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EEG: AS Ekspress Grupp Consolidated interim report for the first quarter of 2010

Spekuliantai.lt | 2010-05-11 | NASDAQ OMX biržų naujienos | perskaitė: 1337
Raktiniai žodžiai: AS Ekspress Grupp, EEG
EEG: AS Ekspress Grupp Consolidated interim report for the first quarter of 2010

Ekspress Grupp Company Announcement 11.05.2010

AS Ekspress Grupp Consolidated interim report for the first quarter of 2010

Selected financial indicators EEK
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales | 183 069 | 207 130 | -11.6% |
--------------------------------------------------------------------------------
| Gross profit | 32 912 | 34 458 | -4.5% |
--------------------------------------------------------------------------------
| EBITDA | 17 851 | 6 762 | 164.1% |
--------------------------------------------------------------------------------
| Operating profit | 4 820 | (6 780) | 171.2% |
--------------------------------------------------------------------------------
| Net profit (loss) for the | (11 847) | (17 593) | 32.9% |
| periood | | | |
--------------------------------------------------------------------------------
| | 31.03.2010 | 31.03.2009 | |
--------------------------------------------------------------------------------
| Total current assets | 217 932 | 248 608 | -12.3% |
--------------------------------------------------------------------------------
| Total non-current assets | 1 141 255 | 1 409 777 | -19.1% |
--------------------------------------------------------------------------------
| Total assets | 1 359 187 | 1 658 385 | -18.0% |
--------------------------------------------------------------------------------
| Total short-term | 335 705 | 406 905 | -17.5% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term liabilities | 588 305 | 630 116 | -6.6% |
--------------------------------------------------------------------------------
| Total liabilities | 924 010 | 1 037 021 | -10.9% |
--------------------------------------------------------------------------------
| Total equity | 435 177 | 621 364 | -30.0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------

Selected financial indicators EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| Financial indicators | | Change % |
| (thousand) | | |
--------------------------------------------------------------------------------
| Accounting period | | | |
--------------------------------------------------------------------------------
| Sales | 11 700 | 13 238 | -11.6% |
--------------------------------------------------------------------------------
| Gross profit | 2 103 | 2 202 | -4.5% |
--------------------------------------------------------------------------------
| EBITDA | 1 141 | 432 | 164.1% |
--------------------------------------------------------------------------------
| Operating profit | 308 | (433) | 171.2% |
--------------------------------------------------------------------------------
| Net profit (loss) for the | (757) | (1 124) | 32.9% |
| periood | | | |
--------------------------------------------------------------------------------
| | 31.03.2010 | 31.03.2009 | |
--------------------------------------------------------------------------------
| Total current assets | 13 928 | 15 889 | -12.3% |
--------------------------------------------------------------------------------
| Total non-current assets | 72 939 | 90 101 | -19.1% |
--------------------------------------------------------------------------------
| Total assets | 86 868 | 105 990 | -18.0% |
--------------------------------------------------------------------------------
| Total short-term | 21 455 | 26 006 | -17.5% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total long-term liabilities | 37 600 | 40 272 | -6.6% |
--------------------------------------------------------------------------------
| Total liabilities | 59 055 | 66 278 | -10.9% |
--------------------------------------------------------------------------------
| Total equity | 27 813 | 39 712 | -30.0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------
| Performance indicators (%) |   | Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| Sales growth (%) | -12% | -20% |
--------------------------------------------------------------------------------
| Gross profit margin (%) | 18% | 17% |
--------------------------------------------------------------------------------
| Net profit margin (%) | -6% | -8% |
--------------------------------------------------------------------------------
| Equity ratio (%) | 32% | 37% |
--------------------------------------------------------------------------------
| ROA (%) | -1% | -1% |
--------------------------------------------------------------------------------
| ROE (%) | -3% | -3% |
--------------------------------------------------------------------------------
| EBITDA margin (%) | 10% | 3% |
--------------------------------------------------------------------------------
| Operating profit margin (%) | 3% | -3% |
--------------------------------------------------------------------------------
| Liquidity ratio | 65% | 61% |
| | | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | 166% | 133% |
--------------------------------------------------------------------------------
| Financial leverage (%) | 58% | 54% |
--------------------------------------------------------------------------------
| Earnings per share EEK | (0,57) | (0,85) |
--------------------------------------------------------------------------------
| Earnings per share EUR | (0,04) | (0,05) |
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
| Sales growth (%) | (sales IHY 2010 -sales IHY 2009) / |
| | sales IHY 2009*100 |
--------------------------------------------------------------------------------
| Gross profit margin (%) | gross profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Net profit margin (%) | net profit/ sales*100 |
| | |
--------------------------------------------------------------------------------
| Equity ratio (%) | equity / (equity + debt) * 100 |
--------------------------------------------------------------------------------
| ROA (%) | net profit/assets *100 |
--------------------------------------------------------------------------------
| ROE (%) | net profit/equity *100 |
| | |
--------------------------------------------------------------------------------
| EBITDA margin (%) | EBITDA/sales*100 |
--------------------------------------------------------------------------------
| Operating profit margin | operating profit/ sales*100 |
| (%) | |
--------------------------------------------------------------------------------
| Liquidity ratio | current assets/current liabilities |
| | |
--------------------------------------------------------------------------------
| Debt equity ratio (%) | interest bearing liabilities/equity*100 |
--------------------------------------------------------------------------------
| Financial leverage (%) | interest bearing liabilities-cash and cash |
| | equivalents/interest bearing liabilities + |
| | equity * 100 |
--------------------------------------------------------------------------------


