Highlights of operating results:
4th quarter 2007
- Sales revenue EEK 365.3 million (EUR 23.3 million), year-over-year growth 37%
- Gross profit EEK 85.9 million (EUR 5.5 million), year-over-year growth 43%
- Operating profit before depreciation (EBITDA) EEK 49.0 million (EUR 3.1
million), year-over-year growth 18%
- Operating profit (EBIT) EEK 34.8 million (EUR 2.2 million), year-over-year
growth 5%
- Net profit EEK 21.6 million (EUR 1.4 million), year-over-year change -36.7%
2007
- Sales revenue EEK 1 150.0 million (73.5 million), year-over-year growth 24%
- Gross profit EEK 295.5 million (EUR 18.9 million), year-over-year growth 24%
- EBITDA EEK 159.3 million (EUR 10.2 million), year-over-year growth 17%
- EBIT EEK 119.5 million (EUR 7.6 million), year-over-year growth 14%
- Net profit EEK 92.1 million (EUR 5.9 million), year-over-year change -2.2%
Key events of the 4th quarter 2007
-In October, the new printing press of Printall became operational
-In November, Delfi launched a Russian-language news portal in Lithuania
(http://ru.delfi.lt)
-In November, AS Ekspress Hotline opened an information line providing business
information in Romania
Delfi Group, 3 September - 31 December 2007
- Sales revenue EEK 51.7 million (EUR 3.3 million), year-over-year growth 45%
- EBITDA EEK 18.7 million (EUR 1.2 million), year-over-year growth 63%
The 2007 consolidated net sales of AS Ekspress Group totalled EEK 1 150.0
million (EUR 73.5 million) which is 23.5% higher than in 2006. Operating profit
before depreciation (income before depreciation, financial income and expenses,
income tax and minority interest) (EBITDA) totalled EEK 159.3 million (EUR 10.2
million). On comparable bases, excluding the revenue relating to the sale of the
holding of Linnaleht in the amount of EEK 3.4 million (EUR 0.2 million) in 2006
and the revenue relating to the sale of the 50% holding of the real estate
development company Suursepa Arendus AS in the amount of EEK 4.5 million (EUR
0.3 million) in the 4th quarter of 2006, it exceeds the sales revenue of 2006 by
24.8%. The Group's net profit for 2007 reached EEK 92.1 million (EUR 5.9
million) which is (excluding the effect of Linnaleht and Suursepa Arendus) 6.8%
more than in 2006.
The consolidated net sales for the 4th quarter totalled EEK 365.3 million (EUR
23.3 million) which is 36.7% higher than in the 4th quarter of 2006. EBITDA
totalled EEK 49.0 million (EUR 3.1 million) and the net profit totalled EEK 21.6
million (EUR 1.4 million). As compared to the 4th quarter of 2006, EBITDA growth
was 18.0 %. A loss relating to the costs of launching the information line in
Romania in the amount of EEK 3 million (EUR 0.2 million) and a change in the
accounting policies relating to the recognition of revenue from information
services had a negative effect on the level of EBIT. The staff costs in the 4th
quarter were higher due to the annual bonus accrual. The slow-down of EBIT in
the 4th quarter also relates to depreciation growth in conjunction with new
intangibles acquired in the acquisition of Delfi and Maaleht. The net profit for
the 4th quarter made up 63.3% of the net profit of the same period in 2006.
Excluding the revenue derived from the sale of the 50% holding of Suursepa
Arendus AS in the amount of EEK 4.5 million (EUR 0.3 million ) in the 4th
quarter, the net profit made up 72.9% of the net profit for the 4th quarter of
2006. In addition to the events affecting EBIT in 2007, the slow-down in the
growth of the net profit in 2007 is attributable to higher interest costs
related to assuming a syndicate loan in the amount of EEK 674.4 million (EUR
43.1 million) in August 2007.
Overview of the media market
According to the survey of the media advertising market conducted by TNS Emor,
the sales revenue of media advertising grew by 29% in 2007 as compared to 2006.
Sales growth in the 4th quarter was 24% as compared to the same period last
year, showing moderate cooling off in the adverting market. Internet advertising
demonstrated the highest growth both in the 4th quarter as well as for the whole
year (69%). Newspaper advertising with the highest advertising market volume of
EEK 717 million (EUR 45.8 million) in 2007 and the share of 40% attained a
remarkable 23% annual growth as compared to last year. The areas of real estate
and automobile advertising showed the highest volume growth in 2007, 94% and
65%, respectively as compared to 2006. Advertising of financial services also
grew a remarkable 48%.
Overview by segments
In 2007, the growth drivers of the Group's sales revenue in absolute terms were
primarily the publishing of newspapers and magazines. The online media segment
made a significant contribution to the sales growth of 2007 and primarily to
that of the 4th quarter which was related to the acquisition of Delfi Group in
September. Sales growth was also noteworthy in the segments of printing services
and book sales.
On 5 November, Delfi launched a Russian-language news portal in Lithuania
(hhtp://ru.delfi.lt). The goal for 2008 includes reaching 80 000 unique users
per month. According to the forecast, the portal will be profitable in a year
after being launched.
