------------- | Delfi Latvia | 31 | 218 | -85,8% | -------------------------------------------------------------------------------- | Delfi Lithuania | 332 | 301 | 10,3% | -------------------------------------------------------------------------------- | Delfi Ukraine | (102) | 4 | -2650,0% | -------------------------------------------------------------------------------- | Other | (180) | (90) | -100,0% | -------------------------------------------------------------------------------- | TOTAL | (16) | 309 | -105,2% | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | List of news portals owned by Ekspress Group | | | OwnerSiteDelfi Estoniawww.delfi.eerus.delfi.eeDelfi | | | Latviawww.delfi.lvrus.delfi.lvDelfi | | | Lithuaniawww.delfi.ltwww.klubas.ltru.delfi.ltDelfi | | | Ukrainewww.delfi.uaEesti Ajalehed ASwww.ekspress.eewww.maaleht.eeAS SL | | | Õhtulehtwww.ohtuleht.eeAS Eesti Päevalehtwww.epl.ee | | -------------------------------------------------------------------------------- In 2009, the total number of unique users of Ekspress Grupp web sites reached 3.4 million per month. This is 28% more than in December 2008. In the Baltic States, the total number of unique users in December 2009 was 3.01 million. Delfi.ua (814%) and Maaleht.ee (197%) experienced the largest growth. To save costs, we merged the car portals in all Baltic States and the real estate portal www.ekspresskinnisvara.ee with Delfi organisation by the end of 2009. In October, we launched a Russian language site http://poleznoe.delfi.ee in Estonia and a similar site http://poleznoe.delfi.ua in Ukraine. In the 4th quarter, we started to broadcast Russian language video news in Delfi and launched a co-operation project with TV3 to encourage the general public to send in their video clips. In Lithuania, we signed co-operation agreements with the basketball club Žalgiris and with the Lithuanian football league. In November, Delfi celebrated its 10th anniversary. As part of the celebrations, Delfi arranged a five week Delfi display in shopping malls, which were visited by ca 500 000 people. In December, we fully integrated www.ekspress.ee with Delfi technological platform. At the end of December, SL Õhtuleht closed the portal www.topgirl.ee. In Lithuania, Delfi is the most visited web site. In 2009, there was a further increase by 4% and the total number of monthly unique users reached 954 819 people. In Estonia, Delfi is the most visited web site and in 2009, the number of unique users still increased by 24%. By the end of 2009, Delfi had 678 121 monthly unique users in Estonia. In Latvia, Delfi is the third largest web site by the number of visitors but the largest newsportal. In 2009, the number of unique users increased by 6%. By the end of 2009, Delfi had 653 743 monthly unique users in Latvia. While small in relative terms, Ukraine's internet media market is growing fast and exhibits some of the largest growth opportunities ahead. Most of the traffic is concentrated in the capital, Kyiv. The upside potential for the Internet is big. Publishing segment The publishing segment includes newspaper and magazine publishing of Eesti Päevalehe AS, Eesti Ajalehed AS (Maaleht and Eesti Ekspress), AS SL Õhtuleht, AS Linnaleht, UAB Express Leidyba and AS Ajakirjade Kirjastus. All newspaper and magazine publishing units (except AS Linnaleht) of Ekspress Grupp also publish books. Publishing segment key financial results Jan-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 62 724 | 82 485 | -24,0% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 88 043 | 129 469 | -32,0% | -------------------------------------------------------------------------------- | AS Maaleht | 36 509 | 56 807 | -35,7% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 57 101 | 71 250 | -19,9% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 74 679 | 110 072 | -32,2% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | 55 216 | 80 529 | -31,4% | -------------------------------------------------------------------------------- | AS Express Post | 21 986 | 22 593 | -2,5% | -------------------------------------------------------------------------------- | TOTAL | 396 258 | 553 205 | -28,4% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 4 009 | 5 272 | -24,0% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 5 627 | 8 275 | -32,0% | -------------------------------------------------------------------------------- | AS Maaleht | 2 333 | 3 631 | -35,7% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 3 649 | 4 554 | -19,9% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 4 773 | 7 035 | -32,2% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | 3 529 | 5 147 | -31,4% | -------------------------------------------------------------------------------- | AS Express Post | 1 406 | 1 442 | -2,5% | -------------------------------------------------------------------------------- | TOTAL | 25 326 | 35 356 | -28,4% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 6 552 | 10 511 | -37,6% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 3 232 | 27 203 | -88,1% | -------------------------------------------------------------------------------- | AS Maaleht | (531) | 5 744 | -109,3% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 12 456 | 17 432 | -28,5% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 4 891 | 11 436 | -57,2% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | (3 458) | 2 027 | -270,0% | -------------------------------------------------------------------------------- | AS Express Post | (12 762) | (15 186) | 15,9% | -------------------------------------------------------------------------------- | TOTAL | 10 380 | 59 167 | -82,5% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 419 | 672 | -37,6% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 207 | 1 739 | -88,1% | -------------------------------------------------------------------------------- | AS Maaleht | (34) | 367 | -109,3% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 796 | 1 114 | -28,5% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 313 | 731 | -57,2% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | (221) | 130 | -270,0% | -------------------------------------------------------------------------------- | AS Express Post | (817) | (972) | 15,9% | -------------------------------------------------------------------------------- | TOTAL | 663 | 3 781 | -82,5% | -------------------------------------------------------------------------------- Publishing segment key financial results Oct-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 13 758 | 23 534 | -41,6% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 33 856 | 33 204 | 2,0% | -------------------------------------------------------------------------------- | AS Maaleht | 0 | 13 710 | -100,0% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 13 881 | 17 468 | -20,5% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 18 489 | 28 735 | -35,7% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | 12 793 | 20 724 | -38,3% | -------------------------------------------------------------------------------- | AS Express Post | 5 874 | 6 120 | -4,1% | -------------------------------------------------------------------------------- | TOTAL | 98 651 | 143 495 | -31,3% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 879 | 1 504 | -41,6% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 2 164 | 2 122 | 2,0% | -------------------------------------------------------------------------------- | AS Maaleht | 0 | 876 | -100,0% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 887 | 1 116 | -20,5% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 1 182 | 1 837 | -35,7% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | 818 | 1 325 | -38,3% | -------------------------------------------------------------------------------- | AS Express Post | 375 | 391 | -4,1% | -------------------------------------------------------------------------------- | TOTAL | 6 305 | 9 171 | -31,3% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 668 | 3 876 | -82,7% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 2 088 | 2 827 | -26,5% | -------------------------------------------------------------------------------- | AS Maaleht | 0 | 830 | -100,0% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 3 061 | 4 179 | -26,6% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 2 179 | 5 001 | -56,6% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | (544) | 818 | -167,3% | -------------------------------------------------------------------------------- | AS Express Post | (2 924) | (3 517) | 16,9% | -------------------------------------------------------------------------------- | TOTAL | 4 528 | 14 014 | -67,7% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Eesti Päevalehe AS | 43 | 248 | -82,7% | -------------------------------------------------------------------------------- | Eesti Ajalehed AS | 133 | 181 | -26,5% | -------------------------------------------------------------------------------- | AS Maaleht | 0 | 53 | -100,0% | -------------------------------------------------------------------------------- | SL Õhtuleht AS | 196 | 267 | -26,6% | -------------------------------------------------------------------------------- | AS Ajakirjade Kirjastus | 139 | 320 | -56,6% | -------------------------------------------------------------------------------- | UAB Ekspress Leidyba | (35) | 52 | -167,3% | -------------------------------------------------------------------------------- | AS Express Post | (187) | (225) | 16,9% | -------------------------------------------------------------------------------- | TOTAL | 289 | 896 | -67,7% | -------------------------------------------------------------------------------- In the 4th quarter, we completed the merger of Eesti Ekspress and Maaleht. The newspapers continue with an independent editorial staff but all business operations (sales, distribution, management, etc.) are shared. In October, Eesti Ekspress had its most successful ever subscription campaign and in one month, the newspaper gained 4057 new subscribers. In November, Eesti Ajalehed AS started a new commercial publication “Kes on kes?” (“Who is who?”). In December, Eesti Päevalehe AS launched Estonia's first iPhone book. In the 4th quarter, Õhtuleht started a new real estate advertising supplement. To save costs, the production of Tartu and Pärnu Linnaleht was merged in December. In the 4th quarter, the circulation of Linnaleht was reduced in Tartu, Pärnu and Tallinn. In the 4th quarter, Ajakirjade Kirjastus launched two new products: “Käsityö” for the Finnish market and “Tvojo TV” for the Russian speaking population of Estonia. Ajakirjade Kirjastus had a major subscription campaign in December and the campaign gained 12 880 new subscribers. In December, Ekspress Leidyba launched a new book sales portal: ekspress.lt/knygos. Printing services segment All the printing services of Ekspress Grupp are concentrated at AS Printall which is the largest printing company in Estonia. Printall is able to print both newspapers (coldset) and magazines (heatset). Printing services segment key financial results Jan-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 355 125 | 422 997 | -16,0% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 22 697 | 27 034 | -16,0% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 59 554 | 88 402 | -32,6% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 3 806 | 5 650 | -32,6% | -------------------------------------------------------------------------------- Printing services segment key financial results Oct-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 95 548 | 116 057 | -17,7% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 6 107 | 7 417 | -17,7% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 15 056 | 20 296 | -25,8% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Printall | 962 | 1 297 | -25,8% | -------------------------------------------------------------------------------- In the 4th quarter, the share of exports in revenue was 60%, including 44% to Western Europe. The corresponding number in the 4th quarter of 2008 was 34%. Book sales segment 2009 The book sales of Ekspress Grupp are concentrated at AS Rahva Raamat. In February 2010, the agreement was signed to sell the company to the management of AS Rahva Raamat. The agreed sales price is 33 million EEK (EUR 2.1 million). Book sales segment key financial results Jan-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 188 575 | 207 790 | -9,2% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 12 052 | 13 280 | -9,2% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 3 427 | 7 176 | -52,3% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 219 | 459 | -52,3% | -------------------------------------------------------------------------------- Book sales segment key financial results Oct-Dec / 2008-2009 Revenue -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 63 112 | 69 525 | -9,2% | -------------------------------------------------------------------------------- Revenue -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 4 034 | 4 443 | -9,2% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EEK | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 3 546 | 3 380 | 5,1% | -------------------------------------------------------------------------------- EBITDA -------------------------------------------------------------------------------- | (thousand) | EUR | | Change % | -------------------------------------------------------------------------------- | | 2009 | 2008 | | -------------------------------------------------------------------------------- | AS Rahva Raamat | 227 | 216 | 5,1% | -------------------------------------------------------------------------------- Discontinued operations of information services In earlier reports, Ekspress Grupp also had the information services segment and all segment activities were concentrated at AS Ekspress Hotline and its subsidiaries. On 23 April 2009, Ekspress Grupp and OÜ Cheh (manager of BaltCap investment funds) signed an agreement to sell 100% of the shares of AS Ekspress Hotline to OÜ Cheh. The transaction will be completed in the first quarter of 2010. Investments -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q IV | 12 months | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Acquisitons of fixed assets | | | -------------------------------------------------------------------------------- | Bildings | 0 | 171 | -------------------------------------------------------------------------------- | Plant and equipments | 502 | 2 634 | -------------------------------------------------------------------------------- | Other equipment | 644 | 4 284 | -------------------------------------------------------------------------------- | Prepayments | 0 | 1 568 | -------------------------------------------------------------------------------- | Total acquisitions of fixed asstes | 1 146 | 8 657 | -------------------------------------------------------------------------------- | Acquisition of Intangible assets | | | -------------------------------------------------------------------------------- | Development | 168 | 2 371 | -------------------------------------------------------------------------------- | Other intangible assets | 867 | 2 313 | -------------------------------------------------------------------------------- | Prepayments | 20 | 542 | -------------------------------------------------------------------------------- | Total acquisitions of intangible assets | 1 055 | 5 226 | -------------------------------------------------------------------------------- | Acquisitions total | 2 201 | 13 883 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q IV | 12 months | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Acquisitons of fixed assets | | | -------------------------------------------------------------------------------- | Bildings | 0 | 11 | -------------------------------------------------------------------------------- | Plant and equipments | 32 | 168 | -------------------------------------------------------------------------------- | Other equipment | 41 | 274 | -------------------------------------------------------------------------------- | Prepayments | 0 | 100 | -------------------------------------------------------------------------------- | Total acquisitions of fixed asstes | 73 | 553 | -------------------------------------------------------------------------------- | Acquisition of Intangible assets | | | -------------------------------------------------------------------------------- | Development | 11 | 152 | -------------------------------------------------------------------------------- | Other intangible assets | 55 | 148 | -------------------------------------------------------------------------------- | Prepayments | 1 | 35 | -------------------------------------------------------------------------------- | Total acquisitions of intangible assets | 67 | 334 | -------------------------------------------------------------------------------- | Acquisitions total | 141 | 887 | -------------------------------------------------------------------------------- All investments in the 4th quarter were ordinary, in order to improve the assets used in business activity at bare minimum extent. -------------------------------------------------------------------------------- | Performance indicators | | 2009 | 2008 | | (%) | | | | -------------------------------------------------------------------------------- | Sales growth (%) | -22% | 16% | -------------------------------------------------------------------------------- | Gross profit margin (%) | 17% | 24% | | | | | -------------------------------------------------------------------------------- | Net profit margin (%) | -19% | 4% | | | | | -------------------------------------------------------------------------------- | Equity ratio (%) | 30% | 36% | | | | | -------------------------------------------------------------------------------- | ROA (%) | -12% | 3% | | | | | -------------------------------------------------------------------------------- | ROE (%) | -32% | 8% | | | | | -------------------------------------------------------------------------------- | Operating profit margin | -10% | 9% | | (%) | | | -------------------------------------------------------------------------------- | Liquidity ratio | 51% | 63% | | | | | -------------------------------------------------------------------------------- | Debt equity ratio (%) | 170% | 142% | -------------------------------------------------------------------------------- | Financial leverage (%) | 60% | 55% | -------------------------------------------------------------------------------- | Earnings per share EEK | (9,09) | 2,42 | -------------------------------------------------------------------------------- | Earnings per share EUR | (0,58) | 0,15 | -------------------------------------------------------------------------------- Formulas of financial