2012-11-05 14:00:00 CET
2012-11-05 14:00:04 CET
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report for Q3/2012
Ilkka-Yhtymä Oyj Interim Report 5 November 2012, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT FOR Q3/2012
JANUARY-SEPTEMBER 2012
- Net sales: EUR 34.3 million (EUR 37.0 million), down 7.3%
- Operating profit: EUR 9.7 million (EUR 15.0 million), down 35.2%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 4.3 million (EUR 6.8 million), down 36.7%
- Operating profit totalled 28.3% of net sales, or 12.6% excluding Alma Media
and other associated companies (18.4%)
- Pre-tax profits: EUR 7.6 million (EUR 12.1 million), down 37.5%
- Earnings per share: EUR 0.28 (EUR 0.44)
- Equity ratio remained good (55.9%); accelerated repayment of loans by EUR 4.1
million
JULY-SEPTEMBER 2012
- Net sales: EUR 10.8 million (EUR 11.6 million), down 7.4%
- Operating profit: EUR 3.8 million (EUR 5.8 million), down 35.7%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1.4 million (EUR 2.3 million), down 37.6%
- Operating profit totalled 34.8% of net sales, or 13.0% excluding Alma Media
and other associated companies (19.3%)
- Pre-tax profits: EUR 3.1 million (EUR 3.3 million), down 7.5%
- Earnings per share: EUR 0.11 (EUR 0.13)
BUSINESS ENVIRONMENT
In its Economic Survey of 17 September 2012, the Ministry of Finance forecast
GDP growth of 1.0% for 2012.
In media monitored by TNS Media Intelligence, advertising decreased by 5.7% in
September and 3.7% in January-September compared to the corresponding period
last year. In January-September, advertising in traditional newspapers fell by
8.2%.
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-September showed a 7.3% decline.
Net sales came to EUR 34.3 million (EUR 37.0 million in the corresponding
period of the previous year). External net sales from the publishing business
fell by 6.1%. Advertising revenues fell by 11.6%, whereas circulation revenues
grew by 0.6%, contrary to the general industry trend. The decrease in net sales
from the publishing business was caused by a weaker advertising market and the
income from parliamentary election advertisements included in the comparative
figure for 2011. External net sales from the printing business fell by 14.9%
due to the decline in volumes. Circulation income accounted for 43% of
consolidated net sales, while advertising income and printing income
represented 45% and 12%, respectively.
For Q3, net sales decreased by 7.4% and totalled EUR 10.8 million (EUR 11.6
million). External net sales from the publishing business fell by 6.8%.
Advertising revenues fell by 15.3%, and circulation revenues grew by 2.7%.
External net sales from the printing business decreased by 12.2%. Circulation
income accounted for 47% of consolidated net sales in July-September, while
advertising income and printing income represented 42% and 11%, respectively.
Other operating income in January-September totalled EUR 0.3 million (EUR 0.3
million) and in July-September EUR 0.1 million (EUR 0.1 million).
Operating expenses for January-September amounted to EUR 30.3 million (EUR 30.5
million), down by 0.7% year on year. For July-September, operating expenses
amounted to EUR 9.5 million (EUR 9.5 million). For January-September, expenses
arising from materials and services decreased by 4.8%. Personnel expenses
increased by 2.8% and other operating costs increased by 1%. Depreciation
contracted by 3.8%.
The share of the associated companies' result for January-September was EUR 5.4
million (EUR 8.2 million). This share was affected by non-recurring expense
items recorded in Alma Media's results (EUR 6.1 million) as well as changes in
the fair value of a conditional purchase price provision arising from the
corporate restructuring of Arena Partners Oy. Consolidated operating profit
amounted to EUR 9.7 million (EUR 15.0 million), down by 35.2 per cent
year-on-year. The Group's operating margin was 28.3 per cent (40.5%). Operating
profit excluding Alma Media Corporation and the other associated companies
amounted to EUR 4.3 million (EUR 6.8 million), representing 12.6% (18.4%) of
net sales. Operating profit from publishing fell by EUR 2.2 million, and
operating profit from printing fell by EUR 0.4 million.
