2017-02-20 14:00:01 CET
2017-02-20 14:00:01 CET
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Financial Statement Release
The Ilkka-Yhtymä Group's Financial Statements for 2016
Ilkka-Yhtymä Oyj Financial Statements Bulletin, 20 February 2017, at 3 p.m.
THE ILKKA-YHTYMÄ GROUP’S FINANCIAL STATEMENTS FOR 2016
FINANCIAL YEAR 2016
- Net sales: EUR 39,698 thousand (EUR 41,172 thousand)
- Operating profit: EUR 7,754 thousand (EUR 8,998 thousand)
- Adjusted operating profit from the Group’s own operations: EUR 2,994 thousand
(EUR 4,565 thousand)
- Operating profit was 19.5% (21.9%) of net sales and the adjusted operating
margin of the Group’s own operations was 7.5 (11.1)
- Net financial items were EUR -1,219 thousand (EUR -4,519 thousand), of which
the change in the market value of interest rate swaps accounted for EUR -523
thousand (EUR -3 thousand). As a result of the dilution of ownership in the
associated company Alma Media, a loss of EUR 3,533 thousand was recorded in
financial items in the 2015 consolidated financial statements. This entry had
no impact on cash flow.
- Profit before tax: EUR 6,535 thousand (EUR 4,479 thousand)
- Earnings per share: EUR 0.24 (EUR 0.14)
- Eguity ratio 56.2% (52.9%)
- Net gearing 61.6% (67.6%)
- The Board of Directors proposes a per share dividend of EUR 0.12
OCTOBER-DECEMBER 2016
- Net sales: EUR 10,312 thousand (EUR 10,711 thousand)
- Operating profit: EUR 2,026 thousand (EUR 1,299 thousand)
- Adjusted operating profit from the Group’s own operations: EUR 732 thousand
(EUR 1,356 thousand)
- Operating profit was 19.6% (12.1%) of net sales and the adjusted operating
margin of the Group’s own operations was 7.1 (12.7)
- Net financial items were EUR 337 thousand (EUR -3,743 thousand), of which the
change in the market value of interest rate swaps accounted for EUR +639
thousand (EUR -15 thousand). As a result of the dilution of ownership in the
associated company Alma Media, a loss of EUR 3,533 thousand was recorded in the
Group’s financial items in the 2015 fourth quarter. This entry had no impact on
cash flow.
- Earnings per share: EUR 0.08 (EUR -0.10)
KEY FIGURES 10-12/ 10-12/ 1-12/ 1-12/
(EUR 1,000) 2016 2015 2016 2015
Net sales 10 312 10 711 39 698 41 172
Operating profit 2 026 1 299 7 754 8 998
Profit/ loss before tax 2 363 -2 444 6 535 4 479
Earnings per share, (EUR) 0.08 -0.10 0.24 0.14
Operating profit includes the share of
associated companies’ profit and other adjusted
items:
Share of associated companies’ profit 1 295 -56 4 761 3 012
Capital gain on sale of the real estate company 1 421
Adjusted operating profit from the Group’s own 732 1 356 2 994 4 565
operations
MATTI KORKIATUPA, MANAGING DIRECTOR:
The theme of Ilkka-Yhtymä’s anniversary year was renewal. We focused on the
development of our content and advertising services, whose service level
improved with the expansion and better usability of our digital services. A
third of our subscribers are now using paid digital content, and our regional
advertising network offers a range of solutions to advertisers.
Ilkka-Yhtymä’s strategy was also updated during the year. More than 40
supervisors and key persons participated in the strategy work. The Board of
Directors was involved in various stages of the process and approved the
strategy in late 2016.
Our common objective for the next few years is to realise Ilkka-Yhtymä’s
updated vision: To constantly renew ourselves and to be the most interesting
and successful regional media company in Finland.
As a result of the update, our mission was revised into the following form: We
will strengthen the success of Ostrobothnia and create new content for people’s
lives.
The strategy statement describes in concrete terms what we do: We are a
full-service media company working together with our customers to generate new
ideas and unique content, in addition to providing communications, printing and
related supporting services. Our reliable services can be used anywhere,
anytime. For advertisers, we offer an engaged readership with purchasing power,
and an interesting and effective content environment.
The Group’s strategic goals – customer orientation, business growth,
productivity of operations and an inspiring workplace with skilled employees –
will drive us towards our vision.
The values on which our business is based – we respect, we succeed and we care
– remained unchanged, except for the fourth value – we are innovative – which
was given a more powerful expression: renewal. That is also the central pillar
of our updated strategy.
The new strategy has already been partially applied in planning our business
for this year, and we will walk through its implementation with all employees
early in the year.
Our associated companies Alma Media Corporation ja Arena Partners Oy showed an
upward trend. The acquisition of Talentum by Alma in the autumn of 2015 and the
combination of the companies’ operations proceeded according to plan,
increasing both net sales and results. All shares of Uranus Oy, which focuses
on recruitment business, transferred to Arena Partners, and share ownership in
Adfore Technologies Oy, which develops Tässä.fi mobile services, rose to 49% in
the autumn.
The year 2016 was a busy year with many successful reforms which will
contribute to the execution of our strategy to 2018.
STRATEGIC GOALS
As part of the strategy work, Ilkka-Yhtymä Oyj’s Board of Directors updated our
strategic goals, which are as follows:
- We will drive growth both through our own operations and our associated
companies. We are also looking to expand into new business areas.
- Adjusted operating profit from the Group’s own operations 10 %
- Return on equity (ROE) 15 %
- Equity ratio 40 %
BUSINESS ENVIRONMENT
The Bank of Finland forecast published on 13 December 2016 anticipated GDP
growth of 1.0% in 2016. The Finnish economy has returned to growth with the
support of private consumption and investments. In 2017, GDP is expected to
grow by 1.3%. Private consumption is estimated to have increased by 1.9% in
2016. The projected growth for private consumption in 2017 is in the region of
1.4 per cent.
According to Statistics Finland, the inflation rate was 1.0% in December.
According to the consumer survey of Statistics Finland, consumer confidence
continued to strengthen in January 2017. Confidence in the economy was last
this strong more than six years ago, in the autumn of 2010.
