2010-04-30 07:59:00 CEST
2010-04-30 08:00:29 CEST
REGULATED INFORMATION
Alma Media - Interim report (Q1 and Q3)
Alma Media Corporation's Interim Report for January-March 2010: Net sales at previous year's level, operating profit grew
Alma Media Corporation Interim Report April 30, 2010 at 9:00am (EEST)
ALMA MEDIA CORPORATION'S INTERIM REPORT FOR JANUARY-MARCH 2010:
NET SALES AT PREVIOUS YEAR'S LEVEL, OPERATING PROFIT GREW
January-March 2010 in brief:
- Net sales MEUR 74.4 (76.4), down 2.7% (down 9.0%). Comparable net sales
remained at previous year's level. Net sales for comparison period include net
sales of MEUR 2.1 from Kauppalehti 121 Oy sold in November 2009.
- Operating profit MEUR 8.2 (6.5), 11.1% (8.5%) of net sales, operating profit
without one-time items MEUR 8.3 (7.5).
- Profit before taxes MEUR 8.6 (6.5), profit before taxes without one-time items
MEUR 8.6 (7.5).
- Financial result for the period MEUR 6.3 (4.7), up 34.4% (down 51.8%).
- Earnings per share EUR 0.08 (0.06).
Outlook for 2010:
- Alma Media expects its comparable net sales and operating profit to increase
moderately from the 2009 level as a result of gradual growth in advertising
sales.
- Second-quarter net sales and operating profit are expected to remain close to
the previous year's level.
Kai Telanne, President and CEO, on Alma Media's first quarter:
Advertising investments typically follow the general development of the economy.
As no essential change took place in the development of the national economy
during the first quarter of 2010, there was no significant change in advertising
spending in comparison to previous year. In March, however, Alma Media's
advertising sales was clearly more lively than in January and February.
The advertising sales of Alma Media's Newspapers segment grew only a little from
the figures of the historically low comparison period. The advertising sales of
the Kauppalehti Group rose close to the previous year's level thanks to positive
development at the end of the quarter. The net sales of the Marketplaces segment
turned up in the first quarter, mainly based on the distribution changes for the
Etuovi newspaper and new newspapers launched in the cities Oulu and Lahti.
According to our forecasts, newspaper circulations developed neutrally or
declined slightly. Circulation net sales for the newspapers remained almost at
the previous year's level supported by price increases. Kauppalehti's 2009
circulation decreased as expected due to changes in the circulation structure
and cancellations for corporate subscriptions prompted by the economic downturn.
Our online business, online advertising sales in particular, developed
positively from the comparison period. The growth of online advertising was
particularly strong in Kauppalehti.fi and Iltalehti.fi.
Alma Media is investing in the future of the printed newspaper. The company
decided to start the modernisation of its printing facility in Tampere with a
maximum investment of MEUR 50. According to plan, the new facility will be
operational in the beginning of 2013.
On March 29, 2010 we announced a corporate restructuring that will be important
for the development of the Marketplaces business. Alma Media and Arena Partners
Oy, a newspaper development company operating in Central Finland, will begin to
cooperate in the nationwide marketplace business. The cooperation will cover the
marketplace businesses of both companies in home, vehicle and consumer
advertising. The finalisation of the arrangement requires approval by the
competition authority, which is estimated to be received during the second
quarter.
Alma Media's operating profit grew clearly from the comparison period, mainly
due to cost savings and the positive development in advertising sales in March.
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:
The company will hold a conference in Finnish concerning its January-March
results in the "Carl" conference room of the Scandic Marski hotel at the address
Mannerheimintie 10, Helsinki, from 11:00am to 12:00noon on April 30, 2010. The
results will be presented by Kai Telanne, President and CEO, and Tuomas Itkonen,
CFO. Materials for the event will be available on www.almamedia.fi/calendar from
11:00am.
A webcast and conference call in English will start at 2:00pm (EEST) on April
30, 2010. To participate, please call +44 (0) 20 7806 1951 or follow the event
on www.almamedia.fi/investors.
Rauno Heinonen
Vice President Corporate Communications and IR
Alma Media Corporation
DISTRIBUTION
NASDAQ OMX Helsinki, principal media
ALMA MEDIA CORPORATION'S INTERIM REPORT JANUARY 1-MARCH 31, 2010
The text part of this report focuses on the January-March results. The figures
are compared in accordance with the International Financial Reporting Standards
(IFRS) with those of the corresponding period in 2009, unless otherwise stated.
The figures in the tables are independently rounded.
