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AS Ekspress Grupp: 2012. aasta I kvartali konsolideeritud vahearuanne
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
3671
Manused
Esitamise kuupäev ja aeg
03.05.2012 11:22:36
Teate sisu inglise keeles
Pealkiri
CORRECTION: AS Ekspress Grupp: Consolidated Interim Report for the First Quarter of 2012
Teade
Tallinn, Estonia, 2012-05-03 10:22 CEST (GLOBE NEWSWIRE) --
In the Group’s Consolidated Interim Report for the I quarter of 2012, there
was a translation mistake in the last section of page 10 in the Management
Report, as well as in the report’s summary in the stock exchange announcement
realeased today, 3 May 2012.
The correct translation should be as follows: ”In the 1st quarter of 2012,
15min.lt acquired the portal zebra.lt and combined both entities.”
The mistake has been corrected in the attached interim report.
The full corrected announcement is as follows:
The following report presents the consolidated financial information of AS
Ekspress Grupp, the related market developments and management decisions. The
financial indicators and ratios show the outcome of the Group’s continuing
operations, i.e. they express the consolidated operating results of online
media, periodicals and printing services segments.
Key financial indicators and financial ratios
Financial indicators Q1 2012 Q1 2011 Change%
(EUR thousand)
--------------------------------------------------------------------------------
For the reporting period
Sales 14 219 13 146 8%
Gross profit 2 799 2 617 7%
EBITDA* 1 614 1 394 16%
Operating profit* 755 554 36%
Net profit/(loss) for the period* 179 (155) 215%
--------------------------------------------------------------------------------
------------------------------------------------------
Extraordinary gain from the acquisition of Eesti 0 1 540 -100%
Päevalehe AS
Net profit for the period in the interim financial 179 1 385 -87%
statements
--------------------------------------------------------------------------------
* excluding the net extraordinary gain in relation to the acquisition of Eesti
Päevalehe AS. In the 1st quarter of 2011, an additional 50% ownership interest
in Eesti Päevalehe AS was acquired. The transaction was accounted for in two
parts: firstly, as the sale of the current 50% ownership interest on which the
net extraordinary gain totalled EUR 1 540 thousand and secondly, as the
acquisition of the wholly-owned subsidiary (see Note 4 to the interim financial
statements).
Profitability ratios (%) Q1 2012 Q1 2011
-----------------------------------------------
-----------------
Sales growth (%) 8.2% 12.8%
Gross margin (%) 19.7% 19.9%
EBITDA margin (%)* 11.4% 10.6%
Operating margin (%)* 5.3% 4.2%
Net margin (%) * 1.3% -1.2%
ROA (%) 0.2% -0.2%
ROE (%) 0.5% -0.4%
-----------------------------------------------
Earnings per share (EPS) EUR 0.01 0.05
-----------------------------------------------
* excluding the net extraordinary gain in relation to the acquisition of Eesti
Päevalehe AS.
Formulas used to calculate the financial ratios:
Sales growth (%) (sales 2011 – sales 2010)/ sales 2010*100
Gross margin (%) gross profit/sales*100
EBITDA margin (%) EBITDA /sales*100
Operating margin (%) Operating profit *)/sales*100
Net margin (%) net profit*/sales*100
Earnings per share net profit/average number of shares
ROA (%) net profit/average assets *100
ROE (%) net profit/average equity *100
* excluding the net extraordinary gain in relation to the acquisition of Eesti
Päevalehe AS.