Along with the newly-launched internet portal, AS Delfi together with its
Latvian and Lithuanian subsidiaries manages 8 internet portals: Estonian and
Russian language portals in Estonia and Latvia (http://www.delfi.ee,
rus.delfi.ee, http://www.delfi.lv and rus.delfi.lv), three portals in Lithuania
http://www.delfi.lt, http://www.centras.lt) and (hhtp://ru.delfi.lt) and the
news portal in the Ukraine (http://www.delfi.ua).
From September 2007, after the consolidation of the results of operations of
Delfi in the financial statements of the Ekspress Group, until the end of 2007
the year-over-year sales growth of the Delfi Group was 45%. At the same time,
the year-over-year growth of EBITDA was 63% which has been attained due to the
synergies of costs between Delfi and its subsidiaries in Latvia and Lithuania.
The EBITDA margin was 36%. Management forecasts 30 per cent sales growth in the
upcoming years and continuation of 35-40 per cent EBITDA margin. Management sees
great potential in the synergies of income and expenses with the current
operating areas of the Ekspress Group, the first achievement of which is the
improvement in the quality of Delfi's content due to cooperation with editorial
departments of newspapers. As a result of the cooperation, the number of Delfi
users has increased from 500 000 at the beginning of September to 525 000 users
at the end of December. By the end of 2008, the number of users is expected to
reach 545 000. New automobile and real estate combined internet environments in
collaboration with Delfi and Eesti Ekspress will be launched in the first
quarter of 2008.
In the publishing segment, advertising sales grew a decent 23% year-over-year
but a moderate slowdown could be observed in advertising sales in the 4th
quarter. The sales growth of periodicals (subscriptions and single issue sales)
was also a decent 20%, derived from the sales growth of existing products as
well as new magazines publications. In the 4th quarter, the sales growth reached
36% which was the result of aggressive marketing and subscription campaigns at
the end of the year. The sales growth of magazines “Klubas” and “Naised”
launched in the first half of the year also had a positive effect. The launching
of new products has increased marketing costs. In the 4th quarter, EBITDA growth
was 24.7% as compared to the same period last year. In the 4th quarter, staff
costs were higher both due to higher bonuses paid as a result of higher sales
revenue as well as an annual bonus accrual. The growth of staff costs, marketing
costs as well as publishing costs has lowered the EBITDA margin from 13% in 2006
(excluding revenue relating to the sale of the share of Linnaleht in the amount
of EEK 3.4 million kroons (EUR 0.2 million )) to 12% in 2007.
In the segment of printing services, the sales growth in the 4th quarter of 2007
was 16.7% as compared to the same period in 2006. In 2007, the sales growth of
the subsidiary was a decent 13% as compared to 2006. This growth was primarily
related to non-Group Estonian customers and export products. However, the
operating margin has been reduced by higher paper prices and acceleration of
staff costs (18%) as compared to productivity, and higher depreciation related
to acquisition of new equipment. In October, the magazine printing press
acquired in the first half of the year enabling to increase the production
capacity of Printall by one third, became operational. The new printing press
which will be fully operational in 2008 was acquired for the purpose of
increasing capacity primarily in foreign markets. In 2007, exports made up ca
45% of the sales revenue of Printall.
The remarkable 28% sales growth in book sales in the 4th quarter of 2007 as
compared to the 4th quarter of 2006 is a sign of a favourable market condition
which was well utilised with the opening of a new book store in Viljandi and
expansion of the commercial space in Viru Centre. Sales are expected to grow
further after the opening of a new store in Tartu. The respectable 39.3% EBITDA
growth in the 4th quarter as compared to the same period last year has been
attained due to improved inventory accounting as well as regular evaluations.
The sales of information services increased by 5% in 2007 as compared to 2006.
Modest sales growth is related to the changes in the accounting policies of
revenue recognition. In 2007, revenue is allocated to periods according to the
duration of the contract of information services. EBITDA made up 80% of the 2006
level. The decline of EBITDA is related to the costs of launching the
information telephone at the Romanian subsidiary of AS Ekspress Hotline leading
to a loss of EEK 3 million (EUR 0.2 million).
Net profit
For the whole year of 2007, the gross profit of the Ekspress Group was 25.7%,
being at the same level as last year. In the 4th quarter, the gross margin
reached 23.5% as compared to 22.5% in the same period last year. The gross
profit for 2007 reached EEK 295.5 million (EUR 18.9 million), growing by 23.6%
in a year.
The gross profit in the fourth quarter increased by 42.8% as compared to the
same period last year. The Group's marketing expenses increased due to the
expansion of the Group and launching of new products. The annual growth was 23%.
Staff costs increased as a result of hiring new employees related to the
addition of new companies and also due to wage rise, growing by 37.2 %.
In 2007, EBIT reached EEK 119.5 million (EUR 7.6 million), increasing by 14.4%
as compared to the same period last year. In 2007, the operating margin was
10.4% (2006: 11.2%). In the 4th quarter, EBIT reached EEK 34.8 million (EUR 2.2
million), increasing by 5.2% as compared to last year. The operating margin in
the 4th quarter was 9.5% (4th quarter 2006: 12.3%). The slowdown of EBIT in the
4th quarter was related to depreciation growth in conjunction with new
intangibles acquired in the acquisition of Delfi and Maaleht.
In 2007, the Group's financial expenses reached EEK 25.9 million (EUR 1.7
million). A major part of the financial expenses is made up of interest expenses
in the amount of EEK 24.6 million (EUR 1.6 million). The growth of interest
expenses is related to the loan in the amount of EEK 674.4 million (EUR 43.1
million) taken from the syndicate of SEB Eesti Ühispank, Sampo Pank and Nordea
Pank for the acquisition of Delfi and Maaleht by the Ekspress Group.
