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EEG: AS Ekspress Gupp quarterly report for Q1 2009

Spekuliantai.lt | 2009-05-08 | NASDAQ OMX biržų naujienos | perskaitė: 1618
Raktiniai žodžiai: AS Ekspress Grupp, EEG
EEG: AS Ekspress Gupp quarterly report for Q1 2009

Ekspress Grupp Quarterly report 08.05.2009

AS Ekspress Gupp quarterly report for Q1 2009

The consolidated sales revenue of Ekspress Group fell by 17.8% in the first
quarter of 2009, and earnings before depreciation, financial income and
expenses, income tax and minority interest (EBITDA) made up 19.4% of the level
of the same period last year. Excluding the one-off profit from the selling of
OÜ Netikuulutused in the first quarter of 2008 in the amount of EEK 3.5 million
(EUR 0.2 million), EBITDA made up 21.3% of the level of the same period last
year . The decline of the sales revenue and EBITDA is caused by the decline of
advertising revenue and other sales revenue driven by the economic recession.

Key figures characterising the activities of Ekspress Group in the first quarter
of 2009
- Sales revenue EEK 264.2 million (EUR 16.9 million), year-over-year change
-17.8%
- Gross profit EEK 45.1 million (EUR 2.9 million), year-over-year change -44.6%

- EBITDA EEK 7.7 million (EUR 0.5 million), year-over-year change -80.6%

- EBIT EEK -7.5 million (EUR -0.5 million)
- Net profit EEK -17.6 million (EUR -1.1 million)

Key events of the 1st quarter of 2009
Establishing of the salary reduction of 10% for one year for all employees
Launching of the events' web database www.mistoimub.ee
Achieving of the highest ever number of Delfi unique users
Opening of a bookstore in Pärnu shopping centre in Pärnu under the trademark of
"Rahva Raamat”
Launching of the new layout of the weekly “Maaleht”

Overview of the advertising market
The advertising market which declined in the 4th quarter of 2008 continued sharp
decline in the 1st quarter of 2009. According to the survey of the media
advertising market conducted by TNS Emor, the sales revenue of media advertising
fell by 34% in Estonia in the 1st quarter of 2009 as compared to the same period
last year, reaching EEK 268.7 million (EUR 17.2 million) (2008: EEK 407.3
million, EUR 26.0 million).

Magazine advertising and newspaper advertising declined the most, by 48% and
45%, respectively. Online advertising was impacted less, declining by - 11%.
Although online advertising has declined, its share in the total advertising
market has increased. If online advertising made up 10% of the total advertising
market in the 1st quarter of 2008, it had reached 14% in the 1st quarter of
2009. With regard to specific areas, consumer advertising of retail chains, and
other different kind of consumer advertising predominated in the 1st quarter of
2009. Election advertising should support advertising market in the in the
second and third quarter of 2009.


Overview of segments
In the 1st quarter of 2009, Ekspress Group continued to focus on its five
principal segments: online media, publishing, printing services, book sales and
information services. Besides Delfi Group, the online media segment includes the
web publications of AS Eesti Päevaleht, SLÕhtuleht AS, Eesti Ekspress Kirjastus
AS and AS Maaleht, as well as automobile, real estate and employment web
environments of Eesti Ekspress Kirjastus AS, and Latvian automobile web
environment. All web environments to be set up in the future are also included
in the online media segment.
In the online media segment, Delfi continues to be the leading news portal in
the Baltic States, reaching its highest ever use in the 1st quarter of 2009.
According to the data by TNS Metrix, the highest use occurred in Estonia in the
13th week, when the number of unique visitors reached 645 thousand users.
According to the statistics by Gemius Traffic, the record number of users was
registered in Latvia and Lithuania in the 2nd week, 722 thousand unique visitors
and 908 thousand unique visitors, respectively. These record-breaking user
numbers will further strengthen Delfi's market position and create all
preconditions necessary for attracting advertising money when the markets pick
up again.

