Selected financial indicators EEK
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales | 394 123 | 427 153 | -7.7% |
--------------------------------------------------------------------------------
| Gross profit | 85 437 | 84 294 | 1.4% |
--------------------------------------------------------------------------------
| EBITDA | 52 375 | 39 850 | 31.4% |
--------------------------------------------------------------------------------
| Operating profit | 26 381 | 12 520 | 110.9% |
--------------------------------------------------------------------------------
| Net profit (loss) for the | (1 014) | (13 487) | 92.6% |
| periood | | | |
--------------------------------------------------------------------------------
| | 30.06.2010 | 30.06.2009 | |
--------------------------------------------------------------------------------
| Total current assets | 232 121 | 231 089 | 0.5% |
--------------------------------------------------------------------------------
| Total non-current assets | 1 130 467 | 1 398 615 | -19.2% |
--------------------------------------------------------------------------------
| Total assets | 1 362 588 | 1 629 704 | -16.4% |
--------------------------------------------------------------------------------
| Total short-term | 230 842 | 378 108 | -38.9% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term liabilities | 566 328 | 625 648 | -9.5% |
--------------------------------------------------------------------------------
| Total liabilities | 797 170 | 1 003 756 | -20.6% |
--------------------------------------------------------------------------------
| Total equity | 565 418 | 625 948 | -9.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Selected financial indicators EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales | 25 189 | 27 300 | -7.7% |
--------------------------------------------------------------------------------
| Gross profit | 5 460 | 5 387 | 1.4% |
--------------------------------------------------------------------------------
| EBITDA | 3 347 | 2 547 | 31.4% |
--------------------------------------------------------------------------------
| Operating profit | 1 687 | 800 | 110.9% |
--------------------------------------------------------------------------------
| Net profit (loss) for the | (64) | (862) | 92.6% |
| periood | | | |
--------------------------------------------------------------------------------
| | 30.06.2010 | 30.06.2009 | |
--------------------------------------------------------------------------------
| Total current assets | 14 836 | 14 768 | 0.5% |
--------------------------------------------------------------------------------
| Total non-current assets | 72 249 | 89 389 | -19.2% |
--------------------------------------------------------------------------------
| Total assets | 87 085 | 104 157 | -16.4% |
--------------------------------------------------------------------------------
| Total short-term | 14 753 | 24 165 | -38.9% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term liabilities | 36 195 | 39 987 | -9.5% |
--------------------------------------------------------------------------------
| Total liabilities | 50 948 | 64 152 | -20.6% |
--------------------------------------------------------------------------------
| Total equity | 36 137 | 40 005 | -9.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Performance indicators (%) | | HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| Sales growth (%) | -7.7% | -22.7% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 21.7% | 19.7% |
--------------------------------------------------------------------------------
| Net profit margin (%) | -0.3% | -3.2% |
| | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 41.5% | 38.4% |
--------------------------------------------------------------------------------
| ROA (%) | -0.1% | -1.6% |
--------------------------------------------------------------------------------
| ROE (%) | -0.5% | -4.3% |
--------------------------------------------------------------------------------
| EBITDA margin (%) | 13.3% | 9.3% |
--------------------------------------------------------------------------------
| Operating profit margin (%) | 6.7% | 2.9% |
--------------------------------------------------------------------------------
| Liquidity ratio | 1.0 | 0.6 |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 122.4% | 132.0% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 48.9% | 54.1% |
--------------------------------------------------------------------------------
| Earnings per share EEK | 0.41 | 0.20 |
--------------------------------------------------------------------------------
| Earnings per share EUR | 0.03 | 0.01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales growth (%) | sales HY I 2010 -sales HY I 2009) / |
| | sales HY I 2009*100 |
--------------------------------------------------------------------------------
| Gross profit margin (%) | gross profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Net profit margin (%) | net profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Equity ratio (%) | equity / (equity + debt) * 100 |
--------------------------------------------------------------------------------
| ROA (%) | net profit/assets *100 |
--------------------------------------------------------------------------------
| ROE (%) | net profit/equity *100 |
| | |
--------------------------------------------------------------------------------
| EBITDA margin (%) | EBITDA/sales*100 |
--------------------------------------------------------------------------------
| Operating profit margin | operating profit/ sales*100 |
| (%) | |
--------------------------------------------------------------------------------
| Liquidity ratio | current assets/current liabilities |
| | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| Financial leverage (%) | interest bearing liabilities-cash and cash |
| | equivalents/interest bearing liabilities + |
| | equity * 100 |
--------------------------------------------------------------------------------
In the second quarter of 2010, Ekspress Group earned EBITDA of EEK 34.5 million
(EUR 2.2 million) and Net Profit of EEK 10.8 million (EUR 0.7 million). Compared
to normalized result of QII 2009 (without extraordinary profit from sales of
crossword publishing business in Lithuania and profits from discontinued
operations Rahva Raamat and Ekspress Hotline) QII 2010 EBITDA has improved 2%.