ratios -------------------------------------------------------------------------------- | Sales growth (%) | (sales 12 months 2009 -sales 12 months 2008) / | | | sales 12 months 2008*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 statement of financial position (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 39 953 | 46 388 | -------------------------------------------------------------------------------- | Other financial assets at fair value | 892 | 8 025 | | through profit or loss | | | -------------------------------------------------------------------------------- | Trade and other receivables | 120 136 | 166 649 | -------------------------------------------------------------------------------- | Inventories | 55 160 | 65 658 | -------------------------------------------------------------------------------- | Total current assets | 216 141 | 286 720 | -------------------------------------------------------------------------------- | Assets of discontinued operations | 93 457 | 0 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 5 697 | 4 218 | -------------------------------------------------------------------------------- | Investments in associates | 640 | 302 | -------------------------------------------------------------------------------- | Investment property | 6 360 | 12 341 | -------------------------------------------------------------------------------- | Property, plant and equipment | 345 938 | 389 572 | -------------------------------------------------------------------------------- | Intangible assets | 821 613 | 1 013 379 | -------------------------------------------------------------------------------- | Total non-current assets | 1 180 248 | 1 419 812 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 1 489 846 | 1 706 532 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 143 093 | 176 219 | -------------------------------------------------------------------------------- | Trade and other payables | 283 668 | 281 911 | -------------------------------------------------------------------------------- | Total current liabilities | 426 761 | 458 130 | -------------------------------------------------------------------------------- | Liabilities of discontinued operations | 17 231 | 0 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 583 047 | 627 811 | -------------------------------------------------------------------------------- | Other long term liabilities | 28 | 163 | -------------------------------------------------------------------------------- | Derivative instruments | 13 993 | 9 555 | -------------------------------------------------------------------------------- | Total non-current liabilities | 597 068 | 637 529 | -------------------------------------------------------------------------------- | Total liabilities | 1 041 060 | 1 095 659 | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Capital and reserves attributable to equity | | | | holders of the Parent company | | | -------------------------------------------------------------------------------- | Share capital | 208 488 | 189 711 | -------------------------------------------------------------------------------- | Share premium | 192 883 | 183 495 | -------------------------------------------------------------------------------- | Reserves | (313) | 4 125 | -------------------------------------------------------------------------------- | Retained earnings | 45 805 | 231 899 | -------------------------------------------------------------------------------- | Currency translation reserve | 1 635 | 1 355 | -------------------------------------------------------------------------------- | Total capital and reserves attributable to | 448 498 | 610 585 | | equity holders of the Parent company | | | -------------------------------------------------------------------------------- | Minority interest | 288 | 288 | -------------------------------------------------------------------------------- | Total equity | 448 786 | 610 873 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 1 489 846 | 1 706 532 | -------------------------------------------------------------------------------- Consolidated statement of financial position (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 31.12.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | ASSETS | | | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 2 553 | 2 965 | -------------------------------------------------------------------------------- | Other financial assets at fair value | 57 | 513 | | through profit or loss | | | -------------------------------------------------------------------------------- | Trade and other receivables | 7 677 | 10 651 | -------------------------------------------------------------------------------- | Inventories | 3 525 | 4 196 | -------------------------------------------------------------------------------- | Total current assets | 13 812 | 18 325 | -------------------------------------------------------------------------------- | Assets of discontinued operations | 5 973 | 0 | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 364 | 268 | -------------------------------------------------------------------------------- | Investments in associates | 41 | 19 | -------------------------------------------------------------------------------- | Investment property | 406 | 789 | -------------------------------------------------------------------------------- | Property, plant and equipment | 22 109 | 24 898 | -------------------------------------------------------------------------------- | Intangible assets | 52 511 | 64 767 | -------------------------------------------------------------------------------- | Total non-current assets | 75 431 | 90 741 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 95 216 | 109 066 | -------------------------------------------------------------------------------- | SHAREHOLDERS EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 9 145 | 11 262 | -------------------------------------------------------------------------------- | Trade and other payables | 18 130 | 18 017 | -------------------------------------------------------------------------------- | Total current liabilities | 27 275 | 29 279 | -------------------------------------------------------------------------------- | Liabilities of discontinued operations | 