In the media monitored by Kantar TNS’s Ad Intelligence unit, advertising grew
by 0.9% in 2016. Advertising in newspapers fell by 4.4%, while advertising in
free sheets fell by 5.9%. Newspapers and free sheets accounted for 29.0% and
5.2% of media advertising, respectively. Web media advertising saw an increase
of 12.6%, representing a 27.8% share of media advertising.
GROUP STRUCTURE
The Ilkka-Yhtymä Group is a media group that consists of the parent company
Ilkka-Yhtymä Oyj, the publishing company I-Mediat Oy, as well as the printing
company I-print Oy. The Group also includes property company, Kiinteistö Oy
Seinäjoen Koulukatu 10. Our main products are the regional newspapers Ilkka and
Pohjalainen, five local newspapers (Viiskunta, Komiat, Järviseutu, Suupohjan
Sanomat and Jurvan Sanomat), two free sheets (Vaasan Ikkuna and
Etelä-Pohjanmaa), including the online and mobile services of these papers, and
I-print Oy's printing and communications services. On 1 January 2017, the
communications agency I-print plus became part of I-Mediat Oy. It now forms a
strong marketing and communications unit together with I-Mediat Oy’s
advertisement production, digital production and research department. The new
unit provides existing and future customers with even more comprehensive
service packages for corporate communications.
The associated companies included in our consolidated financial statements are
Alma Media Corporation, Arena Partners Oy and Yrittävä Suupohja Oy.
CONSOLIDATED NET SALES AND PROFIT PERFORMANCE FOR THE FINANCIAL YEAR
Consolidated net sales decreased by 3.6%, amounting to EUR 39,698 thousand (EUR
41,172 thousand in 2015). External net sales from publishing operations
decreased by 2.0%. Advertising revenues fell by 3.3% and content revenues fell
by 1.3%. External net sales from the printing business fell by 12.6%. Content
income accounted for 47% of consolidated net sales, while advertising income
and printing income represented 39% and 13%, respectively.
Other operating income totalled EUR 211 thousand (EUR 1,763 thousand). Other
operating income for the financial year 2015 includes a capital gain of EUR
1,421 thousand from the sale of the property company’s shares.
The Group operating expenses for the financial year amounted to EUR 36,921
thousand (EUR 36,950 thousand). Operating expenses remained at the previous
year’s level. Expenses arising from materials and services increased by 2.7%.
Personnel expenses decreased by 0.8%. Other operating costs decreased by 1.1%.
Depreciation decreased by 12.0%.
The share of the associated companies’ result was EUR 4,761 thousand (EUR 3,012
thousand). Consolidated operating profit amounted to EUR 7,754 thousand (EUR
8,998 thousand), down by 13.8% year-on-year. The Group’s operating margin was
19.5% (21.9%). Adjusted operating profit from the Group’s own operations
amounted to EUR 2,994 thousand (EUR 4,565 thousand), representing 7.5% (11.1%)
of net sales.
Net financial items amounted to EUR -1,219 thousand (EUR -4,519 thousand). As a
result of the dilution of ownership in the associated company Alma Media, a
loss of EUR 3,533 thousand was recorded in financial items in the 2015
consolidated financial statements. This entry had no impact on cash flow.
Interest expenses excluding the fair value change in derivatives hedging them
totalled EUR 1,216 thousand (EUR 1,308 thousand). In order to hedge against
interest rate risk, the company has transformed some of its floating-rate
liabilities into fixed-rate liabilities, by means of interest rate swaps. Given
that the Group does not apply hedge accounting, unrealised changes in the
market value of the interest rate swaps are recognised through profit or loss.
The change in the market value of these interest rate swaps amounted to EUR
-523 thousand (in 2015, EUR -3 thousand). Net gain/loss on shares held for
trading was EUR 369 thousand (EUR 46 thousand).
Profit before tax totalled EUR 6,535 thousand (EUR 4,479 thousand) and the
Group's profit for the period totalled EUR 6,207 thousand (EUR 3,607 thousand).
Earnings per share amounted to EUR 0.24 (EUR 0.14).
Q4 NET SALES AND PROFIT PERFORMANCE
In Q4/2016, consolidated net sales totalled EUR 10,312 thousand (EUR 10,711
thousand), down by 3.7%. External net sales from the publishing business
decreased by 1.2%. External net sales from the printing business decreased by
17.3%. Content income accounted for 45% of consolidated net sales in
October–December, while advertising income and printing income represented 41%
and 13%, respectively. Other operating income in October–December totalled EUR
51 thousand (EUR 41 thousand).
In Q4, the Group’s expenses totalled EUR 9,629 thousand (EUR 9,395 thousand),
up by 2.5%. For October-December 2016, the share of the associated companies’
result was EUR 1,295 thousand (EUR -56 thousand).
In the fourth quarter, consolidated operating profit amounted to EUR 2,026
thousand (EUR 1,299 thousand). Operating profit increased 55.9% from
corresponding period. The Group’s operating margin was 19.6% (12.1%) in
October–December. Adjusted operating profit from the Group’s own operations
amounted to EUR 732 thousand (EUR 1,356 thousand), representing 7.1% (12.7%) of
net sales.
Net financial items amounted to EUR 337 thousand (EUR -3,743 thousand). As a
result of the dilution of ownership in the associated company Alma Media, a
loss of EUR 3,533 thousand was recorded in the Group’s financial items in the
2015 fourth quarter. This entry had no impact on cash flow. For the fourth
quarter, interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 294 thousand (EUR 304 thousand). In October–December,
the change in the market value of interest rate swaps amounted to EUR +639
thousand (EUR -15 thousand). Net gain/loss on shares held for trading was EUR
-19 thousand (EUR 90 thousand).
The consolidated profit for the fourth quarter totalled EUR 2,156 thousand
(loss EUR -2,669 thousand).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 125,950 thousand (EUR 127,181
thousand), with EUR 69,670 thousand (EUR 66,035 thousand) of equity. On the
reporting date of 31 December 2016, the balance sheet value of the holding in
the associated company Alma Media Corporation was EUR 103,672 thousand and the
market value of the shares was EUR 113,142 thousand.
At the end of the 2016 financial year, interest-bearing liabilities totalled
EUR 47,532 thousand (EUR 52,229 thousand on 31 December 2015), and their
average maturity was 3 years 11 months (3 years 2 months on 31 December 2015).