Financial indicators 31.03.2012 31.12.2011 Change%
(EUR thousand)
------------------------------------------------------------
As of the end of the period
Current assets 11 916 12 523 -5%
Non-current assets 68 276 68 986 -1%
Total assets 80 192 81 509 -2%
------------------------------------------------------------
------------------------------------------------------------
Current liabilities 16 397 16 547 -1%
Non-current liabilities 25 127 26 574 -5%
Total liabilities 41 524 43 121 -4%
------------------------------------------------------------
Equity 38 668 38 388 1%
------------------------------------------------------------
Financial position ratios (%) 31.03.2012 31.12.2011
-----------------------------------------------------
Equity ratio (%) 48% 47%
Liquidity ratio 0.7 0.8
Debt to equity ratio (%) 80% 83%
Debt to capital ratio (%) 42% 43%
-----------------------------------------------------
Formulas used to calculate the financial ratios:
Equity ratio (%) equity / (liabilities + equity)* 100
Liquidity ratio current assets/current liabilities
Debt to equity ratio interest bearing liabilities /equity*100
(%)
Debt to capital ratio interest bearing liabilities –cash and cash equivalents
(%) (net debt)/
(net debt+ equity)*100
For the first time since 2008, the Group earned net profit from its main
operations which totalled EUR 179 thousand in the 1st quarter (EUR 0.01 per
share). The Group’s operating profit, excluding the net extraordinary gain in
relation to the acquisition of Eesti Päevalehe AS, amounted to EUR 755
thousand, which is 36% more than last year. EBITDA increased by 16% and
totalled EUR 1 614 thousand. The Group’s revenue for the 1st quarter exceeded
the budget by 4% and EBITDA was better than the budget by 47%. The EBITDA
margin increased by 0.8 percentage points.
All segments earned a profit in the 1st quarter. The online media segment
showed the strongest results with its EBITDA growth being the highest among the
segments. While online media had a loss of EUR 37 thousand in the 1st quarter
of last year, it earned now a profit of EUR 238 thousand, thus increasing by
EUR 275 thousand. The sales of online media increased by 18%, which also led to
an increase in the share of online media in the Group’s total sales, i.e. from
14.1% to 15.4%. In the 1st quarter, the advertising sales of online media
exceeded the advertising sales of periodicals by 8% and its EBITDA also
exceeded that of the periodicals segment.
Delfi Lithuania contributed the most to the result of online media. The small
loss of Delfi Latvia incurred in the 1st quarter is related to one-off salary
payments. Delfi Latvia essentially more than doubled its profit for the 1st
quarter as compared to last year. The loss of Delfi Ukraine continues to shrink
due to increasing advertising revenue.
In the periodicals segment, all companies had weaker results than last year. In
respect of AS Eesti Ajalehed this is attributable to the fact that in the first
two months of last year the company did not pay rent for the premises of Eesti
Päevaleht as Eesti Päevalehe AS was also the owner of its premises. By
normalising the result for the last year by excluding unpaid rent, the EBITDA
of AS Eesti Ajalehed in the 1st quarter of the current year was higher than
last year. Taking into consideration the 10% lower revenue of AS Eesti
Ajalehed, and higher normalised EBITDA, the company’s efficiency has
significantly improved after the completion of organisational mergers with
Eesti Päevalehe AS. The results of the periodicals segment are still impacted
by lower sales from book publishing.
In the printing services segment, there were no significant changes, revenue
increased by 14% and EBITDA growth was 2%. Export sales increased by 20% and
domestic sales increased by 2%. Finland, Russia, Sweden and Norway are still
the key export markets.
In March, the next stage in the creation of the multi-media news space across
media units located in Estonia was completed. During this stage, a new
editorial office of Daily News was created on the basis of former editorial
offices of Eesti Päevaleht and Delfi. The editor in chief of Delfi Estonia,
Urmo Soonvald became its new head and also the editor in chief of Eesti
Päevaleht.
The establishment of Ekspress Group’s technology company OÜ EG Digital was
completed. The goal is to combine all our IT competences both in online as well
as digital media into one entity. The first step was to transfer Delfi IT’s
development team to the company. OÜ EG Digital does not constitute a separate
segment and its results are included within corporate functions.
The Group’s management is moderately optimistic about growth over the next
quarters. We expect growth in online media to continue, and the sales in
periodicals and printing services to stay at the same level as last year.
