2015-08-03 14:00:00 CEST
2015-08-03 14:00:05 CEST
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report 1 January-30 June 2015
Ilkka-Yhtymä Oyj Interim Report 3 August 2015, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT 1 JANUARY-30 JUNE 2015
JANUARY-JUNE 2015
- Net sales: EUR 20,712 thousand (EUR 20,921 thousand)
- Operating profit: EUR 4,040 thousand (EUR 3,716 thousand)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1,948 thousand (EUR 1,880 thousand)
- Operating profit totalled 19.5% of net sales, or 9.4% (9.0%) excluding Alma
Media and other associated companies
- Pre-tax profits: EUR 4,141 thousand (EUR 3,518 thousand)
- Earnings per share: EUR 0.15 (EUR 0.13)
- Eguity ratio 51.5% (45.0%)
APRIL-JUNE 2015
- Net sales: EUR 10,634 thousand (EUR 10,777 thousand)
- Operating profit: EUR 2,969 thousand (EUR 2,523 thousand)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1,268 thousand (EUR 1,214 thousand)
- Operating profit totalled 27.9% of net sales, or 11.9% (11.3%) excluding Alma
Media and other associated companies
- Pre-tax profits: EUR 3,266 thousand (EUR 2,807 thousand)
- Earnings per share: EUR 0.12 (EUR 0.10)
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-June showed a 1.0% decline. Net
sales came to EUR 20,712 thousand (EUR 20,921 thousand). External net sales
from the publishing business fell by 2.2%. Advertising revenues fell by 3.0%
and circulation revenues by 2.2%. External net sales from the printing business
increased by 6.7%. Circulation income accounted for 45% of consolidated net
sales, while advertising income and printing income represented 40% and 14%,
respectively.
For Q2, net sales decreased by 1.3% and totalled EUR 10,634 thousand (EUR
10,777 thousand). External net sales from the publishing business fell by 1.6%.
Advertising revenues fell by 3.0% and circulation revenues fell by 1.9%.
External net sales from the printing business increased by 0.3%. Circulation
income accounted for 43% of consolidated net sales, while advertising income
and printing income represented 42% and 14%, respectively.
Other operating income in January-June totalled EUR 228 thousand (EUR 217
thousand) and in April-June EUR 74 thousand (EUR 102 thousand).
Operating expenses for January-June amounted to EUR 18,988 thousand (EUR 19,257
thousand), down by 1.4% year on year. For April-June, operating expenses
amounted to EUR 9,424 thousand (EUR 9,666 thousand), down 2.5%. For
January-June, expenses arising from materials and services increased by 0.9%.
Personnel expenses decreased by 3.0%. Other operating costs increased by 2.9%.
Depreciation contracted by 14.0%.
The share of the associated companies' result for January-June was EUR 2,092
thousand (EUR 1,836 thousand). Consolidated operating profit amounted to EUR
4,040 thousand (EUR 3,716 thousand), up by 8.7 per cent year-on-year. The
Group's operating margin was 19.5 per cent (17.8%). Operating profit excluding
Alma Media Corporation and the other associated companies amounted to EUR 1,948
thousand (EUR 1,880 thousand), representing 9.4% (9.0%) of net sales.
Operating profit from publishing grew by EUR 130 thousand, and operating profit
from printing fell by EUR 108 thousand.
For April-June, the share of the associated companies' resultwas EUR 1,701
thousand (EUR 1,309 thousand). Consolidated operating profit amounted to EUR
2,969 thousand (EUR 2,523 thousand), up by 17.7 per cent year-on-year. The
Group's operating margin was 27.9% (23.4%) in April-June. Operating profit
excluding Alma Media Corporation and the other associated companies amounted to
EUR 1,268 thousand (EUR 1,214 thousand), representing 11.9% (11.3%) of net
sales. For the second quarter, operating profit from publishing grew by EUR 74
thousand, and operating profit from printing fell by EUR 8 thousand.