In order to hedge against interest rate risk, the company has transformed some
of its floating-rate liabilities into fixed-rate liabilities, by means of
interest rate swaps. Presently, some 63% of the loans in the company’s total
loan portfolio have a fixed rate and some 37% a floating rate. These hedging
measures included, the average interest rate for interest-bearing liabilities
on 31 December 2016 came to 2.41% (2.16%).
As at 31 December 2016, the impact of floating-rate interest-bearing
liabilities on profit before taxes would have amounted to -/+ EUR 174 thousand
over the next 12 months, if the interest level increases or decreases by one
percentage point. Of interest-bearing liabilities existing during the 12 months
following the financial year, a total of EUR 3,920 thousand will fall due for
payment.
Group net gearing was 61.6% (67.6%) at the end of the financial period. Equity
ratio was 56.2% (52.9%) and shareholders’ equity per share was EUR 2.71 (EUR
2.57). The decrease in financial assets for the period totalled EUR 3,256
thousand (the increase in financial assets in the corresponding period of the
previous year EUR 967 thousand), with liquid assets at the end of the period
totalling EUR 3,244 thousand (EUR 6,500 thousand).
For the financial year, cash flow from operations came to EUR 1,995 thousand
(EUR 4,201 thousand). Cash flow from investments totalled EUR 1,955 thousand
(EUR 4,019 thousand), including capital repayment from Alma Media Corporation
in the amount of EUR 2,699 thousand (EUR 2,699 thousand). Cash flow from
investments for the comparison period 2015 includes EUR 1,748 thousand of
proceeds from the sale of the property company’s shares.
In June, Ilkka-Yhtymä signed two new five-year loan agreements, which were used
to repay in full a EUR 20 million convertible bond due in November 2016. The
new loan agreements totalled EUR 25 million, and were also meant to replace
other existing loan agreements.
PUBLISHING
The Group’s publishing segment comprises the publishing company I-Mediat Oy.
During the year, net sales from publishing totalled EUR 34,511 thousand (EUR
35,218 thousand). Net sales from the publishing business decreased by 2.0%. The
decrease in net sales from the publishing business was mainly caused by the
income from parliamentary election advertisements included in the comparative
figure for 2015. Advertising revenues fell by 3.3% and content revenues fell by
1.3%. Operating profit from publishing decreased by 28.5% year-on-year, to EUR
2,314 thousand (EUR 3,238 thousand).
In the current economic climate and competitive environment, forecasting net
sales in the newspaper business still involves uncertainties. Media advertising
in Finland is expected to remain at the previous year’s level and newspaper
circulation income is forecast to decline slightly. Net sales of I-Mediat Oy
are expected to remain at the previous year’s level.
PRINTING
The printing segment comprises the printing house I-print Oy. Net sales for the
printing business totalled EUR 11,151 thousand (EUR 12,321 thousand). Net sales
decreased by 9.5%. External net sales from the printing business decreased by
EUR 760 thousand (12.6%). Operating profit from printing decreased by 32.0%
year-on-year, to EUR 1,049 thousand (EUR 1,543 thousand).
Within the printing business, the market situation in Finland is expected to
remain difficult in 2017. The overcapacity in the graphics sector will
continue, while printing volumes will decrease further. The rise in raw
material and energy costs is expected to be moderate. I-print Oy’s net sales
are projected to fall slightly.
ASSOCIATED COMPANIES
Ilkka-Yhtymä Group’s associated companies are Alma Media Corporation (27.30%),
Arena Partners Oy (37.82%) and Yrittävä Suupohja Oy (38.46%).
Alma Media is a media and service company focusing on digital services and
publishing. In Finland, Alma Media’s operations include national, regional and
local publishing, digital consumer and business services, and the printing and
distribution business. Its international operations are focused on recruitment
services and business premises marketplaces in Eastern Central Europe and
Sweden.
Arena Partners Oy is a digital business development and production company
jointly owned by five provincial newspaper companies. Arena Partners owns a 35%
share of Alma Mediapartners Oy, which is Alma Media’s housing sales, vehicle
and consumer advertising marketplace company operating in Finland. The Arena
Partners Group also includes the subsidiary Arena Interactive Oy (65%),
focusing on mobile services, the recruitment agency Uranus Oy (100%) and Adfore
Technologies Oy (49.9%).
Yrittävä Suupohja Oy publishes Suupohjan Seutu, a free sheet distributed in the
Suupohja region.
ILKKA-YHTYMÄ TO CONTINUE DELIVERY COOPERATION WITH POSTI IN 2018
In the spring of 2015, Ilkka-Yhtymä and Posti signed a new long-term framework
agreement for newspaper deliveries, including a delivery agreement for the
years 2016–2017. The negotiations on the delivery agreement for 2018 were
complicated by concurrent discussions about the Postal Act reform and the
related proposals for the reduction of the number of delivery days and
competitive tendering of deliveries in sparsely populated areas once the Act
enters into force on 1 June 2017 as proposed.
On 22 December 2016, Ilkka-Yhtymä and Posti agreed on the delivery services for
2018 and their terms and conditions. In accordance with the terms of this
commercial agreement, Posti undertakes to provide, despite the entry into force
of the new Postal Act, the seven-day delivery services required by the
newspapers published by Ilkka-Yhtymä in both population centres and sparsely
populated areas.
The newspaper subscriptions of private customers today also include the digital
facsimile edition and other digital content services. This is an improvement
particularly for subscribers to whom newspapers are not delivered early in the
morning or who are on a business or holiday trip outside the delivery area. In
2017, we will continue to reform the digital services of newspapers, with the
aim of, for example, improving their usability on various devices.
RESEARCH AND DEVELOPMENT EXPENSES
In the Group’s publishing business, multi-channel product development was
carried out in-house as well as in collaboration with Arena Partners Oy, Lännen
Media Oy and their shareholding newspapers. The focus in product development is
on customer-driven multi-channel services related to news reporting,
transactions and communities. With regard to the Group’s printing business, the
focus was on the development of value-added services and products.
CAPITAL EXPENDITURE
Reported capital expenditure for the year totalled EUR 1,025 thousand, with
printing accounting for EUR 271 thousand and publishing for EUR 214 thousand.
