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EEG: AS Ekspress Grupp Consolidated Interim Report for the Fourth Quarter and Twelve Months of 2011

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Raktiniai žodžiai: AS Ekspress Grupp, EEG
EEG: AS Ekspress Grupp Consolidated Interim Report for the Fourth Quarter and Twelve Months of 2011

Ekspress Grupp Quarterly report 29.02.2012

AS Ekspress Grupp Consolidated Interim Report for the Fourth Quarter and Twelve
Months of 2011

Tallinn, Estonia, 2012-02-29 14:59 CET (GLOBE NEWSWIRE) --

The following report presents the consolidated financial information of AS
Ekspress Grupp, the related market developments and management decisions. The
financial indicators and ratios show the outcome of the Group’s continuing
operations, i.e. they express the consolidated operating results of online
media, periodicals and printing services segments.



Key financial indicators and financial ratios

Financial indicators Q4 2011 Q4 2010 Change%
(EUR thousand)
-----------------------------------------------------------------------
For the reporting period
Sales 16 313 14 885 10%
Gross profit 3 660 3 466 6%
EBITDA 1 236 1 854 -33%
EBITDA (excl. change in goodwill) 1 986 1 854 7%
Operating profit 287 1 016 -72%
Operating profit (excl. change in goodwill) 1 037 1 016 2%
Net profit/(loss) from continuing operations (215) 210 -202%
Net profit/(loss) for the period (215) 210 -202%
-----------------------------------------------------------------------



Financial indicators 12 months 2011 12 months 2010 Change%
(EUR thousand)
--------------------------------------------------------------------------------
For the reporting period
Sales 57 391 51 814 11%
Gross profit 12 544 11 294 11%
EBITDA 7 757 6 041 28%
EBITDA (excl. change in goodwill) 6 967 6 041 15%
Operating profit 4 233 2 760 53%
Operating profit (excl. change in 3 443 2 760 25%
goodwill)
Net profit/(loss) from continuing 1 683 (509) 431%
operations
Net profit/(loss) for the period 1 683 (146) 1250%
--------------------------------------------------------------------------------



Profitability ratios (%) Q4 2011 Q4 2010
-------------------------------------------------------------------
------------------
Sales growth (%) 10% 10%
Gross margin (%) 22% 23%
EBITDA margin (%) (excl. change in goodwill) 12% 12%
Operating margin (%) (excl. change in goodwill) 6% 7%
Net margin (%) -1% 1%
ROA (%) 0% 0%
ROE (%) -1% 1%
-------------------------------------------------------------------
Earnings per share EUR (0.01) 0.01
-------------------------------------------------------------------



Profitability ratios (%) 12 months 2011 12 months 2010
--------------------------------------------------------------------------------
-------------------------------
Sales growth (%) 11% 0%
Gross margin (%) 22% 22%
EBITDA margin (%) (excl. change in goodwill) 12% 12%
Operating margin (%) (excl. change in goodwill) 6% 5%
Net margin (%) 3% 0%
ROA (%) 2% 0%
ROE (%) 4% 0%
--------------------------------------------------------------------------------
Earnings per share EUR 0.06 (0.01)
--------------------------------------------------------------------------------



Formulas used to calculate the financial ratios:

Sales growth (%) (sales 2011 – sales 2010)/ sales 2010*100
Gross margin (%) gross profit/sales*100
Net margin (%) net profit/sales*100
EBITDA margin (%) EBITDA (excl. change in goodwill)/sales*100
Operating margin (%) Operating profit (excl. change in goodwill)/sales*100
Earnings per share net profit/average number of shares
ROA (%) net profit/average assets *100
ROE (%) net profit/average equity *100




Financial indicators 31.12.2011 31.12.2010 Change %
(EUR thousand)
-------------------------------------------------------------
As of the end of the period
Current assets 12 523 12 729 -2%
Non-current assets 68 986 73 253 -6%
Total assets 81 509 85 982 -5%
-------------------------------------------------------------
-------------------------------------------------------------
Current liabilities 16 547 16 018 3%
Non-current liabilities 26 574 33 665 -21%
Total liabilities 43 121 49 683 -13%
-------------------------------------------------------------
Equity 38 388 36 299 6%
-------------------------------------------------------------





Financial position ratios (%) 31.12.2011 31.12.2010
-----------------------------------------------------
Equity ratio (%) 47% 42%
Liquidity ratio 0.8 0.8
Debt to equity ratio (%) 83% 107%
Debt to capital ratio (%) 43% 48%
-----------------------------------------------------

Formulas used to calculate the financial ratios:

Equity ratio (%) equity / (liabilities + equity)* 100
Liquidity ratio current assets/current liabilities
Debt to equity ratio interest bearing liabilities /equity*100
(%)
Debt to capital ratio interest bearing liabilities –cash and cash equivalents
(%) (net debt)/
(net debt+ equity)*100



The year 2011 was a year of restored growth for Ekspress Group. The improved
economic environment helped the company to earn a net profit for the first time
since the beginning of the economic crisis. Our net profit totalled EUR 1.7
million as compared to the loss of EUR 0.1 million in 2010. Our EBITDA growth
was 28% as compared to last year, totalling EUR 7.8 million as compared to EUR
6.0 million in 2010. The company’s sales increased by 11%, totalling EUR 57.4
million as compared to EUR 51.8 last year. In 2011, sales exceeded the budget
by 2%.

