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AS Ekspress Grupp
LEI kood
529900B52V1TUMW7FS54
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Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
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Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
7245
Manused
Esitamise kuupäev ja aeg
30.04.2019 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2019.aasta I kvartali konsolideeritud auditeerimata vahearuanne
Teade
ASi Ekspress Grupp 2019. aasta I kvartali müügitulu oli 17,3 miljonit eurot.
Kontserni I kvartali müügitulu kasvas 6% võrreldes eelmise aastaga. Digitaalsed
tulud kasvasid seejuures 11% ning moodustavad kogukäibest 37%.
Digitaalsete tulude kasvatamine on ka Ekspress Grupi meediaäri üks olulisemaid
eesmärke, mida juhtkond on ettevõttele seadnud.
Kontserni kasum enne intresse, makse ja kulumit (EBITDA) ulatus I kvartalis
0,68 miljoni euroni jäädes samale tasemele võrreldes eelmise aasta sama
perioodiga. I kvartalis olid Eesti ja Leedu meedia ettevõtted edukad nii
tellimuste kui ka reklaami müügis. Tellimuste osas oli positiivne just Eestis
digitellimuste osakaalu suurenemine.
Eestis ületas nii artiklite müük kui ka digitaalsete tellimuste vormistamine
varem seatud eesmärke. Heale tulemusele aitas kaasa uudisterohke aasta algus,
mis lõi soodsa pinnase kvaliteetse sisu toomiseks, mille eest lugejad on nõus
maksma. Juhtkond on optimistlik, et digitaalsete tellimuste kasvutrend jätkub ka
edaspidi.
Aasta algus tõestas ka seda, et kui tegemist on uudisterohke perioodiga, kasvab
Delfi keskkonna külastatavus konkurentidest enam. See näitab, et oleme suutnud
luua uudistekeskonna, mida lugejad usaldavad ning eelistavad.
Negatiivset mõju avaldas kvartalitulemusele Läti reklaamiturg, mis oli I
kvartalis paigalseisus. Sama trend iseloomustas nii kogu Läti turgu kui ka Läti
Delfi tulemusi.
Kontserni trükikoja mahud kasvasid võrreldes eelmise aastaga ligikaudu 6%,
kusjuures kõik tootmisvõimsused olid I kvartalis kasutuses. Samas on
trükiteenuse partiide mahud vähenenud, mis omakorda suurendavad tootmiskulusid
ning seavad kasumimarginaalid surve alla. Kui meedia segmendis suutis kontsern I
kvartalis kasumit kasvatada, siis trükiteenuse segmendis toimus kasumi
vähenemine ligikaudu 22%. Olukorras, kui trükisegmendi ärimahud on Eestis
vähenemas, oleme suutnud hoida eksporti ning I kvartali lõpu seisuga moodustas
eksport 63% trükiteenuse koguportfellist.
I kvartalis omandas kontsern täiendava 50% osaluse ettevõttes Linna Ekraanid OÜ,
mis tegeleb digitaalse välireklaami müügiga Eestis. Nüüdsest kuulub Ekspress
Grupile 100%line osalus. Kontserni pikaajaline eesmärk on arendada digitaalse
välireklaami äriliini ja võtta turul juhtiv roll. 2016. aastal sõlmitud lepingu
kohaselt oli Ekspress Grupil kohustus omandada ülejäänud 50% ettevõttest 2019.
aastal. Linna Ekraanid on jätkanud kasvukursil ning on aidanud kaasa
digitaalsete reklaamitulude suurendamisele.
Esimeses kvartalis korraldas Kontserni suurim meediaettevõte AS Ekspress Meedia
mitmeid üritusi, näiteks Tähtede Mäng Tartus ja Baltikum e-kommertsi
aastakonverents. Läti Delfi oli peamiseks meediapartneriks üritustel nagu
jääetendus "Disney on ice", Tom Odell'i kontsert, Ewert and the 2 dragons'i
kontsert, Techchill (Balti startup konverents), Miit&Links Baltic PR Awards
konverents, J?kabs, Mimmi un run?joshie su?i (Läti Animafilm), 1906 (Läti Film)
ja moenädal Riga Fashion Week. Leedu Delfi koos partneritega korraldas läbi
aegade esimese festivali talvel - Delfi muusikafestivali "Snowstorm". 2018.
aasta IV kvartalis andis Leedu Delfi seoses projektiga "Pravieniskiu Mafija"
välja raamatu, mis jõudis TOP3 enimmüüdud raamatu hulka Leedus. Sama projektiga
seoses avaldas Leedu DELFI TV meeskond tänavu esimeses kvartalis ka ainulaadse
45-minutilise dokumentaalfilmi "Pravieniskese Mafija". Leedu Delfi viis
teistkordselt läbi kooliõpilastele suunatud suurürituse, kus lastele pakutakse
ühe päeva vältel parimat väliõpet. Seekord osales üritusel "Parimate õppetundide
päev" 14 000 last Leedu erinevatest koolidest. Lastele anti interaktiivseid
tunde bioloogiast, robootikast jne.
Vaatamata ärimahtude suurenemisele on kontserni kasumlikkus jätkuvalt surve all,
seda eeskätt tulenevalt tihenevast konkurentsiolukorrast trükiteenuste
segmendis. Juhtkond pöörab järgmistel perioodidel tähelepanu ja otsib
täiendavaid võimalusi kasumlikkuse parandamiseks ning efektiivsuse tõstmiseks.
KOKKUVÕTE I KVARTALI TULEMUSTEST
Kontserni sisemises aruandluses jälgib juhtkond tulemusi konsolideerides
ühisettevõtted proportsionaalselt. Samuti on sätestatud laenulepingus suhtarvude
jälgimine, võttes arvesse proportsionaalset konsolideerimist.
MÜÜGITULU
2019. aasta I kvartali konsolideeritud müügitulu oli 17,3 miljonit eurot (I
kvartal 2018: 16,4 miljonit eurot). Müügitulud kasvasid 6% võrreldes eelmise
aastaga. Müügitulu kasv tuleneb peamiselt reklaamimüügi tulude kasvust nii
Eestis kui ka Leedus. Kontserni digitaalsete tulude osakaal moodustab I kvartali
lõpus 37% kogukäibest. Kontserni 2019. aasta I kvartali digitaalsed tulud
kasvasid 11% võrreldes eelmise aasta sama perioodiga.
KASUMLIKKUS
2019. aasta I kvartali konsolideeritud EBITDA oli 0,68 miljonit eurot (I kvartal
2018: 0,67 miljonit eurot). EBITDA kasvas 1% võrreldes eelmise aastaga, millest
+0,2 miljonit eurot oli alates 01.01.2019 rakendunud uue raamatupidamisstandardi
IFRS 16 "Rendilepingud" mõju EBITDA-le. EBITDA marginaal vähenes 3,9%-ni (I
kvartal 2018: 4,1%). 2019. aasta I kvartali konsolideeritud puhaskahjum oli
-0,61 miljonit eurot (I kvartal 2018: -0,24 miljonit eurot). Kasumlikkuse langus
tuleneb eelkõige trükiteenuste segmendi üha tihenevast konkurentsist ning
sisendhindade tõusust. Lisaks oli see seotud trükimeedia tulude languse ning
suuremate kojukande- ja tööjõukuludega. I kvartalis oli täiendav kahjum 0,1
miljonit eurot osalustelt sidusettevõtetesse ja teistesse
finantsinvesteeringutesse.
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele seisuga 31.03.2019 on
toodud aruande leheküljel 17.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil proportsionaalselt konsolideerides vabu
rahalisi vahendeid 1,6 miljonit eurot ning omakapitali 49,5 miljonit eurot (61%
bilansimahust, jättes arvestamata IFRS 16 mõju - 63%). Võrreldavad andmed 2018.
aasta 31. märts seisuga olid vastavalt 2,4 miljonit eurot ning 52,3 miljonit
eurot (66% bilansimahust). Seisuga 31. märts 2019 oli kontserni netovõlg 18,1
miljonit eurot, jättes arvestamata IFRS 16 mõju, oli kontserni netovõlg 13,1
miljonit eurot (31. märts 2018: 13,2 miljonit eurot).