ANNUAL GENERAL MEETING, SUPERVISORY BOARD AND BOARD OF DIRECTORS
On 20 April 2016, the Annual General Meeting (AGM) of Ilkka-Yhtymä Oyj approved
the financial statements, discharged the members of the Supervisory Board and
the Board of Directors and the Managing Director from liability and decided
that a per-share dividend of EUR 0.10 be paid for the year 2015.
The number of members on the Supervisory Board for 2016 was confirmed to be 23.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2020: Vesa-Pekka Kangaskorpi, Kimmo
Simberg and Jyrki Viitala. Raimo Puustinen, Managing Director, Pohjois-Karjalan
Kirjapaino Oyj, was elected as a new member for the term ending in 2020.
At the Annual General Meeting it was decided to maintain the payments made to
the Chairman of the Supervisory Board and the board members at their current
level: the Chairman will receive a retainer of EUR 1,500 per month and a fee of
EUR 400 per meeting, and the board members will be paid a fee of EUR 400 per
meeting attended. The board members’ travel expenses are reimbursed in
accordance with the current maximum level specified by the tax authorities.
Ernst & Young Oy, Authorised Public Accountants, was elected as the auditor,
with Authorised Public Accountant, M.Sc.(Econ.) Harri Pärssinen as the
principal auditor. It was decided that the auditors would be reimbursed per the
invoice.
The AGM authorised the Board of Directors to decide upon a donation to be put
toward charitable causes or similar, totalling, at maximum, EUR 50,000, as well
as to decide upon the recipients, purposes of use, schedules and other terms of
these donations.
On 9 May 2016, the Supervisory Board re-elected Timo Aukia, whose term had come
to an end, to the Board of Directors of Ilkka-Yhtymä Oyj. Lasse Hautala will
continue as chairman of the Supervisory Board. Minna Sillanpää was elected
vice-chairman of the Supervisory Board.
At its membership meeting, the Board of Directors re-elected Timo Aukia as its
chairman, while Esa Lager will continue as vice-chairman. The Board of
Directors of Ilkka-Yhtymä Oyj now has the following membership: chairman Timo
Aukia, vice-chairman Esa Lager, members Markku Hautanen, Sari Mutka, Tapio
Savola, and Riitta Viitala.
SHARE PERFORMANCE
At the end of 2016, the company’s share capital totalled EUR 6,416,302. The
number of shares was 25,665,208, of which 4,304,061 were Series I shares (20
votes per share) and 21,361,147 were Series II shares (1 vote per share).
Shares of both series entitle the holders to the same dividend.
According to the Articles of Association, a single shareholder at a General
Meeting may not use more than one twentieth (1/20) of the entire number of
votes represented in a meeting.
The transfer of Series I shares is restricted by an approval clause. According
to this clause, Series I shares cannot be transferred to another holder without
the approval of the Board of Directors.
The Series I shares of Ilkka-Yhtymä Oyj were listed on the Helsinki Stock
Exchange in 1981 and have remained listed ever since. The Series II shares have
been listed since their issue in 1988, and on 10 June 2002 they were
transferred from the I List of the Helsinki Stock Exchange to the Main List. At
present, the Series II shares of Ilkka-Yhtymä Oyj are listed on the Nasdaq
Helsinki List, in the Consumer Services sector, the company’s market value
being classified as Small Cap. The Series I shares are listed on the Pre List.
The number of Series I shares of Ilkka-Yhtymä Oyj traded in 2016 was 162,604,
which represents 3.8% of the series share stock. The total value of the shares
exchanged was EUR 445 thousand. In total, 3,213,924 series-II shares were
traded, corresponding to 15.0% of the total number of series II shares. The
total value of the shares traded was EUR 7,583 thousand. The lowest price at
which series-I shares of Ilkka-Yhtymä Oyj were traded during the period under
review was EUR 2.20, and the highest per-share price was EUR 3.57. The lowest
price at which series-II shares were traded was EUR 1.87 and the highest EUR
3.05. The market value of the share capital at the closing rate for the
reporting period was EUR 71,188 thousand.
The Board of Directors has an effective authorisation to decide upon a share
issue and/or granting stock options and/or other special rights and upon their
conditions.
The Board of Directors is not authorised to acquire or sell the company’s own
shares.
PERSONNEL
The average number of employees (full-time equivalents) was 295 (299 in 2015).
In the year under review, the Group had, on average, 326 (331) employees with
employment contracts. On 31 December 2016, the Group had 283 full-time
employees (290).
Ilkka-Yhtymä Group's entire personnel has been covered by an incentive scheme
since 2000. According to the Articles of Association, Ilkka-Yhtymä Oyj's
Supervisory Board must include two employee representatives.
Ilkka-Yhtymä announced on 29 February 2016 that it would initiate negotiations
at its printing house I-print Oy in accordance with the Act on Co-operation
within Undertakings. The negotiations concerned the production personnel of
I-print Oy’s newspaper printing press. The objective was to adjust the
operations and the amount of personnel to the reduced volumes. The negotiations
affected the production personnel of the newspaper printing press, excluding
service staff, 26 persons in all.
As a result of the negotiations, one person retired and three persons were made
redundant. Additionally, part of the personnel will be laid off for up to 38
working days per person and some full-time jobs will be turned into part-time
jobs.
On 8 November 2016, Ilkka-Yhtymä announced that Marko Orpana, the director in
charge of the provincial and free sheet business of Ilkka-Yhtymä’s publishing
company I-Mediat Oy, has resigned. His employment ended on 27 January 2017.
Ilkka-Yhtymä Oyj’s Managing Director Matti Korkiatupa announced, in accordance
with his executive contract, that he intends to leave his position in the
spring of 2017 after turning 62. Ilkka-Yhtymä Oyj’s Board of Directors has
agreed with Matti Korkiatupa that he will first transfer to a position
involving project duties within the Group on 14 March 2017 and retire on 12 May
2017.
At its meeting held on 19 December 2016, the Board of Directors elected Olli
Pirhonen, M.Sc. (Econ.) and Ilkka-Yhtymä Oyj’s current Financial Director, as
the new Managing Director from 14 March 2017, in accordance with the
Compensation and Nomination Committee’s proposal. In addition, the Board of
Directors has appointed Seija Peitso, M.Sc. (Econ.), from Seinäjoki as the
Group’s new Financial Director. She will take up her position in March 2017.