According to the data by TNS Metrix, Delfi continued to be the largest news
portal in Estonia in the 1st quarter of 2009 with 605 000 unique users per week,
growing its user base by more than 60 000 unique users as compared to the same
period last year. Delfi's largest competitor www.postimees.ee had 505 000 unique
users per week in the 1st quarter of 2009.
According to the data by Gemius Audience, Delfi continued to be the leader of
the Internet market in Lithuania in the 1st quarter of 2009 with an average of
976 000 unique users per month. The competing news portals www.lrytas.lt and
www.alfa.lt had 744 000 and 624 000 unique users per month, respectively, in the
same period of 2009.
According to the data by Gemius Audience, Delfi was also the largest news portal
in Latvia in the 1st quarter of 2009 with 626 000 unique users per month.
Delfi's competing news portals www.tvnet.lv had 445 000 and www.apollo.lv had
362 000 unique visitors.
As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and
Ukrainian subsidiaries manages the Estonian and Russian-language portals in
Estonia, http://www.delfi.ee and rus.delfi.ee, the Latvian and Russian-language
portals in Latvia http://www.delfi.lv and rus.delfi.lv, the Lithuanian and
Russian-language portals in Lithuania http://www.delfi.lt, http://www.klubas.lt,
http://ru.delfi.lt) as well as the news portal in Ukraine http://www.delfi.ua.
In February, Urmas Soonvald with a long-term news editing experience started to
head the editor's office with the goal of strengthening the news production of
Delfi with original news. In the 1st quarter of 2009, Delfi launched the biggest
Estonian online database of events, places and hobbies called “Mis toimub”
(www.mistoimub.ee). The database enables to offer the service to third parties
due to its simple data integration. Collaboration has been launched with Tallinn
City Government which regularly updates the database with information about
events. The database can also be accessed on the website of the City of Tallinn,
www. tallinn.ee.
The automobile portal www.ekspressauto.ee strengthened integration with the
technology and research news column Forte (www.forte.ee) and gained thereby ca.
50 000 new unique visitors per week.
Using the same technological platform, the subsidiary of Ekspress group in
Latvia launched an automobile portal www.autopunkts.lv, the next step of the
Group's management is stronger integration of the portal with Delfi.
The employment portal www.ekspressjob.ee gained over 25 000 unique visitors per
week in the 1st quarter with 37 000 unique visitors per week on average.
The real estate portal www.ekspresskinnisvara.ee strengthened its position among
the leading real estate portals with 70 000 unique visitors per week on average.

The goal of the Group's management is to strengthen the Group's market
leadership position in the Internet markets of all Baltic States.
In the 1st quarter of 2009, the sales revenue of online media declined by 28.1%
as compared to the same period of 2008, reaching EEK 27.6 million (EUR 1.8
million). EBITDA was EEK -3.3 million (EUR -0.2 million), decreasing by EEK 12.1
million (EUR 0.8 million) as compared to the same period last year. As
advertising revenue is the only revenue generated in online media, the effect of
seasonality is most pronounced in this segment and especially in the 1st quarter
which is the weakest quarter of the year. The financial ratios in the 1st
quarter of 2009 were weaker as compared to the same period last year because
online advertising was strong in the 1st quarter of 2008, decline started in the
second half of the year. The decline in the sales revenue and EBITDA is related
to a sharp decline in online advertising revenue in Latvia and Lithuania. The
deepening recession has a negative impact on the advertising market both in
Latvia and Lithuania. The decline in EBITDA has also been impacted by the costs
incurred for developing Delfi Ukraina in the amount EEK 0.8 million (EUR 49
thousand). New portals such as Mango, Klubas, Publik, Forte and classified
portals that have not yet reached a break-even point also have a negative effect
on the profitability of online media.
With regard to the advertising revenue in the publishing segment, the steep
decline which commenced in the 4th quarter of last year, continued in the 1st
quarter of 2009. According to the survey of the advertising market conducted by
TNS Emor, the magazine and newspaper advertising declined by 45.4%, however, the
advertising revenue of the Group's publishing sector declined by 41% in the 1st
quarter of 2009. Lower consumption as a result of the recession has also
impacted single copy sales of periodicals which declined by 20% in the 1st
quarter of 2009 as compared to the same period in 2008. At the same time, the
subscriptions have fallen only by 5%. Due to the substantial downturn of the
sales revenue, the EBITDA of the publishing segment fell in the 1st quarter of
2009 from 11.6% to -0.7% as compared to the same period of 2008.
On 19 February 2009, Maaleht launched a new layout which highlights its major
strength - thorough and balanced coverage of topics. The new and brighter layout
will also enable to position Maaleht better with a new generation of readers -
young people who appreciate being and living in the country-side. The
subscription base of Maaleht has increased by 3% in the 1st quarter of 2009 as
compared to the same period last year.
In the segment of printing services, the sales revenue decline of the printing
company is 13.7% as compared to the same period of 2008. The decline in sales
revenue is related to the decline in sales revenue in Estonia by 28% as compared
to the same period last year. At the same time, exports have increased by 18.5%
as compared to the same period last year, as a result of which the share of
exports has increased from 44% to 56%. From March, the printing company also
provides services to the Group's publisher of magazines in Lithuania, enabling
to use spare capacity of the magazine printing press and increase the sales
revenue of the printing company. In the 1st quarter, EBITDA declined by 25.1% as
compared to the same period in 2008.