ÄRITEGEVUS
Rahvusvaheliste finantsaruandluse standardite (IFRS) kohaselt tuleb 50%
ühisettevõtted kajastada konsolideeritud raamatupidamise aruannetes
kapitaliosaluse meetodil. Kontserni sisemises aruandluses jälgib juhtkond
tulemust konsolideerides ühisettevõtted proportsionaalselt. Samuti on sätestatud
sündikaatlaenulepingus teatud suhtarvude jälgimine, võttes arvesse
proportsionaalset konsolideerimist.
Selguse huvides on tegevusaruandes välja toodud kaks versiooni näitajaid: üks,
kus ühisettevõtted on konsolideeritud rida-realt, ning teine, kus ühisettevõtted
on kajastatud kapitaliosaluse meetodil ning nende tulemus kajastub ühe reana
finantstuludes.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 17 ja lisas 1.
FINANTSNÄITAJAD JA SUHTARVUD - ühisettevõtted rida-realt 50% konsolideerituna
Kasumlikkuse näitajad -
ühisettevõtted 50% konsolideeritud
(tuhandetes EUR) I kv 2019 I kv 2018 Muutus % 12 kuud 2018
Perioodi kohta
Müügitulu 17 313 16 351 6% 69 096
EBITDA 677 668 1% 4 206
EBITDA marginaal (%) 3,9% 4,1% 6,1%
Ärikasum /(-kahjum) (405) (160) -147% 944
Ärirentaablus (%) -2,3% -1,0% 1,4%
Intressikulud (118) (103) -15% (458)
Perioodi puhaskasum /(-kahjum) (615) (239) -156% 25
Puhasrentaablus (%) -3,5% -1,5% 0,0%
Varade tootlus (%) -0,8% -0,3% 0,0%
Omakapitali tootlus (%) -1,2% -0,5% 0,0%
Puhaskasum /(kahjum) aktsia kohta
(EPS) (0,02) (0,01) 0,00
Finantsnäitajad ja suhtarvud kapitaliosaluse meetodil on esitatud aruande
lehekülgedel 16-17.
SEGMENTIDE ÜLEVAADE
Kontserni tegevus on jagatud kaheks suuremaks segmendiks: meedia segmendiks ja
trükiteenuste segmendiks. Meedia segment hõlmab kontserni tegevusi Eestis, Lätis
ja Leedus. Siia kuuluvad internetiportaali Delfi äritegevus, mitmed teised
uudisteportaalid, mis pakuvad interneti reklaamivõrgu- ja sihtrühmapõhiseid
reklaamimüügi lahendusi, digitaalse välireklaami müüki Eestis ja Lätis, Eesti
nädalalehtede Maaleht, Eesti Ekspress ja LP kirjastamist, päevalehe Eesti
Päevaleht ja tabloidlehe Õhtuleht kirjastamist, tasuta lehe Linnaleht
kirjastamist, raamatute ja ajakirjade kirjastamist Eestis ning kojukandeteenuse
osutamist.
Trükiteenustesegment hõlmab ASi Printall, mis on suurimaid trükikodasid Eestis.
Trükikojas on võimalik trükkida kvaliteetseid ajakirju, ajalehti,
reklaammaterjale, toote- ja teenustekatalooge, aastaraamatuid, pehmekaanelisi
raamatuid ja muid trükiseid.
Segmentide EBITDA ei sisalda ühekordseid firmaväärtuste ja kaubamärkide
allahindlusi. Agentuuridele makstavaid mahupõhised ja muud tasud on maha arvatud
segmentide reklaamimüügituludest.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele on kirjeldatud aruande leheküljel 17 ja lisas 1.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
I kv 2019 I kv 2018 Muutus % 12 kuud 2018
Meedia segment (kapitaliosaluse
meetodil) 9 357 8 095 16% 37 248
sh tulu kõikidest digitaalsetest
ja online kanalitest 6 054 5 421 12% 24 561
Trükiteenuste segment 6 570 6 221 6% 25 242
Kesksed tegevused 539 691 -22% 2 341
Segmentidevahelised elimineerimised (1 155) (990) (4 342)
KONTSERN KOKKU kapitaliosaluse
meetodil 15 310 14 017 9% 60 489
Meedia segment (proportsionaalselt
konsolideerituna) 11 523 10 708 8% 46 716
sh tulu kõikidest digitaalsetest
ja online kanalitest 6 364 5 726 11% 25 954
Trükiteenuste segment 6 570 6 221 6% 25 242
Kesksed tegevused 539 691 -22% 2 341
Segmentidevahelised elimineerimised (1 319) (1 269) (5 204)
KONTSERN KOKKU proportsionaalselt
konsolideerituna 17 313 16 351 6% 69 096
(tuhandetes EUR) EBITDA
I kv 2019 I kv 2018 Muutus % 12 kuud 2018
Meedia segment (kapitaliosaluse
meetodil) 436 246 77% 3 355
Meedia segment (proportsionaalselt
konsolideerituna) 496 291 71% 3 329
Trükiteenuste segment 550 701 -22% 2 403
Kesksed tegevused (363) (324) -12% (1 492)
Segmentidevahelised elimineerimised (7) 0 (2)
KONTSERN KOKKU kapitaliosaluse
meetodil 616 623 -1% 4 263
KONTSERN KOKKU proportsionaalselt
konsolideerituna 677 668 1% 4 206
EBITDA marginaal I kv 2019 I kv 2018 12 kuud 2018
Meedia segment (kapitaliosaluse meetodil) 5% 3% 9%
Meedia segment (proportsionaalselt
konsolideerituna) 4% 3% 7%
Trükiteenuste segment 8% 11% 10%
KONTSERN KOKKU kapitaliosaluse meetodil 4% 4% 7%
KONTSERN KOKKU proportsionaalselt
konsolideerituna 4% 4% 6%
MEEDIA SEGMENT
ONLINE MEEDIA
Olulised edusammud ja märkimisväärsed saavutused riikide lõikes on toodud
alljärgnevalt.
Eesti
* Ekspress Meedia saavutas artiklite müügirekordi.
* Ekspress Meedia lansseeris uuendatud ettevõtte brändi ja veebilehekülje
ekspressmeedia.ee (https://www.ekspressmeedia.ee/).
* Ekspress Meedia käivitas Delfi 2019 valimiste rubriigi ja valimismootori
(https://www.delfi.ee/news/rk2019/,%20http:/www.delfi.ee/valimismootor/).
* Eesti Vabariigi sünnipäeva puhul ilmus eriprojekt "101 unistust"
(https://www.delfi.ee/news/ev101/101unistust/).
* Valmis uudne peaministrikandidaatide valimissaade Tööintervjuu
(https://www.delfi.ee/news/rk2019/toointervjuu/).
* Valmis longread artikkel "Tõe ja õigus" filmi efektidest
(https://longread.delfi.ee/a/85681375).
* Ekspress Meedia lansseeris Europarlamendi valimiste erirubriigi
(https://www.delfi.ee/news/eurovalimised2019/).
* Õhtuleht Kirjastus käivitas valimiskompassi
(https://www.ohtuleht.ee/941050/ohtulehe-valimiskompass-kas-julged-proovida-
leia-oma-lemmik-eesti-lobusaima-kusimustikuga).
* Õhtuleht Kirjastus uuendas vertikaalide sisu kajastamist ja teostas mitmeid
platvormi arendustöid.
Läti
* Läti Delfi lansseeris portaali uuenenud mobiiliversiooni.
* Läti Delfi näitas tugevat podcastide valdkonna kasvu nii pakutavate
podcastide arvu kui kuulajanumbrite osas.
* Läti Delfi ja infotehnoloogiaettevõte "Tilde" andsid ühiselt teada robot
Laura testprojektist pakkumaks artiklite kuulamisvõimalust
(https://www.delfi.lv/bizness/tehnologijas/delfi-pievienosies-virtualais-
diktors-robots-zinu-laura.d?id=50849711).
* Läti Delfi avaldas eriprojekti klassikalise muusika artistidest
(https://www.delfi.lv/news/avoti/).