ESTIMATED OPERATING RISKS AND UNCERTAINTIES
Ilkka-Yhtymä's most significant short-term risks are still related to the
development of media advertising, as well as circulation and printing volumes.
In a weak economic climate, these risks affect the entire sector. A longer-term
risk facing the sector is a decrease in circulation and advertising volumes if
consumers switch increasingly to using alternative advertiser- or tax-funded
digital services. Through its holding in Alma Media stock, the company is also
exposed to risks related to Alma Media’s profit-making capacity, dividend
policy and the price development of its shares.
Communications industry
The company estimates that the Group's core operations only involve risks
normally associated with the industry operating in a changing business
environment. Such industry risks are mainly related to the development of media
advertising and content consumption, since more and more alternatives are being
offered to consumers and advertisers. A prolonged weak economic situation and a
slow recovery will have a negative impact on the consumption of media products
and services. Competition in the industry is being affected by the
digitalisation of content and advertising, the emergence of new distribution
channels, growth in advertiser- and tax-funded digital content, changes in
media use and ways of spending time, as well as by the new operating methods
and the actors these are enabling.
Publishing
In the long term, regional demographic and economic developments will have an
impact on provincial and local newspapers’ circulation and advertising income.
A healthy circulation coverage percentage, a competitive contact price and
strong relationships with readers are enhancing provincial and local
newspapers’ competitiveness in the advertising market. The strong growth seen
in the volumes of online and mobile users has extended the overall reach of
provincial newspapers.
In general, ordinary economic cycles have not had a major impact on local or
provincial newspapers' circulation income. On the other hand, media advertising
volumes reflect changes in economic cycles, competitive situations and the
outlook of advertisers’ own industries. Media sales took a downward turn in the
spring of 2012 and only began to grow slowly in 2016.
The market entry and exit of new media, such as free sheets and digital
services, depends on economic cycles, the development of technology and the
advertising market, and the competitive environment. Like most other newspaper
groups, Ilkka-Yhtymä has years of experience of its own free sheets and digital
services. The comprehensive regional advertising network formed by these,
coupled with local customer relationships, give the Group a competitive edge.
Due to the consumer behaviour enabled by new technology, some classified
advertisements, such as car, housing and job advertisements, have shifted
online. In response to this development, Ilkka and Pohjalainen are engaged in
collaboration with Arena Partners and Alma Mediapartners. Ilkka-Yhtymä’s
associated companies Alma Media Corporation and Arena Partners Oy own the
Etuovi.com, Vuokraovi.com and Autotalli.com services, which enable us to
provide our customers with the best services in these sectors. New players in
the market include Facebook, global search engine companies, and the digital
media and advertising channels of client companies.
In order to face the challenges posed by changing reading habits among
consumers and the growing volumes of digital content available free of charge,
Ilkka-Yhtymä Group is providing its provincial newspapers’ premium online and
mobile services for the benefit of the region's consumers. The aim is for these
services to become the leading place for digital news, services, transactions
and commerce for consumers, communities and companies in our operating
provinces.
Graphics
Fierce price competition continues in the Finnish printing sector as printing
volumes fall. Developments in circulation and advertising volumes are reflected
in the numbers of pages in newspapers, and the use of other advertising media
is affected by their price competitiveness and general economic trends.
The availability of newsprint has been good and price developments in recent
years have been moderate. Pricing pressures may increase in the future, since
the paper industry’s capacity cuts were intended to safeguard future
profitability. I-print Oy has prepared for both availability and price risks by
spreading purchases among suppliers and through joint procurement with other
actors within the industry.
The deliveries of subscription newspapers have been outsourced to Posti and HSS
Media. The short-term risks in delivery operations mainly concern price and
service level developments. These risks depend on the diminishing volumes, pay
development of deliverers, competition between delivery companies and the
reform of the Postal Services Act. In the longer term, the availability of
distribution services as well as the related price risks will increase.
Financial risks
The Group is exposed to an interest-rate risk and a risk associated with share
prices. The Group’s interest-rate risk consists of changes in market interest
rates applied in the loan portfolio. The company follows an interest-rate
management policy confirmed by the Board of Directors. With respect to
interest-rate risk management, the goal is to reduce the volatility of interest
expenses in order to keep interest expenses, and the associated risk that they
will grow, at an acceptable level. Interest-rate risk is managed by selecting
both fixed and floating interest rates in loans, and using interest-rate fixing
periods. If necessary, in order to hedge against interest-rate risk, the
company can rely on interest rate swaps. The Group’s loan arrangements and
hedging against interest-rate risk have been described in further detail above,
under ‘Consolidated balance sheet and financing’. The loan arrangements are
subject to customary terms and conditions, but they do not include financial
covenants.
In order to ensure the availability and flexibility of financing, the Group has
available credit limits. On 31 December 2016, unused credit limits totalled EUR
13 million (On 31 December 2015, EUR 13 million). In its operations, the Group
is also exposed to price risks arising from the volatility of market prices of
quoted shares.
THE BOARD’S PROPOSAL ON PROFIT SHARING
The Board of Directors proposes to the Annual General Meeting of 20 April 2017
that a per-share dividend of EUR 0.12 be paid for the financial year 2016,
representing a total dividend payment of EUR 3,079,824.96. Dividends will be
distributed to those who are listed on the record day, 24 April 2017, as
shareholders in the Ilkka-Yhtymä Oyj's list of shareholders, maintained at
Euroclear Finland Oy. Dividend payments are issued on 2 May 2017. On 31
December 2016, the parent company's distributable funds amounted to EUR
54,714,289.29.
No substantial changes have taken place in the company’s financial position
since the end of the financial year. In the view of the Board of Directors, the
proposed dividends do not jeopardise the company’s liquidity.
Ilkka-Yhtymä Oyj practises an active dividend policy and aims to distribute at
least half of its consolidated annual income as dividend payments. However,
dividend distribution is affected not only by the earnings trend, but also by
the Group's financial standing, the financing required for profitable growth
and the company's future outlook and development needs.