In first half of the year, company has earned 31% better normalized EBITDA
(without extraordinary profits and discontinued operations) then last year and
has exceeded management forecasts by 26%. EBITDA margins in QII compared to last
year have improved in all the segments. In printing margin has grown from 20.5%
to 22.8%, in periodicals from 7.9% to 11.8% and in online from 11.1% to 19.4%.
Good result for the second quarter comes from cost cutting, what has been
implemented during 2009, significant revenue improvement in the online media
segment and export sales growth in printing services segment.
Online media segment has managed to produce an EBITDA EEK 7.2 million (EUR 0.5
million) in QII which is 99% better than last year. As online advertising
revenues in all the countries have improved during first half of the year and
mainly in the second quarter, it has contributed directly to the EBITDA of the
company as margins from additional revenues in online media segment are
extraordinary high. Delfi Estonian operations have performed on the last year
levels, Latvian operation is in a minor and decreasing loss, but Lithuanian
operations have grown EBITDA by 148% as compared to last year. Lithuanian EBITDA
margin has reached 37.6% in QII. Ukraine operations are still in the development
phase and management expects advertising revenues to start growing in the second
half of the year. In overall, online media segment has come a long way from
revenue drop of more than 20% in the QIV 2009 (as compared to the same period in
2008) to increase of 14 % in QII 2010.
In QII, periodicals segment is performing on the last year levels as compared to
the same period last year (normalized EBITDA 2009) by producing EBITDA EEK 8.5
million (EUR 0.5 million) although revenues have dropped by 15% in the QII and
18% in the first half of the year. Main contributor here is higher efficiency
due to salary and personnel cuts made during 2009.
From the periodicals, AS Eesti Ajalehed (publisher of weeklies Eesti Ekspress
and Maaleht) has improved EBITDA compared to last year by 178% earning EEK 4.2
million (EUR 0.3 million) in QII. Advertising revenue for the QII was 11% less
than QII 2009 and for the first half of the year 14% less than 2009 and single
copy sales is down 13% and 14%, respectively, but subscription revenue in the
QII grow by 1% and was steady for the first half compared to 2009.
In QII publisher of tabloid newspaper Õhtuleht has had to surrender to last year
results but is still EBITDA positive earning EEK 3.2 million (EUR 0.2 million
eurot) in QII. Advertising revenues for the QII have been down 21% as for the
first half, single copy sales revenues are down 12% in the QII and 16% for the
first half. Subscription revenues are down 9% QII and 10% for the first half.
Publisher of daily newspaper Eesti Päevalehe AS has managed to earn positive
EBITDA for the QII earning EEK 70.7 thousand (EUR 4.5 thousand) but has lost EEK
5.8 million (EUR 0.4 million) in the first half of the year. Advertising
revenues are down 22% QII, single copy sales are down 20% and subscription sales
are down 10%.