The operating results of 2011 were impacted by several extraordinary activities.

- The net extraordinary gain arising from the revaluation profit of
ownership in Eesti Päevalehe AS and the impairment loss recognised for
goodwill of Eesti Päevaleht, Lithuanian magazine publisher Ekspress Leidyba and
Delfi Latvia in amount EUR 790 thousand;

- Information technology developments made previously at Eesti
Päevalehe AS were written down in the amount of EUR 270 thousand;

- We incurred extraordinary one-off expenses in the amount of ca EUR
150 thousand related to the merger and relocation of the editorial offices of
Eesti Päevalehe AS and AS Eesti Ajalehed.



Excluding the net result attributable to revaluation gain and change in
goodwill, we earned normalised EBITDA in the amount of EUR 7.0 million which
is 15% higher than last year and net profit from continuing operations in the
amount of EUR 0.9 million, which is EUR 1.5 million higher than last year. The
EBITDA margin increased by 0.6% in 2011.

In 2011, the company’s restructuring process which had already been launched
two years ago, continued.



In the periodicals segment, the most significant event was the acquisition of
an ownership interest in Eesti Päevalehe AS at the beginning of the year. This
acquisition was a cash-free transaction. The former co-shareholder Jaan
Manitski’s company OÜ Vivarone acquired the real estate property previously in
the ownership of Eesti Päevalehe AS (also current premises used by the
editorial office) and AS Ekspress Grupp acquired the shares of Eesti Päevalehe
AS from OÜ Vivarone previously held by the latter. As a consequence of the
merger of Eesti Päevalehe AS and AS Eesti Ajalehed in the second half of the
year, we managed to stabilise the economic activities of the newspaper Eesti
Päevaleht and considerably improve the organisational efficiency of these two
companies due to their merger. The estimated net gain from the acquisition of
Eesti Päevalehe AS and its merger with AS Eesti Ajalehed is almost EUR 0.4
million for the year, manifested primarily in the improvement of efficiency. In
addition to attainment of organisational efficiency, the merger enabled us to
launch joint marketing packages both in the sale of advertisements as well as
newspaper subscriptions, which had previously been independent of each other.
More specifically, this manifests itself in cross-marketing of the newspapers
published by AS Eesti Ajalehed as well as in preparation of joint product
packages, the best example of which is the joint subscription packages of
digital newspapers of Eesti Päevaleht and Eesti Ekspress.

In 2011, the second most important focus in the operations of the periodicals
segment was development of digital newspapers. The digital products in our
product portfolio include pay-per-read articles, the access to which can be
bought through the newspapers’ online pages, digital newspapers of Eesti
Ekspress and Eesti Päevaleht which can be accessed through web browsers to be
read in personal computers and the applications of Eesti Ekspress, Eesti
Päevaleht and Ärileht for tablet computers. Based on the results of operations
for the year 2011, we can state that Ekspress Grupp is the pioneer of digital
publishing of periodicals. A significant acknowledgement of our digital product
development was the ninth place won by Eesti Ekspress iPad application in the
global digital publications contest WAN-IFRA XMA Cross Media Awards 2011, where
our competitors were large, globally well-known publications. We also consider
development of the time-based paywall for consumption of the digital content
which we have created and the marketing chain based thereon to be unique in the
world. However, the contribution of digital publishing revenue to the total
periodicals segment is still insignificant.

During the restructuring of the periodicals segment, we decided to combine the
separate book-publishing operations of newspapers into one entity, for the
purpose of which we set up a new private limited company Hea Lugu. For the
purpose of comparability, we shall treat this company as well as Eesti
Päevalehe AS together with AS Eesti Ajalehed.



In the online segment, the key event was the recovery of EBITDA growth of
Delfi Latvia. The sales of Delfi Latvia increased by 20% as compared last year,
but while Delfi Latvia still incurred a EBITDA loss of EUR 107 thousand in
2010, it ended the year 2011 with a EBITDA profit of EUR 230 thousand. We
consider the change in the concept of Delfi Ukraine as another important
development, which has created an opportunity for a stable increase in the
number of portal users, especially in the last months of the year. Advertising
sales are also slowly picking up. The launching of Delfi digital book store at
Delfi Estonia is also worth mentioning. During the first four months of its
operation, Delfi Digiraamat achieved the third place in the terms of the number
of books sold in the e-book market. In 2012, the plan calls for launching
digital book stores also in Latvia and Lithuania. The sales in the online
segment as a whole increased by 14% and EBITDA more than doubled.