EVENTS AFTER THE FINANCIAL YEAR
Ilkka-Yhtymä’s Board of Directors has decided that the provincial newspapers
Ilkka and Pohjalainen will switch to tabloid format in the spring of 2018. The
exact date will be announced later.
The aim of the reform is to offer readers in Ostrobothnia high-quality,
interesting content in both digital and print formats, ensuring ease of use and
enabling advertisers to reach an audience with purchasing power. The reform
will be implemented in cooperation with readers and advertisers.
A consistent look will also provide functional advantages for newspaper
cooperation both internally and externally. Journalistic content produced by
Lännen Media and nationwide advertising sold by Kärkimedia are largely in
tabloid format.
Ilkka-Yhtymä announced on 6 February 2017 that it would initiate negotiations
at its printing house I-print Oy in accordance with the Act on Co-operation
within Undertakings. The objective was to adjust the operations and the amount
of personnel to the reduced volumes. The negotiations concern the production
personnel of the newspaper printing press working the day shift, excluding
service staff, 12 persons in all. The negotiations may lead to temporary
lay-offs, conversions of full-time employment to part-time employment and/or
redundancies.
OUTLOOK FOR 2017
In the current economic climate and competitive environment, forecasting net
sales in the newspaper business involves still major uncertainties. The overall
media advertising market in Finland is estimated to remain roughly unchanged
from the previous year, while circulation income is predicted to fall slightly.
Printing business volumes are expected to decline further.
Ilkka-Yhtymä Group’s net sales and adjusted operating profit from the Group’s
own operations are expected to remain at the same level as in 2016.
The associated company Alma Media Corporation (Group ownership 27.30%) will
have a significant impact on Group operating profit and profit.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2016 2015 % 2016 2015 %
NET SALES 10 312 10 711 -4 % 39 698 41 172 -4 %
Change in inventories of -2 -2 -14 % 6 1 305 %
finished and unfinished
products
Other operating income 51 41 24 % 211 1 763 -88 %
Materials and services -3 483 -3 391 3 % -13 781 -13 418 3 %
Employee benefits -4 204 -4 146 1 % -16 411 -16 548 -1 %
Depreciation -361 -411 -12 % -1 455 -1 653 -12 %
Other operating costs -1 582 -1 447 9 % -5 274 -5 331 -1 %
Share of associated companies’ 1 295 -56 2392 % 4 761 3 012 58 %
profit
OPERATING PROFIT/ LOSS 2 026 1 299 56 % 7 754 8 998 -14 %
Financial income and expenses 337 -3 743 109 % -1 219 -4 519 73 %
*)
PROFIT/ LOSS BEFORE TAX 2 363 -2 444 197 % 6 535 4 479 46 %
Income tax -207 -225 -8 % -328 -872 -62 %
PROFIT/ LOSS FOR THE PERIOD 2 156 -2 669 181 % 6 207 3 607 72 %
UNDER REVIEW
Earnings per share, undiluted 0.08 -0.10 181 % 0.24 0.14 72 %
(EUR)**)
The undiluted share average 25 665 25 665 25 665 25 665
(to the nearest thousand)**)
*) As a result of the dilution of ownership in the associated company Alma
Media Corporation, a loss of EUR 3,533 thousand was recorded in the financial
expenses for Q4/2015.
**) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2016 2015 % 2016 2015 %
PROFIT/ LOSS FOR THE PERIOD UNDER 2 156 -2 669 181 % 6 207 3 607 72 %
REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be reclassified
subsequently to profit or loss:
Available-for-sale assets
Measured at fair value 1 -100 % 4 -100 %
Transferred to the income -18 -8 -120 %
statement
Share of associated companies' 136 355 -62 % 8 517 -98 %
other comprehensive income
Income tax related to components 4 3 18 %
of other comprehensive income
Other comprehensive income, net of 136 356 -62 % -6 516 -101 %
tax
TOTAL COMPREHENSIVE INCOME FOR THE 2 292 -2 313 199 % 6 201 4 123 50 %
PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 10-12/ 10-12/ Change % 1-12/ 1-12/ Change %
2016 2015 2016 2015
Publishing
External 8 923 9 031 -1 % 34 410 35 123 -2 %
Inter-segments 26 23 12 % 101 95 6 %
Publishing total 8 949 9 054 -1 % 34 511 35 218 -2 %
Printing
External 1 389 1 680 -17 % 5 288 6 048 -13 %
Inter-segments 1 533 1 586 -3 % 5 864 6 273 -7 %
Printing total 2 922 3 266 -11 % 11 151 12 321 -9 %
Non-allocated
Inter-segments 545 554 -2 % 2 139 2 199 -3 %
Non-allocated total 545 554 -2 % 2 139 2 200 -3 %
Elimination -2 103 -2 163 -3 % -8 104 -8 567 -5 %
Group net sales total 10 312 10 711 -4 % 39 698 41 172 -4 %
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 10-12/ 10-12/ Change % 1-12/ 1-12/ Change %
2016 2015 2016 2015
Publishing 575 960 -40 % 2 314 3 238 -29 %
Printing 357 469 -24 % 1 049 1 543 -32 %
Associated companies 1 295 -56 2392 % 4 761 3 012 58 %
Non-allocated -200 -73 -176 % -370 1 205 -131 %
Group operating profit/ loss 2 026 1 299 56 % 7 754 8 998 -14 %
total
ASSETS BY SEGMENT
(EUR 1,000) 12/2016 12/2015 Change %
Publishing 8 926 9 882 -10 %
Printing 8 370 9 257 -10 %
Non-allocated 108 654 108 042 1 %
Group assets total 125 950 127 181 -1 %
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 12/2016 12/2015 Change %
ASSETS
NON-CURRENT ASSETS
Intangible rights 665 674 -1 %
Goodwill 314 314 0 %
Investment properties 63 63 0 %
Property, plant and equipment 8 332 8 825 -6 %
Shares in associated companies 104 671 102 608 2 %
Available-for-sale assets 2 973 2 922 2 %
Non-current trade and other receivables 567 567 0 %
Other tangible assets 214 214 0 %
TOTAL NON-CURRENT ASSETS 117 800 116 188 1 %
Current assets
Inventories 614 614 0 %
Trade and other receivables 2 770 2 787 -1 %
Income tax assets 140 36 292 %
Financial assets at fair value 1 383 1 057 31 %
through profit or loss
Cash and cash equivalents 3 244 6 500 -50 %
