Börsiteade

Pealkiri

AS Ekspress Grupp Consolidated Interim Report for the Fourth Quarter and 12 Months of 2103

Teade

Tallinn, Estonia, 2014-02-28 11:34 CET (GLOBE NEWSWIRE) --


The year 2013 was a year of controversies for the Group, marked by both
positive and negative impact. We can be pleased with the financial results for
the 4th quarter, leaving aside the one-off costs in the amount of EUR 500
thousand that were related to the share option scheme and the acquisition
process of a joint ventures. Normalised EBITDA amounted to EUR 2.5 million and
exceeded the result of the same period last year by 12%. The actual result was
10% lower. The consolidated net profit excluding these one-off expenses and
also goodwill impairment (in the amount of EUR 2.5 million) amounted to EUR 1.5
million. This result is 22% higher than the result of the same period last
year. 

During the financial year, Ekspress Grupp earned normalised net profit in the
amount of EUR 3.5 million which is 32% higher than last year. This was mainly
attributable to lower interest expenses in connection with the favourable
EURIBOR rate and the decrease in outstanding debt. However, we failed to meet
the 2012 level for EBITDA and sales revenue. We also did not meet the budget
targets. In addition, EBITDA was also impacted by the one-off expenses
mentioned above. Without these expenses, EBITDA amounted to EUR 7.8 million, as
compared to EUR 7.9 million in 2012. 

At the end of the year we recognised impairment losses for goodwill and
trademarks related mainly to print media in the total amount of EUR 2.5 million
which decreased the full-year net profit down to EUR 1.1 million. 

Impairment losses for goodwill and trademarks in the amount of EUR 1.6 million
were recognised for assets related to Eesti Päevaleht. In Ekspress Leidyba, a
Lithuanian magazine publisher, impairment losses for goodwill and trademarks
totalled EUR 0.4 million, while impairment losses for the trademark related to
Delfi Ukraine amounted to EUR 0.5 million, due to the decision to close the
company that operates Delfi in Ukraine. Unfortunately, because of the political
and economic situation in Ukraine we did not see a prospect for continuing in
this country. Since 2008 Ekspress Group has spent approximately EUR 1.8 million
in total to operate the online portal in Ukraine. 

The final quarter of the year was marked by the dispute with the competing
media enterprise Eesti Meedia over the realisation of the purchasing right
pertaining to the ownership of joint ventures. The position of Ekspress Group
is that AS Eesti Meedia has been obstructing the legal fulfilment of the
contract signed between the two parties from the moment when the purchasing
right became available. We expect this dispute to get a positive outcome for
the company in the arbitration procedure in the second half of 2014. 

Summarising the year, we can be proud of the growth in the number of our
digital subscriptions that at the end of the year approaching 5,500 subscribers
for both Eesti Ekspress and Eesti Päevaleht. The share of digital subscriptions
in the total number of subscribers of Eesti Päevaleht and Eesti Ekspress
accounts for more than 21%. In the online development of Latvia, an important
event was the acquisition of parent-oriented portal Calis.lv in the summer. In
addition to launching online verticals, at the end of the year we signed an
agreement for the acquisition of advertising network Adnet that operates in all
three Baltic countries and that will notably increase the number of online
portals that are being sold and mediated by Ekspress Group. We also took
aggressive steps in launching video products in all three Baltic countries.
Among online portals, Delfi has become the largest enterprise in the Baltics
that produces and webcasts online TV. The monetarisation of our video
production will be the biggest challenge in all three Baltic countries in 2014. 

Of more positive events, one should mention the launch of zave.ee, a new
website for discount promotions, in Estonia in December. In Latvia and
Lithuania, it will be launched in the first quarter 2014. The objective of the
website is to offer users an overview of discounts that are being offered by
large retailers. Until now, customers have received such offers in a printed
form by direct mail to their mailboxes. In our opinion, another important
achievement was that shortly before Christmas, the weekly number of users of
Delfi Eesti in terms of Internet browsers exceeded that of our closest
competitor by more than 200 thousand, the first time since 2008. In the final
quarter of the year, in November and December, Delfi Latvia became Latvia’s
second-largest Internet portal, for the first time exceeding the number of
users of the local social network Draugiem. 

In the online media segment Latvian and Lithuanian companies saw their sales
growth slow down considerably in the second half of the year. As a result,
sales of Latvian and Lithuanian companies of Delfi increased only by 4% and 9%,
respectively, during the year. At the same time, sales of Delfi Estonia
increased by 18%. Since Europe’s economic climate has been improving, such a
slowdown in sales in the Latvian and Lithuanian market was unexpected and
difficult to explain. It affected the profitability of the undertakings, which,
as a result, saw their EBITDA to decrease by 27% in Latvia and 11% in Lithuania
from the respective levels in 2012. Because competition in Latvia had become
stronger, we decided at the end of 2012 to increase the staff of the editorial
office which negatively affected the profitability in Latvia. As for 2014, we
expect sales growth to recover and organisations to become more efficient. The
objective is to increase sales revenue with the same cost basis. 

In the periodicals segment, profitability improved more than in other segments
during the year. The financial result of Ajakirjade Kirjastus has improved, as
is the case of Express Post. Book publisher Hea Lugu showed marginal growth in
EBITDA thanks to publishing more books which included several significant
bestsellers. EBITDA of SL Õhtuleht is below last year’ level, while in annual
terms, the weakest result was posted by Eesti Ajalehed, mainly due to a
decrease in print advertising income. 

In the printing services segment, EBITDA fell 3% as compared to last year. This
is attributable to the unexpected decrease in sales at the start of the year
which affected the profit more than we managed to offset in the second half of
the year, mainly because the recovery of falling customer sales has been a slow
process. We remain optimistic for 2014 since in the last months of the year we
have signed a number of major printing contracts with large Scandinavian
publishers. 

Looking at the structure of the Group’s sales and profit, the share of sales of
the online segment has continued to grow and accounts for 19.1% of all
non-Group sales in comparison with 16.9% a year earlier. The periodicals and
printing services segments have seen their share fall by a few percentage
points. In EBITDA, 2013 was a year when the share of the periodicals segment
increased to 12.6%, as compared to 9.8% a year earlier, largely thanks to the
improved profitability of the magazine publisher. The printing services segment
has seen its share in the Group’s total profit decrease by two percentage
points. In terms of EBITDA margins of different segments, printing services
remain the most profitable segment, with margin 21.3%. The EBITDA margin of
periodicals has increased to 4.6%, but the average margin of the online segment
has fallen to 14.9% from 17.1% a year earlier. 

In 2014, we expect the Group’s sales to grow by a few percentages, while EBITDA
is expected to grow more than 10% from the normalised result in 2013. We expect
the profit of the online segment to increase more than 20%, whereas the profit
of the periodicals segment is likely to grow less than 20%. The annual target
for the printing services segment is re-attain the EBITDA level of 2012, a
realistic target at the current equipment park. In addition to ongoing
activities, we are actively looking around for suitable acquisitions. For 2014,
the biggest challenge will be finding new sources of growth for the Group from
new markets or new business sectors. Since the Group’s investment capacity
continues to grow due to the decreasing loan burden, we are financially more
confident in seeking possible acquisition targets. 

Both our new sources of growth and other developments and innovations must,
first and foremost, support the Group’s vision to be the most professional and
innovative partner for our demanding readers and customers, and to continue to
offer new and interesting experiences both on paper and in digital media. 

KEY FINANCIAL INDICATORS AND RATIOS

<span              <span style="font-size:9pt;">Q4             <span
style="font-size:9pt;">Q4                    <span                             
 <span style="font-size:9pt;">Q4             <span style="font-size:9pt;">Q4 
<span style="font-size:9pt;">Q4 2009</span> 
 style                                 2013</span>                             
   2012</span>    style="font-size:9pt;">Change%</span>                        
          2011</span>                                 2010</span> 
="font 
-size: 
10pt;" 
>Perfo 
rmance 
 indic 
ators 
 </spa 
n> 
<span 
 style 
="font 
-size: 
10pt;" 
>(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
<span 
 style 
="font 
-size: 
9pt;"> 
For 
 the 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;">16 541</span>  <span
style="font-size:9pt;">16 447</span>     <span style="font-size:9pt;">1%</span>
 <span style="font-size:9pt;">16 313</span>  <span style="font-size:9pt;">14
885</span>   <span style="font-size:9pt;">13 514</span> 
 style 
="font 
-size: 
9pt;"> 
Sales< 
/span> 
<span    <span style="font-size:9pt;">4 096</span>   <span
style="font-size:9pt;">3 914</span>     <span style="font-size:9pt;">5%</span> 
 <span style="font-size:9pt;">3 660</span>   <span style="font-size:9pt;">3
466</span>    <span style="font-size:9pt;">2 598</span> 
 style 
="font 
-size: 
9pt;"> 
Gross 
 profi 
t</spa 
n> 
<span    <span style="font-size:9pt;">2 015</span>   <span
style="font-size:9pt;">2 246</span>   <span style="font-size:9pt;">-10%</span> 
 <span style="font-size:9pt;">1 986</span>   <span style="font-size:9pt;">1
854</span>      <span style="font-size:9pt;">896</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
</span 
> 
<span    <span style="font-size:9pt;">1 348</span>   <span
style="font-size:9pt;">1 486</span>   <span style="font-size:9pt;">-10%</span> 
 <span style="font-size:9pt;">1 037</span>   <span style="font-size:9pt;">1
016</span>       <span style="font-size:9pt;">37</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t*</sp 
an> 
<span      <span style="font-size:9pt;">185</span>     <span
style="font-size:9pt;">206</span>   <span style="font-size:9pt;">-10%</span>   
 <span style="font-size:9pt;">523</span>     <span
style="font-size:9pt;">638</span>      <span style="font-size:9pt;">667</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
ses</s 
pan> 
<span    <span style="font-size:9pt;">1 057</span>   <span
style="font-size:9pt;">1 269</span>   <span style="font-size:9pt;">-17%</span> 
   <span style="font-size:9pt;">535</span>     <span
style="font-size:9pt;">210</span>    <span style="font-size:9pt;">(780)</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t/(los 
s) for 
 the 
 perio 
d*</sp 
an> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
<span    <span style="font-size:9pt;">12.2%</span>   <span
style="font-size:9pt;">13.7%</span>                                            
 <span style="font-size:9pt;">12.2%</span>   <span
style="font-size:9pt;">12.5%</span>     <span
style="font-size:9pt;">6.6%</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 margi 
n 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">8.1%</span>    <span
style="font-size:9pt;">9.1%</span>                                             
 <span style="font-size:9pt;">6.4%</span>    <span
style="font-size:9pt;">6.8%</span>     <span style="font-size:9pt;">0.3%</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 margi 
n* 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">6.4%</span>    <span
style="font-size:9pt;">7.7%</span>                                             
 <span style="font-size:9pt;">3.3%</span>    <span
style="font-size:9pt;">1.4%</span>    <span style="font-size:9pt;">-5.8%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
<span              <span style="font-size:9pt;">(2   <span
style="font-size:9pt;">(157)</span>                                            
 <span style="font-size:9pt;">(750)</span>       <span
style="font-size:9pt;">0</span>  <span style="font-size:9pt;">(5 844)</span> 
 style                                 467)</span> 
="font 
-size: 
9pt;"> 
Impair 
ment 
 of 
 goodw 
ill 
 and 
 trade 
marks< 
/span> 
      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------- 
<span              <span style="font-size:9pt;">(1   <span
style="font-size:9pt;">1 112</span>  <span style="font-size:9pt;">-227%</span> 
<span style="font-size:9pt;"> (215)</span>     <span
style="font-size:9pt;">210</span>  <span style="font-size:9pt;">(6 624)</span> 
 style                                 410)</span> 
="font 
-size: 
9pt;"> 
Net 
 profi 
t / 
 (loss 
) from 
 conti 
nuing 
 opera 
tions 
 for 
 the 
 perio 
d in 
 the 
 finan 
cial 
 state 
ments< 
/span> 
------- 
      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------- 
<span              <span style="font-size:9pt;">(1   <span
style="font-size:9pt;">1 112</span>  <span style="font-size:9pt;">-227%</span> 
<span style="font-size:9pt;"> (215)</span>     <span
style="font-size:9pt;">210</span>  <span style="font-size:9pt;">(6 986)</span> 
 style                                 410)</span> 
="font 
-size: 
9pt;"> 
Net 
 profi 
t / 
 (loss 
) for 
 the 
 perio 
d in 
 the 
 finan 
cial 
 state 
ments< 
/span> 
------- 
      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------- 
<span    <span style="font-size:9pt;">-8.5%</span>    <span
style="font-size:9pt;">6.8%</span>                                             
<span style="font-size:9pt;">-1.3%</span>    <span
style="font-size:9pt;">1.4%</span>   <span style="font-size:9pt;">-51.7%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n 
 (%)</ 
span> 
------- 
      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------- 
<span     <span style="font-size:9pt;">1.4%</span>    <span
style="font-size:9pt;">1.6%</span>                                             
 <span style="font-size:9pt;">0.7%</span>    <span
style="font-size:9pt;">0.2%</span>    <span style="font-size:9pt;">-0.8%</span> 
 style 
="font 
-size: 
9pt;"> 
ROA 
 (%)</ 
span> 
------- 
<span     <span style="font-size:9pt;">2.5%</span>    <span
style="font-size:9pt;">3.1%</span>                                             
 <span style="font-size:9pt;">1.4%</span>    <span
style="font-size:9pt;">0.6%</span>    <span style="font-size:9pt;">-2.3%</span> 
 style 
="font 
-size: 
9pt;"> 
ROE 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 
<span   <span style="font-size:9pt;">(0.05)</span>    <span
style="font-size:9pt;">0.04</span>                                            
<span style="font-size:9pt;">(0.01)</span>    <span
style="font-size:9pt;">0.01</span>   <span style="font-size:9pt;">(0.34)</span> 
 style 
="font 
-size: 
9pt;"> 
Earnin 
gs per 
 share 
 (EPS) 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------ 