Profit growth is expected to be the highest in online media and in percentage
terms especially at Delfi Ukraine where the concept developed last year seems
to be working. This is evidenced by growing unique user numbers and increasing
advertising sales. We will continue with the development of digital
publications of Eesti Ekspress and Eesti Päevaleht. We have also started to
actively seek opportunities to increase the Group’s market share with
acquisitions, primarily in the area of online media and we also constantly try
to identify investing ideas in various areas related to IT and new media.
Overview of the Group’s segments
Key financial data of the segments in Q1 2011/2012
--------------------------
(EUR thousand) Sales
--------------------------
Q1 2012 Q1 2011 Change%
----------------------------------------------------
online media 2 187 1 852 18%
periodicals 5 781 5 562 4%
printing services 7 376 6 470 14%
central functions 140 26 438%
intersegment eliminations (1 265) (764) -66%
----------------------------------------------------
TOTAL* 14 219 13 146 8%
----------------------------------------------------
--------------------------
(EUR thousand) EBITDA
--------------------------
Q1 2012 Q1 2011 Change%
----------------------------------------------------
online media 238 (37) 743%
periodicals 21 144 -85%
printing services 1 529 1 496 2%
central functions (174) (214) 19%
intersegment eliminations 0 5 -100%
----------------------------------------------------
TOTAL* 1 614 1 394 16%
----------------------------------------------------
* excluding the net extraordinary gain in relation to the acquisition of Eesti
Päevalehe AS.
-----------------
EBITDA margin Q1 2012 Q1 2011
------------------
online media 11% -2%
periodicals 0% 3%
printing services 21% 23%
-----------------------------------
The segments’ EBITDA does not include goodwill impairment. This is included
within the corporate function. Neither does include the segment results
intragroup management fees. Volume-based and other fees payable to advertising
agencies have not been deducted from the advertising sales of segments.
News portals owned by the Group
Owner Portal Owner Portal
-----------------------------------------------------------------
Delfi Estonia www.delfi.ee AS Eesti Ajalehed www.ekspress.ee
-----------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-----------------------------------------------------------------
Delfi Latvia www.delfi.lv www.epl.ee
-----------------------------------------------------------------
rus.delfi.lv AS SL Õhtuleht www.ohtuleht.ee
-----------------------------------------------------------------
Delfi Lithuania www.delfi.lt
-----------------------------------------------------------------
ru.delfi.lt
-----------------------------------------------------------------
Delfi Ukraine www.delfi.ua
-----------------------------------------------------------------
Online media segment
The online media segment includes Delfi operations in Estonia, Latvia,
Lithuania and Ukraine.
--------------------------
(EUR thousand) Sales
--------------------------
Q1 2012 Q1 2011 Change%
----------------------------------------------------
Delfi Estonia 799 697 15%
Delfi Latvia 479 422 14%
Delfi Lithuania 889 720 23%
Delfi Ukraine 14 7 100%
other Delfi companies 6 22 -73%
intersegment eliminations 0 (16) 100%
----------------------------------------------------
TOTAL 2 187 1 852 18%
----------------------------------------------------
--------------------------
(EUR thousand) EBITDA
--------------------------
Q1 2012 Q1 2011 Change%
----------------------------------------------------
Delfi Estonia 44 (1) 4500%
Delfi Latvia (6) 7 -186%
Delfi Lithuania 169 (36) 569%
Delfi Ukraine (67) (85) 21%
other Delfi companies 98 78 26%
intersegment eliminations 0 0 -
----------------------------------------------------
TOTAL 238 (37) 743%
----------------------------------------------------
In the 1st quarter of 2012, Delfi Lithuania showed the best result which makes
up for the relatively modest growth last year. The revenue growth of Delfi
Ukraine attributable to an increasing number of unique users is also a very
positive sign.
Delfi Estonia
· For the first time, Delfi Estonia transmitted a live programme of a
public event, using 4G mobile communication solutions for this purpose.
· A new archiving system for articles was completed.
· Sports and economic sections of Russian Delfi got their new facelifts.
· Section Forte received a separate Top Gear news block.