* Läti Delfi avaldas seeria KGB agentidest ning nende raportitest.
* Läti Delfi avaldas multimedia-seeria tänapäeva mõjuliidritest
(https://www.delfi.lv/bizness/jaunie-soctiklu-biznesmeni/).
* Läti Delfi avaldas eriprojekti "5 aastat Krimmi okupeerimisest"
(https://www.delfi.lv/news/krimas-okupacijai-5/).
* Läti Delfi avaldas multimedia-seeria tänapäeva kloostritest, munkadest ja
nunnadest (https://www.delfi.lv/vina/klosteris/).
* Läti Delfi avaldas multimedia-seeria kõrghariduse teemadel
(https://rus.delfi.lv/news/vuzi-bolshaja-gonka/) Lätis.
Leedu
* Leedu Delfi traditsiooniline projekt "Kangelased meie seas"
(https://www.delfi.lt/apps/herojai-tarp-
musu/?fbclid=IwAR25uDZKo_T9pWqQee32RoLf50N74dKl4bHM5BgyzhGw_ThFtEOefhOOkjY)
oli sel aastal pühendatud õpetajatele.
* Leedu Delfi ajakirjanikud võitsid kolm auhinda
(https://www.delfi.lt/m360/naujausi-straipsniai/trys-delfi-zurnalistai-
ivertinti-apdovanojimais.d?id=80192173) töö eest EU investeeringuprojektide
kajastamisel.
* DELFI TV valmistas 45-minutilise unikaalse dokumentaalfilmi ?Pravieniskese
Maffia" (https://www.delfi.lt/video/aktualijos/audringos-reakcijos-po-
pravieniskiu-mafijos-filmo-emocijos-
pritrenkiancios.d?id=80173189&fbclid=IwAR2ZEH4NU6-1J4UFTLifd-
yhXMWA0Zs6rWCowxlj1FaZokAjODu2Ac3jOZk).
* Leedu Delfi sõlmis ülekandekokkuleppe
(https://www.delfi.lt/sportas/futbolas/gera-zinia-futbolo-megejams-delfi-tv-
transliuos-visas-a-lygos-rungtynes.d?id=80500661) Leedu jalgpalli A-liigaga.
* Debunk.eu projekti kajastas Financial Times
(https://amp.ft.com/content/b3701b12-2544-11e9-b329-
c7e6ceb5ffdf?fbclid=IwAR0zOGd7TmIr1JXgyWMkJtCRgoCiqaRM-
UeFuZNRmDlMHtR_HsMsENJDJdw).
* Leedu Delfi koostöös partneritega korraldas "Parimate õppetundide päeva"
ligi 14 tuhande koolilapse osavõtul, aktiivse meedikajastuse ja mitmete
videoülekannetega.
* Leedu Delfi avaldas ülevaate "DELFI on rohkem kui uudisportaal"
(https://www.delfi.lt/m360/naujausi-straipsniai/delfi-pristato-nauja-
reklamos-kampanija-daugiau-nei-naujienu-
portalas.d?id=80771787&fbclid=IwAR18qMbiU3bKmjKVeuhr7_d0L9F5j-
asQxU_klx1IXtpaC6Z51FGS2gbpxw), mis kajastab ettevõtte tugevat positsiooni
mitmetes tegevusvaldkondades.
TRÜKIMEEDIA
Eesti Ajalehtede Liidu andmete põhjal on Õhtuleht viimase 12 kuu jooksul
tervikuna jätkuvalt suurima tiraazhiga päevaleht Eestis. Jaanuaris ja detsembris
oli suurima tiraazhiga ajaleht Maaleht. Viimase 12 kuu joosul on viie suurima
ajalehe tiraazhid langenud umbes 8 000 eksemplari.
2019. aasta I kvartali meediasegmendi müügitulu oli kokku 11,5 miljonit eurot (I
kvartal 2018: 10,7 miljonit eurot). Müügitulu suurenes 8% võrreldes eelmise
aastaga. Müügitulu kasv tuleneb peamiselt reklaamimüügi tulude kasvust nii
Eestis kui ka Leedus.
Digimeedia kasvab ja vaatamata tõsisele konkurentsile ei ole kontsern turuosa
kaotanud ning tulud kasvavad. I kvartali lõpuks ulatusid kontserni digitaalsed
tulud 37%-ni kogutuludest. Kontserni digitaalsed tulud 2019. aasta I kvartali
jooksul suurenesid 11% võrreldes sama perioodiga eelmisel aastal.
2019. aasta I kvartalis oli meediasegmendi EBITDA 0,5 miljonit eurot (I kvartal
2018: 0,3 miljonit eurot). Võrreldes eelmise aastaga EBITDA kasvas 71%, millest
+0,2 miljonit eurot oli alates 01.01.2019 rakendunud uue raamatupidamisstandardi
IFRS 16 "Rendilepingud" mõju EBITDA-le.
KINNISVARAPORTAAL
2018. aasta lõpus tulenevalt kõrgendatud turundus- ja müügitegevusele edastas
kinnisvaraportaal Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) oma peamist
konkurenti city24.ee, seda nii kuulutuste arvu kui külastatavuse osas ning
Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) saavutas kinnisvaraportaalide
turul teise positsiooni. Alates 2019.aasta veebruari viimasest nädalast ei
avalikusta city24.ee ja kv.ee enam andmeid portaali külastatavuse kohta.
Kontsern jätkab aktiivselt portaali arendamisega saavutamaks kõrgemat
positsiooni turul.
Kinnisvara24.ee tootearenduses arendatud esmaklassiline otsingumootor, kus saab
näiteks otsida vara selliste kriteeriumitega nagu "basseiniga maja" ja
"lemmikloom lubatud" (üürikorterid).
Eesti Kinnisvarafirmade Liit (EKFL) valis konkursi "Kinnisvarategu 2018"
võitjaks kinnisvaraportaali Kinnisvara24.ee loomise.
TRÜKITEENUSTE SEGMENT
AS Printalli 2019. aasta I kvartali müügitulu oli 6,6 miljonit eurot (I kvartal
2018: 6,2 miljonit eurot). Müügitulud kasvasid 6% võrreldes eelmise aastaga ja
seda mõjutas peamiselt kõrgem paberihind. Trükiteenuste müügitulu on langenud
Eestis peamiselt seoses suurte kauplusekettide trükimeedia ja reklaamibroshüüride
osakaalu langusega. 2019. aasta I kvartali EBITDA oli 0,6 miljonit eurot (I
kvartal 2018: 0,7 miljonit eurot). EBITDA vähenes 22% võrreldes eelmise aastaga.
Seda mõjutasid peamiselt kõrgemad sisendhinnad (paber, tööjõud, elekter ja
maagaas jne.) ja samuti tihedam konkurents, mis avaldas negatiivset survet
müügimarginaalidele.
Trükiteenuste segment on juba mitu aastat olnud surve all seoses tavapärase
ajakirjanduse jätkuva digitaliseerumisega ja interneti osatähtsuse suurenemisega
trükitoodete arvel. Jätkub tihe konkurents müügihindade osas. Trükitavate
tiraazhide müügimahud on vähenenud, mis omakorda suurendab trükikulusid. Lisaks
on suureks väljakutseks sisendhindade (sh tööjõud, paber, elekter) kallinemine.
AS Printalli 2019. aasta I kvartali müügitulu osakaal väljaspool Eestit on 63%
(I kvartal 2018: 62%).
FINANTSNÄITAJAD JA SUHTARVUD
Kasumlikkuse näitajad -
ühisettevõtted kapitaliosaluse
meetodil (tuhandetes EUR) I kv 2019 I kv 2018 Muutus % 12 kuud 2018
Perioodi kohta
Müügitulu 15 310 14 017 9% 60 489
EBITDA 616 623 -1% 4 263
EBITDA marginaal (%) 4,0% 4,4% 7,0%
Ärikasum /(kahjum) (357) (106) -225% 1 211
Ärirentaablus (%) -2,3% -0,8% 2,0%
Intressikulud (117) (97) -21% (443)
Ühisettevõtete kasum /(kahjum)
kapitaliosaluse meetodil (51) (61) 16% (273)
Perioodi puhaskasum /(-kahjum) (615) (239) -157% 25
Puhasrentaablus (%) -4,0% -1,7% 0,0%
Varade tootlus (%) -0,8% -0,3% 0,0%
Omakapitali tootlus (%) -1,2% -0,5% 0,0%
Puhaskasum aktsia kohta (EPS) (0,02) (0,01) 0,00
Finantsnäitajad ja kasumlikkuse suhtarvud proportsionaalselt konsolideerituna on
esitatud aruande leheküljel 11.