Despite a sales decline as compared to the same period in the previous year, the
Company's EBITDA totalled EEK 18 million (EUR 1.1 million), which is 164% higher
than a year ago. Normalised EBITDA (exclusive of the extraordinary sales revenue
of Rahva Raamat) amounted to EEK 11.5 million (EUR 0.7 million), which is 76%
higher than a year ago.
Cost-cutting has contributed the most to the achievement of this result. The
level of staff costs as compared to the same period of the previous year has
dropped by 17% in comparable companies, fixed costs have also decreased.
The change in sales has been drastic as compared to the previous year, but the
difference from the previous period has declined from month to month. In the
first quarter, the consolidated advertising sales have dropped by 12%, the
retail sales by 28%, the sales of subscriptions by 11%. In the segment of
periodicals, the sales as a whole have declined by 22%, in the online media
segment by 6%. Growth in the sales of consolidated printing services has been
moderate as compared to the previous year.
At the level of companies, Delfi Group has achieved EBITDA that is comparable to
the previous year, being 7% better. Largest growth of 187% occurred in Delfi
Estonia. Due to the continuously challenging economic environment, Delfi Latvia
has not reached the result of the previous year. The result of Delfi Lithuania
is partially influenced by one-off costs related to the 10th anniversary
celebrations of the company. The costs of Delfi Ukraine have increased mainly
due to internal accounting where the general costs of the whole group are shared
with the Ukrainian company from this year.
Of the periodicals, Eesti Ekspress and Eesti Ajalehed, the publisher of Maaleht,
have earned better normalised EBITDA (exclusive of the sale of Rahva Raamat) as
compared to the previous year, with growth of 126%. Although Õhtuleht as a
company earned EBITDA of EEK 1.5 million (EUR 0,1 million), it is 54% less than
the result in the previous year. The main reason for this is a weak advertising
market, but Õhtuleht still represents one of the most profitable newspapers in
Estonia. The EBITDA of Ajakirjade Kirjastus has improved by 111% as compared to
the previous year mainly as a result of reduced costs and closed unprofitable
magazines. In the first quarter, the publisher of magazines in Lithuania has
earned a loss of EEK 1.2 million (EUR 0.1 million), which is 16% worse than in
the previous year. Of the periodicals, the largest loss of EEK 5.9 million (EUR
0.4 million) was incurred by Eesti Päevaleht, but a major share of this loss is
related to the launching cost of a new book series and a shift of income to the
next quarter.
The result of the Group has been significantly influenced by the printing
company Printall that earned EBITDA of EEK 19.0 million (EUR 1.2 million) in the
first quarter. It is the best result ever for Printall in the first quarter, the
profit has increased by 35% as compared to the previous year. Growth of export
income contributes the most to the result, the company has vigorously expanded
its client portfolio in Scandinavia and Western Europe. Exports to Northern and
Western European countries increased by 21% as compared to the same period of
2009 and by 54% as compared to the first quarter of 2008, contributing 50% to
total sales revenue. In the fourth quarter of 2009, the corresponding percentage
was 44%. In the first quarter, the share of total exports was 63% of the total
sales revenue. This percentage was 60% in the fourth quarter of 2009.
The Estonian local printing market continues to be modest and is under serious
price pressure. Printall has also successfully managed to reduce various fixed
costs.
In the first quarter, the most important events of everyday economic activities
were:
- on 9 February 2010, the Company sold its book trade company Rahva Raamat. The
transaction price was EEK 33.0 million (EUR 2.1 million) and the accounting
profit was EEK 6.3 million (EUR 0.4 million)
- on 25 February 2010, the Company completed the sales transaction of Ekspress
Hotline.
- Restructuring of the product of Eesti Ekspress. A new type of weekly newspaper
similar to a magazine was introduced to the market, which has been well received
by the consumers. During the restructuring of the product, the production costs
of the Company will decline and efficiency will increase. The renewed product
has also been well received by the advertising customers.
- Eesti Ekspress started to sell online articles that are based on a convenient
payment option. This represents the first opportunity in Estonia where clients
can read full versions of newspaper articles online at the day they are
published, using their mobile phones for payment. Currently, the articles cost
EEK 1 and in the first weeks, the clients have been able to buy 4-5 articles on
average using this payment option. In the long-term, all full versions of
articles can be accessed for reading for a fee.
- Eesti Päevaleht launched a new book series Eesti Mälu (Memory of Estonia) and
EPL online with new contents and a design launched commenting using ID cards.
- Delfi launched the section Rahva Hääl (Voice of People) based on the people's
press. The goal of the section is to provide an opportunity for the users of
Delfi to publish their photos or articles of the events that have caught their
attention. The new section has rapidly become widely used and Delfi has managed
to be the first media channel in Estonia to publish several original news
stories.
- Several additional contents sections have been added to Delfi Ukraine portal
with the goal of increasing the volume of information to be published. The sales
organisation has also been strengthened in Ukraine with the goal of actively
launching advertising sales.
- Lithuania's Delfi won the portal project of the European Parliament to be
funded by the EU.
In the 2nd quarter, the Company expects growth from online media advertising
sales, stabilisation of advertising sales of periodicals at the level close to
that of the previous year and continued successful expansion of the printing
company in export markets.

