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EEG: AS Ekspress Grupp: Consolidated Interim Report for the First Quarter of 2011

Spekuliantai.lt | 2011-05-06 | NASDAQ OMX biržų naujienos | perskaitė: 1793
Raktiniai žodžiai: AS Ekspress Grupp, EEG
EEG: AS Ekspress Grupp: Consolidated Interim Report for the First Quarter of 2011

Ekspress Grupp Quarterly report 06.05.2011

AS Ekspress Grupp: Consolidated Interim Report for the First Quarter of 2011

Tallinn, Estonia, 2011-05-06 15:22 CEST (GLOBE NEWSWIRE) --

The following report presents the consolidated financial information of
Ekspress Group, the related market developments and management decision. 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

Financial indicators (thousand EUR) Q1 2011 Q1 2010 Change
%
--------------------------------------------------------------------------------
For the reporting period
------------------------------------------------
Revenue 13 146 11 658 13%
------------------------------------------------
Gross margin 2 617 2 065 27%
------------------------------------------------
EBITDA 2 934 733 300%
------------------------------------------------
EBITDA (excluding revenue from business 1 394 733 90%
combination)
------------------------------------------------
Operating profit 2 094 (101) 649%
------------------------------------------------
Operating profit (excluding revenue from 554 (101) 2173%
business combinations)
------------------------------------------------
Net profit/(loss) from continuing operations 1 385 (1 131) 222%
------------------------------------------------
Net profit/(loss) for the period 1 385 (768) 280%
--------------------------------------------------------------------------------
31.03.2011 31.12.2010 Change
%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets and non-current assets held for 11 682 12 731 -8.2%
sale
--------------------------------------------------------------------------------
Non-current assets 74 838 73 251 2.2%
------------------------------------------------
Total assets 86 520 85 982 0.6%
------------------------------------------------
Current liabilities 15 949 16 018 -0.4%
------------------------------------------------
Non-current liabilities 32 578 33 665 -3.2%
------------------------------------------------
Total liabilities 48 527 49 683 -2.3%
------------------------------------------------
Equity 37 993 36 299 4.7%
--------------------------------------------------------------------------------



Financial ratios

Profitability ratios (%) Q1 2011 Q1 2010
------------------------------------------
------------------------------------------
Sales growth (%) 13% -12%
------------------------------------------
Gross margin (%) 20% 18%
-------------------------
EBITDA margin (%) 22% 6%
-------------------------
Operating margin (%) 16% -1%
-------------------------
Net margin (%) 11% -7 %
-------------------------
ROA (%) 2% -1%
-------------------------
ROE (%) 4% -3%
------------------------------------------
Earnings per share EUR 0.05 (0.04)
------------------------------------------

Formulas used to calculate the financial indicators:

Sales growth (%) (sales Q1 2011 - sales Q1 2010) / sales Q1 2010*100
Gross margin (%) gross profit/sales*100
Net margin (%) net profit/sales*100
EBITDA margin (%) EBITDA/sales*100
Operating margin (%) operating profit/sales*100
Earnings per share net profit/average number of shares
ROA (%) net profit/average assets *100
ROE (%) net profit/average equity *100



Financial position ratios (%) 31.03.2011 31.12.2010
-----------------------------------------------------
Equity ratio (%) 44% 42%
------------------------------
Liquidity ratio 0.7 0.8
------------------------------
Debt to equity ratio (%) 99% 107%
------------------------------
Debt to capital ratio (%) 46% 47%
-----------------------------------------------------

Formulas used to calculate the financial indicators:

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 bank balances
(%) (net debt)/
(net debt+ equity)*100



In the 1st quarter of 2011, Ekspress Group significantly improved its operating
results for the period. Despite the most modest quarter of the year in terms of
advertising revenue, EBITDA increased to EUR 2.93 million and EBITDA growth was
300%. The Group's net profit totalled EUR 1.38 million and net profit growth
was 280%. After normalising the operating results with the impact of business
combination with Eesti Päevalehe AS in 2011 (see Note 3 for details), the
Group's EBITDA was EUR 1.39 million and it grew by 90%. Excluding the one-off
effects of the aforementioned acquisition of Eesti Päevalehe AS, the net loss
was EUR 155 thousand in the 1st quarter of the year

The key contributors to the significant improvement of EBITDA included AS
Printall, whose EBITDA improved by 25% (EUR 303 thousand); the online portal
Delfi whose EBITDA improved by 56% (EUR 47 thousand); the publisher of Eesti
Ekspress and Maaleht, Eesti Ajalehed AS whose EBITDA improved by 365% (EUR 139
thousand).

