Börsiteade
AS Ekspress Grupp
LEI kood
529900B52V1TUMW7FS54
Emitendi suuruskategooria
Suur kontsern
Majandustegevusalad
Kutse-, teadus- ja tehnikaalane tegevus
Emitendi registreeritud asukoht
Eesti
Üldandmed
Kategooriad
Juhtkonna vaheteadaanne või kvartaalne finantsaruanne
Teate ID
8967
Manused
Esitamise kuupäev ja aeg
30.07.2021 08:00:00
Teate sisu eesti keeles
Pealkiri
AS Ekspress Grupp: 2021.aasta II kvartali ja I poolaasta konsolideeritud auditeerimata vahearuanne
Teade
AS-i Ekspress Grupp 2021. aasta II kvartali müügitulu oli 17,9 miljonit eurot ja
kuue kuu müügitulu 33,2 miljonit eurot. Kontserni 2021. aasta II kvartali
puhaskasum oli 1,25 miljonit eurot ning kuue kuu puhaskasum 0,98 miljonit eurot.
Kontserni digitaalsete tulude osakaal moodustas juuni lõpus 53% kogukäibest ning
75% meedia segmendi käibest.
2021. aasta II kvartali konsolideeritud müügitulu oli 17,9 miljonit eurot (II
kvartal 2020: 13,9 miljonit eurot), kasvades 28%. Müügitulude kasvu taga on
hästi taastunud ning osaliselt teiste meedialiikide arvelt täiendavalt kasvanud
online reklaamiturg, mis näitas head kasvu kogu Baltikumis. Jätkuvalt on surve
all paberreklaami müügitulu, mis ei ole siiani taastunud pandeemia eelsele
tasemele. Kontserni 2021. aasta 6 kuu müügitulu oli 33,2 miljonit eurot,
kasvades 12% aastases võrdluses.
AS-i Ekspress Grupp digitaalsete tellimuste hulk kasvas 2021. juuni lõpuks 76%
võrreldes eelmise aasta sama perioodiga ja oli üle 110 tuhande tellimuse.
Digitaalsete tellijate lisandumine mõjub positiivselt Ekspress Grupi
majandustulemustele ja kinnitab pikaajalise strateegilise suuna õigsust.
Ekspress Grupi kasum enne intresse makse, kulumit ja amortisatsiooni (EBITDA)
oli II kvartalis 2,67 miljonit eurot, mis on 1,01 miljonit ehk 61% enam
võrreldes 2020. aasta II kvartaliga. Kasumlikkust on aidanud tõsta veebireklaami
ja digitellimuste edukas müük kõigis Balti riikides ning jätkuv kuluefektiivne
tegutsemine. II kvartalis jätkunud pandeemia mõjud ei ole osutunud
samaväärseteks 2020. aasta II kvartaliga, kui reklaamimüük sai väga olulise
tagasilöögi. Riiklike piirangute suurenemisel ei läinud majandus analoogselt
2020. aastaga lukku, kuid pandeemia tõttu seatud piirangud mõjutasid siiski ka
2021. aasta II kvartalis kontserni välireklaamiettevõtteid ning piletiärisid.
Reklaamikliendid on olukorraga kohanenud ja reklaamiäri kasv kõikides riikides
näitab, et suurem osa ettevõtteid on suutnud muutuda digitaalsemaks, avanud või
kohandanud oma kauplemisviisid e-kanalitele ning reklaamivajadus on taastunud.
Arvestades vaktsineerimise kättesaadavust ning inimeste soovi liikuda ringi ja
käia üritustel, oleme aasta teise pooles nii välireklaami kui piletiäri
taastumise osas optimistlikumad.
Kontserni puhaskasum oli II kvartalis 1,25 miljonit eurot, mis on 114% enam
võrreldes sama perioodiga 2020. aastal. 6-kuu puhaskasum oli 0,98 miljonit
eurot, mis on 1,14 miljonit eurot rohkem kui samal perioodil eelmisel aastal.
II kvartalis oli kontserni jaoks oluliseks arenguks AS-i Printall ostupakkumise
saamine tuumikaktsionärile Hans Luigele kuuluvalt ettevõttelt Trükitung OÜ.
Kontsern oli alates eelmise aasta lõpust kaalunud erinevaid strateegilisi
alternatiive trükiteenuse segmendi valdkonna suhtes, sh trükitegevuse müüki,
kinnisvara müüki ja tagasirentimist ning võimalikke liitumisi. Juulis 2021
kiitsid aktsionärid nimetatud tehingu heaks ning andsid volitused AS-i Ekspress
Grupp juhatusele tehingu lõpule viimiseks, mis on plaanitud teha III kvartali
jooksul. Tehingu tulemusena väljub kontsern kõrge investeeringuvajadusega ärist,
mis ei vasta kontserni strateegiale. Kapitali vabastamine annab kontsernile
lisavõimekuse digivaldkonna kasvu rahastamiseks.
II kvartalis kuulutati kontserni ettevõte D Screens Lätis Riia linnale kuuluva
kinnisvara rendiõiguse II piirkonna enampakkumise võitjaks. Rendileping hõlmab
91 Riia linnale kuuluvat suurepärastes asukohtades reklaampinda, millest suur
osa on ettevõttel plaanis digitaliseerida. Uue piirkonnaga seotud investeeringud
digitaalsetesse väliekraanidesse teostatakse 2022. aasta lõpuks. Sõlmitud leping
suurendab kontserni digiekraanide võrgustiku, mis katab kõiki Riia linna
olulisemaid magistraale, rohkem kui 100 objektini.
