2012-04-17 13:00:00 CEST
2012-04-17 13:00:06 CEST
REGULATED INFORMATION
Talentum Oyj - Company Announcement
TALENTUM CHANGES THE SEGMENT DIVISION USED IN ITS FINANCIAL REPORTING
Helsinki, Finland, 2012-04-17 13:00 CEST (GLOBE NEWSWIRE) --
TALENTUM OYJ COMPANY ANNOUNCEMENT APRIL 17, 2012 AT 2 PM
TALENTUM CHANGES THE SEGMENT DIVISION USED IN ITS FINANCIAL REPORTING
In January 2012, Talentum Oyj altered its business unit organisation to better
support the Group's present business operations. This change included the
formation of a new management team, mainly comprising of managers of the
business units. Consequently, the Board of Directors decided on April 16, 2012
to change the company's internal and external financial reporting structure as
follows.
Talentum's business operations are divided into six segments: Magazine Business
Finland, Magazine Business Sweden, Events, Books and Legal Training, Direct
Marketing and Other Activities.
In the Magazine Business Finland segment financial performance is reported for
periodicals. The Finnish magazines with the highest circulation are Talouselämä
and Tekniikka & Talous. In the Magazine Business Sweden segment financial
performance is reported for periodicals. The Swedish magazines with the highest
circulation are Ny Teknik and Affärsvärlden. In the Books and Legal Training
segment financial performance is reported for book publishing and Legal
Training. Talentum publishes legal and professional literature and provides
legal training in Finland. The best-known publication is the green Finnish Law
book. In the Events segment financial performance is reported for Talentum
Events Oy, operating in Finland, Sweden and Denmark. In the Direct Marketing
segment financial performance is reported for Suoramarkkinointi Mega Oy in
Finland and the Baltic countries. The company operates in the telemarketing
business. The Other Activities segment comprises Group operations as well as a
Russian subsidiary, Conseco Press. In 2011, Other Activities also included the
company Talentum HR AB, which was sold in December of that year.
The new segment division has no material impact on the reporting segments on
which the goodwill impairment testing is based on.
The Financial Statements for 2011 have been compiled using the former segment
division. The Interim Report for January-March, to be published on the 27th of
April 2012, uses the new segment division.
In this bulletin, Talentum also discloses comparison figures from 2011 for
continuing operations, which will not include the construction sector business
information operation, which is shown as a discontinued operation.
The accompanying tables present quarterly information from 2011 for continuing
operations, in accordance with the new reporting structure. The information is
unaudited.
TALENTUM'S FINANCIAL REPORTING COMPARISON FIGURES FOR 2011
KEY FINANCIAL FIGURES, CONTINUING OPERATIONS *)
EUR million 1-3/ 2011 1-6/ 2011 1-9/ 2011 1-12/ 2011
Net sales 21.5 43.3 58.9 83.5
Operating income 1.0 1.6 0.7 2.4
without non-recurring
items
Operating income 1.0 1.4 0.7 -0.7
as % of net sales 4.8 3.3 1.1 -0.8
Net cash from 1.8 3.3 -0.2 4.6
operating activities
Total assets 68.0 63.7 54.5 57.3
Investments 0.2 0.5 0.7 1.4
as % of net sales 1.1 1.1 1.2 1.7
Equity ratio % 35.5 34.9 52.6 54.1
Gearing ratio % 58.6 58.0 12.9 -6.7
(net debt to equity)
Interest-bearing liabilities 12.3 13.0 4.2 1.2
Net interest-bearing 10.8 10.0 3.0 -1.5
liabilities
Personnel on average 734 743 744 754
Earnings per share, EUR 0.01 0.02 0.01 -0.04
Cash flow from 0.04 0.08 0.00 0.11
operating activities
per share, EUR
Equity per share, EUR 0.42 0.39 0.53 0.50
Market capitalization 86.8 81.6 68.0 65.1
on closing rate
at period end
*) The figures do not include the construction business information
operations, which are presented as a discontinued operations.