In the printing services segment, AS Printall’s success in the export markets
continued. Both the company’s sales as well as EBITDA increased by 15% as
compared to last year. The key to Printall’s successful results of operations
lies in its high-quality export products, which the efficiently managed company
is able to sell at competitive prices. Sales increased in all export markets.
The largest markets continued to be Scandinavia and Russia, while the
Netherlands and France have also become important markets. In the last quarter,
exports made up 72% of the company’s sales and the contribution made by group
companies was 15%. The sales and net profit of Printall contribute
significantly to the Group’s total results of operations.

With regard to the cost structure of group companies, the greatest changes were
related to the amendment of the Lithuanian tax laws, which increased Delfi
Lithuania’s liabilities in the form of the social tax, as well as the addition
of the local news portal Eesti Elu acquired by Delfi Estonia to the cost base
and the addition of rental expenses to the expenses of AS Eesti Ajalehed (Eesti
Päevalehe AS used to be located on its own premises and did not incur any
rental expenses). The other changes occurred in the expenses were primarily
related to the growth of business; no major growth of in the number of
employees or their wages occurred in 2011.

In 2012, we expect conservative sales growth in the periodicals and online
segments. Sales of periodicals are expected to increase due the recovery of
advertising sales in the second half of the year just ended, which should also
continue modestly this year. In the printing services segment, we do not expect
any major growth due to the printing companies operating nearly at full
capacity in peak periods. However, we expect the Group’s EBITDA margin to grow
by 1-2 percentage points this year, because we do not see any major sources of
expense growth. Our objective in 2012 is to increase the efficiency of the
online segment, continue the development of Delfi Ukraine and improve the
efficiency of its advertising sales, increase the number of subscribers of
digital publications and grow revenue in the periodicals segment, and take the
united editorial offices to the next level on the basis of our media brands.



Overview of the Group’s segments



Key financial data of the segments in Q4 2010/2011

--------------------------
(EUR thousand) Sales
--------------------------
Q4 2011 Q4 2010 Change%
----------------------------------------------------
online media 2 586 2 302 12%
periodicals 6 544 6 051 8%
printing services 8 143 7 230 13%
corporate functions 71 31 129%
intersegment eliminations (1 031) (729) -41%
----------------------------------------------------
TOTAL 16 313 14 885 10%
----------------------------------------------------



--------------------------
(EUR thousand) EBITDA
--------------------------
Q4 2011 Q4 2010 Change%
----------------------------------------------------
online media 696 302 130%
periodicals 62 253 -75%
printing services 1 495 1 529 -2%
corporate functions (1 018) (236) -331%
intersegment eliminations 1 6 -83%
----------------------------------------------------
TOTAL 1 236 1 854 -33%
----------------------------------------------------



Key financial data of the segments for the 12 months of 2010/2011

----------------------------------------
(EUR thousand) Sales
--------------------------
12 months 2011 12 months 2010 Change%
------------------------------------------------------------------
online media 8 977 7 884 14%
periodicals 24 069 22 520 7%
printing services 27 736 24 221 15%
corporate functions 209 129 62%
intersegment eliminations (3 600) (2 940) -22%
------------------------------------------------------------------
TOTAL 57 391 51 814 11%
------------------------------------------------------------------



----------------------------------------
(EUR thousand) EBITDA
--------------------------
12 months 2011 12 months 2010 Change%
------------------------------------------------------------------
online media 1 425 758 88%
periodicals 552 914 -40%
printing services 5 959 5 198 15%
corporate functions (191) (833) 77%
intersegment eliminations 12 4 200%
------------------------------------------------------------------
TOTAL 7 757 6 041 28%
------------------------------------------------------------------



-----------------
EBITDA margin Q4 2011 Q4 2010
------------------
online media 27% 13%
periodicals 1% 4%
printing services 18% 21%
-----------------------------------



-------------------------------
EBITDA margin 12 months 2011 12 months 2010
------------------
online media 16% 10%
periodicals 2% 4%
printing services 21% 21%
-------------------------------------------------



The segments’ EBITDA does not include goodwill impairment. This is included
within the corporate function. The segment results do not include intragroup
management fees. Volume-based and other fees payable to advertising agencies
have not been deducted from the advertising sales of segments.



News portals owned by the Group

Owner Portal Owner Portal
-----------------------------------------------------------------
Delfi Estonia www.delfi.ee Eesti Ajalehed AS www.ekspress.ee
-----------------------------------------------------------------
rus.delfi.ee www.maaleht.ee
-----------------------------------------------------------------
Delfi Latvia www.delfi.lv www.epl.ee
-----------------------------------------------------------------
rus.delfi.lv AS SL Õhtuleht www.ohtuleht.ee
-----------------------------------------------------------------
Delfi Lithuania www.delfi.lt
-----------------------------------------------------------------
ru.delfi.lt
-----------------------------------------------------------------
Delfi Ukraine www.delfi.ua
-----------------------------------------------------------------



Online media segment

The online media segment includes Delfi operations in Estonia, Latvia,
Lithuania and Ukraine.