In the periodicals segment, the results of companies improved due to better
efficiency and in the online media segment, due to sales growth. In the
printing services segment, better results were primarily related to higher
sales in export markets. The sales in the periodicals segment have stabilised
at the last year's level, but the recovery from the decline in advertising
sales is very uneven. In the middle of the quarter, sales were propelled by
elections to the Riigikogu (Parliament), but the last month of the quarter
experienced a sales setback. The revenue from subscriptions of periodicals and
single copy sales have remained quite stable in terms of the monetary amount.
While the revenue from single copy sales declined by 5.6%, then the revenue
from subscriptions increased by 5.3% during the same time period. At Ajakirjade
Kirjastus, the results of the 1st quarter were impacted by the additional
allowance for the books.

The key event of the quarter was the acquisition of a controlling interest in
Eesti Päevalehe AS. Negotiations with the former co-shareholder Jaan Manitski's
company OÜ Vivarone resulted in OÜ Vivarone acquiring the real estate property
which had previously been in the ownership of Eesti Päevalehe AS (former
premises of the publisher) and AS Ekspress Grupp acquired the shares of Eesti
Päevalehe AS from OÜ Vivarone. The parties did not pay any cash for the
transaction. The transaction has created preconditions for better cooperation
of Ekspress Group's media organisations and for increasing the competitiveness
of the newspaper Eesti Päevaleht. Although Eesti Päevalehe AS is a loss-making
company, the publishing of Eesti Päevaleht is a profitable activity for
Ekspress Group as the Group's joint ventures and subsidiaries earn a profit
from providing services to Eesti Päevaleht. With the acquisition of Eesti
Päevaleht, Ekspress Group launched development of a new multimedia newsroom
using the media brands in its ownership as the basis, which will represent the
greatest challenge for the Group this year and an opportunity to save costs as
well as increase competitiveness in the field of journalism.

Another significant event in the periodicals segment was conclusion of a
preliminary contract for the sale of the periodical and newspaper home delivery
company AS Express Post to AS Eesti Post. The reason for the conclusion of the
preliminary sales contract was the vision of the management of Ekspress Group
that during the time of media digitalisation, the strategic value of a company
engaged in classic home delivery will diminish over time for the Group. The
precondition for the conclusion of the transaction is the respective
concentration permit to be granted by the Competition Board, the application
for which was submitted in the month after the end of the quarter and
proceedings of which are expected in being completed in the 3rd quarter. The
transaction amount is EUR 2.6 million.



Overview of the segments



Key financial data of the segments January - March 2010/2011

Group
Sales (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
online media 1 852 1 541 20.2%
--------------------------
Periodicals 5 562 5 314 4.7%
--------------------------
printing services 6 490 5 551 16.9%
--------------------------
corporate functions 26 37 -29.7%
--------------------------
intersegment eliminations (784) (785) 0.1%
----------------------------------------------------
TOTAL 13 146 11 658 12.8%
----------------------------------------------------



Group
EBITDA (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
online media (37) (84) 56.0%
--------------------------
periodicals 144 (107) 234.6%
--------------------------
printing services 1 516 1 213 25.0%
--------------------------
corporate functions 1 326 (287) 562.0%
--------------------------
intersegment eliminations (15) (2) -650.0%
----------------------------------------------------
TOTAL 2 934 733 300.3%
----------------------------------------------------





-----------------------------------
EBITDA margin Q1 2011 Q1 2010
-----------------------------------
-----------------------------------
online media -2.0% -5.5%
-----------------------------------
periodicals 2.6% -2.0%
------------------
printing services 23.4% 21.9%
------------------
TOTAL 22.3% 6.3%
-----------------------------------



Over the last year, the Group's sales structure has changed, with the segments
of printing services and online media increasing from 12.4% to 13.3% and from
44.7% to 46.7% of the total sales of the Group, respectively. The EBITDA margin
has improved the most in the periodicals segment, where the last year's
negative margin has been replaced by a positive margin of 2.6%. The margin of
the online media segment has improved, increasing from - 5.5 % in the 1st
quarter of the previous year to - 2% in the comparable quarter this year.

