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EEG: AS Ekspress Grupp quarterly report for Q3 2009

Spekuliantai.lt | 2009-11-05 | NASDAQ OMX biržų naujienos | perskaitė: 1392
Raktiniai žodžiai: AS Ekspress Grupp, EEG
EEG: AS Ekspress Grupp quarterly report for Q3 2009

Ekspress Grupp Quarterly report 05.11.2009

AS Ekspress Grupp quarterly report for Q3 2009

The most significant event of AS Ekspress Group in the 3rd quarter was a change
in the company's top management. From the second week of September, the Chairman
of the company's Management Board is Gunnar Kobin and from the last week of
September, the Company's Financial Director is Erle Oolup and Development
Manager is Andre Veskimeister.

As a new management team, we do not wish to evaluate the activities of the
former management team. However, a change in the management will enable us to
view the company from a new angle and to find additional opportunities to
improve and increase profitability.

We consider the overall financial position of AS Ekspress Grupp to be
satisfactory and the company also has a decent growth potential. Lower
profitability as compared to 2008 is primarily attributable to the economic
crisis and a downturn in the advertising market. However, difficult times will
enable us to make difficult decisions with long-term benefits such as the
restructuring of the company's management and cost cutting.
 We have decided to recognise the company's results of operations in a more
conservative manner, as a result of which
-      We have tightened the recognition of overdue invoices. As a result, we
wrote off all accounts receivable overdue by more than 60 days in the amount of
EEK 8.5 million (EUR 0.5 million), most of which is the debt of advertising
agencies. However, the Latvian and Lithuanian subsidiaries (were most of the
accounts receivable originate) have confirmed that these do not represent
permanent payment issues but rather, a normal payment discipline in the
conditions of an economic crisis. Therefore, we think that we can re-recognise
most of the accounts receivable written off as extraordinary gains in the
following periods.
-     Due to the sale of crosswords of the Lithuanian magazine publisher
Ekspress Leidyba at a price below the carrying amount, we wrote off goodwill in
the amount of EEK 3.9 million (EUR 0.2 million)
-     In the 3rd quarter, we wrote off the goodwill of Ekspress Hotline in the
amount of EEK 35.2 million (EUR 2.2 million), as we received a permission from
the Estonian Competition Authority after the balance sheet date to complete the
sales transaction. 
 
Another significant event in the 3rd quarter was the integration of the
publishers of the newspapers Maaleht and Eesti Ekspress to form a new entity AS
Eesti Ajalehed as a result of which the separate structural units of the
aforementioned weeklies were combined with the goal of achieving greater cost
savings from combining similar activities. The merger resulted in one-time
expenses in the amount of EEK 0.9 million (EUR 0.1 million). However, going
forward, a joint organisation will have clear cost savings and we also think
that the combined advertising department will be able to sell more
advertisements in these two newspapers than previously in the separate ones.
Ajakirjade Kirjastus also completed the integration of the magazines Anne and
Stiil.
With regard to our results of operations, the 3rd quarter is typically the
slowest period of the year in terms of economic activities, as a result of which
the revenue in the 3rd quarter was 16% lower than the revenue in the 2nd
quarter. In the last month of the quarter, i.e. September, the economic
activities picked up, manifested by revenue growth of 18% as compared to August.
We believe that the 3rd quarter was the most difficult period for the company.
In the 3rd quarter, the Group's EBITDA excluding extraordinary expenses was EEK
8.5 million (EUR 0.5 million).
 
In the fourth quarter, we plan to reduce payroll expenses as well as other fixed
overhead in several subsidiaries.  
News production costs can also be lowered through closer cooperation between
online and traditional media.
We also plan to restructure the units of the Internet verticals (automobile and
real estate portals) to make them profitable and improve their competitive
position.
We focus on increasing the effectivity of the company's several print media
products by possible reorganisation of  the products. This will lower costs and
will attract the attention of advertisers. Some of these changes may already
take place in 2009.
We will also prepare the financial forecast for 2010 and we have set the goal to
increase the EBITDA margin by 3% (2009: 5%) and a minimum of 8% in 2010 (EBITDA
margin in 2009 did not include extraordinary expenditures).
The main business of Ekspress Group is news production. We will focus on the
company's main business and emphasise the competitive advantages of its main
products. There are several valuable traditional media trademarks in the product
portfolio of Ekspress Group, the position of which is stable in the market and
the results of which will noticeably improve once the advertising market starts
to recover.
 