--------------------------
(EUR thousand) Sales
--------------------------
Q4 2011 Q4 2010 Change%
----------------------------------------------------
Delfi Estonia 913 783 17%
Delfi Latvia 591 513 15%
Delfi Lithuania 1 054 1 000 5%
Delfi Ukraine 17 11 55%
other Delfi companies 11 22 -50%
intersegment eliminations 0 (27) 100%
----------------------------------------------------
TOTAL 2 586 2 302 12%
----------------------------------------------------



--------------------------
(EUR thousand) EBITDA
--------------------------
Q4 2011 Q4 2010 Change%
----------------------------------------------------
Delfi Estonia 117 20 485%
Delfi Latvia 135 16 744%
Delfi Lithuania 285 252 13%
Delfi Ukraine (62) (138) 55%
other Delfi companies 221 155 42%
intersegment eliminations 0 (3) -
----------------------------------------------------
TOTAL 696 302 130%
----------------------------------------------------



----------------------------------------
(EUR thousand) Sales
--------------------------
12 months 2011 12 months 2010 Change%
------------------------------------------------------------------
Delfi Estonia 3 177 2 643 20%
Delfi Latvia 2 014 1 681 20%
Delfi Lithuania 3 703 3 463 7%
Delfi Ukraine 56 35 60%
other Delfi companies 26 151 -83%
intersegment eliminations 1 (89) 101%
------------------------------------------------------------------
TOTAL 8 977 7 884 14%
------------------------------------------------------------------



----------------------------------------
(EUR thousand) EBITDA
--------------------------
12 months 2011 12 months 2010 Change%
------------------------------------------------------------------
Delfi Estonia 154 56 175%
Delfi Latvia 230 (106) 317%
Delfi Lithuania 653 737 -11%
Delfi Ukraine (259) (522) 50%
other Delfi companies 647 594 9%
intersegment eliminations 0 (1) -
------------------------------------------------------------------
TOTAL 1 425 758 88%
------------------------------------------------------------------



Throughout the year, the main drivers behind the sales and EBITDA growth of the
online segment were Delfi Estonia and Latvia. In Lithuania, the sales growth
has been modest and the margin has been impacted by the increase in staff
costs arising from the changes in taxation of employee compensations. Ukraine
reduced its loss by almost half due to the layoffs in the editorial staff at
the beginning of the year. In summary, it can be said about the online media
segment that Delfi Estonia and Latvia have started to demonstrate better
results due to the improvement of the economic environment and the market has
started to recover slightly in Lithuania. Delfi Ukraine continues to increase
the number of its users; however, it will take a while before advertising
revenue catches up. The ongoing focus of the editorial staff of Delfi is to
improve the quality of their products and news.

The key highlights during the year worth mentioning separately include:

· Advertising sales were launched in Delfi’s mobile environments. The
sales of video advertisements were also launched, creating better opportunities
for the online segment to participate in the television advertising market. The
growth of mobile advertisements has been aggressive, yet modest in absolute
numbers.

· An important product development upgrade included the environment for
collecting and displaying pictures, videos and anecdotes sent by users (in the
portal vimka.ee in Estonia).

· Special vouchers were introduced under the trademark of Delfi Diil in
all three Baltic States and in addition, the environment for aggregation of
discount vouchers was launched where advertisements are sold to other
companies offering discount vouchers.

· A new system of user comments was created, allowing users with a
registered user identity to comment on the articles. The users can authorise
themselves and make comments using the user names of the most popular social
networks, such as Facebook, Twitter, draugiem.lv and odnoklasniki.ru.

· Integration with Facebook’s environment where since June it is
possible to read the news produced by the company as well as the news posted by
the user’s Facebook friends without exiting Delfi website.

· Additional fee-based services in the classified ads portals Müü!;
Pardod!; Parduok! and Prodai! were introduced in all countries.



Delfi Estonia

· Delfi Estonia has become the website with the largest number of
visitors, surpassing neti.ee in terms of the number of weekly users.

· During the organisational reform, the editorial office of Delfi was
relocated to the joint premises with Eesti Ekspress, Eesti Päevaleht and
Maaleht. Due to the relocation of the editorial offices to the same premises,
the exchange of information and cooperation among various publications in
covering major events has significantly improved.

· For the purpose of creating IT synergies, the web environments of
Eesti Ekspress, Eesti Päevaleht and Maaleht have been moved to Delfi’s portal
platform and the articles published in newspapers are also published in Delfi’s
news feed.

· The e-business department of Delfi Estonia was launched with the goal
of collaborating with the best online businesses and earning from e-commerce in
addition to earning regular advertising revenue. In 2011, the most successful
project was the development of the sales environment of e-books, Delfi
Digiraamat. Delfi Digiraamat represents a cooperation project of the Estonian
Digital Book Centre and Delfi, where Delfi sells all e-books digitalised or
purchased for resale by the EDBC. At Delfi Digiraamat, it is possible to buy
the majority of e-books published in Estonia

· A new advertising and content section "Reisileidja" (Trip Finder) was
introduced which has received good feedback from tourist companies and
generated new advertising revenue for Delfi.

· In the 1st quarter, Delfi Estonia acquired the portal Eesti Elu,
which was used as the basis for developing a hyperlocal news portal, and which
is becoming more and more popular.