For July-September, the share of the associated companies' result was EUR 2.4
million (EUR 3.6 million). Consolidated operating profit amounted to EUR 3.8
million (EUR 5.8 million). Operating profit decreased 35.7% from the
corresponding period. The Group's operating margin was 34.8% (50.2%) in
July-September. Operating profit excluding Alma Media Corporation and the other
associated companies amounted to EUR 1.4 million (EUR 2.3 million),
representing 13.0% (19.3%) of net sales. For the third quarter, operating
profit from publishing fell by EUR 0.8 million, and operating profit from
printing fell by EUR 0.2 million.
Net financial expenses for January-September amounted to EUR 2.1 million (EUR
2.9 million). Net gain/loss on shares held for trading was EUR -0.2 million
(EUR -0.9 million). Interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 1.7 million (EUR 1.9 million). In order
to hedge against interest rate risk, in 2010 the company 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. In January-September 2012, the market value of these interest
rate swaps fell by EUR 0.9 million (EUR 1.0 million in January-September 2011).
Net financial expenses for July-September amounted to EUR 0.7 million (EUR 2.5
million). Net gain/loss on shares held for trading was EUR 0.1 million (EUR
-0.5 million). For Q3, interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 0.5 million (EUR 0.6 million). In
July-September 2012, the market value of interest rate swaps fell by EUR 0.2
million (EUR 1.4 million in July-September 2011).
Pre-tax profits for January-September totalled EUR 7.6 million (EUR 12.1
million). Direct taxes amounted to EUR 0.4 million (EUR 0.8 million), and the
Group's net profit for the period totalled EUR 7.2 million (EUR 11.3 million).
The Group's net profit for the third quarter totalled EUR 2.9 million (EUR 3.4
million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 185.9 million (EUR 193.7
million), with EUR 101.5 million (EUR 102.9 million) of equity. On the
reporting date of 30 September 2012, the balance sheet value of the holding in
the associated company Alma Media Corporation was EUR 149.3 million and the
market value of the shares was EUR 109.3 million. According to the management's
estimate, write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 71.3 million (EUR 77.5 million). The
equity ratio was 55.9 per cent (54.3%), and shareholders' equity per share
stood at EUR 3.96 (EUR 4.01). The decrease in financial assets for the period
totalled EUR 8.5 million (in January-September 2011, the increase in financial
assets EUR 2.1 million), with liquid assets at the end of the period totalling
EUR 2.4 million (EUR 5.2 million). During the period under review, accelerated
repayments of interest-bearing loans amounted to EUR 4.1 million, of which EUR
2.0 million were repayments of the TyEL loan for 2013-2015 (TyEL = the
Employees' Pensions Act).
Cash flow from operations for the period came to EUR 7.0 million (EUR 24.1
million). This includes EUR -2.0 million (EUR 8.4 million) from the Group's own
operations as well as EUR 9.0 million (EUR 15.7 million) of dividend income
from Alma Media Corporation. Due to VAT changes, subscription fees for the
Group's regional newspapers for 2012 were exceptionally invoiced in December
2011. Consequently, cash flow from the Group's own operations fell in
January-September 2012 compared to the same period in 2011. Cash flow from
investments totalled EUR -0.2 million (EUR -3.5 million).
SHARE PERFORMANCE
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 OMX
Helsinki List, in the Consumer Services sector, the company's market value
being classified as Mid Cap. The Series I shares are listed on the Pre List.
In January-September, 28,934 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 0.7 per cent of the total number of series-I shares. The total
value of the shares traded was EUR 0.2 million. In total, 598,457 series-II
shares were traded, corresponding to 2.8 per cent of the total number of series
II shares. The total value of the shares traded was EUR 3.8 million. The lowest
price at which series-I shares of Ilkka-Yhtymä Oyj were traded during the
period under review was EUR 6.77, and the highest per-share price was EUR
11.29. The lowest price at which series-II shares were traded was EUR 5.21 and
the highest EUR 7.67. The market value of the share capital at the closing rate
for the reporting period was EUR 145.6 million.
RISKS AND RISK MANAGEMENT
In the current economic climate, major uncertainties are associated with the
predictability of both net sales and operating profit. Ilkka-Yhtymä's most
significant short-term risks are related to the development of media
advertising as well as circulation and printing volumes, which apply to the
entire sector. Other business risks are discussed in more detail in the 2011
Annual Report.
The Group's major financial risks include credit risk, the risk associated with
the price of shares held for trading, liquidity risk and the risk of changes in
market interest rates applied to the loan portfolio. In order to hedge against
interest rate risk, on 21 December 2010 the company transformed some of its
floating-rate liabilities to a fixed rate, by means of interest rate swaps.
