2012-04-27 11:00:00 CEST
2012-04-27 11:01:14 CEST
SÄÄNNELTY TIETO
Alma Media - Interim report (Q1 and Q3)
Alma Media's Interim Report for January-March 2012: Acquisitions increased revenue, digital business now accounts for nearly a quarter of revenue
Alma Media Corporation Interim Report April 27, 2012 at 12:00 noon (EEST)
ALMA MEDIA'S INTERIM REPORT FOR JANUARY-MARCH 2012:
ACQUISITIONS INCREASED REVENUE, DIGITAL BUSINESS NOW ACCOUNTS FOR NEARLY A
QUARTER OF REVENUE
Financial performance January-March 2012:
- Revenue was MEUR 81.1 (77.1), up 5.2%.
- Circulation revenue was MEUR 30.5 (30.7), down 0.5%, advertising revenue MEUR
41.1 (37.7), up 9.0% and content and service revenue MEUR 9.6 (8.8), up 9.3%.
- EBITDA (Earnings before interests, taxes, depreciation and amortization)
excluding non-recurring items was MEUR 11.6 (11.6)
- EBITDA was MEUR 10.7 (11.3).
- Operating profit excluding non-recurring items was MEUR 8.5 (9.3), 10.4%
(12.1%) of revenue, down 9.1%.
- Operating profit was MEUR 6.0 (9.0), 7.4% (11.7%) of revenue, down 33.3%.
- Revenue of acquired businesses was MEUR 5.3 and operating profit MEUR 1.4.
- Profit for the period was MEUR 2.7 (6.9), down 60.6%.
- Earnings per share were EUR 0.03 (0.09).
Key figures 2012 2011 Change 2011
MEUR Q1 Q1 % Q1-Q4
---------------------------------------------------------------------
Revenue 81.1 77.1 5.2 316.2
Circulation revenue 30.5 30.7 -0.5 124.8
Advertising revenue 41.1 37.7 9.0 155.3
Contents and service revenue 9.6 8.8 9.3 36.1
Total expenses excluding non-recurring items 72.8 67.8 7.3 273.6
---------------------------------------------------------------------
EBITDA excluding non-recurring items 11.6 11.6 0.1 51.9
EBITDA 10.7 11.3 -4.7 51.2
---------------------------------------------------------------------
Operating profit excluding non-recurring items 8.5 9.3 -9.1 42.9
% of revenue 10.4 12.1 13.6
Operating profit 6.0 9.0 -33.3 42.0
% of revenue 7.4 11.7 13.3
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Profit for the period 2.7 6.9 -60.6 30.8
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Earnings per share, EUR (basic) 0.03 0.09 -63.0 0.39
Earnings per share, EUR (diluted) 0.03 0.09 -62.9 0.39
Acquired businesses
---------------------------------------------------------------------
Revenue 5.3 0.0 0.0
EBITDA 2.1 0.0 0.0
Operating profit 1.4 0.0 0.0
---------------------------------------------------------------------
Outlook for 2012:
Due to the uncertainty prevailing in the macroeconomic conditions of the Group's
main markets, it is exceptionally complicated to estimate the development of
circulation and advertising revenues. Digital services are expected to further
increase their share of the media market. Alma Media expects that the change in
value-added tax, effective since the beginning of 2012, may decrease the
circulations of the Group's newspapers.
Alma Media repeats its estimate given in the financial statements release of
February 15, 2012, according to which the company expects its full-year revenue
for 2012 to increase from the 2011 level, primarily due to the acquisitions
made. Operating profit excluding non-recurring items is expected to be lower
than in 2011. Full-year revenue for 2011 was MEUR 316.2, operating profit
excluding non-recurring items MEUR 42.9 and operating profit MEUR 42.0.
Kai Telanne, President and CEO:
In January-March, Alma Media's revenue increased to MEUR 81.1, supported by the
acquisitions made. The share of digital products and services in the revenue
increased to 24.0% (18.3%). This development followed the Group's strategy and
was supported by Alma Media's acquisitions in the Czech Republic and the Baltic
countries at the turn of the year. The revenue and profitability of the acquired
businesses, LMC and CV Online, developed favourably as expected, and their
integration is proceeding according to plan. Recruitment services have become
the largest business area in the Digital Consumer Services segment. According to
TNS Metrix, the online services of Alma Media Group have nearly 4.7 million
unique visitors (browsers) weekly, representing 73% of all Finns aged between
15 and 65 years.
Advertising revenue grew to MEUR 41.1. Online advertising sales grew by 47.9% to
MEUR 15.9. Circulation revenue developed positively, considering the business
conditions, and at MEUR 30.5 (30.7) was close to that of the comparison period.
Alma Regional Media unit, combining the regional and local newspaper businesses
and reported under Alma Media's Newspapers segment, as well as Alma Diverso, a
development and service unit reported under Digital Consumer Services, started
operations in the beginning of 2012. Alma Diverso focuses on the development of
managing traffic to Alma Media's online services, as well as new products and
service concepts with regard to online advertising and e-commerce.
The structural change apparent in the media industry accelerated during the
first quarter of the year. The total volume of advertising grew by only 1.4% in
January-March, according to TNS Media Intelligence. Advertising in printed
newspapers and city papers continued to decline and decreased by 1.3% in
January-March. Advertising in online media increased by 13.7% from the
comparison period. As expected, the circulations of printed newspapers continued
to decline during the first quarter.
Alma Media has initiated wide-ranging change projects to develop its operations.
The objectives include, for instance, improving the quality of Alma Media's
products and services and strengthening the Group's ability to develop multi-
channel media products to meet consumers' and advertisers' changing needs on a
commercially sustainable basis. Through closer internal cooperation, enabled by
reorganisation, we aim to utilise the wide range of special journalistic
expertise within the Group across all business units. Due to these change
projects, a total of four cooperation processes have been started in the Group.
The processes concern the printing operations in Rovaniemi, Finland, the
marketplace business, directory business and regional and local paper business.
As a result of statutory personnel negotiations completed by the publishing date
of this interim report, the staff of Alma Media will decrease by 32 work years.
Negotiations still going on may entail a staff reduction of 146 full-time work
years maximum.
Alma Media invests in the renewal of print media, aiming to further improve cost
efficiency and ensure the quality of products. On April 26, 2012, Alma Media
signed a delivery agreement for a printing press with manroland web systems
GmbH. The agreement with this company, continuing the business of manroland AG,
which filed for insolvency in November 2011, will secure the implementation of
the printing facility investment according to the original plan.
For further information, please contact:
Kai Telanne, President and CEO, telephone +358 10 665 3500
Tuomas Itkonen, CFO, telephone +358 10 665 2244
Conference, webcast and conference call:
Alma Media will hold a conference in Finnish concerning its January-March 2012
results in the "Salikabinetti" conference room of the Savoy restaurant at the
address Eteläesplanadi 14, 7th floor, Helsinki, from 1:30 to 2:30pm (EEST) on
April 27, 2012. The results will be presented by Kai Telanne, President and CEO,
and Tuomas Itkonen, CFO. Presentation materials for the event will be available
online at www.almamedia.fi/calendar from 1:30pm on the same day.
A webcast and conference call in English will start at 3:00pm (EEST) on April
27, 2012. You may participate in the conference call by calling +44 (0)20
3364 5728 (confirmation code 5779945), or follow the event online at
www.almamedia.fi/investors (audio webcast).
Rauno Heinonen
Vice President, Corporate Communications and IR
Alma Media Corporation
DISTRIBUTION: NASDAQ OMX Helsinki, principal media
ALMA MEDIA GROUP INTERIM REPORT JANUARY 1-MARCH 31, 2012
The descriptive part of this review focuses on the result of January-March
2012. The figures are compared in accordance with the International Financial
Reporting Standards (IFRS) with those of the corresponding period in 2011,
unless otherwise stated. The figures in the tables are independently rounded.
KEY FIGURES 2012 2011 Change 2011
MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 81.1 77.1 5.2 316.2
Total expenses excluding non-recurring items 72.8 67.8 7.3 273.6
--------------------------------------------------------------------------------
EBITDA excluding non-recurring items 11.6 11.6 0.1 51.9
EBITDA 10.7 11.3 -4.7 51.2
--------------------------------------------------------------------------------
Operating profit excluding non-recurring items 8.5 9.3 -9.1 42.9
% of revenue 10.4 12.1 13.6
Operating profit 6.0 9.0 -33.3 42.0
% of revenue 7.4 11.7 13.3
--------------------------------------------------------------------------------
Profit before tax 3.8 9.3 -59.3 42.0
Profit for the period 2.7 6.9 -60.6 30.8
--------------------------------------------------------------------------------
Return on Equity/ROE (Annual)* 13.8 33.5 -58.9 29.1
Return on Investment/ROI (Annual)* 10.1 31.1 -67.6 26.1
Net financial expenses 1.7 0.1 -1633.9 2.5
Net financial expenses, % of revenue 2.1 0.1 0.8
Balance sheet total 234.6 170.0 38.0 198.0
Capital expenditure 69.5 1.4 4863.0 6.3
Capital expenditure, % of revenue 85.6 1.9 4369.8 2.0
Equity ratio 33.9 48.6 -30.3 57.0
Gearing, % 60.2 -11.4 -630.6 -33.4
Interest-bearing net debt 42.2 -7.9 -635.8 -32.3
Interest-bearing liabilities 70.7 18.9 273.3 25.5
Non-interest-bearing liabilities 93.8 81.7 14.9 75.7
Average no. of personnel, calculated as full-
time employees, excl. delivery staff 1,817 1,794 1.3 1,816
Average no. of delivery staff 985 917 7.4 961
--------------------------------------------------------------------------------
Share indicators
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Earnings per share, EUR (basic) 0.03 0.09 -63.0 0.39
Earnings per share, EUR (diluted) 0.03 0.09 -62.9 0.39
Cash flow from operating activities/share, EUR 0.16 0.37 -56.7 0.67
Shareholders' equity per share, EUR 0.89 0.90 -1.5 1.24
Dividend per share 0.40
Effective dividend yield 6.5
P/E Ratio 15.8
Market capitalization 403.1 611.6 -34.1 463.5
Average no. of shares (1,000 shares)
- basic 75,487 75,076 75,339
- diluted 75,720 75,507 75,772
No. of shares at end of period (1,000 shares) 75,487 75,130 75,487
--------------------------------------------------------------------------------
*) see Main Accounting Principles of the Interim Report
MARKET CONDITIONS
The GDP of Finland is expected to grow by 0 - 2% in 2012. According to TNS Media
Intelligence, total advertising volume grew by 1.4 (9.7)% in the first quarter
of 2012. Advertising in newspapers decreased by 1.3 (grew by 4.6)%. Advertising
in online media continued to grow, in the first quarter by 13.7 (32.5)% from the
comparison period.