Online media segment
In the 1st quarter, the number of visitors of Delfi Group increased in all
markets. Delfi Ukraine experienced the largest growth - the number of visitors
increased by more than 12 times as compared to the same period of 2009.

In Estonia, Delfi is the most viisted web site. In the 1st quarter, the number
of unique users was 26% higher as compared to the same period of 2009. By the
end of the1st quarter, Delfi had 736 628 monthly unique users in Estonia.

In Latvia, Delfi is the third largest web site by the number of visitors but the
largest newsportal. In the 1st quarter, the number of unique users increased by
5% as compared to the same period of 2009. By the end of the 1st quarter, Delfi
had 665 600 monthly unique users in Latvia.

In Lithuania, Delfi is the most visited web site. In the 1st quarter, there was
a further increase by 2% as compared to the same period of 2009 and the total
number of visitors reached 1 003 791 monthly unique users.

In Ukraine, the number of unique users increased in the 1st quarter by more than
12 times as compared to the same period of 2009. In March 2010, the number of
visitors reached 420 525 monthly unique users. The growth of the Ukraine online
market continues foremost due to creation of new internet connections and the
market will be one of the fastest growing markets in the coming years.

Publishing segment
The publishing segment includes newspaper and magazine publishing of Eesti
Päevalehe AS, Eesti Ajalehed AS (Maaleht and Eesti Ekspress), AS SL Õhtuleht, AS
Linnaleht, UAB Ekpress Leidyba and AS Ajakirjade Kirjastus.
All newspaper and magazine publishing units (except AS Linnaleht) of AS
Ekspress Grupp also publish books.

Investments
Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and |   |   |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 0 | 83 |
--------------------------------------------------------------------------------
| Plant and equipment | 154 | 769 |
--------------------------------------------------------------------------------
| Other equipment | 919 | 1627 |
--------------------------------------------------------------------------------
| Unfinished buildings and prepayments | 0 | 1113 |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 1073 | 3592 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets |   |   |
--------------------------------------------------------------------------------
| Development | 548 | 1042 |
--------------------------------------------------------------------------------
| Compu-ter software | 420 | 605 |
--------------------------------------------------------------------------------
| Prepayments | 330 | 4 |
--------------------------------------------------------------------------------
| Acquisition of intangible assets total | 1298 | 1651 |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 2371 | 5243 |
--------------------------------------------------------------------------------

Acquisition of fixed assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | |   |
| equipment | | |
--------------------------------------------------------------------------------
| Buildings | 0 | 5 |
--------------------------------------------------------------------------------
| Plant and equipment | 10 | 49 |
--------------------------------------------------------------------------------
| Other equipment | 59 | 104 |
--------------------------------------------------------------------------------
| Unfinished buildings and prepayments | 0 | 71 |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | 69 | 229 |
| equipment total | | |
--------------------------------------------------------------------------------
| Acquisition of intangible assets |   |   |
--------------------------------------------------------------------------------
| Development | 35 | 67 |
--------------------------------------------------------------------------------
| Compu-ter software | 27 | 56 |
--------------------------------------------------------------------------------
| Prepayments | 21 | (17) |
--------------------------------------------------------------------------------
| Acquisition of intangible assets total | 83 | 106 |
--------------------------------------------------------------------------------
| Acquisition of fixed assets total | 152 | 335 |
--------------------------------------------------------------------------------

All investments in the 1st quarter were ordinary, in order to improve the
 assets used in business activity at bare minimum extent.
Employees
As of the end of March 2010 Ekspress Group employed 1 796 people (As of 31 March
2009 (includes employees of discontinued operations): 2 270). The average number
of employees in the 1st quarter of 2010 was 1 787 (Q I 2009 includes employees
of discontinued operations: 2 282).

In the 1st quarter of 2010, the personnel costs of Ekspress Grupp totalled EEK
57,7 million (EUR 3,7 million), (Q I 2009 with the personnel cost of
discontinued operations EEK 75.8 million (EUR 4.8 million))*.