Given that the Group does not apply hedge accounting, changes in the market
value of the interest rate swap are recognised through profit and loss. Other
financial risks are discussed in more detail in the 2011 Annual Report.
PERSONNEL
During the period under review, the Group employed approximately 339 (345)
persons.
On 1 August 2012, Satu Takala (Master of Arts) assumed her position as Chief
Editor of provincial paper Ilkka. Takala was previously Managing Editor of the
shared editorial unit of Ilkka and Pohjalainen.
Retirement arrangements will be implemented for eight people within the Group.
The cost savings from these arrangements will be realised in full after the
first quarter of 2013.
NEWSPAPER DISTRIBUTION
I-Mediat Oy has signed a three-year follow-up agreement with Itella Posti Oy
for the deliveries of subscription newspapers and the development of
distribution. In addition, the deliveries of free sheets published by I-Mediat
Oy will be transferred to Itella Posti Oy from 1 January 2013.
NORDIC ECOLABEL AWARDED TO I-PRINT OY'S PRODUCTION
Ilkka-Yhtymä's printing house I-print Oy has been awarded Nordic Ecolabel
certification for its printing operations. The Nordic Ecolabel assures
customers that the printing house's production processes meet strict
environmental criteria for the use of materials and energy and waste treatment.
The ecolabel also shows our strong commitment to responsible environmental
activities.
ILKKA AND POHJALAINEN TO BEGIN EDITORIAL COLLABORATION WITH ALMA REGIONAL MEDIA
Ilkka-Yhtymä's provincial newspapers Ilkka and Pohjalainen and Alma Media's
regional and local newspaper division Alma Regional Media will initiate
extensive operational collaboration on content and development. Ilkka-Yhtymä's
publishing company I-Mediat Oy and Alma Media Kustannus Oy (Alma Media
Publishing Ltd) signed a letter of intent for the collaboration on 30 August
2012.
The collaboration aims at improving the editorial quality of the newspapers,
increasing operational efficiency, accelerating the implementation of
development measures and developing editorial reciprocity among the papers. The
collaboration will be launched in stages, and will be fully effective from the
beginning of 2014. The collaboration agreement does not include any issues
related to the ownership of Ilkka-Yhtymä Oyj and Alma Media Corporation.
The future collaboration will cover the Helsinki-based editorial unit producing
nationwide journalism, weekend pages and supplements, radio and TV journalism,
utility journalism, world news, and cultural, sports and online journalism. The
agreement also includes large-scale collaboration on training and development
activities, covering journalism as well as the product development of both
printed papers and online services.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 19 April 2012, 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 0.40 be paid for the year 2011.
The number of members on the Supervisory Board for 2012 was confirmed to be 25.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2016: Vesa-Pekka Kangaskorpi
(Jyväskylä), Jarmo Rinta-Jouppi (Seinäjoki), Kimmo Simberg (Seinäjoki) and
Jyrki Viitala (Seinäjoki). Timo Mäkinen (Seinäjoki) was elected to the
Supervisory Board to replace an employee representative who resigned from her
position during the term of office. Mäkinen's term will end in 2013.
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 Tomi Englund 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 7 May 2012, 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, while Perttu Rinta will continue
as vice-chairman. At its membership meeting, the Board of Directors re-elected
Seppo Paatelainen as its chairman, while Timo Aukia will continue as
vice-chairman.
OUTLOOK FOR 2012
In the current economic climate, major uncertainties are associated with the
predictability of both net sales and operating profit. Media advertising is
forecast to contract in Finland. Due to consumer caution, VAT on circulation
revenues and media competition, newspapers' circulation revenues are predicted
to decrease. Printing business volumes have declined permanently in Finland and
the prospects for growth in the sector are weak.
The net sales of Ilkka-Yhtymä Group will decrease from the 2011 level.
Group operating profit from Ilkka-Yhtymä's own operations, and operating profit
as a percentage of net sales, excluding the share of Alma Media's and other
associated companies' results, will decrease from the 2011 level mainly due to
decline in net sales. In addition, the year's results will depend on
interest-rate trends and the price performance of securities investments.
The associated company Alma Media Corporation (Group ownership 29.79%) will
have a significant impact on Group operating profit and profit.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
DRAFTING PRINCIPLES
Ilkka-Yhtymä Group's interim report has been prepared in compliance with the
recognition and measurement principles of IFRS, but not in compliance with all
IAS 34 requirements.