<span style="font-size:9pt;">*</span><span style="font-size:9pt;">The results
exclude impairment of goodwill and trademarks. </span> 



<span       <span style="font-size:9pt;">12 months      <span
style="font-size:9pt;">12 months                   <span                       
<span style="font-size:9pt;">12 months      <span style="font-size:9pt;">12
months      <span style="font-size:9pt;">12 months 
 style                                 2013</span>                             
   2012</span>   style="font-size:9pt;">Change%</span>                         
         2011</span>                                 2010</span>               
                 2009</span> 
="font 
-size: 
10pt;" 
>Perfo 
rmance 
 indic 
ators 
 </spa 
n> 
<span 
 style 
="font 
-size: 
10pt;" 
>(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
For 
 the 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;">58 442</span>  <span
style="font-size:9pt;">59 706</span>   <span style="font-size:9pt;">-2%</span> 
<span style="font-size:9pt;">57 391</span>  <span style="font-size:9pt;">51
814</span>  <span style="font-size:9pt;">51 974</span> 
 style 
="font 
-size: 
9pt;"> 
Sales< 
/span> 
<span   <span style="font-size:9pt;">13 192</span>  <span
style="font-size:9pt;">13 187</span>    <span style="font-size:9pt;">0%</span> 
<span style="font-size:9pt;">12 544</span>  <span style="font-size:9pt;">11
294</span>   <span style="font-size:9pt;">9 292</span> 
 style 
="font 
-size: 
9pt;"> 
Gross 
 profi 
t</spa 
n> 
<span    <span style="font-size:9pt;">7 264</span>   <span
style="font-size:9pt;">7 882</span>   <span style="font-size:9pt;">-8%</span>  
<span style="font-size:9pt;">6 968</span>   <span style="font-size:9pt;">6
041</span>   <span style="font-size:9pt;">3 014</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 </spa 
n> 
<span    <span style="font-size:9pt;">4 647</span>   <span
style="font-size:9pt;">4 596</span>    <span style="font-size:9pt;">1%</span>  
<span style="font-size:9pt;">3 443</span>   <span style="font-size:9pt;">2
760</span>   <span style="font-size:9pt;">(445)</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t* 
 </spa 
n> 
<span      <span style="font-size:9pt;">763</span>   <span
style="font-size:9pt;">1 549</span>  <span style="font-size:9pt;">-51%</span>  
<span style="font-size:9pt;">2 212</span>   <span style="font-size:9pt;">2
595</span>   <span style="font-size:9pt;">2 863</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
ses</s 
pan> 
<span    <span style="font-size:9pt;">3 548</span>   <span
style="font-size:9pt;">2 682</span>   <span style="font-size:9pt;">32%</span>  
  <span style="font-size:9pt;">893</span>  <span style="font-size:9pt;">
(509)</span>             <span style="font-size:9pt;">(3 
 style                                                                         
                                                                               
                                                                               
                 613)</span> 
="font 
-size: 
9pt;"> 
Net 
 profi 
t/(los 
s) for 
 the 
 perio 
d from 
 conti 
nuing 
 opera 
tions* 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span    <span style="font-size:9pt;">12.4%</span>   <span
style="font-size:9pt;">13.2%</span>                                            
<span style="font-size:9pt;">12.1%</span>   <span
style="font-size:9pt;">11.7%</span>    <span style="font-size:9pt;">5.8%</span> 
 style 
="font 
-size: 
9pt;"> 
EBITDA 
 margi 
n 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">8.0%</span>    <span
style="font-size:9pt;">7.7%</span>                                             
<span style="font-size:9pt;">6.0%</span>    <span
style="font-size:9pt;">5.3%</span>   <span style="font-size:9pt;">-0.9%</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 margi 
n* 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">6.1%</span>    <span
style="font-size:9pt;">4.5%</span>                                             
<span style="font-size:9pt;">1.6%</span>   <span
style="font-size:9pt;">-1.0%</span>   <span style="font-size:9pt;">-7.0%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n* 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span        <span style="font-size:9pt;">0</span>       <span
style="font-size:9pt;">0</span>                                            
<span style="font-size:9pt;">1 540</span>       <span
style="font-size:9pt;">0</span>       <span style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Gain 
 relat 
ed to 
 acqui 
sition 
 of a 
 50% 
 owner 
ship 
 inter 
est 
 Eesti 
 Päeva 
lehe 
 AS*</ 
span> 
<span              <span style="font-size:9pt;">(2   <span
style="font-size:9pt;">(157)</span>                                            
<span style="font-size:9pt;">(750)</span>       <span
style="font-size:9pt;">0</span>             <span style="font-size:9pt;">(5 
 style                                 467)</span>                             
                                                                               
                                                                               
                 844)</span> 
="font 
-size: 
9pt;"> 
Impair 
ment 
 of 
 goodw 
ill 
 and 
 trade 
marks< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span    <span style="font-size:9pt;">1 081</span>   <span
style="font-size:9pt;">2 525</span>  <span style="font-size:9pt;">-57%</span>  
<span style="font-size:9pt;">1 683</span>   <span
style="font-size:9pt;">(509)</span>             <span style="font-size:9pt;">(9 
 style                                                                         
                                                                               
                                                                               
                 457)</span> 
="font 
-size: 
9pt;"> 
Net 
 profi 
t/(los 
s) 
 from 
 conti 
nuing 
 opera 
tions 
 for 
 the 
 perio 
d in 
 the 
 finan 
cial 
 state 
ments< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span    <span style="font-size:9pt;">1 081</span>   <span
style="font-size:9pt;">2 525</span>  <span style="font-size:9pt;">-57%</span>  
<span style="font-size:9pt;">1 683</span>  <span style="font-size:9pt;">
(146)</span>            <span style="font-size:9pt;">(12 
 style                                                                         
                                                                               
                                                                               
                 144)</span> 
="font 
-size: 
9pt;"> 
Net 
 profi 
t/(los 
s) for 
 the 
 perio 
d 
 </spa 
n> 
<span 
 style 
="font 
-size: 
9pt;"> 
in the 
 finan 
cial 
 state 
ments< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span     <span style="font-size:9pt;">1.8%</span>    <span
style="font-size:9pt;">4.2%</span>                                             
<span style="font-size:9pt;">2.9%</span>   <span
style="font-size:9pt;">-0.3%</span>  <span style="font-size:9pt;">-23.4%</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 margi 
n 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span     <span style="font-size:9pt;">1.4%</span>    <span
style="font-size:9pt;">3.2%</span>                                             
<span style="font-size:9pt;">2.0%</span>   <span
style="font-size:9pt;">-0.2%</span>  <span style="font-size:9pt;">-11.8%</span> 
 style 
="font 
-size: 
9pt;"> 
ROA 
 (%)</ 
span> 
<span     <span style="font-size:9pt;">2.5%</span>    <span
style="font-size:9pt;">6.4%</span>                                             
<span style="font-size:9pt;">4.4%</span>   <span
style="font-size:9pt;">-0.4%</span>  <span style="font-size:9pt;">-32.2%</span> 
 style 
="font 
-size: 
9pt;"> 
ROE 
 (%)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 
<span     <span style="font-size:9pt;">0.04</span>    <span
style="font-size:9pt;">0.08</span>                                             
<span style="font-size:9pt;">0.06</span>  <span
style="font-size:9pt;">(0.01)</span>  <span
style="font-size:9pt;">(0.58)</span> 
 style 
="font 
-size: 
9pt;"> 
Earnin 
gs per 
 share 
 (EPS) 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------------------------- 

<span style="font-size:9pt;">* </span><span style="font-size:9pt;">The results
exclude impairment of goodwill and trademarks, and the net extraordinary gain
in relation to the acquisition of an additional ownership interest in Eesti
Päevalehe AS. </span><span style="font-size:9pt;">In the 1st quarter of 2011,
an additional 50% ownership interest was acquired in Eesti Päevalehe AS. 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 subsequently as the acquisition of the wholly-owned subsidiary.
</span> 



<span   <span style="font-size:9pt;">31.12.2013</span>  <span
style="font-size:9pt;">31.12.2012</span>                   <span               
    <span style="font-size:9pt;">31.12.2011</span> 
 style                                                                         
                         style="font-size:9pt;">Change%</span> 
="font 
-size: 
10pt;" 
>Balan 
ce 
 sheet 
 (EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
As of 
 the 
 end 
 of 
 the 
 perio 
d</spa 
n> 
<span       <span style="font-size:9pt;">14 447</span>      <span
style="font-size:9pt;">13 545</span>    <span style="font-size:9pt;">7%</span> 
    <span style="font-size:9pt;">12 523</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">63 019</span>      <span
style="font-size:9pt;">66 754</span>   <span style="font-size:9pt;">-6%</span> 
    <span style="font-size:9pt;">68 986</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">77 466</span>      <span
style="font-size:9pt;">80 299</span>   <span style="font-size:9pt;">-4%</span> 
    <span style="font-size:9pt;">81 509</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 asset 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
<span        <span style="font-size:9pt;">4 501</span>       <span
style="font-size:9pt;">3 280</span>   <span style="font-size:9pt;">37%</span>  
    <span style="font-size:9pt;">2 827</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 cash 
 and 
 bank< 
/span> 
<span       <span style="font-size:9pt;">40 052</span>      <span
style="font-size:9pt;">41 093</span>   <span style="font-size:9pt;">-3%</span> 
    <span style="font-size:9pt;">40 761</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 goodw 
ill</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
<span       <span style="font-size:9pt;">14 470</span>      <span
style="font-size:9pt;">14 967</span>   <span style="font-size:9pt;">-3%</span> 
    <span style="font-size:9pt;">16 547</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">20 673</span>      <span
style="font-size:9pt;">24 233</span>  <span style="font-size:9pt;">-15%</span> 
    <span style="font-size:9pt;">26 574</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 liabi 
lities 
 </spa 
n> 
<span       <span style="font-size:9pt;">35 143</span>      <span
style="font-size:9pt;">39 200</span>  <span style="font-size:9pt;">-10%</span> 
    <span style="font-size:9pt;">43 121</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 liabi 
lities 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 
<span       <span style="font-size:9pt;">24 432</span>      <span
style="font-size:9pt;">28 580</span>  <span style="font-size:9pt;">-15%</span> 
    <span style="font-size:9pt;">31 951</span> 
 style 
="font 
-size: 
9pt;"> 
incl. 
 borro 
wings< 
/span> 
<span       <span style="font-size:9pt;">42 323</span>      <span
style="font-size:9pt;">41 099</span>    <span style="font-size:9pt;">3%</span> 
    <span style="font-size:9pt;">38 388</span> 
 style 
="font 
-size: 
9pt;"> 
Equity 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------- 