1 101 | 0 | -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Borrowings | 37 263 | 40 124 | -------------------------------------------------------------------------------- | Other long term liabilities | 2 | 10 | -------------------------------------------------------------------------------- | Derivative instruments | 894 | 611 | -------------------------------------------------------------------------------- | Total non-current liabilities | 38 159 | 40 745 | -------------------------------------------------------------------------------- | Total liabilities | 66 535 | 70 024 | -------------------------------------------------------------------------------- | Equity | | | -------------------------------------------------------------------------------- | Capital and reserves attributable to equity | | | | holders of the Parent company | | | -------------------------------------------------------------------------------- | Share capital | 13 325 | 12 125 | -------------------------------------------------------------------------------- | Share premium | 12 327 | 11 727 | -------------------------------------------------------------------------------- | Reserves | (20) | 264 | -------------------------------------------------------------------------------- | Retained earnings | 2 927 | 14 821 | -------------------------------------------------------------------------------- | Currency translation reserve | 104 | 87 | -------------------------------------------------------------------------------- | Total capital and reserves attributable to | 28 663 | 39 024 | | equity holders of the Parent company | | | -------------------------------------------------------------------------------- | Minority interest | 18 | 18 | -------------------------------------------------------------------------------- | Total equity | 28 681 | 39 042 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 95 216 | 109 066 | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | Q IV 2009 | Q IV 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 266 947 | 344 705 | -------------------------------------------------------------------------------- | Costs of sales | 214 805 | 264 039 | -------------------------------------------------------------------------------- | Gross profit | 52 142 | 80 666 | -------------------------------------------------------------------------------- | Marketing expenses | 11 407 | 16 398 | -------------------------------------------------------------------------------- | Administrative expenses | 125 664 | 37 030 | -------------------------------------------------------------------------------- | Impearment of goodwill | (91 445) | 0 | -------------------------------------------------------------------------------- | Other income | 2 011 | (2 483) | -------------------------------------------------------------------------------- | Other expenses | 5 241 | (1 461) | -------------------------------------------------------------------------------- | Operating profit (loss) | (88 159) | 26 216 | -------------------------------------------------------------------------------- | Interest income | 485 | 939 | -------------------------------------------------------------------------------- | Interest expenses | (10 649) | (15 979) | -------------------------------------------------------------------------------- | Currency exchange loss | 148 | (1 559) | -------------------------------------------------------------------------------- | Other financial income | 190 | 29 | -------------------------------------------------------------------------------- | Other financial expenses | (733) | (1 654) | -------------------------------------------------------------------------------- | Financial income (expense) total | (10 559) | (18 224) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 160 | (205) | -------------------------------------------------------------------------------- | Profit (loss) before income tax | (98 558) | 7 787 | -------------------------------------------------------------------------------- | Income tax expense | 2 351 | 1 238 | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (100 909) | 6 549 | | continued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (8 046) | (4 896) | | discontinued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year | (108 955) | 1 653 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (108 955) | 1 653 | -------------------------------------------------------------------------------- | Minority interests | 0 | 0 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | 948 | 823 | -------------------------------------------------------------------------------- | Hedging reserve | (4 438) | (9 555) | -------------------------------------------------------------------------------- | Revaluation of investment property | 0 | 3 414 | -------------------------------------------------------------------------------- | Cancellations of share options | 2 920 | 0 | -------------------------------------------------------------------------------- | Total comprehensive income (expense) | (99 961) | 7 372 | -------------------------------------------------------------------------------- | Comprehensive income attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (108 007) | 2 476 | -------------------------------------------------------------------------------- | Minority interest | 0 | 0 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (5.23) | 0.09 | | for profit attributable to the | | | | equity holders of the Company (note | | | | 9) | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 months 2009 | 12 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 983 530 | 1 254 851 | -------------------------------------------------------------------------------- | Costs of sales | 817 790 | 952 646 | -------------------------------------------------------------------------------- | Gross profit | 165 740 | 302 205 | -------------------------------------------------------------------------------- | Marketing expenses | 40 480 | 54 853 | -------------------------------------------------------------------------------- | Administrative expenses | 221 173 | 141 395 | -------------------------------------------------------------------------------- | Impearment of goodwill | (91 445) | 0 | -------------------------------------------------------------------------------- | Other income | 5 492 | 10 171 | -------------------------------------------------------------------------------- | Other expenses | 8 322 | 3 774 | -------------------------------------------------------------------------------- | Operating profit (loss) | (98 743) | 112 354 | -------------------------------------------------------------------------------- | Interest income | 1 979 | 2 701 | -------------------------------------------------------------------------------- | Interest expenses | (46 024) | (58 038) | -------------------------------------------------------------------------------- | Currency exchange loss | (417) | (1 590) | -------------------------------------------------------------------------------- | Other financial income | 0 | 295 | -------------------------------------------------------------------------------- | Other financial expenses | (1 327) | (2 612) | -------------------------------------------------------------------------------- | Financial income (expense) total | (45 789) | (59 244) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 189 | (627) | -------------------------------------------------------------------------------- | Profit (loss) before income tax | (144 343) | 52 483 | -------------------------------------------------------------------------------- | Income tax expense | 3 960 | 4 455 | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (148 303) | 48 028 | | continued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (40 710) | (2 046) | | discontinued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year | (189 013) | 45 982 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (189 013) | 45 963 | -------------------------------------------------------------------------------- | Minority interests | 0 | 19 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | 280 | 875 | -------------------------------------------------------------------------------- | Hedging reserve | (4 438) | (9 555) | -------------------------------------------------------------------------------- | Revaluation of investment property | 0 | 3 414 | -------------------------------------------------------------------------------- | Cancellations of share options | 2 920 | 0 | -------------------------------------------------------------------------------- | Total comprehensive income (expense) | (148 023) | 48 903 | -------------------------------------------------------------------------------- | Comprehensive income attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (188 733) | 46 838 | -------------------------------------------------------------------------------- | Minority interest | 0 | 19 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (9.09) | 2.42 | | for profit attributable to the | | | | equity holders of the Company (note | | | | 9) | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | Q IV 2009 | Q IV 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 17 061 | 22 031 | -------------------------------------------------------------------------------- | Costs of sales | 13 729 | 16 875 | -------------------------------------------------------------------------------- | Gross profit | 3 332 | 5 156 | -------------------------------------------------------------------------------- | Marketing expenses | 729 | 1 048 | -------------------------------------------------------------------------------- | Administrative expenses | 8 031 | 2 367 | -------------------------------------------------------------------------------- | Impearment of goodwill | (5 844) | 0 | -------------------------------------------------------------------------------- | Other income | 130 | (159) | -------------------------------------------------------------------------------- | Other expenses | 335 | (93) | -------------------------------------------------------------------------------- | Operating profit (loss) | (5 633) | 1 675 | -------------------------------------------------------------------------------- | Interest income | 31 | 60 | -------------------------------------------------------------------------------- | Interest expenses | (681) | (1 021) | -------------------------------------------------------------------------------- | Currency exchange loss | 9 | (100) | -------------------------------------------------------------------------------- | Other financial income | 12 | 2 | -------------------------------------------------------------------------------- | Other financial expenses | (47) | (106) | -------------------------------------------------------------------------------- | Financial income (expense) total | (676) | (1 165) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 10 | (13) | -------------------------------------------------------------------------------- | Profit (loss) before income tax | (6 299) | 497 | -------------------------------------------------------------------------------- | Income tax expense | 150 | 79 | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (6 449) | 418 | | continued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (514) | (313) | | discontinued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year | (6 963) | 105 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (6 963) | 105 | -------------------------------------------------------------------------------- | Minority interests | 0 | 0 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | 61 | 53 | -------------------------------------------------------------------------------- | Hedging reserve | (284) | (611) | -------------------------------------------------------------------------------- | Revaluation of investment property | 0 | 218 | -------------------------------------------------------------------------------- | Cancellations of share options | 187 | 0 | -------------------------------------------------------------------------------- | Total comprehensive income (expense) | (6 388) | 471 | -------------------------------------------------------------------------------- | Comprehensive income attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (6 902) | 158 | -------------------------------------------------------------------------------- | Minority interest | 0 | 0 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (0,33) | 0,01 | | for profit attributable