Published: 2019-07-31 07:00:00 CEST
Ekspress Grupp
Quarterly report

AS Ekspress Grupp: Consolidated unaudited interim report for the Second Quarter and First Half-Year of 2019


The revenue of AS Ekspress Grupp totalled EUR 19.5 million in the 2nd quarter and EUR 36.8 million in the first six months of 2019. Revenue growth continued to be strong and it increased by 8% as compared to last year. Growth was primarily driven by digital revenue which increased by 14% as compared to last year and made up already 57% of the Group’s media segment revenue

Despite intense competition, in the first half-year the Group increased its market share in all markets and achieved a strong leadership position in Latvia. In the 2nd quarter, the Estonian and Lithuanian media companies continued to be successful both in the sale of advertisements as well as subscriptions. Advertising sales were also temporarily boosted by the election of the European Parliament. In Estonia, the growth in the share of digital subscriptions continued. In the 2nd quarter, we launched sales of paid content in Latvia under the name “Delfi Plus" which similarly to the Estonian market will take time to change consumer habits and is therefore, a long-term process.

The number of people visiting Delfi portals in all Baltic States has grown more than that of our competitors. Our journalists in Estonia, Latvia and Lithuania managed to bring major socially relevant topics to readers which were well received by both readers and professionals in their field. 

The Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) totalled EUR 1.80 million in the 2nd quarter and EUR 2.47 million in the first six months of the year, growing by almost 6% as compared to the same period last year. In the first half of the year, the Group’s consolidated net loss totalled EUR 0.26 million.

In the 2nd quarter, the Group managed to grow media segment profit to EUR 1.5 million as compared to EUR 1.2 million in the same period of 2018. Profitability growth in the media sector was primarily attributable to the growth in advertising sales and efficiency attained from cost savings. In the printing services segment, profits continued to fall by almost 29% as compared to last year.  In a situation where the volumes in the printing segment are falling in Estonia mostly due to the decline in the share of the print media and advertising brochures of large store chains, we have nevertheless managed to maintain our level of exports that made up 62% of the total portfolio of printing services.

In the 2nd quarter, the Group acquired a 100% ownership interest in the Latvian ticket sales portal SIA Biļešu Paradīze that manages the electronic ticket sales platform (bilesuparadize.lv) and ticket sales sites, selling through them tickets to various entertainment events on behalf of event organisers.

The purpose of the acquisition is to expand into new business sectors, by focusing on increasing the Group’s share of digital revenue, increasing the Group’s return on equity and using the synergy between the new business acquired and media activities. We also wish to enhance our current core activities and support the Group in its digital transformation as well as develop the diverse digital footprint of the Group's business.

At the beginning of June, the technology and innovation conference Login took place in Vilnius. The Group acquired an ownership interest in the latter in order to enter the conference market. The purpose of the acquisition of the ownership interest is to make this innovation and technology conference into one of the most well-known innovation events in the Baltic States. The conference "Julgus teha teisiti" ("The Audacity to Do Things Differently") of Eesti Ekspress that took place for the first time in Tallinn was also well received by its participants.

In the 2nd quarter, the Group’s largest media company AS Ekspress Meedia organised several other major entertainment events, such as the 95th jubilee concert of magazine Eesti Naine in Alexela concert hall, Kroonika's Entertainment Awards Gala in the Russian Cultural Centre, 10 performances of the play Hakkame, mehed minema (Men, Let's Get Going) based on the life of choir conductor and composer Gustav Ernesaks, and Delfi Rally Day. The two latter are a good example of how Ekspress Meedia uses its potential to address a wide audience and find current topics, thereby increasing the Company’s revenue base.


SUMMARY OF THE RESULTS OF THE SECOND QUARTER AND FIRST HALF-YEAR

In the Group's reporting, the management monitors the performance on the basis of proportional consolidation of joint ventures. The loan contract also determines the calculation of some loan covenants while taking into account proportional consolidation.