In the segment of book sales, the sales revenue declined by 5.3% in the 1st
quarter of 2009 as compared to the same period of 2008. The decline of sales
revenue was caused by the decline of wholesale sales of 24.9%. The growth of the
retail sales of books was 19% achieved through the addition of new sales
premises. In addition to 3 new stores opened in 2008, in the 1st quarter of
2009, in March a new flagship store was opened in new Pärnu Centre located in
Pärnu. Due to the decline in the sales revenue and fixed costs attributable to
new stores, EBITDA margin declined year-over-year from 3.7% to 0.2% in the first
quarter of 2009.

The sales revenue of information services fell by 10.7% in the 1st quarter of
2009 as compared to the same period last year. EBITDA grew by 48.3% in a year
owing to the exit from the business of information services in Romania. Delfi
Infoliin 1184 (Delfi Information Line 1184) launched in cooperation with Delfi
last October, showed a decent growth trend in the 1st quarter of 2009. The
information line 1185 with its most favourable prices has increased the volume
of calls by 160% as compared to the same period last year. In the 1st quarter,
Ekspress Hotline started to export its services for the first time, by
processing the SMS messages of the Finnish company Contactia OY which will
generate additional sales revenue of EEK 155 thousand (EUR 10 thousand) a month.


Profit
Given the seasonal nature of the advertising business, the addition of AS
Maaleht and Delfi Group has significantly increased the share of advertising
revenue in the Group's sales revenue, therefore the impact of the seasonal
nature on the Group's sales revenue and profit is larger than ever. The economic
downturn which steeply deepened in the first quarter of 2009 had an impact on
the Group's revenue and profit, manifested in a steep decline of advertising
revenue and an overall decline of sales revenue as well as the related decline
in profit.

As compared to the 17.8% decline of sales revenue, direct costs decreased by
8.7% in the 1st quarter of 2009 as a result of which the gross margin declined
from 25.3% to 17.1%. The decline in the gross margin is attributable to the high
gross margin of advertising revenue - sharp decline in advertising revenue
triggers a sharp decline in the gross margin. From March, the publications of
the Group's publishing agency operating in Lithuania have been printed in the
printing company being part of the Group which will improve the Group's
liquidity position and reduce the Group's direct costs.

EBITDA totalled EEK 7.7 million (EUR 0.5 million) in the 1st quarter of 2009,
the decline being 80.6% as compared to the same period of 2008. Excluding the
one-off profit from the selling of OÜ Netikuulutused in the first quarter of
2008 in the amount of EEK 3.5 million (EUR 0.2 million), the decline of EBITDA
was 78.7%.