*proportional part from joint ventures
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| 31.03.2010 | 31.12.2009 | 31.03.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 23 589 | 39 953 | 29 216 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 29 056 | 892 | 4 472 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 122 563 | 120 136 | 152 084 |
--------------------------------------------------------------------------------
| Inventories | 42 724 | 55 160 | 62 836 |
--------------------------------------------------------------------------------
| Total current assets | 217 932 | 216 141 | 248 608 |
--------------------------------------------------------------------------------
| Assets of discontinued | 0 | 93 457 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 5 483 | 5 697 | 4 255 |
--------------------------------------------------------------------------------
| Investments in associates | 371 | 640 | 354 |
--------------------------------------------------------------------------------
| Investment property | 6 360 | 6 360 | 12 341 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 321 768 | 345 938 | 382 732 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 807 273 | 821 613 | 1 010 095 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 141 | 1 180 248 | 1 409 777 |
| | 255 | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 359 | 1 489 846 | 1 658 385 |
| | 187 | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 109 795 | 143 093 | 167 440 |
--------------------------------------------------------------------------------
| Trade and other payables | 225 910 | 283 668 | 239 465 |
--------------------------------------------------------------------------------
| Total current liabilities | 335 705 | 426 761 | 406 905 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 17 231 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities |   | |   |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 574 131 | 583 047 | 620 236 |
--------------------------------------------------------------------------------
| Other long term liabilities | 181 | 28 | 325 |
--------------------------------------------------------------------------------
| Derivative instruments | 13 993 | 13 993 | 9 555 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 588 305 | 597 068 | 630 116 |
--------------------------------------------------------------------------------
| Total liabilities | 924 010 | 1 041 060 | 1 037 021 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves | | | |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 208 488 | 208 488 | 208 488 |
--------------------------------------------------------------------------------
| Share premium | 192 883 | 192 883 | 192 883 |
--------------------------------------------------------------------------------
| Reserves | (313) | (313) | 4 125 |
--------------------------------------------------------------------------------
| Retained earnings | 33 958 | 45 805 | 214 304 |
--------------------------------------------------------------------------------
| Currency translation reserve | (127) | 1 635 | 1 276 |
--------------------------------------------------------------------------------
| Total capital and reserves | 434 889 | 448 498 | 621 076 |
| attributable to equity holders | | | |
| of the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 288 | 288 | 288 |
--------------------------------------------------------------------------------
| Total equity | 435 177 | 448 786 | 621 364 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 1 359 | 1 489 846 | 1 658 385 |
| | 187 | | |
--------------------------------------------------------------------------------
Consolidated statement of financial position (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| 31.03.2010 | 31.12.2009 | 31.03.2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 508 | 2 553 | 1 867 |
--------------------------------------------------------------------------------