REVENUE

The consolidated revenue for the 2nd quarter of 2019 totalled EUR 19.5 million (Q2 2018: EUR 17.7 million) and for 1st half-year 2019, it totalled EUR 36.8 million (1st half-year 2018: EUR 34.0 million). Revenue increased by 8% as compared to the previous year. Revenue growth is primarily attributable to the advertising revenue growth both in Estonia and Lithuania. The share of the Group's digital revenue made up 39% of total revenue and 57% of media segment revenue. In the 1st half-year 2019, the Group's digital revenue increased by 14% as compared to the same period last year.

PROFITABILITY

In the 2nd quarter of 2019, consolidated EBITDA totalled EUR 1.80 million (Q2 2018: EUR 1.68 million) and for the 1st half-year 2019, it totalled EUR 2.47 million (1st half-year 2018: EUR 2.34 million). EBITDA increased by 6% as compared to the previous year, of which EUR +0,43 million was related to the effect of the new accounting standard IFRS 16 Leases on EBITDA entered into force on 1 January 2019. The EBITDA margin declined to 6.7% (1st half-year 2018: 6.9%). In the 1st half-year 2019, the net loss totalled EUR -0.26 million (1st half-year 2018: EUR 0.65 million). The decline in profitability was primarily related to the intensifying competition in the printing services segment and the increase in input prices. In addition, it was related to the decline in the revenue of print media as well as higher home delivery and labour costs. In the 1st half-year, the additional loss of EUR 0.1 million was related to interests in associates and other financial investments. 

From 1 January 2019, the Group has applied the new mandatory accounting standard IFRS 16 Leases. Due to this, the leased assets and lease liabilities are recognised at the present value of lease payments in the balance sheet. Depreciation on leased assets and the estimated interest expense on lease liabilities are recognised in the income statement.

The effect of IFRS 16 on the consolidated balance sheet and income statement as at 30 June 2019 is disclosed on page 19 of the financial statements.

CASH POSITION

At the end of the reporting period, the Group had available cash by proportional consolidation in the amount of EUR 2.5 million and equity in the amount of EUR 49.9 million (54% of total assets, without taking into account the effect of IFRS 16 - 56%). The comparative figures as of 30 June 2018 were EUR 1.4 million and EUR 51.1 million (64% of total assets), respectively. As of 30 June 2019, the Group's net debt totalled EUR 18.6 million. Without taking into account the effect of IFRS 16, the Group's net debt totalled EUR 15.3 million (30 June 2018: EUR 14.0 million).


BUSINESS OPERATIONS

In the consolidated financial reports 50% joint ventures are recognised under the equity method, in compliance with International Financial Reporting Standards (IFRS). In its monthly reports, the management monitors the Group’s performance on the basis of proportional consolidation of joint ventures and the syndicated loan contract also determines the calculation of some loan covenants by proportional consolidation.

For the purpose of clarity, the management report shows two sets of indicators: one where joint ventures are consolidated line-by-line and the other where joint ventures are recognised under the equity method and their net result is presented as financial income in one line.

The effect of the new standard IFRS 16 "Leases" that entered into force on 1 January 2019 is described on page 19 and in Note 1 of the financial statements.


FINANCIAL INDICATORS AND RATIOS – joint ventures consolidated 50% line-by-line

Performance indicators –
joint ventures consolidated 50% (EUR thousand)
Q2 2019Q2 2018Change %1st Half year 20191st Half year 2018Change %12 months 2018
For the period       
Sales19 47117 65910%36 78434 0108%69 096
EBITDA1 7961 6767%2 4742 3446%4 206
EBITDA margin (%)9.2%9.5% 6.7%6.9% 6.1%
Operating profit /(loss)6741 050-36%269890-70%944
Operating margin (%)3.5%5.9% 0.7%2.6% 1.4%
Interest expenses(166)(102)-62%(284)(205)-38%(458)
Net profit /(loss) for the period356893-60%(258)653-139%25
Net margin (%)1.8%5.1% -0.7%1.9% 0.0%
Return on assets (ROA) (%)0.4%1.1% -0.3%0.8% 0.0%
Return on equity (ROE) (%)0.7%1.7% -0.5%1.2% 0.0%
Earnings per share (EPS)0.010.03 (0.01)0.02 0.00

Financial indicators and ratios under the equity method are disclosed on pages 18-19 of the financial statements.