KEY FINANCIAL FIGURES QUARTERLY, CONTINUING OPERATIONS
EUR million 1-3/ 2011 4-6/ 2011 7-9/ 2011 10-12/ 2011
Net sales 21.5 21.8 15.6 24.6
Operating income 1.0 0.6 -0.9 1.7
without non-recurring
items
Operating income 1.0 0.4 -0.8 -1.3
as % of net sales 4.8 1.8 -4.9 -5.4
Net cash from
operating activities
Total assets
Investments 0.2 0.3 0.2 0.7
as % of net sales 1.1 1.2 1.3 2.8
Equity ratio %
Gearing ratio %
(net debt to equity)
Interest-bearing liabilities
Net interest-bearing
liabilities
Personnel on average
Earnings per share. EUR 0.01 0.01 -0.02 -0.05
Cash flow from
operating activities
per share, EUR
Equity per share, EUR
Market capitalization
on closing rate at
period end
BUSINESS AREAS, CONTINUING OPERATIONS
EUR million 1-3/ 2011 1-6/ 2011 1-9/ 2011 1-12/ 2011
Net sales
Magazines Finland 7.5 16.3 22.4 30.2
Magazines Sweden 7.0 13.7 18.0 25.0
Events 2.4 4.5 6.2 8.9
Books and Legal 2.2 3.8 4.8 9.1
Training
Direct Marketing 2.2 4.4 6.7 9.1
Other Activities 0.2 0.5 0.8 1.2
Total 21.5 43.3 58.9 83.5
Operating income
without non-
recurring items
Magazines Finland 0.6 1.9 2.0 2.4
Magazines Sweden 1.2 2.0 1.9 2.4
Events -0.1 -0.2 -0.5 -0.6
Books and Legal 0.2 -0.1 -0.6 0.8
Training
Direct Marketing 0.3 0.5 0.8 1.2
Other Activities -1.2 -2.4 -2.8 -3.7
Total 1.0 1.6 0.7 2.4
Non-recurring items
Magazines Finland - - - -
Magazines Sweden - 0.1 -0.2 2.5
Events - - - -
Books and Legal Training - - - -
Direct Marketing - - - -
Other Activities - 0.1 0.3 0.5
Total - 0.2 0.1 3.1
Operating income 1.0 1.4 0.7 -0.7
BUSINESS AREAS QUARTERLY, CONTINUING OPERATIONS
EUR million 1-3/ 2011 4-6/ 2011 7-9/ 2011 10-12/ 2011
Net sales
Magazines Finland 7.5 8.8 6.1 7.9
Magazines Sweden 7.0 6.7 4.3 6.9
Events 2.4 2.0 1.7 2.7
Books and Legal Training 2.2 1.6 1.0 4.2
Direct Marketing 2.2 2.3 2.2 2.5
Other Activities 0.2 0.3 0.3 0.4
Total 21.5 21.8 15.6 24.6
Operating income
without non-
recurring items
Magazines Finland 0.6 1.3 0.1 0.4
Magazines Sweden 1.2 0.7 -0.1 0.5
Events -0.1 -0.2 -0.3 -0.1
Books and Legal Training 0.2 -0.4 -0.5 1.4
Direct Marketing 0.3 0.2 0.3 0.4
Other Activities -1.2 -1.2 -0.4 -1.0
Total 1.0 0.6 -0.9 1.7
Non-recurring items
Magazines Finland - - - -
Magazines Sweden - 0.1 -0.3 2.8
Events - - - -
Books and Legal Training - - - -
Direct Marketing - 0.1 0.2 0.2
Other Activities - 0.2 -0.1 3.0
Operating income 1.0 0.4 -0.8 -1.3
MAGAZINE BUSINESS FINLAND REVENUE, CONTINUING OPERATIONS
EUR million 1-3/ 2011 1-6/ 2011 1-9/ 2011 1-12/ 2011
Net sales
Advertisement revenue 3.6 7.8 10.8 14.5
Circulation revenue 3.9 8.4 11.4 15.4
Other revenue 0.1 0.2 0.3 0.3
Total 7.5 16.3 22.4 30.2
MAGAZINE BUSINESS FINLAND REVENUE QUARTERLY, CONTINUING OPERATIONS
EUR million 1-3/ 2011 4-6/ 2011 7-9/ 2011 10-12/ 2011
Net sales