In the 1st quarter of 2009, EBIT constituted EEK -7.5 million (EUR -0.5
million), being EEK 32.4 million (EUR 2.1 million) less than the level of the
same period of 2008. The factors behind the slowdown of EBIT are the overall
decline of sales revenue driven by the economic recession and especially the
decline of advertising revenue having a high profit margin.

The marketing expenses of the Group decreased in the 1st quarter of 2009 by
23.1% as compared to the same period of 2008, attained through optimisation of
marketing expenses: some marketing projects have been executed in a limited
scope, some of the projects have been cancelled. Wages and salaries included in
marketing expenses decreased in the 1st quarter by 15.4% as compared to the
same period of 2008.

In the 1st quarter of 2009, administrative expenses have decreased by 4.8% as
compared to the same period of 2008. Wages and salaries included in
administrative expenses decreased in the 1st quarter by 4.9% as compared to the
same period in 2008. The decline in administrative expenses has been attained
through implementation of cost-cutting measures described below. The decline in
wages and salaries has been attained through reduction of wages and laying off
of employees.

In the 1st quarter of 2009, the Group's financial expenses reached EEK 10.7
million (EUR 0.7 million). Financial expenses were mostly made up of interest
expenses in the amount of EEK 10.4 million (EUR 0.7 million) (2008: EEK 14.1
million (EUR 0.9 million). Interest expenses are mostly related to the loan
taken from the syndicate of SEB, Sampo Bank and Nordea Bank for the acquisition
of Delfi and Maaleht in the fourth quarter of 2007.

The net profit (after taxes and minority interest) of Ekspress Group totalled
EEK -17.6 million (EUR -1.1 million) in the 1st quarter of 2009. As compared to
the same period in 2008, the net profit decreased by EEK 28.5 million (EUR 1.8
million). In addition to the events impacting the operating profit, the stalling
of the net profit growth is related to the high level of interest expenses in
connection with the syndicate loan. According to the share capital increase
decided at the shareholders' meeting held on 12 December 2008, on 12 January
2009 AS Ekspress Grupp received EEK 28.2 million (EUR 1.8 million) for the issue
of new shares, which improves the liquidity situation and the capital structure
of the Group as well as financial ratios derived from it.

Under the conditions of a deepening economic recession, the management of the
Group has carried out a cost cutting programme starting from the beginning of
last year. The main components of the programme include savings of paper and
printing costs, savings of IT development costs and savings of payroll expenses.
As of the balance sheet date, 118 employees have been laid off in a year. The
new projects (mainly new book stores) have generated 63 new work places. The
total headcount has decreased by 55 in a year. As a result of steep decline in
advertising revenue starting from January 2009, which resulted in a substantial
decrease of EBITDA, from 1 March 2009 (in some subsdiaries from 1 April 2009),
the Group has reduced salaries of employees of subsidiaries, as well as the
parent company by 10% on average for one year until 1 March 2010. Reduction of
salaries concerns all employees, including members of the Management Board. The
Group's management estimates that the reduction in salaries enables to maintain
the quality of media publications under the conditions of the economic
recession. The reduction in the number of employees and reduction of wages will
continue in the next quarters of 2009 caused by a major decline of advertising
revenue as well as combining of support functions and management structures
necessary for increasing business effectiveness.
The Group sees the consolidation of the support functions of its subsidiaries,
such as IT management, financial services, etc. as another major source of cost
savings, which represents the first stage in the integration of the management
structures of subsidiaries.

Balance sheet and investments

As of 31 March 2009, the consolidated balance sheet total of Ekspress Group was
EEK 1 658.4 million (EUR 106.0 million), decreasing by 3.7 % year-over-year. As
of 31 March 2009, current assets decreased by 11.8% year-over-year, reaching EEK
248.6 million (EUR 15.9 million). Current liabilities decreased by 5.1%
year-over-year, reaching EEK 406.9 million (EUR 26 million) as of 31 March 2009.
Of current liabilities, borrowings decreased by 4.6% million, reaching EEK 167.4
million (EUR 10.7 million) as of 31 March 2009. Borrowings have decreased owing
to the loan restructuring agreement concluded with the syndicate of SEB Bank,
Sampo Bank and Nordea Bank on 24 March 2009, according to which Ekspress Grupp
pays the principal instalments in a 50% reduced amount in the period from 1
March 2009 to 1 August 2009.