· A live sports blog and VIASAT highlights in Delfi Sport were launched.
· A separate EU-related debate section was launched.
In the 1st quarter of 2012, there were no major changes in the Estonian
Internet market. The number of neti.ee continues to decline steadily. Two media
portals - Delfi and Postimees - dominate the market. Major developments in the
Internet market have been related to the development of mobile environments,
because the growth of smart phones as well as tablet computers continues at a
fast pace. In the 1st quarter of 2012, Delfi introduced new solutions to the
market targeted at mobile phone users. This continued to increase the number of
users of the mobile version.
Delfi Latvia
· A new version of mobile applications for reading Delfi portal was
launched.
· New Delfi Entertainment section was launched.
· Delfi Latvia’s Russian language portal achieved the best result in
readership numbers both in daily, weekly and monthly terms.
· Media partner at the Latvian music awards ceremony.
The most popular website among the Latvian Internet users continues to be the
e-mail environment Inbox. In terms of the number of users, the social network
draugiem.lv still holds the second place but due to the growth of use of
international social networks, the number of users of Draugiem is expected to
fall. Delfi.lv continues to be the most popular news portal. A change of
ownership of competing portals (apollo.lv and tvnet.lv) in the 4th quarter of
2011 has not changed reader preferences.
Delfi Lithuania
· Similarly to the Latvian office, a new version of Delfi mobile
application was launched.
· Delfi’s Polish language portal was launched.
· Delfi was chosen as the exclusive Eurovision partner in Lithuania.
Delfi continues to be the uncontested market leader among Lithuanian Internet
users with more than one million unique users. In the 1st quarter of 2012, the
portal 15min.lt acquired zebra.lt and combined both entities. The effect of
this transaction will be evident in the near future. The Polish language
subpage of Delfi.lt was been received well by users. The number of the users of
the new mobile version of Delfi Lithuania is also growing rapidly.
Delfi Ukraine
· It continues to offer easier and more tabloid-like news.
The Ukrainian Internet market operates in a significantly different manner than
that of the Baltic States. The number of users of Delfi.ua has increased by ca.
15% as compared to the 1st quarter of 2011. This growth has been organic, i.e.
the aggregators dominating the market have not redirected users to Delfi.ua.
Periodicals segment
The periodicals segment includes the publishers of newspapers, magazines and
books. This segment also includes AS Express Post, engaged in home delivery of
periodicals.
On 1 October 2011, Eesti Päevalehe AS and AS Eesti Ajalehed were merged. At
the same date, the book publishing department of the merged company was spun
off as a separate legal entity under the name of OÜ Hea Lugu that remained as
the subsidiary of AS Eesti Ajalehed. On 1 November 2011, the joint ventures AS
SL Õhtuleht and AS Linnaleht were merged, and from 1 January 2012, Uniservice
OÜ and AS Ajakirjade Kirjastus were merged.
-----------------------------
(EUR thousand) Sales
--------------------------
Q1 2012 Q1 2011 Change%
-------------------------------------------------------
AS Eesti Ajalehed** 2 919 3 244 -10%
AS SL Õhtuleht * 911 837 9%
AS Ajakirjade Kirjastus* 985 960 3%
UAB Ekspress Leidyba 632 656 -4%
AS Express Post* 595 602 -1%
Uniservice OÜ* 0 3 -100%
intersegment eliminations*** (261) (740) 65%
TOTAL 5 781 5 562 4%
-------------------------------------------------------
--------------------------
(EUR thousand) EBITDA
-----------------------------
Q1 2012 Q1 2011 Change%
-------------------------------------------------------
AS Eesti Ajalehed** 17 48 -65%
AS SL Õhtuleht * 35 49 -29%
AS Ajakirjade Kirjastus* (26) (18) -44%
UAB Ekspress Leidyba (63) (41) -54%
AS Express Post* 57 70 -19%
Uniservice OÜ* 0 (3) 113%
intersegment eliminations*** 0 39 -
TOTAL 21 144 -86%
-------------------------------------------------------
*Proportionate share of joint ventures
** For the purpose of comparability, AS Eesti Ajalehed combines the data for AS
Eesti Ajalehe, Eesti Päevalehe AS (100% in both years) with that of OÜ Hea
Lugu.