Magazine publishing unit in Estonia, AS Ajakirjade Kirjastus, has also suffered
from advertising revenue drop by 16% in QII but has managed to hold EBITDA
positive earning EEK 1.5 million (EUR 0.1 million) which is 50% better than last
year same time. Single copy sales was down 14% but subscriptions up 2%.
Lithuanian magazine publisher UAB Ekspress Leidyba has earned positive result
for the QII earning EEK 614.1 thousand (EUR 39.2 thousand) which is 224% better
than last year (normalized EBITDA without extraordinary profits) while
advertising revenues have been decreasing 3%, single copy sales has decreased
37% and subscription sales 27% as compared to 2009.
Most active advertising clients in the periodicals segments in QII have been
retailers, car dealers and telecommunication companies.
Periodicals segment has suffered continuous revenue drop although the drop has
slowed down as compared to last year. When in the QIV 2009 we saw revenue drop
of average 31% y-o-y bases, then in the beginning of the 2010, decline has
slowed to an average 22% in the QI and an average 15% in QII reaching 12% in the
last month. In spite of the revenue drop, companies have mostly been able to
become EBITDA positive in QII 2010 which is mainly due to higher efficiency.
This allows for the management to be optimistic about improving margins for the
periodicals segment in the second half of the year, mainly in QIV. QIII will be
a slow period due to low advertising season including two summer months.
In the printing services segment, Printall has produced 10% higher EBITDA then
last year in QII earning EEK 21.2 million (EUR 1.4 million) and has exceeded
internal forecasts by 18%. In the first half of the year, the total EBITDA
improvement has been 21%. This has mainly been caused by growing sales in the
export markets but also by continuous search for efficiency in production.
Printall has mainly grown in Scandinavia but has also started to take market in
Netherlands and France. Both Scandinavian and Western Europe markets have been
offering periodical orders. In summer months, Russian share in exports have
declined. In exports, Norway and Denmark have been increasing their share
compared to last year. Total growth in export compared to QII 2009 has been 9%.
Share of Estonian revenues and group revenues has decreased over the year. In
spite of success in the export markets and steadily growing revenues, there is
still significant amount of production capacity in reserve.
In general, managements view for the rest of the year is cautiously optimistic
based mainly on continuous success of the printing services segment export
activities and improving revenues in online media segment. We expect also the
advertising revenues for periodicals segment to reach 2009 levels at least by
the end of the year.
Most important developments or actions during QII 2010 have been as follows:
Delfi Estonia and Ukraine have launched new front page design with an aim to
offer more modern approach on presenting the news and other journalistic
content. During second half of the year, the same development is going to be
pursued in the rest of the operations
Delfi Ukraine hired a new Editor in Chief
Delfi Ukraine has opened new segments in the portal and is continuing to
implement similar buildup as in other countries
All Delfi operations have launched activities to get user generated content in
all the sections in their portals. Delfi Estonian and Ukraine operations have
been most successful in this by being able to get from ordinary users of Delfi
original material with significant value
Delfi Estonia launched WEB ID project which allows users to create one online
registration account to be used for logging in for commenting, contributing
hints and photos in the citizen journalism section Rahva Hääl and later also
e-commerce
Weekly paper Maaleht introduced mobile phone based payment model for articles in
the web
Lithuanian magazine publisher Ekspress Leidyba acquired license for publishing
Cosmopolitan from June 2010.