II kvartali alguses lansseeritud Eesti uus piletimüügiplatvorm Piletitasku
(https://www.piletitasku.ee/et/) käivitus kevadel eriolukorra taandudes ning on
leidnud nii ürituste korraldajatelt kui piletiostjatelt head vastukaja. Pakume
värsket ja mugavat ostukogemust piletiostjatele ning tehnoloogiliselt uut taset
korraldajatele. Soovime, et ürituste sisestamine, haldamine ning raportite ja
andmete jälgimine oleks võimalikult ülevaatlik. Piletiplatvorm on hea näide
digitaalsest ärist, millel on selge sünergia digimeediaga ning mis sobitub
kontserni tänasesse üksteist toetavate digiäride strateegiasse.
Hoolimata pandeemiast korraldati Leedus sel aastal digitaalset arengut käsitlev
konverents Login (https://login.lt/), mis vältas 5 päeva ja oli striiminguna
saadaval kõikides Leedu suurimates meediaportaalides. Nii osalejate kui
reklaamiklientide huvi oli kõrge ja 2019. aastal omandatud Leedu suurim
digikonverents täidab endale seatud eesmärke.
30. juuni 2021 seisuga on kontsernil rahalisi vahendeid 4,2 miljonit eurot
(30.06.2020 6,3 miljonit eurot). Kontserni likviidsus on hea, kuid kontserni
likviidsuspositsiooni tugevdamiseks ja paindlikkuse ning käibekapitali
suurendamiseks sõlmis kontsern juulis 2021 AS-iga SEB Pank laenulepingute
muudatused. Pikendati laenude tagasimakse tähtaegasid 5 aasta võrra ning
vähendati igakuist tagasimakset 0,2 miljonilt eurolt 0,06 miljoni euroni kuus.
Muudatuse tulemusel jääb Ekspress Grupi kasutusse täiendav 1,7 miljonit eurot,
mille arvelt saab kontsern tugevdada olemasolevaid põhitegevusi ja suurendada
investeeringuid digiäridesse.
II KVARTALI JA 6 KUU TULEMUSED
MÜÜGITULU
2021. aasta II kvartali konsolideeritud müügitulu oli 17,9 miljonit eurot (II
kvartal 2020: 13,9 miljonit eurot). II kvartali müügitulu suurenes 28% võrreldes
eelmise aastaga. Reklaamitulud on jõudsalt taastunud. 2021. aasta I poolaasta
konsolideeritud müügitulu oli 33,2 miljonit eurot (I poolaasta 2020: 29,6
miljonit eurot). Kontserni digitaalsete tulude osakaal moodustas 2021. aasta II
kvartali lõpus 53% kogukäibest ja 75% meedia segmendi käibest (2020. aasta II
kvartali lõpp: 46% kogukäibest ja 68% meedia segmendi käibest). Digitaalsed
tulud suurenesid 30% võrreldes eelmise aasta sama perioodiga.
KASUMLIKKUS
2021. aasta II kvartali konsolideeritud EBITDA oli 2,67 miljonit eurot (II
kvartal 2020: 1,65 miljonit eurot). 2021. aasta II kvartali EBITDA kasvas 61%
võrreldes eelmise aastaga ning EBITDA marginaal oli 14,9% (II kvartal
2020: 11,9%). Kasumlikkust on aidanud tõsta tugev veebireklaami ja
digitellimuste müük ning range kulude kontroll kõikides Balti riikides. 2021.
aasta I poolaasta konsolideeritud EBITDA oli 3,76 miljonit eurot (I poolaasta
2020: 2,33 miljonit eurot).
2021. aasta II kvartali konsolideeritud puhaskasum oli 1,25 miljonit eurot (II
kvartal 2020: 0,58 miljonit eurot), mis on 0,67 miljonit eurot ja 114% rohkem
võrreldes 2020. aastaga. 2021. aasta esimese poolaasta konsolideeritud
puhaskasum oli 0,98 miljonit eurot (I poolaasta 2020: puhaskahjum summas -0,16
miljonit eurot), mida on võrreldes 2020. aasta sama perioodiga 1,14 miljonit
eurot ja 714% enam.
RAHAPOSITSIOON
Aruandeperioodi lõpus oli kontsernil vabu rahalisi vahendeid 4,2 miljonit eurot
ja omakapitali 55,4 miljonit eurot (59% bilansimahust). Võrreldavad andmed
2020. aasta 30. juuni seisuga olid vastavalt 6,3 miljonit eurot ja 51,5 miljonit
eurot (54% bilansimahust). Seisuga 30. juuni 2021 oli kontserni netovõlg 17,9
miljonit eurot (30. juuni 2020: 16,3 miljonit eurot).