to the | | | | equity holders of the Company (note | | | | 9) | | | -------------------------------------------------------------------------------- Consolidated interim statement of comprehensive income (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 months 2009 | 12 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Sales | 62 859 | 80 200 | -------------------------------------------------------------------------------- | Costs of sales | 52 266 | 60 885 | -------------------------------------------------------------------------------- | Gross profit | 10 593 | 19 315 | -------------------------------------------------------------------------------- | Marketing expenses | 2 587 | 3 506 | -------------------------------------------------------------------------------- | Administrative expenses | 14 136 | 9 037 | -------------------------------------------------------------------------------- | Impearment of goodwill | (5 844) | 0 | -------------------------------------------------------------------------------- | Other income | 351 | 649 | -------------------------------------------------------------------------------- | Other expenses | 532 | 241 | -------------------------------------------------------------------------------- | Operating profit (loss) | (6 311) | 7 180 | -------------------------------------------------------------------------------- | Interest income | 126 | 173 | -------------------------------------------------------------------------------- | Interest expenses | (2 941) | (3 709) | -------------------------------------------------------------------------------- | Currency exchange loss | (27) | (102) | -------------------------------------------------------------------------------- | Other financial income | 0 | 19 | -------------------------------------------------------------------------------- | Other financial expenses | (85) | (167) | -------------------------------------------------------------------------------- | Financial income (expense) total | (2 927) | (3 786) | -------------------------------------------------------------------------------- | Share of profit (loss )of associates | 12 | (40) | -------------------------------------------------------------------------------- | Profit (loss) before income tax | (9 226) | 3 354 | -------------------------------------------------------------------------------- | Income tax expense | 253 | 285 | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (9 479) | 3 069 | | continued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year from | (2 602) | (131) | | discontinued operations | | | -------------------------------------------------------------------------------- | Profit (loss) for the year | (12 081) | 2 938 | -------------------------------------------------------------------------------- | Attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (12 081) | 2 937 | -------------------------------------------------------------------------------- | Minority interests | 0 | 1 | -------------------------------------------------------------------------------- | Other comprehensive income | | | -------------------------------------------------------------------------------- | Currency translation differences | 18 | 56 | -------------------------------------------------------------------------------- | Hedging reserve | (284) | (611) | -------------------------------------------------------------------------------- | Revaluation of investment property | 0 | 218 | -------------------------------------------------------------------------------- | Cancellations of share options | 187 | 0 | -------------------------------------------------------------------------------- | Total comprehensive income (expense) | (9 461) | 3 125 | -------------------------------------------------------------------------------- | Comprehensive income attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the Parent company | (12 063) | 2 993 | -------------------------------------------------------------------------------- | Minority interest | 0 | 1 | -------------------------------------------------------------------------------- | Basic and diluted earnings per share | (0,58) | 0,15 | | for profit attributable to the | | | | equity holders of the Company (note | | | | 9) | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EEK | -------------------------------------------------------------------------------- | 12 months 2009 | 12 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit(loss) for the period | (98 743) | 112 352 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 150 251 | 59 056 | | impairment of property, plant and | | | | equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, | 1 015 | 224 | | plant and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Trade and other receivables | 40 812 | (3 092) | -------------------------------------------------------------------------------- | Inventories | 7 031 | (32) | -------------------------------------------------------------------------------- | Trade and other payables | 21 215 | (485) | -------------------------------------------------------------------------------- | Cash generated from operations | 121 581 | 168 023 | -------------------------------------------------------------------------------- | Income tax paid | (6 135) | (4 455) | -------------------------------------------------------------------------------- | Interest paid | (45 783) | (58 054) | -------------------------------------------------------------------------------- | Net cash generated from operating | 69 663 | 105 514 | | activities | | | -------------------------------------------------------------------------------- | Net cash generated from operating | (1 235) | (516) | | activities from discontinued operations | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | 0 | (445) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 0 | 7 500 | -------------------------------------------------------------------------------- | Interest received | 1 829 | 1 161 | -------------------------------------------------------------------------------- | Purchase of property, plant and | (12 799) | (32 205) | | equipment | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant | 5 868 | 895 | | and equipment | | | -------------------------------------------------------------------------------- | Loans