2023 Summary
Group’s key figures 2023
Key results in 2023
Revenue
Cash balance
EBITDA
the share of digital revenue of group's revenue
digital subscriptions throughout the Baltic States
digital subscriptions growth
employees
Major business results
Sales revenue
90
80
70
60
50
40
30
20
10
0
2019
2020
2021
2022
2023
mEur
% of digital revenue from total sales revenue
Sales
EBITDA
13
10
8
5
3
0
2019
2020
2021
2022
2023
mEur
EBITDA margin %
EBITDA
Net profit (continuing operations)
5
4
3
2
1
0
2019
2020
2021
2022
2023
mEur
Revenue
In 2023, the consolidated revenue totalled EUR 73.1 million (2022: EUR 64.1 million). The revenue increased by 14% year-over-year. If to exclude from revenue the acquisitions made in the Lithuania in the 2nd half of 2022 (news portal Lrytas and news agency ELTA), the revenue growth was 9%. Digital advertising sales have been in an upward trend both in Estonia and Lithuania. This growth has been driven by online advertising revenue and digital subscription revenue. The share of the Group’s digital revenue in total revenue was 83% at the end of 2023 (at the end of 2022: 78% of total revenue). Digital revenue increased by 21% as compared to the same period last year.
Profitability
In 2023, the consolidated EBITDA totalled EUR 10.2 million (2022: EUR 8.9 million). EBITDA increased by 15% as compared to the previous year and the EBITDA margin was 14% (2022: 14%). Profitability has been boosted by successful sales of online advertising and digital subscriptions in Estonia and Lithuania, and the volume growth of ticket sales platforms and digital outdoor screens.
In 2023, the consolidated net profit, excluding extraordinary expenses, totalled EUR 3.7 million (2022: EUR 4.1 million). The consolidated net profit decreased by 9% as compared to last year. Including one-off expenses, the consolidated net profit for 2023 totalled EUR 3.4 million. The decrease in net profit is primarily impacted by higher interest rates related to the increase in Euribor and higher depreciation charges related to the Group’s investments. The negative impact of interest costs is twofold and impacts the results as an additional charge of EUR 0.8 million. The results were also impacted by the one-off expenses related to the liquidation of the home delivery service of AS Express Post in the amount of EUR 0.3 million. From July 2023, the home delivery service of Express Post has been discontinued and the Group will no longer incur an additional loss from this area in the upcoming periods.
The comparative base of 2022 is also higher due to the adjustment of fair value of the unpaid future commitment related to the ticket sales platform in the amount of EUR 0.2 million that had been recognised as one-off finance income.
In 2023, the consolidated net profit, excluding extraordinary expenses, totalled EUR 3.7 million (2022: EUR 4.1 million). The consolidated net profit decreased by 9% as compared to last year. Including one-off expenses, the consolidated net profit for 2023 totalled EUR 3.4 million. The decrease in net profit is primarily impacted by higher interest rates related to the increase in Euribor and higher depreciation charges related to the Group’s investments. The negative impact of interest costs is twofold and impacts the results as an additional charge of EUR 0.8 million. The results were also impacted by the one-off expenses related to the liquidation of the home delivery service of AS Express Post in the amount of EUR 0.3 million. From July 2023, the home delivery service of Express Post has been discontinued and the Group will no longer incur an additional loss from this area in the upcoming periods.
The comparative base of 2022 is also higher due to the adjustment of fair value of the unpaid future commitment related to the ticket sales platform in the amount of EUR 0.2 million that had been recognised as one-off finance income.
Expenses
In 2023, the cost of goods sold, marketing, and general and administrative costs totalled EUR 67.4 million (2022: EUR 60.0 million). Operating expenses increased by EUR 7.4 million (+12%) as compared to the same period last year. Staff costs in the amount of EUR 5.0 million increased the most (+16%).
In 2023, the Group employed 976 employees on average which is 92 more as compared to the same period last year (2022: 884 employees). This growth is attributable to 72 employees who were transferred from the companies acquired, incl. ELTA news agency acquired in Lithuania in May 2022 and the news portal lrytas.lt acquired in December 2022. An additional 20 employees were transferred from other companies in Estonia, Latvia and Lithuania.
On 24 February 2022, military action began between Ukraine and Russia. The Group has neither any operations nor any assets in Ukraine and Russia, and therefore, the war has only an indirect impact on the Group. The operations of these countries have an indirect impact on the Baltic economies, including energy prices, raw materials and their overall impact on the economies of Europe and other Western countries.
In 2023, the Group employed 976 employees on average which is 92 more as compared to the same period last year (2022: 884 employees). This growth is attributable to 72 employees who were transferred from the companies acquired, incl. ELTA news agency acquired in Lithuania in May 2022 and the news portal lrytas.lt acquired in December 2022. An additional 20 employees were transferred from other companies in Estonia, Latvia and Lithuania.
On 24 February 2022, military action began between Ukraine and Russia. The Group has neither any operations nor any assets in Ukraine and Russia, and therefore, the war has only an indirect impact on the Group. The operations of these countries have an indirect impact on the Baltic economies, including energy prices, raw materials and their overall impact on the economies of Europe and other Western countries.
Cash position
At the end of the reporting period, the Group had available cash in the amount of EUR 9.6 million and equity in the amount of EUR 56.5 million (53% of total assets). The comparable data as of 31 December 2022 were EUR 7.4 million and EUR 55.4 million (56% of total assets), respectively. As of 31 December 2023, the Group’s net debt was EUR 10.6 million (31 December 2022: EUR 13.3 million).