Alates 01.01.2019 rakendunud uue raamatupidamisstandardi IFRS 16 "Rendilepingud"
mõju kasumiaruandele ja bilansile on kirjeldatud aruande leheküljel 17 ja lisas
1.
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
Bilanss
(tuhandetes EUR) 31.03.2019 31.12.2018 Muutus % 31.03.2019 31.12.2018 Muutus %
Perioodi lõpu
seisuga
Käibevara 14 950 15 631 -4% 13 606 13 831 -2%
Põhivara 66 771 63 286 6% 66 084 62 907 5%
Varad kokku 81 721 78 917 4% 79 690 76 738 4%
sh raha ja
pangakontod 1 566 2 228 -30% 805 1 268 -36%
sh
firmaväärtus 40 352 39 799 1% 39 308 37 969 4%
Lühiajalised
kohustused 16 772 14 207 18% 14 937 12 186 23%
Pikaajalised
kohustused 15 390 14 276 8% 15 153 14 118 7%
Kohustused kokku 32 163 28 483 13% 30 090 26 304 14%
sh
võlakohustused 18 146 15 554 17% 17 842 15 474 15%
Omakapital 49 558 50 434 -2% 49 600 50 434 -2%
ühisettevõtted 50% ühisettevõtted kapitaliosaluse
konsolideeritud meetodil
31.03.2019 31.03.2019
ilma ilma
Finantssuhtarvud IFRS 16 IFRS 16
(%) 31.03.2019 mõjuta 31.12.2018 31.03.2019 mõjuta 31.12.2018
Omakapitali
osakaal (%) 61% 63% 64% 62% 65% 66%
Võla ja
omakapitali suhe
(%) 37% 29% 31% 36% 29% 31%
Võla ja kapitali
suhe (%) 25% 21% 21% 26% 22% 22%
Koguvõla ja
EBITDA suhe
(total
debt/EBITDA
ratio) 4,30 3,47 3,70 4,19 3,44 3,63
Likviidsuskordaja 0,89 0,93 1,10 0,91 0,95 1,13
Alates 01.01.2019 rakendas kontsern rendikulude arvestuses uut kohustuslikku
raamatupidamisstandardit IFRS 16 ?Rendilepingud". Sellega seoses kajastatakse
renditavat vara ja rendikohustust bilansis rendimaksete nüüdisväärtuses ning
kulumit renditavatelt varadelt ja arvestuslikku intressikulu rendikohustustelt
kasumiaruandes.
Seisuga 31.03.2019 on IFRS 16 mõju konsolideeritud bilansile ja kasumiaruandele
alljärgnev:
ühisettevõtted ühisettevõtted
50% konsolideeritud kapitaliosaluse meetodil
Bilanss (tuhandetes EUR) 31.03.2019 31.03.2019
Ehitiste kasutusõigus 3 239 2 975
Rendikohustus
(lühiajaline) 616 549
Rendikohustus
(pikaajaline) 2 881 2 644
Jaotamata kasum (263) (219)
ühisettevõtted ühisettevõtted
Kasumiaruanne (tuhandetes 50% konsolideeritud kapitaliosaluse meetodil
EUR) 31.03.2019 31.03.2019
Tegevuskulude vähenemine 231 194
Amortisatsioonikulu
suurenemine 195 174
Arvestuslik intressikulu
rendikohustustel 19 18
Finantssuhtarvude leidmisel kasutatud valemid
Kasum enne intresse, makse, materiaalse
ja immateriaalse põhivara kulumit. EBITDA
ei hõlma vara väärtuse langust, mida
kajastatakse perioodi jooksul või
EBITDA restruktureerimise tulemust.
EBITDA marginaal (%) EBITDA/müügitulu x 100
Ärirentaablus (%) Ärikasum/müügitulu x100
Puhaskasum raamatupidamise
Puhasrentaablus (%) aruandes/müügitulu x100
Puhaskasum aktsia kohta Puhaskasum/keskmine aktsiate arv
Omakapital/ (kohustused + omakapital)
Omakapitali osakaal (%) x100
Kokku väljamakstud dividendisumma /
Dividendi määr (%) Puhaskasum
Intressikandvad võlakohustused
Võla ja omakapitali suhe (%) /omakapital x 100
Intressikandvad võlakohustused - raha ja
pangakontod (netovõlg)
Võla ja kapitali suhe (%) /(netovõlg+omakapital) x 100
Koguvõla ja EBITDA suhe (total
debt/EBITDA ratio) Intressikandvad võlakohustused/EBITDA
Laenumaksete ja intresside
kattekordaja EBITDA/perioodi laenu- ja intressimaksed
Likviidsuskordaja Käibevara/lühiajalised kohustused
Varade tootlus (%) Puhaskasum/keskmine varade jääk x 100
Omakapitali tootlus (%) Puhaskasum/keskmine omakapital x 100
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 31.03.2019 31.12.2018
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 805 1 268
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 9 106 9 154
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 96 27
------------------------------------------------------------------------------
Varud 3 600 3 382
------------------------------------------------------------------------------
Käibevara kokku 13 606 13 831
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 1 010 1 588
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 44 44
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 1 491 2 345
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 319 319
------------------------------------------------------------------------------
Materiaalne põhivara 15 133 11 921
------------------------------------------------------------------------------
Immateriaalne põhivara 48 087 46 691
------------------------------------------------------------------------------
Põhivara kokku 66 084 62 907
------------------------------------------------------------------------------
VARAD KOKKU 79 690 76 738
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Laenukohustused 3 754 1 356
------------------------------------------------------------------------------
Võlad ja ettemaksed 11 157 10 801
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 25 29
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 14 937 12 186
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised laenukohustused 14 088 14 118
------------------------------------------------------------------------------
Muud pikaajalised kohustused 1 065 0
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 15 153 14 118
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 30 090 26 304
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 90 87
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 17 878 17 878
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (22) (22)
------------------------------------------------------------------------------
Reservid 1 688 1 688
------------------------------------------------------------------------------
Jaotamata kasum 15 689 16 526
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 49 510 50 347
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 49 600 50 434
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 79 690 76 738
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
(tuhandetes EUR) I kv 2019 I kv 2018 12 kuud 2018
-------------------------------------------------------------------------------
Müügitulu 15 310 14 017 60 489
-------------------------------------------------------------------------------
Müüdud toodangu kulu (13 097) (11 564) (48 874)
-------------------------------------------------------------------------------
Brutokasum 2 214 2 453 11 615
-------------------------------------------------------------------------------
Muud äritulud 119 39 394
-------------------------------------------------------------------------------
Turunduskulud (731) (767) (3 108)
-------------------------------------------------------------------------------
Üldhalduskulud (1 938) (1 816) (7 609)
-------------------------------------------------------------------------------
Muud ärikulud (21) (16) (82)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) (357) (106) 1 211
-------------------------------------------------------------------------------
Intressitulud 6 44 143
-------------------------------------------------------------------------------
Intressikulud (117) (97) (443)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (36) (19) (103)
-------------------------------------------------------------------------------
Kokku finantstulud/(kulud) (147) (72) (403)
-------------------------------------------------------------------------------
Kasum/(kahjum) ühisettevõtete aktsiatelt ja
osadelt (51) (61) (273)
-------------------------------------------------------------------------------
Kasum/(kahjum) sidusettevõtete aktsiatelt ja
osadelt (59) 0 (234)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne tulumaksustamist (614) (239) 302
-------------------------------------------------------------------------------
Tulumaks (1) 0 (276)
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum) (615) (239) 25
-------------------------------------------------------------------------------
Aruandeperioodi kasum /(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (618) (239) 6
-------------------------------------------------------------------------------
Vähemusosalusele 3 0 19
-------------------------------------------------------------------------------
Koondkasum /(kahjum) kokku (615) (239) 25
-------------------------------------------------------------------------------
Aruandeperioodi koondkasum /(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte aktsionäridele (618) (239) 6
-------------------------------------------------------------------------------
Vähemusosalusele 3 0 19
-------------------------------------------------------------------------------
Tava- ja lahustunud kasum /(kahjum) aktsia
kohta (0,02) (0,01) 0,00
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I kv 2019 I kv 2018
--------------------------------------------------------------------------
Rahavood äritegevusest
--------------------------------------------------------------------------
Aruandeperioodi ärikasum / (-kahjum) (357) (106)
--------------------------------------------------------------------------
Korrigeerimised:
--------------------------------------------------------------------------
Põhivara kulum ja väärtuse langus 962 729
--------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist ja mahakandmisest (1) (3)