granted | (1 722) | (4 182) | -------------------------------------------------------------------------------- | Loan repayments received | 2 755 | 236 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (4 069) | (27 040) | -------------------------------------------------------------------------------- | Net cash used in/generated from | 1 518 | 616 | | investing activities from discontinued | | | | operations | | | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 28 166 | | -------------------------------------------------------------------------------- | Finance lease payments made | (36 764) | (35 043) | -------------------------------------------------------------------------------- | Change in overdraft used | 7 836 | (46 988) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 12 539 | 42 521 | -------------------------------------------------------------------------------- | Repayments of borrowings | (84 089) | (61 617) | -------------------------------------------------------------------------------- | Net cash generated from financing | (72 312) | (101 127) | | activities | | | -------------------------------------------------------------------------------- | Net cash used in/generated from | 0 | (29) | | financing activities from discontinued | | | | operations | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND | (6 435) | (22 582) | | CASH EQUIVALENTS | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 46 388 | 68 970 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 39 953 | 46 388 | | the period | | | -------------------------------------------------------------------------------- Consolidated interim cash flow statement (unaudited) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | -------------------------------------------------------------------------------- | 12 months 2009 | 12 months 2008 | -------------------------------------------------------------------------------- | (thousand) | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Operating profit(loss) for the period | (6 311) | 7 181 | -------------------------------------------------------------------------------- | Adjustments for: | | | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 9 603 | 3 774 | | impairment of property, plant and | | | | equipment and intangibles | | | -------------------------------------------------------------------------------- | Profit (loss) on sale of property, | 65 | 14 | | plant and equipment | | | -------------------------------------------------------------------------------- | Changes in working capital: | 0 | 0 | -------------------------------------------------------------------------------- | Trade and other receivables | 2 608 | (198) | -------------------------------------------------------------------------------- | Inventories | 449 | (2) | -------------------------------------------------------------------------------- | Trade and other payables | 1 356 | (31) | -------------------------------------------------------------------------------- | Cash generated from operations | 7 770 | 10 739 | -------------------------------------------------------------------------------- | Income tax paid | (392) | (285) | -------------------------------------------------------------------------------- | Interest paid | (2 926) | (3 710) | -------------------------------------------------------------------------------- | Net cash generated from operating | 4 452 | 6 744 | | activities | | | -------------------------------------------------------------------------------- | Net cash generated from operating | (79) | (33) | | activities from discontinued operations | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Investments in business combinations | 0 | (28) | -------------------------------------------------------------------------------- | Proceeds from financial assets | 0 | 479 | -------------------------------------------------------------------------------- | Interest received | 117 | 74 | -------------------------------------------------------------------------------- | Purchase of property, plant and | (818) | (2 058) | | equipment | | | -------------------------------------------------------------------------------- | Proceeds from sale of property, plant | 375 | 57 | | and equipment | | | -------------------------------------------------------------------------------- | Loans granted | (110) | (267) | -------------------------------------------------------------------------------- | Loan repayments received | 176 | 15 | -------------------------------------------------------------------------------- | Net cash used in investing activities | (260) | (1 728) | -------------------------------------------------------------------------------- | Net cash used in/generated from | 97 | 39 | | investing activities from discontinued | | | | operations | | | -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Share issue | 1 800 | 0 | -------------------------------------------------------------------------------- | Finance lease payments made | (2 350) | (2 240) | -------------------------------------------------------------------------------- | Change in overdraft used | 501 | (3 003) | -------------------------------------------------------------------------------- | Proceeds from borrowings | 801 | 2 718 | -------------------------------------------------------------------------------- | Repayments of borrowings | (5 374) | (3 938) | -------------------------------------------------------------------------------- | Net cash generated from financing | (4 622) | (6 463) | | activities | | | -------------------------------------------------------------------------------- | Net cash used in/generated from | 0 | (2) | | financing activities from discontinued | | | | operations | | | -------------------------------------------------------------------------------- | NET (DECREASE)/INCREASE IN CASH AND | (411) | (1 443) | | CASH EQUIVALENTS | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 2 965 | 4 408 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of | 2 553 | 2 965 | | the period | | | -------------------------------------------------------------------------------- Additional information: Gunnar Kobin Chairman of the Management Board GSM: +372 5188111 E-mail: gunnar@egrupp.ee