In 2023, the Group’s cash flows from operating activities totalled EUR 12.2 million (2022: EUR 8.0 million) that were positively impacted by the ticket sales platforms in Estonia and Latvia. The key effect came from Latvia where ticket sales volumes are increasing, despite a weaker economic environment.
In 2023, the Group’s cash flows from investing activities totalled EUR -3.9 million (2022: EUR -10.6 million), of which EUR -3.4 million was related to development and acquisition of property, plant and equipment and intangible assets, indicating higher investments in products and technologies. In 2023, the Group invested EUR -1.2 million in new LED screens, funded with a finance lease.
In 2023, the Group’s cash flows from financing activities totalled EUR -6.2 million (2022: EUR -0.9 million), of which EUR -1.0 million was the share buy-back and EUR -1,5 million was the dividend payment to the shareholders of AS Ekspress Grupp. Financing activities also include a net change in borrowings in the amount of EUR -1.7 million and lease liabilities in the amount of EUR -2.0 million.
In 2023, the Group’s cash flows from operating activities totalled EUR 12.2 million (2022: EUR 8.0 million) that were positively impacted by the ticket sales platforms in Estonia and Latvia. The key effect came from Latvia where ticket sales volumes are increasing, despite a weaker economic environment.
In 2023, the Group’s cash flows from investing activities totalled EUR -3.9 million (2022: EUR -10.6 million), of which EUR -3.4 million was related to development and acquisition of property, plant and equipment and intangible assets, indicating higher investments in products and technologies. In 2023, the Group invested EUR -1.2 million in new LED screens, funded with a finance lease.
In 2023, the Group’s cash flows from financing activities totalled EUR -6.2 million (2022: EUR -0.9 million), of which EUR -1.0 million was the share buy-back and EUR -1,5 million was the dividend payment to the shareholders of AS Ekspress Grupp. Financing activities also include a net change in borrowings in the amount of EUR -1.7 million and lease liabilities in the amount of EUR -2.0 million.
Dividends and dividend policy
Within the framework of the share buy-back programme, on 9 March 2023 AS Ekspress Grupp purchased 588 235 shares at the price of EUR 1.70 per share in the total amount of EUR 1.0 million.
At the regular general meeting of shareholders of AS Ekspress Grupp held on 4 May 2023, it was decided to pay a dividend of 5 euro cents per share in the total amount of EUR 1.49 million. Dividends were paid to shareholders on 24 May 2023.
The Supervisory Board of AS Ekspress Grupp has approved the group's dividends policy, according to which Ekspress Grupp will pay at least 30% of the annual profit as dividends starting from 2022.
At the regular general meeting of shareholders of AS Ekspress Grupp held on 4 May 2023, it was decided to pay a dividend of 5 euro cents per share in the total amount of EUR 1.49 million. Dividends were paid to shareholders on 24 May 2023.
The Supervisory Board of AS Ekspress Grupp has approved the group's dividends policy, according to which Ekspress Grupp will pay at least 30% of the annual profit as dividends starting from 2022.
| Performance indicators (EUR thousand) | 2023 | 2022 | Change % | 2021 | 2020 | 2019 |
| Continuing operations | ||||||
| Sales revenue | 73,086 | 64,141 | 14% | 53,516 | 44,514 | 44,717 |
| Revenue from all digital channels (%) | 83% | 78% | 76% | 70% | 68% | |
| EBITDA | 10,217 | 8,891 | 15% | 8,240 | 5,924 | 4,904 |
| EBITDA margin (%) | 14.0% | 13.9% | 15.4% | 13.3% | 11.0% | |
| Operating profit /(loss) | 5,499 | 4,797 | 15% | 4,864 | 3,071 | 2,337 |
| Operating margin (%) | 7.5% | 7.5% | 9.1% | 6.9% | 5.1% | |
| Interest expenses | (1,499) | (738) | -103% | (709) | (860) | (1,085) |
| Profit (loss) of joint ventures under equity method | (661) | (242) | -173% | (281) | 102 | (38) |
| Net profit from continuing operations ** | 3,691 | 4,055 | -9% | 4,133 | 2,566 | 755 |
| Net margin (%) - continuing operations ** | 5.1% | 6.3% | 7.7% | 5.8% | 1.7% | |
| Return on assets ROA (%) | 3.3% | 4.3% | 2.4% | 2.7% | 1.6% | |
| Return on equity ROE (%) | 6.2% | 7.6% | 4.1% | 4.9% | 2.8% | |
| Earnings per share (euro) - continuing operations | ||||||
| Basic earnings per share | 0.1113 | 0.1335 | 0.1362 | 0.0852 | 0.0249 | |
| Diluted earnings per share | 0.1081 | 0.1294 | 0.1316 | 0.0820 | 0.0249 |
| Balance sheet (EUR thousand) | 31.12.2023 | 31.12.2022 | Change % | 31.12.2021 | 31.12.2020 | 31.12.2019 |
| As of the end of the period | ||||||
| Current assets | 23,094 | 19,444 | 19% | 20,553 | 18,482 | 19,472 |
| Non-current assets | 82,672 | 80,392 | 3% | 73,705 | 75,695 | 75,935 |
| Total assets | 105,766 | 99,836 | 6% | 94,258 | 94,177 | 95,407 |
| incl. cash and cash equivalents | 9,606 | 7,448 | 29% | 10,962 | 6,269 | 3,647 |
| incl. goodwill | 48,166 | 48,779 | -1% | 45,576 | 43,085 | 42,628 |
| Current liabilities | 27,438 | 22,422 | 22% | 20,947 | 18,945 | 21,647 |
| Non-current liabilities | 21,787 | 21,991 | -1% | 19,619 | 20,613 | 22,137 |