SEGMENT OVERVIEW

The Group’s activities are divided into two large segments - media segment and printing services segment

The media segment includes the Group's activities in Estonia, Latvia and Lithuania. It comprises the operations of online portal Delfi, several other news portal providing online advertising network and programmatic sales solutions, digital outdoor advertising in Estonia and Latvia, publishing of the Estonian weekly newspapers Maaleht, Eesti Ekspress and LP, publishing of the daily newspaper Päevaleht and tabloid Õhtuleht, publishing of the freesheet Linnaleht, publishing of books and magazines in Estonia and providing home delivery services. The media segment also includes organisation of the technology and innovation conference Login in Lithuania (since March 2019), management of the electronic ticket sales platform (bilesuparadize.lv) and ticket sales sites in Latvia (since June 2019), selling through them tickets to various entertainment events on behalf of event organisers.

The printing services segment includes AS Printall which one of the largest is printing companies in Estonia. We are able to print high-quality magazines, newspapers, advertising materials, product and service catalogues, yearbooks, paperback books and other publications in our printing plant.

Segment EBITDA does not include one-off write-downs for goodwill and trademarks. Volume-based fees and other fees payable to agencies have been deducted from the segment's advertising revenue.

The effect of the new standard IFRS 16 Leases entered into effect on 1 January 2019 on the income statement is described on page 19 and Note 1 to the financial statements.


Key financial indicators for segments

 (EUR thousand)Sales
 Q2 2019Q2 2018Change %1st Half year 20191st Half year 2018Change %12 months 2018
Media segment (under equity method)11 5129 31424%20 86917 40920%37 248
  incl. revenue from all digital and online channels7 7756 49220%13 82911 91316%24 561
Printing services segment6 6106 3554%13 18012 5765%25 242
Corporate functions508697-27%1 0461 388-25%2 341
Inter-segment eliminations(1 155)(1 062) (2 310)(2 052) (4 342)
TOTAL GROUP under equity method17 47515 30414%32 78529 32112%60 489
Media segment (by proportional consolidation)13 68411 92615%25 20722 63511%46 716
  incl. revenue from all digital and online channels8 0306 87017%14 39412 59714%25 954
Printing services segment6 6106 3554%13 18012 5765%25 242
Corporate functions508697-27%1 0461 388-25%2 341
Inter-segment eliminations(1 330)(1 320) (2 649)(2 589) (5 204)
TOTAL GROUP by proportional consolidation19 47117 65910%36 78434 0108%69 096


(EUR thousand)EBITDA
 Q2 2019Q2 2018Change %1st Half year 20191st Half year 2018Change %12 months 2018
Media segment (under equity method)1 3641 15119%1 8001 39729%3 355
Media segment (by proportional consolidation)1 5191 20226%2 0151 49235%3 329
Printing services segment558783-29%1 1081 484-25%2 403
Corporate functions(273)(309)12%(636)(633)0%(1 492)
Inter-segment eliminations(7)1 (13)1 (2)
TOTAL GROUP under equity method1 6431 6261%2 2592 2480%4 263
TOTAL GROUP by proportional consolidation1 7961 6767%2 4742 3446%4 206


EBITDA marginQ2 2019Q2 20181st Half year 20191st Half year 201812 months 2018
Media segment (under equity method)12%12%9%8%9%
Media segment (by proportional consolidation)11%10%8%7%7%
Printing services segment8%12%8%12%10%
TOTAL GROUP under equity method9%11%7%8%7%
TOTAL GROUP by proportional consolidation9%9%7%7%6%

 

MEDIA SEGMENT

ONLINE MEDIA

Important progress and significant accomplishments per country are listed below.