· From October, Delfi news is displayed on the screens of city buses.

· In cooperation with SEB Charity Fund, Delfi Estonia successfully
implemented a cooperation project “Christmas Wish Tree”, with the objective to
provide Christmas presents to 1000 children and young people without parental
care. Delfi readers donated more than EUR 30 thousand in support of the
project.

At the end of 2011, Delfi Estonia became the most visited website, surpassing
neti.ee with its weekly number of users. During 2011, the number of users of
Delfi.ee has on average increased by 100 000 users a week. Two media
publications - Delfi and Postimees – dominate the market. The most important
developments in the Internet market have been related to the development of
mobile environments, because the growth of smart phones as well as tablet
computers continues at a fast pace. In 2012, the share of media consumption on
mobile phones is expected to grow the fastest.



Delfi Latvia

· Delfi Latvia was awarded the special prize at the annual awards of
the Latvian Journalist Association “Best Economic Publication of the Year”.

· The Latvian Journalist Association recognised Delfi as the best
publication to report on EU topics.

· Upgrades in the product design with enhancement of content quality
have helped the company to reach the highest number of views per page among
Latvian news portals.

· Collaboration projects in different fields:

o With the help of the EU subsidy, the portal Morning.lv was launched with
the goal of communicating information related to the European Parliament.

o Delfi Latvia was selected as the media partner for the Latvian Olympic
Committee in arranging the ceremony “Athlete of the Year”.

o Collaboration project “Road reporter” with TV3+ on national journalism.



The most popular website among the Latvian Internet users continues to be the
e-mail environment Inbox.lv despite the fact that it lost ca 50 thousand users
during the year. In terms of the number of users, the social network
draugiem.lv still holds the second place but due to the growth of use of
international social networks, the number of users of Draugiem is expected to
fall – by ca 100 thousand as compared to last year. Delfi.lv continues to be
the most popular news portal with its number of users remaining almost at the
same level as last year. However, important changes occurred in the
Latvian media market in 2011. Schibsted Media Group acquired the Latvian news
portal tvnet.lv in March 2011 and the Russian language news portal novonews.lv
in October, increasing its number of users by ca 50 thousand users with these
acquisitions. The second acquisition in the field of online media occurred in
September 2011, when Sanoma News acquired the second most-popular news portal
apollo.lv.



Delfi Lithuania

· In the first quarter, Delfi Lithuania launched the women’s news
portal www.5braskes.lt with the goal of increasing its market share primarily
targeted at women.

· In December, Delfi Lithuania was selected as the partner for MAMA
2011, the largest Lithuanian music awards gala which took place in Vilnius.

· From November, the new CEO of Delfi Lithuania is Aleksandras
Česnavičius.

· From October, the news of Delfi Lithuania has been integrated into
the popular IP TV “Gala” in Lithuania, where the readers can read Delfi news
while watching TV.

· From October, the company started active cooperation with the
Lithuanian national television.



Delfi continues to be the uncontested market leader among Lithuanian Internet
users with more than one million unique users. The key event in the Lithuanian
market was the arrangement of the European Basketball Championship; however,
the activity of Internet users did not increase significantly. This can be
attributed to the very good coverage of the games on home soil.



Delfi Ukraine

· In the 1st quarter, an important conceptual change was implemented,
and a product and organisational reform was launched. The former conservative
information portal strategy was abandoned and a more entertaining news portal
with tabloid-like news with a social content was launched. The product was made
more tabloid-like than it is normally customary in the Baltic States. The
market reception of the new product has been good, manifested in the steady
growth of unique users. In December, Delfi Ukraine had the highest number of
visitors ever during its history.

· In November, cooperation with Tochka was launched.



The Ukrainian Internet market operates in a significantly different manner than
that of the Baltic States. Considerably less attention is paid to local media
publications than the so-called “aggregators” which aggregate the news of media
publication on their pages. During the year, several changes have occurred in
the staffs and strategies of the market participants. The formerly popular
concept of “buying readers” has become less widespread and therefore, the
readership of media publications is beginning to resemble the actual real
readership. In this light, it is good to acknowledge that Delfi’s long-term
strategy to attract loyal users has started to show positive results and the
steady growth of readers is turning Delfi into a serious market contender in
Ukraine.



Periodicals segment

The periodicals segment includes the publishers of newspapers, magazines and
books. This segment also includes AS Express Post, engaged in home delivery of
periodicals.

In September, the Estonian Competition Authority granted its permission for the
concentration of Eesti Päevalehe AS and Eesti Ajalehed AS. As of 1 October,
these two companies were merged. As of 1 October, the book publishing
department of the merged company was spun off as a separate legal entity. The
new book publisher under the name of OÜ Hea Lugu will remain as the subsidiary
of Eesti Ajalehed AS. The merger of the joint ventures AS SL Õhtuleht and AS
Linnaleht occurred on 1 November 2011 and that of OÜ Uniservice and AS
Ajakirjade Kirjastus occurred on 1 January 2012.