Company finished the public offering of yhe shares of AS Ekspress Grupp and
raised EEK 123.6 million (EUR 7.9 million) to be used to offer a cash buffer and
reserve for future investments
Investments
Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | | |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 0 | 171 |
--------------------------------------------------------------------------------
| Plant and equipment | 387 | 1 282 |
--------------------------------------------------------------------------------
| Other equipment | 1 791 | 3 722 |
--------------------------------------------------------------------------------
| Unfinished buildings and prepayments | 0 | 1 125 |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 2 178 | 6 300 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | | |
--------------------------------------------------------------------------------
| Development | 1 166 | 1 671 |
--------------------------------------------------------------------------------
| Compu-ter software | 772 | 1 071 |
--------------------------------------------------------------------------------
| Prepayments | 383 | (102) |
--------------------------------------------------------------------------------
| Acquisition of intangible assets total | 2 321 | 2 640 |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 4 499 | 8 940 |
--------------------------------------------------------------------------------
Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | | |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 0 | 11 |
--------------------------------------------------------------------------------
| Plant and equipment | 25 | 82 |
--------------------------------------------------------------------------------
| Other equipment | 115 | 238 |
--------------------------------------------------------------------------------
| Unfinished buildings and prepayments | 0 | 72 |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 140 | 403 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets | | |
--------------------------------------------------------------------------------
| Development | 75 | 106 |
--------------------------------------------------------------------------------
| Compu-ter software | 49 | 68 |
--------------------------------------------------------------------------------
| Prepayments | 24 | (7) |
--------------------------------------------------------------------------------
| Acquisition of intangible assets total | 148 | 167 |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 288 | 570 |
--------------------------------------------------------------------------------
All investments in the I half year were ordinary, in order to improve the
assets used in business activity at bare minimum extent.
Employees
As of the end of June 2010 Ekspress Group employed 1 782 people (As of 30 June
2009 (includes employees of discontinued operations): 2 240 ). The average
number of employees in the I half year of 2010 was 1 778 (HY I 2009 includes
employees of discontinued operations: 2 256 ).
In the I half year of 2010, the personnel costs of Ekspress Grupp totalled EEK
99.0 million (EUR 6.3 million), (HY I 2009 with the personnel cost of
discontinued operations EEK 137.7 million (EUR 8.8 million))*.
*proportional part from joint ventures
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 31.06.2010 | 31.12.2009 | 31.06.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 29 944 | 39 953 | 18 642 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 47 147 | 892 | 1 141 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 111 822 | 120 136 | 148 387 |
--------------------------------------------------------------------------------
| Inventories | 43 208 | 55 160 | 62 919 |
--------------------------------------------------------------------------------
| Total current assets | 232 121 | 216 141 | 231 089 |
--------------------------------------------------------------------------------
| Assets of discontinued | 0 | 93 457 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 5 501 | 5 697 | 6 569 |
--------------------------------------------------------------------------------
| Investments in associates | 143 | 640 | 505 |
--------------------------------------------------------------------------------
| Investment property | 6 360 | 6 360 | 12 341 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 314 608 | 345 938 | 375 012 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 803 855 | 821 613 | 1 004 188 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 130 | 1 180 248 | 1 398 615 |
| | 467 | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 362 | 1 489 846 | 1 629 704 |
| | 588 | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 76 545 | 143 093 | 151 995 |
--------------------------------------------------------------------------------
| Trade and other payables | 154 297 | 283 668 | 226 113 |
--------------------------------------------------------------------------------
| Total current liabilities | 230 842 | 426 761 | 378 108 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 17 231 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 551 838 | 583 047 | 615 484 |
--------------------------------------------------------------------------------
| Other long term liabilities | 497 | 28 | 609 |
--------------------------------------------------------------------------------
| Derivative instruments | 13 993 | 13 993 | 9 555 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 566 328 | 597 068 | 625 648 |
--------------------------------------------------------------------------------
| Total liabilities | 797 170 | 1 041 060 | 1 003 756 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves | | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 297 968 | 208 488 | 208 488 |
--------------------------------------------------------------------------------
| Share premium | 223 394 | 192 883 | 192 883 |
--------------------------------------------------------------------------------
| Reserves | (313) | (313) | 4 125 |
--------------------------------------------------------------------------------
| Retained earnings | 44 791 | 45 805 | 218 410 |
--------------------------------------------------------------------------------
| Currency translation reserve | (710) | 1 635 | 1 754 |