Overall, the Ekspress Group earned a net profit (after taxes and minority
interest) in the amount of EEK 92.1 million (EUR 5.9 million) in 2007. As
compared to the same period in 2006, the net profit decreased by 2.2%. The
Group's net profit (after taxes and minority interest) in the 4th quarter was
EEK 21.6 million (EUR 1.4 million) which makes up 63.3% of net profit last year.
Income tax expenses increased in Latvia and Lithuania due to the acquisition of
Delfi.
Balance sheet and investments
As of 31 December 2007, the consolidated balance sheet total of Ekspress Group
was EEK 1752.2 million (EUR 112.0), increasing by 1.6 times in a year. The
assets and liabilities included in the balance sheet have increased as a result
of the expansion of the Group and the investments made to acquire non-current
assets.
Current assets increased by 35.8% in a year, reaching EEK 305.7 million (EUR
19.5 million) as of 31 December 2007. Of current assets, the Group's trade
receivables increased the most in absolute numbers, reaching EEK 165.9 million
(EUR 10.6 million), the growth in a year being 35.4%. Current liabilities
increased by 55.8% in a year, reaching EEK 439.7 million (EUR 28.1 million) by
the end of the year. Of the current liabilities, short-term loans increased the
most, reaching EEK 199.0 million (EUR 12.7 million) by the end of December.
Short-term loans comprise the used portion of overdraft and the current portion
of long-term loans and finance lease payables.
As of the end of December, the Group's long-term borrowings reached EEK 741.6
million (EUR 47.4 million), increasing by 5.2 times in a year. Of the long-term
borrowings, bank loans total EEK 606.6 million (EUR 38.8 million) and finance
lease payables total EEK 134.9 million (EUR 8.6 million). Of the bank loans, EEK
548.8 million (35.1 million) is made up of the loan contract that the Group
entered into with the syndicate of SEB Eesti Ühispank, Sampo Pank and Nordea
Pank for financing the acquisition of Delfi and Maaleht in the third quarter.
As of the year-end, property, plant and equipment stood at EEK 404.9 (EUR 25.9
million), increasing by 40% in a year. A major part of the growth of property,
plant and equipment is made up of the cost of the new printing press acquired by
Printall in the amount of EEK 81.6 million (EUR 5.2 million). As of the end of
December, intangible assets stood at EEK 1 023.4 million (EUR 65.4 million),
increasing by 6.4 times in a year. Of the growth of intangible assets, EEK 832.3
million (EUR 53.2 million) is made up of the fair value of trademarks, customer
relations and software of the Delfi Group as well as goodwill which arose in the
acquisitions. The net book value of the trademark and the goodwill which arose
in the acquisition of Maaleht amounts to EEK 39.6 million (EUR 2.5 million).
Employees
As of the end of December, the Ekspress Group employed 2292 people (31 December
2006: 1900 people). The average number of employees in 2007 was 2274
(2006:1877). In 2007, wages and salaries paid to the employees of the Ekspress
Group totalled EEK 241.4 million (15.4 million).
Shares and shareholders of the Ekspress Group
The share capital of the public limited company is EEK 189 710 81 which is
consists of the shares with the nominal value of 10 kroons. All shares are of
one type and there are no ownership restrictions.
The articles of association of the public limited company set no restrictions on
the transfer of the shares of the public limited company.
The agreements entered into between the public limited company and the
shareholders set no restrictions on the transfer of shares. In the agreements
between the shareholders, they are only known to the extent that is related to
pledged securities and is public information.
The following persons have significant holdings in AS Ekspress Group as of 31
December 2007:
Hans Luik who controls 12 683 220 shares which makes up 66.86% of the share
capital of the public limited company
Skandinaviska Enskilda Banken whose customers hold 1 320 522 shares which makes
up 6.96% of the share capital of the public limited company.
The public limited company does not have any shares granting specific rights of
control.
The public limited company does not possess information on agreements with
regard to restrictions on the voting rights of shareholders.
Election and authority of the governing bodies of the Ekspress Group
The election of the members of the Management Board is in the competence of the
Supervisory Board of the public limited company. Simple majority voting at the
Supervisory Board is required in order to elect and recall the members of the
Management Board. Upon resignation, a member of the Management Board shall
notify the Supervisory Board of the public limited company one month in advance.
The authority of the Management Board of the public limited company is specified
in the Commercial Code and it is limited to the extent provided for in the
articles of association. The Management Board of the public limited company has
no right to issue shares.
Amendment of the articles of association is the exclusive competence of the
shareholders, requiring 2/3 of votes present at the general meeting.
There are no agreements between the public limited company and the members of
the Management Board referring to compensation related to a takeover of the
public limited company as set out in Chapter 19 of the Securities Market Act.
Pursuant to Chapter 19 of the Securities Market Act, in case of a takeover of
the public limited company, the current co-shareholder in the entities AS SL
Õhtuleht, AS Ajakirjade Kirjastus and AS Express Post has the right to acquire
the holding of the public limited company in the aforementioned entities at a
fair price.