--------------------------------------------------------------------------
Äritegevuse rahavood:
--------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete muutus (16) 330
--------------------------------------------------------------------------
Varude muutus (217) (454)
--------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja ettemaksete muutus 993 656
--------------------------------------------------------------------------
Rahavood põhitegevusest
--------------------------------------------------------------------------
Makstud ettevõtte tulumaks (73) (11)
--------------------------------------------------------------------------
Makstud intressid (134) (97)
--------------------------------------------------------------------------
Rahavood äritegevusest kokku 1 158 1 044
--------------------------------------------------------------------------
Rahavood investeerimistegevusest
--------------------------------------------------------------------------
Tütarettevõtete ost (miinus omandatud sularaha) (459) 0
--------------------------------------------------------------------------
Saadud intressid 6 25
--------------------------------------------------------------------------
Põhivara soetamine (597) (580)
--------------------------------------------------------------------------
Põhivara müük 3 12
--------------------------------------------------------------------------
Antud laenud (49) (422)
--------------------------------------------------------------------------
Antud laenude tagasimaksed 199 0
--------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (897) (966)
--------------------------------------------------------------------------
Rahavood finantseerimistegevusest
--------------------------------------------------------------------------
Tasutud kapitalirendi maksed (196) (18)
--------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus (665) (92)
--------------------------------------------------------------------------
Saadud laenud / laenude tagasimaksed 138 0
--------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (723) (111)
--------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (462) (32)
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 1 268 1 073
--------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 805 1 041
--------------------------------------------------------------------------
Lisainformatsioon:
Signe Kukin
Kontserni finantsjuht
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille peamised tegevused
hõlmavad veebimeedia sisutootmist, ajalehtede ja ajakirjade kirjastamist ning
trükiteenuste osutamist Eestis, Lätis ja Leedus. 1989. aastal tegevust alustanud
Ekspress Grupp annab tööd 1700 inimesele, omab juhtivaid veebimeedia portaale
Baltimaades ning kirjastab Eesti loetumaid päeva- ja nädalalehti, lisaks
enamikku Eesti populaarsematest ajakirjadest.
Teate sisu inglise keeles
Pealkiri
AS Ekspress Grupp: Consolidated unaudited interim report for the Firts Quarter of 2019
Teade
The revenue of AS Ekspress Grupp totalled EUR 17.3 million in the 1st quarter of
2019. The Group's revenue for the 1st quarter increased by 6% as compared to the
previous year. Digital revenue increased by 11% and made up 37% of the total
revenue.
Digital revenue growth is also one of the key objectives of the media business
of Ekspress Group that the management has set for the company.
In the 1st quarter, the Group's EBITDA reached EUR 0.68 million and stayed at
the same level as in the same period last year. In the 1st quarter, the Estonian
and Lithuanian companies posted strong results both in the sales of
subscriptions as well as advertisements. The growth of digital subscriptions was
a positive development in Estonia.
In Estonia, both the sales of articles as well as purchasing of digital
subscriptions have exceeded the previously set targets. The beginning of the
year with plenty of news helped us achieve good results, creating favourable
conditions for production of quality content which the readers are willing to
pay for.
The beginning of the year also proved that if there is a lot of news in a
certain period, the number of visitors in Delfi environment grows faster than at
the competitors. This demonstrates that we have been able to create a news
environment which the readers trust and prefer.
The Latvian advertising market which was at a standstill in the 1st quarter had
a negative impact on the quarterly results. This trend characterised both the
entire Latvian market as well as the results of Delfi Latvia.
As compared to the previous year, the volumes of the Group's printing house
increased by approximately 6% whereby all production operated at full capacity
in the 1st quarter. However, the volumes of printing batches have decreased
which in turn has increased production costs and put pressure on profit margins.
While in the media segment the Group posted higher profits in the 1st quarter,
then in the printing services segment profits fell by approximately 22%. In a
situation where the business volumes are falling in the printing services
segment in Estonia, we have managed to grow exports and as of the end of the
1st quarter, exports made up 63% of the total portfolio of the printing
services.
In the 1st quarter, the Group acquired an additional 50% ownership interest in
Linna Ekraanid OÜ that is engaged in the sale of digital outdoor advertising in
Estonia. AS Ekspress Grupp now owns 100% of the entity. The long-term goal of
the Group is to continue developing the business line of digital outdoor
advertising and assume a leadership position in this market. According to the
contract entered into in 2016, Ekspress Group was under the obligation to
acquire the remaining 50% of the entity in 2018. Linna Ekraanid has been growing
steadily and has helped to increase the digital advertising revenue.
In the 1st quarter, the Group's largest media entity AS Ekspress Meedia
organised several events, for example: Game of the Stars in Tartu and the annual
e-commerce conference of the Baltic States. Delfi Latvia was the key media
partner in such events as: ice skating show "Disney on ice", Tom Odell's
concert, Ewert and the 2 dragons's concert, Techchill (Baltic start-up
conference), Miit&Links Baltic PR Awards conferences, J?kabs, Mimmi un run?joshie
su?i (Latvian animated movie), 1906 (Latvian movie) and fashion week Riga
Fashion Week. Delfi Lithuania together with its partners arranged the first ever
festival in the winter - Delfi music festival "Snowstorm". In the 4th quarter of
2018, Delfi Lithuania published a book related to "Pravieniskiu Mafija" project
that reached the TOP3 bestseller list in Lithuania. In connection with the same
project, the team of the Lithuanian DELFI TV made a unique 45-minute documentary
"Pravieniskese Mafija" in the 1st quarter of this year. For the second time,
Delfi Lithuania organised a major event targeted at schoolchildren where the
children are offered the best (outdoor) lessons in the course of a day. This
time, 14 000 students from various schools in Lithuania participated in the
event "The Day of the Best Lessons". Interactive lessons were given to students
in biology, robotics, etc.
Despite bigger business volumes, the profitability of the Group continues to be
under pressure, primarily due to the intensifying competition in the printing
services segment. In the upcoming periods, the management will pay attention to
and will look for additional opportunities to improve profitability and increase
efficiency.
SUMMARY OF THE RESULTS FOR THE 1ST QUARTER
In the Group's reporting, the management monitors the performance on the basis
of proportional consolidation of joint ventures. The loan contract also
determines the calculation of some loan covenants while taking into account
proportional consolidation.
REVENUE
The consolidated revenue for the 1st quarter of 2019 totalled EUR 17.3 million
(1st quarter 2018: EUR 16.4 million). Revenue increased by 6% as compared to the
previous year. Revenue growth is primarily attributable to the advertising
revenue growth both in Estonia and Lithuania. The share of the Group's digital
revenue made up 37% of total revenue. In the 1st quarter 2019, the Group's
digital revenue increased by 11% as compared to the same period last year.
PROFITABILITY
In the 1st quarter of 2019, consolidated EBITDA totalled EUR 0.68 million (1st
quarter 2018: EUR 0.67 million). EBITDA increased by 1% as compared to the
previous year, of which EUR +0,2 million was related to the effect of the new
accounting standard IFRS 16 "Leases" on EBITDA that entered into force on 1
January 2019. The EBITDA margin declined to 3.9% (1st quarter 2018: 4.1%). In
the 1st quarter of 2019, the consolidated net loss totalled EUR -0.61 million
(1st quarter 2018: EUR -0.24 million). The decline in profitability was
primarily related to the intensifying competition in the printing services
segment and the increase in input prices. In addition, it was related to the
decline in the revenue of print media and higher home delivery and labour costs.
