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WKN: A0MNR0 | ISIN: EE3100016965 | Ticker-Symbol: DYC
Frankfurt
31.10.24
08:05 Uhr
1,005 Euro
0,000
0,00 %
Branche
Medien
Aktienmarkt
OSTEUROPA
1-Jahres-Chart
EKSPRESS GRUPP AS Chart 1 Jahr
5-Tage-Chart
EKSPRESS GRUPP AS 5-Tage-Chart
RealtimeGeldBriefZeit
0,9701,04031.10.
GlobeNewswire (Europe)
47 Leser
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AS Ekspress Grupp: Consolidated unaudited interim report for Q3 and 9 months of 2024

The revenue of AS Ekspress Grupp for the 3rd quarter of 2024 increased by 2%, totalling EUR 16.8 million and EBITDA decreased by 19%, totalling EUR 2.0 million. The revenue for the first nine months of 2024 also increased year-over-year by 2%, totalling EUR 52.7 million and EBITDA decreased by 9%, totalling EUR 5.5 million. At the end of September, digital revenue made up 88% of the Group's total revenue. Digital revenue increased by 8% as compared to the same period last year. The digital subscription revenue of the Group's media companies and the number of people with digital subscriptions grew strongly year-over-year in all three countries. The revenue from ticket platforms and the advertising revenue from outdoor screens have also seen strong growth.

The 3rd quarter was successful both in terms of increasing the revenue from ticket platforms as well as the advertising revenue from outdoor screens. Digital subscriptions also increased strongly. The advertising revenue of media companies decreased due to the overall weak economic environment in the Baltic States. The revenue of Ekspress Grupp in the 3rd quarter totalled EUR 16.8 million, increasing by 2% as compared to the same period last year. The 9-month revenue also increased by 2%.

In a year-over-year comparison, the Group received nearly 43 000 new digital subscriptions in the Baltic States, i.e. 24% more than at the end of September last year. At the end of September 2024, digital subscriptions totalled 223 000. The Group's digital revenue is increasingly based on digital subscription revenue and it makes up an increasingly larger recurring revenue base without the need for additional sales activity (and costs). We have enhanced the quality and volume of the content offered by the Group's media companies in order to be the leader in the digital subscription field in all Baltic States. The Group is gradually moving towards its financial strategic goals and wishes to offer paid digital content to at least 340 000 subscribers by the year 2026.

In the 3rd quarter, Ekspress Grupp's earnings before interest, tax, depreciation and amortisation (EBITDA) totalled EUR 2.0 million, decreasing by 19%. The 9-month EBITDA totalled EUR 5.5 million, decreasing by 9%. Lower profitability is due to the decline in the advertising market as a result of the general economic environment and the increasing pressure of input costs. The net profit for the 3rd quarter of 2024 was 0.3 million, which is 0.6 million less as compared to last year. The Group's nine-month net profit totalled 0.1 million, which is 0.7 million less than last year. The decrease in net profit is also mainly due to higher interest rates related to the increase in Euribor and the increase in depreciation expenses resulting from the Group's investments.

The Group's liquidity continues to be strong. The Management Board considers it important to maintain liquidity reserves both for the use of potential new acquisitions and for situations related to further cooling of the economy. As of 30 September 2024, the Group's available cash totalled EUR 5.4 million (30.09.2023: EUR 6.1 million). In May 2024, the Group paid dividends of 6 euro cents per share to its shareholders in the total amount of EUR 1.8 million.

Q3 AND 9 MONTHS RESULTS

REVENUE

In the 3rd quarter of 2024, the consolidated revenue totalled EUR 16.8 million (Q3 2023: EUR 16.5 million). The revenue for the 3rd quarter increased by 2% year-over-year. The consolidated revenue for the first 9 months of 2024 totalled EUR 52.7 million (9 months 2023: EUR 51.8 million). The revenue for the first 9 months of the year increased by 2% as compared to the previous year. The growth is attributable to the increase in digital subscription revenue as well as increase in the volume of ticket sales platforms and digital outdoor screens. The share of the Group's digital revenue in total revenue was 88% in the first 9 months of 2024 (9 months 2023: 83% of total revenue). Digital revenue for the first 9 months of 2024 increased by 8% as compared to the same period last year.

PROFITABILITY

In the 3rd quarter of 2024, the consolidated EBITDA totalled EUR 2.0 million (Q3 2023: EUR 2.4 million). EBITDA decreased by -19% as compared to last year and the EBITDA margin was 12% (Q3 2023: 15%). In the first 9 months of 2024, the consolidated EBITDA totalled EUR 5.5 million (9 months 2023: EUR 6.0 million). EBITDA decreased by -9% as compared to last year and the EBITDA margin was 10% (9 months 2023: 12%). Lower profitability is due to the decline in the advertising market as a result of the general economic environment and the increasing pressure of input costs.