Net financial income for January-June amounted to EUR 100 thousand (net
financial expenses in the corresponding period of the previous yearEUR 198
thousand). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 663 thousand (EUR 879 thousand). In order to hedge
against interest rate risk, the company has transformed some of its
floating-rate liabilities into fixed-rate liabilities, by means of interest
rate swaps. Given that the Group does not apply hedge accounting, unrealised
changes in the market value of the interest rate swaps are recognised through
profit or loss. In January-June 2015, the change in the market value of these
interest rate swaps amounted to EUR 405 thousand (EUR -17 thousand). Net
gain/loss on shares held for trading was EUR 112 thousand (EUR -57 thousand).
Net financial income for April-June amounted toEUR 296 thousand (EUR 284
thousand). For the second quarter, interest expenses excluding the fair value
change in derivatives hedging them totalled EUR 314 thousand (EUR 445
thousand). In April-June 2015, the change in the market value of interest rate
swaps was EUR 450 thousand (EUR -24 thousand). Net gain/loss on shares held for
trading was EUR -87 thousand (EUR 1 thousand).
Pre-tax profits for January-June totalled EUR 4,141 thousand (EUR 3,518
thousand). Direct taxes amounted to EUR 375 thousand (EUR 241 thousand), and
the Group's net profit for the period totalled EUR 3,766 thousand (EUR 3,277
thousand). The Group's net profit for the second quarter totalled EUR 2,982
thousand (EUR 2,603 thousand).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 132,839 thousand (EUR 134,945
thousand), with EUR 65,920 thousand (EUR 58,576 thousand) of equity. On the
reporting date of 30 June 2015, the balance sheet value of the holding in the
associated company Alma Media Corporation was EUR 104,094 thousand and the
market value of the shares was EUR 71,291 thousand. According to the
management's estimate, write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 54,586 thousand (EUR 64,022
thousand). The equity ratio was 51.5 per cent (45.0%), and shareholders' equity
per share was EUR 2.57 (EUR 2.28). The increase in financial assets for the
period totalled EUR 1,300 thousand (EUR 345 thousand), with liquid assets at
the end of the period totalling EUR 6,834 thousand (EUR 2,325 thousand).
Cash flow from operations for the period came to EUR 3,340 thousand (EUR 2,662
thousand). Cash flow from investments totalled EUR 2,485 thousand (EUR 2,592
thousand), including capital repayment from Alma Media Corporation in the
amount of EUR 2,699 thousand (EUR 2,249 thousand in the comparison period).
ILKKA-YHTYMÄ OYJ AND POSTI OY CONTINUE CO-OPERATION ON NEWSPAPER DELIVERY IN
SOUTH OSTROBOTHNIA AND VAASA
Ilkka-Yhtymä Oyj and Posti Oy announced on 12 May 2015 that they would continue
co-operation on newspaper delivery in South Ostrobothnia and Vaasa. The parties
negotiated a solution to continue co-operation for several years. The deal will
ensure the best possible service level and cost-efficiency for the provincial
and local newspapers in both population centres and sparsely populated areas.
The solution is based on the current delivery model, developed together by the
parties since 2007. The delivery model will make partial use of the joint
delivery of newspapers and other postal items.
PERSONNEL
The Group had an average of 299 (312) employees during the period.
On 30 January 2015, Ilkka-Yhtymä Group announced that the Group's publishing
company I-Mediat Oy and the printing house I-print Oy will start cooperation
negotiations.The negotiations mainly concerned provincial newspapers' technical
production and media sales personnel and the personnel of the printing
press.The purpose of the negotiations was to adjust the operations and the
amount of personnel to the requirements of increasingly digital operations and
reducing volumes.
As a result of the negotiations, I-Mediat Oy will cut seven posts and lay off
its advertisement production personnel for a maximum of three weeks. I-print Oy
will lay off its printing press personnel for a maximum of five weeks.
Ilkka-Yhtymä announced on 17 June 2015 that it would clarify operational
responsibilities at its publishing company I-Mediat Oy and complement the Group
Executive Team as of 1 September 2015. The matrix organisation and governance
model, which have been in use since 2010, will be changed into a
business-driven management system, which will better meet the requirements of
the increasingly digital business environment.
Marko Orpana, MSc (Econ.), was appointed as the director in charge of I-Mediat
Oy's provincial newspaper and free sheet business and internal support
services. Orpana is currently the director in charge of I-Mediat Oy's web and
mobile business. Sauli Harjamäki, DSc (Econ.), will continue as the director in
charge of I-Mediat Oy's local newspaper business and newspaper delivery. They
were both appointed as members to the Group Executive Team.