However, one of the main advantages of Ekspress Group is its dominant position
in the Baltic online business plus a uniform Delfi technological platform
encompassing all Baltic States. The forecast of media trends compiled by
PricewaterhouseCoopers for the years 2009-2013 foresees the highest growth for
online advertising as compared to all other media channels. However, the sales
growth of online advertising has a major effect on the results of operations of
Ekspress Group as each additional advertising kroon gets 100% reflected in the
Company's profit (there are no printing or distribution costs).
 
We also consider transmission of information via mobile phones as an important
trend and we are taking steps to gain a presence in this segment.
 
We are also optimistic about the developments in the printing segment. Although
we are aware of the pressure on margins, there are opportunities to increase the
sales. The Group's printing company Printall is well-positioned in export
markets and has efficiently operated even in situations in which the currencies
in its export markets have significantly depreciated against the Euro and the
Estonian kroon. We are currently looking for opportunities to generate
additional export sales primarily in Western Europe with the help of various
cooperation partners.
We are also considering the sale of a few non-strategic subsidiaries. We plan to
use the cash generated from the sale to develop the main business and increase
our market share primarily in electronic media.
We have started negotiations with the bank syndicate in order to restructure
loans and we have received favourable feedback to fixing long-term sustainable
loan terms. We hope that these negotiations will reach a positive outcome in the
4th quarter.
 
Key figures characterising the activities of Ekspress Group in the 3rd quarter
-     Sales revenue EEK 226.5 million (EUR 14.5
million)                              
- Gross profit EEK 31.4 million (EUR 2.0 million)
-     EBITDA EEK -40.0 million (EEK -2.6 million)
- EBIT EEK -55.0 million (EUR -3.5 million)
-     Net loss EEK -66.6 million (EUR -4.3 million)
- Normalised (excluding extraordinary income and expenses) EBIDTA EEK 8.5
million (EUR 0.5)

Key figures characterising the operations of Ekspress Group in the first 9
months of 2009
-     Sales revenue EEK 759.9 million (EUR 48.6 million)
-     Gross profit EEK 135.3 million (EUR 8.7 million)
-     EBITDA EEK 1.5 million (EUR 0.1 million)
-     EBIT EEK -44.2 million (EUR -2.8 million)
-   Net loss EEK -80.1 million (EUR -5.1 million)
- Normalised (excluding extraordinary income and expenses) EBIDTA EEK 50.0
million (EUR 3.2 million)

OVERVIEW BY SEGMENTS

In the 3rd quarter of 2009, Ekspress Group continued to focus on its five
principal segments: online media, publishing, printing services, book sales and
information services. In addition to Delfi Group, the online media segment
includes the web publications of AS Eesti Päevaleht, SL Õhtuleht AS, Eesti
Ekspress Kirjastus AS and AS Maaleht; the automobile, real estate and employment
web environments of Eesti Ekspress Kirjastus AS, real estate and employment web
environments, and Latvian and Lithuanian automobile portals. All web
environments to be set up in the future are also included in the online media
segment.

ONLINE MEDIA

Delfi

Delfi continues to the leading online portal in the Baltic States, being the 2nd
in Estonia, 3rd in Latvia, 1st in Lithuania and 73rd in Ukraine in respect of
the number of users as of the end of September. Delfi is the largest news portal
in all Baltic States. In the 3rd quarter, the fastest development occurred in
the Ukrainian market where Delfi moved from the 120th place in respect of the
users in June to the 73rd and has increased the number of users from 75 000
unique users to 159 000 unique users.