The consolidated net profit for the 3rd quarter of 2024 totalled EUR 0.31 million (Q3 2023: EUR 0.95 million), decreasing by -68%. The consolidated net profit for the first 9 months of 2024 totalled EUR 0.11 million (9 months 2023: EUR 0.83 million). The decrease in net profit is also primarily related to higher interest rates due to the increase in Euribor rates and higher depreciation expenses arising from the Group's investments.

EXPENSES

In the first 9 months of 2024, the cost of goods sold, marketing, and general and administrative costs totalled EUR 52.0 million (9 months 2023: EUR 49.3 million). Operating expenses increased by EUR 2.7 million (+5%) as compared to the same period last year. Labour costs increased the most, by EUR 0.9 million (+3%).

CASH POSITION

At the end of the reporting period, the Group had available cash in the amount of EUR 5.4 million and equity in the amount of EUR 55.3 million (52% of total assets). The comparable data as of 30 September 2023 were EUR 6.1 million and 54.0 million (55% of total assets), respectively. As of 30 September 2024, the Group's net debt totalled EUR 15.6 million (30 September 2023: EUR 14.3 million).

In the first 9 months of 2024, the Group's cash flows from operating activities totalled EUR 3.1 million (9 months 2023: EUR 6.9 million).

In the first 9 months of 2024, the Group's cash flows from investing activities totalled EUR -5.3 million (9 months 2023: EUR -3.0 million), of which EUR -3.0 million was related to the development and acquisition of tangible and intangible assets, demonstrating higher investments in products and technologies.

In the first 9 months of 2024, the Group's cash flows from financing activities totalled EUR -2.1 million, of which EUR -1.8 million is the dividend payment to the shareholders of AS Ekspress Grupp (9 months 2023: EUR -5.2 million, of which EUR -1.0 million is the share buy-back and EUR -1.5 million is the dividend payment to the shareholders of AS Ekspress Grupp). The financing activities also include the net change in borrowings in the amount of EUR 1.0 million and lease liabilities in the amount of EUR -1.7 million.

DIVIDENDS

At the regular general meeting of shareholders of AS Ekspress Grupp held on 3 May 2024, it was decided to pay a dividend of 6 euro cents per share in the total amount of EUR 1.8 million. Dividends were paid to shareholders on 22 May 2024.


SEGMENT OVERVIEW

Key financial indicators for segments

(EUR thousand)Sales
Q3 2024Q3 2023Change %9M 20249M 2023Change %12 months 2023
Media segment16 78016 4552%52 59252 0881%73 365
advertising revenue8 9369 413-5%29 31530 219-3%42 074
subscriptions (incl. single-copy sales)5 0124 6657%15 08913 8849%19 016
marketplaces9408619%2 6042 09924%3 434
outdoor screens1 06682329%3 1172 34933%3 530
sale of other goods and services82769219%2 4673 538-30%5 311
Corporate functions19416716%5482 474-78%2 642
Inter-segment eliminations(167)(131) (483)(2 789) (2 920)
TOTAL GROUP16 80616 4902%52 65751 7732%73 086
incl. revenue from all digital channels14 91314 1465%46 23242 9428%60 460
% of revenue from all digital channels89%86% 88%83% 83%
(EUR thousand)EBITDA
Q3 2024Q3 2023Change %9M 20249M 2023Change %12 months 2023
Media segment2 3742 852-17%6 6766 974-4%11 695
Corporate functions(380)(416)9%(1 221)(977)-25%(1 477)
Inter-segment eliminations(12)3 10(4) (1)
TOTAL GROUP1 9822 440-19%5 4665 992-9%10 217
EBITDA marginQ3 2024Q3 20239M 20249M 202312 months 2023
Media segment14%17%13%13%16%
TOTAL GROUP12%15%10%12%14%


Consolidated statement of financial position (unaudited)