2020. aasta rahapositsiooni mõjutasid tulenevalt COVID-19 eriolukorrast sõlmitud
kokkulepped, mis sõlmiti AS-iga SEB Pank laenumaksete peatamiseks perioodil
märts-august 2020 (1,2 miljonit eurot) ja AS-iga Citadele banka laenumaksete
peatamiseks perioodil juuni-november 2020 (0,3 miljonit eurot). Täiendavalt
mõjutas kontserni rahapositsiooni positiivselt möödunud aastal Eesti
Töötukassalt saadud töötasu hüvitis (1,14 miljonit eurot) ja 2020. aasta
eriolukorra ajal tekkinud maksukohustuse (1,60 miljonit eurot) ajatamine 24
kuuks.
Segmentide peamised finantsnäitajad
(tuhandetes EUR) Müügitulu
II kv II kv Muutus I pa I pa Muutus 12 kuud
2021 2020 % 2021 2020 % 2020
Meedia segment 12 904 9 891 30% 23 560 19 917 18% 43 728
sh tulu
kõikidest
digitaalsetest ja
online
kanalitest 9 939 7 021 42% 17 603 13 526 30% 30 963
% tulu
kõikidest
digitaalsetest ja
online
kanalitest 77% 71% 75% 68% 71%
Trükiteenuste segment 5 255 4 569 15% 10 163 10 813 -6% 21 384
Kesksed tegevused 1 054 520 103% 2 106 1 035 103% 2 761
Segmentidevahelised
elimineerimised (1 322) (1 037) (2 648) (2 118) (4 629)
KONTSERN KOKKU 17 890 13 944 28% 33 181 29 646 12% 63 243
% tulu
kõikidest
digitaalsetest ja
online
kanalitest 56% 50% 53% 46% 49%
(tuhandetes EUR) EBITDA
12
II kv II kv I pa I pa kuud
2021 2020 Muutus % 2021 2020 Muutus % 2020
Meedia segment 2 281 1 514 51% 3 076 1 762 75% 6 601
Trükiteenuste segment 529 248 113% 1 022 831 23% 2 224
Kesksed tegevused (111) (92) -20% (289) (236) -23% (720)
Segmentidevahelised (1
elimineerimised* (34) (16) (53) (33) 101)
KONTSERN KOKKU 2 666 1 654 61% 3 755 2 325 62% 7 004
* COVID-19 jätkuva mõju tõttu majanduslikule olukorrale on kontsern IV kvartalis
2020. aastal kajastanud materiaalse põhivara väärtuse languse kahjumit summas
1,0 miljonit eurot.
EBITDA marginaal II kv 2021 II kv 2020 I pa 2021 I pa 2020 12 kuud 2020
Meedia segment 18% 15% 13% 9% 15%
Trükiteenuste segment 10% 5% 10% 8% 10%
KONTSERN KOKKU 15% 12% 11% 8% 11%
Konsolideeritud bilanss (auditeerimata)
(tuhandetes EUR) 30.06.2021 31.12.2020
------------------------------------------------------------------------------
VARAD
------------------------------------------------------------------------------
Käibevara
------------------------------------------------------------------------------
Raha ja raha ekvivalendid 4 207 6 269
------------------------------------------------------------------------------
Nõuded ostjate vastu ja muud nõuded 11 369 9 450
------------------------------------------------------------------------------
Ettevõtte tulumaksu nõuded 153 7
------------------------------------------------------------------------------
Varud 2 596 2 756
------------------------------------------------------------------------------
Käibevara kokku 18 325 18 482
------------------------------------------------------------------------------
Põhivara
------------------------------------------------------------------------------
Muud nõuded ja investeeringud 948 982
------------------------------------------------------------------------------
Edasilükkunud tulumaksu vara 30 30
------------------------------------------------------------------------------
Investeeringud ühisettevõtetesse 898 1 661
------------------------------------------------------------------------------
Investeeringud sidusettevõtetesse 2 336 2 253
------------------------------------------------------------------------------
Materiaalne põhivara 15 014 14 134
------------------------------------------------------------------------------
Immateriaalne põhivara 56 766 56 635
------------------------------------------------------------------------------
Põhivara kokku 75 992 75 696
------------------------------------------------------------------------------
VARAD KOKKU 94 316 94 177
------------------------------------------------------------------------------
KOHUSTUSED
------------------------------------------------------------------------------
Lühiajalised kohustused
------------------------------------------------------------------------------
Võlakohustused 3 421 3 613
------------------------------------------------------------------------------
Võlad ja ettemaksed 14 721 15 251
------------------------------------------------------------------------------
Ettevõtte tulumaksu kohustused 53 81
------------------------------------------------------------------------------
Lühiajalised kohustused kokku 18 196 18 945
------------------------------------------------------------------------------
Pikaajalised kohustused
------------------------------------------------------------------------------
Pikaajalised võlakohustused 18 652 18 589
------------------------------------------------------------------------------
Muud pikaajalised kohustused 2 040 2 025
------------------------------------------------------------------------------
Pikaajalised kohustused kokku 20 692 20 613
------------------------------------------------------------------------------
KOHUSTUSED KOKKU 38 888 39 558
------------------------------------------------------------------------------
OMAKAPITAL
------------------------------------------------------------------------------
Vähemusosalus 128 126
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid:
------------------------------------------------------------------------------
Aktsiakapital 18 478 18 478
------------------------------------------------------------------------------
Ülekurss 14 277 14 277
------------------------------------------------------------------------------
Omaaktsiad (384) (209)
------------------------------------------------------------------------------
Reservid 1 903 1 758
------------------------------------------------------------------------------
Jaotamata kasum 21 026 20 189
------------------------------------------------------------------------------