According to the data by TNS Metrix, Delfi continued to be the largest news
portal in Estonia in the 3rd quarter of 2009  with 611 000 unique users per
month, which is 4000 users more on average than in the last quarter. Delfi has
95 thousand unique visitors more per month than its largest competitor, the news
portal www.postimees.ee.
According to the data by Gemius Audience, Delfi also continued to be the largest
news portal in Latvia in the 3rd quarter of 2009 with an average of 648 000
unique users per month. The news portals competing with Delfi in Latvia,
www.tvnet.lv had 433 000 and www.apollo.lv had 378 000 unique visitors.
According to the data by Gemius Audience, Delfi continued to be the leader in
the online market in Lithuania with an average of 917 000 unique users per month
in the 3rd quarter of 2009. The competing news portals www.lrytas.lt and
www.alfa.lt had 686 000 and 557 000 unique users per month, respectively, in the
same period.
According to the data by Delfi Gemius Audience, in Ukraine, the number of Delfi
users has increased 2.1 times, from 75 000 unique users to 159 000 unique users
in September. Despite this large growth in the 3rd quarter, Delfi lags behind
the market leaders in the segment of news portals - the segment leader liga.net
had 889 000 unique users in September.
As of the balance sheet date, AS Delfi together with its Latvian, Lithuanian and
Ukrainian subsidiaries manages the Estonian and Russian-language portals
http://www.delfi.ee and http://rus.delfi.ee in Estonia, the Latvian and
Russian-language portals http://www.delfi.lv and http://rus.delfi.lv in Latvia,
the Lithuanian and Russian-language portals http://www.delfi.lt,
http://www.klubas.lt and http://ru.delfi.lt in Lithuania and the news portal
http://www.delfi.ua in Ukraine.

Interne verticals
As expected, the use of ekspressauto.ee in Estonia was more modest during the
summer months than in the 2nd quarter. In September, the active use of the
portal was restored, reaching 91 000 unique users in week 43.
By the last week in September, the were 48 000 unique users of the automobile
portal http://auto.delfi.lv/ in Latvia. The Latvian automobile portal was
transferred to Delfi environment in the middle of the 3rd quarter in order to
achieve greater synergy with the large user base of Delfi.
Similarly to Latvia, the Lithuanian automobile portal was also transferred to
Delfi environment in the middle of the 3rd quarter, at the address
http://auto.delfi.lt/. In week 43 in September, the number of unique users was
114 000.
A new subsection of the automobile news has been opened in Delfi environment to
support both Latvian and Lithuanian automobile portals, providing additional
information about the news in the automobile market to the users.
Due to the passive stage of the real estate market and the summer period, the
user base of ekspresskinnisvara.ee was lower in the 3rd quarter than in previous
periods. The average number of users in the 3rd quarter was 61 000 unique users,
reaching its maximum in week 36 with 71 000 unique visitors.
The user base of ekspressjob.ee was stable in the 3rd quarter with an average of
34 000 unique users. The highest number of users was achieved in week 30 with 43
000 unique visitors.
In the 3rd quarter of 2009, online media revenue totalled EEK 26.4 million (EUR
1.7 million), totalling 75% of the level in the same period last year. EBITDA
was EEK -7 million (EUR -0.4 million). In the 3rd quarter of 2009, online media
revenue was EEK 86.5 million (EUR 5.5 million), totalling 71.1% of the level in
the same period last year. EBITDA in the first 9 months of the year totalled EEK
-6.6 million (EUR -0.4 million)


PUBLISHING

Traditional publishing activities continue to be impacted by the recession in
the advertising market. As compared to the largest daily and weekly newspapers,
the market position Ekpress Group stayed at the same level in the 3rd quarter
and there have been no major changes in the market share and distribution of
advertising revenue.

Although the advertising sales follow the same seasonal trend as compared to
2008 and 2009, the advertising volume of newspapers and magazines was 31% lower
in the 3rd quarter of 2009 as compared to the same period in 2008. As compared
to 2007, the advertising volume was 44% lower in the 3rd quarter of 2009.

Growth expected from the beginning of the new business cycle and local
government elections in 2009 did not occur in the publishing segment.
The decline in single copy sales of periodicals has significantly stalled. As
compared to the 21% decline in the 2nd quarter of 2009, the decline was 8% in
the 3rd quarter as compared to the same period last year. The decline in the
number of subscribers was 12% as compared to the same period last year.
The sales revenue in the publishing segment was lower than the respective figure
in the 2nd quarter. The advertising sales were impacted the most and this
primarily due to two summer months reflected in the 3rd quarter. From the end of
August, the growth in advertising revenue is evident as a result of an pick-up
in economic activity.

PRINTING SERVICE
In the segment of printing services, the share of exports in revenue increased
to 61% in the 3rd quarter whereby sales to Russia declined by 35% in the quarter
and exports to Western Europe increased by 28% (as compared to 2008) as a result
of which sales to other Western European countries made up 44% of the total
revenue in the 3rd quarter.
Total revenue declined by 17% in the 3rd quarter of 2009 and 15% in the first 9
months of 2009 as compared to the same period in 2008, related to a decline in
domestic and intra-group revenue.
The EBITDA margin in the first 9 months of 2009 was 17.1% (9 months of 2008:
19.7%).
Stabilisation of the European printing market and stabilisation of the Norwegian
krone and the Swedish krona at a higher level may be considered as positive
signs

BOOK SALES
With regard to book sales, the revenue stayed at the same level as in the 2nd
quarter although EBITDA improved as a result of lower payroll expenses. The
share of retail sales in revenue also increased in the 3rd quarter, totalling
56% (2nd quarter: 48%).