| Other financial assets at fair | 1 857 | 57 | 286 |
| value through profit or loss | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 7 834 | 7 677 | 9 719 |
--------------------------------------------------------------------------------
| Inventories | 2 731 | 3 525 | 4 016 |
--------------------------------------------------------------------------------
| Total current assets | 13 930 | 13 812 | 15 888 |
--------------------------------------------------------------------------------
| Assets of discontinued operations | 0 | 5 973 | 0 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 348 | 364 | 273 |
--------------------------------------------------------------------------------
| Investments in associates | 24 | 41 | 23 |
--------------------------------------------------------------------------------
| Investment property | 406 | 406 | 789 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 20 565 | 22 109 | 24 461 |
| (Note 4) | | | |
--------------------------------------------------------------------------------
| Intangible assets (Note 4) | 51 594 | 52 511 | 64 557 |
--------------------------------------------------------------------------------
| Total non-current assets | 72 937 | 75 431 | 90 103 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 86 867 | 95 216 | 105 991 |
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 7 017 | 9 145 | 10 701 |
--------------------------------------------------------------------------------
| Trade and other payables | 14 438 | 18 130 | 15 305 |
--------------------------------------------------------------------------------
| Total current liabilities | 21 455 | 27 275 | 26 006 |
--------------------------------------------------------------------------------
| Liabilities of discontinued | 0 | 1 101 | 0 |
| operations | | | |
--------------------------------------------------------------------------------
| Non-current liabilities |   | | |
--------------------------------------------------------------------------------
| Borrowings (Note 5) | 36 694 | 37 263 | 39 640 |
--------------------------------------------------------------------------------
| Other long term liabilities | 12 | 2 | 21 |
--------------------------------------------------------------------------------
| Derivative instruments | 894 | 894 | 611 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 37 600 | 38 159 | 40 272 |
--------------------------------------------------------------------------------
| Total liabilities | 59 055 | 66 535 | 66 278 |
--------------------------------------------------------------------------------
| Equity | | | |
--------------------------------------------------------------------------------
| Capital and reserves attributable | | | |
| to equity holders of the Parent | | | |
| company | | | |
--------------------------------------------------------------------------------
| Share capital | 13 325 | 13 325 | 13 325 |
--------------------------------------------------------------------------------
| Share premium | 12 327 | 12 327 | 12 327 |
--------------------------------------------------------------------------------
| Reserves | (20) | -20 | 264 |
--------------------------------------------------------------------------------
| Retained earnings | 2 170 | 2 927 | 13 697 |
--------------------------------------------------------------------------------
| Currency translation reserve | -8 | 104 | 82 |
--------------------------------------------------------------------------------
| Total capital and reserves | 27 794 | 28 663 | 39 695 |
| attributable to equity holders of | | | |
| the Parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 18 | 18 | 18 |
--------------------------------------------------------------------------------
| Total equity | 27 812 | 28 681 | 39 713 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 86 867 | 95 216 | 105 991 |
--------------------------------------------------------------------------------

Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 183 069 | 207 130 |
--------------------------------------------------------------------------------
| Costs of sales | 150 157 | 172 672 |
--------------------------------------------------------------------------------
| Gross profit | 32 912 | 34 458 |
--------------------------------------------------------------------------------
| Marketing expenses | 8 429 | 10 920 |
--------------------------------------------------------------------------------
| Administrative expenses | 26 586 | 30 231 |
--------------------------------------------------------------------------------
| Other income | 7 237 | 944 |
--------------------------------------------------------------------------------
| Other expenses | 314 | 1 031 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 4 820 | (6 780) |
--------------------------------------------------------------------------------
| Interest income | 173 | 633 |
--------------------------------------------------------------------------------
| Interest expenses | (9 646) | (10 835) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 453 | 144 |
--------------------------------------------------------------------------------
| Other financial income | 0 | 119 |
--------------------------------------------------------------------------------
| Other financial expenses | (362) | (276) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (9 382) | (10 215) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (826) | 133 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (5 388) | (16 862) |
--------------------------------------------------------------------------------
| Income tax expense | 5 796 | 386 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | (11 184) | (17 248) |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (663) | (345) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (11 847) | (17 593) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (11 847) | (17 593) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (1 762) | (77) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (13 609) | (17 670) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (13 609) | (17 670) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,57) | (0,85) |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------