Emaettevõtte omanikele kuuluv kapital ja reservid kokku 55 300 54 493
------------------------------------------------------------------------------
OMAKAPITAL KOKKU 55 428 54 619
------------------------------------------------------------------------------
KOHUSTUSED JA OMAKAPITAL KOKKU 94 316 94 177
------------------------------------------------------------------------------
Konsolideeritud koondkasumiaruanne (auditeerimata)
12 kuud
(tuhandetes EUR) II kv 2021 II kv 2020 I pa 2021 I pa 2020 2020
-------------------------------------------------------------------------------
Müügitulu 17 890 13 944 33 181 29 646 63 243
-------------------------------------------------------------------------------
Müüdud toodangu kulu (13 763) (11 598) (26 509) (25 070) (50 637)
-------------------------------------------------------------------------------
Brutokasum 4 128 2 346 6 671 4 576 12 607
-------------------------------------------------------------------------------
Muud äritulud 212 521 319 605 2 040
-------------------------------------------------------------------------------
Turunduskulud (892) (531) (1 488) (1 288) (2 701)
-------------------------------------------------------------------------------
Üldhalduskulud (1 898) (1 602) (3 923) (3 495) (7 532)
-------------------------------------------------------------------------------
Muud ärikulud (29) (56) (55) (80) (1 336)
-------------------------------------------------------------------------------
Ärikasum /(kahjum) 1 521 678 1 524 319 3 078
-------------------------------------------------------------------------------
Intressitulud 8 6 17 12 28
-------------------------------------------------------------------------------
Intressikulud (202) (217) (412) (441) (877)
-------------------------------------------------------------------------------
Muud finantstulud/(kulud) (15) (12) (4) (28) 614
-------------------------------------------------------------------------------
Kokku
finantstulud/(kulud) (209) (223) (400) (457) (235)
-------------------------------------------------------------------------------
Kasum/(kahjum)
ühisettevõtete aktsiatelt
ja osadelt (63) 135 (170) 8 102
-------------------------------------------------------------------------------
Kasum/(kahjum)
sidusettevõtete
aktsiatelt ja osadelt 32 (8) 67 (28) (129)
-------------------------------------------------------------------------------
Kasum /(kahjum) enne
tulumaksustamist 1 281 582 1 021 (158) 2 816
-------------------------------------------------------------------------------
Tulumaks (34) (1) (39) (2) (280)
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum) 1 247 582 982 (160) 2 536
-------------------------------------------------------------------------------
Aruandeperioodi kasum
/(kahjum), mis on
omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 246 575 980 (168) 2 510
-------------------------------------------------------------------------------
Vähemusosalusele 1 7 2 8 26
-------------------------------------------------------------------------------
Koondkasum /(kahjum)
kokku 1 247 582 982 (160) 2 536
-------------------------------------------------------------------------------
Aruandeperioodi
koondkasum /(kahjum), mis
on omistatav
-------------------------------------------------------------------------------
Emaettevõtte
aktsionäridele 1 246 575 980 (168) 2 510
-------------------------------------------------------------------------------
Vähemusosalusele 1 7 2 8 26
-------------------------------------------------------------------------------
Tavakasum /(-kahjum)
aktsia kohta 0,04 0,02 0,03 (0,01) 0,08
-------------------------------------------------------------------------------
Lahustunud kasum
/(kahjum) aktsia kohta 0,04 0,02 0,03 (0,01) 0,08
-------------------------------------------------------------------------------
Konsolideeritud rahavoogude aruanne (auditeerimata)
(tuhandetes EUR) I pa 2021 I pa 2020 12 kuud 2020
-------------------------------------------------------------------------------
Rahavood äritegevusest
-------------------------------------------------------------------------------
Aruandeperioodi ärikasum 1 524 319 3 078
-------------------------------------------------------------------------------
Korrigeerimised:
-------------------------------------------------------------------------------
Põhivara kulum 2 281 2 011 3 968
-------------------------------------------------------------------------------
(Kasum)/-kahjum põhivara müügist,
mahakandmisest ja väärtuse langusest 36 (3) 986
-------------------------------------------------------------------------------
Aktsiaoptsiooni väärtuse muutus 19 0 0
-------------------------------------------------------------------------------
Äritegevuse rahavood:
-------------------------------------------------------------------------------
Äritegevusega seotud nõuete ja ettemaksete
muutus (1 150) 2 470 3 274
-------------------------------------------------------------------------------
Varude muutus 160 68 375
-------------------------------------------------------------------------------
Äritegevusega seotud kohustuste ja
ettemaksete muutus (390) 1 515 (1 201)
-------------------------------------------------------------------------------
Rahavood põhitegevusest 2 481 6 379 10 480
-------------------------------------------------------------------------------
Makstud ettevõtte tulumaks (212) (56) (263)
-------------------------------------------------------------------------------
Makstud intressid (277) (306) (903)
-------------------------------------------------------------------------------
Rahavood äritegevusest kokku 1 992 6 017 9 314
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest
-------------------------------------------------------------------------------
Tütar- ja sidusettevõtete ning muude
investeeringute ost (miinus omandatud
sularaha) /