--------------------------------------------------------------------------------
| Total capital and reserves | 565 130 | 448 498 | 625 660 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 288 |
--------------------------------------------------------------------------------
| Total equity | 565 418 | 448 786 | 625 948 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 362 | 1 489 846 | 1 629 704 |
| | 588 | | |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 31.06.2010 | 31.12.2009 | 31.06.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 914 | 2 553 | 1 191 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 3 013 | 57 | 73 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 7 148 | 7 677 | 9 483 |
--------------------------------------------------------------------------------
| Inventories | 2 761 | 3 525 | 4 021 |
--------------------------------------------------------------------------------
| Total current assets | 14 836 | 13 812 | 14 768 |
--------------------------------------------------------------------------------
| Assets of discontinued operations | 0 | 5 973 | 0 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 351 | 364 | 421 |
--------------------------------------------------------------------------------
| Investments in associates | 9 | 41 | 32 |
--------------------------------------------------------------------------------
| Investment property | 406 | 406 | 789 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 20 107 | 22 109 | 23 968 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 51 376 | 52 511 | 64 179 |
--------------------------------------------------------------------------------
| Total non-current assets | 72 249 | 75 431 | 89 389 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 87 085 | 95 216 | 104 157 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 4 892 | 9 145 | 9 714 |
--------------------------------------------------------------------------------
| Trade and other payables | 9 861 | 18 130 | 14 451 |
--------------------------------------------------------------------------------
| Total current liabilities | 14 753 | 27 275 | 24 165 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 1 101 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 35 269 | 37 263 | 39 337 |
--------------------------------------------------------------------------------
| Other long term liabilities | 32 | 2 | 39 |
--------------------------------------------------------------------------------
| Derivative instruments | 894 | 894 | 611 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 36 195 | 38 159 | 39 987 |
--------------------------------------------------------------------------------
| Total liabilities | 50 948 | 66 535 | 64 152 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable | | | |
| to equity holders of the Parent | | | |
| company | | | |
--------------------------------------------------------------------------------
| Share capital | 19 044 | 13 325 | 13 325 |
--------------------------------------------------------------------------------
| Share premium | 14 277 | 12 327 | 12 327 |
--------------------------------------------------------------------------------
| Reserves | (20) | (20) | 264 |
--------------------------------------------------------------------------------
| Retained earnings | 2 863 | 2 927 | 13 959 |
--------------------------------------------------------------------------------
| Currency translation reserve | (45) | 104 | 112 |
--------------------------------------------------------------------------------
| Total capital and reserves | 36 119 | 28 663 | 39 987 |
| attributable to equity holders of | | | |
| the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 18 |
--------------------------------------------------------------------------------
| Total equity | 36 137 | 28 681 | 40 005 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 87 085 | 95 216 | 104 157 |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q II 2010 | Q II 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 211 054 | 220 023 |
--------------------------------------------------------------------------------
| Costs of sales | 158 529 | 170 186 |
--------------------------------------------------------------------------------
| Gross profit | 52 525 | 49 837 |
--------------------------------------------------------------------------------
| Marketing expenses | 8 910 | 9 483 |
--------------------------------------------------------------------------------
| Administrative expenses | 23 258 | 26 468 |
--------------------------------------------------------------------------------
| Other income | 2 004 | 5 888 |
--------------------------------------------------------------------------------
| Other expenses | 796 | 474 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 21 565 | 19 300 |
--------------------------------------------------------------------------------
| Interest income | 68 | 410 |
--------------------------------------------------------------------------------
| Interest expenses | (10 969) | (10 994) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 961 | (224) |
--------------------------------------------------------------------------------
| Other financial income | 0 | 70 |
--------------------------------------------------------------------------------
| Other financial expenses | (559) | (175) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (10 499) | (10 913) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (228) | 0 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | 10 838 | 8 387 |
--------------------------------------------------------------------------------
| Income tax expense | 0 | 3 576 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | 10 838 | 4 811 |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 0 | (705) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | 10 838 | 4 106 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 10 838 | 4 106 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (583) | 481 |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | 10 255 | 4 587 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 10 255 | 4 587 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | 0.41 | 0.20 |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 394 123 | 427 153 |
--------------------------------------------------------------------------------