The interim report has been prepared according to the same principles as the
2011 financial statements. New or revised IFRS standards and IFRIC
interpretations that become effective in 2012 have also been complied with, as
specified in the 2011 financial statements. These changes have not affected the
reported figures. The principles and formulae for the calculation of the
indicators, presented on page 61 of the 2011 annual report, remain unchanged.
The figures in the interim report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2012 2011 % 2012 2011 % 2011
NET SALES 10 785 11 650 -7 34 281 36 973 -7 49 952
Change in inventories -18 12 -259 6 21 -72 12
of finished and
unfinished products
Other operating 133 111 21 342 343 0 435
income
Materials and -3 429 -3 531 -3 -10 527 -11 061 -5 -14 830
services
Employee benefits -4 057 -3 924 3 -13 215 -12 855 3 -17 275
Depreciation -732 -780 -6 -2 239 -2 327 -4 -3 098
Other operating costs -1 277 -1 287 -1 -4 345 -4 300 1 -6 265
Share of associated 2 353 3 593 -35 5 405 8 197 -34 8 659
companies' profit
OPERATING PROFIT 3 757 5 844 -36 9 708 14 990 -35 17 590
Financial income and -686 -2 522 73 -2 126 -2 853 25 -3 817
expenses
PROFIT BEFORE TAXES 3 071 3 322 -8 7 582 12 137 -38 13 773
Income tax -174 70 350 -384 -825 -53 -1 098
PROFIT FOR THE PERIOD 2 897 3 391 -15 7 198 11 312 -36 12 675
UNDER REVIEW
Earnings per share, 0.11 0.13 -15 0.28 0.44 -36 0.49
undiluted (EUR)*)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average, adjusted
for the share issue
(to the nearest
thousand)*)
*) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2012 2011 % 2012 2011 % 2011
PROFIT FOR THE PERIOD UNDER 2 897 3 391 -15 7 198 11 312 -36 12 675
REVIEW
OTHER COMPREHENSIVE INCOME:
Available-for-sale assets -1 -458 100 -3 -516 99 -517
Share of associated 45 -84 153 172 -203 185 -53
companies' other
comprehensive income
Income tax related to 119 -100 1 134 -100 138
components of other
comprehensive income
Other comprehensive income, 44 -423 110 170 -585 129 -432
net of tax
TOTAL COMPREHENSIVE INCOME 2 941 2 968 -1 7 368 10 726 -31 12 243
FOR THE PERIOD
SEGMENT INFORMATION
GROUP NET SALES
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2012 2011 % 2012 2011 % 2011
Publishing 9 608 10 305 -7 30 167 32 110 -6 43 318
Printing 3 144 3 438 -9 10 147 11 229 -10 15 235
Non-allocated 534 501 7 1 602 1 505 6 2 002
Net sales between -2 502 -2 594 -4 -7 635 -7 872 -3 -10 603
segments
Group net sales total 10 785 11 650 -7 34 281 36 973 -7 49 952
GROUP OPERATING PROFIT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2012 2011 % 2012 2011 % 2011
Publishing 1 044 1 843 -43 3 607 5 830 -38 7 697
Printing 358 515 -30 1 012 1 461 -31 1 953
Associated companies 2 353 3 593 -35 5 405 8 197 -34 8 659
Non-allocated 2 -107 102 -316 -498 36 -719
Group operating profit 3 757 5 844 -36 9 708 14 990 -35 17 590
total
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 9/2012 9/2011 Change 12/2011
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 1 029 1 228 -16 1 120
Goodwill 314 314 314
Investment properties 245 319 -23 295
Property, plant and equipment 12 039 13 994 -14 13 481
Shares in associated companies 150 665 153 485 -2 154 097
Available-for-sale assets 10 861 10 683 2 10 714
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 175 368 180 237 -3 180 236
Current assets
Inventories 622 606 3 602
Trade and other receivables 4 225 4 162 2 3 079
Income tax assets 1 620 1 639 -1 254
Financial assets at fair value 1 603 1 926 -17 1 902
through profit or loss
Cash and cash equivalents 2 412 5 160 -53 10 926
TOTAL Current assets 10 482 13 494 -22 16 762
Total assets 185 850 193 731 -4 196 998
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Invested unrestricted equity fund and other 48 621 48 620 0 48 623
reserves