At the beginning of the year, a preliminary contract to sell Express Post AS
was concluded with AS Eesti Post, which however was prohibited by the
Competition Authority in autumn. Both shareholders of Express Post are
currently considering various alternative scenarios to determine the future
activities of the company.



-----------------------------
(EUR thousand) Sales
--------------------------
Q4 2011 Q4 2010 Change%
-------------------------------------------------------
Eesti Ajalehed AS** 3 330 3 733 -11%
SL Õhtuleht AS* 915 887 3%
AS Ajakirjade Kirjastus* 1 206 1 243 -3%
UAB Ekspress Leidyba 742 691 7%
AS Express Post* 628 644 -2%
OÜ Uniservice* 0 4 -100%
intersegment eliminations*** (277) (1 151) 76%
TOTAL 6 544 6 051 8%
-------------------------------------------------------



--------------------------
(EUR thousand) EBITDA
-----------------------------
Q4 2011 Q4 2010 Change%
-------------------------------------------------------
Eesti Ajalehed AS** (192) 3 -6510%
SL Õhtuleht AS* 62 57 9%
AS Ajakirjade Kirjastus* 102 77 32%
UAB Ekspress Leidyba 12 (18) 167%
AS Express Post* 82 79 4%
OÜ Uniservice* 0 (1) 100%
intersegment eliminations*** (4) 56 -
TOTAL 62 253 -75%
-------------------------------------------------------



-----------------------------
(EUR thousand) Sales
----------------------------------------
12 months 2011 12 months 2010 Change%
---------------------------------------------------------------------
Eesti Ajalehed AS** 12 761 14 001 -9%
SL Õhtuleht AS* 3 432 3 441 0%
AS Ajakirjade Kirjastus* 4 190 4 370 -4%
UAB Ekspress Leidyba 2 816 2 725 3%
AS Express Post* 2 396 2 417 -1%
OÜ Uniservice* 9 12 -25%
intersegment eliminations*** (1 535) (4 446) 65%
TOTAL 24 069 22 520 7%
---------------------------------------------------------------------



----------------------------------------
(EUR thousand) EBITDA
-----------------------------
12 months 2011 12 months 2010 Change%
---------------------------------------------------------------------
Eesti Ajalehed AS** (211) 42 -603%
SL Õhtuleht AS* 203 269 -25%
AS Ajakirjade Kirjastus* 164 168 -2%
UAB Ekspress Leidyba 14 (317) 104%
AS Express Post* 290 297 -2%
OÜ Uniservice* 1 (6) 117%
intersegment eliminations*** 91 461 -
TOTAL 552 914 -40%
---------------------------------------------------------------------



*Proportionate share of joint ventures

** For the purpose of comparability, Eesti Ajalehed AS combines the data for
Eesti Ajalehed AS, Eesti Päevalehe AS (100% in both years) with that of Hea
Lugu OÜ.

***Intra-segment eliminations in EBITDA include the elimination of the 50%
negative EBITDA of Eesti Päevalehe AS and the sales loss of the trademark of
Ekspress Leidyba UAB in 2010, and the 50% negative EBITDA of Eesti Päevalehe
AS and restatement of the goodwill which arose on acquisition of an ownership
interest in Eesti Päevalehe AS in 2011.



In 2011, the periodicals segment grew and this primarily due to the acquisition
of an additional 50% ownership interest of Eesti Päevalehe AS. Without this
change, the segment’s results would have remained below last year’s results.
While the advertising sales recovered in 2011, the decline in book publishing
as well as in circulation and revenue of printed newspapers and magazines
continued. In the 4th quarter, EBITDA was negatively affected by the
impairment loss recognised for the client relationship management software of
Eesti Päevaleht, and the redundancy and relocation expenses due to the merger
of Eesti Päevalehe AS and AS Eesti Ajalehed in the amount of ca EUR 120
thousand.

The Lithuanian publishing company Express Leidyba was the only company in this
segment to grow its sales 2011, primarily due to the addition of the magazine
Cosmopolitan. Sales declined the most at AS Ajakirjade Kirjastus and Eesti
Ajalehed AS combined entity due to the aforementioned decline in the number of
published books. Newspapers Maaleht and Eesti Ekspress surprised positively,
with the advertising sales up by 14.1% and 9.6%, respectively. At the same
time, advertising sales decreased by 3.0% at Õhtuleht and by 6.5% at Eesti
Päevaleht. The revenue of single copy sales and subscriptions increased by 3.1%
at Maaleht, remained at the same level as in 2010 at Eesti Ekspress and
decreased by 2.6% at Õhtuleht and 9.2% at Eesti Päevaleht.

In the 2nd quarter, an important product upgrade was implemented at the
newspaper Eesti Päevaleht. Under the guidance of the new editor-in-chief Vallo
Toomet who had previously been in charge of economic news, the upgraded Eesti
Päevaleht with a more magazine-like format and design was developed and
launched. The product upgrade of Eesti Päevaleht was received well in the
market, which is evidenced by the fact that Eesti Päevaleht was the only
national daily newspaper whose readership increased in the 3rd quarter.