--------------------------------------------------------------------------------
| SELECTED FINANCIAL INDICATORS (th EEK) | 12 months |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Accounting period | | |
--------------------------------------------------------------------------------
| Net sales | 1 149 962 | 930 861 |
--------------------------------------------------------------------------------
| Gross profit | 295 548 | 239 023 |
--------------------------------------------------------------------------------
| Operating profit | 119 457 | 104 455 |
--------------------------------------------------------------------------------
| Net profit for the period | 92 108 | 94 142 |
--------------------------------------------------------------------------------
| Net profit for the shareholders of the mother | 91 669 | 92 165 |
| company | | |
--------------------------------------------------------------------------------
| At the end of the period | | |
--------------------------------------------------------------------------------
| Total current assets | 305 669 | 225 017 |
--------------------------------------------------------------------------------
| Total fixed assets | 1 446 559 | 441 339 |
--------------------------------------------------------------------------------
| Total assets | 1 752 228 | 666 356 |
--------------------------------------------------------------------------------
| Total liabilities | 1 181 389 | 401 087 |
--------------------------------------------------------------------------------
| Total equity | 570 842 | 265 270 |
--------------------------------------------------------------------------------
| Equity belonging to the shareholders of mother | 953 | 227 |
| company | | |
--------------------------------------------------------------------------------
| Performance indicators (%) | 12 months |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Sales growth (%) | 24% | 24% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 26% | 26% |
--------------------------------------------------------------------------------
| Net profit margin (%) | 8% | 10% |
--------------------------------------------------------------------------------
| Equity ratio (%) | 33% | 40% |
--------------------------------------------------------------------------------
| ROA (%) | 5% | 14% |
--------------------------------------------------------------------------------
| ROE (%) | 19% | 44% |
--------------------------------------------------------------------------------
| Operating profit margin (%) | 10% | 11% |
--------------------------------------------------------------------------------
| Liquidity ratio | 0,70 | 0,80 |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 165% | 81% |
--------------------------------------------------------------------------------
| Earnings per share (EEK) | 5,00 | 7,10 |
--------------------------------------------------------------------------------
| Financial leverage (%) | 57% | 45% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SELECTED FINANCIAL INDICATORS (th EUR) | 12 months |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Accounting period | | |
--------------------------------------------------------------------------------
| Net sales | 73 496 | 59 493 |
--------------------------------------------------------------------------------
| Gross profit | 18 889 | 15 277 |
--------------------------------------------------------------------------------
| Operating profit | 7 633 | 6 677 |
--------------------------------------------------------------------------------
| Net profit for the period | 5 886 | 6 018 |
--------------------------------------------------------------------------------
| Net profit for the shareholders of the mother | 5 858 | 5 892 |
| company | | |
--------------------------------------------------------------------------------
| At the end of the period | | |
--------------------------------------------------------------------------------
| Total current assets | 19 536 | 14 382 |
--------------------------------------------------------------------------------
| Total fixed assets | 92 452 | 28 207 |
--------------------------------------------------------------------------------
| Total assets | 111 988 | 42 589 |
--------------------------------------------------------------------------------
| Total liabilities | 75 505 | 25 634 |
--------------------------------------------------------------------------------
| Total equity | 36 483 | 16 955 |
--------------------------------------------------------------------------------
| Equity belonging to the shareholders of mother | 61 | 15 |
| company | | |
--------------------------------------------------------------------------------
| Performance indicators (%) | 12 months |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Sales growth (%) | 24% | 24% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 26% | 26% |
--------------------------------------------------------------------------------
| Net profit margin (%) | 8% | 10% |
--------------------------------------------------------------------------------
| Equity ratio (%) | 33% | 40% |
--------------------------------------------------------------------------------
| ROA (%) | 5% | 14% |
--------------------------------------------------------------------------------
| ROE (%) | 19% | 44% |
--------------------------------------------------------------------------------
| Operating profit margin (%) | 10% | 11% |
--------------------------------------------------------------------------------
| Liquidity ratio | 0,70 | 0,80 |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 165% | 81% |
--------------------------------------------------------------------------------
| Earnings per share (EUR) | 0,32 | 0,45 |
--------------------------------------------------------------------------------
| Financial leverage (%) | 57% | 45% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales growth (%) (net sales 2007 - net sales 2006) / net sales |
| 2006*100 |
--------------------------------------------------------------------------------
| Gross profit margin (%) gross profit/net sales*100 |
--------------------------------------------------------------------------------
| Net profit margin (%) net profit/net sales*100 |
--------------------------------------------------------------------------------
| Equity ratio (%) Equity / assets* 100 |
--------------------------------------------------------------------------------
| ROA (%) net profit/assets *100 |
--------------------------------------------------------------------------------
| ROE (%) net profit/equity *100 |
--------------------------------------------------------------------------------
| Operating profit margin (%) operating profit/net sales*100 |
--------------------------------------------------------------------------------
| Liquidity ratio current assets/current liabilities |
--------------------------------------------------------------------------------
| Debt equity ratio (%) interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| Earnings per share net profit/average number of shares |
--------------------------------------------------------------------------------
| Financial leverage (%) interest bearing liabilities-cash and cash |
| equivalents/interest bearing liabilities + equity*100 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (unaudited)