| Total liabilities | 49,225 | 44,413 | 11% | 40,566 | 39,558 | 43,784 |
| incl. borrowings (excl rental liabilities according to IFRS 16) | 20,177 | 20,763 | -3% | 17,062 | 19,181 | 21,307 |
| Equity | 56,541 | 55,423 | 2% | 53,692 | 54,619 | 51,622 |
| Financial ratios (%) | 31.12.2023 | 31.12.2022 | 31.12.2021 | 31.12.2020 | 31.12.2019 | |
| Equity ratio (%) | 53% | 56% | 57% | 58% | 54% | |
| Debt to equity ratio (%) | 46% | 46% | 41% | 41% | 47% | |
| Debt to capital ratio (%) | 23% | 24% | 17% | 23% | 29% | |
| Total debt/EBITDA ratio | 1.97 | 2.34 | 2.07 | 2.74* | 3.15* | |
| Liquidity ratio | 0.84 | 0.87 | 0.98 | 0.98 | 0.90 | |
|
* for years 2020-2019 total debt/EBITDA ratio is calculated on the basis of EBITDA, which also includes EBITDA from discontinued operations. ** does not include expenditure related to the closure of home delivery business of the joint venture AS Express Post in the amount of EUR 340 thousand in 2023. |
||||||
| (EUR thousand) | Sales | |||||
| 2023 | 2022 | Change % | 2021 | 2020 | 2019 | |
| Media segment | 73,365 | 62,690 | 17% | 52,093 | 43,728 | 44,218 |
| advertising revenue | 42,074 | 37,613 | 12% | 33,781 | 28,173 | 29,472 |
| subscriptions (incl single-copy sales) | 19,016 | 16,819 | 13% | 13,311 | 11,336 | 10,199 |
| marketplaces | 3,434 | 2,232 | 54% | 1,013 | 851 | 1,368 |
| outdoor screens | 3,530 | 2,396 | 47% | 1,448 | 920 | 1,148 |
| sale of other goods and services | 5,311 | 3,630 | 46% | 2,539 | 2,448 | 2,031 |
| Corporate functions | 2,642 | 4,500 | -41% | 4,118 | 2,761 | 2,076 |
| Inter-segment eliminations | -2,920 | -3,050 | -2,695 | -1,975 | -1,577 | |
| TOTAL GROUP | 73,086 | 64,141 | 14% | 53,516 | 44,514 | 44,717 |
| incl. revenue from all digital channels | 60,460 | 49,928 | 21% | 40,453 | 30,963 | 30,534 |
| % of revenue from all digital channels | 83% | 78% | 76% | 70% | 68% |
Media segment sales revenue
80
60
40
20
0
2019
2020
2021
2022
2023
mEur
% of digital revenue from total sales revenue
Sales
Media segment EBITDA
13
10
8
5
3
0
2019
2020
2021
2022
2023
mEur
Media Segment
The year 2023 was another year of strong growth for Ekspress Grupp – Delfi Meedia surpassed the magical 100 000 subscriber threshold.
The year is characterised by the following digital trends:
* digital revenue growth was strong in all Baltic key markets, customer awareness to pay for digital content keeps increasing;
* artificial intelligence and the tools that are based thereon are increasingly influencing the text, sound and video images;
* focus on ease of use and cyber safety becomes increasingly more important.
Last year, the market for digital subscriptions in Estonia, Latvia and Lithuania developed in the expected direction. Ekspress Grupp, as the largest provider of news media digital subscriptions in the target markets, increased the number of digital subscriptions in the Baltic States by a total of 41% during the year, reaching 207 000 subscriptions by the end of the year. In Estonia, the number of digital subscriptions of Delfi Meedia grew the most, increasing by 20% year-over-year (+17 242) and exceeded the 100 000-subscriber threshold for the first time in December. The number of digital subscriptions of Genius Meedia increased by 25%. Õhtuleht Kirjastus, Delfi in Latvia and Lithuania also continued to ride the growth wave of digital subscriptions, increasing digital subscriptions by 10%, 87% and 112%, respectively, as compared to the previous year. The news portal Lrytas entered the Lithuanian digital subscription market as a newcomer, with over 6 000 subscribers by the end of the year. Rapid growth has been ensured by customers' willingness and awareness to pay for digital content, as one of the biggest leaders in the news field is Ekspress Grupp with its international streaming and music services.
If you compare it to the population of Estonia, Delfi has probably become one of the most successful media companies with a share of digital subscriptions both in Europe and around the world. In 2023, the Lithuanian and Latvian market also witnessed a certain breakthrough in the transition to the digital subscription model, which we had been expecting for some time. The number of Delfi ‘s digital subscribers more than doubled in Lithuania in a year and reached nearly 40 000 subscribers by the end of the year. The number of subscriptions of Delfi in Latvia increased by 87% and reached over 26 000 by the end of the year. The Group's newest media company, Lrytas, switched to a digital subscription model in the last quarter and attained already more than 6 000 subscriptions by the end of the year. These numbers show that, similarly to Estonia, the readers in other Baltic States are also embracing the digital subscription model of journalism and value domestic, independent content produced in their own language. A digital subscription of news media is an increasingly accepted product among the readers, as evidenced by the increasing number of subscriptions and the decreasing turnover of subscribers. We see that more and more readers subscribe to digital news media to keep up with important topics in society.