Advertisement revenue 3.6 4.2 2.9 3.8
Circulation revenue 3.9 4.4 3.0 4.0
Other revenue 0.1 0.1 0.1 0.1
Total 7.5 8.8 6.1 7.9
MAGAZINE BUSINESS SWEDEN REVENUE, CONTINUING OPERATIONS
EUR million 1-3/ 2011 1-6/ 2011 1-9/ 2011 1-12/ 2011
Net sales
Advertisement revenue 4.2 8.4 11.1 15.5
Circulation revenue 2.6 5.1 6.7 9.1
Other revenue 0.2 0.2 0.3 0.3
Total 7.0 13.7 18.0 25.0
MAGAZINE BUSINESS SWEDEN REVENUE QUARTERLY, CONTINUING OPERATIONS
EUR million 1-3/ 2011 4-6/ 2011 7-9/ 2011 10-12/ 2011
Net sales
Advertisement revenue 4.2 4.2 2.7 4.4
Circulation revenue 2.6 2.5 1.6 2.5
Other revenue 0.2 0.0 0.1 0.1
Total 7.0 6.7 4.3 6.9
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 1-3/ 1-6/ 1-9/ 1-12/
2011 2011 2011 2011
CONTINUING
OPERATIONS:
Net sales 21.5 43.3 58.9 83.5
Other operating income 0.1 0.1 0.3 0.7
Materials and services 3.3 6.9 9.3 13.7
Employee benefit 10.3 20.5 28.9 40.3
expenses
Depreciation, amortisation 0.4 0.8 1.3 1.7
and impairment
Other operating expenses 6.5 13.7 19.0 29.3
Operating income 1.0 1.4 0.7 -0.7
Financial income 0.4 0.7 0.8 1.0
Financial expenses 0.5 0.9 1.2 1.7
Share of income of 0.0 0.1 0.0 0.2
associated companies
Income before taxes 0.9 1.3 0.3 -1.2
Taxes -0.2 -0.3 -0.1 -0.6
Income for the period 0.7 1.0 0.2 -1.8
from continuing operations
DISCONTINUED
OPERATIONS:
Income for the period 0.1 0.1 7.4 7.3
from discontinued
operations
Income for the period 0.8 1.1 7.7 5.5
Other comprehensive income:
Translation differences 0.0 -0.5 -1.4 0.2
Translation differences - - 0.2 -0.3
transferred into profit or loss
Available-for-sale investments - - - -0.0
Income tax on available-for-sale - - - 0.0
investments
Total comprehensive income 0.8 0.7 6.5 5.3
for the period
Income for the period
attributable to:
Owners of the parent 0.7 1.1 7.6 5.5
company
Non-controlling interest 0.0 0.0 0.0 -0.0
Total comprehensive
income for the period
attributable to:
Owners of the parent company 0.8 0.7 6.5 5.3
Non-controlling interest 0.0 0.0 0.0 -0.0
Basic and diluted 0.01 0.02 0.01 -0.04
Earnings per share,
EUR, continuing operations*
Basic and diluted Earnings 0.00 0.00 0.17 0.17
per share, EUR,
discontinued operations*
* Earnings per share are calculated from the income attributed to the equity
owners of the parent company.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME QUARTERLY
EUR million 1-3/ 4-6/ 7-9/ 10-12/
2011 2011 2011 2011
CONTINUING OPERATIONS:
Net sales 21.5 21.8 15.6 24.6
Other operating income 0.1 0.1 0.2 0.4
Materials and services 3.3 3.6 2.4 4.3
Employee benefit expenses 10.3 10.3 8.3 11.4
Depreciation, amortisation and impairment 0.4 0.4 0.4 0.4
Other operating expenses 6.5 7.1 5.4 10.3
Operating income 1.0 0.4 -0.8 -1.3
Financial income 0.4 0.3 0.2 0.1
Financial expenses 0.5 0.4 0.4 0.5