As of the end of March 2009, the Group's long-term borrowings totalled EEK 620.2
million (EUR 39.6 million), decreasing by EEK 92.2 million (EUR 5.9 million)
year-over-year or 12.9%. Of the long-term borrowings, bank loans constitute EEK
525.4 million (EUR 33.6 million) and the finance lease liability is EEK 94.8
million (EUR 6.1 million). Of the long-term loans, the non-current portion of
the loan taken by Ekspress Group from the syndicate of SEB, Sampo Bank and
Nordea Bank in the amount of EEK 674.4 million (EUR 43.1 million) in the fourth
quarter of 2007 totals 480.9 million (EUR 30.7 million). The total outstanding
balance of this loan as of 31 March 2009 was EEK 560.6 million (EUR 35.8
million).

Property, plant and equipment stood at EEK 382.7 million (EUR 24.5 million) as
of March-end, decreasing by 4.6% year-over-year. As of March-end, intangible
assets were EEK 1 010.1 million (EUR 64.6 million), decreasing by 1.1%
year-over-year. Of intangible assets, EEK 819.9 million (EUR 52.4 million) is
related to the carrying amount of trademarks, customer relations and software as
well as goodwill which arose in the acquisition of Delfi Group. Investment
property has increased due to the reclassification of the 6859 m2 unimproved
land plot of Printall as an investment property with the market value of EEK 9.0
million (EUR 0.6 million) as of 31 December 2008.


Employees
As of the end of March 2009 the Ekspress Group employed 2 270 people (As of 31
March 2007: 2 325 people). The average number of employees in the twelve months
of 2008 was 2 282 (Q I 2008: 2 321). In the first quarter of 2009, wages and
salaries paid to the employees of the Ekspress Group totalled EEK 69.2 million
(EUR 4.4 million), (Q I 2008: EEK 70.7 million (EUR 4.5 million))*.

*proportional part from joint ventures

--------------------------------------------------------------------------------
| Performance indicators |   | Q I 2009 | Q I 2008 |
| (%) | | | |
--------------------------------------------------------------------------------
| Sales growth (%) | -18% | 29% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 17% | 26% |
| | | |
--------------------------------------------------------------------------------
| Net profit margin (%) | -7% | 3% |
| | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 37% | 34% |
| | | |
--------------------------------------------------------------------------------
| ROA (%) | -1% | 106% |
| | | |
--------------------------------------------------------------------------------
| ROE (%) | -3% | 2% |
| | | |
--------------------------------------------------------------------------------
| Operating profit margin | -3% | 8% |
| (%) | | |
--------------------------------------------------------------------------------
| Liquidity ratio | 61% | 62% |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 133% | 161% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 55% | 58% |
--------------------------------------------------------------------------------
| Earnings per share EEK | (0,85) | 0,57 |
--------------------------------------------------------------------------------
| Earnings per share EUR | (0,05) | 0,04 |
--------------------------------------------------------------------------------
Formulas of financial ratios
--------------------------------------------------------------------------------
| Sales growth (%) | (sales 12 months 2008 -sales 12 months 2007) / |
| | sales 12 months 2007*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 |
--------------------------------------------------------------------------------
| 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 |
--------------------------------------------------------------------------------