The total market of afternoon papers declined by 3.3 (6.7)%) in the first
quarter of 2012.
CHANGES IN GROUP STRUCTURE
On January 2, 2012, Alma Media Corporation acquired LMC s.r.o, a company that
owns the two leading recruitment portals in the Czech Republic. The acquisition
price was MEUR 39.5 paid in cash at the time of signing. According to the
agreement, an additional sum of CZK 100 million (approx. MEUR 3.9) will be paid
based on LMC's 2012 result. The company is reported under Alma Media's Digital
Consumer Services since January 2, 2012.
Northern Media, part of Alma Media's Newspapers segment, acquired the publishing
rights of the free issue paper Kotikymppi that appears in Kemijärvi, Finland, on
January 1, 2012.
On February 2, 2012, Alma Media Corporation acquired CV Online, the leading
internet recruitment service company in the Baltic countries. The company is
reported as part of Alma Media's Digital Consumer Services segment since
February 2, 2012.
A decision has been made to simplify the legal structure of Alma Media Group.
All legal companies that are part of Alma Media Group will be affected. The
change aims at gradually decreasing minimising the number of legal companies in
the Group during 2012. The rearrangement will not have any effect on the profit
and loss statement or the balance sheet of Alma Media Group.
More information on the acquired business operations of the Group is in the
notes section of this Interim Report.
GROUP REVENUE AND RESULT IN JANUARY-MARCH 2012
The Group's revenue grew by 5.2% (3.7%) and totalled MEUR 81.1 (77.1). Revenue
from the business operations acquired in 2012 was MEUR 5.3 (0.0). Revenue from
print media was MEUR 55.2 (57.3), representing 68.0% (74.3%) of the Group's
revenue. Revenue from digital products and services was MEUR 19.5 (14.1),
showing a growth of 38.5% mainly due to the acquisitions made. The share of
digital products and services in the Group's revenue was 24.0% (18.3%).
According to TNS Metrix, the online services of Alma Media Group in Finland have
nearly 4.7 million unique visitors (browsers) weekly, representing 73% of all
Finns aged between 15 and 65 years. Other revenue amounted to MEUR 6.3 (5.7),
7.8% (7.4%) of Group total revenue.
Revenue from the Group's advertising sales grew by 9.0% to MEUR 41.1 (37.7),
representing 50.6% (48.9%) of the total revenue. The advertising sales for
printed media declined 7.5% from the comparison period's level, being MEUR 24.7
(26.7). Online advertising sales grew by 47.9% to MEUR 15.9 (10.8).
Circulation revenue remained close to the level of the comparison period at MEUR
30.5 (30.7). Thanks to the price increases, the circulation revenue of the
Newspapers segment was at the comparison period's level, even though the
circulation volumes continued to fall. Circulation revenue for Kauppalehti
decreased slightly from the comparison period level.
Content and service revenue was MEUR 9.6 (8.8).
Total expenses excluding non-recurring items grew by MEUR 4.9 or 7.3% and
amounted to MEUR 72.8 (67.8). Total expenses grew by 10.1% to MEUR 75.2 (68.3).
The main reason for the increase in total expenses was the rise in ICT expenses.
The business operations acquired during the review period, LMC and CV Online,
accounted for a MEUR 4.0 share of the total expenses.
EBITDA (Earnings before interests, taxes, depreciation and amortization)
excluding non-recurring items was MEUR 11.6 (11.6). EBITDA was MEUR 10.7 (11.3).
Depreciations during the review period amounted to MEUR 4.8 (2.3). The period's
depreciations include MEUR 1.6 in impairment losses. Depreciations in connection
with acquired businesses total MEUR 0.7 (0.8).
The operating profit excluding non-recurring items decreased by 9.1% (increased
by 12.0%) and amounted to MEUR 8.5 (9.3). The operating margin excluding non-
recurring items was 10.4% (12.1%) of revenue. The operating profit was MEUR 6.0
(9.0) and the operating margin decreased to 7.4% (11.7%) of revenue. The
operating profit of the acquired businesses was MEUR 1.4 (0.0).
The operating profit includes MEUR -2.5 (-0.2) in net non-recurring items. The
non-recurring items in the review period pertained to operational rearrangements
and the impairment losses from capitalised product development costs for the
Marketplaces business. The details of the non-recurring items are explained
under Non-recurring items on page 12.
Profit before taxes for January-March 2012 was MEUR 3.8 (9.3), and profit before
taxes excluding non-recurring items MEUR 6.3 (9.5). The item having the most
significant impact on the result of the review period was the change in the fair
value of a contingent consideration and the debt from corporate transactions in
relation with the Marketplaces segment, in the amount of MEUR -1.1.
BUSINESS SEGMENTS
This Interim Report reports Alma Media's business segments according to the new
organisational structure. The segment structure was changed from the beginning
of 2012. The reportable segments of Alma Media are Newspapers, Kauppalehti
Group, Digital Consumer Services and Other Operations.
The Group has six operating segments, in accordance with the table below. The
operating segments that offer similar products and services are combined to
reportable segments due to their uniform profitability and other
characteristics.
+-------------------------+-------------------+
|REPORTABLE SEGMENT: |OPERATING SEGMENT: |
+-------------------------+-------------------+
|Newspapers |Alma Regional Media|
| |Iltalehti |
+-------------------------+-------------------+
|Kauppalehti Group |Kauppalehti Group |
+-------------------------+-------------------+
|Digital Consumer Services|Marketplaces |
| |Alma Diverso |
+-------------------------+-------------------+
|Other Operations |Other operations |
+-------------------------+-------------------+
The new Digital Consumer Services segment consists of the former Marketplaces
segment as well as the Alma Diverso operating segment. Alma Diverso comprises
the digital consumer services previously reported in the Newspapers segment,
namely Telkku.com, Kotikokki.net, Neffit.fi, Nytmatkaan.fi, Suomenyritykset.fi
as well as development of the technical platform of the online services of the
regional and local newspapers, previously reported in Other Operations.
With the change in the structure and composition of the reportable segments,
Alma Media has, in accordance with the IFRS 8 Operating Segments standard,
adjusted the corresponding items in segment information for the comparison
period 2011. The tables presented in the Notes section of this Interim Report
summarise the impact of the changes and present revenue and operating profit by
segment in accordance with the new segment composition.
REVENUE AND OPERATING PROFIT/LOSS BY SEGMENT
REVENUE BY SEGMENT, 2012 2011 Change 2011
MEUR Q1 Q1 % Q1-Q4
-------------------------------------------------------------
Newspapers
External 50.9 52.0 214.1
Inter-segments 1.1 1.0 4.3
-------------------------------------------------------------
Newspapers total 51.9 53.0 -2.1 218.3
Kauppalehti Group
External 14.1 13.7 55.9
Inter-segments 0.2 0.2 0.8
-------------------------------------------------------------
Kauppalehti Group total 14.3 13.9 3.0 56.7
Digital consumer services
External 14.6 10.0 40.7
Inter-segments 0.3 0.4 1.4
-------------------------------------------------------------
Digital consumer services total 14.9 10.4 43.5 42.1
Other operations
External 1.6 1.4 5.6
Inter-segments 19.4 17.7 73.9
-------------------------------------------------------------
Other operations total 21.0 19.1 10.1 79.5
Elimination -21.1 -19.3 -80.4
-------------------------------------------------------------
Total 81.1 77.1 5.2 316.2
-------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2012 2011 Change 2011
MEUR *) Q1 Q1 % Q1-Q4
-------------------------------------------------------------
Newspapers 5.3 6.0 -11.5 29.7
Kauppalehti Group 1.3 1.2 6.3 7.4
Digital consumer services 0.8 1.8 -57.3 6.4
Other operations -1.3 -0.1 -1956.1 -1.6
-------------------------------------------------------------
Total 6.0 9.0 -33.3 42.0
-------------------------------------------------------------
*) including non-recurring items
Newspapers
The Newspapers segment reports the Alma Regional Media and Iltalehti business
units, that is, the publishing activities of a total of 35 newspapers. The best-
known media in this segment are Aamulehti and Iltalehti.