As of 1 September 2015, the Group Executive Team will be as follows:
- Matti Korkiatupa, Managing Director
- Olli Pirhonen, Financial Director and deputy to the Managing Director
- Marko Orpana, Business Director, Provincial Newspapers and Free Sheets
- Sauli Harjamäki, Business Director, Local Newspapers
- Satu Takala, Chair of the editorial management team and Editor-in-Chief of
the newspaper Ilkka
- Seppo Lahti, Managing Director of I-print Oy
- Paula Mahlamäki, Head of HR
In addition to the aforementioned, the following people will continue as
members of the Extended Group Executive Team:
- Päivi Sairo, Director in charge of the provincial newspapers' consumer
marketing and sales
- Hannu Uusihauta, Director in charge of the provincial newspapers' and free
sheets' corporate marketing and sales
- Toni Viljanmaa, Editor-in-Chief of Pohjalainen
- Ari Monni, Data Administration and Development Manager
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
Helsinki List, in the Consumer Services sector, the company's market value
being classified as Small Cap. The Series I shares are listed on the Pre List.
In January-June, 48,249 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 1.1 per cent of the total number of series-I shares. The total
value of the shares exchanged was EUR 143 thousand. In total, 1,480,297
series-II shares were traded, corresponding to 6.9 per cent of the total number
of series II shares. The total value of the shares traded was EUR 3,369
thousand. The lowest price at which series-I shares of Ilkka-Yhtymä Oyj were
traded during the period under review was EUR 2.20, and the highest per-share
price was EUR 3.49. The lowest price at which series-II shares were traded was
EUR 1.92 and the highest EUR 2.68. The market value of the share capital at the
closing rate for the reporting period was EUR 64,401 thousand.
RISKS AND RISK MANAGEMENT
In the current economic climate, 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, in particular, as well as circulation and printing volumes, which
affect the industry in general. The risks in the industry are due to its
digitalisation and the continuing poor economic conditions. Other risksassociated with the Group's own operations and its holding in associated
company Alma Media Corporation are described in more detail in the Annual
Report 2014.
The Group's major financial risks include credit risk of the Group's operative
business, the risk associated with the price of shares held for trading, the
risk of changes in market interest rates applied to the loan portfolio and
liquidity risk. In order to hedge against interest rate risk, the company has
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 2014
Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 22 April 2015, the Annual General Meeting (AGM) of Ilkka-Yhtymä Oyj approved
the financial statements, discharged the members of the Supervisory Board and
the Board of Directors and the Managing Director from liability and decided
that a per-share dividend of EUR 0.10 be paid for the year 2014.
The number of members on the Supervisory Board for 2015 was confirmed to be 24.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2019: Lasse Hautala, Satu Heikkilä,
Perttu Rinta, Ari Rinta-Jouppi, Minna Sillanpää and Jorma Vierula.
At the Annual General Meeting it was decided to maintain the payments made to
the Chairman of the Supervisory Board and the board members at their current
level: the Chairman will receive a retainer of EUR 1,500 per month and a fee of
EUR 400 per meeting, and the board members will be paid a fee of EUR 400 per
meeting attended. The board members' travel expenses are reimbursed in
accordance with the current maximum level specified by the tax authorities.
Ernst & Young Oy, Authorised Public Accountants, was elected as the
auditor, with Authorised Public Accountant, M.Sc.(Econ.) Harri Pärssinen as the
principal auditor. It was decided that the auditors would be reimbursed per the
invoice.
The AGM authorised the Board of Directors to decide upon a share issue and/or
granting stock options and/or other special rights and upon their conditions.
The maximum number of Series II shares issued under the authorisation is
7,700,000, corresponding to around 30 per cent of the company's total shares
and 36.05 per cent of Series II shares at present. This authorisation includes
the right to issue shares and/or stock options and/or other special rights as
distinct from the shareholders' pre-emptive rights, under conditions prescribed
by law, and the right to decide upon a free issue to the company itself. The
authorisation is valid for five years from the date of the AGM's decision.
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.