In the first quarter, the additional loss in amount of EUR 0.1 EUR came from
interests in associates and other financial investments.
From 1 January 2019, the Group has applied the new mandatory accounting standard
IFRS 16 "Leases". Due to this, the leased assets and lease liabilities are
recognised at the present value of lease payments in the balance sheet.
Depreciation on leased assets and the estimated interest expense on lease
liabilities are recognised in the income statement.
The effect of IFRS 16 on consolidated balance sheet and income statement as at
31.03.2019 is disclosed on page 17 of the financial statements.
CASH POSITION
At the end of the reporting period, the Group had available cash by proportional
consolidation in the amount of EUR 1.6 million and equity in the amount of EUR
49.5 million (61% of total assets, without taking into account the effect of
IFRS 16 - 63%). The comparative figures as of 31 March 2018 were EUR 2.4 million
and EUR 52.3 million (66% of total assets), respectively. As of 31 March 2019,
the Group's net debt totalled EUR 18.1 million, without taking into account the
effect of IFRS 16, the Group's net debt totalled EUR 13.1 million (31 March
2018: EUR 13.2 million).
BUSINESS OPERATIONS
In the consolidated financial reports 50% joint ventures are recognised under
the equity method, in compliance with International Financial Reporting
Standards (IFRS). In its monthly reports, the management monitors the Group's
performance on the basis of proportional consolidation of joint ventures and the
syndicated loan contract also determines the calculation of some loan covenants
by proportional consolidation.
For the purpose of clarity, the management report shows two sets of indicators:
one where joint ventures are consolidated line-by-line and the other where joint
ventures are recognised under the equity method and their net result is
presented as financial income in one line.
The effect of the new standard IFRS 16 "Leases" that entered into force on 1
January 2019 is described on page 17 and in Note 1 of the financial statements.
FINANCIAL INDICATORS AND RATIOS - joint ventures consolidated 50% line-by-line
Performance indicators -
joint ventures consolidated 50% (EUR
thousand) Q1 2019 Q1 2018 Change % 12 months 2018
For the period
Sales 17 313 16 351 6% 69 096
EBITDA 677 668 1% 4 206
EBITDA margin (%) 3.9% 4.1% 6.1%
Operating profit /(loss) (405) (160) -147% 944
Operating margin (%) -2.3% -1.0% 1.4%
Interest expenses (118) (103) -15% (458)
Net profit /(loss) for the period (615) (239) -156% 25
Net margin (%) -3.5% -1.5% 0.0%
Return on assets (ROA) (%) -0.8% -0.3% 0.0%
Return on equity (ROE) (%) -1.2% -0.5% 0.0%
Earnings per share (EPS) (0.02) (0.01) 0.00
Financial indicators and ratios under the equity method are disclosed on pages
16-17 of the financial statements.
SEGMENT OVERVIEW
The Group's activities are divided into two large segments - media segment and
printing services segment
The media segment includes the Group's activities in Estonia, Latvia and
Lithuania. It comprises the operations of online portal Delfi, several other
news portal providing online advertising network and programmatic sales, digital
outdoor advertising in Estonia and Latvia, publishing of the Estonian weekly
newspapers Maaleht, Eesti Ekspress and LP, the daily newspaper Päevaleht,
tabloid Õhtuleht, freesheet Linnaleht, publishing of books and magazines in
Estonia and providing home delivery services.
The printing services segment includes AS Printall which one of the largest is
printing companies in Estonia. We are able to print high-quality magazines,
newspapers, advertising materials, product and service catalogues, yearbooks,
paperback books and other publications in our printing plant.
Segment EBITDA does not include one-off write-downs for goodwill and trademarks.
Volume-based fees and other fees payable to agencies have been deducted from the
segment's advertising revenue.
The effect of the new standard IFRS 16 "Leases" that entered into effect on 1
January 2019 is described on page 17 and Note 1 of the financial statements.
Key financial indicators for segments
(EUR thousand) Sales
Q1 2019 Q1 2018 Change % 12 months 2018
Media segment (under equity method) 9 357 8 095 16% 37 248
incl. revenue from all digital and
online channels 6 054 5 421 12% 24 561
Printing services segment 6 570 6 221 6% 25 242
Corporate functions 539 691 -22% 2 341
Inter-segment eliminations (1 155) (990) (4 342)
TOTAL GROUP under equity method 15 310 14 017 9% 60 489
Media segment (by proportional
consolidation) 11 523 10 708 8% 46 716
incl. revenue from all digital and
online channels 6 364 5 726 11% 25 954
Printing services segment 6 570 6 221 6% 25 242
Corporate functions 539 691 -22% 2 341
Inter-segment eliminations (1 319) (1 269) (5 204)
TOTAL GROUP by proportional
consolidation 17 313 16 351 6% 69 096
(EUR thousand) EBITDA
Q1 2019 Q1 2018 Change % 12 months 2018
Media segment (under equity method) 436 246 77% 3 355
Media segment (by proportional
consolidation) 496 291 71% 3 329
Printing services segment 550 701 -22% 2 403
Corporate functions (363) (324) -12% (1 492)
Inter-segment eliminations (7) 0 (2)
TOTAL GROUP under equity method 616 623 -1% 4 263
TOTAL GROUP by proportional
consolidation 677 668 1% 4 206
EBITDA margin Q1 2019 Q1 2018 12 months 2018
Media segment (under equity method) 5% 3% 9%
Media segment (by proportional consolidation) 4% 3% 7%
Printing services segment 8% 11% 10%
TOTAL GROUP under equity method 4% 4% 7%
TOTAL GROUP by proportional consolidation 4% 4% 6%
MEDIA SEGMENT
ONLINE MEDIA
Important progress and significant accomplishments per country are listed below.
Estonia
* Ekspress Meedia posted all-time highest results in single-article sales.
* Ekspress Meedia launched refreshed company brand and website
(https://www.ekspressmeedia.ee/).
* Ekspress Meedia launched Delfi 2019 elections subsite
(https://www.delfi.ee/news/rk2019/) and personal preferences testing wizard
"elections engine (https://www.delfi.ee/valimismootor/)".
* For Estonia's Independence Day, a special project "101 dreams
(https://www.delfi.ee/news/ev101/101unistust/)" was launched.
* Novel elections-related TV-show for prime minister candidates "Work
interview (https://www.delfi.ee/news/rk2019/toointervjuu/)" was launched.
* Longread article about special effects in the movie "Truth and Justice
(https://longread.delfi.ee/a/85681375)" was created.
* Ekspress Meedia launched special subsite for 2019 European Parliament
elections (https://www.delfi.ee/news/eurovalimised2019/).
* Õhtuleht Kirjastus launched personal preferences testing wizard "election
compass (https://www.ohtuleht.ee/941050/ohtulehe-valimiskompass-kas-julged-
proovida-leia-oma-lemmik-eesti-lobusaima-kusimustikuga)".
* Õhtuleht Kirjastus refreshed the display logic of domain-specific content
and carried out multiple development projects of its digital platform.
Latvia
* Delfi Latvia launched refreshed mobile version of the site.
* Delfi Latvia had strong quarter for podcasts growth (number of different
podcasts offered and listenership).
* Delfi Latvia and IT company "Tilde" announced joint testing of robot Laura
for text-to-speech functionality of articles
(https://www.delfi.lv/bizness/tehnologijas/delfi-pievienosies-virtualais-
diktors-robots-zinu-laura.d?id=50849711).
* Delfi Latvia published special project about classical music artists
(https://www.delfi.lv/news/avoti/).
* Delfi Latvia published series about KGB agents and their reports.
* Delfi Latvia published multimedia series of modern influencers
(https://www.delfi.lv/bizness/jaunie-soctiklu-biznesmeni/).
* Delfi Latvia published special project "5 years since Crimea occupation
(https://www.delfi.lv/news/krimas-okupacijai-5/)".