In 2023, we completed the generation change of the Delfi platform in Latvia and Lithuania. The Group’s central IT development takes place in Estonia, but it concerns all three countries. The platform change in Latvia-Lithuania creates better opportunities and flexibility for readers there. The number of digital subscriptions of Delfi in Latvia and Lithuania was affected because the packages were made to be similar to the ones used in Estonia. A uniform package-based logic was introduced, which gives the digital subscriber greater access to all Delfi content. By now, all Delfi portals have been transferred to the central IT solution, ensuring more economical, safer and faster work results.
In 2023, the revenue of the media segment totalled EUR 73.4 million (2022: EUR 62.7 million). Revenue increased by 17% as compared to the same period last year. At the end of 2023, digital revenue made up 83% of total revenue (2022: 78%).
The Group continues to successfully increase its advertising and digital subscription sales volumes both through an increase in the market share as well as the average price. If to exclude from revenue the acquisitions made in Lithuania in the 2nd half of 2022 (news portal Lrytas and news agency ELTA), media segment revenue increased by 12% in 2023.
Advertising
In 2023, the advertising revenue in Estonia and Lithuania was at an expected level and demonstrated growth while the advertising market remained at the same level as last year. As compared to the same period last year, the advertising market decreased in Latvia where our revenue was 6% lower as compared to last year. The advertising market in Latvia was impacted by the overall negative economic environment, the effects of which we have not been seen to such an extent in Estonia and Lithuania. Digital advertising sales have been growing both in Estonia and Lithuania.
Subscriptions
In 2023, subscription revenue increased by 13% as compared to the same period last year. This growth was primarily boosted by higher subscription volumes and the growth in the average price of subscriptions in all media houses. From the Group’s point of view, it is important to increase digital subscriptions and thereby lower its dependency on advertising revenue over the long run.
Marketplaces
Under marketplaces, the Group recognises the revenue from ticket sales platforms in Estonia and Latvia. In 2023, the revenue from ticket sales platforms increased by 54%. The key contributor is Latvia, where ticket sales volumes are in an upward trend, despite a weaker economic environment. For example, both the number of tickets sold as well as revenue were boosted by the successful ticket sales of the jubilee song festival held in Riga.
Outdoor screens
In 2023, the advertising revenue from outdoor screens increased by 47% as compared to last year. The growth has primarily been boosted by the expansion of the outdoor screen network. In 2023, 64 new screens were added. As of 31 December 2023, the Group had a total of 148 outdoor screens, including 98 in Latvia and 50 in Estonia (31.12.2022: total of 84, 42 in Latvia and 42 in Estonia).
The year is characterised by the following digital trends:
* digital revenue growth was strong in all Baltic key markets, customer awareness to pay for digital content keeps increasing;
* artificial intelligence and the tools that are based thereon are increasingly influencing the text, sound and video images;
* focus on ease of use and cyber safety becomes increasingly more important.
Last year, the market for digital subscriptions in Estonia, Latvia and Lithuania developed in the expected direction. Ekspress Grupp, as the largest provider of news media digital subscriptions in the target markets, increased the number of digital subscriptions in the Baltic States by a total of 41% during the year, reaching 207 000 subscriptions by the end of the year. In Estonia, the number of digital subscriptions of Delfi Meedia grew the most, increasing by 20% year-over-year (+17 242) and exceeded the 100 000-subscriber threshold for the first time in December. The number of digital subscriptions of Genius Meedia increased by 25%. Õhtuleht Kirjastus, Delfi in Latvia and Lithuania also continued to ride the growth wave of digital subscriptions, increasing digital subscriptions by 10%, 87% and 112%, respectively, as compared to the previous year. The news portal Lrytas entered the Lithuanian digital subscription market as a newcomer, with over 6 000 subscribers by the end of the year. Rapid growth has been ensured by customers' willingness and awareness to pay for digital content, as one of the biggest leaders in the news field is Ekspress Grupp with its international streaming and music services.
If you compare it to the population of Estonia, Delfi has probably become one of the most successful media companies with a share of digital subscriptions both in Europe and around the world. In 2023, the Lithuanian and Latvian market also witnessed a certain breakthrough in the transition to the digital subscription model, which we had been expecting for some time. The number of Delfi ‘s digital subscribers more than doubled in Lithuania in a year and reached nearly 40 000 subscribers by the end of the year. The number of subscriptions of Delfi in Latvia increased by 87% and reached over 26 000 by the end of the year. The Group's newest media company, Lrytas, switched to a digital subscription model in the last quarter and attained already more than 6 000 subscriptions by the end of the year. These numbers show that, similarly to Estonia, the readers in other Baltic States are also embracing the digital subscription model of journalism and value domestic, independent content produced in their own language. A digital subscription of news media is an increasingly accepted product among the readers, as evidenced by the increasing number of subscriptions and the decreasing turnover of subscribers. We see that more and more readers subscribe to digital news media to keep up with important topics in society.