At its meeting on 4 May 2015, the Supervisory Board re-elected Markku Hautanen
and Tapio Savola to the Board of Directors of Ilkka-Yhtymä Oyj when their terms
of service had come to an end. 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 Timo Aukia as its
chairman, while Esa Lager will continue as vice-chairman. The Board of
Directors of Ilkka-Yhtymä Oyj now has the following membership: chairman Timo
Aukia, vice-chairman Esa Lager, members Markku Hautanen, Sari Mutka, Tapio
Savola, and Riitta Viitala.
EVENTS AFTER THE REPORT PERIOD
Ilkka-Yhtymä Oyj announced on 6 July 2015 that it would sell the shares of one
of its property companies, Seinäjoen Kassatalo Oy.
Ilkka-Yhtymä Oyj and Nordio Oy have agreed on a transaction in the shares of
Seinäjoen Kassatalo Oy. The deal will be closed by 30 September 2015.Ilkka-Yhtymä Group will record a capital gain of around EUR 1 million for the
transaction in the third quarter. The exact amount will be known when the deal
is completed.
OUTLOOK FOR 2015
In the current economic climate, forecasting net sales in the media sector and,
in particular, media advertising spending involves still major uncertainties.
In the first half of the year, media advertising declined by more than 3% in
Finland (Source: TNS Ad Intelligence), and media advertising for the full year
is no longer expected to remain at the previous year's level. Due to caution
among consumers as well as competition in the media market, newspaper
circulation income is forecast to decline. Printing business volumes have
shrunk in Finland and the trend is expected to continue in 2015.
The net sales of Ilkka-Yhtymä Group are estimated to remain almost at the 2014
level. Due to the weaker-than-expected trend in advertising income,
Ilkka-Yhtymä Group's operating profit from its own operations, excluding the
share of Alma Media's and other associated companies' results, are estimated to
decline somewhat from the 2014 level.
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 was prepared in accordance with the
requirements of the IAS 34 Interim Financial Reporting standard.
The interim report has been prepared according to the same principles as the
2014 financial statements. The principles and formulae for the calculation of
the indicators, presented on page 63 of the 2014 annual report, remain
unchanged.
All the figures in the interim report are rounded, so the sum of separate
figures may differ from that presented in the report.
The figures in the interim report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/ 2015 2014 % 2015 2014 % 2014
NET SALES 10 634 10 777 -1 20 712 20 921 -1 41 802
Change in inventories -16 1 -1537 -4 -1 -356 -3
of finished and
unfinished products
Other operating income 74 102 -27 228 217 5 454
Materials and services -3 365 -3 484 -3 -6 757 -6 700 1 -13 379
Employee benefits -4 318 -4 453 -3 -8 697 -8 963 -3 -16 782
Depreciation -413 -480 -14 -833 -969 -14 -1 856
Other operating costs -1 328 -1 249 6 -2 700 -2 625 3 -5 302
Share of associated 1 701 1 309 30 2 092 1 836 14 4 318
companies' profit
OPERATING PROFIT/ LOSS 2 969 2 523 18 4 040 3 716 9 9 251
Financial income and 296 284 4 100 -198 151 883
expenses
PROFIT/ LOSS BEFORE TAX 3 266 2 807 16 4 141 3 518 18 10 133
Income tax -284 -204 39 -375 -241 56 -1 063
PROFIT/ LOSS FOR THE 2 982 2 603 15 3 766 3 277 15 9 070
PERIOD UNDER REVIEW
Earnings per share, 0.12 0.10 15 0.15 0.13 15 0.35
undiluted (EUR) *)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand) *)
*) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2015 2014 % 2015 2014 % 2014
PROFIT/ LOSS FOR THE PERIOD 2 982 2 603 15 3 766 3 277 15 9 070
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently to
profit or loss:
Available-for-sale assets
Measured at fair value 2 -13 114 4 -12 129 -24
Transferred to the income -19 -8 2 -507 126
statement
Share of associated 116 -205 157 219 -217 201 -173
companies' other
comprehensive income
Income tax related to 4 3 37 3 2 53 -20
components of other
comprehensive income
Other comprehensive income, 102 -215 147 217 -225 196 -91
net of tax
TOTAL COMPREHENSIVE INCOME 3 084 2 387 29 3 984 3 052 31 8 979
FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2015 2014 2015 2014 2014
Publishing
External 9 119 9 265 -2 17 747 18 140 -2 36 330
Inter-segments 24 22 10 53 46 16 83
Publishing total 9 142 9 287 -2 17 801 18 187 -2 36 413
Printing
External 1 516 1 512 2 965 2 780 7 5 472