GROUP KEY FIGURES
KEY FIGURES 2010 2009 Change 2009 2008
MEUR Q1 Q1 % Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Revenue 74.4 76.4 -2.7 307.8 341.2
Operating profit 8.2 6.5 26.7 41.4 48.3
% of revenue 11.1 8.5 13.5 14.2
Operating profit without one-time items 8.3 7.5 10.6 42.6 47.7
% of revenue 11.2 9.8 13.9 14.0
Profit before tax 8.6 6.5 31.5 40.8 52.4
Profit without one-time items 8.6 7.5 14.7 42.0 49.9
Profit for the period 6.3 4.7 34.4 29.3 39.0
Return on Equity/ROE (Annual)* 33.2 25.6 29.7 31.8 37.7
Return on Invets/ROI (Annual)* 32.4 20.6 57.3 29.1 34.3
Net financial expenses 0.1 0.1 53.8 0.3 0.4
Net financial expenses, % of revenue 0.1 0.1 0.1 0.1
Share of profit of equity accounted investees 0.3 0.1 116.7 -0.3 4.5
Balance sheet total 148.1 180.7 155.5 166.9
Gross capital expenditure 3.0 1.5 91.9 8.2 14.5
Gross capital expenditure, % of revenue 4.0 2.1 2.7 4.2
Equity ratio 59.5 45.8 67.2 57.2
Gearing, % -10.8 5.3 -17.1 6.5
Interest-bearing net debt -7.9 3.8 -16.5 5.8
Interest-bearing liabilities 4.4 35.6 4.6 19.1
Non-interest-bearing liabilities 71.1 74.8 54.9 59.3
Average no. of personnel, calculated as
full-time employees, excl. delivery staff 1,739 1,933 -10.1 1,888 1,981
Average no. of delivery staff 940 937 0.2 969 968
Earnings/share, EUR (basic) 0.08 0.06 35.1 0.39 0.51
Earnings/share, EUR (diluted) 0.08 0.06 34.6 0.39 0.51
Cash flow from operating activities/share,
EUR 0.30 0.34 -12.5 0.58 0.63
Shareholders' equity/share, EUR 0.97 0.93 1.28 1.18
P/E Ratio 19.1 9.6
Market capitalization 543.2 390.2 558.1 369.3
Average no. of shares (1,000 shares)
- basic 74,613 74,613 74,613 74,613
- diluted 74,895 74,613 74,859 74,764
No. of shares at end of period (1,000 shares) 74,613 74,613 74,613 74,613
*ref. Main accounting principles of Interim Report
GROUP NET SALES AND RESULT JANUARY-MARCH 2010
The Group's net sales from January to March 2010 totalled MEUR 74.4 (76.4), down
2.7% (down 9.0%). The comparable net sales remained at previous year's level.
The net sales for the comparison period include net sales of MEUR 2.1 from
Kauppalehti 121 Oy sold in November 2009. Online business accounted for 15.3%
(comparable organisation in 2009 14.1%, full year 2009 13.8%) of consolidated
net sales, MEUR 11.4 (10.5). The operating profit was MEUR 8.2 (6.5). The
comparable operating profit for January-March was MEUR 8.3 (7.5), up 10.6% (down
35.3%) from the comparison period. The operating margin was 11.1% (8.5%).
The operating profit includes one-time items in the amount of MEUR 0.1 (1.0).
Net sales of the Newspapers segment were MEUR 52.2 (52.4). Net sales of the
segment's advertising sales grew moderately by 0.9% (-14.1%) to MEUR 24.6
(24.4). Circulation net sales for Newspapers remained almost at the previous
year's level at 26.8 (26.9) MEUR, supported by price increases. The operating
profit without one-time items for Newspapers was MEUR 6.9 (5.9).
Net sales of the Kauppalehti Group were MEUR 14.1 (16.2). The decline in net
sales was mainly due to the comparison period figures including the net sales of
Kauppalehti 121 Oy sold in November 2009, MEUR 2.1. The segment's advertising
sales declined slightly, MEUR 0.1 from the comparison period. Circulation sales
remained at the previous year's level and amounted to MEUR 3.8 (3.8). The
operating profit without excluding one-time items for the Kauppalehti Group was
MEUR 1.5 (0.9).
Net sales of the Marketplaces segment were MEUR 7.6 (7.2). The operating profit
without one-time items for Marketplaces was MEUR 0.0 (-0.2).
CHANGES IN GROUP STRUCTURE IN JANUARY-MARCH 2010
On March 1, 2010, Alma Media Corporation acquired a 60% shareholding in the
Swedish company Marknadspriser i Sverige AB, the publisher of the
Marknadspriser.se online service. The company is reported as part of the
Marketplaces segment in Alma Media's consolidated financial statements.
On March 16, 2010, Alma Media Corporation acquired a 24% shareholding in the
Finnish company Kateetti Oy through a share transaction and directed share
issue. The company is reported as an associate company under the Marketplaces
segment in Alma Media's consolidated financial statements.
The business operations of Tyrvään Sanomat Oy was transferred to Suomen
Paikallissanomat Oy, an Alma Media company, in April 2010. The acquisition
includes two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of advertising agency Idea-Mainos. The annual general
meeting of Tyrvään Sanomat Oy confirmed the deal on March 24, 2010.