sissemaksed kapitaliosaluse meetodil
arvestatud investeeringutesse (201) (203) (425)
-------------------------------------------------------------------------------
Laekumised muudest investeeringutest 51 0 16
-------------------------------------------------------------------------------
Saadud intressid 2 1 2
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara
soetamine (1 268) (1 037) (2 562)
-------------------------------------------------------------------------------
Materiaalse ja immateriaalse põhivara müük 1 29 308
-------------------------------------------------------------------------------
Antud laenud (82) (98) (331)
-------------------------------------------------------------------------------
Saadud dividendid 78 150 150
-------------------------------------------------------------------------------
Rahavood investeerimistegevusest kokku (1 419) (1 158) (2 841)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest
-------------------------------------------------------------------------------
Rendikohustuse põhiosa tagasimaksed (954) (519) (949)
-------------------------------------------------------------------------------
Arvelduskrediidi kasutuse muutus 0 (1 018) (1 018)
-------------------------------------------------------------------------------
Saadud laenud / Laenude tagasimaksed (1 235) (662) (1 884)
-------------------------------------------------------------------------------
Laekunud aktsiate emiteerimisest 0 0 600
-------------------------------------------------------------------------------
Tasutud omaaktsiate tagasiostmisel (446) 0 (600)
-------------------------------------------------------------------------------
Rahavood finantseerimistegevusest kokku (2 635) (2 200) (3 851)
-------------------------------------------------------------------------------
RAHA JA RAHA EKVIVALENTIDE MUUTUS (2 062) 2 659 2 621
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 6 269 3 647 3 647
-------------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi lõpus 4 207 6 306 6 269
-------------------------------------------------------------------------------
Signe Kukin
Kontserni finantsjuht
AS Ekspress Grupp
Tel: +372 669 8381
E-kiri: [email protected] (mailto:[email protected])
AS Ekspress Grupp on Baltimaade juhtiv meediakontsern, mille tegevus hõlmab
veebimeedia sisutootmist, ajalehtede ja ajakirjade kirjastamist ning
trükiteenuste osutamist Eestis, Lätis ja Leedus. Samuti haldab kontsern
elektroonilist piletimüügiplatvormi ja piletimüügikohtasid Lätis. Ekspress
Grupp, mis alustas oma tegevust 1989. aastal, annab tööd ligi 1600 inimesele,
omab Baltimaades juhtivaid online-meedia portaale, annab välja kõige
populaarsemaid päeva- ja nädalalehti ning enamikku Eesti kõige populaarsemaid
ajakirju.
Teate sisu inglise keeles
Pealkiri
AS Ekspress Grupp: Consolidated unaudited interim report for the Second Quarter and First Half-Year of 2021
Teade
In the 2(nd) quarter of 2021, the revenue of AS Ekspress Grupp totalled EUR
17.9 million and the revenue for the first six months of the year totalled EUR
33.2 million. The Group's net profit for the 2(nd) quarter of 2021 was EUR 1.25
million and the net profit for the first 6 months of the year was EUR 0.98
million. At the end of June, the share of the Group's digital revenue was 53% of
total revenue and 75% of media segment revenue.
In the 2(nd) quarter of 2021, the consolidated revenue totalled EUR 17.9 million
(2(nd) quarter 2020: EUR 13.9 million), increasing by 28%. The revenue growth is
attributable to the online advertising market which has recovered well and has
gained momentum on account of other types of media, demonstrating good growth in
all Baltic States. Print advertising revenue continues to be under pressure and
it has still not regained its pre-pandemic level. The consolidated revenue for
the first six months of 2021 was EUR 33.2 million, increasing by 12% year-over-
year.
The number of the digital subscriptions of AS Ekspress Grupp increased by 76% by
the end of June 2021 as compared to the same period last year and was more than
110 thousand subscriptions. The addition of digital subscribers will have a
positive impact on the results of operations of Ekspress Grupp and is a proof of
the viability of its long-term strategic direction.
The earnings before interest, tax, depreciation and amortisation (EBITDA) of
Ekspress Grupp totalled EUR 2.67 million in the 2(nd) quarter which on EUR 1.01
million or 61% higher as compared to the 2(nd) quarter of 2020. Strong sales of
online advertising and digital subscriptions in all Baltic States and continued
cost reduction have helped improve profitability. The effects of the ongoing
pandemic in the 2(nd) quarter have not turned out to be of the same magnitude as
in the 2(nd) quarter of 2020 when advertising sales received a major setback.
Upon enforcement of national restrictions, the economy did not suffer similarly
to 2020 but the restrictions enforced due to the pandemic still had an effect on
outdoor advertising and ticket sales companies in the 2(nd) quarter of 2021. The
advertising customers have adapted to the circumstances and the growth of the
advertising business in all countries demonstrates that the majority of
companies have been able to digitalise their business more; they have opened or
adapted their ways of trading to e-channels and the need to advertise has
recovered. Considering the availability of vaccines and the desire of people to
move around and attend events, we are more optimistic about the recovery of the
outdoor advertising and ticket sales business.
In the 2(nd) quarter, the consolidated net profit totalled EUR 1.25 million
which is 114% more than in the same period in 2020. The net profit for the first
six months totalled EUR 0.98 million which is EUR 1.14 million higher than in
the same period last year.