In 2023, we completed the generation change of the Delfi platform in Latvia and Lithuania. The Group’s central IT development takes place in Estonia, but it concerns all three countries. The platform change in Latvia-Lithuania creates better opportunities and flexibility for readers there. The number of digital subscriptions of Delfi in Latvia and Lithuania was affected because the packages were made to be similar to the ones used in Estonia. A uniform package-based logic was introduced, which gives the digital subscriber greater access to all Delfi content. By now, all Delfi portals have been transferred to the central IT solution, ensuring more economical, safer and faster work results.
In 2023, the revenue of the media segment totalled EUR 73.4 million (2022: EUR 62.7 million). Revenue increased by 17% as compared to the same period last year. At the end of 2023, digital revenue made up 83% of total revenue (2022: 78%).
The Group continues to successfully increase its advertising and digital subscription sales volumes both through an increase in the market share as well as the average price. If to exclude from revenue the acquisitions made in Lithuania in the 2nd half of 2022 (news portal Lrytas and news agency ELTA), media segment revenue increased by 12% in 2023.
Advertising
In 2023, the advertising revenue in Estonia and Lithuania was at an expected level and demonstrated growth while the advertising market remained at the same level as last year. As compared to the same period last year, the advertising market decreased in Latvia where our revenue was 6% lower as compared to last year. The advertising market in Latvia was impacted by the overall negative economic environment, the effects of which we have not been seen to such an extent in Estonia and Lithuania. Digital advertising sales have been growing both in Estonia and Lithuania.
Subscriptions
In 2023, subscription revenue increased by 13% as compared to the same period last year. This growth was primarily boosted by higher subscription volumes and the growth in the average price of subscriptions in all media houses. From the Group’s point of view, it is important to increase digital subscriptions and thereby lower its dependency on advertising revenue over the long run.
Marketplaces
Under marketplaces, the Group recognises the revenue from ticket sales platforms in Estonia and Latvia. In 2023, the revenue from ticket sales platforms increased by 54%. The key contributor is Latvia, where ticket sales volumes are in an upward trend, despite a weaker economic environment. For example, both the number of tickets sold as well as revenue were boosted by the successful ticket sales of the jubilee song festival held in Riga.
Outdoor screens
In 2023, the advertising revenue from outdoor screens increased by 47% as compared to last year. The growth has primarily been boosted by the expansion of the outdoor screen network. In 2023, 64 new screens were added. As of 31 December 2023, the Group had a total of 148 outdoor screens, including 98 in Latvia and 50 in Estonia (31.12.2022: total of 84, 42 in Latvia and 42 in Estonia).
Digital subscriptions
250
200
150
100
50
0
2019
2020
2021
2022
2023
thousands
Digital subscriptions
The total number of digital subscriptions of AS Ekspress Grupp increased by 41% in the Baltic States year-over-year and totalled 207 328 at the end of December.
* The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Eesti Päevaleht, Maaleht, Eesti Ekspress and several popular magazines increased by 20% year-over-year and totalled 102 793.
* The number of digital subscriptions of AS Õhtuleht Kirjastus, 50% of which is owned by Ekspress Grupp, increased by 10% year-over-year and totalled 24 875.
* The number of digital subscriptions of Geenius Meedia OÜ increased by 25% year-over-year and totalled 6 998.
* In Latvia, the number of digital subscriptions of Delfi A/S increased by 87% year-over-year and totalled 26 427.
* In Lithuania, the number of digital subscriptions of Delfi increased by 112% year-over-year and totalled 39 872.
* The Lithuanian media portal Lrytas started selling paid content in the 4th quarter of 2023 and reached 6363 digital subscriptions by the end of December.
Last year as a whole and especially the last quarter were very successful for the media publications of Ekspress Grupp. The total number of subscriptions increased by 41 per cent in the Baltic States in a year and totalled 207 000 at the end of December.
On the Estonian market, the number of digital subscriptions of the Group’s largest media company, Delfi Meedia, increased by 20% in a year and exceeded 100 000 subscriber threshold for the first time in December. Compared to the population of Estonia, Delfi has probably become one of the most successful media companies with a share of digital subscriptions both in Europe and worldwide.
On the Lithuanian and Latvian markets, there was also a certain breakthrough in switching to a digital subscription model, which we have anticipated for a while already. The number of digital subscribers of Delfi in Lithuania more than doubled and totalled almost 40 000 subscriptions by the end of the year. The number of subscriptions of Delfi in Latvia increased by 87 per cent and totalled more than 26 000. The newest Lithuanian media company of Ekspress Grupp, Lrytas, switched to the digital subscription model in the last quarter and had already more than 6000 subscriptions by the end of the year. These figures demonstrate that, similarly to Estonia, the readers of other Baltic States are also adopting the digital subscription model of journalism and value domestic, independent content produced in their own language.
The digital revenue base of Ekspress Grupp is increasingly based on digital subscription revenue. The Group is making progress in attaining our financial goals and wish to offer digital paid content to at least 340 000 subscribers by the year 2026.
* The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Eesti Päevaleht, Maaleht, Eesti Ekspress and several popular magazines increased by 20% year-over-year and totalled 102 793.
* The number of digital subscriptions of AS Õhtuleht Kirjastus, 50% of which is owned by Ekspress Grupp, increased by 10% year-over-year and totalled 24 875.
* The number of digital subscriptions of Geenius Meedia OÜ increased by 25% year-over-year and totalled 6 998.