Newspapers 2012 2011 Change 2011
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 51.9 53.0 -2.1 218.3
Circulation revenue 26.8 26.9 -0.5 109.9
Advertising revenue 24.2 25.2 -3.8 104.4
Content and service revenue 0.9 0.9 -0.1 4.0
Total expenses excluding non-recurring
items 46.1 46.5 -0.9 187.7
--------------------------------------------------------------------------------
EBITDA excluding non-recurring items 6.2 6.9 -9.5 32.2
EBITDA 5.7 6.4 -11.0 31.4
--------------------------------------------------------------------------------
Operating profit excluding non-recurring
items 5.9 6.5 -9.9 30.7
Operating profit excluding non-recurring
items, % 11.3 12.3 14.1
Operating profit 5.3 6.0 -11.5 29.7
Operating profit, % 10.3 11.4 13.6
--------------------------------------------------------------------------------
Average no. of personnel, calculated as
full-time employees excl. delivery staff 853 932 -8 940
Average no. of delivery staff * 97 103 -5 117
--------------------------------------------------------------------------------
2012 2011 2011
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Iltalehti 102,124
Aamulehti 130,081
Online services, unique browsers, weekly
Iltalehti.fi 3,631,483 2,781,813 2,978,518
Aamulehti.fi 352,168 316,245 333,987
--------------------------------------------------------------------------------
January-March 2012
The Newspapers segment's revenue decreased to MEUR 51.9 (53.0). Advertising
sales in the segment totalled MEUR 24.2 (25.2), down 3.8% (up 4.0%) on the
previous year. Advertising sales in print media decreased by 5.1% (increased by
1.9%). Advertising sales in online media grew by 7.9% amounting to MEUR 2.7
(2.5). The segment's circulation sales remained close to the comparison period's
level supported by the price increases of regional and local papers.
The segment's total expenses excluding non-recurring items of the segment were
MEUR 46.1 (46.5). Total expenses were MEUR 46.6 (47.0). The non-recurring items,
in the amount of MEUR 0.5, were related to operational rearrangements.
The segment's operating profit excluding non-recurring items was MEUR 5.9 (6.5)
and operating profit MEUR 5.3 (6.0). Operating profit excluding non-recurring
items declined due to the decrease in advertising sales of the print media.
Alma Media combined its 34 regional and local papers into the new business unit
Alma Regional Media from the beginning of 2012.
The statutory personnel negotiations at Northern Media, part of the Newspapers
segment, were completed in January 2012. As a result, Northern Media reduces its
staff by nine full-time work years.
Kauppalehti Group
The Kauppalehti Group specialises in the production of business and financial
information as well as in the provision of marketing solutions. Its best known
title is Finland's leading business paper, Kauppalehti. The Group also includes
the custom media house Alma 360 Custom Media, and the news agency and media
monitoring unit BNS Group that operates in all of the Baltic countries.
Kauppalehti Group 2012 2011 Change 2011
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 14.3 13.9 3.0 56.7
Circulation revenue 3.7 3.8 -1.2 15.0
Advertising revenue 4.0 4.1 -3.3 17.1
Content and service revenue 6.7 6.1 9.8 24.6
Total expenses excluding non-recurring items 13.1 12.7 2.7 49.3
--------------------------------------------------------------------------------
EBITDA excluding non-recurring items 1.5 1.4 3.4 8.2
EBITDA 1.5 1.4 3.4 8.2
--------------------------------------------------------------------------------
Operating profit excluding non-recurring items 1.3 1.2 6.3 7.4
Operating margin excluding non-recurring items,
% 8.9 8.6 3.2 13.0
Operating profit 1.3 1.2 6.3 7.4
Operating profit, % 8.9 8.6 3.2 13.0
--------------------------------------------------------------------------------
Average no. of personnel, calculated as full-
time employees 402 435 -7.7 429
--------------------------------------------------------------------------------
2012 2011 2011
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Kauppalehti 68,252
--------------------------------------------------------------------------------
Online services, unique browsers, weekly
Kauppalehti.fi 732,206 811,857 729,742
--------------------------------------------------------------------------------
January-March 2012
Kauppalehti Group's revenue was MEUR 14.3 (13.9) in the first quarter of the
year. The revenue for the review period increased by 3.0% (decreased by 1.0%).
Online business accounted for 25.8% (24.8%) of the segment's revenue.
The segment's advertising sales decreased by 3.3% (decreased by 1.8%) to MEUR
4.0 (4.1). Online advertising sales increased by 6.4% (up 1.5%) from the
comparison period.
The segment's circulation revenue remained at the previous year's level at MEUR
3.7 (3.8). Kauppalehti's audited circulation in 2011 was 68,252 (70,118). The
content and service revenue of the segment rose to MEUR 6.7 (6.1).
The total expenses of the segment were MEUR 13.1 (12.7). No non-recurring items
were recognised during the review period.
The operating profit excluding non-recurring items of the Kauppalehti Group was
MEUR 1.3 (1.2) and the operating profit MEUR 1.3 (1.2). The operating margin
excluding non-recurring items was 8.9% (8.6%), and the operating margin 8.9%
(8.6%). Operating profit excluding non-recurring items grew due to the strong
development of the content and service revenue.
Digital Consumer Services
The new Digital Consumer Services segment comprises the former Marketplaces
segment, and additionally the digital consumer service operations previously
reported in the Newspapers and Other Operations segments.
The services in Finland are Etuovi.com, Vuokraovi.com, Monster.fi,
Autotalli.com, Mascus.fi, MyyJaOsta.com, Telkku.com, Vuodatus.net,
Kotikokki.net, Neffit.fi, Nytmatkaan.fi and Suomenyritykset.fi. The services
operating outside Finland are Jobs.cz, Prace.cz, topjobs.sk, cv.ee, Mascus,
Bovision.se, Objektvision.se and City24. In addition, the segment includes print
media supporting the digital services, as well as the development of the
technology platform for the online services of the regional and local papers.
Digital consumer services 2012 2011 Change 2011
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 14.9 10.4 43.5 42.1
Operations in Finland 8.1 9.0 -10.7 36.5
Operations outside Finland 6.9 1.4 402.5 5.6
Total expenses excluding non-recurring items 12.6 8.7 44.0 35.9
--------------------------------------------------------------------------------
EBITDA excluding non-recurring items 3.5 2.1 66.7 8.0
EBITDA 3.5 2.3 54.9 8.1
--------------------------------------------------------------------------------
Operating profit excluding non-recurring items 2.4 1.7 42.5 6.3
Operating margin excluding non-recurring items,
% 16.0 16.1 -0.7 14.9
Operating profit 0.8 1.8 -57.3 6.4
Operating margin, % 5.3 17.7 -70.2 15.3
Average no. of personnel, calculated as full-
time employees 291 206 41 205
--------------------------------------------------------------------------------
Acquired businesses
Revenue 5.3 0.0 0.0
EBITDA 2.1 0.0 0.0
Operating profit 1.4 0.0 0.0
2012 2011 2011
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Online services, unique browsers, weekly
Etuovi.com 427,653 468,514 453,453
Autotalli.com 114,849 108,515 99,142
Monster.fi 112,421 107,947 91,205
MyyjaOsta.com 34,910 45,376 42,239
Telkku.com 770,506 675,612 661,908
Vuodatus.net 240,506 289,757 256,582
Kotikokki.net 186,857 224,098 196,509
Suomenyritykset.fi 42,497 80,306 76,618
Mascus.com (Finland) 376,650 303,372 279,089
City24 167,650 153,503 190,842
Bovision 65,655 83,574 66,019
--------------------------------------------------------------------------------
January-March 2012
In the first quarter of 2012, the revenue of the Digital Consumer Services
segment was MEUR 14.9 (10.4), up 43.5% (20.0%). Revenue from the business
operations acquired in 2012 was MEUR 5.3. The advertising sales of the segment
amounted to MEUR 13.5 (9.0). During the review period, recruitment advertising
grew supported by the acquisitions while home sales advertising revenue
declined.
Total expenses excluding non-recurring items during the period were MEUR 12.6
(8.7) and total expenses MEUR 14.2 (8.7). The acquired businesses accounted for
MEUR 4.0 of the expenses.
The operating profit excluding non-recurring items of the Digital Consumer
Services segment increased to MEUR 2.4 (1.7) in the first quarter. The operating
profit was MEUR 0.8 (1.8).The operating profit from the businesses acquired in
2012 was MEUR 1.4. The non-recurring expenses of the period, MEUR 1.6, were
related to the impairment losses from capitalised product development costs. The
non-recurring gains of MEUR 0.2 in the comparison period were related to
restructuring costs. Operating profit excluding non-recurring items grew due to
the acquisitions made.
Organisational rearrangement and measures to increase operational efficiencies
in the businesses of home sales, vehicle sales and trade between consumers were
started in March. At the same time, statutory personnel negotiations concerning
the number of staff in these operations were initiated. As a result of the
negotiations, the number of employees will be reduced by 28 work years.
Alma Intermedia Oy, a company providing electronic directory services and part
of the segment, on March 12, 2012 announced its plans for reorganisation and
rationalisation of its operations as well as the initiation of statutory
personnel negotiations concerning its entire staff. As a result of the
negotiations, the number of Alma Intermedia Oy staff may be reduced by no more
than 11 full-time work years.
Other Operations
The Other operations segment reports the operations of the Group's printing and
distribution unit as well as parent company. The financial characteristics of
both are similar as they primarily provide services for the other business
segments.