<span                          <span              <span              <span      
 style="font-size:10pt;  style="font-size:  style="font-size:  style="font-size:
">  Financial ratios     9pt;">31.12.2013<  9pt;">31.12.2012<  9pt;">31.12.2011<
 (%)</span>                   /span>             /span>             /span>      
--------------------------------------------------------------------------------
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Equity ratio             9pt;">55%</span>   9pt;">51%</span>   9pt;">47%</span>
 (%)</span>                                                                     
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Debt to equity ratio     9pt;">58%</span>   9pt;">70%</span>   9pt;">83%</span>
 (%) </span>                                                                    
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Debt to capital ratio    9pt;">32%</span>   9pt;">38%</span>   9pt;">43%</span>
 (%) </span>                                                                    
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Total debt/EBITDA        9pt;">3.3</span>   9pt;">3.6</span>   9pt;">4.6</span>
 ratio</span>                                                                   
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Debt service coverage   9pt;">1.66</span>  9pt;">1.52</span>  9pt;">1.06</span>
 ratio </span>                                                                  
<span                          <span              <span              <span      
 style="font-size:9pt;"  style="font-size:  style="font-size:  style="font-size:
>Liquidity ratio</span>  9pt;">1.00</span>  9pt;">0.90</span>  9pt;">0.76</span>
--------------------------------------------------------------------------------



<span style="font-size:10pt;">Formulas used to calculate the financial          
 ratios</span>                                                                  
--------------------------------------------------------------------------------
- 
<span style="font-size:9pt;">EBITDA      <span style="font-size:9pt;">          
 margin</span> <span                      EBITDA/sales x 100</span>             
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Operating   <span style="font-size:9pt;"> Operating
 margin</span><span                       profit* /sales x 100</span>           
 style="font-size:9pt;">* </span><span                                          
 style="font-size:9pt;">(%)</span>                                              
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net         <span style="font-size:9pt;"> Net      
 margin* (%) </span>                      profit* /sales x 100</span>           
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Net margin  <span style="font-size:9pt;"> Net      
 (%) </span>                              profit/sales x 100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Earnings    <span style="font-size:9pt;"> Net      
 per share</span>                         profit/average number of shares</span>
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Equity      <span style="font-size:9pt;">Equity    
 ratio (%)</span>                         /(liabilities+equity) x 100</span>    
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 equity ratio (%)</span>                  bearing liabilities /equity x         
                                          100</span>                            
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Debt to     <span style="font-size:9pt;">Interest  
 capital ratio (%)</span>                 bearing liabilities –cash and cash    
                                          equivalents (net debt) /(net          
                                          debt+equity) x 100</span>             
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Total       <span style="font-size:9pt;">Interest  
 debt/EBITDA</span>                       bearing borrowings/EBITDA</span>      
--------------------------------------------------------------------------------



<span style="font-size:10pt;">   Formulas used to calculate the financial ratios
 above</span>                                                                   
--------------------------------------------------------------------------------
- 
<span style="font-size:9pt;">Debt       <span style="font-size:9pt;">EBITDA/loan
 service coverage ratio (DSCR)           and interest payments for the          
 </span>                                 period</span>                          
--------------------------------------------------------------------------------
<span style="font-size:9pt;">Liquidity  <span style="font-size:9pt;">Current    
 ratio</span>                            assets/current liabilities</span>      
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROA        <span style="font-size:9pt;">Net        
 (%)</span>                              profit/average assets  x 100</span>    
--------------------------------------------------------------------------------
<span style="font-size:9pt;">ROE        <span style="font-size:9pt;">Net        
 (%)</span>                              profit/average equity x 100</span>     
--------------------------------------------------------------------------------

OVERVIEW OF THE SEGMENTS

The Group operates since 2009 in the following operating segments:

-        online media

-        periodicals (newspapers, magazines and books)

-        printing services.



Cyclicality

All operating areas of the Group are characterised by cyclicality and
fluctuation, related to the changes in the overall economic conditions and
consumer confidence. The Group’s revenue can be adversely affected by an
economic slowdown or recession. It can appear in lower advertising costs in
retail, preference of other advertising channels (e.g. preference of Internet
rather than print media) and changes in consumption habits of retail consumers
(following current news in news portals versus reading printed newspapers,
preference of the younger generation to use mobile devices and other
communication channels, etc.). 

Seasonality

The revenue from the Group’s advertising sales as well as in the printing
services segment is impacted by major seasonal fluctuations. The level of both
types of revenue is the highest in the 2nd and 4th quarter of each year and the
lowest in the 3rd quarter. Revenue is higher in the 4th quarter because of
higher consumer spending during the Christmas season, accompanied by the
increase in advertising expenditure. Advertising expenditure is usually the
lowest during the summer months, as well as during the first months of the year
following Christmas and New Year’s celebrations. 



<strong style="font-size: 11pt;">Key financial data of the segments Q4 2010-2013

      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
----------------------------------------------------------- 
<span                                               <span
style="font-size:9pt;">Sales</span>                                            
                        <span style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                    <span style="font-size:9pt;">Q4  <span
style="font-size:9pt;">Q4 2012</span>                   <span                  
<span style="font-size:9pt;">Q4 2011</span>             <span
style="font-size:9pt;">Q4 
                                        2013</span>                            
                   style="font-size:9pt;">Change%</span>                       
                                                       2010</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------ 
<span     <span style="font-size:9pt;">3 355</span>    <span
style="font-size:9pt;">2 989</span>  <span style="font-size:9pt;">12%</span>   
<span style="font-size:9pt;">2 586</span>   <span style="font-size:9pt;">2
302</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span     <span style="font-size:9pt;">6 766</span>    <span
style="font-size:9pt;">6 626</span>   <span style="font-size:9pt;">2%</span>   
<span style="font-size:9pt;">6 544</span>   <span style="font-size:9pt;">6
051</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span     <span style="font-size:9pt;">7 566</span>    <span
style="font-size:9pt;">8 046</span>  <span style="font-size:9pt;">-6%</span>   
<span style="font-size:9pt;">8 143</span>   <span style="font-size:9pt;">7
230</span> 
 style 
="font 
-size: 
9pt;"> 
printi 
ng 
 servi 
ces</s 
pan> 
<span       <span style="font-size:9pt;">393</span>      <span
style="font-size:9pt;">308</span>  <span style="font-size:9pt;">28%</span>     
 <span style="font-size:9pt;">71</span>      <span
style="font-size:9pt;">31</span> 
 style 
="font 
-size: 
9pt;"> 
corpor 
ate 
 funct 
ions</ 
span> 
<span   <span style="font-size:9pt;">(1 539)</span>  <span
style="font-size:9pt;">(1 522)</span>  <span style="font-size:9pt;">-1%</span> 
<span style="font-size:9pt;">(1 031)</span>   <span
style="font-size:9pt;">(729)</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------ 
<span    <span style="font-size:9pt;">16 541</span>   <span
style="font-size:9pt;">16 447</span>   <span style="font-size:9pt;">1%</span>  
<span style="font-size:9pt;">16 313</span>  <span style="font-size:9pt;">14
885</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------ 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------- 
<span                                              <span
style="font-size:9pt;">EBITDA</span>                                           
                      <span style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                  <span style="font-size:9pt;">Q4            <span
style="font-size:9pt;">Q4                     <span                            
 <span style="font-size:9pt;">Q4            <span style="font-size:9pt;">Q4 
                                      2013</span>                              
 2012</span>     style="font-size:9pt;">Change%</span>                         
        2011</span>                                2010</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 
<span     <span style="font-size:9pt;">779</span>    <span
style="font-size:9pt;">586</span>     <span style="font-size:9pt;">33%</span>  
 <span style="font-size:9pt;">696</span>    <span
style="font-size:9pt;">302</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span     <span style="font-size:9pt;">435</span>    <span
style="font-size:9pt;">253</span>     <span style="font-size:9pt;">72%</span>  
  <span style="font-size:9pt;">62</span>    <span
style="font-size:9pt;">253</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span   <span style="font-size:9pt;">1 604</span>  <span
style="font-size:9pt;">1 650</span>     <span style="font-size:9pt;">-3%</span>
 <span style="font-size:9pt;">1 495</span>  <span style="font-size:9pt;">1
529</span> 
 style 
="font 
-size: 
9pt;"> 
printi 
ng 
 servi 
ces</s 
pan> 
<span   <span style="font-size:9pt;">(763)</span>  <span
style="font-size:9pt;">(242)</span>   <span style="font-size:9pt;">-215%</span>
 <span style="font-size:9pt;">(268)</span>  <span
style="font-size:9pt;">(236)</span> 
 style 
="font 
-size: 
9pt;"> 
corpor 
ate 
 funct 
ions</ 
span> 
<span    <span style="font-size:9pt;">(40)</span>    <span
style="font-size:9pt;">(1)</span>  <span style="font-size:9pt;">-3900%</span>  
   <span style="font-size:9pt;">1</span>      <span
style="font-size:9pt;">6</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 
<span   <span style="font-size:9pt;">2 015</span>  <span
style="font-size:9pt;">2 246</span>    <span style="font-size:9pt;">-10%</span>
 <span style="font-size:9pt;">1 986</span>  <span style="font-size:9pt;">1
854</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--- 
<span           <span style="font-size:9pt;">Q4          <span
style="font-size:9pt;">Q4          <span style="font-size:9pt;">Q4         
<span style="font-size:9pt;">Q4 
 style                              2013</span>                             
2012</span>                              2011</span>                           
  2010</span> 
="font 
-size: 
10pt;" 
>EBITD 
A 
 margi 
n</spa 
n> 
------- 
<span   <span style="font-size:9pt;">23%</span>  <span
style="font-size:9pt;">20%</span>  <span style="font-size:9pt;">27%</span> 
<span style="font-size:9pt;">13%</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span    <span style="font-size:9pt;">6%</span>   <span
style="font-size:9pt;">4%</span>   <span style="font-size:9pt;">1%</span>  
<span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span   <span style="font-size:9pt;">21%</span>  <span
style="font-size:9pt;">21%</span>  <span style="font-size:9pt;">18%</span> 
<span style="font-size:9pt;">21%</span> 
 style 
="font 
-size: 
9pt;"> 
printi 
ng 
 servi 
ces</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 
<span   <span style="font-size:9pt;">12%</span>  <span
style="font-size:9pt;">14%</span>  <span style="font-size:9pt;">12%</span> 
<span style="font-size:9pt;">13%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 