* Delfi Latvia published multimedia series of modern monasteries
(https://www.delfi.lv/vina/klosteris/), monks and nuns.
* Delfi Latvia published multimedia series of high education
(https://rus.delfi.lv/news/vuzi-bolshaja-gonka/) in Latvia.
Lithuania
* Delfi Lithuania's traditional initiative "Heroes among us
(https://www.delfi.lt/apps/herojai-tarp-
musu/?fbclid=IwAR25uDZKo_T9pWqQee32RoLf50N74dKl4bHM5BgyzhGw_ThFtEOefhOOkjY)"
was this year dedicated to teachers.
* Delfi Lithuania journalists won 3 prizes
(https://www.delfi.lt/m360/naujausi-straipsniai/trys-delfi-zurnalistai-
ivertinti-apdovanojimais.d?id=80192173) covering EU investments.
* DELFI TV team prepared unique 45-minute documentary film ?Mafia of
Pravieniskes (https://www.delfi.lt/video/aktualijos/audringos-reakcijos-po-
pravieniskiu-mafijos-filmo-emocijos-
pritrenkiancios.d?id=80173189&fbclid=IwAR2ZEH4NU6-1J4UFTLifd-
yhXMWA0Zs6rWCowxlj1FaZokAjODu2Ac3jOZk)".
* Delfi Lithuania signed a broadcasting partnership with Lithuanian football
(https://www.delfi.lt/sportas/futbolas/gera-zinia-futbolo-megejams-delfi-tv-
transliuos-visas-a-lygos-rungtynes.d?id=80500661) A league.
* Debunk.eu project was covered by Financial Times
(https://amp.ft.com/content/b3701b12-2544-11e9-b329-
c7e6ceb5ffdf?fbclid=IwAR0zOGd7TmIr1JXgyWMkJtCRgoCiqaRM-
UeFuZNRmDlMHtR_HsMsENJDJdw).
* Delfi Lithuania together with several partners organized an event "The best
day of lessons" in Kaunas with ca 14 thousand school students participating
and active coverage, video conferences and streams.
* Delfi Lithuania launched an overview "DELFI is more than a news portal
(https://www.delfi.lt/m360/naujausi-straipsniai/delfi-pristato-nauja-
reklamos-kampanija-daugiau-nei-naujienu-
portalas.d?id=80771787&fbclid=IwAR18qMbiU3bKmjKVeuhr7_d0L9F5j-
asQxU_klx1IXtpaC6Z51FGS2gbpxw)", highlighting company's strong position in
variety of its businesses.
PRINT MEDIA
Based on Estonian Newspaper Association data, the daily newspaper with the
largest circulation in Estonia for last 12 months continues to be Õhtuleht. For
January and December, the largest newspaper was Maaleht. During the last 12
months, 5 largest newspapers have declined in circulation in total by ca 8 000
copies.
In the 1st quarter of 2019, the revenue in the media segment totalled EUR 11.5
million (1st quarter 2018: EUR 10.7 million). Sales increased by 8% as compared
to the previous year. Sales growth is primarily attributable to the advertising
revenue growth in Estonia and Lithuania.
Digital media keeps growing and despite tough competition, the Group has not
lost market share and our revenue is increasing. By the end of the 1st quarter,
the Group's digital revenue reached 37% of total revenue. The Group's digital
revenue in the 1st quarter of 2019 increased by 11% as compared to the same
period last year.
The EBITDA of the media segment in the first quarter of 2019 totalled EUR 0.5
million (1st quarter 2018: EUR 0.3 million). As compared to the previous year,
EBITDA increased by 71%, of which +0.2 million was the effect of the new
accounting standard IFRS 16 "Leases" that entered into force on 1 January 2019
on EBITDA.
REAL ESTATE PORTAL
Due to the sales and marketing activities, the real estate portal
Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) managed to surpass its key
competitor city24.ee both in terms of the number of advertisements and visitors
by the end of last quarter of 2018. Kinnisvara24.ee
(https://kinnisvara24.delfi.ee/) ranked second among real estate portals. From
the last week of February 2019, city24.ee and kv.ee do not publish their data on
the number of people visiting their portals anymore. The Group will continue to
actively develop the portal to achieve a higher position in te market.
Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) has developed a first-class
search engine where one can, for example, look up properties using such criteria
as "house with a pool" and "pets allowed" (rental apartments).
At the competition "Real estate deed of the year", the Estonian Real Estate
Agents' Association selected the development of the real estate portal
Kinnisvara24.ee (https://kinnisvara24.delfi.ee/) as the winner.
PRINTING SERVICES SEGMENT
In the 1st quarter of 2019, the revenue of AS Printall totalled EUR 6.6 million
(1st quarter 2018: EUR 6.2 million). Revenue increased by 6% as compared to the
previous year and it was primarily impacted by higher paper prices. The revenue
of printing services has declined in Estonia due to the decline of the share of
printed media and advertising brochures of large store chains. In the 1st
quarter of 2019, EBITDA totalled EUR 0.6 million (1st quarter 2018: EUR 0.7
million). EBITDA decreased by 22% as compared to the previous year. This was
primarily impacted by higher input prices (paper, labour, electricity, natural
gas, etc.) as well as tighter competition which put negative pressure on sales
margins.
For several consecutive years, the printing services segment has been under
pressure due to continued digitalisation of regular journalism and increasing
popularity of Internet as compared to printed products. Competition concerning
sales prices continues to be intense. The sales volumes of print circulations
have declined which in turn leads to higher printing costs. In addition,
appreciation of input prices (incl. labour, paper and electricity) is another
major challenge.
The revenue of AS Printall in the 1st quarter of 2019 outside Estonia is 63%
(1st quarter 2018: 62%).
FINANCIAL INDICATORS AND RATIOS
Performance indicators -
joint ventures under equity method
(EUR thousand) Q1 2019 Q1 2018 Change % 12 months 2018
For the period
Sales 15 310 14 017 9% 60 489
EBITDA 616 623 -1% 4 263
EBITDA margin (%) 4.0% 4.4% 7.0%
Operating profit /(loss) (357) (106) -225% 1 211
Operating margin (%) -2.3% -0.8% 2,0%
Interest expenses (117) (97) -21% (443)
Profit /(loss) of joint ventures under
equity method (51) (61) 16% (273)
Net profit /(loss) for the period (615) (239) -157% 25
Net margin (%) -4.0% -1.7% 0.0%
Return on assets (ROA) (%) -0.8% -0.3% 0.0%
Return on equity (ROE) (%) -1.2% -0.5% 0.0%
Earnings per share (EPS) (0.02) (0.01) 0.00
Financial indicators and profitability ratios by proportional consolidation are
disclosed on page 11 of the financial statements.
The effect of the new standard IFRS 16 "Leases" that entered into effect on 1
January 2019 on the income statement and balance sheet is described on page 17
and Note 1 of the financial statements.
joint ventures 50% joint ventures under equity
consolidated method
Balance sheet
(EUR thousand) 31.03.2019 31.12.2018 Change % 31.03.2019 31.12.2018 Change %
As of the end of
the period
Current assets 14 950 15 631 -4% 13 606 13 831 -2%
Non-current
assets 66 771 63 286 6% 66 084 62 907 5%
Total assets 81 721 78 917 4% 79 690 76 738 4%
incl. cash and
bank 1 566 2 228 -30% 805 1 268 -36%
incl. goodwill 40 352 39 799 1% 39 308 37 969 4%
Current
liabilities 16 772 14 207 18% 14 937 12 186 23%
Non-current
liabilities 15 390 14 276 8% 15 153 14 118 7%
Total
liabilities 32 163 28 483 13% 30 090 26 304 14%
incl.
borrowings 18 146 15 554 17% 17 842 15 474 15%
Equity 49 558 50 434 -2% 49 600 50 434 -2%
joint ventures under equity
joint ventures 50% consolidated method
31.03.2019 31.03.2019
without without
Financial the effect the effect
ratios (%) 31.03.2019 of IFRS 16 31.12.2018 31.03.2019 of IFRS 16 31.12.2018
Equity
ratio (%) 61% 63% 64% 62% 65% 66%
Debt to
equity
ratio (%) 37% 29% 31% 36% 29% 31%
Debt to
capital
ratio (%) 25% 21% 21% 26% 22% 22%
Total
debt/EBITDA
ratio 4.30 3.47 3.70 4.19 3.44 3.63
Liquidity
ratio 0.89 0.93 1.10 0.91 0.95 1.13
From 1 January 2019, the Group applied the new mandatory accounting standard
IFRS 16 "Leases" to recognise rental expenses. Due to this, the leased assets
and lease liabilities are recognised at the present value of lease payments and
depredation on leased assets and the estimates interest expenses on lease
liabilities is recognised in the income statement.