INFORMATION SERVICES
The Estonian Competition Authority granted a permission on 29 September 2009 to
the company to sell AS Ekspress Hotline, and therefore, information services are
not dealt with in great detail in this management report. We have decided to
write off goodwill arising in the sales transaction in the 3rd quarter and the
its effect is EEK 35.2 million (EUR 2.2 million).

PROFIT/LOSS
The Group's sales revenue declined by 16% as compared to the 2nd quarter of
2009. Most of this decline was attributable to traditionally low advertising
activity in the summer months. By segments, the sales revenue of periodicals
declined the most, by 32% as compared to the same period last year and by 22% as
compared to the previous quarter.
The Group's operating expenses (cost of goods sold, general and marketing
expenses) declined by 6% in the 3rd quarter as compared to the 2nd quarter of
2009.
In the 3rd quarter, direct costs decreased by 7%, most of which was attributable
to savings of materials and payroll expenses. The number of Group's employees
decreased by 79 employees. At the same time, the write-off of accounts
receivable totalled EEK 8.5 million (EUR 0.5 million), the amount written off
during the 9-month period was EEK 10.2 million (EUR 0.7 million).
In the 3rd quarter of 2009, the operating profit (earnings before depreciation,
financial income and expenses, income tax and minority interest) (EBITDA)
totalled EEK -40.0 million (EUR -2.6 million). The results for the 3rd quarter
include a more conservative recognition of overdue receivables in the amount of
EEK 8.5 million (EUR 0.5 million), write-off of goodwill related to the sale of
crosswords of Ekspress Leidyba in the amount of EEK 3.9 million (EUR 0.2
million) and the write-off of goodwill related to the sales transaction of
Ekspress Hotline planned for the 4th quarter in the amount of EEK 35.2 million
(EUR 2.2 million). The total effect of these three activities is EEK 47.6
million (EUR 3.0 million).

In the 3rd quarter of 2009, the operating profit totalled EEK -55 million (EUR
-3.5 million).
The Group's marketing expenses decreased by 22% as compared to the 2nd quarter
of 2009. Most of the decline is related to the decrease of marketing expenses by
26%. Administrative expenses increased by 4% as compared to the 2nd quarter of
2009. The largest growth occurred in payroll expenses, including one-time
expenses related to the integration of Maaleht and Eesti Ekspress, payroll
expenses related to the change in the management of Ekspress Group and share
options of employees not recognised in earlier periods.
In the 3rd quarter, financial expenses totalled EEK 13.9 million (EUR 0.9
million), most of which were interest expenses in the amount of EEK 13.3 million
(EUR 0.9 million). Most of the interest expenses relate to the loan which
Ekspress Group took from the syndicate of SEB Bank, Sampo Bank and Nordea Bank
for the acquisition of Delfi and Maaleht in the 4th quarter of 2007. As compared
to the 2nd quarter, interest expenses have increased by 25%.

In the 3rd quarter of 2009, the net loss of AS Ekspress Grupp (after taxes and
minority interest) totalled EEK 66.6 million (EUR 4.3 million). The net loss for
the first 9 months totalled EEK 80.7 million (EUR 5.2 million).


Balance sheet and investments
As of 30 September 2009, the consolidated balance sheet total of Ekspress Group
was EEK 1 545.7 million (EUR 98.8 million), decreasing by 9.2% year-over-year.
As of 30 September 2009, current assets decreased by 26% year-over-year,
reaching EEK 197.5 million (EUR 12.6 million). Current liabilities decreased by
11.9% year-over-year, reaching EEK 374.8 million (EUR 23.9 million) as of 30
September 2009. Of current liabilities, borrowings decreased by EEK 28.7 million
(EUR 1.8 million) or 19%, reaching EEK 150.7 million (EUR 9.6 million) as of 30
September 2009.
As of the end of September, the Group's long-term borrowings totalled EEK 599.8
million (EUR 38.3 million), decreasing by EEK 60.4 million (EUR 3.9 million)
year-over-year. Of the long-term borrowings, bank loans constitute EEK 523.8
million (EUR 33.5 million) and the finance lease liability is EEK 75.9 million
(EUR 4.8 million). Of the long-term borrowings, the non-current portion of the
loan taken by Ekspress Group from the syndicate of SEB Bank, Sampo Bank and
Nordea Bank in the amount of EEK 674.4 (EUR 43.1 million) in the 4th quarter of
2007 totals 484.9 million (EUR 31 million). The total outstanding balance of
this loan was EEK 538.1 million (EUR 34.4 million) as of 30 September 2009. In
the first nine months of 2009, the Group paid off the syndicate loan in the
amount of EEK 36.3 million (EUR 2.3 million).