Key financial data of the segments 12 months 2010-2013

      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------ 
<span                                               <span
style="font-size:9pt;">Sales</span>                                            
                        <span style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
             <span style="font-size:9pt;">12 months       <span
style="font-size:9pt;">12 months    <span style="font-size:9pt;">Change        
<span style="font-size:9pt;">12 months       <span style="font-size:9pt;">12
months 
                                        2013</span>                            
     2012</span>                 %</span>                                      
           2011</span>                                  2010</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span    <span style="font-size:9pt;">11 455</span>   <span
style="font-size:9pt;">10 370</span>  <span style="font-size:9pt;">10%</span>  
 <span style="font-size:9pt;">8 977</span>    <span style="font-size:9pt;">7
884</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span    <span style="font-size:9pt;">23 798</span>   <span
style="font-size:9pt;">24 741</span>  <span style="font-size:9pt;">-4%</span>  
<span style="font-size:9pt;">24 069</span>   <span style="font-size:9pt;">22
520</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span    <span style="font-size:9pt;">27 462</span>   <span
style="font-size:9pt;">29 167</span>  <span style="font-size:9pt;">-6%</span>  
<span style="font-size:9pt;">27 736</span>   <span style="font-size:9pt;">24
221</span> 
 style 
="font 
-size: 
9pt;"> 
printi 
ng 
 servi 
ces</s 
pan> 
<span     <span style="font-size:9pt;">1 530</span>      <span
style="font-size:9pt;">996</span>  <span style="font-size:9pt;">54%</span>     
<span style="font-size:9pt;">209</span>      <span
style="font-size:9pt;">129</span> 
 style 
="font 
-size: 
9pt;"> 
corpor 
ate 
 funct 
ions</ 
span> 
<span   <span style="font-size:9pt;">(5 803)</span>  <span
style="font-size:9pt;">(5 568)</span>  <span style="font-size:9pt;">-4%</span> 
<span style="font-size:9pt;">(3 600)</span>  <span style="font-size:9pt;">(2
940)</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 
<span    <span style="font-size:9pt;">58 442</span>   <span
style="font-size:9pt;">59 706</span>  <span style="font-size:9pt;">-2%</span>  
<span style="font-size:9pt;">57 391</span>   <span style="font-size:9pt;">51
814</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------- 
<span                                              <span
style="font-size:9pt;">EBITDA</span>                                           
                      <span style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
             <span style="font-size:9pt;">12 months     <span
style="font-size:9pt;">12 months                   <span                      
<span style="font-size:9pt;">12 months     <span style="font-size:9pt;">12
months 
                                        2013</span>                            
   2012</span>   style="font-size:9pt;">Change%</span>                         
        2011</span>                                2010</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 
<span     <span style="font-size:9pt;">1 703</span>  <span
style="font-size:9pt;">1 776</span>   <span style="font-size:9pt;">-4%</span> 
<span style="font-size:9pt;">1 425</span>    <span
style="font-size:9pt;">758</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span     <span style="font-size:9pt;">1 093</span>    <span
style="font-size:9pt;">848</span>   <span style="font-size:9pt;">29%</span>   
<span style="font-size:9pt;">552</span>    <span
style="font-size:9pt;">914</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span     <span style="font-size:9pt;">5 862</span>  <span
style="font-size:9pt;">6 052</span>   <span style="font-size:9pt;">-3%</span> 
<span style="font-size:9pt;">5 959</span>  <span style="font-size:9pt;">5
198</span> 
 style 
="font 
-size: 
9pt;"> 
printi 
ng 
 servi 
ces</s 
pan> 
<span   <span style="font-size:9pt;">(1 356)</span>  <span
style="font-size:9pt;">(795)</span>  <span style="font-size:9pt;">-71%</span> 
<span style="font-size:9pt;">(980)</span>  <span
style="font-size:9pt;">(833)</span> 
 style 
="font 
-size: 
9pt;"> 
corpor 
ate 
 funct 
ions</ 
span> 
<span      <span style="font-size:9pt;">(38)</span>      <span
style="font-size:9pt;">1</span>     <span style="font-size:9pt;">-</span>    
<span style="font-size:9pt;">12</span>      <span
style="font-size:9pt;">4</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 
<span     <span style="font-size:9pt;">7 264</span>  <span
style="font-size:9pt;">7 882</span>   <span style="font-size:9pt;">-7%</span> 
<span style="font-size:9pt;">6 968</span>  <span style="font-size:9pt;">6
041</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------------------- 



      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--- 
<span    <span style="font-size:9pt;">12 months   <span
style="font-size:9pt;">12 months   <span style="font-size:9pt;">12 months  
<span style="font-size:9pt;">12 months 
 style                              2013</span>                             
2012</span>                              2011</span>                           
  2010</span> 
="font 
-size: 
10pt;" 
>EBITD 
A 
 margi 
n</spa 
n> 
------- 
<span   <span style="font-size:9pt;">15%</span>  <span
style="font-size:9pt;">17%</span>  <span style="font-size:9pt;">16%</span> 
<span style="font-size:9pt;">10%</span> 
 style 
="font 
-size: 
9pt;"> 
online 
-media 
</span 
> 
<span    <span style="font-size:9pt;">5%</span>   <span
style="font-size:9pt;">3%</span>   <span style="font-size:9pt;">2%</span>  
<span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
period 
icals< 
/span> 
<span   <span style="font-size:9pt;">21%</span>  <span
style="font-size:9pt;">21%</span>  <span style="font-size:9pt;">21%</span> 
<span style="font-size:9pt;">21%</span> 
 style 
="font 
-size: 
9pt;"> 
Printi 
ng 
 servi 
ces</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 
<span   <span style="font-size:9pt;">12%</span>  <span
style="font-size:9pt;">13%</span>  <span style="font-size:9pt;">12%</span> 
<span style="font-size:9pt;">12%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 GROUP 
</span 
> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
---------- 

The segments’ EBITDA does not include intragroup management fees, and
impairment of goodwill and trademarks. Volume-based and other fees payable to
advertising agencies have not been deducted from the advertising sales of
segments, because the management monitors gross advertising sales. Discounts
and rebates are reduced from the Group’s sales and are included in the combined
line of eliminations. 

News portals owned by the Group

<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Owner</span>    9pt;">Portal</span  pt;">Owner</span>    9pt;">Portal</span
                     >                                        >                 
--------------------------------------------------------------------------------
<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Delfi           9pt;">www.delfi.ee  pt;">AS Eesti        9pt;">www.ekspress
 Estonia</span>      </span>              Ajalehed</span>     .ee</span>        
--------------------------------------------------------------------------------
                     <span                                    <span             
                      style="font-size:                        style="font-size:
                     9pt;">rus.delfi.ee                       9pt;">www.maaleht.
                     </span>                                  ee</span>         
--------------------------------------------------------------------------------
<span                <span                                    <span             
 style="font-size:9   style="font-size:                        style="font-size:
pt;">Delfi           9pt;">www.delfi.lv                       9pt;">www.epl.ee</
 Latvia</span>       </span>                                  span>             
--------------------------------------------------------------------------------
                     <span                                    <span             
                      style="font-size:                        style="font-size:
                     9pt;">rus.delfi.lv                       9pt;">www.arileht.
                     </span>                                  ee</span>         
--------------------------------------------------------------------------------
<span                <span               <span                <span             
 style="font-size:9   style="font-size:   style="font-size:9   style="font-size:
pt;">Delfi           9pt;">www.delfi.lt  pt;">AS SL           9pt;">www.ohtuleht
 Lithuania</span>    </span>              Õhtuleht</span>     .ee</span>        
--------------------------------------------------------------------------------
                     <span                                                      
                      style="font-size:                                         
                     9pt;">ru.delfi.lt<                                         
                     /span>                                                     
--------------------------------------------------------------------------------
<span                <span                                                      
 style="font-size:9   style="font-size:                                         
pt;">Delfi           9pt;">www.delfi.ua                                         
 Ukraine</span>      </span>                                                    
--------------------------------------------------------------------------------

Advertising portals owned by the Group

<span               <span               <span                <span              
 style="font-size:   style="font-size:   style="font-size:1   style="font-size:1
10pt;">Owner</span  10pt;">Portal</spa  0pt;">Owner</span>   0pt;">Portal</span>
>                   n>                                                          
--------------------------------------------------------------------------------
<span               <span               <span                <span              
 style="font-size:   style="font-size:   style="font-size:9   style="font-size:9
9pt;">Delfi         9pt;">www.alio.lt   pt;">AS Eesti        pt;">www.ekspressjo
 Lithuania</span>    </span>             Ajalehed </span>    b.ee</span>        
--------------------------------------------------------------------------------
                                                             <span              
                                                              style="font-size:9
                                                             pt;">www.ekspressau
                                                             to.ee</span>       
--------------------------------------------------------------------------------
                                                             <span              
                                                              style="font-size:9
                                                             pt;">www.hyppelaud.
                                                             ee</span>          
--------------------------------------------------------------------------------



Online media segment

The online media segment includes Delfi operations in Estonia, Latvia,
Lithuania and Ukraine as well as the parent company Delfi Holding<span
style="font-family:Times New Roman, Times, serif;">.</span> 

      
--------------------------------------------------------------------------------
---------------------------------------------- 
<span                                             <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
           <span style="font-size:9pt;">Q4</span>    <span
style="font-size:9pt;">Q4 </span>                   <span 
        <span style="font-size:9pt;"> 2013</span>   <span
style="font-size:9pt;">2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span   <span style="font-size:9pt;">1 217</span>    <span
style="font-size:9pt;">951</span>  <span style="font-size:9pt;">28%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span     <span style="font-size:9pt;">683</span>    <span
style="font-size:9pt;">653</span>   <span style="font-size:9pt;">5%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span   <span style="font-size:9pt;">1 439</span>  <span
style="font-size:9pt;">1 369</span>   <span style="font-size:9pt;">5%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span      <span style="font-size:9pt;">16</span>     <span
style="font-size:9pt;">16</span>   <span style="font-size:9pt;">0%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span       <span style="font-size:9pt;">0</span>      <span
style="font-size:9pt;">0</span>    <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
other 
 Delfi 
 compa 
nies</ 
span> 
<span       <span style="font-size:9pt;">0</span>      <span
style="font-size:9pt;">0</span>    <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span   <span style="font-size:9pt;">3 355</span>  <span
style="font-size:9pt;">2 989</span>  <span style="font-size:9pt;">12%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 



      
--------------------------------------------------------------------------------
-------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
         <span style="font-size:9pt;">Q4 </span>   <span
style="font-size:9pt;">Q4 </span>                   <span 
        <span style="font-size:9pt;">2013</span>  <span
style="font-size:9pt;">2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
--------------------------------------------------- 
<span    <span style="font-size:9pt;">169</span>   <span
style="font-size:9pt;">118</span>  <span style="font-size:9pt;">43%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span     <span style="font-size:9pt;">96</span>    <span
style="font-size:9pt;">89</span>   <span style="font-size:9pt;">8%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span    <span style="font-size:9pt;">432</span>   <span
style="font-size:9pt;">332</span>  <span style="font-size:9pt;">30%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span   <span style="font-size:9pt;">(40)</span>  <span
style="font-size:9pt;">(59)</span>  <span style="font-size:9pt;">32%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span    <span style="font-size:9pt;">122</span>   <span
style="font-size:9pt;">108</span>  <span style="font-size:9pt;">13%</span> 
 style 
="font 
-size: 
9pt;"> 
other 
 Delfi 
 compa 
nies</ 
span> 
<span      <span style="font-size:9pt;">0</span>   <span
style="font-size:9pt;">(2)</span>    <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------- 
<span    <span style="font-size:9pt;">779</span>   <span
style="font-size:9pt;">586</span>  <span style="font-size:9pt;">33%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------- 