A key event for the Group in the 2(nd) quarter was the receiving of the purchase
offer for AS Printall from the company Trükitung OÜ, which is owned by Group's
majority shareholder Hans Luik. Since the end of last year, the Group had
considered various strategic alternatives for the printing services segment,
including the sale of printing services, sale and leaseback of real estate
properties and potential mergers. In July 2021, the shareholders approved this
transaction and authorised the Management Board of AS Ekspress Grupp to complete
the transaction which is planned to be finalised during the 3(rd) quarter. The
outcome of the transaction will be the Group's exit from the business with
significant CAPEX requirements that is not in line with the Group's strategy.
Availability of new capital will provide additional capacity for the Group to
fund the digital area.
In the 2(nd) quarter, the group company D Screens won a tender in Latvia
relating to the right to lease the real estate properties in the ownership of
the City of Riga. The lease agreement covers 91 advertising spaces owned by the
City of Riga in excellent locations, the majority of which will be digitalised
by the company. The investments in digital outdoor screens that are related to
the new region will be completed at the end of 2022. The agreement will increase
the network of the Group's digital screens, which covers the key roads of the
City of Riga, more than 100 properties.
The new Estonian ticket sales platform Piletitasku
(https://www.piletitasku.ee/et/) that had been launched at the beginning of the
2(nd) quarter gained momentum once the state of emergency was lifted and it has
been well received by the event organisers and ticket buyers. We offer a fresh
and convenient buying experience for ticket buyers and technologically a new
level for organisers. We strive to make the entry and management of events and
monitoring of reports and data as comprehensive as possible. The ticket sales
platform is a good example of a digital business with a clear synergy with
digital media that fits the strategy of the Group's current complementing
digital businesses.
Despite the pandemic, a conference Login (https://login.lt/) on the topic of
digital development was organised in Lithuania which lasted for 5 days and was
available as a streaming in all the largest media portals of Lithuania. The
interest of both participants and advertising customers was high. The largest
digital conference of Lithuania acquired in 2019 is performing in line with the
set goals.
As at 30 June 2021, the Group's available cash is in the amount of EUR 4.2
million (30 June 2020: EUR 6.3 million). The Group's liquidity is good, but in
order to strengthen the Group's liquidity position and flexibility as well as to
increase the working capital, the Group signed amendments to the loan agreements
with AS SEB Pank in July 2021. The maturity dates of loans were extended by 5
years and monthly payments were reduced from EUR 0.2 million to EUR 0.06 million
per month. As a result of the amendments, Ekspress Grupp will have another EUR
1.7 million available to strengthen the Group's current key activities and
increase investments in its digital businesses.
Q2 AND 6 MONTHS RESULTS
REVENUE
The consolidated revenue for the 2(nd) quarter of 2021 totalled EUR 17.9 million
(2(nd) quarter 2020: EUR 13.9 million). Revenue increased by 28% year-over-year
in the 2(nd) quarter. Advertising revenue has demonstrated a strong recovery.
The consolidated revenue for the first six months of 2021 totalled EUR 33.2
million (first six months of 2020: EUR 29.6 million). At the end of 2(nd)
quarter of 2021, the share of the Group's digital revenue accounted for 53% of
total revenue and 75% of media segment revenue (at the end of 2(nd) quarter
2020: 46% of total revenue and 68% media segment revenue, respectively). Digital
revenue increased by 30% as compared to the same period last year.
PROFITABILITY
In the 2(nd) quarter of 2021, the consolidated EBITDA totalled EUR 2.67 million
(2(nd) quarter 2020: EUR 1.65 million). In the 2(nd) quarter of 2021, EBITDA
increased by 61% as compared to the previous year and the EBITDA margin was
14.9% (2(nd) quarter 2020: 11.9%). Strong sales of online advertising, digital
subscriptions and tight cost controls in all Baltic States have helped to
improve profitability. The consolidated EBITDA for the first six months of 2021
totalled EUR 3.76 million (first six months of 2020: EUR 2.33 million).
In the 2(nd) quarter of 2021, the consolidated net profit totalled EUR 1.25
million (2(nd) quarter 2020: EUR 0.58 million), which is EUR 0.67 million and
114% better as compared to 2020. The consolidated net profit for the first six
months of 2021 totalled EUR 0.98 million (first six months of 2020 net loss: EUR
-0.16 million), which is EUR 1.14 million and 714% better as compared to 2020.
CASH POSITION
At the end of the reporting period, the Group had available cash in the amount
of EUR 4.2 million and equity in the amount of EUR 55.4 million (59% of total
assets). The comparable data as of 30 June 2020 were EUR 6.3 million and EUR
51.5 million (54% of total assets), respectively. As of 30 June 2021, the
Group's net debt was EUR 17.9 million (30 June 2020: EUR 16.3 million).
The cash position in 2020 was impacted by the agreements concluded with the
banks due to the COVID-19 related state of emergency. An agreement was concluded
with AS SEB Pank to suspend loan payments in the period March-August 2020 (EUR
1.2 million) and with AS Citadele banka in the period of June-November 2020 (EUR
0.3 million). The salary subsidy received from the Estonian Unemployment
Insurance Fund (EUR 1.14 million) and the postponement of the payment of tax
arrears (EUR 1.60 million) due to the state of emergency for the period of 24
months had an additional positive impact on the Group's cash position last year.