The Group's management expects online media and printing services segments to
continue to grow. The sales growth in periodicals segment is expected to remain
uneven. The Group's management considers creation of a new multimedia newsroom
and combination of overlapping activities of various publishing entities to be
the largest challenge, expected to create considerable efficiency and support
for increasing the competitiveness of its products. The management is also
taking next steps towards digitalisation of classic printed media.



Online media segment

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



Sales (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
Delfi Estonia 703 585 20.2%
--------------------------
Delfi Latvia 422 354 19.2%
--------------------------
Delfi Lithuania 720 621 15.9%
--------------------------
Delfi Ukraine 7 1 600.0%
--------------------------
other Delfi companies 16 16 0.0%
--------------------------
intersegment eliminations (16) (36) 55.6%
----------------------------------------------------
TOTAL 1 852 1 541 20.2%
----------------------------------------------------



EBITDA (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
Delfi Estonia 1 40 -97.5%
--------------------------
Delfi Latvia 7 (52) 113.5%
--------------------------
Delfi Lithuania (36) (59) 39.0%
--------------------------
Delfi Ukraine (85) (106) 19.8%
--------------------------
other Delfi companies 77 83 -7.2%
--------------------------
intersegment eliminations 0 11 -
----------------------------------------------------
TOTAL (37) (84) 56.0%
----------------------------------------------------



In the 1st quarter, the sales in the online media segment grew by 20%, whereby
the growth by countries was quite similar. The advertising sales in the online
media segment were supported by elections in Lithuania and Estonia in early
spring. The position of Delfi Latvia has strengthened due to product design
upgrades and this, combined with the content quality, has helped Latvia to
reach the highest number of pageviews. A product upgrading process is also
underway at Delfi Lithuania. In the 1st quarter, Delfi Lithuania launched the
new women's portal www.5braskes.lt with the goal of primarily increasing the
market share in the advertising segment targeted at women. At the end of the
1st quarter, Delfi Latvia launched the portal Morning.lv with an EU grant, the
goal of which is to transmit information related to the European Parliament. In
the 1st quarter, Delfi Estonia incorporated the portal Eesti Elu, to be used as
the basis for developing a portal of hyperlocal news, and launched a new
advertising and content section "Reisileidja", which has received positive
feedback from tourist companies and created a new advertising sales flow for
Delfi. Surveys of the focus groups of Delfi readers were conducted in all
Baltic States in the 1st quarter, which help the editorial offices to better
manage the quality of products. In the 1st quarter, a significant conceptual
change was implemented at Delfi Ukraine, and a product and organisation reform
was launched with the goal of finding a more competitive segment for the
product in the extremely oversaturated Ukrainian online media landscape. At the
suggestion of the management, a decision was adopted to make the product more
tabloid-like than it is customary in the Baltic States. The change and focus of
the concept have enabled to lower costs by downsizing the organisation. The
first results show that the market has received the new product well, and the
number of unique users and downloadable pages has increased. In the online
media segment, the Group has started to sell mobile portal advertisements both
on the iPhone and Android platforms as well as to the web-based application.
The sales of video advertisements have been launched, which provides even
better opportunities to participate in the TV advertising market. As the volume
of TV advertisements exceeds the sales of online advertisements several times,
the Management Board sees the best future growth opportunities primarily in the
sale of video advertisements, enabling to participate in the budgets of TV
advertisements. The growth in mobile advertisements will be aggressive, but
modest in absolute numbers.