      
--------------------------------------------------------------------------------
-------------------------------------------------- 
<span                                               <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                   <span style="font-size:9pt;">12             <span
style="font-size:9pt;">12     <span style="font-size:9pt;">Change 
                                     months</span>                             
 months</span>                   %</span> 
          <span style="font-size:9pt;">2013</span>    <span
style="font-size:9pt;">2012</span> 
--------------------------------------------------------------------------------
--------------------------------------------------------- 
<span    <span style="font-size:9pt;">4 101</span>   <span
style="font-size:9pt;">3 469</span>    <span style="font-size:9pt;">18%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span    <span style="font-size:9pt;">2 378</span>   <span
style="font-size:9pt;">2 292</span>     <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span    <span style="font-size:9pt;">4 924</span>   <span
style="font-size:9pt;">4 531</span>     <span style="font-size:9pt;">9%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span       <span style="font-size:9pt;">53</span>      <span
style="font-size:9pt;">73</span>   <span style="font-size:9pt;">-27%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span        <span style="font-size:9pt;">0</span>       <span
style="font-size:9pt;">6</span>  <span style="font-size:9pt;">-100%</span> 
 style 
="font 
-size: 
9pt;"> 
other 
 Delfi 
 compa 
nies</ 
span> 
<span      <span style="font-size:9pt;">(1)</span>     <span
style="font-size:9pt;">(1)</span>     <span style="font-size:9pt;">0%</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------- 
<span   <span style="font-size:9pt;">11 455</span>  <span
style="font-size:9pt;">10 370</span>    <span style="font-size:9pt;">10%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------------- 



      
--------------------------------------------------------------------------------
----------------------------------------------- 
<span                                             <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                  <span style="font-size:9pt;">12            <span
style="font-size:9pt;">12                   <span 
                                    months</span>                             
months</span>   style="font-size:9pt;">Change%</span> 
         <span style="font-size:9pt;">2013</span>   <span
style="font-size:9pt;">2012</span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span     <span style="font-size:9pt;">291</span>    <span
style="font-size:9pt;">279</span>    <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Eston 
ia</sp 
an> 
<span     <span style="font-size:9pt;">133</span>    <span
style="font-size:9pt;">183</span>  <span style="font-size:9pt;">-27%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Latvi 
a</spa 
n> 
<span   <span style="font-size:9pt;">1 056</span>  <span
style="font-size:9pt;">1 182</span>  <span style="font-size:9pt;">-11%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Lithu 
ania</ 
span> 
<span   <span style="font-size:9pt;">(195)</span>  <span
style="font-size:9pt;">(260)</span>   <span style="font-size:9pt;">25%</span> 
 style 
="font 
-size: 
9pt;"> 
Delfi 
 Ukrai 
ne</sp 
an> 
<span     <span style="font-size:9pt;">421</span>    <span
style="font-size:9pt;">399</span>    <span style="font-size:9pt;">6%</span> 
 style 
="font 
-size: 
9pt;"> 
other 
 Delfi 
 compa 
nies</ 
span> 
<span     <span style="font-size:9pt;">(3)</span>    <span
style="font-size:9pt;">(7)</span>     <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">1 703</span>  <span
style="font-size:9pt;">1 776</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 



In the first half of the year, sales of the online media segment increased
strongly in all markets. In the second half of the year, most of the growth
came from Delfi Estonia, while business in Latvia and Lithuania slowed down.
This was attributable to the slowdown in the Baltic and European economies and
a hotter than normal summer that further reduced economic activity. In Latvia,
the transition to euro added insecurity and unawareness, eroding advertising
spending. Delfi Estonia buckled this trend and thanks to video streaming
managed to significantly increase sales. Higher expenses related to new
solutions and services, increase in the workforce of editorial offices aimed at
maintaining quality and decrease in the subsidies for cooperation projects,
initially affected both EBITDA and margins. The objective of the next year is
to increase the efficiency of new solutions and the whole organisation. Strict
cost-saving measures implemented in Ukraine succeeded in avoiding a loss. 

In 2013, the biggest projects in all Baltic countries were the development of
Delfi TV with additional programming and video streaming as well as the launch
of various online verticals such as travel, indoor decoration, cooking, family,
etc. 



<strong style="font-size: 11pt;">Delfi Estonia

·       Delfi Eesti continued transmitting live webcasts that were begun last
year. During the year, Delfi webcast various sports events (Estonian
Championship matches in basketball, SEB Tallink Open 2013 in tennis, various
volleyball and football matches, golf, etc.), cultural events such as Black
Nights Film Festival (PÖFF), Tallinn Music Week, Jazzkaar, a concert of Smilers
held in the Delfi office, etc. The list of major projects included a full-day
webcast from the events dedicated to the 95th anniversary of the Republic of
Estonia, the election studio dedicated to municipal elections and debates of
candidates for the post of the Mayor of Tallinn. The number of both serious and
entertaining broadcasts has increased. 

·       In the second quarter, Delfi and Eesti Päevaleht launched a new
business news website Ärileht www.arileht.ee that has become very popular. 

·       Also a new travel website www.reisijuht.ee and interior decorating
website www.moodnekodu.ee were launched 

·       In cooperation with Maaleht, the website www.maaleht.ee was re-designed
and supplemented with paid content. 

·       A new photo gallery and supplement to the comments section was added
which now separates posts of registered commentators from posts of anonymous
commentators. 

·       Cooperation projects with television channels TV3, Sky Media, Fox TV.

·       Cooperation projects with Estonian Athletics Federation, Estonian Ski
Federation, basketball club Kalev/Cramo, volleyball club Tallinna Selver. 

·       Cooperation projects with Theatre NO99, Tallinn Music Week, etc.

·       Charity project “Astume koos ellu”.

·       In the first quarter, a new mobile application version mDelfi 5.0. was
launched that has helped to increase the number of people who read Delfi via
their mobile phones 2.5 times. 

Estonian online readership 2012-2013

2013 did not bring about major changes in the Internet market. Delfi remains
the largest online publication in Estonia. In comparison with its largest
competitor, postimees.ee, the number of users of Delfi increased in the fourth
quarter and exceeded postimees.ee on average by 150 thousand unique browsers.
Over the year, the number of mobile users of Delfi has gone up 2.4 times,
reaching 280 thousand unique browsers a week. Because of the proliferation of
smartphones, this growth is set to continue also in 2014. 



Delfi Latvia

·       Delfi TV streamed from various events including Music Festival
Positivus, a concert of Marta Ritova, one of the rising stars of Latvian pop
music, annual dance competition Baltic Grand Prix, World Snooker Championships,
etc. 

<span style="font-size:11pt;">·       </span><span style="font-size:11pt;">The
portals of business news reached the highest number of visitors of all times,
helped by strong media coverage of Latvia’s accession to the eurozone both
before the year-end and a blog from the first day of euro changeover. </span> 

·       In July Delfi Latvia acquired www.calis.lv portal that is targeted at
parents. It was successfully integrated into the Delfi portal and became the
basis for launching a news channels targeted at parents. 

·       During the year, new online verticals were launched in the field of
travel, indoor decoration, gardening and cooking. 

·       English-language version of Delfi was launched in cooperation with The
Baltic Times. 

·       Video-on-demand project was launched in cooperation with Lattelecom.

·       Russian-language Delfi started cooperation with TV5, station owned by
MTG. 

·       Cooperation project with the e-school portal e-klase.lv targeted at
younger readers. 

·       Cooperation project with kasjauns.lv portal targeted at entertainment..

·       Selection of Latvia’s best athlete in cooperation with the Latvian
Olympic Committee. 

·       Other cooperation projects in different fields:

-        Main media partner of Positivus Festival,

-        Media partner of the Nordea Riga Marathon,

-        Official news website of the Rally of Champions,

-        Official cooperation partner of advertising festival ”Golden Hammer”,

-        Media partner of Latvian Music Awards „The Great Music Award“,

-        Main media partner of European Rally Championships that were held in
Latvia. 

·       According to data of the advertising agency DDB, Delfi is the most
popular and influential brand in the Latvian social media. 

Latvian online readership 2012-2013

In the 4th quarter of 2013, the readership of Latvian online portals was at
peak levels, in connection with the tragic accident in Riga. In November, the
number of Delfi readers went up 16.4% as compared to the previous month which
is the highest all-time increase of readers within a month. With this result,
Delfi was only 2% behind Inbox.lv, Latvia’s largest online portal and e-mail
service provider, while increasing its leadership position in the news portal
segment. Although there was a slight correction in December, Delfi recorded the
smallest decline in the percentage among news portals and the gap with tvnet.lv
increased to more than 100 thousand unique users. Already in October, Delfi
passed social network Draugiem.lv in terms of readers, making Delfi
second-largest Latvian online portals by the number of users in the 4th
quarter. 



Delfi Lithuania

·       In November, a 51% holding was acquired in UAB Sport Media that has
secured basketball broadcasting rights in Lithuania for nine years.
Participation and partnership with the Lithuanian Basketball Federation creates
an opportunity to significantly increase video streaming of the most popular
sport in Lithuania. 

·       In cooperation with the Group’s magazine publisher Ekspress Leidyba,
verticals were developed on the basis of magazines. Together 
www.cosmopolitan.lt, www.moteris.lt, www.panele.lt, www.manonamai.lt and
www.tavovaikas.lt are strong standalone websites with a focus on lifestyle and
entertainment. 

·       Other specialised portals on travel, cooking, home and interior
decoration and website targeted at parents were launched. 

·       The cooperation project with Nubo TV that allows computer users to
watch various TV channels is successful. 

·       A new e-bookstore was launched.

·       The development of Alio, a portal of classified ads acquired at the end
of 2012, has been disappointing because its online potential is not being fully
used and its print version is decreasing faster than initially expected. 

·       In the first quarter, Delfi Lithuania launched Russian, Polish and
English language versions. 

Lithuanian online readership 2012-2013

Among Lithuanian Internet users, Delfi Lithuania remains an uncontested market
leader, with more than one million unique users a month. In December, Delfi.lt
attained its all-time best result with 1.127 million users a month, increasing
the gap with the news portal 15min.lt to 270 thousand users a month. The
readership of the Lietuvos Rytas portal has also increased and is already close
to that of 15min.lt. 



Delfi Ukraine

·       In 2013, the previous strategy was continued, offering easier and more
tabloid-like news and mainly increasing production of content targeted at
women. 

·       This strategy has helped to increase the number of users that is
getting close to that of Delfi Lithuania and reaches almost one million.
However, it has not generated enough advertising revenue to have confidence in
the future of the project. Therefore, a decision has been made to terminate the
Group’s activity in Ukraine. The local undertaking will be liquidated, while
the management and the editorial office are allowed to use the Delfi trademark
and portal for some time, but without the Group’s support. 



Periodicals segment

The periodicals segment includes AS Eesti Ajalehed, the publisher of Maaleht,
Eesti Ekspress and Eesti Päevaleht, AS SL Õhtuleht, the publisher of Õhtuleht
and Linnaleht, book publisher OÜ Hea Lugu, magazine publishers AS Ajakirjade
Kirjastus in Estonia and UAB Ekspress in Lithuania. This segment also includes
AS Express Post, engaged in home delivery of periodicals. 