Other operations 2012 2011 Change 2011
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 21.0 19.1 10.1 79.5
External 1.6 1.4 11.2 5.6
Inter-segments 19.4 17.7 10.0 73.9
Total expenses excluding non-recurring items 22.1 19.2 15.1 81.1
--------------------------------------------------------------------------------
EBITDA excluding non-recurring items 0.4 1.2 -65.4 3.5
EBITDA 0.1 1.2 -92.9 3.4
--------------------------------------------------------------------------------
Operating profit excluding non-recurring items -1.0 -0.1 -1452.0 -1.4
Operating profit excluding non-recurring items,
% -4.8 -0.3 -1310.2 -1.8
Operating profit -1.3 -0.1 -1956.1 -1.6
Operating profit, % -6.4 -0.3 -1768.3 -2.0
--------------------------------------------------------------------------------
Average no. of personnel, calculated as full-
time employees 271 220 23 241
Average no. of delivery staff 887 814 9 844
--------------------------------------------------------------------------------
2012 2011 2011
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Printing volume (thousand units) 51,083 59,914 224,724
Paper usage (tons) 7,102 7,467 31,428
--------------------------------------------------------------------------------
Alma Media has entered a finance leasing agreement with Pohjola Bank Plc for the
financing of the machinery and movable property of Alma Media's new printing
facility. By March 31, 2012, the financer has paid a total of MEUR 10.7 as
advance payments. The agreements cover a total of MEUR 40.6. The total amount of
the investment is approximately MEUR 50.0.
The rent agreement for the new printing facility property became effective on
January 1, 2012, and it is treated as a finance leasing agreement in the
consolidated balance sheet.
Alma Manu expanded its distribution operations in the province of Lapland. The
distribution of Lapin Kansa and Koillis-Lappi, both Alma Media newspapers, was
transferred from Itella to Alma Manu in January 2012.
Alma Manu Oy, Alma Media's printing and distribution company, initiated
statutory personnel negotiations in relation to its planned operational
rationalisation and reorganisation in March. As a result of the negotiations,
completed in April, the number of employees at the Rovaniemi printing facility
was reduced by four full-time work years.
The operating profit of the segment decreased due to the changes implemented in
the structures of delivery and corporate operations from the comparison period.
Alma Media's human resources, Finance and ICT functions were centralised to
parent company at the beginning of the first quarter of 2012.
ASSOCIATED COMPANIES
Share of profit of associated companies 2012 2011 2011
MEUR Q1 Q1 Q1-Q4
-------------------------------------------------------
Newspapers 0.0 0.0 -0.0
Kauppalehti Group
Talentum Oyj -0.7 0.3 1.8
Digital consumer services 0.0 -0.0 -0.1
Other operations
Other associated companies 0.2 0.1 0.9
-------------------------------------------------------
Total -0.5 0.4 2.5
Alma Media Group holds a 32.14-% stake in Talentum Oyj, which is reported under
the Kauppalehti Group. The company's own shares in the possession of Talentum
are here included in the total number of shares. In the consolidated financial
statements of Alma Media the own shares held by Talentum itself are not included
in the total number of shares. Alma Media's shareholding in Talentum is stated
as 32.64% in Alma Media's consolidated financial statements of December
31, 2012 and in this Interim Report.
NON-RECURRING ITEMS
Non-recurring item is an income or expense arising from non-recurring or rare
events. Gains or losses from the sale of business operations or assets, gains or
losses from discontinuing or restructuring business operations as well as
impairment losses of goodwill and other assets are recognised as non-recurring
items. Non-recurring items are recognised in the profit and loss statement
within the corresponding income or expense group.
The non-recurring items during the first quarter consisted of reorganisation
expenses in the Newspapers and Other Operations segments. The non-recurring item
of the Digital Consumer Services segment was the impairment of capitalised
product development expenses.
NON-RECURRING ITEMS 2012 2011 2011
MEUR Q1 Q1 Q1-Q4
-------------------------------------------------------
Newspapers
Restructuring -0.5 -0.5 -1.0
Gains on sales of assets
-------------------------------------------------------
Digital consumer services
Restructuring -1.6
Gains on sales of assets 0.2 0.2
-------------------------------------------------------
Other operations
Restructuring -0.3 -0.5
Gains on sales of assets 0.4
NON-RECURRING ITEMS IN OPERATING PROFIT -2.5 -0.3 -1.0
-------------------------------------------------------
Translation differences 0.1 0.1
-------------------------------------------------------
NON-RECURRING ITEMS IN FINANCIAL ITEMS 0.1 0.1
-------------------------------------------------------
BALANCE SHEET AND FINANCIAL POSITION
At the end of March 2012, the consolidated balance sheet stood at MEUR 234.6
(170.0). Alma Media's equity ratio at the end of March was 33.9% (48.6%) and the
equity per share declined to EUR 0.89 (0.90).
The Group's interest-bearing net debt at the end of March was MEUR 42.2 (-7.9).
The increase in net debt was due to the rent agreement of the new printing
facility, treated as finance leasing, becoming effective, as well as the debt
taken for acquisitions and dividend payment, a total of MEUR 24. The fair value
of the financial assets recognised at fair value through profit or loss, due to
arrangements and acquisitions, was MEUR 0.0 (7.3) on March 31, 2012, and the
fair value of debt MEUR 6.0 (2.9).
The consolidated cash flow from operations in January-March 2012 was MEUR 12.0
(27.5). Cash flow before financing was MEUR -22.6 (28.7). Owing to the change in
Finnish value-added tax imposed on newspapers, part of the subscription fees for
2012 exceptionally accumulated in 2011, which significantly decreased the cash
flow from operations during the review period. Investment cash flow was
primarily affected by the financing for acquisitions that took place during the
review period.
The Group currently has a MEUR 100.0 commercial paper programme in Finland under
which it is permitted to issue papers to a total amount of MEUR 0-100. The
unused part of the programme was MEUR 81 on March 31, 2012. In addition, the
Group has a credit facility in the amount of MEUR 30.0 until October 9, 2013, of
which on March 31, 2012, MEUR 18.0 were unused, as well as a credit facility in
the amount of MEUR 35 until December 19, 2012, of which on March 31, 2012, MEUR
20.0 were unused. The equity ratio of the Group was 33.9% in March 31, 2012.
Regarding the terms and conditions of its financing agreements, the company has
permission for deviation.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in January-March 2012 totalled MEUR 69.5
(1.4), consisting mainly of business acquisitions and the rental agreement for
the new printing facility becoming effective. Other capital expenditure was
related with online service development projects and normal operational and
replacement investments.
ADMINISTRATION
Alma Media Corporation's Annual General Meeting (AGM) held on March 14, 2012
elected Timo Aukia, Petri Niemisvirta, Seppo Paatelainen, Kai Seikku, Erkki
Solja, Catharina Stackelberg-Hammarén and Harri Suutari members of the company's
Board of Directors. In its constitutive meeting held after the AGM, the Board of
Directors elected Seppo Paatelainen its Chairman.
The Board also elected the members of its committees. Timo Aukia, Kai Seikku,
Catharina Stackelberg-Hammarén and Harri Suutari as chairman were elected
members of the Audit Committee. Petri Niemisvirta and Erkki Solja, as well as
Seppo Paatelainen as Chairman, were elected members of the Nomination and
Compensation Committee.
The Board of Directors of Alma Media Corporation has evaluated that with the
exception of Timo Aukia, Petri Niemisvirta and Seppo Paatelainen, the elected
members of the Board of Directors are independent of the company and its
significant shareholders. The three members named above are evaluated to be
independent of the company but dependent on its significant shareholders.
Mikko Korttila, General Counsel of Alma Media Corporation, was appointed
secretary to the Board of Directors.
The AGM appointed Ernst & Young Oy as the company's auditors.
Alma Media Corporation applies the Finnish Corporate Governance Code for listed
companies, issued by the Securities Market Association on June 15, 2010, in its
unaltered form. The Corporate Governance Statement as well as the Salary and
remuneration report for 2011 has been published separately on the company's
website www.almamedia.fi/corporate_governance.
DIVIDENDS
The Annual General Meeting resolved to distribute a dividend of EUR 0.40 per
share, a total of MEUR 30.2 (52.5), for the financial year 2011 in accordance
with the proposal of the Board of Directors. The dividend was paid on March
26, 2012 to shareholders who were registered in Alma Media Corporation's
shareholder register maintained by Euroclear Finland Oy on the record date,
March 19, 2012.
THE ALMA MEDIA SHARE
In January-March, altogether 2,360,120 Alma Media shares were traded at NASDAQ
OMX Helsinki Stock Exchange, representing 3.1% of the total number of shares.
The closing price of the Alma Media share at the end of the last trading day of
the reporting period, March 30, 2012, was EUR 5.34. The lowest quotation during
the reporting period was EUR 5.15 and the highest EUR 6.80. Alma Media
Corporation's market capitalisation at the end of the review period was MEUR
403.1.
The Annual General Meeting of Alma Media Corporation on March 14, 2012
authorised the Board of Directors to repurchase a maximum of 1,000,000 of the
company's shares, corresponding to approximately 1.4 per cent of the company's
total number of shares. The shares will be repurchased at the market price in
public trade on NASDAQ OMX Helsinki using the company's non-restricted equity,
which will decrease the disposable funds of the company for the distribution of
profit. The price paid for the shares shall be based on the price of the
company's shares in public trade with the minimum price of the shares to be
purchased being the lowest quoted market price in public trade during the
validity of the authorisation and the maximum price the highest quoted market
price during the validity of the authorisation. The shares can be repurchased
for the purpose of developing the capital structure of the company, or financing
or implementing of corporate acquisitions or other arrangements, or implementing
of the incentive programmes for the management or key personnel of the company,
or to be otherwise disposed of or cancelled. The authorisation is valid until
the following ordinary Annual General Meeting, however no longer than until June
30, 2013.