--------------------------------------------------------------------------------
| th EEK | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 68 970 | 51 101 |
--------------------------------------------------------------------------------
| Other financial assets at fair value through | 4 606 | 6 484 |
| profit or loss | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 165 935 | 122 576 |
--------------------------------------------------------------------------------
| Inventories | 66 161 | 44 857 |
--------------------------------------------------------------------------------
| Total current assets | 305 672 | 225 018 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 13 667 | 9 708 |
--------------------------------------------------------------------------------
| Investments in associates | 861 | 17 |
--------------------------------------------------------------------------------
| Investment property | 3 732 | 4 123 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 404 880 | 289 210 |
--------------------------------------------------------------------------------
| Intangible assets | 1 023 419 | 138 281 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 446 559 | 441 339 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 752 231 | 666 357 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 199 013 | 95 026 |
--------------------------------------------------------------------------------
| Trade and other payables | 240 703 | 187 132 |
--------------------------------------------------------------------------------
| Total current liabilities | 439 716 | 282 158 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 741 585 | 118 846 |
--------------------------------------------------------------------------------
| Other long term liabilities | 88 | 83 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 741 673 | 118 929 |
--------------------------------------------------------------------------------
| Total liabilities | 1 181 389 | 401 087 |
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to equity | | |
| holders of the Group | | |
--------------------------------------------------------------------------------
| Share capital | 189 711 | 165 232 |
--------------------------------------------------------------------------------
| Share premium | 183 495 | 0 |
--------------------------------------------------------------------------------
| Reserves | 10 222 | 5 501 |
--------------------------------------------------------------------------------
| Retained earnings | 185 981 | 94 310 |
--------------------------------------------------------------------------------
| Currency translation reserve | 480 | 0 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable to | 569 889 | 265 043 |
| equity holders of the Group | | |
--------------------------------------------------------------------------------
| Minority interest | 953 | 227 |
--------------------------------------------------------------------------------
| Total equity | 570 842 | 265 270 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 752 231 | 666 357 |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (unaudited)
--------------------------------------------------------------------------------
| th EUR | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 4 408 | 3 266 |
--------------------------------------------------------------------------------
| Other financial assets at fair value through | 294 | 414 |
| profit or loss | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 10 606 | 7 835 |
--------------------------------------------------------------------------------
| Inventories | 4 228 | 2 867 |
--------------------------------------------------------------------------------
| Total current assets | 19 536 | 14 382 |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 873 | 620 |
--------------------------------------------------------------------------------
| Investments in associates | 55 | 1 |
--------------------------------------------------------------------------------
| Investment property | 239 | 264 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 25 877 | 18 484 |
--------------------------------------------------------------------------------
| Intangible assets | 65 408 | 8 838 |
--------------------------------------------------------------------------------
| Total non-current assets | 92 452 | 28 207 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 111 988 | 42 589 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Liabilities | | |
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 12 719 | 6 073 |
--------------------------------------------------------------------------------
| Trade and other payables | 15 384 | 11 960 |
--------------------------------------------------------------------------------
| Total current liabilities | 28 103 | 18 033 |
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Borrowings | 47 396 | 7 596 |
--------------------------------------------------------------------------------
| Other long term liabilities | 6 | 5 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 47 402 | 7 601 |
--------------------------------------------------------------------------------
| Total liabilities | 75 505 | 25 634 |
--------------------------------------------------------------------------------
| Equity | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable to equity | | |
| holders of the Group | | |
--------------------------------------------------------------------------------
| Share capital | 12 125 | 10 560 |
--------------------------------------------------------------------------------
| Share premium | 11 727 | 0 |
--------------------------------------------------------------------------------
| Reserves | 653 | 352 |
--------------------------------------------------------------------------------
| Retained earnings | 11 886 | 6 028 |
--------------------------------------------------------------------------------
| Currency translation reserve | 31 | 0 |
--------------------------------------------------------------------------------
| Total capital and reserves attributable to | 36 422 | 16 940 |
| equity holders of the Group | | |
--------------------------------------------------------------------------------
| Minority interest | 61 | 15 |
--------------------------------------------------------------------------------
| Total equity | 36 483 | 16 955 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 111 988 | 42 589 |
--------------------------------------------------------------------------------
INCOME STATEMENT (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 quarter | 12 months |
--------------------------------------------------------------------------------
| 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| Sales | 365 316 | 267 220 | 1 149 962 | 930 861 |
--------------------------------------------------------------------------------
| Costs of sales | 279 463 | 207 090 | 854 414 | 691 838 |
--------------------------------------------------------------------------------
| Gross margin | 85 853 | 60 130 | 295 548 | 239 023 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Distribution costs | 5 935 | 7 675 | 48 733 | 39 541 |
--------------------------------------------------------------------------------