Consolidated interim balance sheet (unaudited)
EEK
--------------------------------------------------------------------------------
| (thousand) | 31.03.2009 | 31.12.2008 | 31.03.2008 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 29 216 | 46 388 | 37 775 |
--------------------------------------------------------------------------------
| Other financial assets at | 4 472 | 8 025 | 5 682 |
| fair value through profit or | | | |
| loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 152 084 | 166 649 | 169 322 |
--------------------------------------------------------------------------------
| Inventories | 62 836 | 65 658 | 69 147 |
--------------------------------------------------------------------------------
| Total current assets | 248 608 | 286 720 | 281 926 |
--------------------------------------------------------------------------------
| Non-current assets |   | |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 4 255 | 4 217 | 13 624 |
--------------------------------------------------------------------------------
| Investments in associates | 354 | 302 | 740 |
--------------------------------------------------------------------------------
| Investment property | 12 341 | 12 341 | 3 635 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 382 732 | 389 572 | 401 348 |
--------------------------------------------------------------------------------
| Intangible assets | 1 010 095 | 1 013 379 | 1 021 601 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 409 777 | 1 419 811 | 1 440 948 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 658 385 | 1 706 531 | 1 722 874 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND |   |   |   |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities |   | |   |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 167 440 | 176 219 | 175 595 |
--------------------------------------------------------------------------------
| Trade and other payables | 239 465 | 281 911 | 253 397 |
--------------------------------------------------------------------------------
| Total current liabilities | 406 905 | 458 130 | 428 992 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 620 236 | 627 811 | 712 426 |
--------------------------------------------------------------------------------
| Other long term liabilities | 325 | 163 | 308 |
--------------------------------------------------------------------------------
| Long-term provisions | 9 555 | 9 555 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 630 116 | 637 529 | 712 734 |
--------------------------------------------------------------------------------
| Total liabilities | 1 037 021 | 1 095 659 | 1 141 726 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves |   | |   |
| attributable to equity | | | |
| holders of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 208 488 | 189 711 | 189 711 |
--------------------------------------------------------------------------------
| Share premium | 192 883 | 183 495 | 183 495 |
--------------------------------------------------------------------------------
| Reserves | 4 125 | 4 125 | 10 222 |
--------------------------------------------------------------------------------
| Retained earnings | 214 304 | 231 898 | 196 847 |
--------------------------------------------------------------------------------
| Currency translation reserve | 1 276 | 1 355 | 526 |
--------------------------------------------------------------------------------
| Total capital and reserves | 621 076 | 610 584 | 580 801 |
| attributable to equity | | | |
| holders of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 347 |
--------------------------------------------------------------------------------
| Total equity | 621 364 | 610 872 | 581 148 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 658 385 | 1 706 531 | 1 722 874 |
--------------------------------------------------------------------------------

Consolidated interim balance sheet (unaudited)
EUR
--------------------------------------------------------------------------------
| (thousand) | 31.03.200 | 31.12.2008 | 31.03.2008 |
| | 9 | | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 867 | 2 965 | 2 414 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 286 | 513 | 363 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 9 720 | 10 651 | 10 822 |
--------------------------------------------------------------------------------
| Inventories | 4 016 | 4 196 | 4 419 |
--------------------------------------------------------------------------------
| Total current assets | 15 889 | 18 325 | 18 018 |
--------------------------------------------------------------------------------
| Non-current assets |   | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 272 | 268 | 872 |
--------------------------------------------------------------------------------
| Investments in associates | 23 | 19 | 47 |
--------------------------------------------------------------------------------
| Investment property | 789 | 789 | 232 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 24 461 | 24 898 | 25 651 |
--------------------------------------------------------------------------------
| Intangible assets | 64 557 | 64 767 | 65 292 |
--------------------------------------------------------------------------------
| Total non-current assets | 90 102 | 90 741 | 92 094 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 105 991 | 109 066 | 110 112 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND |   |   |   |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities |   | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 10 701 | 11 262 | 11 223 |
--------------------------------------------------------------------------------
| Trade and other payables | 15 305 | 18 017 | 16 195 |
--------------------------------------------------------------------------------
| Total current liabilities | 26 006 | 29 279 | 27 418 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings | 39 640 | 40 124 | 45 532 |
--------------------------------------------------------------------------------
| Other long term liabilities | 21 | 10 | 20 |
--------------------------------------------------------------------------------
| Long-term provisions | 611 | 611 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 40 272 | 40 745 | 45 552 |
--------------------------------------------------------------------------------
| Total liabilities | 66 278 | 70 024 | 72 970 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves |   | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 13 325 | 12 125 | 12 125 |
--------------------------------------------------------------------------------
| Share premium | 12 327 | 11 727 | 11 727 |
--------------------------------------------------------------------------------
| Reserves | 264 | 264 | 653 |
--------------------------------------------------------------------------------
| Retained earnings | 13 697 | 14 821 | 12 581 |
--------------------------------------------------------------------------------
| Currency translation reserve | 82 | 87 | 34 |
--------------------------------------------------------------------------------
| Total capital and reserves | 39 695 | 39 024 | 37 120 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 22 |
--------------------------------------------------------------------------------
| Total equity | 39 713 | 39 042 | 37 142 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 105 991 | 109 066 | 110 112 |
--------------------------------------------------------------------------------