Share of income of associated companies 0.0 0.1 0.0 0.2
Income before taxes 0.9 0.4 -1.0 -1.5
Taxes -0.2 -0.1 0.2 -0.6
Income for the period 0.7 0.4 -0.8 -2.2
from continuing operations
DISCONTINUED
OPERATIONS:
Income for the period 0.1 0.0 7.4 0.0
from discontinued
operations
Income for the period 0.8 0.4 6.6 -2.2
Other comprehensive income:
Translation differences 0.0 -0.5 -0.9 1.6
Translation differences - - 0.2 -0.5
transferred into
profit or loss
Available-for-sale investments - - - -0.0
Income tax on available-for-sale - - - 0.0
investments
Total comprehensive income for the period 0.8 -0.1 5.9 -1.1
Income for the period
attributable to:
Owners of the parent company 0.7 0.3 6.5 -2.2
Non-controlling interest 0.0 0.0 0.0 0.0
Total comprehensive income for the period
attributable to:
Owners of the parent company 0.8 -0.1 5.9 -1.1
Non-controlling interest 0.0 0.0 0.0 0.0
Basic and diluted 0.01 0.01 -0.02 -0.05
Earnings per share,
EUR, continuing operations*
Basic and diluted 0.00 -0.00 0.17 0.00
Earnings per share,
EUR, discontinued operations*
CONSOLIDATED STATEMENT OF CASH FLOW
EUR million 1-3/ 1-6/ 1-9/ 1-12/
2011 2011 2011 2011
Cash flow from operating activities
Operating income 1.2 1.8 8.3 7.0
Adjustments to operating income* 0.5 1.1 -5.9 -3.4
Change in working capital 0.6 1.8 -1.6 1.9
Financial items and taxes -0.5 -1.0 -1.3 -1.1
Net cash from operating activities 1.8 3.8 -0.4 4.4
Cash flow from investing activities
Disposal of subsidiaries and associates - - 11.4 12.4
Acquisition of property, plant and equipment -0.2 -0.5 -0.7 -1.4
and intangible assets
Net cash from investing activities -0.2 -0.5 10.7 11.1
Cash flow from financing activities
Change in current loans -1.6 -1.0 -9.7 -13.4
Dividends paid and other return of equity - -0.9 -0.9 -0.9
Net cash used in financing activities -1.6 -1.8 -10.6 -14.3
Change in cash and cash equivalents 0.1 1.4 -0.2 1.2
Cash and cash equivalents at the beginning 1.5 1.5 1.5 1.5
of period
Foreign exchange adjustment 0.0 0.0 0.0 -0.1
Net change in cash and cash equivalents 0.1 1.4 -0.2 1.2
Cash and cash equivalents at the end of 1.6 2.9 1.2 2.6
period
*Adjustments to operating income mainly include depreciation and amortisation
and adjustments related to gain and loss on sale resulting from the sale of
Group companies presented in the cash from investing activities.
CASH FLOW FROM DISCONTINUED OPERATIONS
EUR million 1-3/ 2011 1-6/ 2011 1-9/ 2011 1-12/ 2011
Cash flow from operating activities 0.0 0.5 -0.2 -0.2
Cash flow from investing -0.0 -0.1 11.4 11.4
activities*
Cash flow from financing activities - 0.0 - -
Cash flow from discontinued -0.0 0.4 11.2 11.2
operations
* Gain on the sale of discontinued operations is presented in the cash flow
from investing activities.