*** Intra-segment eliminations in sales and EBITDA for 2011 include the
elimination of the 50% ownership interest in Eesti Päevalehe AS in January and
February.
In the 1st quarter of 2012, the revenue of the periodicals segment grew and
primarily due to the acquisition of an additional 50% ownership interest of
Eesti Päevalehe AS and AS Linnaleht in March 2011. While advertising sales have
increased and the revenue of periodicals has stayed more or less stable, there
has been a sharp decline in the revenue of book publishing. Of the newspapers,
Maaleht continues to be full of positive surprises, increasing its circulation,
number of subscriptions as well as advertising revenue in the 1st quarter.
However, Eesti Päevaleht demonstrates the opposite trend.
To celebrate the 100th anniversary of Estonian film industry, a joint project
of OÜ Hea Lugu and Eesti Päevaleht was launched, providing an opportunity for
the readers of Eesti Päevaleht to purchase a series of 30 Estonian classic
films together with their subscription of Eesti Päevaleht.
Ajakirjade Kirjastus started to publish a new magazine Top Gear with its
Lithuanian partner holding a license for publishing the magazine.
Estonian newspaper circulation 2011-2012
In the 1st quarter of 2012, no major changes occurred to the circulation of
newspapers. In March, only Õhtuleht’s circulation growth is worth mentioning.
As a long-term trend, the circulation of newspapers continues to fall slightly
similarly to other countries.
Estonian newspaper readership 2011-2012
Due to the selection of a new partner for printed newspaper readership surveys,
it is not statistically correct to compare the data for 2011 and 2012 in
absolute terms but for the purpose of comparability, they are shown in the same
chart. As compared to circulation, the number of readers of newspapers has been
more stable and even increased slightly. Newspapers still play an important
role as the marketing channel for advertising clients and therefore, it is
important to continue their development. Ekspress Group continues to focus on
development of digital versions of its newspapers, the readers of which are not
included in the table above.
Printing services segment
All printing services of AS Ekspress Grupp are provided by AS Printall which is
one of the largest printing companies in Estonia. Printall is able to print
both newspapers (coldset) and magazines (heatset).
---------------
(EUR thousand) Sales
--------------------------
Q1 2012 Q1 2011 Change%
-----------------------------------------
AS Printall 7 376 6 470 14%
-----------------------------------------
--------------------------
(EUR thousand) EBITDA
---------------
Q1 2012 Q1 2011 Change%
-----------------------------------------
AS Printall 1 529 1 496 2%
-----------------------------------------
The printing company Printall continues to exceed the previous year’s results
and it managed to increase the sales by 14%. The share of group companies in
sales is falling and the share of exports is rising. Most of the volume growth
is generated by printing on heatset machines.