Estonia

  • Ekspress Meedia launched a new Delfi IOS application and a new web platform of Eesti Päevaleht.
  • The annual photography competition of Ekspress Media's Reisijuht.ee and Turist.ee received a new visual appearance.
  • Eesti Päevaleht and LP launched a joint Friday edition with a new design and concept.
  • Maakodu arranged a charity project at the recently opened family house for the people with special needs in Pärnu, celebrating the magazine’s jubilee.
  • Delfi published longread-type analysis of the elections.
  • Ekspress Meedia launched the social campaign Roolis ei loe (Don't Read While Driving).
  • Ekspress Meedia relaunched the summer paperboy project.
  • Ekspress Meedia organised several major events, such as Eesti Ekspress conference "The Audacity to Do Things Differently", the 95th jubilee concert of magazine Eesti Naine in Alexela concert hall, Kroonika's Entertainment Awards Gala in the Russian Cultural Centre, Delfi Rally Day, and 10 performances of the play Hakkame, mehed minema (Men, Let's Get Going) based on the life of choir conductor and composer Gustav Ernesaks.
  • Õhtuleht Kirjastus launched new mobile applications and revamped the web platform kalale.ee.

Latvia

  • Delfi Latvia finished the quarter as the biggest online news outlet in Latvia by total audience, page views and user time-share.
  • Delfi Latvia introduced paid digital subscription service Delfi Plus to the market.
  • During Q2, Delfi podcast center got a number of content additions and was growing rapidly.
  • Delfi Latvia launched web platform refresh for vertical content portals.
  • Delfi Latvia covered Ice Hockey World, European women basketball and Wimbledon championships in tennis (including local coverage from Wimbledon).
  • Viņa.lv launched of multimedia series "Against a flow" – stories about Latvians who have moved from city to countryside. 
  • Delfi Latvia served as main media partner for: Muse (band), Lampa talk festival, Dentsu Digital Camp, Sound poets band, Rally Liepāja, EBIT conference, Sound Poets band, Musiqq band.
  • Delfi Latvia organised 'uz:RUNA', a conference of public speaking.
  • During talk festival LAMPA Delfi Latvia participated in 17 different sessions and panel discussions.

Lithuania


PRINT MEDIA

Based on the data of the Estonian Newspaper Association, the daily newspaper with the largest circulation in Estonia for the last 12 months continues to be Õhtuleht. In January and December, the newspaper with the largest circulation was Maaleht. During the last 12 months, the circulation of the five largest newspapers has declined by 7 600 copies.

In the 2nd quarter of 2019, the revenue in the media segment totalled EUR 13.7 million (Q2 2018: EUR 11.9 million) and in the 1st half-year 2019, it totalled EUR 25.2 million (1st half-year 2018: EUR 22.6 million). Revenue increased by 11% as compared to the previous year. Revenue growth is primarily attributable to the advertising revenue growth in Estonia and Lithuania.

Digital media keeps growing and despite tough competition, we have not lost market share and our revenue is increasing. By the end of the 1st half-year 2019, the Group’s digital revenue made up 39% of total revenue and 57% of the media segment revenue. The Group's digital revenue in the 1st half-year 2019 increased by 14% as compared to the same period last year.

The EBITDA of the media segment in the 2nd quarter of 2019 totalled EUR 1.5 million (2nd quarter 2018: EUR 1.2 million) and in the 1st half-year 2019, it totalled EUR 2.0 million (1st half-year 2018: EUR 1.5 million). As compared to the previous year, EBITDA increased by 35%, of which EUR +0,38 million was the effect of the new accounting standard IFRS 16 Leases entered into force on 1 January 2019 on EBITDA.


REAL ESTATE PORTAL

According to the survey on the recognition of real estate companies that was conducted by Turu-uuringute AS in the 2nd quarter of 2019,  the recognition of Kinnisvara24.ee that was launched just one year ago has reached almost the same level as that of the market leaders kv.ee and City24. In just one year, Kinnisvara24.ee has become the most popular real estate search channel for 39% of the respondents.