Key financial indicators for segments
(EUR thousand) Sales
12 months
Q2 2021 Q2 2020 Change % 6M 2021 6M 2020 Change % 2020
Media segment 12 904 9 891 30% 23 560 19 917 18% 43 728
incl.
revenue from all
digital and
online
channels 9 939 7 021 42% 17 603 13 526 30% 30 963
% of revenue
from all digital
and
online
channels 77% 71% 75% 68% 71%
Printing services
segment 5 255 4 569 15% 10 163 10 813 -6% 21 384
Corporate
functions 1 054 520 103% 2 106 1 035 103% 2 761
Inter-segment
eliminations (1 322) (1 037) (2 648) (2 118) (4 629)
TOTAL GROUP 17 890 13 944 28% 33 181 29 646 12% 63 243
% of revenue
from all digital
and
online
channels 56% 50% 53% 46% 49%
(EUR thousand) EBITDA
12 months
Q2 2021 Q2 2020 Change % 6M 2021 6M 2020 Change % 2020
Media segment 2 281 1 514 51% 3 076 1 762 75% 6 601
Printing services
segment 529 248 113% 1 022 831 23% 2 224
Corporate
functions (111) (92) -20% (289) (236) -23% (720)
Inter-segment
eliminations* (34) (16) (53) (33) (1 101)
TOTAL GROUP 2 666 1 654 61% 3 755 2 325 62% 7 004
* Due to continuing impact of COVID-19 on economical situation the group has
recognised an impairment loss for property, plant and equipment in amount of EUR
1.0 million in the 4(th) quarter 2020.
EBITDA margin Q2 2021 Q2 2020 6M 2021 6M 2020 12 months 2020
Media segment 18% 15% 13% 9% 15%
Printing services segment 10% 5% 10% 8% 10%
TOTAL GROUP 15% 12% 11% 8% 11%
Consolidated balance sheet (unaudited)
(EUR thousand) 30.06.2021 31.12.2020
-------------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------------
Cash and cash equivalents 4 207 6 269
-------------------------------------------------------------------------------
Trade and other receivables 11 369 9 450
-------------------------------------------------------------------------------
Corporate income tax prepayment 153 7
-------------------------------------------------------------------------------
Inventories 2 596 2 756
-------------------------------------------------------------------------------
Total current assets 18 325 18 482
-------------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------------
Other receivables and investments 948 982
-------------------------------------------------------------------------------
Deferred tax asset 30 30
-------------------------------------------------------------------------------
Investments in joint ventures 898 1 661
-------------------------------------------------------------------------------
Investments in associates 2 336 2 253
-------------------------------------------------------------------------------
Property, plant and equipment 15 014 14 134
-------------------------------------------------------------------------------
Intangible assets 56 766 56 635
-------------------------------------------------------------------------------
Total non-current assets 75 992 75 696
-------------------------------------------------------------------------------
TOTAL ASSETS 94 316 94 177
-------------------------------------------------------------------------------
LIABILITIES
-------------------------------------------------------------------------------
Current liabilities
-------------------------------------------------------------------------------
Borrowings 3 421 3 613
-------------------------------------------------------------------------------
Trade and other payables 14 721 15 251
-------------------------------------------------------------------------------
Corporate income tax payable 53 81
-------------------------------------------------------------------------------
Total current liabilities 18 196 18 945
-------------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------------
Long-term borrowings 18 652 18 589
-------------------------------------------------------------------------------
Other long-term liabilities 2 040 2 025
-------------------------------------------------------------------------------
Total non-current liabilities 20 692 20 613
-------------------------------------------------------------------------------
TOTAL LIABILITIES 38 888 39 558
-------------------------------------------------------------------------------
EQUITY
-------------------------------------------------------------------------------
Minority interest 128 126
-------------------------------------------------------------------------------
Capital and reserves attributable to equity holders of
parent company:
-------------------------------------------------------------------------------
Share capital 18 478 18 478
-------------------------------------------------------------------------------
Share premium 14 277 14 277
-------------------------------------------------------------------------------
Treasury shares (384) (209)
-------------------------------------------------------------------------------
Reserves 1 903 1 758
-------------------------------------------------------------------------------
Retained earnings 21 026 20 189
-------------------------------------------------------------------------------
Total capital and reserves attributable to equity
holders of parent company 55 300 54 493
-------------------------------------------------------------------------------
TOTAL EQUITY 55 428 54 619
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 94 316 94 177
-------------------------------------------------------------------------------
Consolidated statement of comprehensive income (unaudited)
(EUR thousand) Q2 2021 Q2 2020 6M 2021 6M 2020 12 months 2020
-------------------------------------------------------------------------------
Sales 17 890 13 944 33 181 29 646 63 243
-------------------------------------------------------------------------------
Cost of sales (13 763) (11 598) (26 509) (25 070) (50 637)
-------------------------------------------------------------------------------
Gross profit 4 128 2 346 6 671 4 576 12 607
-------------------------------------------------------------------------------
Other income 212 521 319 605 2 040
-------------------------------------------------------------------------------
Marketing expenses (892) (531) (1 488) (1 288) (2 701)
-------------------------------------------------------------------------------
Administrative expenses (1 898) (1 602) (3 923) (3 495) (7 532)
-------------------------------------------------------------------------------
Other expenses (29) (56) (55) (80) (1 336)
-------------------------------------------------------------------------------
Operating profit /(loss) 1 521 678 1 524 319 3 078
-------------------------------------------------------------------------------
Interest income 8 6 17 12 28
-------------------------------------------------------------------------------
Interest expenses (202) (217) (412) (441) (877)