The Annual General Meeting of Alma Media Corporation on March 14, 2012
authorised the Board of Directors to decide on a share issue by transferring
shares in possession of the company. The authorisation entitles the Board to
issue a maximum of 1,000,000 shares, corresponding to approximately 1.4 per cent
of the total number of shares of the company. The authorisation entitles the
Board to decide on a directed share issue, which would entail deviating from the
pre-emption rights of shareholders. The Board may use the authorisation in one
or more parts. The authorisation may be used to implement incentive programmes
for the management or key personnel of the company. The authorisation is valid
until the following ordinary Annual General Meeting, however no longer than
until June 30, 2013. This authorisation does not override the authorisation for
share issue resolved in the Annual General Meeting held on March 17, 2011.
The Annual General Meeting of Alma Media Corporation on March 17, 2011
authorised the Board of Directors to decide on a share issue. The authorisation
entitles the Board to issue a maximum of 7,500,000 shares. This maximum amount
of shares corresponds to approximately 10% of the total number of shares of the
company. The share issue can be implemented by issuing new shares or
transferring shares in possession of the company. The authorisation entitles the
Board to decide on a directed share issue, which would entail deviating from the
preemption rights of shareholders. The Board may use the authorisation in one or
more parts. The Board may use the authorisation for developing the capital
structure of the company, widening the ownership base, financing or realising
acquisitions or other similar arrangements, or for other purposes decided upon
by the Board. The authorisation may not, however, be used for incentive
programmes for the management or key personnel of the company. The authorisation
is in effect until March 17, 2013.
OPTION RIGHTS
Alma Media has the option programmes 2006 and 2009 in effect. The programmes are
incentive and commitment systems for Group management. If all the subscription
rights are exercised, the programmes 2006 and 2009 will dilute the holdings of
the earlier shareholders by a maximum of 3.33%. Further details about the
programmes are given in the notes of this Interim Report.
The Board of Directors of Alma Media Corporation has resolved on a new share-
based incentive plan for the Group key employees. The new Performance Share Plan
consists of three performance periods, the calendar years 2012, 2013 and 2014.
The Board of Directors will decide on the plan's performance criteria and their
targets at the beginning of each performance period. The potential reward from
the plan for the performance period 2012 will be based on the Alma Media Group's
profitability, and it will be paid partly in the company's shares and partly in
cash in 2013. For the members of the Group Executive Team, the plan additionally
includes one three-year performance period, the calendar years 2012-2014, based
on the profitable growth of the Group. The potential reward from the performance
period 2012-2014 will be paid partly in the company's shares and partly in cash
one year and two years from the end of the performance period. The Performance
Share Plan includes approximately 25 persons.
OTHER AUTHORISATIONS OF THE BOARD OF DIRECTORS
The Board of Directors has no other current authorisations to raise convertible
loans.
MARKET LIQUIDITY GUARANTEE
There is no market liquidity guarantee in effect for the Alma Media share.
FLAGGING NOTICES
In January-March 2012, Alma Media did not receive notices of changes in
shareholdings pursuant to Chapter 2, Section 9 of the Securities Markets Act.
RISKS AND RISK MANAGEMENT
The purpose of Alma Media Group's risk management activities is to continuously
evaluate and manage all opportunities, threats and risks in conjunction with the
company's operations to enable the company to reach its set objectives and to
secure business continuity.
The risk management process identifies the risks, develops appropriate risk
management methods and regularly reports on risk issues to the risk management
organisation. Risk management is part of Alma Media's internal audit function
and thereby part of good corporate governance. Limits and processing methods are
set for quantitative and qualitative risk methods by the corporate risk
management system in writing.
The most critical strategic risks for Alma Media are a significant drop in its
newspaper subscriptions, a decline in advertising sales and a significant
increase in distribution and delivery costs. Fluctuating economic cycles are
reflected on the development of advertising sales, which accounts for
approximately half of the Group's revenue. Developing businesses outside Finland
such as in the Baltic countries and other East European countries include
country-specific risks relating to market development and economic growth.
In the long term, the media business will undergo changes along with the
transformation in media consumption and technological developments. The Group's
strategic objective is to meet this challenge through renewal and the
development of new business operations in online media. The most important
operational risks are disturbances in information technology systems and
telecommunication, and an interruption of printing operations.
OUTLOOK FOR 2012
Due to the uncertainty prevailing in the macroeconomic conditions of the Group's
main markets, it is exceptionally complicated to estimate the development of
circulation and advertising revenues. Digital services are expected to further
increase their share of the media market. Alma Media expects that the change in
value-added tax, effective since the beginning of 2012, may decrease the
circulations of the Group's newspapers.
Alma Media expects its full-year revenue for 2012 to increase from the 2011
level, primarily due to the acquisitions made. Operating profit excluding non-
recurring items is expected to be lower than in 2011. Full-year revenue for
2011 was MEUR 316.2, operating profit excluding non-recurring items MEUR 42.9
and operating profit MEUR 42.0.
EVENTS AFTER THE REVIEW PERIOD
Alma Media has renewed its management system and revised the composition of the
Group Executive Team and the areas of responsibility for its members. The Group
Executive Team is composed of:
Kai Telanne, President and CEO (Chairman of the Group Executive Team)
Pekka Heinänen, Vice President, Human Resources (Group Human Resources)
Tuomas Itkonen, CFO (Group Finance)
Kari Juutilainen, Senior Vice President (Alma Regional Media)
Kari Kivelä, Publisher (Iltalehti)
Mikko Korttila, General Counsel (Legal Affairs, M&A, Corporate Development)
Juha-Petri Loimovuori, Senior Vice President (Kauppalehti Group)
Raimo Mäkilä, Senior Vice President (Marketplaces)
Minna Nissinen, Senior Vice President (Alma Diverso).
Rauno Heinonen, Vice President, Corporate Communications and IR, will continue
as the secretary of the Group Executive Team. Jouko Jokinen, Executive Editor-
in-Chief of Aamulehti, resigned from the Group Executive Team as of April
1, 2012.
Alma Manu Oy, the printing and distribution company of Alma Media Group, has
completed the statutory personnel negotiations that began in March 2012. The
negotiations concerned the company's plans to rationalise and reorganise the
operations of its printing facility in Rovaniemi. As a result of the
negotiations, the number of employees at the Rovaniemi printing facility will
decrease by four full-time work years.
Alma Media will make considerable changes to the operational model of all its
regional newspaper operations in 2012. The aim of the reorganisation is to
improve the quality of the newspapers' content and to guarantee their ability to
work together to develop multi-channel media products to meet consumers' and
advertisers' changing needs on a commercially sustainable basis. Due to the
planned changes, Alma Regional Media initiated statutory personnel negotiations
with its entire personnel. Alma Regional Media's initial estimate is that the
number of personnel in the unit may be reduced by no more than 135 full-time
work years as a result of the change in the operational model.
Alma Mediapartners Oy, part of Alma Media's Digital Consumer Services segment,
completed its statutory cooperation negotiations with its personnel on April
26, 2012. As a result of the negotiations, the number of employees in the Group
will be reduced by 28 work-years.