Inter-segments 1 575 1 702 -7 3 150 3 389 -7 6 861
Printing total 3 091 3 214 -4 6 115 6 169 -1 12 333
Non-allocated
Inter-segments 546 560 -2 1 100 1 120 -2 2 231
Non-allocated total 546 560 -2 1 100 1 120 -2 2 231
Elimination -2 145 -2 284 -6 -4 304 -4 555 -6 -9 175
Group net sales 10 634 10 777 -1 20 712 20 921 -1 41 802
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2015 2014 % 2015 2014 % 2014
Publishing 996 921 8 1 550 1 420 9 3 481
Printing 402 410 -2 632 740 -15 1 749
Associated companies 1 701 1 309 30 2 092 1 836 14 4 318
Non-allocated -129 -117 -10 -233 -281 17 -297
Group operating profit/ loss 2 969 2 523 18 4 040 3 716 9 9 251
total
ASSETS BY SEGMENT
(EUR 1,000) 6/2015 6/2014 Change 12/2014
%
Publishing 13 233 12 800 3 8 826
Printing 9 396 9 186 2 8 674
Non-allocated 110 210 112 959 -2 113 036
Group assets total 132 839 134 945 -2 130 536
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2015 6/2014 Change 12/2014
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 588 646 -9 629
Goodwill 314 314 314
Investment properties 138 164 -16 147
Property, plant and equipment 9 772 10 829 -10 10 230
Shares in associated companies 104 906 102 783 2 105 310
Available-for-sale assets 2 922 10 284 -72 2 953
Non-current trade and other receivables 567 567 567
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 119 422 125 803 -5 120 364
Current assets
Inventories 511 543 -6 523
Trade and other receivables 4 248 4 530 -6 2 876
Income tax assets 673 582 16 150
Financial assets at fair value 1 151 1 162 -1 1 089
through profit or loss
Cash and cash equivalents 6 834 2 325 194 5 534
TOTAL Current assets 13 417 9 143 47 10 172
Total assets 132 839 134 945 -2 130 536
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Invested unrestricted equity fund and other 48 715 48 626 48 716
reserves
Retained earnings 10 789 3 534 205 9 371
SHAREHOLDER'S EQUITY 65 920 58 576 13 64 503
NON-CURRENT LIABILITIES
Deferred tax liability 205 169 21 178
Non-current interest-bearing liabilities 54 569 61 644 -11 54 549
Non-current interest-free liabilities 75 88 -15 75
NON-CURRENT LIABILITIES 54 848 61 902 -11 54 801
CURRENT LIABILITIES
Current interest-bearing liabilities 17 2 378 -99 2 387
Accounts payable and other payables 11 579 11 772 -2 8 340
Income tax liability 474 317 49 504
CURRENT LIABILITIES 12 070 14 467 -17 11 232
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 132 839 134 945 -2 130 536
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2015 2014 2014
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 3 766 3 277 9 070
Adjustments -995 -474 -2 334
Change in working capital 1 801 1 128 -486
CASH FLOW FROM OPERATIONS 4 573 3 931 6 250
BEFORE FINANCE AND TAXES
Interest paid -414 -603 -1 649
Interest received 35 15 31
Dividends received 66 55 55
Other financial items -22 -22 -45
Direct taxes paid -898 -714 -932
CASH FLOW FROM OPERATIONS 3 340 2 662 3 710
CASH FLOW FROM INVESTMENTS
Investments in tangible and -373 -153 -352
intangible assets, net
Capital repayment received 2 699 2 249 2 249
Other investments -14 -29
Proceeds from sale of other investments 68 594 10 056
Granted loans -567 -567
Dividends received from investments 92 484 484
CASH FLOW FROM INVESTMENTS 2 485 2 592 11 841
CASH FLOW BEFORE FINANCING ITEMS 5 825 5 254 15 551
CASH FLOW FROM FINANCING
Change in current loans -2 353 -2 361 -3 561
Change in non-current loans -5 889
Dividends paid and other profit distribution -2 171 -2 548 -2 548
CASH FLOW FROM FINANCING -4 524 -4 909 -11 998
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 1 300 345 3 553
Liquid assets at the beginning of the financial period 5 534 1 980 1 980
Liquid assets at the end of the financial period 6 834 2 325 5 534
KEY FIGURES
6/2015 6/2014 12/2014
Earnings/share (EUR) 0.15 0.13 0.35
Shareholders' equity/share (EUR) 2.57 2.28 2.51
Average number of personnel 299 312 311
Investments (EUR 1,000) *) 327 197 464
Interest-bearing debt (EUR 1,000) 54 586 64 022 56 936
Equity ratio, % 51.5 45.0 50.2
Net gearing, % 70.7 103.3 78.0
Average number of shares during the 25 665 208 25 665 208 25 665 208
financial period
Number of shares at the end on the financial 25 665 208 25 665 208 25 665 208
period
*) 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 Retain Total
shareholders' equity capita value unrestricted reserv ed
1-6/ 2014 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 113 48 498 24 3 040 58 091
1.1.