-------------------------------------------------------------------------------
Other finance
income/(costs) (15) (12) (4) (28) 614
-------------------------------------------------------------------------------
Net finance cost (209) (223) (400) (457) (235)
-------------------------------------------------------------------------------
Profit/(loss) on shares of
joint ventures (63) 135 (170) 8 102
-------------------------------------------------------------------------------
Profit/(loss) on shares of
associates 32 (8) 67 (28) (129)
-------------------------------------------------------------------------------
Profit /(loss) before
income tax 1 281 582 1 021 (158) 2 816
-------------------------------------------------------------------------------
Income tax expense (34) (1) (39) (2) (280)
-------------------------------------------------------------------------------
Net profit /(loss) for the
reporting period 1 247 582 982 (160) 2 536
-------------------------------------------------------------------------------
Net profit /(loss) for the
reporting period
attributable to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 246 575 980 (168) 2 510
-------------------------------------------------------------------------------
Minority interest 1 7 2 8 26
-------------------------------------------------------------------------------
Total comprehensive income
/(loss) 1 247 582 982 (160) 2 536
-------------------------------------------------------------------------------
Comprehensive income
/(loss) for the reporting
period attributable to
-------------------------------------------------------------------------------
Equity holders of the
parent company 1 246 575 980 (168) 2 510
-------------------------------------------------------------------------------
Minority interest 1 7 2 8 26
-------------------------------------------------------------------------------
Basic earnings per share 0.04 0.02 0.03 (0.01) 0.08
-------------------------------------------------------------------------------
Diluted earnings per share 0.04 0.02 0.03 (0.01) 0.08
-------------------------------------------------------------------------------
Consolidated cash flow statement (unaudited)
(EUR thousand) 6M 2021 6M 2020 12 months 2020
-------------------------------------------------------------------------------
Cash flows from operating activities
-------------------------------------------------------------------------------
Operating profit for the reporting year 1 524 319 3 078
-------------------------------------------------------------------------------
Adjustments for:
-------------------------------------------------------------------------------
Depreciation and amortisation 2 281 2 011 3 968
-------------------------------------------------------------------------------
(Gain)/loss on sale, write-down and impairment
of property, plant and equipment 36 (3) 986
-------------------------------------------------------------------------------
Change in value of share option 19 0 0
-------------------------------------------------------------------------------
Cash flows from operating activities:
-------------------------------------------------------------------------------
Trade and other receivables (1 150) 2 470 3 274
-------------------------------------------------------------------------------
Inventories 160 68 375
-------------------------------------------------------------------------------
Trade and other payables (390) 1 515 (1 201)
-------------------------------------------------------------------------------
Cash generated from operations 2 481 6 379 10 480
-------------------------------------------------------------------------------
Income tax paid (212) (56) (263)
-------------------------------------------------------------------------------
Interest paid (277) (306) (903)
-------------------------------------------------------------------------------
Net cash generated from operating activities 1 992 6 017 9 314
-------------------------------------------------------------------------------
Cash flows from investing activities
-------------------------------------------------------------------------------
Acquisition of subsidiaries/ associates (less
cash acquired) and
other investments / cash paid-in equity-
accounted investees (201) (203) (425)
-------------------------------------------------------------------------------
Receipts of other investments 51 0 16
-------------------------------------------------------------------------------
Interest received 2 1 2
-------------------------------------------------------------------------------
Purchase of property, plant and equipment
and intangible assets (1 268) (1 037) (2 562)
-------------------------------------------------------------------------------
Proceeds from sale of property, plant and
equipment
and intangible assets 1 29 308
-------------------------------------------------------------------------------
Loans granted (82) (98) (331)
-------------------------------------------------------------------------------
Dividends received 78 150 150
-------------------------------------------------------------------------------
Net cash used in investing activities (1 419) (1 158) (2 841)
-------------------------------------------------------------------------------
Cash flows from financing activities
-------------------------------------------------------------------------------
Payment of lease liabilities (954) (519) (949)
-------------------------------------------------------------------------------
Change in overdraft 0 (1 018) (1 018)
-------------------------------------------------------------------------------
Loans received / Repayments of bank loans (1 235) (662) (1 884)
-------------------------------------------------------------------------------
Proceeds from share issuance 0 0 600
-------------------------------------------------------------------------------
Purchases of treasury shares (446) 0 (600)
-------------------------------------------------------------------------------
Net cash used in financing activities (2 635) (2 200) (3 851)
-------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (2 062) 2 659 2 621
-------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of
the period 6 269 3 647 3 647
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the
period 4 207 6 306 6 269
-------------------------------------------------------------------------------
Signe Kukin
Group CFO
AS Ekspress Grupp
Phone: +372 669 8381
E-mail: [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.
The Group also manages the electronic ticket sales platform and ticket sales
sites in Latvia. Ekspress Grupp that launched its operations in 1989 employs
almost 1600 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.