On April 26, 2012, Alma Media signed a delivery agreement for a printing press
with manroland web systems GmbH. The agreement with this company, continuing the
business of manroland AG, which filed for insolvency in November 2011, will
secure the implementation of the printing facility investment according to the
original plan.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
2012 2011 Change 2011
COMPREHENSIVE INCOME STATEMENT, MEUR Q1 Q1 % Q1-Q4
-----------------------------------------------------------------------------
REVENUE 81.1 77.1 5.2 316.2
Other operating income 0.1 0.2 -56.2 0.8
Materials and services 20.8 21.8 -4.4 88.9
Employee benefits expense 34.0 30.3 12.2 119.8
Depreciation, amortization and
impairment 4.8 2.3 107.9 9.2
Other operating expenses 15.7 14.0 12.4 57.1
-----------------------------------------------------------------------------
OPERATING PROFIT 6.0 9.0 -33.3 42.0
Finance income 0.0 0.5 -92.9 1.1
Finance expenses 1.7 0.6 186.8 3.6
Share of profit of associated companies -0.5 0.4 -229.2 2.5
-----------------------------------------------------------------------------
PROFIT BEFORE TAX 3.8 9.3 -59.3 42.0
-----------------------------------------------------------------------------
Income tax 1.1 2.4 -55.3 11.2
-----------------------------------------------------------------------------
PROFIT FOR THE PERIOD 2.7 6.9 -60.6 30.8
-----------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME
Change in translation differences 0.5 -0.1 733.6 -0.1
Share of other comprehensive income of associated
companies 0.1 0.0 905.1 -0.1
Income tax relating to components of other
comprehensive income
-----------------------------------------------------------------------------
Other comprehensive income for the period, net of
tax 0.5 -0.1 -0.2
-----------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 3.3 6.9 -52.5 30.6
-----------------------------------------------------------------------------
Profit for the period attributable to
Owners of the parent 2.5 6.6 29.4
Non-controlling interest 0.3 0.4 1.4
Total comprehensive income for the period attributable to
Owners of the parent 3.0 6.5 29.2
Non-controlling interest 0.3 0.4 1.4
Earnings per share calculated from the profit for
the period
attributable to the parent company shareholders
Earnings per share (basic), EUR 0.03 0.09 0.39
Earnings per share (diluted), EUR 0.03 0.09 0.39
BALANCE SHEET, MEUR Mar 31 2012 Mar 31 2011
-------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 57.4 30.6
Other intangible assets 30.9 10.4
Tangible assets 43.3 26.6
Investments in associated companies 34.5 34.1
Other non-current financial assets 4.2 8.5
Deferred tax assets 0.6 0.2
CURRENT ASSETS
Inventories 0.6 1.0
Current tax assets 4.1 0.4
Trade receivable and other receivables 30.6 28.2
Other current financial assets 0.0 3.3
Cash and cash equivalents 28.5 26.8
TOTAL ASSETS 234.6 170.0
-------------------------------------------------------------------
BALANCE SHEET, MEUR Mar 31 2012 Mar 31 2011
-------------------------------------------------------------------
EQUITY AND LIABILITIES
Share capital 45.3 45.1
Share premium reserve 7.7 5.3
Foreign currency translation reserve 0.7 0.3
Retained earnings 13.2 17.0
-------------------------------------------------------------------
Equity attributable to owners of the parent 66.9 67.6
Non-controlling interest 3.2 1.8
-------------------------------------------------------------------
TOTAL EQUITY 70.1 69.4
-------------------------------------------------------------------
LIABILITIES
NON-CURRENT LIABILITIES
Non-current interest-bearing liabilities 26.6 2.4
Deferred tax liabilities 5.4 2.4
Pension obligations 2.5 2.7
Provisions 0.1 0.1
Other financial liabilities 0.8 1.2
Other non-current liabilities 0.4 0.3
CURRENT LIABILITIES
Current interest-bearing liabilities 44.1 16.5
Advances received 27.7 27.2
Income tax liability 0.0 2.4
Provisions 0.8 0.8
Trade and other payables 56.1 44.4
-------------------------------------------------------------------
TOTAL LIABILITIES 164.5 100.5
-------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 234.6 170.0
-------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGE
IN EQUITY
Attributable to equity holders of the
Parent Company
| | |
MEUR A B C D| E| F| G
------------------------------------------------+--------------------+----+-----
Equity Jan 1 2012 45.3 7.7 0.2 40.6| 93.9| 2.9| 96.7
------------------------------------------------+--------------------+----+-----
Profit for the period 2.5| 2.5| 0.3| 2.7
| | |
Other comprehensive income 0.5 0.1| 0.5| | 0.5
| | |
Transactions with equity | | |
holders of the parent and | | |
non-controlling interest | | |
| | |
Dividends paid by parent -30.2| -30.2| |-30.2 | | |
Dividends paid by | | |
subsidiaries | | |
| | |
Share-based payments 0.3| 0.3| | 0.3
| | |
Excercised share options | | |
| | |
Business combinations | | |
------------------------------------------------+--------------------+----+-----
Equity Mar 31 2012 45.3 7.7 0.7 13.2| 66.9| 3.2| 70.1
------------------------------------------------+--------------------+----+-----
Attributable to equity holders of the
Parent Company
| | |
MEUR A B C D| E| F| G
------------------------------------------------+--------------------+----+-----
Equity Jan 1 2011 45.0 4.7 0.4 62.7| 112.8| 2.0|114.8
------------------------------------------------+--------------------+----+-----
Profit for the period 6.6| 6.6| 0.4| 6.9
| | |
Other comprehensive income -0.1 0.0| -0.1| | -0.1
| | |
Transactions with equity | | |
holders of the parent and | | |
non-controlling interest | | | | | |
Dividends paid by parent -52.4| -52.4| |-52.4
| | |
Dividends paid by | | |
subsidiaries | |-0.7| -0.7
| | |
Share-based payments 0.2| 0.2| | 0.2
| | |
Excercised share options 0.0 0.5 | 0.6| | 0.6
| | |
Business combinations | | 0.1| 0.1
------------------------------------------------+--------------------+----+-----
Equity Mar 31 2011 45.1 5.3 0.3 17.0| 67.6| 1.8| 69.4
------------------------------------------------+--------------------+----+-----
Column headings on Consolidated Statement of Change in Equity
A=Share capital
B=Share premium reserve
C=Translation difference
D=Retained earnings
E=Total
F=Non-controlling interest
G=Equity total
2012 2011 2011
CASH FLOW STATEMENT, MEUR Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Operating activities
Profit for the period 2.7 6.9 30.8
Adjustments 7.9 4.1 20.2
Change in working capital 4.8 19.7 14.2
Dividends received 0.0 0.2 1.1
Interest received 0.0 0.3 0.4
Interest paid and other finance expenses -0.8 -0.3 -1.3
Income taxes paid -2.8 -3.5 -14.6
--------------------------------------------------------------------------------
Net cash flows from operating activities 12.0 27.5 50.7
Investing activities
Acquisitions of tangible and intangible assets -0.8 -0.7 -2.8
Other investments -0.1 0.0 -0.1
Proceeds from sale of other investments 0.0 0.1 0.1
Acquisition of subsidiaries -37.2 0.1 -0.1
Acquisition of associated companies -0.3 -0.3 -0.3
Proceeds from sale of subsidiaries 3.8 2.1 2.5
Proceeds from sale of associated companies 0.0 0.0 0.7
--------------------------------------------------------------------------------
Net cash flows from / (used in) investing activities -34.6 1.3 0.0
Cash flow before financing activities -22.6 28.8 50.7
Financing activities
Proceeds from exercise of share options 0.0 0.6 3.2
Current loans taken 24.0 15.0 37.0
Repayment of current loans -0.6 -0.4 -16.4
Change in interest-bearing receivables 0.0 0.0 0.3
Dividends paid -30.2 -53.2 -53.2
--------------------------------------------------------------------------------
Net cash flows from / (used in) financing activities -6.8 -38.0 -29.0
Change in cash and cash equivalent funds (increase + /
decrease -) -29.4 -9.3 21.7
Cash and cash equivalents at beginning of period 57.8 36.3 36.3
Effect of change in foreign exchange rates 0.1 -0.3 -0.2
Cash and cash equivalents at end of period 28.5 26.8 57.8
ACQUIRED BUSINESSES JANUARY 1 - MARCH 31, 2012
Alma Media has acquired the following business
operations
Business line Acquired on Ownership %
Newpapers segment
Koti-Kymppi newspaper Local newspaper Jan 2, 2012 100 %
Digital consumer services
LMC s.r.o Online Jan 2, 2012 100 %
CV Online Online Feb 1, 2012 100 %
The acquisition in Newspapers segment has no major impact on the consolidated
financial statements and because of this no additional information is presented.
The following table presents the opening balance sheets of the acquired
operations of Digital Consumer Services in the Group, the total acquisition
price and impact on cash flow.
LMC s.r.o
Book values before Fair values at the
MEUR consolidation consolidation
--------------------------------------------------------------------------------
Property, plant and
equipment 0.2 0.2
Intangible assets 7.5 22.1
Trade and other
receivables 3.3 3.3
Cash and cash equivalents 5.9 5.9
--------------------------------------------------------------------------------
Assets, total 16.8 31.4
Deferred tax liabilities 0.0 2.9
Trade and other payables 7.5 7.5
--------------------------------------------------------------------------------
Liabilities, total 7.5 10.4
Total identifiable net
assets 9.4 21.0
Cash and cash equivalents
of acquired subsidiaries
or businesses 5.9
CV Online
Book values before Fair values at the
MEUR consolidation consolidation
-------------------------------------------------------------------------------
Property, plant and
equipment 0.0 0.0
Intangible assets 1.3 2.2
Trade and other
receivables 0.2 0.2
Cash and cash equivalents 0.4 0.4
-------------------------------------------------------------------------------
Assets, total 2.0 2.9
Deferred tax liabilities 0.1 0.4
Trade and other payables 0.5 0.5
-------------------------------------------------------------------------------
Liabilities, total 0.6 0.8
Total identifiable net
assets 1.4 2.1
Cash and cash equivalents
of acquired subsidiaries
or businesses 0.4
Purchase consideration,
MEUR
LMC s.r.o
Consideration, settled in
cash 39.2
Contingent consideration
liability 3.9
-------------------------------------------------------------------------------
Total consideration 43.1
Purchase consideration,
MEUR
CV Online
Consideration, settled in
cash 4.0
Contingent consideration
liability 1.2
-------------------------------------------------------------------------------
Total consideration 5.2
The amount of contingent considerations is based on the operating profits of the
acquired business during 2011 and 2012. Contingent considerations are classified
as financial assets recognised at fair value through profit and loss. The change
in fair value is recognized in the financial items.
Goodwill arising on acquisition, LMC s.r.o
Contingent consideration 43.1
Identifiable net assets of the acquired business operations -21.0
-------------------------------------------------------------------
Goodwill 22.0
Goodwill arising on acquisition, CV Online
Contingent consideration 5.2
Identifiable net assets of the acquired business operations -2.1
-------------------------------------------------------------------
Goodwill 3.1
Group revenue would have been an estimated MEUR 335.7 (reported MEUR 316.2) and
the operating profit MEUR 46.0 (reported MEUR 42.0), assuming the acquisitions
had taken place at the beginning of 2011.
The fair values entered on intangible assets in the integration relate primarily
to domains and trademarks, IT applications and customer agreements. The goodwill
created through the acquisitions is affected by the estimated synergy benefits
to be realised from the acquired businesses.