Consolidated interim income statement (unaudited)
EEK
--------------------------------------------------------------------------------
| (thousand) | I kv 2009 | I kv 2008 |
--------------------------------------------------------------------------------
| Sales | 264 170 | 321 338 |
--------------------------------------------------------------------------------
| Costs of sales | 219 108 | 239 070 |
--------------------------------------------------------------------------------
| Gross profit | 45 062 | 82 268 |
--------------------------------------------------------------------------------
| Marketing expenses | 13 269 | 17 257 |
--------------------------------------------------------------------------------
| Administrative expenses | 40 028 | 42 029 |
--------------------------------------------------------------------------------
| Other income | 1 881 | 4 486 |
--------------------------------------------------------------------------------
| Other expenses | 1 123 | 2 501 |
--------------------------------------------------------------------------------
| Operating profit | (7 477) | 24 967 |
--------------------------------------------------------------------------------
| Interest income | 559 | 542 |
--------------------------------------------------------------------------------
| Interest expenses | (10 383) | (14 090) |
--------------------------------------------------------------------------------
| Currency exchange loss | 116 | (331) |
--------------------------------------------------------------------------------
| Other financial income | 120 | 175 |
--------------------------------------------------------------------------------
| Other financial expenses | (276) | (175) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (9 864) | (13 879) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 133 | (198) |
--------------------------------------------------------------------------------
| Profit before income tax | (17 208) | 10 890 |
--------------------------------------------------------------------------------
| Income tax expense | 386 | 0 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (17 594) | 10 890 |
--------------------------------------------------------------------------------
| Attributable to: |   | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (17 594) | 10 865 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 25 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,85) | 0,57 |
| profit attributable to the equity holders | | |
| of the Company | | |
--------------------------------------------------------------------------------

Consolidated interim income statement (unaudited)
EUR
--------------------------------------------------------------------------------
| (thousand) | I kv 2009 | I kv 2008 |
--------------------------------------------------------------------------------
| Sales | 16 884 | 20 537 |
--------------------------------------------------------------------------------
| Costs of sales | 14 004 | 15 279 |
--------------------------------------------------------------------------------
| Gross profit | 2 880 | 5 258 |
--------------------------------------------------------------------------------
| Marketing expenses | 848 | 1 103 |
--------------------------------------------------------------------------------
| Administrative expenses | 2 558 | 2 686 |
--------------------------------------------------------------------------------
| Other income | 121 | 287 |
--------------------------------------------------------------------------------
| Other expenses | 72 | 160 |
--------------------------------------------------------------------------------
| Operating profit | (477) | 1 596 |
--------------------------------------------------------------------------------
| Interest income | 36 | 35 |
--------------------------------------------------------------------------------
| Interest expenses | (664) | (901) |
--------------------------------------------------------------------------------
| Currency exchange loss | 7 | (21) |
--------------------------------------------------------------------------------
| Other financial income | 8 | 11 |
--------------------------------------------------------------------------------
| Other financial expenses | (18) | (11) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (631) | (887) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 9 | (13) |
--------------------------------------------------------------------------------
| Profit before income tax | (1 099) | 696 |
--------------------------------------------------------------------------------
| Income tax expense | 25 | 0 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (1 124) | 696 |
--------------------------------------------------------------------------------
| Attributable to: |   | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (1 124) | 694 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 2 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,05) | 0,04 |
| profit attributable to the equity holders | | |
| of the Company | | |
--------------------------------------------------------------------------------