TOTAL Current assets 8 150 10 993 -26 %
Total assets 125 950 127 181 -1 %
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDER’S EQUITY
Share capital 6 416 6 416 0 %
Invested unrestricted equity fund and other reserves 48 676 48 691 0 %
Retained earnings 14 578 10 928 33 %
SHAREHOLDER’S EQUITY 69 670 66 035 6 %
NON-CURRENT LIABILITIES
Deferred tax liability 27 194 -86 %
Non-current interest-bearing liabilities 43 574 31 943 36 %
Non-current interest-free liabilities 48 61 -22 %
NON-CURRENT LIABILITIES 43 649 32 199 36 %
CURRENT LIABILITIES
Current interest-bearing liabilities 3 957 20 286 -80 %
Accounts payable and other payables 8 665 8 309 4 %
Income tax liability 8 352 -98 %
CURRENT LIABILITIES 12 631 28 947 -56 %
SHAREHOLDERS’ EQUITY AND LIABILITIES TOTAL 125 950 127 181 -1 %
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-12/ 1-12/
2016 2015
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 6 207 3 607
Adjustments -1 805 2 592
Change in working capital -231 62
CASH FLOW FROM OPERATIONS 4 171 6 262
BEFORE FINANCE AND TAXES
Interest paid -1 226 -1 255
Interest received 58 50
Dividends received 50 66
Other financial items -120 -33
Direct taxes paid -938 -889
CASH FLOW FROM OPERATIONS 1 995 4 201
CASH FLOW FROM INVESTMENTS
Investments in tangible and -810 -590
intangible assets, net
Disposal of subsidiaries 1 748
Capital repayment received 2 699 2 699
Other investments -70
Proceeds from sale of other investments 33 68
Dividends received from investments 103 95
CASH FLOW FROM INVESTMENTS 1 955 4 019
CASH FLOW BEFORE FINANCING ITEMS 3 950 8 220
CASH FLOW FROM FINANCING
Repayment of current loans -20 250 -2 353
Proceeds from non-current loans 25 000
Repayments of non-current loans -9 412 -2 353
Dividends paid and other profit distribution -2 545 -2 547
CASH FLOW FROM FINANCING -7 207 -7 253
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -3 256 967
Liquid assets at the beginning of the financial period 6 500 5 534
Liquid assets at the end of the financial period 3 244 6 500
KEY FIGURES
2016 2015
Net sales, Meur 39.7 41.2
change % -3.6 -1.5
Operating profit/ loss, Meur 7.8 9.0
% of net sales 19.5 21.9
Adjusted operating profit/ loss from the Group’s own 3.0 4.6
operations, Meur
% of net sales 7.5 11.1
Profit/ loss before tax, Meur 6.5 4.5
% of net sales 16.5 10.9
Profit/ loss for the financial period, Meur 6.2 3.6
% of net sales 15.6 8.8
Return on equity (ROE), % 9.1 5.5
Return on investment (ROI), % 7.1 4.8
Equity ratio, % 56.2 52.9
Net gearing, % 61.6 67.6
Gross capital expenditure, Meur *) 1.0 0.6
% of net sales 2.6 1.4
Balance sheet total, Meur 126.0 127.2
Current ratio 0.65 0.38
Average no. of employees 295 299
Earnings per share (EPS), eur 0.24 0.14
Cash flow from operations per share, eur 0.08 0.16
Shareholders’ equity per share, eur 2.71 2.57
Dividend per share (Series I), eur **) 0.12 0.10
Dividend per share (Series II), eur **) 0.12 0.10
Dividend per earnings (Series I), % 49.6 71.2
Dividend per earnings (Series II), % 49.6 71.2
Effective dividend yield (Series I), % 3.9 4.0
Effective dividend yield (Series II), % 4.4 4.9
Price per earnings (P/E) (Series I) 12.8 17.6
Price per earnings (P/E) (Series II) 11.2 14.4
Market capitalisation, Meur 71.2 54.0
Average number of shares during the financial period 25 665 208 25 665 208
Number of shares at the end on the financial period 25 665 208 25 665 208
*) Includes investments in tangible and intangible assets and shares in
associated companies and in available-for-sale financial assets (shares).
**) 2016: Proposal of the Board of Directors
CONSOLIDATED NET SALES AND PROFIT BY QUARTER
(EUR 1,000) Q1/ 2016 Q2/ 2016 Q3/ 2016 Q4/ 2016
NET SALES 9 748 10 169 9 469 10 312
OPERATING PROFIT/ LOSS 748 2 476 2 504 2 026
PROFIT/ LOSS FOR THE PERIOD UNDER REVIEW -175 1 968 2 258 2 156
(EUR 1,000) Q1/ 2015 Q2/ 2015 Q3/ 2015 Q4/ 2015
NET SALES 10 078 10 634 9 748 10 711
OPERATING PROFIT/ LOSS 1 071 2 969 3 658 1 299
PROFIT/ LOSS FOR THE PERIOD UNDER REVIEW 784 2 982 2 510 -2 669
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY (EUR 1,000)
Change in Share Fair Invested Other Retain Total
shareholders’ equity capita value unrestricted reserv ed
1-12/ 2015 l reserv equity fund es earnin
e gs
SHAREHOLDERS’ EQUITY 6 416 194 48 498 24 9 371 64 503
1.1.
Comprehensive income -1 4 124 4 123
for the period
Dividend distribution -2 567 -2 567
Changes in ownership -24 -24
interests in
subsidiaries
SHAREHOLDERS’ EQUITY 6 416 193 48 498 10 928 66 035
12/ 2015
Change in shareholders’ Share Fair Invested unrestricted Retain Total
equity 1-12/ 2016 capita value equity fund ed
l reserv earnin
e gs
SHAREHOLDERS’ EQUITY 1.1. 6 416 193 48 498 10 928 66 035
Comprehensive income for -15 6 216 6 201
the period
Dividend distribution -2 567 -2 567
SHAREHOLDERS’ EQUITY 12/ 6 416 178 48 498 14 578 69 670
2016
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 12/2016 12/2015
Collateral pledged for own commitments
Mortgages on company assets 1 245 1 245
Mortgages on real estate 8 801 8 801
Pledged shares 105 420 55 081
Contingent liabilities on behalf of associated company
Guarantees 3 961 3 961
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-12/ 1-12/ Change %
2016 2015
Carrying amount at the beginning of the financial 8 825 10 230 -14 %
period
Increase 773 410 88 %
Decrease -261 100 %
Depreciation for the financial period -1 266 -1 408 10 %
Transfers between items -147 100 %
Carrying amount at the end of the financial period 8 332 8 825 -6 %
RELATED PARTY TRANSACTIONS
Ilkka-Yhtymä Group’s related parties include associated companies, members of
the Board of Directors, members of the Supervisory Board, the Managing Director
and the Group Executive Team.