| Costs of sales | 308 686 | 342 859 |
--------------------------------------------------------------------------------
| Gross profit | 85 437 | 84 294 |
--------------------------------------------------------------------------------
| Marketing expenses | 17 339 | 20 403 |
--------------------------------------------------------------------------------
| Administrative expenses | 49 844 | 56 699 |
--------------------------------------------------------------------------------
| Other income | 9 237 | 6 833 |
--------------------------------------------------------------------------------
| Other expenses | 1 110 | 1 505 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 26 381 | 12 520 |
--------------------------------------------------------------------------------
| Interest income | 241 | 1 123 |
--------------------------------------------------------------------------------
| Interest expenses | (20 616) | (21 829) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 1 414 | (80) |
--------------------------------------------------------------------------------
| Other financial income | 0 | 190 |
--------------------------------------------------------------------------------
| Other financial expenses | (921) | (451) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (19 882) | (21 047) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (1 054) | 53 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | 5 445 | (8 474) |
--------------------------------------------------------------------------------
| Income tax expense | 5 796 | 3 963 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | (351) | (12 437) |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (663) | (1 050) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (1 014) | (13 487) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (1 014) | (13 487) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (2 345) | 401 |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (3 359) | (13 086) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (3 359) | (13 086) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0.04) | (0.65) |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q II 2010 | Q II 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 13 489 | 14 062 |
--------------------------------------------------------------------------------
| Costs of sales | 10 132 | 10 877 |
--------------------------------------------------------------------------------
| Gross profit | 3 357 | 3 185 |
--------------------------------------------------------------------------------
| Marketing expenses | 569 | 606 |
--------------------------------------------------------------------------------
| Administrative expenses | 1 486 | 1 692 |
--------------------------------------------------------------------------------
| Other income | 128 | 376 |
--------------------------------------------------------------------------------
| Other expenses | 51 | 30 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 1 379 | 1 233 |
--------------------------------------------------------------------------------
| Interest income | 4 | 26 |
--------------------------------------------------------------------------------
| Interest expenses | (701) | (703) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 61 | (14) |
--------------------------------------------------------------------------------
| Other financial income | 0 | 4 |
--------------------------------------------------------------------------------
| Other financial expenses | (36) | (11) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (672) | (698) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (15) | 0 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | 692 | 535 |
--------------------------------------------------------------------------------
| Income tax expense | 0 | 229 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | 692 | 306 |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | 0 | (45) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | 692 | 261 |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 692 | 261 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (37) | 31 |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | 655 | 292 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | 655 | 292 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | 0.03 | 0.01 |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 25 189 | 27 300 |
--------------------------------------------------------------------------------
| Costs of sales | 19 729 | 21 913 |
--------------------------------------------------------------------------------
| Gross profit | 5 460 | 5 387 |
--------------------------------------------------------------------------------
| Marketing expenses | 1 108 | 1 304 |
--------------------------------------------------------------------------------
| Administrative expenses | 3 186 | 3 624 |
--------------------------------------------------------------------------------
| Other income | 592 | 437 |
--------------------------------------------------------------------------------
| Other expenses | 71 | 96 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 1 687 | 800 |
--------------------------------------------------------------------------------
| Interest income | 15 | 72 |
--------------------------------------------------------------------------------
| Interest expenses | (1 318) | (1 395) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 90 | (5) |
--------------------------------------------------------------------------------
| Other financial income | 0 | 12 |
--------------------------------------------------------------------------------
| Other financial expenses | (59) | (29) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (1 272) | (1 345) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (67) | 3 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | 348 | (542) |
--------------------------------------------------------------------------------