------- 
<span                                              <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
----------------------------------------------- 
                  <span style="font-size:9pt;">Q4            <span
style="font-size:9pt;">Q4                                     <span 
                                      2013</span>                              
 2012</span>     style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span   <span style="font-size:9pt;">3 288</span>  <span
style="font-size:9pt;">2 975</span>   <span style="font-size:9pt;">11%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span     <span style="font-size:9pt;">431</span>    <span
style="font-size:9pt;">554</span>  <span style="font-size:9pt;">-22%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span     <span style="font-size:9pt;">964</span>    <span
style="font-size:9pt;">950</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
AS SL 
 Õhtul 
eht*</ 
span> 
<span   <span style="font-size:9pt;">1 136</span>  <span
style="font-size:9pt;">1 186</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span     <span style="font-size:9pt;">646</span>    <span
style="font-size:9pt;">641</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span     <span style="font-size:9pt;">605</span>    <span
style="font-size:9pt;">601</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span   <span style="font-size:9pt;">(304)</span>  <span
style="font-size:9pt;">(281)</span>   <span style="font-size:9pt;">-8%</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span   <span style="font-size:9pt;">6 766</span>  <span
style="font-size:9pt;">6 626</span>    <span style="font-size:9pt;">2%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 



      
--------------------------------------------------------------------------------
-------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                <span style="font-size:9pt;">Q4           <span
style="font-size:9pt;">Q4                                     <span 
                                    2013</span>                              
2012</span>     style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
--------------------------------------------------- 
<span   <span style="font-size:9pt;">183</span>   <span
style="font-size:9pt;">172</span>    <span style="font-size:9pt;">6%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span    <span style="font-size:9pt;">20</span>  <span
style="font-size:9pt;">(67)</span>  <span style="font-size:9pt;">130%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span    <span style="font-size:9pt;">53</span>    <span
style="font-size:9pt;">51</span>    <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
AS SL 
 Õhtul 
eht*</ 
span> 
<span    <span style="font-size:9pt;">75</span>    <span
style="font-size:9pt;">93</span>  <span style="font-size:9pt;">-19%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span    <span style="font-size:9pt;">32</span>  <span
style="font-size:9pt;">(80)</span>  <span style="font-size:9pt;">140%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span    <span style="font-size:9pt;">72</span>    <span
style="font-size:9pt;">85</span>  <span style="font-size:9pt;">-15%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span     <span style="font-size:9pt;">0</span>   <span
style="font-size:9pt;">(1)</span>     <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span   <span style="font-size:9pt;">435</span>   <span
style="font-size:9pt;">253</span>   <span style="font-size:9pt;">72%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
--------------------------------------------------- 



------- 
<span                                                <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
--------------------------------------------------- 
             <span style="font-size:9pt;">12 months       <span
style="font-size:9pt;">12 months                                     <span 
                                        2013</span>                            
     2012</span>     style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
---------------------------------------------------------- 
<span    <span style="font-size:9pt;">11 235</span>   <span
style="font-size:9pt;">11 300</span>   <span style="font-size:9pt;">-1%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span       <span style="font-size:9pt;">987</span>    <span
style="font-size:9pt;">1 699</span>  <span style="font-size:9pt;">-42%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span     <span style="font-size:9pt;">3 734</span>    <span
style="font-size:9pt;">3 705</span>    <span style="font-size:9pt;">1%</span> 
 style 
="font 
-size: 
9pt;"> 
AS SL 
 Õhtul 
eht*</ 
span> 
<span     <span style="font-size:9pt;">4 036</span>    <span
style="font-size:9pt;">4 196</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span     <span style="font-size:9pt;">2 515</span>    <span
style="font-size:9pt;">2 629</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span     <span style="font-size:9pt;">2 351</span>    <span
style="font-size:9pt;">2 313</span>    <span style="font-size:9pt;">2%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span   <span style="font-size:9pt;">(1 060)</span>  <span
style="font-size:9pt;">(1 101)</span>    <span style="font-size:9pt;">4%</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span    <span style="font-size:9pt;">23 798</span>   <span
style="font-size:9pt;">24 741</span>   <span style="font-size:9pt;">-4%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
---------------------------------------------------------- 



      
--------------------------------------------------------------------------------
----------------------------------------------- 
<span                                             <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
           <span style="font-size:9pt;">12 months     <span
style="font-size:9pt;">12 months       <span style="font-size:9pt;">Change 
                                      2013</span>                              
 2012</span>                                  %</span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 
<span     <span style="font-size:9pt;">368</span>    <span
style="font-size:9pt;">454</span>  <span style="font-size:9pt;">-19%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Eesti 
 Ajale 
hed</s 
pan> 
<span      <span style="font-size:9pt;">55</span>     <span
style="font-size:9pt;">48</span>   <span style="font-size:9pt;">15%</span> 
 style 
="font 
-size: 
9pt;"> 
OÜ Hea 
 Lugu 
 </spa 
n> 
<span     <span style="font-size:9pt;">221</span>    <span
style="font-size:9pt;">244</span>   <span style="font-size:9pt;">-9%</span> 
 style 
="font 
-size: 
9pt;"> 
AS SL 
 Õhtul 
eht*</ 
span> 
<span     <span style="font-size:9pt;">172</span>     <span
style="font-size:9pt;">35</span>  <span style="font-size:9pt;">391%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Ajaki 
rjade 
 Kirja 
stus*< 
/span> 
<span       <span style="font-size:9pt;">0</span>  <span
style="font-size:9pt;">(190)</span>  <span style="font-size:9pt;">100%</span> 
 style 
="font 
-size: 
9pt;"> 
UAB 
 Ekspr 
ess 
 Leidy 
ba</sp 
an> 
<span     <span style="font-size:9pt;">279</span>    <span
style="font-size:9pt;">258</span>    <span style="font-size:9pt;">8%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Expre 
ss 
 Post* 
</span 
> 
<span     <span style="font-size:9pt;">(2)</span>    <span
style="font-size:9pt;">(1)</span>     <span style="font-size:9pt;">-</span> 
 style 
="font 
-size: 
9pt;"> 
inters 
egment 
 elimi 
nation 
s</spa 
n> 
<span   <span style="font-size:9pt;">1 093</span>    <span
style="font-size:9pt;">848</span>   <span style="font-size:9pt;">29%</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL< 
/span> 
--------------------------------------------------------------------------------
------------------------------------------------------ 

<span style="font-size:9pt;">* Proportionate share of joint ventures</span>

2013 will be remembered by the continued recession in the advertising market of
print media. Advertising income of almost all newspapers decreased. At the same
time advertising volumes of magazines in Estonia are growing that creates some
confidence about the future and hope that the exodus of advertising from print
media is slowing down. Circulations of newspapers and magazines have been in a
slight downward trend and income is generated mainly through price increases. A
positive factor is the ongoing growth of digital subscriptions that went up
sharply especially in summer months. Throughout the year, the number of digital
subscribers of Eesti Ekspress is up 60% and the number of subscribers of Eesti
Päevaleht has almost doubled, reaching five and a half thousand for both
publications. From now on, digital subscribers can read both digital newspapers
and paid online content. In addition, in cooperation with Eesti Digiraamatute
Keskus (Estonian Centre of e-books), a digital subscription entitles the
subscriber to one free e-book a month. Our newspapers can be read in full also
via mobile phones. In the autumn, the digital package of Maaleht was launched. 

At the beginning of the year the joint project of OÜ Hea Lugu and Eesti
Päevaleht was continued that includes 15 films dedicated to the 100th
anniversary of Estonian film. At the start of October, Eesti Ekspress
co-launched a similar series of DVDs with Estonian children’s films. In August,
LP and Eesti Päevaleht launched a new series of criminal novels. 

The website and mobile application of SL Õhtuleht has been renewed. Ajakirjade
Kirjastus and SL Õhtuleht started cooperation in co-selling web advertising
space. From July, “Kalale”, a new fishing magazine targeted at men, is being
published. 

Estonian newspaper circulation  2012-2013

Circulations of Estonian newspapers have remained stable or are falling
moderately. The circulation of daily newspapers is falling faster than that of
weeklies. At year-end, the highest decline in the circulation was recorded for
Postimees, a publication of Eesti Meedia: more than 10% in comparison with
December 2012. As an annual average, the circulation of larger daily newspapers
has fallen by 4%.  Weekly newspapers have done relatively well, with Eesti
Ekspress and Maaleht, two publications of Ekspress Grupp, managing to maintain
average circulation. As for the publications of Ekspress Grupp, one needs to
add also subscribers of digital newspapers numbering ca 5 500 for both Eesti
Ekspress and for Eesti Päevaleht at the end of the year. In comparison with the
end of 2012, the number of subscribers of the digital package of Eesti Ekspress
has increased by 60% and the number of subscribers of the digital package of
Eesti Päevaleht has grown even by as much as 90%. 

Estonian newspaper readership 2012-2013

In 2013, there were no major changes in the readership of Estonian newspapers.
According to the readership survey of Turu-uuringute AS, the number of
newspaper readers fell by 2% on average in 2013. Monthly fluctuations have been
bigger, but it is attributed mainly to the survey methods. It should be
mentioned that the number of digital newspapers of Ekspress Grupp is not
included in the above figures and the number of readers of all publications of
Ekspress Grupp is higher than shown in the graph. 



Printing services segment

All printing services of the Group 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). 



------- 
<span                                             <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
---------------------------------------------- 
                  <span style="font-size:9pt;">Q4            <span
style="font-size:9pt;">Q4                   <span 
                                      2013</span>                              
 2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span   <span style="font-size:9pt;">7 566</span>  <span
style="font-size:9pt;">8 046</span>  <span style="font-size:9pt;">-6%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
----------------------------------------------------- 



      
--------------------------------------------------------------------------------
---------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
                  <span style="font-size:9pt;">Q4            <span
style="font-size:9pt;">Q4                   <span 
                                      2013</span>                              
 2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span   <span style="font-size:9pt;">1 604</span>  <span
style="font-size:9pt;">1 650</span>  <span style="font-size:9pt;">-3%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
----------------------------------------------------- 



------- 
<span                                              <span
style="font-size:9pt;">Sales</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
      
--------------------------------------------------------------------------------
------------------------------------------------ 
            <span style="font-size:9pt;">12 months      <span
style="font-size:9pt;">12 months                   <span 
                                       2013</span>                             
   2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
------------------------------------------------------- 
<span   <span style="font-size:9pt;">27 462</span>  <span
style="font-size:9pt;">29 167</span>  <span style="font-size:9pt;">-6%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
------------------------------------------------------- 



      
--------------------------------------------------------------------------------
---------------------------------------------- 
<span                                            <span
style="font-size:9pt;">EBITDA</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
------- 
           <span style="font-size:9pt;">12 months     <span
style="font-size:9pt;">12 months                   <span 
                                      2013</span>                              
 2012</span>   style="font-size:9pt;">Change%</span> 
--------------------------------------------------------------------------------
----------------------------------------------------- 
<span   <span style="font-size:9pt;">5 862</span>  <span
style="font-size:9pt;">6 052</span>  <span style="font-size:9pt;">-3%</span> 
 style 
="font 
-size: 
9pt;"> 
AS 
 Print 
all</s 
pan> 
--------------------------------------------------------------------------------
----------------------------------------------------- 



After a number of years, total sales of AS Printall comprising paper and
printing services decreased. Negative impact is attributable to falling
circulations, and it takes a long time to offset and replace them with new
customers due to the specific nature of the printing industry. Also, since in
the peak season the production capacity of heatset machines has been at a
maximum level, sales can be increased only by individual orders in less active
months.The company’s revenue purely from printing services fell slightly less,
2.3% in 2013. Work in making processes more efficient is continuing, as a
result of which the EBITDA margin has even been increased. 85% of revenue comes
from heatset printing. 

Printing services and the environment

In addition to its very strong financial position, Printall also focuses on
environmentally conscious production. In 2012, Printall was granted ISO 9001
management and ISO 14001 environmental certificates. 

The Minister of the Environment of the Republic of Estonia and the waste
managing company AS Ragn-Sells awarded Printall with the title of the Top
Recycler of the Year, because the company recycles 95% of its waste. 

The Nordic Council of Ministers has awarded Printall with the environmental
label “The Nordic Ecolabel”, used to acknowledge the companies in the Nordic
countries that use environmentally efficient production. Printall also has FSC
and PEFC Chain of Custody (COC) certificates, which the company uses to promote
a green way of thinking in the printing industry. Both of those certificates
indicate compliance with monitoring and product production process requirements
which are issued to businesses that comply with the requirements established by
the FSC (Forest Stewardship Council) and the PEFC (Programme for the
Endorsement of Forest Certification). A business that is issued these
certificates helps to support the environmentally friendly, socially fair and
economically viable management of the world’s forests. 

Printall cares about the environment and uses green energy. The POWERED BY
GREEN certificate is a proof that the company buys electricity, 70% of which
has been generated by renewable sources of energy. 