THE FOLLOWING RELATED PARTY TRANSACTIONS WERE CARRIED OUT:
(EUR 1,000) 12/2016 12/2015
Sales of goods and services
To associated companies 350 258
To other related parties 755 921
Purchases of goods and services
From associated companies 221 256
From other related parties 5 37
Non-current loan receivables from associated companies 567 567
Trade and other receivables
From associated companies 109 68
From other related parties 64 75
Accounts payable
To associated companies 15 24
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 12/2016 12/2015
Salaries and other short-term employee benefits 1 223 1 026
Management comprises the Board of Directors, Supervisory Board, Managing
Director and Group Executive Team.
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT
FAIR VALUE
Fair value at end of period
(EUR 1,000) 12/2016 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through 1 383 1 383
profit or loss
Available-for-sale financial assets 1 553 1 553
TOTAL 2 936 1 383 1 553
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 2 329 2 329
TOTAL 2 329 2 329
Fair value at end of period
(EUR 1,000) 12/2015 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through 1 057 1 057
profit or loss
Available-for-sale financial assets 1 502 1 502
TOTAL 2 559 1 057 1 502
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 806 1 806
TOTAL 1 806 1 806
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,420 thousand in 2015), which are measured at cost since no reliable fair
value was available for them.
At Level 1 of the hierarchy, fair value is based on quoted prices (unadjusted)
in active markets for identical assets or liabilities.
At Level 2, the instruments’ fair value is based on inputs other than quoted
prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
At Level 3, the instruments’ fair value is based on inputs for the asset or
liability that are not based on observable market data.
AUDITED TOTAL CIRCULATION OF NEWSPAPERS IN 2016
Ilkka 42 883
Pohjalainen 18 839
Komiat 5 541
Viiskunta 4 989
Järviseutu 4 526
Suupohjan Sanomat 3 649
Jurvan Sanomat 1 876
Vaasan Ikkuna (delivery) 55 600
Etelä-Pohjanmaa (delivery) 52 000
Drafting principles
This financial statements bulletin, issued by Ilkka-Yhtymä Group, was prepared
in accordance with the requirements of the IAS 34 Interim Financial Reporting
standard.
The financial statements bulletin has been prepared according to the same
principles as the 2015 financial statements. Annual improvements to IFRS and
IFRIC interpretations (Annual Improvements 2010–2012 and Annual Improvements
2012–2014) that became effective in 2016 have also been complied with. These
changes have not affected the reported figures.
Ilkka-Yhtymä has adopted the Guidelines on Alternative Performance Measures
published by the European Securities and Markets Authority (ESMA). In addition
to operating profit, Ilkka-Yhtymä reports adjusted operating profit from the
Group’s own operations, with a view to describing the development of the
Group’s actual operations and improving the comparability of the operating
profit indicator between periods. The indicator in question is essentially the
same as the previously used indicator Operating profit from the Group’s own
operations, excluding non-recurring items and the share of Alma Media’s and
other associated companies’ results. Adjusted operating profit from the Group’s
own operations is determined by adjusting the operating profit shown on the
income statement with the share of the associated companies’ profit and other
adjusted items. Examples of these other adjusted items include capital gains
and losses from the sale of operations or assets, impairment, the costs of
discontinuing significant operations and the costs arising from the
reorganisation of operations. Items that have affected the adjusted operating
profit from the Group’s own operations in the periods under review and
comparative periods are listed in the table of key figures of the financial
statements bulletin.
The company also publishes certain other commonly used key figures, which can
mainly be derived from the income statement and balance sheet. In the view of
the company, the key figures presented clarify the picture of the company’s
results and financial position given on the income statement and balance sheet.
The principles and formulae for the calculation of the indicators, presented on
page 63 of the 2015 Annual Report, remain unchanged.
All the figures in the financial statements bulletin are rounded, so the sum of
separate figures may differ from that presented in the report.
The figures in the financial statements bulletin have been presented unaudited.
PROPOSALS TO THE ANNUAL GENERAL MEETING
The Board of Directors proposes to the Annual General Meeting of 20 April 2017
that a per-share dividend of EUR 0.12 be paid for the financial year 2016,
representing a total dividend payment of EUR 3,079,824.96. Dividends will be
distributed to those who are listed on the record day, 24 April 2017, as
shareholders in the Ilkka-Yhtymä Oyj's list of shareholders, maintained at
Euroclear Finland Oy. Dividend payments are issued on 2 May 2017. On 31
December 2016, the parent company's distributable funds amounted to EUR
54,714,289.29.
AUTHORISATION TO DONATE
The Board of Directors proposes to the AGM that the Board of Directors be
authorised to decide upon a donation, totalling a maximum of EUR 50,000, to be
made towards charitable causes or similar, and that the Board of Directors be
authorised to decide upon the recipients, purposes of use, schedules and other
terms of these donations.
ANNUAL REPORT 2016
Ilkka-Yhtymä’s Annual Report 2016, including the financial statements and the
Board of Directors’ report, will be published on 30 March 2017.
General statement
This report contains certain statements that are estimates based on the
management's best knowledge at the time they were made. For this reason, they
involve a certain amount of inherent risk and uncertainty. The estimates may
change in the event of significant changes in general economic and business
conditions.
ILKKA-YHTYMÄ OYJ
Board of Directors
Matti Korkiatupa
Managing Director
For more information:
Matti Korkiatupa, Managing Director, Ilkka-Yhtymä Oyj
Tel. +358 (0)500 162 015
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