* In Latvia, the number of digital subscriptions of Delfi A/S increased by 87% year-over-year and totalled 26 427.
* In Lithuania, the number of digital subscriptions of Delfi increased by 112% year-over-year and totalled 39 872.
* The Lithuanian media portal Lrytas started selling paid content in the 4th quarter of 2023 and reached 6363 digital subscriptions by the end of December.
Last year as a whole and especially the last quarter were very successful for the media publications of Ekspress Grupp. The total number of subscriptions increased by 41 per cent in the Baltic States in a year and totalled 207 000 at the end of December.
On the Estonian market, the number of digital subscriptions of the Group’s largest media company, Delfi Meedia, increased by 20% in a year and exceeded 100 000 subscriber threshold for the first time in December. Compared to the population of Estonia, Delfi has probably become one of the most successful media companies with a share of digital subscriptions both in Europe and worldwide.
On the Lithuanian and Latvian markets, there was also a certain breakthrough in switching to a digital subscription model, which we have anticipated for a while already. The number of digital subscribers of Delfi in Lithuania more than doubled and totalled almost 40 000 subscriptions by the end of the year. The number of subscriptions of Delfi in Latvia increased by 87 per cent and totalled more than 26 000. The newest Lithuanian media company of Ekspress Grupp, Lrytas, switched to the digital subscription model in the last quarter and had already more than 6000 subscriptions by the end of the year. These figures demonstrate that, similarly to Estonia, the readers of other Baltic States are also adopting the digital subscription model of journalism and value domestic, independent content produced in their own language.
The digital revenue base of Ekspress Grupp is increasingly based on digital subscription revenue. The Group is making progress in attaining our financial goals and wish to offer digital paid content to at least 340 000 subscribers by the year 2026.
Main events of 2023
January
February
March
April
May
June
July
August
September
October
November
December
January
-
The results of digital subscriptions for the 4th quarter of 2022 were published in January. The number of digital subscriptions in the Baltic States was 12% higher than a year earlier and totalled 146 608 at the end of December 2022.
- The Supervisory Board of AS Express Post, 50% of which is owned by AS Ekspress Grupp, decided to liquidate the home delivery service business of Express Post by the end of 2023.
February
- In accordance with the shareholders’ resolution from 2 May 2022, the Group announced buying back up to 588 235 own shares from the shareholders between 15 February and 6 March 2023 at the price of EUR 1.70 per share.
- Due to the resignation of Kaspar Hanni as the member of the Management Board of AS Ekspress Grupp, changes were made in the Supervisory and Management Boards of the key subsidiaries of Ekspress Grupp effective from February 2023. The Supervisory Board of AS Delfi Meedia has three members: Hans Luik (Chairman), Mari-Liis Rüütsalu and Signe Kukin. The Management Board of OÜ Ekspress Finants has two members: Mari-Liis Rüütsalu and Signe Kukin. Hans Luik became a member of the Supervisory Board of the Latvian subsidiary A/S Delfi and the members of the Supervisory Board are Mari-Liis Rüütsalu (Chairman), Hans Luik and Signe Kukin.
April
- According to the results of the share buy-back programme announced in February, 162 investors had submitted orders to sell back 2 077 440 shares in the amount of EUR 3 531 648 during the period of placing share redemption orders.
- According to the results of digital subscriptions for the 1st quarter of 2023, the number of Baltic digital subscriptions was 15% higher than a year earlier (Q1: 10%) and totalled 161 278 at the end of March.
- Sales revenue of AS Ekspress Grupp in the 1st quarter of 2023 increased by 25% to EUR 16.8 million and EBITDA increased by 87% to EUR 1.2 million. As expected, due to the seasonality, the Group’s net operating loss in the 1st quarter of 2023 totalled EUR 0.4 million which is 20% lower than a year earlier. Digital revenue made up 80% of the Group’s total revenue at the end of March.
June
- In June, Kroonika magazine hosted the Entertainment Awards Gala in Krull Quarter that attracted 700 guests. The event received extensive media coverage and was broadcast live by TV3. The show was memorable and the number of social media postings exceeded expectations.
- Biļešu Paradīze mediated tickets of the 150th Song Festival held in Riga which increased both its number of tickets sold and its revenue.
July
- Signe Kukin who was Chief Financial Officer and member of the Management Board of AS Ekspress Grupp resigned at her own request on 31 August. To find a new CFO and Management Board member, the Group organised an executive search. Until the nomination of the new member, the Group’s Management Board had two members: Mari-Liis Rüütsalu (Chairman) and Karl Anton.
- In July, the results of digital subscriptions for the 2nd quarter of 2023 were published: the number of digital subscriptions of AS Ekspress Grupp in the Baltic States increased by 24% in a year (Q2: 9%, 1st 6 months: 20%) and totalled 175,379 subscriptions.
- The revenue of AS Ekspress Grupp in the 2nd quarter of 2023 increased by 13% to EUR 18.5 million and EBITDA increased by 8% to EUR 2.4 million. The revenue for the 1st 6 months of 2023 increased by 18% in a year to EUR 35.3 million and EBITDA increased by 25% to EUR 3.6 million. The Group’s net profit was EUR 0.6 million in the 2nd quarter and EUR 0.2 million in the 1st six months of the year, a which is 71% lower than a year earlier. At the end of June, digital revenue accounted for 82% of the Group total revenue and increased by 28% as compared to the same period a year earlier.