Consolidated balance sheet (unaudited)

<span   <span style="font-size:9pt;">31.12.2013</span>  <span
style="font-size:9pt;">31.12.2012</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR</ 
span>< 
span 
 style 
="font 
-famil 
y:Time 
s New 
 Roman 
, 
 Times 
, 
 serif 
;"><sp 
an 
 style 
="font 
-size: 
9pt;"> 
 thous 
and</s 
pan></ 
span>< 
span 
 style 
="font 
-size: 
9pt;"> 
)</spa 
n> 
--------------------------------------------------------------------------------
---------------------- 
       ------------------------------------------------
<span                                                   
 style                                                  
="font                                                  
-size:                                                  
9pt;">                                                  
ASSETS                                                  
</span                                                  
>                                                       
<span                                                   
 style                                                  
="font                                                  
-size:                                                  
9pt;">                                                  
Curren                                                  
t                                                       
 asset                                                  
s</spa                                                  
n>                                                      
<span        <span style="font-size:9pt;">4 403</span>       <span
style="font-size:9pt;">3 182</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
</span 
> 
<span           <span style="font-size:9pt;">98</span>           <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Term 
 depos 
it</sp 
an> 
<span        <span style="font-size:9pt;">7 229</span>       <span
style="font-size:9pt;">7 344</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span        <span style="font-size:9pt;">2 717</span>       <span
style="font-size:9pt;">2 922</span> 
 style 
="font 
-size: 
9pt;"> 
Invent 
ories< 
/span> 
<span       <span style="font-size:9pt;">14 447</span>      <span
style="font-size:9pt;">13 448</span> 
 style 
="font 
-size: 
9pt;"> 
Total< 
/span> 
<span            <span style="font-size:9pt;">0</span>          <span
style="font-size:9pt;">97</span> 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s held 
 for 
 sale< 
/span> 
<span       <span style="font-size:9pt;">14 447</span>      <span
style="font-size:9pt;">13 545</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 curre 
nt 
 asset 
s</spa 
n> 
--------------------------------------------------------------------------------
---------------------- 
--------------------------------------------------------------------------------
---------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Non-cu 
rrent 
 asset 
s</spa 
n> 
<span            <span style="font-size:9pt;">0</span>          <span
style="font-size:9pt;">98</span> 
 style 
="font 
-size: 
9pt;"> 
Term 
 depos 
it</sp 
an> 
<span          <span style="font-size:9pt;">399</span>         <span
style="font-size:9pt;">365</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span       <span style="font-size:9pt;">13 665</span>      <span
style="font-size:9pt;">14 841</span> 
 style 
="font 
-size: 
9pt;"> 
Proper 
ty, 
 plant 
 and 
 equip 
ment 
 </spa 
n> 
<span       <span style="font-size:9pt;">48 955</span>      <span
style="font-size:9pt;">51 450</span> 
 style 
="font 
-size: 
9pt;"> 
Intang 
ible 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">63 019</span>      <span
style="font-size:9pt;">66 754</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 non-c 
urrent 
 asset 
s</spa 
n> 
<span       <span style="font-size:9pt;">77 466</span>      <span
style="font-size:9pt;">80 299</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 ASSET 
S</spa 
n> 
--------------------------------------------------------------------------------
---------------------- 
      
--------------------------------------------------------------------------------
--------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
LIABIL 
ITIES 
 </spa 
n> 
<span 
 style 
="font 
-size: 
9pt;"> 
Curren 
t 
 liabi 
lities 
</span 
> 
<span        <span style="font-size:9pt;">3 760</span>       <span
style="font-size:9pt;">4 347</span> 
 style 
="font 
-size: 
9pt;"> 
Borrow 
ings</ 
span> 
<span       <span style="font-size:9pt;">10 708</span>      <span
style="font-size:9pt;">10 620</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 payab 
les</s 
pan> 
<span       <span style="font-size:9pt;">14 468</span>      <span
style="font-size:9pt;">14 967</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 curre 
nt 
 liabi 
lities 
</span 
> 
<span 
 style 
="font 
-size: 
9pt;"> 
Long 
 term 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">20 672</span>      <span
style="font-size:9pt;">24 233</span> 
 style 
="font 
-size: 
9pt;"> 
Long-t 
erm 
 borro 
wings 
 </spa 
n> 
<span            <span style="font-size:9pt;">1</span>           <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 long- 
term 
 payab 
les</s 
pan> 
<span       <span style="font-size:9pt;">20 673</span>      <span
style="font-size:9pt;">24 233</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 non-c 
urrent 
 liabi 
lities 
</span 
> 
<span       <span style="font-size:9pt;">35 141</span>      <span
style="font-size:9pt;">39 200</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 liabi 
lities 
 </spa 
n> 
--------------------------------------------------------------------------------
---------------------- 
--------------------------------------------------------------------------------
---------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
EQUITY 
</span 
> 
<span       <span style="font-size:9pt;">17 878</span>      <span
style="font-size:9pt;">17 878</span> 
 style 
="font 
-size: 
9pt;"> 
Share 
 capit 
al 
 </spa 
n> 
<span       <span style="font-size:9pt;">14 277</span>      <span
style="font-size:9pt;">14 277</span> 
 style 
="font 
-size: 
9pt;"> 
Share 
 premi 
um</sp 
an> 
<span        <span style="font-size:9pt;">1 250</span>         <span
style="font-size:9pt;">740</span> 
 style 
="font 
-size: 
9pt;"> 
Reserv 
es</sp 
an> 
<span        <span style="font-size:9pt;">8 848</span>       <span
style="font-size:9pt;">8 190</span> 
 style 
="font 
-size: 
9pt;"> 
Retain 
ed 
 earni 
ngs</s 
pan> 
<span           <span style="font-size:9pt;">72</span>          <span
style="font-size:9pt;">14</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
cy 
 trans 
lation 
 reser 
ve</sp 
an> 
<span       <span style="font-size:9pt;">42 325</span>      <span
style="font-size:9pt;">41 099</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 EQUIT 
Y 
 </spa 
n> 
<span       <span style="font-size:9pt;">77 466</span>      <span
style="font-size:9pt;">80 299</span> 
 style 
="font 
-size: 
9pt;"> 
TOTAL 
 LIABI 
LITIES 
 AND 
 EQUIT 
Y</spa 
n> 
--------------------------------------------------------------------------------
---------------------- 



Consolidated statement of comprehensive income (unaudited)

<span    <span style="font-size:9pt;">Q4 2013</span>             <span
style="font-size:9pt;">Q4      <span style="font-size:9pt;">12 months       
<span style="font-size:9pt;">12 months 
 style                                                      </span><span
style="font-size:9pt;">                                 2013</span>            
                      2012</span> 
="font                                                                         
     2012</span> 
-size: 
9pt;"> 
(EUR</ 
span>< 
span 
 style 
="font 
-size: 
9pt;"> 
 thous 
and</s 
pan><s 
pan 
 style 
="font 
-size: 
9pt;"> 
)</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
<span     <span style="font-size:9pt;">16 541</span>  <span
style="font-size:9pt;">16 447</span>  <span style="font-size:9pt;">58
442</span>    <span style="font-size:9pt;">59 706</span> 
 style 
="font 
-size: 
9pt;"> 
Sales 
 reven 
ue</sp 
an> 
<span   <span style="font-size:9pt;">(12 445)</span>            <span
style="font-size:9pt;">(12            <span style="font-size:9pt;">(45  <span
style="font-size:9pt;">(46 519)</span> 
 style                                                                         
     533)</span>                                 250)</span> 
="font 
-size: 
9pt;"> 
Cost 
 of 
 sales 
</span 
> 
<span      <span style="font-size:9pt;">4 096</span>   <span
style="font-size:9pt;">3 914</span>  <span style="font-size:9pt;">13 192</span>
   <span style="font-size:9pt;">13 187</span> 
 style 
="font 
-size: 
9pt;"> 
Gross 
 profi 
t</spa 
n> 
<span        <span style="font-size:9pt;">196</span>     <span
style="font-size:9pt;">245</span>     <span style="font-size:9pt;">556</span>  
    <span style="font-size:9pt;">650</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 incom 
e</spa 
n> 
<span      <span style="font-size:9pt;">(791)</span>   <span
style="font-size:9pt;">(768)</span>             <span style="font-size:9pt;">(2
  <span style="font-size:9pt;">(2 378)</span> 
 style                                                                         
                                                 442)</span> 
="font 
-size: 
9pt;"> 
Market 
ing 
 expen 
ses</s 
pan> 
<span    <span style="font-size:9pt;">(2 106)</span>             <span
style="font-size:9pt;">(1             <span style="font-size:9pt;">(6   <span
style="font-size:9pt;">(6 643)</span> 
 style                                                                         
     805)</span>                                 527)</span> 
="font 
-size: 
9pt;"> 
Admini 
strati 
ve 
 expen 
ses</s 
pan> 
<span       <span style="font-size:9pt;">(47)</span>    <span
style="font-size:9pt;">(90)</span>   <span style="font-size:9pt;">(132)</span> 
   <span style="font-size:9pt;">(220)</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 expen 
ses</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
<span          <span style="font-size:9pt;">0</span>       <span
style="font-size:9pt;">0</span>       <span style="font-size:9pt;">0</span>    
    <span style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Gain 
 on 
 sale 
 of 
 owner 
ship 
 inter 
est in 
 a 
 joint 
 ventu 
re</sp 
an> 
<span   <span style="font-size:9pt;"> (2 467)</span>  <span
style="font-size:9pt;"> (157)</span>             <span
style="font-size:9pt;">(2     <span style="font-size:9pt;">(157)</span> 
 style                                                                         
                                                 467)</span> 
="font 
-size: 
9pt;"> 
Impair 
ment 
 of 
 trade 
marks 
 and 
 goodw 
ill</s 
pan> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
<span   <span style="font-size:9pt;"> (1 119)</span>   <span
style="font-size:9pt;">1 339</span>   <span style="font-size:9pt;">2 180</span>
    <span style="font-size:9pt;">4 439</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
      