CONTINGENT CONSIDERATIONS
Contingent considerations are classified as financial assets and liabilities
recognized at fair value through profit or loss. The amount of the contingent
considerations due to the acquisitions and business arrangements is based on the
revenue and operating profits of the acquired business during 2010-13. The fair
values are the estimated final considerations discounted to the balance sheet
date. The minimum realizable value of the contingent considerations is 1.2 MEUR.
CONTINGENT CONSIDERATION ASSETS
--------------------------------------------------------------------------------
Intial recognition of the assets 8.4
Change in fair value during previous financial years -1.4
Considerations, settled in cash -5.9
Change in fair value during the financial year -1.1
--------------------------------------------------------------------------------
Fair value of the contingent consideration assets in the end of the period 0.0
CONTINGENT CONSIDERATION LIABILITY
--------------------------------------------------------------------------------
Initial recognition of the liability 8.0
Change in fair value during previous financial years -0.6
Considerations, settled in cash -0.7
Change in exchange rate 0.2
Change in fair value during the financial year -0.2
--------------------------------------------------------------------------------
Fair value of the contingent consideration liability in the end of the
period 6.7
REVENUE BY GEOGRAPHICAL AREA, 2012 2011 2011
MEUR Q1 Q1 Q1-Q4
---------------------------------------------
Finland 77.3 73.7 301.8
Other EU countries 3.4 3.0 13.3
Other countries 0.5 0.3 1.1
---------------------------------------------
Total 81.1 77.1 316.2
INFORMATION BY SEGMENT
The business segments of Alma Media are Newspapers, Kauppalehti Group, Digital
Consumer Services and Other operations. The descriptive section of the interim
report presents the revenue and operating profits of the segments and the
allocation of the associated companies' results to the reporting segments. The
following table presents the assets and liabilities by segment as well as the
non-allocated asset and liability items.
ASSETS BY SEGMENT, MEUR Mar 31 2012 Mar 31 2011 31 Dec 2011
-------------------------------------------------------------------------
Newspapers 39.5 40.8 39.6
Kauppalehti Group 41.5 41.6 40.8
Digital consumer services 81.5 29.1 26.6
Other operations 33.1 24.4 22.4
Non-allocated assets and eliminations 39.1 34.2 68.5
-------------------------------------------------------------------------
Total 234.6 170.0 198.0
LIABILITIES BY SEGMENT, MEUR Mar 31 2012 Mar 31 2011 31 Dec 2011
-------------------------------------------------------------------------
Newspapers 39.2 38.3 38.6
Kauppalehti Group 12.9 12.5 11.0
Digital consumer services 15.2 8.6 6.4
Other operations 14.9 15.7 14.9
Non-allocated liabilities and 82.2 25.3 30.4
eliminations
-------------------------------------------------------------------------
Total 164.5 100.5 101.2
2012 2011 2011
CAPITAL EXPENDITURE, MEUR Q1 Q1 Q1-Q4
-------------------------------------------
Newspapers 0.6 0.6 2.5
Kauppalehti Group 0.1 0.2 0.6
Digital consumer services 47.2 0.5 2.0
Others 21.5 0.1 1.2
-------------------------------------------
Total 69.5 1.4 6.3
-------------------------------------------
PROVISIONS
The company's provisions totalled MEUR 0.9 (0.9) on March 31, 2012. The major
part of the provisions concern restructuring provisions. It has not been
necessary to change the estimates made when the provisions were entered.
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES, MEUR Mar 31 2012 Mar 31 2011 31 Dec 2011
--------------------------------------------------------------------------------
Other commitments
Commitments based on agreements 0.1 1.3
Minimum lease payments on other lease
agreements:
Within one year 8.4 6.6 7.1
Within 1-5 years 26.7 21.8 27.1
After 5 years 46.0 47.0 43.7
--------------------------------------------------------------------------------
Total 81.2 75.4 77.9
The Group also has purchase agreements that based on
IFRIC 4
include a lease component as per IAS 17.
Minimum payments based on these agreements: 1.3 2.0 1.5
--------------------------------------------------------------------------------
Additionally, the company has signed a lease contract for the machinery and
movables of the new printing facility with Pohjola Pankki Plc. For the signed
financial lease contracts, the financier has paid advance payments of MEUR 10.7
by March 31, 2012. The total amount of agreed contracts is MEUR 40.6. The total
estimated value of the investment is MEUR 50.0. According to the IAS 17
standard, the contracts will be recognized as a finance lease contracts, when
the printing facility will be operational.
DERIVATIVE CONTRACTS, MEUR Mar 31 2012 Mar 31 2011 31 Dec 2011
--------------------------------------------------------------------------------
Commodity derivate contracts,
electricity
derivatives
Fair value * -0.2 1.1 -0.1
Nominal value 1.2 0.2 1.1
--------------------------------------------------------------------------------
* The fair-value represents the return that would have arisen if the
derivative had been cleared on the balance sheet date.
RELATED PARTY TRANSACTIONS
Alma Media Group's related parties are the major shareholders of the parent
company, associated companies and companies owned by them. Related parties also
include the company's senior management and their related parties (members of
the Board of Directors, President and CEO and Managing Directors, and the Group
Executive Team). The following table summarises the business operations
undertaken between Alma Media and its related parties and the status of their
receivables and liabilities:
2012 2011 2011
RELATED PARTY TRANSACTIONS, MEUR Q1 Q1 Q1-Q4
----------------------------------------------------------
Sales of goods and services 0.4 0.1 0.3
Purchases of goods and services 0.9 1.0 4.0
Trade receivable, loan and other
receivables at the end of reporting period 0.1 0.0 0.0
Trade payable at the reporting date 0.1 0.1 0.1
----------------------------------------------------------
OPTION PROGRAMMES
Alma Media has option programmes 2006 and 2009. The programmes are incentive and
commitment systems for the company's management.
The option programmes 2006A and 2006B have expired.
A total of 520,000 options have been issued under the 2006C programme. The share
subscription period for 2006C is April 1, 2010-April 30, 2012. The management
has 470,000 options in its possession. The share subscription price has been
reduced annually by the dividend per share, and was EUR 7.26 in March 2012. No
shares have been subscribed by March 31, 2012 under the programme 2006C.
If all subscription rights are exercised, the programme 2006 will dilute the
holdings of the earlier shareholders by 0.62%.
Under option programme 2009 a total of 2,130,000 stock options may be granted
during 2009-2011, and these may be exercised to subscribe to a maximum of
2,130,000 Alma Media shares. Of the total number of options, 710,000 were marked
2009A, 710,000 were marked 2009B and 710,000 were marked 2009C.
A total of 640,000 options have been issued under the 2009A programme. Share
subscription period for 2009A is April 1, 2012-March 31, 2014. The management
has 595,000 options 2009A in its possession. The share subscription price has
been reduced annually by the dividend per share, and was EUR 3.71 in March 2011.
A total of 610,000 options have been issued under the 2009B programme. Share
subscription period for 2009B is April 1, 2013-March 31, 2015. The management
has 595,000 options in its possession. The share subscription price has been
reduced annually by the dividend per share, and was EUR 6.23 in March 2012.
A total of 640,000 options have been issued under the 2009C programme. Share
subscription period for 2009C is April 1, 2014-March 31, 2016. The management
has 640,000 options in its possession. The share subscription price was EUR
7.55 in December 2011.
If all the subscription rights are exercised, the programmes 2006 and 2009 will
dilute the holdings of the earlier shareholders by 3.33% maximum.