| Income tax expense | 370 | 253 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | (22) | (795) |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (42) | (67) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (64) | (862) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (64) | (862) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (149) | 26 |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (213) | (836) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (213) | (836) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0.00) | (0.04) |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit(loss) for the period | 26 381 | 12 520 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 25 990 | 27 332 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, | (40) | 61 |
| plant and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | (18 083) | 16 616 |
--------------------------------------------------------------------------------
| Inventories | (2 099) | (352) |
--------------------------------------------------------------------------------
| Trade and other payables | (54 853) | (19 583) |
--------------------------------------------------------------------------------
| Cash generated from operations | (22 704) | 36 594 |
--------------------------------------------------------------------------------
| Income tax paid | (5 796) | (5 055) |
--------------------------------------------------------------------------------
| Interest paid | (21 686) | (20 202) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (50 186) | 11 337 |
| activities | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | (16 718) | 367 |
| activities from discontinued operations | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 62 266 | 0 |
--------------------------------------------------------------------------------
| Interest received | 241 | (1 248) |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (4 499) | (6 047) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 288 | 4 761 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (70) | (1 697) |
--------------------------------------------------------------------------------
| Loan repayments received | 9 548 | 1 495 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 67 774 | (2 736) |
--------------------------------------------------------------------------------
| Net cash used in/generated from | 32 851 | 245 |
| investing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 82 121 | 28 166 |
--------------------------------------------------------------------------------
| Finance lease payments made | (10 609) | (17 689) |
--------------------------------------------------------------------------------
| Change in overdraft used | (39 185) | 11 128 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 1 810 | 0 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (77 791) | (51 492) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (43 654) | (29 887) |
| activities | | |
--------------------------------------------------------------------------------
| Net cash used in/generated from | (76) | (7 072) |
| financing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND | (10 009) | (27 746) |
| CASH EQUIVALENTS | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 39 953 | 46 388 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 29 944 | 18 642 |
| the period | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| HY I 2010 | HY I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | |
--------------------------------------------------------------------------------
| Operating profit(loss) for the period | 1 687 | 800 |
--------------------------------------------------------------------------------
| Adjustments for: | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 1 661 | 1 747 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, | (3) | 4 |
| plant and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | |
--------------------------------------------------------------------------------
| Trade and other receivables | (1 157) | 1 062 |
--------------------------------------------------------------------------------
| Inventories | (134) | (22) |
--------------------------------------------------------------------------------
| Trade and other payables | (3 506) | (1 252) |
--------------------------------------------------------------------------------
| Cash generated from operations | (1 451) | 2 339 |
--------------------------------------------------------------------------------
| Income tax paid | (370) | (323) |
--------------------------------------------------------------------------------
| Interest paid | (1 386) | (1 291) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (3 207) | 725 |
| activities | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | (1 068) | 23 |
| activities from discontinued operations | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 3 980 | 0 |
--------------------------------------------------------------------------------
| Interest received | 15 | (80) |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (288) | (386) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 18 | 304 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (4) | (108) |
--------------------------------------------------------------------------------
| Loan repayments received | 610 | 96 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 4 332 | (175) |
--------------------------------------------------------------------------------
| Net cash used in/generated from | 2 100 | 16 |
| investing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 5 248 | 1 800 |
--------------------------------------------------------------------------------
| Finance lease payments made | (678) | (1 131) |
--------------------------------------------------------------------------------
| Change in overdraft used | (2 504) | 711 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 116 | 0 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (4 972) | (3 291) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (2 790) | (1 910) |
| activities | | |
--------------------------------------------------------------------------------
| Net cash used in/generated from | (5) | (452) |
| financing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND | (640) | (1 773) |
| CASH EQUIVALENTS | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 2 553 | 2 965 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 1 914 | 1 191 |
| the period | | |
--------------------------------------------------------------------------------
Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
E-mail: gunnar@egrupp.ee