October
- According to the results of digital subscriptions for the 3rd quarter of 2023, the number of digital subscriptions of AS Ekspress Grupp in all Baltic States increased by 30% as compared to a year earlier (Q3: 2%, nine months: 23%) and at the end of September totalled 179 753.
- The Supervisory Board of AS Ekspress Grupp elected Argo Rannamets as the member of the Management Board and Chief Financial Officer until 31 October 2026. Argo Rannamets has versatile experience from both a large international group and a start-up company operating in the digital sector and with this unique combination can undoubtedly contribute to the development of Ekspress Grupp. From 1 November 2023, the members of the Management Board of AS Ekspress Grupp are Mari-Liis Rüütsalu (Chairman), Karl Anton and Argo Rannamets.
November
- In November, Delfi Meedia organised Anett Kontaveit Tennis Show that was broadcast live by Telia and Delfi.
Our rewards in 2023
Estonia
Latvia
Lithuania
Estonia
In February 2023, the President of Estonia Alar Karis awarded the Order of the White Star, IV Class to Tarmo Vahter, a long-time journalist of Eesti Ekspress.
Two cooperation projects of Martin Laine, journalist of Delfi Meedia, with other journalists belonging to the OCCRP (Organised Crime and Corruption Reporting Project) were nominated for the finals of a pan-European investigative journalism contest named after Daphne Varuana Galizia. One finalist of this contest is also The Rotenberg Files, a project led by OCCRP and Russia’s independent publication iStories, based on leaked documents about the Rotenberg brothers who are oligarchs with close ties to Putin. Delfi Meedia was a partner also in this project.
The winners of the Estonian Journalism Awards 2022 were announced also in February 2023.
The main award – Journalist of the Year 2022 – was won by the “Ukraine quartet” consisting of Roman Starapopov from Delfi Meedia, Jaanus Piirsalu from Postimees, as well as Anton Aleksejev and Kristjan Svirgsden from ERR which recognises all reporters who have been to Ukraine.
The award for investigative journalism, also known as the Bonnier Prize, went to Riin Aljas, Oliver Kund, Martin Laine, Holger Roonemaa, Tiina Kaukvere and Aleksander Algo, journalists from Eesti Päevaleht, Eesti Ekspress and Maaleht, for their series of articles on the dark side of the payday loan business.
The Young Journalist 2022 award was won by Martin Laine from Eesti Päevaleht.
The award for investigative journalism, also known as the Bonnier Prize, went to Riin Aljas, Oliver Kund, Martin Laine, Holger Roonemaa, Tiina Kaukvere and Aleksander Algo, journalists from Eesti Päevaleht, Eesti Ekspress and Maaleht, for their series of articles on the dark side of the payday loan business.
The Young Journalist 2022 award was won by Martin Laine from Eesti Päevaleht.
The winner of the best feature story in Russian is Roman Starapopov with the series "Delfi in Ukraine" published in RusDelfi: DELFI IN UKRAINE | Soon this will be the second Mariupol. How people escape from shelling in Severodonetsk published on 1 April, PHOTO AND VIDEO | Officers of the Armed Forces of Ukraine – Delfi: “Fighting to become heavy in the near future. If we don’t hold out, Russia will come to you published on 5 May and We didn’t bury them, they’re lying there, go and collect them. The fields in the Kyiv region are covered with fallen Russian soldiers published on 17 May.
The award for the best opinion article in Russian language was won by Jevgenia Parv for her article “Change of pedagogical staff of Russian-language schools – it is not a problem, but an opportunity” published in RusDelfi on 15 November.
The award for the best opinion article in Russian language was won by Jevgenia Parv for her article “Change of pedagogical staff of Russian-language schools – it is not a problem, but an opportunity” published in RusDelfi on 15 November.
The winners of the Podcast Award are Eesti Ekspress journalists Aleksander Algo and Lauri Närep for the podcast FREEFLOW | The rapper’s road from Soundcloud to the concert stage in the Anniversary of the Republic in just a few years that aired on 14 May.
Multimedia Award went to Eesti Ekspress for the article INTERACTIVE VOYAGE | Escape from Ukraine whose authors are Greete Lehepuu, Rain Pruul, Mart Nigola, Anna Plukk and Kristina Õun, published on 27 June.
The nationwide news prize was won by the article of Holger Roonemaa and Urmas Jaagant "Tell him to get this darn bill approved by the parliament first. Uber files expose behind-the-scenes lobbying of the multinational corporation in Estonia" published in Eesti Päevaleht on 10 July.
The nationwide opinion prize was awarded to Andrei Šumakov with his opinion article LETTER TO RUSSIA ON MOTHER'S DAY | RusDelfi editor-in-chief Andrei Šumakov: Mom, turn off the TV! published in Eesti Päevaleht on 7 May.
Multimedia Award went to Eesti Ekspress for the article INTERACTIVE VOYAGE | Escape from Ukraine whose authors are Greete Lehepuu, Rain Pruul, Mart Nigola, Anna Plukk and Kristina Õun, published on 27 June.
The nationwide news prize was won by the article of Holger Roonemaa and Urmas Jaagant "Tell him to get this darn bill approved by the parliament first. Uber files expose behind-the-scenes lobbying of the multinational corporation in Estonia" published in Eesti Päevaleht on 10 July.