QUARTERLY INFORMATION
| | | | | |
| 2012| 2011 2011 2011| 2011| 2010 2010 2010| 2010|
| | | | | |
MEUR | Q1|10-12 7-9 4-6| Q1|10-12 7-9 4-6| Q1|
-------------------------+-----+-----------------+-----+-----------------+-----+
Revenue | | | | | |
| | | | | |
Newspapers | 51.9| 55.8 52.5 57.1| 53.0| 57.2 53.1 54.9| 51.8| | | | | | |
Kauppalehti Group | 14.3| 15.2 12.6 15.0| 13.9| 16.1 13.3 14.4| 14.1|
| | | | | |
Digital consumer services| 14.9| 10.5 10.3 10.9| 10.4| 10.5 8.5 9.0| 8.3|
| | | | | |
Other operations | 21.0| 20.2 20.1 20.2| 19.1| 19.1 19.3 19.0| 19.0|
| | | | | |
Eliminations |-21.1|-20.4 -20.3 -20.4|-19.3|-19.9 -19.0 -18.6|-18.9|
-------------------------+-----+-----------------+-----+-----------------+-----+
REVENUE | 81.1| 81.3 75.1 82.7| 77.1| 83.0 75.2 78.7| 74.3|
-------------------------+-----+-----------------+-----+-----------------+-----+
Total expenses excluding | | | | | |
non-recurring items | | | | | |
| | | | | |
Newspapers | 46.1| 47.5 45.5 48.1| 46.5| 48.5 45.1 46.2| 45.0|
| | | | | |
Kauppalehti Group | 13.1| 13.0 10.6 13.0| 12.7| 14.4 10.9 11.9| 12.5|
| | | | | |
Digital consumer services| 12.6| 9.6 8.4 9.1| 8.7| 9.7 7.6 9.1| 8.3|
| | | | | |
Other operations | 22.1| 21.7 18.8 21.4| 19.2| 19.3 17.3 19.0| 19.0|
-------------------------+-----+-----------------+-----+-----------------+-----+
TOTAL EXPENSES EXCLUDING | | | | | |
NON-RECURRING ITEMS | 72.8| 71.4 63.1 71.2| 67.8| 72.0 61.9 67.7| 66.1|
-------------------------+-----+-----------------+-----+-----------------+-----+
Operating profit | | | | | |
excluding non-recurring | | | | | |
items | | | | | |
| | | | | |
Newspapers | 5.9| 8.3 7.0 9.0| 6.5| 8.8 8.1 8.7| 6.8|
| | | | | |
Kauppalehti Group | 1.3| 2.2 2.0 2.0| 1.2| 1.7 2.4 2.5| 1.5|
| | | | | |
Digital consumer services| 2.4| 0.9 1.9 1.8| 1.7| 0.6 0.9 0.1| 0.1|
| | | | | |
Other operations | -1.0| -1.5 1.3 -1.2| -0.1| -0.1 2.0 0.0| -0.1|
-------------------------+-----+-----------------+-----+-----------------+-----+
OPERATING PROFIT | | | | | |
EXCLUDING NON-RECURRING | | | | | |
ITEMS | 8.5| 10.1 12.0 11.5| 9.3| 11.0 13.4 11.3| 8.3|
-------------------------+-----+-----------------+-----+-----------------+-----+
% of revenue | | | | | |
| | | | | |
Newspapers | 11.3| 14.9 13.3 15.7| 12.3| 15.3 15.2 15.8| 13.1|
| | | | | |
Kauppalehti Group | 8.9| 14.5 16.0 13.1| 8.6| 10.8 18.2 17.3| 11.0|
| | | | | |
Digital consumer services| 16.0| 8.9 18.1 16.5| 16.1| 5.5 10.4 1.4| 0.6|
| | | | | |
Other operations | -4.8| -7.6 6.5 -5.8| -0.3| -0.7 10.3 -0.1| -0.3|
-------------------------+-----+-----------------+-----+-----------------+-----+
% OF REVENUE | 10.4| 12.4 16.0 14.0| 12.1| 13.2 17.8 14.3| 11.2|
-------------------------+-----+-----------------+-----+-----------------+-----+
Non-recurring items | | | | | |
| | | | | |
Newspapers | -0.5| -0.5 0.0 0.0| -0.5| -0.4 0.1 0.0| -0.1|
| | | | | |
Kauppalehti Group | 0.0| 0.0 0.0 0.0| 0.0| 0.0 0.0 0.0| 0.0|
| | | | | |
Digital consumer services| -1.6| 0.0 0.0 0.0| 0.2| 0.2 0.3 -0.5| -0.1|
| | | | | |
Other operations | -0.3| 0.0 0.4 -0.5| 0.0| 0.0 -0.2 0.2| 0.1|
-------------------------+-----+-----------------+-----+-----------------+-----+
NON-RECURRING ITEMS | -2.5| -0.5 0.4 -0.5| -0.3| -0.3 0.2 -0.4| -0.1|
-------------------------+-----+-----------------+-----+-----------------+-----+
Operating profit | | | | | |
| | | | | |
Newspapers | 5.3| 7.8 7.0 9.0| 6.0| 8.4 8.2 8.7| 6.7|
| | | | | |
Kauppalehti Group | 1.3| 2.2 2.0 2.0| 1.2| 1.7 2.4 2.5| 1.5|
| | | | | |
Digital consumer services| 0.8| 0.9 1.9 1.8| 1.8| 0.7 1.2 -0.4| -0.1|
| | | | | |
Other operations | -1.3| -1.5 1.7 -1.7| -0.1| -0.1 1.8 0.1| 0.1|
-------------------------+-----+-----------------+-----+-----------------+-----+
OPERATING PROFIT | 6.0| 9.6 12.4 11.0| 9.0| 10.7 13.6 10.8| 8.2|
-------------------------+-----+-----------------+-----+-----------------+-----+
Finance income | 0.0| -0.2 1.2 0.9| 0.6| 1.4 0.1 0.2| 0.2|
| | | | | |
Finance expenses | 1.7| -0.6 -0.3 -0.2| -0.2| -0.2 -0.2 -0.2| -0.2|
| | | | | |
Share of profit of | | | | | |
associated companies | -0.5| -0.6 2.3 0.4| 0.4| 0.4 -0.1 0.1| 0.3|
-------------------------+-----+-----------------+-----+-----------------+-----+
PROFIT BEFORE TAX | 3.8| 5.3 15.6 11.8| 9.3| 12.1 13.4 11.0| 8.6|
-------------------------+-----+-----------------+-----+-----------------+-----+
Income tax | -1.1| -2.4 -3.4 -3.0| -2.4| -2.9 -3.5 -3.1| -2.4|
-------------------------+-----+-----------------+-----+-----------------+-----+
PROFIT FOR THE PERIOD | 2.7| 2.8 12.2 8.8| 6.9| 9.2 9.8 7.8| 6.3|
-------------------------+-----+-----------------+-----+-----------------+-----+
MAIN ACCOUNTING PRINCIPLES (IFRS)
This interim report has been prepared according to IFRS standards (IAS 34). The
interim report applies the same accounting principles and calculation methods as
the annual accounts dated December 31, 2011. The interim report does not,
however, contain all the information or notes to the accounts included in the
annual financial statements. This report should therefore be read in conjunction
with the company's financial statements for 2011. The accounting principles of
the financial years 2011 and 2010 are comparable. The company has no
discontinued operations to report in the 2011-2012 financial periods.
The key indicators are calculated using the same formulae as applied in the
previous annual financial statements. The quarterly percentages of Return on
Investment (ROI) and Return on Equity (ROE) have been annualised using the
formula ((1+quarterly return)4)-1). The figures in this financial statement
release are independently rounded.
The Group has applied the following standards and interpretations as of January
1, 2012:
Change in IFRS7: Financial Instruments: Disclosures
Change in IAS 12: Income Taxes
The impact of the new standards presented above on the Group has been marginal.
SEASONALITY
The Group recognises its circulation revenues as paid. Therefore, circulation
revenues accrue in the income statement fairly evenly during the four quarters
of the year. The bulk of circulation invoicing takes place at the beginning of
the year and therefore the cash flow from operating activities is strongest in
the first and second quarters. This also affects the company's balance sheet
position in different quarters.
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
contain a certain amount of risk and uncertainty. The estimates may change in
the event of significant changes in the general economic conditions.
NEXT INTERIM REPORT
Alma Media will publish its interim report for January-June, 2012 on Friday,
July 20, 2012, approximately at 9 a.m (EEST).
ALMA MEDIA CORPORATION
Board of Directors
REVENUE AND OPERATING PROFIT BY SEGMENT IN THE NEW SEGMENT STRUCTURE
2011
REVENUE BY SEGMENT, New Former
MEUR structure structure Change
-------------------------------------------------------------------
Newspapers
External 214.1 217.3 -3.2
Inter-segments 4.3 4.2 0.1
Newspapers total 218.3 221.5 -3.1
Kauppalehti Group
External 55.9 55.9 0
Inter-segments 0.8 0.8 0
Kauppalehti Group total 56.7 56.7 0
Digital Consumer Services
External 40.7 37.5 3.2
Inter-segments 1.4 -0.5 1.9
Digital Consumer Services total 42.1 37 5.2
Other Operations
External 5.6 5.6 -0.1
Inter-segments 73.9 75.9 -2
Other Operations total 79.5 81.5 -2
Elimination -80.4 -80.4 0
-------------------------------------------------------------------
Total 316.2 316.2 0
-------------------------------------------------------------------
New Former
OPERATING PROFIT/LOSS BY SEGMENT*, MEUR structure structure Change
-------------------------------------------------------------------
Newspapers 29.7 30.2 -0.4
Kauppalehti Group 7.4 7.4 0
Digital Consumer Services 6.4 5.8 0.6
Other operations -1.6 -1.4 -0.2
-------------------------------------------------------------------
Total 42 42 0
-------------------------------------------------------------------
*) incl. non-recurring items
REVENUE AND OPERATING PROFIT BY SEGMENT
IN THE NEW SEGMENT STRUCTURE
2011
REVENUE BY SEGMENT, 2011 2011 2011 2011 2011
MEUR Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------------
Newspapers
External 52 56 51.4 54.6 214.1
Inter-segments 1 1.1 1 1.1 4.3
Newspapers total 53 57.1 52.5 55.8 218.3
Kauppalehti Group
External 13.7 14.8 12.4 15 55.9
Inter-segments 0.2 0.2 0.2 0.2 0.8
Kauppalehti Group total 13.9 15 12.6 15.2 56.7
Digital Consumer Services
External 10 10.6 9.9 10.2 40.7
Inter-segments 0.4 0.3 0.4 0.3 1.4
Digital Consumer Services total 10.4 10.9 10.3 10.5 42.1
Other Operations
External 1.4 1.3 1.3 1.5 5.6
Inter-segments 17.7 18.8 18.7 18.7 73.9
Other Operations total 19.1 20.2 20.1 20.2 79.5
Elimination -19.3 -20.4 -20.3 -20.4 -80.4
---------------------------------------------------------------------
Total 77.1 82.7 75.1 81.3 316.2
---------------------------------------------------------------------
2011 2011 2011 2011 2011
OPERATING PROFIT/LOSS BY SEGMENT*, MEUR Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------------
Newspapers 6 9 7 7.8 29.7
Kauppalehti Group 1.2 2 2 2.2 7.4
Digital Consumer Services 1.8 1.8 1.9 0.9 6.4
Other operations -0.1 -1.7 1.7 -1.5 -1.6
---------------------------------------------------------------------
Total 9 11 12.4 9.6 42
---------------------------------------------------------------------
*) incl. non-recurring items
[HUG#1606766]
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