Retained earnings 46 505 47 888 -3 49 401
SHAREHOLDER'S EQUITY 101 542 102 924 -1 104 440
NON-CURRENT LIABILITIES
Deferred tax liability 112 722 -85 532
Non-current interest-bearing liabilities 70 577 76 457 -8 72 438
Non-current interest-free liabilities 115 129 -11 115
NON-CURRENT LIABILITIES 70 805 77 308 -8 73 085
CURRENT LIABILITIES
Current interest-bearing liabilities 695 1 088 -36 4 029
Accounts payable and other payables 11 831 10 658 11 15 383
Income tax liability 977 1 754 -44 61
CURRENT LIABILITIES 13 504 13 499 0 19 473
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 185 850 193 731 -4 196 998
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-9/ 1-9/ 1-12/
2012 2011 2011
CASH FLOW FROM OPERATIONS
Profit for the period under review 7 198 11 312 12 675
Adjustments -697 -2 225 -683
Change in working capital -6 295 1 147 7 395
CASH FLOW FROM OPERATIONS 205 10 234 19 387
BEFORE FINANCE AND TAXES
Interest paid -1 009 -1 106 -2 491
Interest received 35 84 102
Dividends received 9 107 15 935 15 955
Other financial items -41 337 322
Direct taxes paid -1 253 -1 337 -2 104
CASH FLOW FROM OPERATIONS 7 044 24 147 31 171
CASH FLOW FROM INVESTMENTS
Investments in tangible and -541 -625 -785
intangible assets, net
Other investments, net -150 -3 445 -3 477
Dividends received from investments 515 613 628
CASH FLOW FROM INVESTMENTS -176 -3 457 -3 633
CASH FLOW BEFORE FINANCING ITEMS 6 868 20 690 27 538
CASH FLOW FROM FINANCING
Change in current loans -3 238 -5 850 -6 930
Change in non-current loans -1 964
Dividends paid and other profit distribution -10 180 -12 727 -12 728
CASH FLOW FROM FINANCING -15 382 -18 577 -19 658
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -8 514 2 114 7 879
Liquid assets at the beginning of the financial 10 926 3 047 3 047
period
Liquid assets at the end of the financial period 2 412 5 160 10 926
GROUP KEY FIGURES
9/2012 9/2011 12/2011
Earnings/share (EUR) 0.28 0.44 0.49
Shareholders' equity/share (EUR) 3.96 4.01 4.07
Average number of personnel 339 345 341
Investments (EUR 1,000) *) 806 4 257 4 414
Interest-bearing debt (EUR 1,000) 71 272 77 545 76 467
Equity ratio, % 55.9 54.3 55.5
Adjusted average number of shares during the 25 665 208 25 665 208 25 665 208
period
Adjusted number of shares on the balance 25 665 208 25 665 208 25 665 208
sheet date
*) Includes investments in tangible and intangible assets and shares in
associated companies and in available-for-sale financial assets.
Taxes included in the income statement are taxes corresponding to the profit
for the period under review.
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY (EUR 1,000)
Change in Share Fair Invested Other Retaine Total
shareholders' capita value unrestricted reserv d
equity 1-9/ 2011 l reserv equity fund es earning
e s
SHAREHOLDERS' 6 416 480 48 498 24 49 612 105 030
EQUITY 1.1.
Comprehensive -382 11 108 10 726
income for the
period
Dividend -12 833 -12 833
distribution
TOTAL SHAREHOLDERS' 6 416 98 48 498 24 47 888 102 924
EQUITY 9/ 2011
Change in Share Fair Invested Other Retaine Total
shareholders' capita value unrestricted reserv d
equity 1-9/ 2012 l reserv equity fund es earning
e s
SHAREHOLDERS' 6 416 101 48 498 24 49 401 104 440
EQUITY 1.1.
Comprehensive -2 7 370 7 368
income for the
period
Dividend -10 266 -10 266
distribution
TOTAL SHAREHOLDERS' 6 416 99 48 498 24 46 505 101 542
EQUITY 9/ 2012
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 9/2012 9/2011 12/2011
Collateral pledged for own commitments
Mortgages on company assets 1 245 1 245 1 245
Mortgages on real estate 8 801 8 801 8 801
Pledged shares 64 377 80 272 81 332
Contingent liabilities on behalf of associated company
Guarantees 4 182 2 767 2 767
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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