News portals owned by Ekspress 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 AS SL Õhtuleht www.ohtuleht.ee
-------------------------------------------------------------------
rus.delfi.lv Eesti Päevalehe AS www.epl.ee
-------------------------------------------------------------------
Delfi Lithuania www.delfi.lt
-------------------------------------------------------------------
www.klubas.lt
-------------------------------------------------------------------
ru.delfi.lt
-------------------------------------------------------------------
Delfi Ukraine www.delfi.ua
-------------------------------------------------------------------



In the 1st quarter of 2011, there were no major changes in terms of the profile
and number of readers of online publications. Delfi Group continues to be the
only new media publication operating in all Baltic States as well as in
Ukraine.



Estonian online readership 2009-2011

The number of the users of Delfi Estonia increased by ca. 11% in the 1st
quarter as compared to the 1st quarter of 2010.



Latvian online readership 2009-2011

Delfi Latvia continues to be the most visited news portal. Of the competitors,
tvnet.lv and apollo.lv have almost a third fewer visitors than Delfi.lt and
this difference has prevailed also in the 1st quarter of 2011.



Lithuanian online readership 2009-2011

In the 1st quarter of 2011, Delfi Lithuania continued to be the most popular
Internet environment in Lithuania, increasing by 15% year-over-year.



Ukrainian online readership 2009-2011

In the first months of the year, the number of users of Ukraine Delfi has
declined slightly; however, the number of users in March is the highest it has
ever been. The decline in the first months of the year is attributable to the
rearrangement of Delfi editorial team, which has been completed by now, and
rearrangement of some parts of the portal.



Periodicals segment

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



Sales (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
Eesti Ajalehed AS 1 796 1 787 0.5%
Eesti Päevalehe AS** 1 448 717 102.0%
SL Õhtuleht AS* 837 849 -1.4%
AS Ajakirjade Kirjastus* 960 1 016 -5.5%
UAB Ekspress Leidyba 656 653 0.5%
AS Express Post* 602 612 -1.6%
OÜ Uniservice* 3 2 50.0%
intersegment eliminations (740) (322) -129.8%
TOTAL 5 562 5 314 4.7%
----------------------------------------------------



EBITDA (thousand EUR) Q1 2011 Q1 2010 Change%
----------------------------------------------------
Eesti Ajalehed AS 177 38 365.8%
--------------------------
Eesti Päevalehe AS** (129) (189) 31.7%
--------------------------
SL Õhtuleht AS* 49 49 0.0%
--------------------------
AS Ajakirjade Kirjastus* (18) 7 -357.1%
--------------------------
UAB Ekspress Leidyba (41) (90) 54.4%
--------------------------
AS Express Post* 70 81 -13.6%
--------------------------
OÜ Uniservice* -3 -3 0.0%
--------------------------
intersegment eliminations 39 0 -
--------------------------
TOTAL 144 (107) 234.7%
----------------------------------------------------

*Proportionate share of joint ventures

** Until February 2011, a 50% joint venture and consolidated on a proportionate
basis. From March 2011, consolidated 100%.



Estonian newspaper circulation 2009-2010

The circulation numbers of Estonian daily newspapers show slight signs of
stabilisation and despite no investments in major marketing campaigns at the
end of 2010 and beginning of 2011, the circulation numbers have been maintained
in the 1st quarter of 2011.



Estonian newspaper readership 2009-2010

In the 1st quarter of 2011, Maaleht has significantly increased its readership,
and to a lesser extent, Õhtuleht.

In a year-over-year comparison, Eesti Ekspress has preserved its reader base.
The daily newspapers - Postimees and Eesti Päevaleht have lost their readers
the most.



Ekspress Group Lithuanian magazine readership 2010-2011

With regard to the Lithuanian magazines of Ekspress Group, the readership has
declined in the 1st quarter of 2011 for all periodicals, except for Panele and
Mano Namai.



Printing services segment

All printing services of Ekspress Group are provided by AS Printall which is
the largest printing company in Estonia. Printall is able to print both
newspapers (coldest) and magazines (heatset).



Sales (thousand EUR) Q1 2011 Q1 2010 Change%
-----------------------------------------------
AS Printall 6 490 5 551 16.9%
-----------------------------------------------



EBITDA (thousand EUR) Q1 2011 Q1 2010 Change%
------------------------------------------------
AS Printall 1 516 1 213 25.0%
------------------------------------------------



In the printing segment, aggressive development continued in export markets.
The share of exports in total sales has increased from 64% to 67% in a year.
Exports to Scandinavia have increased the most, and new markets have been added
in Western Europe. The company has reached its production capacity and the
company's Management Board is preparing an investment plan for adding new
production capacity.