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------- 
<span          <span style="font-size:9pt;">2</span>       <span
style="font-size:9pt;">0</span>       <span style="font-size:9pt;">6</span>    
    <span style="font-size:9pt;">5</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 incom 
e</spa 
n> 
<span      <span style="font-size:9pt;">(185)</span>   <span
style="font-size:9pt;">(206)</span>   <span style="font-size:9pt;">(763)</span>
  <span style="font-size:9pt;">(1 549)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 expen 
se</sp 
an> 
<span      <span style="font-size:9pt;"> (46)</span>   <span
style="font-size:9pt;"> (13)</span>   <span style="font-size:9pt;"> (71)</span>
    <span style="font-size:9pt;"> (15)</span> 
 style 
="font 
-size: 
9pt;"> 
Foreig 
n 
 excha 
nge 
 gains 
/losse 
s</spa 
n> 
<span       <span style="font-size:9pt;">(16)</span>    <span
style="font-size:9pt;">(14)</span>    <span style="font-size:9pt;">(58)</span> 
   <span style="font-size:9pt;">(117)</span> 
 style 
="font 
-size: 
9pt;"> 
Other 
 finan 
ce 
 incom 
e/cost 
s</spa 
n> 
<span     <span style="font-size:9pt;"> (245)</span>  <span
style="font-size:9pt;"> (233)</span>  <span style="font-size:9pt;">
(886)</span>  <span style="font-size:9pt;"> (1 676)</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 finan 
ce 
 incom 
e/cost 
s</spa 
n> 
<span         <span style="font-size:9pt;">20</span>    <span
style="font-size:9pt;"> (8)</span>      <span style="font-size:9pt;">20</span> 
   <span style="font-size:9pt;"> (41)</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 (loss 
) on 
 share 
s of 
 assoc 
iates< 
/span> 
<span   <span style="font-size:9pt;"> (1 344)</span>   <span
style="font-size:9pt;">1 098</span>   <span style="font-size:9pt;">1 314</span>
    <span style="font-size:9pt;">2 722</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 (loss 
) 
 befor 
e 
 incom 
e 
 tax</ 
span> 
<span       <span style="font-size:9pt;">(66)</span>     <span
style="font-size:9pt;"> 14</span>   <span style="font-size:9pt;">(233)</span>  
  <span style="font-size:9pt;">(197)</span> 
 style 
="font 
-size: 
9pt;"> 
Income 
 tax 
 expen 
se</sp 
an> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
<span   <span style="font-size:9pt;"> (1 410)</span>   <span
style="font-size:9pt;">1 112</span>   <span style="font-size:9pt;">1 081</span>
    <span style="font-size:9pt;">2 525</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t 
 (loss 
) for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Net 
 profi 
t 
 (loss 
) for 
 the 
 repor 
ting 
 perio 
d 
 attri 
butabl 
e 
 to</s 
pan><s 
pan 
 style 
="font 
-size: 
9pt;"> 
:</spa 
n> 
<span   <span style="font-size:9pt;"> (1 410)</span>   <span
style="font-size:9pt;">1 112</span>   <span style="font-size:9pt;">1 081</span>
    <span style="font-size:9pt;">2 525</span> 
 style 
="font 
-size: 
9pt;"> 
Equity 
 holde 
rs of 
 the 
 paren 
t 
 compa 
ny</sp 
an> 
<span 
 style 
="font 
-size: 
9pt;"> 
Other 
 compr 
ehensi 
ve 
 incom 
e 
 (expe 
nse</s 
pan><s 
pan 
 style 
="font 
-size: 
9pt;"> 
)</spa 
n><spa 
n 
 style 
="font 
-size: 
9pt;"> 
 that 
 can 
 be 
 later 
 recla 
ssifie 
d to 
 profi 
t or 
 loss 
 </spa 
n> 
<span         <span style="font-size:9pt;">45</span>       <span
style="font-size:9pt;">8</span>      <span style="font-size:9pt;">58</span>    
   <span style="font-size:9pt;">10</span> 
 style 
="font 
-size: 
9pt;"> 
Curren 
cy 
 trans 
lation 
 diffe 
rences 
</span 
> 
<span          <span style="font-size:9pt;">0</span>       <span
style="font-size:9pt;">0</span>       <span style="font-size:9pt;">0</span>    
  <span style="font-size:9pt;">176</span> 
 style 
="font 
-size: 
9pt;"> 
Profit 
 on 
 chang 
e in 
 value 
 of a 
 hedgi 
ng 
 instr 
ument 
 </spa 
n> 
<span         <span style="font-size:9pt;">45</span>       <span
style="font-size:9pt;">8</span>      <span style="font-size:9pt;">58</span>    
  <span style="font-size:9pt;">186</span> 
 style 
="font 
-size: 
9pt;"> 
Total 
 other 
 compr 
ehensi 
ve 
 incom 
e for 
 the 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;"> (1 365)</span>   <span
style="font-size:9pt;">1 120</span>   <span style="font-size:9pt;">1 139</span>
    <span style="font-size:9pt;">2 711</span> 
 style 
="font 
-size: 
9pt;"> 
Compre 
hensiv 
e 
 incom 
e 
 (expe 
nse) 
 for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
<span   <span style="font-size:9pt;"> (1 365)</span>   <span
style="font-size:9pt;">1 120</span>   <span style="font-size:9pt;">1 139</span>
    <span style="font-size:9pt;">2 711</span> 
 style 
="font 
-size: 
9pt;"> 
Attrib 
utable 
 to 
 </spa 
n><spa 
n 
 style 
="font 
-size: 
9pt;"> 
equity 
 holde 
rs of 
 the 
 paren 
t 
 compa 
ny</sp 
an> 
<span    <span style="font-size:9pt;"> (0.05)</span>    <span
style="font-size:9pt;">0.04</span>    <span style="font-size:9pt;">0.04</span> 
    <span style="font-size:9pt;">0.08</span> 
 style 
="font 
-size: 
9pt;"> 
Basic 
 and 
 dilut 
ed 
 earni 
ngs 
 per 
 share 
 </spa 
n> 
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------- 

Consolidated cash flow statement (unaudited)

<span      <span style="font-size:9pt;">2013</span>     <span
style="font-size:9pt;">2012</span> 
 style 
="font 
-size: 
9pt;"> 
(EUR 
 thous 
and)</ 
span> 
--------------------------------------------------------------------------------
---------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 opera 
ting 
 activ 
ities< 
/span> 
--------------------------------------------------------------------------------
---------------- 
<span     <span style="font-size:9pt;">2 180</span>    <span
style="font-size:9pt;">4 439</span> 
 style 
="font 
-size: 
9pt;"> 
Operat 
ing 
 profi 
t for 
 the 
 repor 
ting 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
---------------- 
--------------------------------------------------------------------------------
---------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Adjust 
ments 
 for:< 
/span> 
<span     <span style="font-size:9pt;">2 618</span>    <span
style="font-size:9pt;">3 285</span> 
 style 
="font 
-size: 
9pt;"> 
Deprec 
iation 
, 
 amort 
isatio 
n and 
 impai 
rment 
 </spa 
n> 
<span     <span style="font-size:9pt;">2 467</span>      <span
style="font-size:9pt;">157</span> 
 style 
="font 
-size: 
9pt;"> 
Loss 
 on 
 sale 
 of 
 trade 
marks, 
 trade 
mark 
 and 
 goodw 
ill 
 impai 
rment< 
/span> 
<span      <span style="font-size:9pt;">(29)</span>       <span
style="font-size:9pt;">63</span> 
 style 
="font 
-size: 
9pt;"> 
Gain / 
 loss 
 on 
 sale 
 and 
 write 
-down 
 of 
 prope 
rty, 
 plant 
 and 
 equip 
ment</ 
span> 
<span       <span style="font-size:9pt;">384</span>        <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Change 
 in 
 value 
 of 
 share 
 optio 
n</spa 
n> 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 opera 
ting 
 activ 
ities: 
</span 
> 
<span        <span style="font-size:9pt;">24</span>    <span
style="font-size:9pt;">(715)</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 recei 
vables 
</span 
> 
<span       <span style="font-size:9pt;">342</span>    <span
style="font-size:9pt;">(146)</span> 
 style 
="font 
-size: 
9pt;"> 
Invent 
ories< 
/span> 
<span       <span style="font-size:9pt;">144</span>    <span
style="font-size:9pt;">(433)</span> 
 style 
="font 
-size: 
9pt;"> 
Trade 
 and 
 other 
 payab 
les</s 
pan> 
<span     <span style="font-size:9pt;">8 130</span>    <span
style="font-size:9pt;">6 650</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 gener 
ated 
 from 
 opera 
tions< 
/span> 
<span     <span style="font-size:9pt;">(305)</span>    <span
style="font-size:9pt;">(188)</span> 
 style 
="font 
-size: 
9pt;"> 
Income 
 tax 
 paid< 
/span> 
<span     <span style="font-size:9pt;">(794)</span>  <span
style="font-size:9pt;">(1 591)</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 paid< 
/span> 
      
--------------------------------------------------------------------------------
--------- 
<span     <span style="font-size:9pt;">7 031</span>    <span
style="font-size:9pt;">4 871</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 cash 
 gener 
ated 
 from 
 opera 
ting 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
---------------- 
--------------------------------------------------------------------------------
---------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 inves 
ting 
 activ 
ities 
 </spa 
n> 
<span     <span style="font-size:9pt;">(327)</span>    <span
style="font-size:9pt;">(434)</span> 
 style 
="font 
-size: 
9pt;"> 
Acquis 
itions 
 throu 
gh 
 busin 
ess 
 combi 
nation 
s 
 </spa 
n> 
<span      <span style="font-size:9pt;">(15)</span>     <span
style="font-size:9pt;">(15)</span> 
 style 
="font 
-size: 
9pt;"> 
Purcha 
se of 
 other 
 finan 
cial 
 inves 
tments 
</span 
> 
<span        <span style="font-size:9pt;">34</span>        <span
style="font-size:9pt;">5</span> 
 style 
="font 
-size: 
9pt;"> 
Intere 
st 
 recei 
ved</s 
pan> 
<span     <span style="font-size:9pt;">(888)</span>    <span
style="font-size:9pt;">(785)</span> 
 style 
="font 
-size: 
9pt;"> 
Purcha 
se of 
 prope 
rty, 
 plant 
 and 
 equip 
ment 
 </spa 
n> 
<span        <span style="font-size:9pt;">51</span>       <span
style="font-size:9pt;">42</span> 
 style 
="font 
-size: 
9pt;"> 
Procee 
ds 
 from 
 sale 
 of 
 prope 
rty, 
 plant 
 and 
 equip 
ment</ 
span> 
<span       <span style="font-size:9pt;">(3)</span>     <span
style="font-size:9pt;">(10)</span> 
 style 
="font 
-size: 
9pt;"> 
Loans 
 grant 
ed</sp 
an> 
<span         <span style="font-size:9pt;">6</span>      <span
style="font-size:9pt;">182</span> 
 style 
="font 
-size: 
9pt;"> 
Loan 
 repay 
ments 
 recei 
ved</s 
pan> 
      
--------------------------------------------------------------------------------
--------- 
<span   <span style="font-size:9pt;">(1 142)</span>  <span
style="font-size:9pt;">(1 015)</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 cash 
 gener 
ated 
 from 
 inves 
ting 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
---------------- 
--------------------------------------------------------------------------------
---------------- 
<span 
 style 
="font 
-size: 
9pt;"> 
Cash 
 flows 
 from 
 finan 
cing 
 activ 
ities 
 </spa 
n> 
<span     <span style="font-size:9pt;">(298)</span>        <span
style="font-size:9pt;">0</span> 
 style 
="font 
-size: 
9pt;"> 
Divide 
nds 
 paid< 
/span> 
<span      <span style="font-size:9pt;">(25)</span>    <span
style="font-size:9pt;">(390)</span> 
 style 
="font 
-size: 
9pt;"> 
Financ 
e 
 lease 
 repay 
ments 
 made< 
/span> 
<span     <span style="font-size:9pt;">(745)</span>      <span
style="font-size:9pt;">731</span> 
 style 
="font 
-size: 
9pt;"> 
Change 
 in 
 use 
 of 
 overd 
raft</ 
span> 
<span         <span style="font-size:9pt;">0</span>    <span
style="font-size:9pt;">(270)</span> 
 style 
="font 
-size: 
9pt;"> 
Change 
 in 
 used 
 of 
 facto 
ring</ 
span> 
<span   <span style="font-size:9pt;">(3 600)</span>  <span
style="font-size:9pt;">(3 474)</span> 
 style 
="font 
-size: 
9pt;"> 
Repaym 
ents 
 of 
 borro 
wings< 
/span> 
      
--------------------------------------------------------------------------------
--------- 
<span   <span style="font-size:9pt;">(4 668)</span>  <span
style="font-size:9pt;">(3 403)</span> 
 style 
="font 
-size: 
9pt;"> 
Net 
 cash 
 used 
 in 
 finan 
cing 
 activ 
ities 
 </spa 
n> 
--------------------------------------------------------------------------------
---------------- 
<span     <span style="font-size:9pt;">1 221</span>      <span
style="font-size:9pt;">453</span> 
 style 
="font 
-size: 
9pt;"> 
NET 
 (DECR 
EASE)/ 
INCREA 
SE IN 
 CASH 
 AND 
 CASH 
 EQUIV 
ALENTS 
</span 
> 
--------------------------------------------------------------------------------
---------------- 
      
--------------------------------------------------------------------------------
--------- 
<span     <span style="font-size:9pt;">3 182</span>    <span
style="font-size:9pt;">2 729</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
 at 
 the 
 begin 
ning 
 of 
 the 
 perio 
d</spa 
n> 
<span     <span style="font-size:9pt;">4 403</span>    <span
style="font-size:9pt;">3 182</span> 
 style 
="font 
-size: 
9pt;"> 
Cash 
 and 
 cash 
 equiv 
alents 
 at 
 the 
 end 
 of 
 the 
 perio 
d</spa 
n> 
--------------------------------------------------------------------------------
---------------- 




         Additional information:
         Gunnar Kobin
         Chairman of the Management Board
         GSM: +372 5188111
         e-mail: [email protected]