As of 31.03.2019, the effect of IFRS 16 on the consolidated balance sheet and
income statement is as follows:
joint ventures
Balance sheet (EUR joint ventures under equity method
thousand) 50% consolidated 31.03.2019 31.03.2019
Right of use of
buildings 3 239 2 975
Lease liability (short-
term) 616 549
Lease liability (long-
term) 2 881 2 644
Retained earnings (263) (219)
joint ventures joint ventures
Income statement (EUR 50% consolidated under equity method
thousand) 31.03.2019 31.03.2019
Decrease in operating
expenses 231 194
Increase in depreciation 195 174
Estimated interest expense
on lease liabilities 19 18
Finantssuhtarvude leidmisel kasutatud valemid
Earnings before interest, tax, depreciation and
amortisation. EBITDA does not include any
impairment losses recognised during the period or
EBITDA result from restructuring.
EBITDA margin (%) EBITDA/sales x 100
Operating margin (%) Operating profit/sales x100
Net margin (%) Net margin in financial statements/sales x100
Earnings per share Net profit / average number of shares
Equity ratio (%) Equity/ (liabilities + equity) x100
Dividend rate (%) Total amount of dividends paid / Net profit
Debt to equity ratio (%) Interest bearing liabilities /equity x 100
Interest bearing liabilities - cash and cash
Debt to capital ratio (%) equivalents (net debt) /(net debt +equity) x 100
Total debt/EBITDA ratio Interest bearing borrowings /EBITDA
Debt service coverage ratio EBITDA/loan and interest payments for the period
Liquidity ratio Current assets / current liabilities
Return on assets ROA (%) Net profit /average assets x 100
Return on equity ROE (%) Net profit /average equity x 100
Consolidated balance sheet (unaudited)
(EUR thousand) 31.03.2019 31.12.2018
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 805 1 268
-------------------------------------------------------------------------------
Trade and other receivables 9 106 9 154
-------------------------------------------------------------------------------
Corporate income tax prepayment 96 27
-------------------------------------------------------------------------------
Inventories 3 600 3 382
-------------------------------------------------------------------------------
Total current assets 13 606 13 831
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Trade and other receivables 1 010 1 588
-------------------------------------------------------------------------------
Deferred tax asset 44 44
-------------------------------------------------------------------------------
Investments in joint ventures 1 491 2 345
-------------------------------------------------------------------------------
Investments in associates 319 319
-------------------------------------------------------------------------------
Property, plant and equipment 15 133 11 921
-------------------------------------------------------------------------------
Intangible assets 48 087 46 691
-------------------------------------------------------------------------------
Total non-current assets 66 084 62 907
-------------------------------------------------------------------------------
TOTAL ASSETS 79 690 76 738
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 3 754 1 356
-------------------------------------------------------------------------------
Trade and other payables 11 157 10 801
-------------------------------------------------------------------------------
Corporate income tax payable 25 29
-------------------------------------------------------------------------------
Total current liabilities 14 937 12 186
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 14 088 14 118
-------------------------------------------------------------------------------
Other long-term liabilities 1 065 0
-------------------------------------------------------------------------------
Total non-current liabilities 15 153 14 118
-------------------------------------------------------------------------------
TOTAL LIABILITIES 30 090 26 304
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority shareholding 90 87
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 17 878 17 878
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (22) (22)
-------------------------------------------------------------------------------
Reserves 1 688 1 688
-------------------------------------------------------------------------------
Retained earnings 15 689 16 526
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 49 510 50 347
-------------------------------------------------------------------------------
TOTAL EQUITY 49 600 50 434
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 79 690 76 738
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q1 2019 Q1 2018 12 months 2018
-------------------------------------------------------------------------------
Sales 15 310 14 017 60 489
-------------------------------------------------------------------------------
Cost of sales (13 097) (11 564) (48 874)
-------------------------------------------------------------------------------
Gross profit 2 214 2 453 11 615
-------------------------------------------------------------------------------
Other income 119 39 394
-------------------------------------------------------------------------------
Marketing expenses (731) (767) (3 108)
-------------------------------------------------------------------------------
Administrative expenses (1 938) (1 816) (7 609)
-------------------------------------------------------------------------------
Other expenses (21) (16) (82)
-------------------------------------------------------------------------------
Operating profit /(loss) (357) (106) 1 211
-------------------------------------------------------------------------------
Interest income 6 44 143
-------------------------------------------------------------------------------
Interest expenses (117) (97) (443)
-------------------------------------------------------------------------------
Other finance income and costs (36) (19) (103)
-------------------------------------------------------------------------------
Net finance cost (147) (72) (403)
-------------------------------------------------------------------------------
Profit (loss) on shares of joint ventures (51) (61) (273)
-------------------------------------------------------------------------------
Profit (loss) on shares of associates (59) 0 (234)
-------------------------------------------------------------------------------
Profit /(loss) before income tax (614) (239) 302
-------------------------------------------------------------------------------
Income tax expense (1) 0 (276)
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period (615) (239) 25
-------------------------------------------------------------------------------
Net profit /(loss) for the reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (618) (239) 6
-------------------------------------------------------------------------------
Minority shareholders 3 0 19
-------------------------------------------------------------------------------
Total comprehensive income (615) (239) 25
-------------------------------------------------------------------------------
Comprehensive income for the reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the parent company (618) (239) 6
-------------------------------------------------------------------------------
Minority shareholders 3 0 19
-------------------------------------------------------------------------------
Basic and diluted earnings per share (0.02) (0.01) 0.00
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) Q1 2019 Q1 2018
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit /(loss) for the reporting year (357) (106)
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation, amortisation and impairment 962 729
-------------------------------------------------------------------------------
(Gain)/loss on sale and write-down of property, plant and
equipment (1) (3)
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (16) 330
-------------------------------------------------------------------------------
Inventories (217) (454)
-------------------------------------------------------------------------------
Trade and other payables 993 656
-------------------------------------------------------------------------------
Cash generated from operations
-------------------------------------------------------------------------------
Income tax paid (73) (11)
-------------------------------------------------------------------------------
Interest paid (134) (97)
-------------------------------------------------------------------------------
Net cash generated from operating activities 1 158 1 044
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Purchase of subsidiaries (less acquired cash) (459) 0
-------------------------------------------------------------------------------
Interest received 6 25
-------------------------------------------------------------------------------
Purchase of property, plant and equipment (597) (580)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and equipment 3 12
-------------------------------------------------------------------------------
Loans granted (49) (422)
-------------------------------------------------------------------------------
Loan repayments received 199 0
-------------------------------------------------------------------------------
Net cash used in investing activities (897) (966)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Finance lease payments made (196) (18)
-------------------------------------------------------------------------------
Change in overdraft (665) (92)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans 138 0
-------------------------------------------------------------------------------
Net cash used in financing activities (723) (111)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (462) (32)
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the year 1 268 1 073
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the year 805 1 041
-------------------------------------------------------------------------------
Additional information:
Signe Kukin
Group CFO
AS Ekspress Grupp
+372 669 8381
[email protected] (mailto:[email protected])
AS Ekspress Grupp is the leading media group in the Baltic States whose key
activities include web media content production, publishing of newspapers and
magazines and provision of printing services in Estonia, Latvia and Lithuania.
Ekspress Grupp that launched its operations in 1989 employs 1700 people, owns
leading web media portals in the Baltic States and publishes the most popular
daily and weekly newspapers as well as the majority of the most popular
magazines in Estonia.