Geographical break-down of printing services

Q1 2011 Q1 2010 Change
---------------------------------------------
Exports (non-Group) 64% 60% 24%
--------------------
Finland 7% 8% -6%
--------------------
Sweden 19% 18% 22%
--------------------
Russia 11% 13% -3%
--------------------
Norway 18% 13% 57%
--------------------
Denmark 4% 4% 13%
--------------------
Other exports 7% 4% 90%
--------------------
Estonia (non-Group) 21% 21% 14%
--------------------
Group 15% 19% -5%
--------------------
incl. Estonia 12% 16% -10%
--------------------
Lithuania 3% 3% 24%
--------------------
Total exports 67% 63% 24%
--------------------
Exports to Europe 56% 50% 31%
--------------------
Total Estonia 33% 37% 4%
--------------------
Total sales 100% 100% 17%
---------------------------------------------



Consolidated statement of financial position (unaudited)

(thousand EUR) 31.03.2011 31.12.2010
--------------------------------------------------------------
--------------------------------------------------------------
ASSETS
--------------------------------------------------------------
Current assets
---------------------------------------
Cash and cash equivalents 2 221 2 767
---------------------------------------
Trade and other receivables 6 446 6 943
---------------------------------------
Inventories 2 955 2 961
---------------------------------------
Total 11 622 12 671
---------------------------------------
Non-current assets held for sale 60 60
---------------------------------------
Total current assets 11 682 12 731
---------------------------------------
Non-current assets
---------------------------------------
Term deposit 3 014 3 009
---------------------------------------
Trade and other receivables 170 160
---------------------------------------
Investments in associates 8 8
---------------------------------------
Property, plant and equipment (Note 6) 18 134 19 138
---------------------------------------
Intangible assets (Note 6) 53 512 50 936
---------------------------------------
Total non-current assets 74 838 73 251
---------------------------------------
TOTAL ASSETS 86 520 85 982
--------------------------------------------------------------
--------------------------------------------------------------
LIABILITIES AND EQUITY
--------------------------------------------------------------
Liabilities
---------------------------------------
Current liabilities
---------------------------------------
Borrowings (Note 7) 5 338 5 233
---------------------------------------
Trade and other payables 10 611 10 785
---------------------------------------
Total current liabilities 15 949 16 018
---------------------------------------
Non-current liabilities
---------------------------------------
Borrowings (Note 7) 32 204 33 053
---------------------------------------
Other long-term liabilities 0 2
---------------------------------------
Derivative instruments 374 610
---------------------------------------
Total non-current liabilities 32 578 33 665
---------------------------------------
Total liabilities 48 527 49 683
---------------------------------------
Equity
---------------------------------------
Share capital (Note 10) 19 044 19 044
---------------------------------------
Share premium 14 277 14 277
---------------------------------------
Reserves (Note 10) 283 46
---------------------------------------
Retained earnings 4 285 2 900
---------------------------------------
Currency translation reserve 104 32
---------------------------------------
Total equity 37 993 36 299
---------------------------------------
TOTAL LIABILITIES AND EQUITY 86 520 85 982
--------------------------------------------------------------

Consolidated statement of comprehensive income (unaudited)