Consolidated interim statement of comprehensive income (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR |
--------------------------------------------------------------------------------
| Q I 2010 | Q I 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Sales | 11 700 | 13 238 |
--------------------------------------------------------------------------------
| Costs of sales | 9 597 | 11 036 |
--------------------------------------------------------------------------------
| Gross profit | 2 103 | 2 202 |
--------------------------------------------------------------------------------
| Marketing expenses | 539 | 698 |
--------------------------------------------------------------------------------
| Administrative expenses | 1 699 | 1 932 |
--------------------------------------------------------------------------------
| Other income | 464 | 60 |
--------------------------------------------------------------------------------
| Other expenses | 20 | 66 |
--------------------------------------------------------------------------------
| Operating profit (loss) | 309 | (434) |
--------------------------------------------------------------------------------
| Interest income | 11 | 40 |
--------------------------------------------------------------------------------
| Interest expenses | (616) | (692) |
--------------------------------------------------------------------------------
| Currency exchange profit (loss) | 29 | 9 |
--------------------------------------------------------------------------------
| Other financial income | 0 | 8 |
--------------------------------------------------------------------------------
| Other financial expenses | (23) | (18) |
--------------------------------------------------------------------------------
| Financial income (expense) total | (599) | (653) |
--------------------------------------------------------------------------------
| Share of profit (loss )of associates | (53) | 9 |
--------------------------------------------------------------------------------
| Profit (loss) before income tax | (343) | (1 078) |
--------------------------------------------------------------------------------
| Income tax expense | 370 | 25 |
--------------------------------------------------------------------------------
| Profit (loss) for the year from continued | (713) | (1 103) |
| operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year from | (42) | (22) |
| discontinued operations | | |
--------------------------------------------------------------------------------
| Profit (loss) for the year | (755) | (1 125) |
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (755) | (1 125) |
--------------------------------------------------------------------------------
| Other comprehensive income | | |
--------------------------------------------------------------------------------
| Currency translation differences | (113) | (5) |
--------------------------------------------------------------------------------
| Total comprehensive income (expense) | (826) | (1 108) |
--------------------------------------------------------------------------------
| Comprehensive income attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the Parent company | (868) | (1 130) |
--------------------------------------------------------------------------------
| Basic and diluted earnings per share for | (0,04) | (0,05) |
| profit attributable to the equity holders | | |
| of the Company (Note 8) | | |
--------------------------------------------------------------------------------
Consolidated interim cash flow statement (unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EEK |
--------------------------------------------------------------------------------
| I Q 2010 | I Q 2009 |
--------------------------------------------------------------------------------
| (thousand) | |
--------------------------------------------------------------------------------
| Cash flows from operating activities |   |   |
--------------------------------------------------------------------------------
| Operating profit(loss) for the period | 4 820 | (6 780) |
--------------------------------------------------------------------------------
| Adjustments for: |   |   |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | 13 040 | 13 542 |
| impairment of property, plant and | | |
| equipment and intangibles | | |
--------------------------------------------------------------------------------
| Profit (loss) on sale of property, | 18 | (184) |
| plant and equipment | | |
--------------------------------------------------------------------------------
| Changes in working capital: |   |   |
--------------------------------------------------------------------------------
| Trade and other receivables | 655 | 13 264 |
--------------------------------------------------------------------------------
| Inventories | (1 614) | (42) |
--------------------------------------------------------------------------------
| Trade and other payables | (56 877) | (3 671) |
--------------------------------------------------------------------------------
| Cash generated from operations | (39 958) | 16 129 |
--------------------------------------------------------------------------------
| Income tax paid | (5 796) | (386) |
--------------------------------------------------------------------------------
| Interest paid | (9 646) | (10 835) |
--------------------------------------------------------------------------------
| Net cash generated from operating | (55 400) | 4 908 |
| activities | | |
--------------------------------------------------------------------------------
| Net cash generated from operating | (16 718) | (9 272) |
| activities from discontinued operations | | |
--------------------------------------------------------------------------------
| Cash flows from investing activities | | |
--------------------------------------------------------------------------------
| Proceeds from financial assets | 62 266 | 0 |
--------------------------------------------------------------------------------
| Interest received | 173 | 633 |
--------------------------------------------------------------------------------
| Purchase of property, plant and | (2 370) | (3 705) |
| equipment | | |
--------------------------------------------------------------------------------
| Proceeds from sale of property, plant | 2 739 | 337 |
| and equipment | | |
--------------------------------------------------------------------------------
| Loans granted | (2) | (2 697) |
--------------------------------------------------------------------------------
| Loan repayments received | 25 | 3 539 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | 62 831 | (1 893) |
--------------------------------------------------------------------------------
| Net cash used in/generated from | 32 851 | (1 032) |
| investing activities from discontinued | | |
| operations | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | |
--------------------------------------------------------------------------------
| Share issue | 0 | 28 166 |
--------------------------------------------------------------------------------
| Finance lease payments made | (5 963) | (8 744) |
--------------------------------------------------------------------------------
| Change in overdraft used | 152 | 8 134 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 1 900 | 0 |
--------------------------------------------------------------------------------
| Repayments of borrowings | (35 941) | (37 126) |
----------------------------------------------------

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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