| Administrative expenses | 48 562 | 25 617 | 133 972 | 106 505 |
--------------------------------------------------------------------------------
| Other income | 6 764 | 7 401 | 12 085 | 16 257 |
--------------------------------------------------------------------------------
| Other expenses | 3 354 | 1 180 | 5 469 | 4 779 |
--------------------------------------------------------------------------------
| Operating profit | 34 766 | 33 059 | 119 459 | 104 455 |
--------------------------------------------------------------------------------
| Interest income | 475 | 89 | 3 465 | 716 |
--------------------------------------------------------------------------------
| Interest expenses | (14 719) | (4 289) | (24 569) | (10 798) |
--------------------------------------------------------------------------------
| Currency exchange loss | 94 | 35 | 34 | 24 |
--------------------------------------------------------------------------------
| Other financial income | 2 504 | 4 742 | 3 552 | 5 559 |
--------------------------------------------------------------------------------
| Other financial expenses | (152) | (6) | (3 653) | (1 268) |
--------------------------------------------------------------------------------
| Net finance costs | (11 798) | 571 | (21 171) | (5 767) |
--------------------------------------------------------------------------------
| Share of profit (loss )of | (388) | (641) | 996 | (342) |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | 22 580 | 32 989 | 99 284 | 98 346 |
--------------------------------------------------------------------------------
| Income tax expense | 963 | (1 151) | 7 174 | 4 204 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 21 617 | 34 140 | 92 110 | 94 142 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the Group | 21 517 | 34 615 | 91 671 | 92 165 |
--------------------------------------------------------------------------------
| Minority interest | 100 | (475) | 439 | 1 977 |
--------------------------------------------------------------------------------
| Basic and diluted earnings | 1,13 | 2,02 | 5,00 | 7,10 |
| per share for profit | | | | |
| attributale to the equity | | | | |
| holders of the Company | | | | |
--------------------------------------------------------------------------------
INCOME STATEMENT (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4 quarter | 12 months |
--------------------------------------------------------------------------------
| 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| Sales | 23 348 | 17 078 | 73 496 | 59 493 |
--------------------------------------------------------------------------------
| Costs of sales | 17 861 | 13 235 | 54 607 | 44 216 |
--------------------------------------------------------------------------------
| Gross margin | 5 487 | 3 843 | 18 889 | 15 277 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Distribution costs | 379 | 491 | 3 115 | 2 527 |
--------------------------------------------------------------------------------
| Administrative expenses | 3 104 | 1 637 | 8 562 | 6 807 |
--------------------------------------------------------------------------------
| Other income | 432 | 473 | 771 | 1 039 |
--------------------------------------------------------------------------------
| Other expenses | 214 | 75 | 350 | 305 |
--------------------------------------------------------------------------------
| Operating profit | 2 222 | 2 113 | 7 633 | 6 677 |
--------------------------------------------------------------------------------
| Interest income | 30 | 6 | 221 | 46 |
--------------------------------------------------------------------------------
| Interest expenses | (941) | (274) | (1 570) | (690) |
--------------------------------------------------------------------------------
| Currency exchange loss | 6 | 2 | 2 | 2 |
--------------------------------------------------------------------------------
| Other financial income | 160 | 303 | 227 | 355 |
--------------------------------------------------------------------------------
| Other financial expenses | (10) | 0 | (233) | (81) |
--------------------------------------------------------------------------------
| Net finance costs | (755) | 37 | (1 353) | (368) |
--------------------------------------------------------------------------------
| Share of profit (loss )of | (25) | (41) | 64 | (22) |
| associates | | | | |
--------------------------------------------------------------------------------
| Profit before income tax | 1 442 | 2 109 | 6 344 | 6 287 |
--------------------------------------------------------------------------------
| Income tax expense | 62 | (74) | 458 | 269 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | 1 380 | 2 183 | 5 886 | 6 018 |
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders of the Group | 1 374 | 2 213 | 5 858 | 5 892 |
--------------------------------------------------------------------------------
| Minority interest | 6 | (30) | 28 | 126 |
--------------------------------------------------------------------------------
| Basic and diluted earnings | 0,07 | 0,13 | 0,32 | 0,45 |
| per share for profit | | | | |
| attributale to the equity | | | | |
| holders of the Company | | | | |
--------------------------------------------------------------------------------
REVENUE BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 12 months | 2006 12 months | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| online media | 58 470 | 5 501 | 963% |
--------------------------------------------------------------------------------
| Periodicals* | 531 542 | 427 765 | 24% |
--------------------------------------------------------------------------------
| printing services | 385 787 | 341 507 | 13% |
--------------------------------------------------------------------------------
| book sales | 187 800 | 157 998 | 19% |
--------------------------------------------------------------------------------
| information services | 66 350 | 62 921 | 5% |
--------------------------------------------------------------------------------
| unallocated | 2 009 | 1 352 | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (81 996) | (66 183) | - |
--------------------------------------------------------------------------------
| TOTAL | 1 149 962 | 930 861 | 24% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
REVENUE BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 12 months | 2006 12 months | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| online media | 3 737 | 352 | 963% |
--------------------------------------------------------------------------------
| Periodicals* | 33 972 | 27 339 | 24% |
--------------------------------------------------------------------------------
| printing services | 24 656 | 21 826 | 13% |
--------------------------------------------------------------------------------
| book sales | 12 003 | 10 098 | 19% |
--------------------------------------------------------------------------------
| information services | 4 241 | 4 021 | 5% |
--------------------------------------------------------------------------------
| unallocated | 128 | 86 | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (5 241) | (4 229) | - |
--------------------------------------------------------------------------------
| TOTAL | 73 496 | 59 493 | 24% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