Property, plant and equipment stood at EEK 365.7 million (EUR 23.4 million) as
of the end of September, decreasing by 6.7% year-over-year. As of the end of
September, the Group's intangible assets totalled EEK 960.3 million (EUR 61.4
million), decreasing by 5.5% year-over-year. Of intangible assets, EEK 814.9
million (EUR 52.1 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 in the amount of
EEK 8.8 million (EUR 0.6 million) due to the reclassification of the unimproved
land plot of Printall as investment property as of 31 December 2008.


Employees
As of the end of September 2009 the Ekspress Group employed 2 161 people (as of
30 September 2008:
2 361 people). The average number of employees in the first nine months of 2009
was 2 254 (9 months of 2008: 2 374). In the first nine months of 2009, wages and
salaries paid to the employees of the Ekspress Group totalled EEK 206.7 million
(EUR 13.2 million), (9 months of 2008: EEK 230.7 million (EUR 14.7 million))*.

*proportional part from joint ventures

--------------------------------------------------------------------------------
| Performance indicators |   | Q III 2009 | Q III 2008 |
| (%) | | | |
--------------------------------------------------------------------------------
| Sales growth (%) | -21% | 23% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 18% | 26% |
| | | |
--------------------------------------------------------------------------------
| Net profit margin (%) | -11% | 5% |
| | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 36% | 36% |
| | | |
--------------------------------------------------------------------------------
| ROA (%) | -5% | 175% |
| | | |
--------------------------------------------------------------------------------
| ROE (%) | -13% | 8% |
| | | |
--------------------------------------------------------------------------------
| Operating profit margin | -6% | 9% |
| (%) | | |
--------------------------------------------------------------------------------
| Liquidity ratio | 53% | 58% |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 141% | 147% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 57% | 56% |
--------------------------------------------------------------------------------
| Earnings per share EEK | (3,86) | 2,34 |
--------------------------------------------------------------------------------
| Earnings per share EUR | (0,25) | 0,15 |
--------------------------------------------------------------------------------