In 2011, Janek Luts who had formerly worked as the editor-in-chief of Kuku
Raadio became the editor-in-chief of Eesti Ekspress.

A joint digital newspaper campaign of Eesti Päevaleht and Eesti Ekspress was
launched, where subscribers can buy the tablet PC Apple iPad at a special
price. A software solution was also developed, enabling to use the product
published on iPad from regular desktop or laptop computers.

The creation of the multi-media news space across the media units based in
Estonia was also successfully launched. The editorial offices of various
publications were relocated to common premises at the end of the 2nd quarter,
followed by content integration and cooperation between different editorial
offices and their people.

Estonian newspaper circulation 2010-2011

The year 2011 was a year of relative stabilisation in the Estonian newspaper
market. The circulation of major publications declined slightly, but not
significantly. Postimees continues to be the newspaper with the highest
circulation. In terms of comparison of the annual average circulation, Eesti
Päevaleht was the biggest loser as compared to 2010. This decline was to be
expected because the acquisition of the 100% ownership interest of the
newspaper by Ekspress Grupp, the replacement of the editor-in-chief as well as
the review of the concept of the newspaper always translates into losses in
circulation.

Circulation is also affected by the continued decline of point of sales all
over Estonia.

Estonian newspaper readership 2010-2011

In the 4th quarter, the total reach of publications included in the reader
surveys of TNS Emor was 62% of the population. In a year-over-year comparison,
this translates into ca 20 thousand people abandoning printed newspapers. This
confirms the international trend of a declining number of readers of printed
newspapers in developed countries. Although the trend of readers is still
downward, printed newspapers are still competitive in the advertising market
in many respects, meaning that fast disappearance of printed newspapers is not
yet to be expected. The readership figures for 2011 vary from quarter to
quarter, showing that the consumption of printed newspapers is becoming more
cyclical in nature than we have previously witnessed. However, these figures
concern just the readers of printed newspapers. As Ekspress Grupp is developing
the digital versions of its newspapers for the second consecutive year already,
we are more optimistic about the future than the current readership figures
indicate.

Ekspress Group Lithuanian magazine readership 2010-2011

The readership figures in the last quarter of 2011 have increased significantly
– as compared to the previous quarters, the readership of all magazines of
Ekspress Leidyba has increased by 21% which is a very good result. However, as
compared to the last year, the readership figures have stayed at the same
level. Of the monthly magazines, Panele and Moteris are Lithuanian most popular
publications.

Printing services segment

All printing services of AS Ekspress Grupp are provided by AS Printall which is
one of the largest printing companies in Estonia. Printall is able to print
both newspapers (coldset) and magazines (heatset).



---------------
(EUR thousand) Sales
--------------------------
Q4 2011 Q4 2010 Change%
-----------------------------------------
AS Printall 8 143 7 230 13%
-----------------------------------------



--------------------------
(EUR thousand) EBITDA
---------------
Q4 2011 Q4 2010 Change%
-----------------------------------------
AS Printall 1 495 1 529 -2%
-----------------------------------------





---------------
(EUR thousand) Sales
----------------------------------------
12 months 2011 12 months 2010 Change%
-------------------------------------------------------
AS Printall 27 736 24 221 15%
-------------------------------------------------------



----------------------------------------
(EUR thousand) EBITDA
---------------
12 months 2011 12 months 2010 Change%
-------------------------------------------------------
AS Printall 5 959 5 198 15%
-------------------------------------------------------



The printing company Printall continues to exceed previous year’s results. Both
sales as well as EBITDA increased by 15%. The share of group companies in sales
decreases and the share of exports increases. Most of the volume growth is
generated by printing on heatset machines, but a positive trend in 2011 was the
modest capacity growth of coldset machines as compared to the decline in
previous years.

Geographical break-down of printing services

Q4 2011 Q4 2010 Change%
------------------------------------------------
--------------------------
Exports 5 630 4 779 18%
Finland 688 424 62%
Sweden 1 504 1 363 10%
Norway 802 850 -6%
Russia 1 117 983 14%
Denmark 182 301 -40%
Lithuania 219 177 24%
Other exports 1 118 681 64%
Estonia 2 513 2 451 3%
Total sales 8 143 7 230 13%
------------------------------------------------
------------------------------------------------
Incl. group sales 1 034 1 040 -1%
Incl. non-group sales 7 109 6 190 15%
------------------------------------------------



12 months 2011 12 months 2010 Change%
--------------------------------------------------------------
----------------------------------------
Exports 18 691 15 571 20%
Finland 2 248 1 816 24%
Sweden 5 069 4 388 16%
Norway 2 969 3 041 -2%
Russia 4 194 3 100 35%
Denmark 742 991 -25%
Lithuania 771 638 21%
Other exports 2 698 1 597 69%
Estonia 9 045 8 650 5%
Total sales 27 736 24 221 15%
--------------------------------------------------------------
--------------------------------------------------------------
Incl. group sales 3 993 4 010 0%
Incl. non-group sales 23 743 20 211 17%
--------------------------------------------------------------



Consolidated balance sheet (unaudited)