Geographical break-down of printing services
Q1 2012 Q1 2011 Change %
-------------------------------------------------
---------------------------
Exports 5 203 4 336 20%
Finland 695 431 61%
Sweden 1 623 1 206 35%
Norway 585 709 -17%
Russia 1 136 1 143 -1%
Denmark 150 236 -36%
Lithuania 171 183 -7%
Other exports 843 428 97%
Estonia 2 173 2 134 2%
Total sales 7 376 6 470 14%
-------------------------------------------------
-------------------------------------------------
Incl. group sales 958 982 -2%
Incl. non-group sales 6 418 5 488 17%
-------------------------------------------------
Consolidated balance sheet (unaudited)
(EUR thousand) 31.03.2012 31.12.2011
--------------------------------------------------------
--------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 2 309 2 729
Trade and other receivables 6 905 6 921
Inventories 2 662 2 833
Total 11 876 12 483
Non-current assets held for sale 40 40
Total current assets 11 916 12 523
--------------------------------------------------------
--------------------------------------------------------
Non-current assets
Term deposit 98 98
Trade and other receivables 137 167
Investments in associates 0 0
Property, plant and equipment 16 306 16 751
Intangible assets 51 735 51 970
Total non-current assets 68 276 68 986
--------------------------------------------------------
TOTAL ASSETS 80 192 81 509
--------------------------------------------------------
-----------------------
LIABILITIES
Current liabilities
Borrowings 6 069 5 436
Trade and other payables 10 328 11 111
Total current liabilities 16 397 16 547
--------------------------------------------------------
--------------------------------------------------------
Non-current liabilities
Long-term borrowings 25 013 26 397
Other long-term liabilities 1 1
Derivate instruments 113 176
Total non-current liabilities 25 127 26 574
--------------------------------------------------------
Total liabilities 41 524 43 121
--------------------------------------------------------
--------------------------------------------------------
EQUITY
Share capital 17 878 17 878
Share premium 14 277 14 277
Reserves 542 480
Retained earnings 5 928 5 749
Currency translation reserve 43 4
Total equity 38 668 38 388
--------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 80 192 81 509
--------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q1 2012 Q1 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales 14 219 13 146
Cost of sales (11 (10
420) 529)
Gross profit 2 799 2 617
Marketing expenses (469) (441)
Administrative expenses (1 702) (1 639)
Other expenses (34) (57)
Other income 161 74
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gain from sale of ownership interest in joint venture 0 1 540
Operating profit 755 2 094
--------------------------------------------------------------------------------
-----------------
Interest income 3 10
Interest expense (488) (559)
Foreign exchange gains (losses) (44) (71)
Other finance costs (22) (37)
Net finance cost (551) (657)
Profit/(loss) from investments in associates (27) 0
Profit (loss) before income tax 177 1 437
Income tax expense 2 (52)
--------------------------------------------------------------------------------
Profit (loss) for the reporting period 179 1 385
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit (loss) for the reporting period attributable to:
equity holders of the parent company 179 1 385
non-controlling interest 0 0
Other comprehensive income (expense)
Currency translation differences 39 72
Hedging reserve change 62 237
Total other comprehensive income (expense) for the period 101 309
Comprehensive income (expense) for the reporting period 280 1 694
attributable to:
equity holders of the parent company 280 1 694
non-controlling interest 0 0
--------------------------------------------------------------------------------
Basic and diluted earnings per share 0.01 0.05
--------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) Q1 2012 Q1 2011
--------------------------------------------------------------------------------
Cash flows from operating activities
--------------------------------------------------------------------------------
Operating profit (loss) for the period 755 2 094
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Adjustments for:
Depreciation, amortisation and impairment 859 839
Gain from sale of ownership interest in joint venture 0 (1 540)
Profit (loss) on sale and write-downs of property, plant and 0 6
equipment
Changes in working capital:
Trade and other receivables (11) (287)
Inventories 171 6
Trade and other payables (684) (137)
Cash generated from operations 1 090 981
Income tax paid 0 0
Interest paid (488) (670)
-----------------
Net cash used in operating activities 602 311
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from investing activities
Investments in subsidiaries and joint ventures 0 (23)
Interest received 3 10
Purchase of property, plant and equipment (181) (123)
Proceeds from sale of property, plant and equipment 1 1
Loans granted (1) 0
Loan repayments received 32 20
-----------------
Net cash used in investing activities (146) (115)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from financing activities from continuing
operations
Finance lease repayments made (388) (305)
Change in overdraft used 395 341
Proceeds from borrowings (incl. factoring) 160 116
Repayments of borrowings (1 043) (894)
-----------------
Net cash used in financing activities (876) (742)
--------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (420) (546)
--------------------------------------------------------------------------------
-----------------
Cash and cash equivalents at the beginning of the period 2 729 2 767
Cash and cash equivalents at the end of the period 2 309 2 221
--------------------------------------------------------------------------------
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
e-mail: [email protected]