TALENTUM GROUP BY SEGMENT, CONTINUING OPERATIONS
1-3/2011 Magazin Magazin Events Books and Direct Other Total
es es Legal Market Activi
Finlan Sweden Training ing ties
d
EUR million
External sales 7.5 6.9 2.4 2.2 1.4 1.0 21.5
Inter-segment net - 0.1 - - 0.8 -0.8 0.0
sales
Operating income 0.6 1.2 -0.1 0.2 0.3 -1.2 1.0
Segment income 0.6 1.2 -0.1 0.2 0.3 -1.2 1.0
before taxes
Reconciliation:
Segment income 1.0
before taxes
Non-recurring -
items unallocated
to the segments
Financing items, 0.1
net
Share of income of 0.0
associated
companies
Consolidated 0.9
income before
taxes
1-6/2011 Magazin Magazin Events Books and Direct Other Total
es es Legal Market Activi
Finlan Sweden Training ing ties
d
EUR million
External sales 16.3 13.6 4.4 3.8 2.8 2.3 43.3
Inter-segment net - 0.1 0.0 - 1.6 -1.8 0.0
sales
Operating income 1.9 2.0 -0.2 -0.1 0.5 -2.4 1.6
Segment income 1.9 2.0 -0.2 -0.1 0.5 -2.4 1.6
before taxes
Reconciliation:
Segment income 1.6
before taxes
Non-recurring -0.2
items unallocated
to the segments
Financing items, 0.2
net
Share of income of 0.1
associated
companies
Consolidated 1.3
income before
taxes
1-9/2011 Magazin Magazin Events Books and Direct Other Total
es es Legal Market Activi
Finlan Sweden Training ing ties
d
EUR million
External sales 22.4 18.0 6.1 4.8 4.2 3.5 58.9
Inter-segment net - 0.1 0.0 - 2.5 -2.7 0.0
sales
Operating income 2.0 1.9 -0.5 -0.6 0.8 -2.8 0.7
Segment income 2.0 1.9 -0.5 -0.6 0.8 -2.8 0.7
before taxes
Reconciliation:
Segment income 0.7
before taxes
Non-recurring 0.1
items unallocated
to the segments
Financing items, -0.4
net
Share of income of 0.0
associated
companies
Consolidated 0.3
income before
taxes
1-12/2011 Magazin Magazin Events Books and Direct Other Total
es es Legal Market Activi
Finlan Sweden Training ing ties
d
EUR million
External sales 30.2 24.9 8.8 9.1 5.6 4.8 83.5
Inter-segment net - 0.1 0.1 - 3.5 -3.6 0.0
sales
Operating income 2.4 2.4 -0.6 0.8 1.2 -3.7 2.4
Segment income 2.4 2.4 -0.6 0.8 1.2 -3.7 2.4
before taxes
Reconciliation:
Segment income 2.4
before taxes
Non-recurring -3.1
items unallocated
to the segments
Financing items. -0.8
net
Share of income of 0.2
associated
companies
Consolidated -1.2
income before
taxes
PERSONNEL BY SEGMENT ON AVERAGE, CONTINUING OPERATIONS
1-3/2011 1-6/2011 1-9/2011 1-12/ 2011
Magazines Finland 141 142 141 144
Magazines Sweden 113 113 113 112
Events 63 69 74 78
Books and Legal Training 42 43 44 44
Direct Marketing 314 314 310 314
Other Activities 61 62 62 61
Total 734 743 744 754
This release is unaudited.
Financial information 2012
Talentum is planning to publish the results in 2012 as follows:
January-March income, 27 April 2012
January-June income, 20 July 2012
January-September income, 24 October 2012
TALENTUM OYJ
Aarne Aktan
Chief Executive Officer
ADDITIONAL INFORMATION
Chief Executive Officer Aarne Aktan, telephone +358 40 342 4440
Chief Financial Officer Niclas Köhler, telephone +358 40 342 4420
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NASDAQ OMX Helsinki
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