By the end of the 2nd quarter of 2019, Kinnisvara24.ee still surpasses its key competitor, real estate portal City24. As of 30 June 2019, there were 22 548 advertisements in the portal Kinnisvara24.ee which is 5.4% more than the portal City24 had. Due to intense competition, from February 2019 the competitors kv.ee and City24 do not publish the data on the number of people visiting their sites. In the 2nd quarter of 2019, the average number of browsers of Kinnisvara24.ee was 89 821 on average.

As of 30 June 2019, there were 519 active real estate companies and 661 regular users with active ads in the portal Kinnisvara24.ee. The number of brokers who had joined the portal was 1 614.

The Group will continue to actively develop the portal to attain the leadership position in the market. The first-class search engine developed for Kinnisvara24.ee enables to search real estate properties by such criteria as "house with a pool" and "pets allowed" (rental properties).

At the competition "Real Estate Deal of the Year", the Estonian Real Estate Agents' Association awarded the first prize to the development of the real estate portal Kinnisvara24.ee.


PRINTING SERVICES SEGMENT

In the 2nd quarter of 2019, the revenue of AS Printall totalled EUR 6.6 million (Q2 2018: EUR 6.4 million) and in the 1st half-year 2019, it totalled EUR 13.2 million (1st half-year 2018: EUR 12.6 million). Revenue increased by 5% as compared to the previous year and it was primarily impacted by higher paper prices. The revenue of printing services has declined in Estonia due to the decline of the share of printed media and advertising brochures of large store chains. In the 2nd quarter of 2019, EBITDA totalled EUR 0.6 million (Q2 2018: EUR 0.8 million) and in the 1st half-year 2019, it totalled EUR 1.1 million (1st half-year 2018: EUR 1.5 million). EBITDA decreased by 25% as compared to the previous year. This was primarily impacted by higher input prices (paper, labour, electricity, natural gas, etc.) as well as tighter competition which put negative pressure on sales margins. 

For several consecutive years, the printing services segment has been under pressure due to continued digitalisation of regular journalism and increasing popularity of Internet as compared to printed products. Competition concerning sales prices continues to be intense. The sales volumes of print circulations have declined which in turn leads to higher printing costs. In addition, appreciation of input prices (incl. labour, paper and electricity) is another major challenge.

In the 1st half-year 2019, the revenue of AS Printall in other countries is 62% (1st half-year 2018: 61%).


FINANCIAL INDICATORS AND RATIOS

Performance indicators  -
joint ventures under equity method (EUR thousand)
Q2 2019Q2 2018Change %1st Half year 20191st Half year 2018Change %12 months 2018
For the period       
Sales17 47515 30414%32 78529 32112%60 489
EBITDA1 6431 6261%2 2592 2480%4 263
EBITDA margin (%)9.4%10.6% 6.9%7.7% 7.0%
Operating profit /(loss)621897-31%264790-67%1 211
Operating margin (%)3.6%5.9% 0.8%2.7% 2.0%
Interest expenses(166)(99)-68%(282)(196)-44%(443)
Profit /(loss) of joint ventures under equity method51152-67%091-100%(273)
Net profit /(loss) for the period356893-60%(258)653-140%25
Net margin (%)2.0%5.8% -0.8%2.2% 0.0%
Return on assets (ROA) (%)0.4%1.2% -0.3%0.9% 0.0%
Return on equity (ROE) (%)0.7%1.7% -0.5%1.2% 0.0%
Earnings per share (EPS)0.010.03 (0.01)0.02 0.00

Financial indicators and profitability ratios by proportional consolidation are disclosed on page 11 of the financial statements.

The effect of the new standard IFRS 16 "Leases" that entered into effect on 1 January 2019 on the income statement and balance sheet is described on page 19 and Note 1 of the financial statements.