(EUR thousand)30.09.202431.12.2023
ASSETS
Current assets
Cash and cash equivalents5 3519 606
Trade and other receivables13 61813 143
Corporate income tax prepayment21124
Inventories353321
Total current assets19 53323 094
Non-current assets
Other receivables and investments1 7521 628
Deferred tax asset132130
Investments in joint ventures973851
Investments in associates2 4162 197
Property, plant and equipment9 66110 384
Intangible assets70 92067 482
Total non-current assets85 85382 672
TOTAL ASSETS105 386105 766
LIABILITIES
Current liabilities
Borrowings3 0554 353
Trade and other payables23 47023 046
Corporate income tax payable039
Total current liabilities 26 52527 438
Non-current liabilities
Long-term borrowings23 54221 765
Other long-term liabilities2222
Total non-current liabilities23 56421 787
TOTAL LIABILITIES50 09049 225
EQUITY
Share capital18 57618 478
Share premium14 27714 277
Treasury shares(5)(1 057)
Reserves2 3642 285
Retained earnings20 08422 558
TOTAL EQUITY 55 29656 541
TOTAL LIABILITIES AND EQUITY105 386105 766


Consolidated statement of comprehensive income (unaudited)

(EUR thousand)Q3 2024Q3 20239M 20249M 202312 months 2023
Sales16 80616 49052 65751 77373 086
Cost of sales(13 594)(12 384)(41 853)(40 131)(55 046)
Gross profit3 2114 10710 80411 64218 040
Other income409167698348581
Marketing expenses(640)(649)(2 321)(2 011)(2 803)
Administrative expenses (2 455)(2 253)(7 851)(7 180)(9 582)
Other expenses(39)(122)(134)(262)(737)
Operating profit /(loss)4861 2501 1962 5375 499
Interest income2312843260
Interest expenses(476)(383)(1 384)(1 059)(1 499)
Other finance income/(costs)(16)(14)(39)(35)(55)
Net finance cost(468)(384)(1 339)(1 063)(1 494)
Profit/(loss) on shares of joint ventures12269243(726)(661)
Profit/(loss) on shares of associates17365423196239
Profit /(loss) before income tax3121 0005249433 583
Income tax expense(7)(52)(416)(113)(232)
Net profit /(loss) for the reporting period3059491088303 351
Net profit /(loss) for the reporting period attributable to
Equity holders of the parent company 3059491088283 349
Minority interest00022
Total comprehensive income /(loss)3059491088303 351
Comprehensive income /(loss) for the reporting period attributable to
Equity holders of the parent company 3059491088283 349
Minority interest00022
Earnings per share (euro)
Basic earnings per share0.00980.03150.00350.02750.1113
Diluted earnings per share0.00980.03050.00350.02670.1081


Consolidated cash flow statement (unaudited)

(EUR thousand)9M 20249M 202312 months 2023
Cash flows from operating activities
Operating profit /(loss) for the reporting year1 1962 5375 499
Adjustments for (non-cash):
Depreciation and amortisation4 2663 4554 719
(Gain)/loss on sale, write-down and impairment of property, plant and equipment25165387
Change in value of share option02426
Cash flows from operating activities:
Trade and other receivables(576)211(1 539)
Inventories(32)3(35)
Trade and other payables (84)1 5184 921
Income tax paid(644)(184)(263)
Interest paid(1 025)(852)(1 476)
Net cash generated from operating activities 3 1276 87612 239
Cash flows from investing activities
Acquisition of subsidiaries/ associates (less cash acquired) and other investments /
cash paid-in equity-accounted investees
(2 579)(1 310)(1 469)
Receipts of other investments01313
Interest received82628
Purchase of property, plant and equipment and intangible assets (Note 5)(3 036)(2 405)(3 391)
Proceeds from sale of property, plant and equipment and intangible assets625275
Loans granted(12)00
Loan repayments received408
Dividends received204674674
Net cash used in investing activities (5 331)(2 997)(3 862)
Cash flows from financing activities
Dividends paid(1 848)(1 488)(1 488)
Payment of lease liabilities (1 708)(1 446)(2 004)
Change in overdraft balance53300
Proceeds from borrowings2 24000
Repayments of bank loans(1 763)(1 260)(1 727)
Proceeds from share issuance9800
Proceeds from sale of treasury shares39700
Purchases of treasury shares0(1 000)(1 000)
Net cash used in financing activities (2 052)(5 195)(6 219)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS(4 256)(1 316)2 158
Cash and cash equivalents at the beginning of the period9 6067 4487 448
Cash and cash equivalents at the end of the period5 3516 1329 606

Argo Rannamets
CFO
AS Ekspress Grupp
E-mail address: argo.rannamets@egrupp.ee


AS Ekspress Grupp is the leading Baltic media group whose key activities include web media content production, and publishing of newspapers, magazines and books. The Group also operates an electronic ticket sales platform and ticket sales offices in Estonia and Latvia. Ekspress Grupp launched its operations in 1989 and employs almost 1100 people.


© 2024 GlobeNewswire (Europe)
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