Consolidated interim cash flow statement (unaudited)
EEK
--------------------------------------------------------------------------------
| (thousand) | I kv 2009 | I kv 2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities |   |   |
--------------------------------------------------------------------------------
| Operating profit for the period | (7 477) | 24 967 |
--------------------------------------------------------------------------------
| Adjustments for: |   |   |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 15 184 | 14 905 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant | (184) | (114) |
| and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: |   |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 19 577 | 3 835 |
--------------------------------------------------------------------------------
| Inventories | 2 823 | (2 985) |
--------------------------------------------------------------------------------
| Trade and other payables | (21 323) | (22 708) |
--------------------------------------------------------------------------------
| Cash generated from operations | 8 600 | 17 900 |
--------------------------------------------------------------------------------
| Interest paid | (10 383) | (13 845) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (1 783) | 4 055 |
| activities | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities |   |   |
--------------------------------------------------------------------------------
| Interest received | 559 | 277 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (5 244) | (9 263) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 337 | 316 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (1 697) | (3 067) |
--------------------------------------------------------------------------------
| Loan repayments received | 539 | 46 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (5 506) | (11 691) |
--------------------------------------------------------------------------------
| Cash flows from financing activities |   |   |
--------------------------------------------------------------------------------
| Share issue | 28 166 | 0 |
--------------------------------------------------------------------------------
| Finance lease payments made | (8 899) | (7 788) |
--------------------------------------------------------------------------------
| Change in overdraft used | 8 134 | (24 722) |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 0 | 30 027 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (37 284) | (21 076) |
--------------------------------------------------------------------------------
| Net cash generated from financing | (9 883) | (23 559) |
| activities | | |
--------------------------------------------------------------------------------
| NET (DECREASE)/INCREASE IN CASH AND CASH | (17 172) | (31 195) |
| EQUIVALENTS | | |
--------------------------------------------------------------------------------
|   | |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 46 388 | 68 970 |
| beginning of the period | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of | 29 216 | 37 775 |
| the period | | |
--------------------------------------------------------------------------------

Consolidated interim cash flow statement (unaudited)
EUR
--------------------------------------------------------------------------------
| (thousand) | I kv 2009 | I kv 2008 |
--------------------------------------------------------------------------------
| Cash flows from operating activities |   |   |
--------------------------------------------------------------------------------
| Operating profit for the period | (478) | 1 596 |
--------------------------------------------------------------------------------
| Adjustments for: |   |   |
--------------------------------------------------------------------------------
| Depreciation, amortization and impairment | 970 | 953 |
| of property, plant and equipment and | | |
| intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, plant | (12) | (7) |
| and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: |   |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 1 251 | 245 |
--------------------------------------------------------------------------------
| Inventories | 180 | (191) |
--------------------------------------------------------------------------------
| Trade and other payables | (1 363) | (1 451) |
--------------------------------------------------------------------------------
| Cash generated from operations | 550 | 1 144 |
--------------------------------------------------------------------------------
| Interest paid | (664) | (885) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (114) | 259 |
| activities | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities |   |   |
--------------------------------------------------------------------------------
| Interest received | 36 | 18 |
--------------------------------------------------------------------------------
| Purchase of property, plant and equipment | (335) | (592) |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant and | 22 | 20 |
| equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (108) | (196) |
--------------------------------------------------------------------------------
| Loan repayments received | 34 | 3 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | (352) | (747) |
--------------------------------------------------------------------------------
| Cash flows from financing activities |   |   |
--------------------------------------------------------------------------------
| Share issue | 1 800 | 0 |

Taip pat skaitykite

DPK: Decisions of the regular meeting of shareholders dated 27.05.2013

VLN: NEW MUTUAL FUND TO THE BALTIC FUND CENTER

VLN: The results of the primary placement auction of Lithuanian Government securities

VLN: VVP pirminio platinimo aukciono rezultatai

2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos 2013-05-27 | NASDAQ OMX biržų naujienos

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