Formulas of financial ratios
--------------------------------------------------------------------------------
| Sales growth (%) | (sales 9 months 2009 -sales 9 months 2008) / |
| | sales 9 months 2008*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 statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 30.09.2009 | 31.12.2008 | 30.09.2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Current assets |   | |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 14 016 | 46 388 | 21 775 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 8 | 8 025 | 8 790 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 121 239 | 166 649 | 166 208 |
--------------------------------------------------------------------------------
| Inventories | 62 251 | 65 658 | 70 204 |
--------------------------------------------------------------------------------
| Total current assets | 197 514 | 286 720 | 266 977 |
--------------------------------------------------------------------------------
| Non-current assets |   | |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 9 237 | 4 217 | 13 879 |
--------------------------------------------------------------------------------
| Investments in associates | 481 | 302 | 516 |
--------------------------------------------------------------------------------
| Investment property | 12 341 | 12 341 | 13 439 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 365 748 | 389 572 | 392 023 |
| (note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (note 4) | 960 331 | 1 013 379 | 1 016 512 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 348 138 | 1 419 811 | 1 436 369 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 545 652 | 1 706 531 | 1 703 346 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND |   |   |   |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities |   | |   |
--------------------------------------------------------------------------------
| Current liabilities |   | |   |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 150 669 | 176 219 | 179 406 |
--------------------------------------------------------------------------------
| Trade and other payables | 224 156 | 281 911 | 246 305 |
--------------------------------------------------------------------------------
| Total current liabilities | 374 825 | 458 130 | 425 711 |
--------------------------------------------------------------------------------
| Non-current liabilities |   | |   |
--------------------------------------------------------------------------------
| Borrowings (note 5) | 599 766 | 627 811 | 660 126 |
--------------------------------------------------------------------------------
| Other long term liabilities | 1 756 | 163 | 2 972 |
--------------------------------------------------------------------------------
| Derivative instruments | 9 555 | 9 555 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 611 077 | 637 529 | 663 098 |
--------------------------------------------------------------------------------
| Total liabilities | 985 902 | 1 095 659 | 1 088 809 |
--------------------------------------------------------------------------------
| 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 | 5 564 | 4 125 | 10 222 |
--------------------------------------------------------------------------------
| Retained earnings | 151 840 | 231 898 | 230 289 |
--------------------------------------------------------------------------------
| Currency translation reserve | 687 | 1 355 | 532 |
--------------------------------------------------------------------------------
| Total capital and reserves | 559 462 | 610 584 | 614 249 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 288 |
--------------------------------------------------------------------------------
| Total equity | 559 750 | 610 872 | 614 537 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 545 652 | 1 706 531 | 1 703 346 |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 30.09.2009 | 31.12.2008 | 30.09.2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS |   |   |   |
--------------------------------------------------------------------------------
| Current assets |   | |   |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 896 | 2 965 | 1 392 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 1 | 513 | 562 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 7 749 | 10 651 | 10 623 |
--------------------------------------------------------------------------------
| Inventories | 3 979 | 4 196 | 4 487 |
--------------------------------------------------------------------------------
| Total current assets | 12 625 | 18 325 | 17 064 |
--------------------------------------------------------------------------------
| Non-current assets |   | |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 588 | 268 | 885 |
--------------------------------------------------------------------------------
| Investments in associates | 31 | 19 | 33 |
--------------------------------------------------------------------------------
| Investment property | 789 | 789 | 859 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 23 376 | 24 898 | 25 055 |
--------------------------------------------------------------------------------
| Intangible assets | 61 376 | 64 767 | 64 967 |
--------------------------------------------------------------------------------
| Total non-current assets | 86 160 | 90 741 | 91 799 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 98 785 | 109 066 | 108 863 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND |   |   |   |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities |   | |   |
--------------------------------------------------------------------------------
| Current liabilities |   | |   |
--------------------------------------------------------------------------------
| Borrowings | 9 630 | 11 262 | 11 466 |
--------------------------------------------------------------------------------
| Trade and other payables | 14 326 | 18 017 | 15 742 |
--------------------------------------------------------------------------------
| Total current liabilities | 23 956 | 29 279 | 27 208 |
--------------------------------------------------------------------------------
| Non-current liabilities |   | |   |
--------------------------------------------------------------------------------
| Borrowings | 38 332 | 40 124 | 42 190 |
--------------------------------------------------------------------------------
| Other long term liabilities | 112 | 10 | 190 |
--------------------------------------------------------------------------------
| Derivative instruments | 611 | 611 | 0 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 39 055 | 40 745 | 42 380 |
--------------------------------------------------------------------------------
| Total liabilities | 63 011 | 70 024 | 69 588 |
--------------------------------------------------------------------------------
| 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 | 356 | 264 | 653 |
--------------------------------------------------------------------------------
| Retained earnings | 9 704 | 14 821 | 14 718 |
--------------------------------------------------------------------------------
| Currency translation reserve | 44 | 87 | 34 |
--------------------------------------------------------------------------------
| Total capital and reserves | 35 756 | 39 024 | 39 257 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 18 |
--------------------------------------------------------------------------------
| Total equity | 35 774 | 39 042 | 39 275 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 98 785 | 109 066 | 108 863 |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q III 2009 | Q III 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 226 488 | 295 046 |
--------------------------------------------------------------------------------
| Costs of sales | 195 119 | 223 781 |
--------------------------------------------------------------------------------
| Gross profit | 31 369 | 71 265 |
--------------------------------------------------------------------------------
| Marketing expenses | 8 899 | 13 099 |
--------------------------------------------------------------------------------
| Administrative expenses | 37 373 | 39 309 |
--------------------------------------------------------------------------------
| Other income | 230 | 8 250 |
--------------------------------------------------------------------------------
| Other expenses | 40 317 | 1 058 |
--------------------------------------------------------------------------------
| Operating profit | (54 990) | 26 049 |
--------------------------------------------------------------------------------
| Interest income | 453 | 514 |
--------------------------------------------------------------------------------