Comprehensive income -8 3 060 3 052
for the period
Dividend distribution -2 567 -2 567
TOTAL SHAREHOLDERS' 6 416 104 48 498 24 3 534 58 576
EQUITY 6/ 2014
Change in Share Fair Invested Other Retain Total
shareholders' equity capita value unrestricted reserv ed
1-6/ 2015 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 194 48 498 24 9 371 64 503
1.1.
Comprehensive income -2 3 985 3 984
for the period
Dividend distribution -2 567 -2 567
TOTAL SHAREHOLDERS' 6 416 193 48 498 24 10 789 65 920
EQUITY 6/ 2015
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2015 6/2014 12/2014
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 58 202 49 756 50 491
Contingent liabilities on behalf of associated company
Guarantees 3 961 4 010 3 961
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-6/ 1-6/ Change 1-12/
2015 2014 % 2014
Carrying amount at the beginning of the 10 230 11 459 -11 11 459
financial period
Increase 250 160 56 294
Decrease -1 -4 -75 -4
Depreciation for the financial period -707 -785 -10 -1 519
Carrying amount at the end of the financial 9 772 10 829 -10 10 230
period
RELATED PARTY TRANSACTIONS
Ilkka-Yhtymä Group's related parties include associated companies, members of
the Board of Directors, members of the Supervisory Board, the Managing Director
and the Group Executive Team.
THE FOLLOWING RELATED PARTY TRANSACTIONS WERE CARRIED OUT:
(EUR 1,000) 1-6/2015 1-6/2014 1-12/2014
Sales of goods and services
To associated companies 128 129 256
To other related parties 427 417 837
Purchases of goods and services
From associated companies 130 228 335
From other related parties 2 3 4
Non-current loan receivables from associated 567 567 567
companies
Trade and other receivables
From associated companies 40 23 53
From other related parties 30 62 16
Accounts payable
To associated companies 7 63 8
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 1-6/2015 1-6/2014 1-12/2014
Salaries and other short-term employee benefits 503 550 1 005
Management comprises the Board of Directors, Supervisory Board, Managing
Director and Group Executive Team. The stated figures based on the cash method
do not differ significantly from those based on the accrual method.
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT
FAIR VALUE
Fair value at end of period
(EUR 1,000) 6/2015 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 151 1 151
or loss
Available-for-sale financial assets 1 502 1 502
TOTAL 2 653 1 151 1 502
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 398 1 398
TOTAL 1 398 1 398
Fair value at end of period
(EUR 1,000) 6/2014 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 162 1 162
or loss
Available-for-sale financial assets 8 864 8 864
TOTAL 10 026 1 162 8 864
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 718 1 718
TOTAL 1 718 1 718
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,420 thousand in 6/2014), which are measured at cost since no reliable
fair value was available for them.
At Level 1 of the hierarchy, fair value is based on quoted prices (unadjusted)
in active markets for identical assets or liabilities.
At Level 2, the instruments' fair value is based on inputs other than quoted
prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
At Level 3, the instruments' fair value is based on inputs for the asset or
liability that are not based on observable market data.
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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