REVENUE BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 4 quarter | 2006 4 quarter | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| online media | 41 721 | 1 340 | 3014% |
--------------------------------------------------------------------------------
| Periodicals* | 160 951 | 118 622 | 36% |
--------------------------------------------------------------------------------
| printing services | 106 854 | 91 556 | 17% |
--------------------------------------------------------------------------------
| book sales | 64 260 | 50 160 | 28% |
--------------------------------------------------------------------------------
| information services | 16 305 | 24 471 | -33% |
--------------------------------------------------------------------------------
| unallocated | 713 | 385 | 85% |
--------------------------------------------------------------------------------
| intersegment eliminations | (25 488) | (19 314) | - |
--------------------------------------------------------------------------------
| TOTAL | 365 316 | 267 220 | 37% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
REVENUE BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 4 quarter | 2006 4 quarter | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| online media | 2 666 | 86 | 3014% |
--------------------------------------------------------------------------------
| Periodicals* | 10 287 | 7 581 | 36% |
--------------------------------------------------------------------------------
| printing services | 6 829 | 5 851 | 17% |
--------------------------------------------------------------------------------
| book sales | 4 107 | 3 206 | 28% |
--------------------------------------------------------------------------------
| information services | 1 042 | 1 564 | -33% |
--------------------------------------------------------------------------------
| unallocated | 46 | 25 | 85% |
--------------------------------------------------------------------------------
| intersegment eliminations | (1 629) | (1 235) | - |
--------------------------------------------------------------------------------
| TOTAL | 23 348 | 17 078 | 37% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
EBITDA BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA |
--------------------------------------------------------------------------------
| 2007 12 months | 2006 12 months | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| online media | 20 089 | (315) | - |
--------------------------------------------------------------------------------
| Periodicals*/** | 62 516 | 60 239 | 4% |
--------------------------------------------------------------------------------
| printing services | 72 908 | 66 470 | 10% |
--------------------------------------------------------------------------------
| book sales | 8 650 | 6 278 | 38% |
--------------------------------------------------------------------------------
| information services | 8 770 | 10 900 | -20% |
--------------------------------------------------------------------------------
| unallocated | (6 975) | (6 117) | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (6 686) | (1 884) | - |
--------------------------------------------------------------------------------
| TOTAL | 159 272 | 135 571 | 17% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
*proportional part from joint ventures
** 2006. includes income 3.4 million kroons (0.2 million euros) from the sale of
50% shares in Linnaleht
EBITDA BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA |
--------------------------------------------------------------------------------
| 2007 12 months | 2006 12 months | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| online media | 1 284 | (20) | - |
--------------------------------------------------------------------------------
| Periodicals*/** | 3 995 | 3 850 | 4% |
--------------------------------------------------------------------------------
| printing services | 4 660 | 4 248 | 10% |
--------------------------------------------------------------------------------
| book sales | 553 | 401 | 38% |
--------------------------------------------------------------------------------
| information services | 560 | 697 | -20% |
--------------------------------------------------------------------------------
| unallocated | (446) | (391) | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (427) | (120) | - |
--------------------------------------------------------------------------------
| TOTAL | 10 179 | 8 665 | 17% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
** 2006. includes income 3.4 million kroons (0.2 million euros) from the sale of
50% shares in Linnaleht
EBITDA BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA |
--------------------------------------------------------------------------------
| 2007 4 quarter | 2006 4 quarter | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| online media | 13 396 | (775) | - |
--------------------------------------------------------------------------------
| Periodicals* | 17 899 | 14 349 | 25% |
--------------------------------------------------------------------------------
| printing services | 21 072 | 16 281 | 29% |
--------------------------------------------------------------------------------
| book sales | 4 225 | 3 033 | 39% |
--------------------------------------------------------------------------------
| information services | (236) | 6 613 | - |
--------------------------------------------------------------------------------
| unallocated | (2 495) | 2 833 | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (4 863) | (818) | - |
--------------------------------------------------------------------------------
| TOTAL | 48 998 | 41 516 | 18% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
EBITDA BY SEGMENT
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA |
--------------------------------------------------------------------------------
| 2007 4 quarter | 2006 4 quarter | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| online media | 856 | (50) | - |
--------------------------------------------------------------------------------
| Periodicals* | 1 144 | 917 | 25% |
--------------------------------------------------------------------------------
| printing services | 1 347 | 1 041 | 29% |
--------------------------------------------------------------------------------
| book sales | 270 | 194 | 39% |
--------------------------------------------------------------------------------
| information services | (15) | 423 | - |
--------------------------------------------------------------------------------
| unallocated | (159) | 181 | - |
--------------------------------------------------------------------------------
| intersegment eliminations | (311) | (53) | - |
--------------------------------------------------------------------------------
| TOTAL | 3 132 | 2 653 | 18% |
--------------------------------------------------------------------------------
*proportional part from joint ventures
REVENUE BY GROUP COMPANIES*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| Eesti Ekspressi Kirjastuse AS | 143 101 | 121 432 | 18% |
--------------------------------------------------------------------------------
| AS Delfi | 130 043 | 89 299 | 46% |
--------------------------------------------------------------------------------
| AS Printall | 385 787 | 341 507 | 13% |