(thousand EUR) Q1 2011 Q1 2010
---------------------------------------------------------------------------
Sales 13 146 11 658
----------------------------------------------------------
Cost of sales 10 529 9 593
----------------------------------------------------------
Gross profit 2 617 2 065
----------------------------------------------------------
Marketing expenses 441 541
----------------------------------------------------------
Administrative expenses 1 639 1 689
----------------------------------------------------------
Other income 1 614 79
----------------------------------------------------------
incl. profit from business combinations (Note 3) 1 540 0
----------------------------------------------------------
Other expenses 57 15
----------------------------------------------------------
Operating profit 2 094 (101)
----------------------------------------------------------
---------------------------------------------------------------------------
Interest income 10 11
---------------------------------------------------------------------------
Interest expense 559 624
----------------------------------------------------------
Foreign exchange gains (losses) (71) 29
----------------------------------------------------------
Other finance costs 37 66
----------------------------------------------------------
Net finance cost (657) (650)
----------------------------------------------------------
Profit/(loss) from investments in associates 0 (10)
----------------------------------------------------------
Profit (loss) before income tax 1 437 (761)
----------------------------------------------------------
Income tax expense 52 370
---------------------------------------------------------------------------
Profit (loss) from continuing operations for the year 1 385 (1 131)
---------------------------------------------------------------------------
Profit (loss) from discontinued operations for the year 0 363
----------------------------------------------------------
Profit (loss) for the period 1 385 (768)
----------------------------------------------------------
Other comprehensive income (expense)
----------------------------------------------------------
Currency translation differences 72 (113)
----------------------------------------------------------
Hedging reserve change 237 0
----------------------------------------------------------
Total other comprehensive income (expense) for the period 309 (113)
----------------------------------------------------------
Total comprehensive income (expense) for the period 1 694 (881)
----------------------------------------------------------
Basic and diluted earnings per share (Note 9) 0.05 (0.04)
---------------------------------------------------------------------------



Consolidated cash flow statement (unaudited)

(thousand EUR) Q1 2011 Q1 2010
--------------------------------------------------------------------------------
Cash flows from operating activities from continuing
operations
---------------------------------------------------------------
Operating profit (loss) for the period 2 094 (101)
---------------------------------------------------------------
Adjustments for:
---------------------------------------------------------------
Depreciation, amortisation and impairment (Note 6) 839 834
---------------------------------------------------------------
Profit (-) loss (+) from business combinations (Note 3) (1 540) 0
---------------------------------------------------------------
Profit (-) loss (+) on sale and write-downs of property, plant 0 1
and equipment
---------------------------------------------------------------
Changes in working capital:
---------------------------------------------------------------
Trade and other receivables (281) (443)
---------------------------------------------------------------
Inventories 6 (118)
---------------------------------------------------------------
Trade and other payables (137) (1 535)
---------------------------------------------------------------
Cash generated from operations 981 (1 362)
---------------------------------------------------------------
Income tax paid 0 (370)
---------------------------------------------------------------
Interest paid (670) (616)
--------------------------------------------------------------------------------
Net cash generated from operating activities from continuing 311 (2 349)
operations
--------------------------------------------------------------------------------
Net cash used in operating activities from discontinued 0 (160)
operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from investing activities
--------------------------------------------------------------------------------
Investments in subsidiaries, net of cash acquired (Note 3) (23) 0
---------------------------------------------------------------
Proceeds from sale of shares in subsidiaries (Note 5) 0 3 980
---------------------------------------------------------------
Interest received 10 11
---------------------------------------------------------------
Purchase of property, plant and equipment (Note 6) (123) (151)
---------------------------------------------------------------
Proceeds from sale of property, plant and equipment 1 175
---------------------------------------------------------------
Loan repayments received 20 2
---------------------------------------------------------------
Net cash used in investing activities from continuing (115) 4 016
operations
--------------------------------------------------------------------------------
Net cash generated from investing activities from discontinued 0 0
operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from financing activities from continuing
operations
--------------------------------------------------------------------------------
Finance lease payments made (305) (381)
---------------------------------------------------------------
Change in overdraft used 341 10
---------------------------------------------------------------
Proceeds from borrowings 116 121
---------------------------------------------------------------
Repayments of borrowings (894) (2 297)
---------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in financing activities from continuing (742) (2 547)
operations
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in financing activities from discontinued 0 (5)
operations
--------------------------------------------------------------------------------
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (546) (1 046)
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the period 2 767 2 553
---------------------------------------------------------------
Cash and cash equivalents at the end of the period 2 221 1 508
--------------------------------------------------------------------------------




Additional information:
Gunnar Kobin
Chairman of the Management Board
GSM: +372 5188111
E-mail: [email protected]


1. Microsoft Word - EG_I_kvartal_2011_ENG 05 05 2011.pdf
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