(EUR thousand) 31.12.2011 31.12.2010
--------------------------------------------------------------
--------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 2 729 2 767
Trade and other receivables 6 921 6 941
Inventories 2 833 2 961
Total 12 483 12 669
Non-current assets held for sale 40 60
Total current assets 12 523 12 729
--------------------------------------------------------------
--------------------------------------------------------------
Non-current assets
Term deposit (Note 7) 98 3 009
Trade and other receivables 167 162
Investments in associates 0 8
Property, plant and equipment (Note 6) 16 751 19 138
Intangible assets (Note 6) 51 970 50 936
Total non-current assets 68 986 73 253
--------------------------------------------------------------
TOTAL ASSETS 81 509 85 982
--------------------------------------------------------------
-----------------------
LIABILITIES
Current liabilities
Borrowings (Note 7) 5 436 5 233
Trade and other payables 11 111 10 785
Total current liabilities 16 547 16 018
--------------------------------------------------------------
--------------------------------------------------------------
Non-current liabilities
Long-term borrowings (Note 7) 26 397 33 053
Other long-term liabilities 1 2
Derivate instruments 176 610
Total non-current liabilities 26 574 33 665
--------------------------------------------------------------
Total liabilities 43 121 49 683
--------------------------------------------------------------
--------------------------------------------------------------
EQUITY
Share capital (Note 10) 17 878 19 044
Share premium 14 277 14 277
Reserves (Note 10) 480 46
Retained earnings 5 749 2 900
Currency translation reserve 4 32
Total equity 38 388 36 299
--------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY 81 509 85 982
--------------------------------------------------------------



Consolidated statement of comprehensive income (unaudited)

(EUR thousand) Q4 Q4 12 months 12 months
2011 2010 2011 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales 16 313 14 885 57 391 51 814
Cost of sales (12 (11 (44 847) (40 520)
653) 419)
Gross profit 3 660 3 466 12 544 11 294
Marketing expenses (649) (640) (2 098) (2 242)
Administrative expenses (1 (1 (7 081) (6 435)
929) 782)
Other expenses (343) (147) (542) (270)
Other income 298 119 620 413
--------------------------------------------------------------------------------
Gain from sale of ownership in joint 0 0 1 540 0
venture (Note 3)
Impairment loss for goodwill (Note 6) (750) 0 (750) 0
Operating profit 287 1 016 4 233 2 760
--------------------------------------------------------------------------------
---------------------------------------
Interest income 12 31 45 52
Interest income (523) (639) (2 212) (2 596)
Foreign exchange gains (losses) 73 16 45 16
Other finance costs (47) (39) (154) (175)
Net finance cost (485) (631) (2 276) (2 702)
Profit/(loss) from investments in (8) (11) (52) (33)
associates
Profit (loss) before income tax (206) 374 1 905 25
Income tax expense (9) (164) (222) (534)
--------------------------------------------------------------------------------
Profit (loss) from continuing operations (215) 210 1 683 (509)
--------------------------------------------------------------------------------
Profit (loss) from discontinued 0 0 0 363
operations
--------------------------------------------------------------------------------
Profit (loss) for the reporting period (215) 210 1 683 (146)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit (loss) for the reporting
period attributable to:
equity holders of the parent company (215) 228 1 683 (128)
non-controlling interest 0 (18) 0 (18)
Other comprehensive income (expense)
Currency translation differences (63) (14) (28) (73)
Hedging reserve change 63 284 434 284
Total other comprehensive income 0 270 406 211
(expense) for the period
Comprehensive income for the reporting (215) 480 2 089 64
period attributable to:
equity holders of the parent company (215) 498 2 089 82
non-controlling interest 0 (18) 0 (18)
--------------------------------------------------------------------------------
Basic and diluted earnings per share (0,01) 0,01 0,06 (0,01)
(Note 9)
--------------------------------------------------------------------------------



Consolidated cash flow statement (unaudited)

(EUR thousand) 12 months 12 months
2011 2010
--------------------------------------------------------------------------------
Cash flows from operating activities from continuing
operations
--------------------------------------------------------------------------------
Operating profit (loss) for the period 4 233 2 760
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Adjustments for:
Depreciation, amortisation and impairment (Note 6) 3 524 3 282
Gain from sale of ownership in joint venture and (790) 0
change in goodwill (Note 6)
Profit (loss) on sale and write-downs of property, 249 20
plant and equipment
Changes in working capital:
Trade and other receivables (121) 1 191
Inventories 249 (265)
Trade and other payables (690) (1 917)
Cash generated from operations 6 654 5 071
Income tax paid (98) (365)
Interest paid (2 318) (2 596)
-------------------------
Net cash generated from operating activities from 4 238 2 109
continuing operations
--------------------------------------------------------------------------------
Net cash used in operating activities from 0 (160)
discontinued operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from investing activities
Investments in subsidiaries and joint ventures (Notes (26) 0
3,4)
Term deposit release/placement) (Note 7) 1 500 (3 000)
Proceeds from sale of shares in subsidiaries (Note 5) 0 3 980
Interest received

Taip pat skaitykite

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