The nationwide opinion prize was awarded to Andrei Šumakov with his opinion article LETTER TO RUSSIA ON MOTHER'S DAY | RusDelfi editor-in-chief Andrei Šumakov: Mom, turn off the TV! published in Eesti Päevaleht on 7 May.
The award for the best sports photo was won by Delfi Meedia's photojournalist Kiur Kaasik for his photo Winning with blue-black-and-white - in the first round of the WTA tournament in Estonia, Kaia Kanepi scores a victory over southern neighbour Ostapenko, using a racket that, when photographed with long exposure, turned into the flag of Estonia.
The award for the best press video was won by Aleksander Algo, Andrei Jakubovitš and Daniel Leevik with the Delfi Meedia video From the job portal to the battlefield in which Delfi exposed how Russia recruits’ fighters for the war. Delfi TV studied how Russian army uses job portals to find workers and discovered that it was easier than expected.
In the open group of nationwide newspapers, the winner is Eesti Ekspress, graphic designer Tuuli Prees: Putin: something for the vegans, something for the cannibals.
The winner of the category of digital works is Eesti Ekspress (26 March 2022), Karl-Erik Leik and Anna Plukk: „Help, please. Instagram is flooded by pleas to find relatives from Mariupol trapped in the blockade”.
The award for the best press video was won by Aleksander Algo, Andrei Jakubovitš and Daniel Leevik with the Delfi Meedia video From the job portal to the battlefield in which Delfi exposed how Russia recruits’ fighters for the war. Delfi TV studied how Russian army uses job portals to find workers and discovered that it was easier than expected.
In the open group of nationwide newspapers, the winner is Eesti Ekspress, graphic designer Tuuli Prees: Putin: something for the vegans, something for the cannibals.
The winner of the category of digital works is Eesti Ekspress (26 March 2022), Karl-Erik Leik and Anna Plukk: „Help, please. Instagram is flooded by pleas to find relatives from Mariupol trapped in the blockade”.
Latvia
Delfi journalist Sarmīte Gaidulele received the young journalist’s grant of the Westphalia Peace Prize.
Delfi Latvia won seven nominations for “Excellence Awards 2022/2023” of the Latvian Union of Journalists and the award for the best interview. With seven nominations, Delfi Latvia was second only to the public television media.
Delfi Latvia was awarded the label “Family-friendly Employer”.
Delfi also won the Baltic Brand Ranking category for Latvians’ most favourable media brand.
Lithuania
Special correspondent of Delfi Lithuania, Tomas Janonis, and science and technology editor, Šarūnas Meškys, received an award in the 21st creative competition Man and Environment (Žmogus ir aplinka) of the Lithuanian Ministry of the Environment and the Lithuanian Union of Journalists.
Delfi’s sports journalist Mindaugas Augustis received the prize of the Lithuanian association of sports journalists for the most noteworthy articles in 2023.
The children’s rights protection and adoption agency of the Lithuanian Ministry of Social Affairs and Labour awarded a prize to Delfi journalist Dainius Sinkevičius whose work has helped to improve the welfare of Lithuanian children and has protected their rights and needs.
In the ceremony of Annual Press Awards, Lrytas.lt received the Authenticity Award from Paparazzi Agency.
Delfi was recognised by Lithuania’s leading communication agency Publicum for entrepreneurship development and received the leader of the sector award, ELTA was recognised for the revival of the sector.
In the ceremony of Annual Press Awards, Lrytas.lt received the Authenticity Award from Paparazzi Agency.
Delfi was recognised by Lithuania’s leading communication agency Publicum for entrepreneurship development and received the leader of the sector award, ELTA was recognised for the revival of the sector.
Ekspress Grupp Annual Report
EN
EE
About Ekspress Grupp
Group's key businesses and brands
Our strategy and business goals
Ekspress Grupp as an investment
2023 Summary
Group’s key figures
Statement of the chairman of the management board
Major business results
Main events
Rewards and recognition
Digital Media Company
Becoming increasingly digital
Digital media facts
Media and Sustainable Development
ESG strategy
Public impact, role and responsibility
- Independent and influential media group
- Responsible advertising platform
Responsible Business Practice
Customer satisfaction and rights
Responsible and attractive employer
Supply chain sustainability and lower environmental impact
Honest and responsible management
Management Commentary
Ekspress Grupp Annual Report
Statement of the chairman of the management board
The year 2023 was full of challenges, which we were able to overcome thanks to our dedicated work and the right strategic decisions, achieving significant progress and strengthening our position as the leading digital media company in the Baltic States.
One of the key challenges is the continuation of the war in Ukraine. This significantly affects entire Europe, including Estonia. In our media company, we have had to learn new ways of covering the conflict and how to ensure the safety of journalists and the coverage of reliable news. We have also had to deal with propaganda and cyber-attacks. Last year, Ekspress Grupp's media outlets largely focused on ensuring that the coverage of the war would not show any signs of fatigue. We need to find new angles to keep our readers interested – this is how we can make our best contribution to support Ukraine.
In 2023, we also adhered to our mission to serve democracy, and provide a high-quality and unbiased news feed. Our readers appreciate it highly, and the value of quality news content will continue to grow over time. The highlight of the year 2023 was artificial intelligence (AI), and the benefits and problems associated with it. Content production has never been that easy, but in the future content will become less important than those who publish it. Credibility will become an even more valuable currency, and media companies will play an even more important role in filtering misinformation.
– Mari-Liis Rüütsalu, Chairman of the Management Board