--------------------------------------------------------------------------------
| AS Maaleht | 59 848 | 52 775 | 13% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 67 692 | 54 806 | 24% |
--------------------------------------------------------------------------------
| Rahva Raamat AS | 187 800 | 157 998 | 19% |
--------------------------------------------------------------------------------
| OÜ Netikuulutused | 5 667 | 5 329 | 6% |
--------------------------------------------------------------------------------
| AS Ekspress Hotline | 66 332 | 62 910 | 5% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS** | 175 766 | 133 034 | 32% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 157 640 | 138 019 | 14% |
--------------------------------------------------------------------------------
| AS Express Post** | 72 133 | 49 233 | 47% |
--------------------------------------------------------------------------------
| AS Ajakirjade Kirjastus** | 229 679 | 198 465 | 16% |
--------------------------------------------------------------------------------
| AS Linnaleht | 32 294 | 23 905 | 35% |
--------------------------------------------------------------------------------
| UAB Medipresa | 129 135 | 97 476 | 32% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
REVENUE BY GROUP COMPANIES*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue |
--------------------------------------------------------------------------------
| 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| Eesti Ekspressi Kirjastuse AS | 9 146 | 7 761 | 18% |
--------------------------------------------------------------------------------
| AS Delfi | 8 311 | 5 707 | 46% |
--------------------------------------------------------------------------------
| AS Printall | 24 656 | 21 826 | 13% |
--------------------------------------------------------------------------------
| AS Maaleht | 3 825 | 3 373 | 13% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | 4 326 | 3 503 | 24% |
--------------------------------------------------------------------------------
| Rahva Raamat AS | 12 003 | 10 098 | 19% |
--------------------------------------------------------------------------------
| OÜ Netikuulutused | 362 | 341 | 6% |
--------------------------------------------------------------------------------
| AS Ekspress Hotline | 4 239 | 4 021 | 5% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS**/*** | 11 233 | 8 502 | 32% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 10 075 | 8 821 | 14% |
--------------------------------------------------------------------------------
| AS Express Post** | 4 610 | 3 147 | 47% |
--------------------------------------------------------------------------------
| AS Ajakirjade Kirjastuse ** | 14 679 | 12 684 | 16% |
--------------------------------------------------------------------------------
| AS Linnaleht | 2 064 | 1 528 | 35% |
--------------------------------------------------------------------------------
| UAB Medipresa | 8 253 | 6 230 | 32% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
OPERATING PROFIT BY GROUP COMPANIES (EBIT)*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit |
--------------------------------------------------------------------------------
| 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| th EEK | |
--------------------------------------------------------------------------------
| Eesti Ekspressi Kirjastuse AS | 25 290 | 19 620 | 29% |
--------------------------------------------------------------------------------
| AS Delfi | 39 158 | 28 135 | 39% |
--------------------------------------------------------------------------------
| AS Printall | 51 516 | 47 363 | 9% |
--------------------------------------------------------------------------------
| AS Maaleht | 4 465 | 3 439 | 30% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (2 262) | 2 529 | - |
--------------------------------------------------------------------------------
| Rahva Raamat AS | 6 067 | 4 666 | 30% |
--------------------------------------------------------------------------------
| OÜ Netikuulutused | 1 690 | 253 | 568% |
--------------------------------------------------------------------------------
| AS Ekspress Hotline | 10 441 | 9 046 | 15% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS**/*** | 3 925 | 6 686 | -41% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 31 661 | 28 871 | 10% |
--------------------------------------------------------------------------------
| AS Express Post** | 2 854 | (468) | - |
--------------------------------------------------------------------------------
| AS Ajakirjade Kirjastuse ** | 20 447 | 24 301 | -16% |
--------------------------------------------------------------------------------
| AS Linnaleht | 981 | (4 203) | - |
--------------------------------------------------------------------------------
| UAB Medipresa | 1 901 | 415 | 358% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
*** includes income 6.7 million kroons (0.4 million euros) from the sale of 50%
shares in Linnaleht
OPERATING PROFIT BY GROUP COMPANIES (EBIT)*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit |
--------------------------------------------------------------------------------
| 2007 | 2006 | Change |
--------------------------------------------------------------------------------
| th EUR | |
--------------------------------------------------------------------------------
| Eesti Ekspressi Kirjastuse AS | 1 616 | 1 254 | 29% |
--------------------------------------------------------------------------------
| AS Delfi | 2 503 | 1 798 | 39% |
--------------------------------------------------------------------------------
| AS Printall | 3 292 | 3 027 | 9% |
--------------------------------------------------------------------------------
| AS Maaleht | 285 | 220 | 30% |
--------------------------------------------------------------------------------
| UAB Ekspress Leidyba | (145) | 162 | - |
--------------------------------------------------------------------------------
| Rahva Raamat AS | 388 | 298 | 30% |
--------------------------------------------------------------------------------
| OÜ Netikuulutused | 108 | 16 | 568% |
--------------------------------------------------------------------------------
| AS Ekspress Hotline | 667 | 578 | 15% |
--------------------------------------------------------------------------------
| Eesti Päevalehe AS**/*** | 251 | 427 | -41% |
--------------------------------------------------------------------------------
| AS SL Õhtuleht** | 2 024 | 1 845 | 10% |
--------------------------------------------------------------------------------
| AS Express Post** | 182 | (30) | - |
--------------------------------------------------------------------------------
| AS Ajakirjade Kirjastuse ** | 1 307 | 1 553 | -16% |
--------------------------------------------------------------------------------
| AS Linnaleht | 63 | (269) | - |
--------------------------------------------------------------------------------
| UAB Medipresa | 121 | 27 | 358% |
--------------------------------------------------------------------------------
*with intergroup transactions
**joint ventures 100%
*** includes income 6.7 million kroons (0.4 million euros) from the sale of 50%
shares in Linnaleht
Further information:
Priit Leito
Chairman of the Management Board of AS Ekspress Grupp
E-mail: priit.leito@ekspress.ee
Tel: 669 8340