 Balance sheet

(EUR thousand)
joint ventures 50% consolidatedjoint ventures under equity method
30.06.201931.12.2018Change %30.06.201931.12.2018Change %
As of the end of the period      
Current assets17 77715 63114%16 28313 83118%
Non-current assets74 61663 28618%74 11362 90718%
Total assets92 39378 91717%90 39676 73818%
  incl. cash and bank2 4502 22810%1 5071 26819%
  incl. goodwill43 34739 7999%42 30337 96911%
Current liabilities20 20314 20742%18 40012 18651%
Non-current liabilities22 27614 27656%22 03814 11856%
Total liabilities42 47928 48349%40 43926 30454%
  incl. borrowings21 02715 55435%20 74515 47434%
Equity49 91450 434-1%49 95750 434-1%


Financial ratios (%)joint ventures 50% consolidatedjoint ventures under equity method
30.06.201930.06.2019 without
the effect of IFRS 16
30.06.201930.06.2019 without
the effect of IFRS 16
30.06.201930.06.2019 without
the effect of IFRS 16
Equity ratio (%)54%56%64%55%57%66%
Debt to equity ratio (%) 42%35%31%42%35%31%
Debt to capital ratio (%) 27%23%21%28%24%22%
Total debt/EBITDA ratio4.854.093.704.854.153.63
Liquidity ratio0.880.901.100.880.991.13

From 1 January 2019, the Group applied the new mandatory accounting standard IFRS 16 "Leases" to recognise rental expenses. Due to this, the leased assets and lease liabilities are recognised at the present value of lease payments and depredation on leased assets and the estimates interest expenses on lease liabilities is recognised in the income statement.

As of 30.06.2019, the effect of IFRS 16 on the consolidated balance sheet and income statement is as follows:

Balance sheet (EUR thousand)joint ventures 50%
consolidated 30.06.2019
joint ventures under
equity method 30.06.2019
Right of use of buildings3 0452 801
Lease liability (short-term)412368
Lease liability (long-term)2 8832 646
Retained earnings(263)(219)


Income statement (EUR thousand)joint ventures 50% consolidated

1st Half year 2019
joint ventures under equity method

1st Half year 2019
Decrease in operating expenses462388
Increase in depreciation 391351
Estimated interest expense on lease liabilities3834


Formulas used to calculate the financial ratios
EBITDAEarnings before interest, tax, depreciation and amortisation. EBITDA does not include any impairment losses
recognised during the period or result from restructuring.
EBITDA margin (%) EBITDA/sales x 100
Operating margin (%) Operating profit/sales x100
Net margin (%)  Net margin in financial statements/sales x100
Earnings per share Net profit / average number of shares
Equity ratio (%)Equity/ (liabilities + equity) x100
Dividend rate (%)Total amount of dividends paid / Net profit
Debt to equity ratio (%)Interest bearing liabilities /equity x 100
Debt to capital ratio (%)Interest bearing liabilities – cash and cash equivalents (net debt) /(net debt +equity) x 100
Total debt/EBITDA ratioInterest bearing borrowings /EBITDA
Debt service coverage ratio EBITDA/loan and interest payments for the period
Liquidity ratioCurrent assets / current liabilities
Return on assets ROA (%)Net profit /average assets x 100
Return on equity ROE (%)Net profit /average equity x 100


Consolidated balance sheet (unaudited)

(EUR thousand)30.06.201931.12.2018
ASSETS  
Current assets  
Cash and cash equivalents1 5071 268
Trade and other receivables11 1749 154
Corporate income tax prepayment14327
Inventories3 4593 382
Total current assets16 28313 831
Non-current assets  
Trade and other receivables1 0041 588
Deferred tax asset4944
Investments in joint ventures1 5852 345
Investments in associates337319
Property, plant and equipment15 06111 921
Intangible assets56 07746 691
Total non-current assets74 11362 907
TOTAL ASSETS90 39676 738
LIABILITIES  
Current liabilities  
Borrowings 4 2911 356
Trade and other payables14 00210 801
Corporate income tax payable10729
Total current liabilities 18 40012 186
Non-current liabilities   
Long-term borrowings 16 45414 118
Other long-term liabilities5 5840
Total non-current liabilities22 03814 118
TOTAL LIABILITIES40 43926 304
EQUITY  
Minority shareholding9287
Capital and reserves attributable to equity holders of parent company:  
Share capital 17 87817 878
Share premium14 27714 277
Treasury shares (22)(22)
Reserves 1 6881 688
Retained earnings16 04416 526
Total capital and reserves attributable to equity holders of parent company49 86550 347
TOTAL EQUITY 49 95750 434
TOTAL LIABILITIES AND EQUITY90 39676 738