| Interest expenses | (13 318) | (13 924) |
--------------------------------------------------------------------------------
| Currency exchange loss | (520) | 34 |
--------------------------------------------------------------------------------
| Other financial income | 0 | 256 |
--------------------------------------------------------------------------------
| Other financial expenses | (523) | (478) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (13 908) | (13 598) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (24) | (286) |
--------------------------------------------------------------------------------
| Profit before income tax | (68 922) | 12 165 |
--------------------------------------------------------------------------------
| Income tax expense | (2 353) | (44) |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (66 569) | 12 209 |
--------------------------------------------------------------------------------
| Attributable to: |   |   |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (66 569) | 12 209 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (79) | 45 |
--------------------------------------------------------------------------------
| Total comprehensive income | (66 648) | 12 254 |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (66 648) | 12 254 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (3,19) | 0,64 |
| profit attributable to the equity | | |
| holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 9 months 2009 | 9 months 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 759 906 | 963 280 |
--------------------------------------------------------------------------------
| Costs of sales | 624 567 | 713 569 |
--------------------------------------------------------------------------------
| Gross profit | 135 339 | 249 711 |
--------------------------------------------------------------------------------
| Marketing expenses | 33 571 | 46 209 |
--------------------------------------------------------------------------------
| Administrative expenses | 113 305 | 122 649 |
--------------------------------------------------------------------------------
| Other income | 9 370 | 13 837 |
--------------------------------------------------------------------------------
| Other expenses | 42 021 | 5 989 |
--------------------------------------------------------------------------------
| Operating profit | (44 188) | 88 701 |
--------------------------------------------------------------------------------
| Interest income | 1 468 | 1 765 |
--------------------------------------------------------------------------------
| Interest expenses | (34 363) | (41 056) |
--------------------------------------------------------------------------------
| Currency exchange loss | (611) | (412) |
--------------------------------------------------------------------------------
| Other financial income | 0 | 267 |
--------------------------------------------------------------------------------
| Other financial expenses | (784) | (1 297) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (34 290) | (40 733) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | 29 | (422) |
--------------------------------------------------------------------------------
| Profit before income tax | (78 449) | 47 546 |
--------------------------------------------------------------------------------
| Income tax expense | 1 609 | 3 216 |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (80 058) | 44 330 |
--------------------------------------------------------------------------------
| Attributable to: |   |   |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (80 058) | 44 311 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 19 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (668) | 52 |
--------------------------------------------------------------------------------
| Total comprehensive income | (80 726) | 44 382 |
--------------------------------------------------------------------------------
| Comprehensive income attributable | | |
| to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (80 726) | 44 363 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 19 |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share | (3,86) | 2,34 |
| for profit attributable to the | | |
| equity holders of the Company | | |
--------------------------------------------------------------------------------
Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q III 2009 | Q III 2008 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 14 475 | 18 857 |
--------------------------------------------------------------------------------
| Costs of sales | 12 470 | 14 302 |
--------------------------------------------------------------------------------
| Gross profit | 2 005 | 4 555 |
--------------------------------------------------------------------------------
| Marketing expenses | 569 | 837 |
--------------------------------------------------------------------------------
| Administrative expenses | 2 389 | 2 512 |
--------------------------------------------------------------------------------
| Other income | 16 | 527 |
--------------------------------------------------------------------------------
| Other expenses | 2 577 | 68 |
--------------------------------------------------------------------------------
| Operating profit | (3 514) | 1 665 |
--------------------------------------------------------------------------------
| Interest income | 29 | 33 |
--------------------------------------------------------------------------------
| Interest expenses | (851) | (890) |
--------------------------------------------------------------------------------
| Currency exchange loss | (33) | 2 |
--------------------------------------------------------------------------------
| Other financial income | 0 | 16 |
--------------------------------------------------------------------------------
| Other financial expenses | (33) | (31) |
--------------------------------------------------------------------------------
| Financial income/expenses total | (888) | (870) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (2) | (18) |
--------------------------------------------------------------------------------
| Profit before income tax | (4 404) | 777 |
--------------------------------------------------------------------------------
| Income tax expense | (150) | (3) |
--------------------------------------------------------------------------------
| PROFIT FOR THE YEAR | (4 254) | 780 |
--------------------------------------------------------------------------------
| Attributable to: |   | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (4 254) | 780 |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
---------------------------------

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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