 

Consolidated statement of comprehensive income (unaudited)

(EUR thousand)Q2 2019Q2 20181st Half year 20191st Half year 201812 months 2018
Sales17 47515 30432 78529 32160 489
Cost of sales(14 126)(12 027)(27 223)(23 591)(48 874)
Gross profit3 3493 2785 5625 73111 615
Other income170121289160394
Marketing expenses(894)(718)(1 625)(1 485)(3 108)
Administrative expenses (1 969)(1 766)(3 906)(3 582)(7 609)
Other expenses(35)(18)(56)(34)(82)
Operating profit /(loss)6218972647901 211
Interest income6441287143
Interest expenses(166)(99)(282)(196)(443)
Other finance income and costs(42)(15)(79)(34)(103)
Net finance cost(202)(70)(349)(142)(403)
Profit (loss) on shares of joint ventures51152091(273)
Profit (loss) on shares of associates(16)0(75)0(234)
Profit /(loss) before income tax454979(160)740302
Income tax expense(97)(86)(98)(86)(276)
Net profit /(loss) for the reporting period356893(258)65325
Net profit /(loss) for the reporting period attributable to     
Equity holders of the parent company 354894(263)6546
Minority shareholders2(1)5(1)19
Total comprehensive income 356893(258)65325
Comprehensive income for the reporting period attributable to      
Equity holders of the parent company 354894(263)6546
Minority shareholders2(1)5(1)19
Basic and diluted earnings per share  0.010.03(0.01)0.020.00


Consolidated cash flow statement (unaudited)

(EUR thousand)1st Half year 20191st Half year 2018
Cash flows from operating activities  
Operating profit /(loss) for the reporting year264790
Adjustments for:  
Depreciation, amortisation and impairment 1 9771 458
(Gain)/loss on sale and write-down of property, plant and equipment2(7)
Cash flows from operating activities:  
Trade and other receivables(1 902)(274)
Inventories(77)(814)
Trade and other payables 2 182960
Cash generated from operations2 4462 113
Income tax paid(140)(245)
Interest paid(317)(196)
Net cash generated from operating activities 1 9891 672
Cash flows from investing activities   
Purchase of subsidiaries (less acquired cash)(4 960)0
Purchase of other investments0(1 000)
Interest received1267
Purchase of property, plant and equipment (1 352)(1 212)
Proceeds from sale of property, plant and equipment (Note 5)425
Loans granted(78)(476)
Loan repayments received301574
Net cash used in investing activities (6 073)(2 022)
Cash flows from financing activities  
Finance lease payments made(410)(37)
Change in overdraft67(92)
Loans received / Repayments of bank loans 4 6670
Net cash used in financing activities 4 324(129)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS240(479)
Cash and cash equivalents at the beginning of the year1 2681 073
Cash and cash equivalents at the end of the year1 507595


Additional information:
         Signe Kukin
         Group CFO
         AS Ekspress Grupp 
         +372 669 8381
         signe.kukin@egrupp.ee


AS Ekspress Grupp is the leading media group in the Baltic States whose key activities include web media content production, publishing of newspapers and magazines and provision of printing services in Estonia, Latvia and Lithuania. Ekspress Grupp that launched its operations in 1989 employs 1700 people, owns leading web media portals in the Baltic States and publishes the most popular daily and weekly newspapers as well as the majority of the most popular magazines in Estonia.

Attachment


EG_II_kvartal_2019_ENG.pdf