On March 29, Alma Media announced a restructuring concerning the business of the
Marketplaces segment. Alma Media Corporation and the business development
company Arena Partners Oy, owned jointly by newspapers operating in Central
Finland, will start extensive cooperation in the national marketplaces business.
The cooperation will involve Arena Partners buying a 35% share of the Alma Media
subsidiary operating in the home sales, vehicle and consumer advertising
marketplace businesses. Simultaneously, Alma Media will purchase a 35% share of
Arena Interactive, a subsidiary of Arena Partners. The deal is subject to
approval by the Finnish Competition Authority, which is estimated to be
announced during the second quarter.
OUTLOOK FOR 2010
Weak market conditions have continued in the Finnish media market in the first
months of 2010.
Alma Media expects the single-copy sales of afternoon papers to continue their
decline. The circulations of regional and local papers are expected to decline
moderately. The circulation of Kauppalehti is expected to remain at the present
level or decline marginally in 2010. Alma Media estimates that in 2010,
advertising in newspapers will grow moderately from the previous year. Online
advertising is expected to grow clearly from the year before.
Alma Media expects the full-year comparable net sales and operating profit to
increase moderately from the 2009 level as a result of the gradual increase in
advertising sales. Second-quarter net sales and operating profit are expected to
be close to the previous year's level.
MARKET CONDITIONS
The Finnish national economy declined steeply in 2009. Finland's gross national
product is forecast to grow by 1.0-2.0% in 2010.
According to TNS Media Intelligence, total advertising declined 11.6% in the
last quarter of 2009. In the first quarter of 2010, total advertising grew by
0.7%. Advertising in newspapers decreased by 1.5%, and online media saw an
increase of 17.7% from the comparison period. In March, the total advertising
market grew by 5.9%, in newspapers 6.3% and in online media 22.2%. The
single-copy sales of afternoon papers declined an estimated 2.4% (11.7%) in
January-March.
REVENUE AND OPERATING PROFIT/LOSS BY SEGMENT
REVENUE BY SEGMENT, 2010 2009 Change 2009
MEUR Q1 Q1 % Q1-Q4
----------------------------------------------------------------
Newspapers
External 51.1 52.0 213.4
Inter-segments 1.0 0.4 2.1
Newspapers total 52.2 52.4 -0.4 215.5
Kauppalehti Group
External 14.0 16.2 62.5
Inter-segments 0.1 0.1 0.3
Kauppalehti Group total 14.1 16.2 -13.4 62.8
Marketplaces
External 7.6 7.2 27.0
Inter-segments 0.0 0.0 0.0
Marketplace total 7.6 7.2 5.7 27.0
Others
External 1.7 1.2 4.8
Inter-segments 17.6 17.0 67.8
Others total 19.3 18.2 5.9 72.7
Elimination -18.8 -17.6 -70.2
----------------------------------------------------------------
Total 74.4 76.4 -2.7 307.8
----------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2010 2009 Change 2009
MEUR * Q1 Q1 % Q1-Q4
----------------------------------------------------------------
Newspapers 6.9 5.2 32.0 29.7
Kauppalehti Group 1.5 0.6 140.2 6.7
Marketplaces 0.0 -0.2 83.9 -0.7
Other operations -0.1 0.9 -116.4 5.7
----------------------------------------------------------------
Total 8.2 6.5 26.7 41.4
----------------------------------------------------------------
*) incl. one-time items
BUSINESS SEGMENTS
This interim report reports the business segments according to the Group's new
internal organisational structure. The structure of the segments was changed
from the beginning of 2010 when Alma Media's printing and distribution
operations were combined in a new group business unit. The new printing and
distribution unit is reported outside the business segments Newspapers,
Kauppalehti Group and Marketplaces as part of the new Other operations business
segment. These operations were earlier included in the Newspapers segment.
Additionally, the concept of net sales for Lehdentekijät, part of the
Kauppalehti Group, has been specified, and the unit's net sales have been
transferred from circulation net sales to other net sales of the Kauppalehti
Group.
With the change in the composition of the reporting segments, Alma Media has, in
accordance with the IFRS 8 Operating Segments standard, adjusted the
corresponding items in segment information for the comparison period 2009. These
adjustments are presented in the appendix. The stock exchange release (Change in
the structure and composition of Alma Media's business segments) of April
27, 2010 presents the segment net sales and operating profit, segment key
indicators as well as the assets, liabilities and investments of the Newspapers,
Kauppalehti Group and Marketplaces segments according to both the old and the
new segment composition, and a summary of the effects of the change for 2008 and
2009.
NEWSPAPERS
NEWSPAPERS 2010 2009 Change 2009
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 52.2 52.4 -0.4 215.5
Circulation revenue 26.8 26.9 -0.4 109.9
Media advertising revenue 24.6 24.4 0.9 101.3
Other revenue 0.7 1.0 -29.1 4.4
Operating profit 6.9 5.2 32.0 29.7
Operating profit, % 13.2 9.9 13.8
Operating profit without one-time items 6.9 5.9 16.9 30.8
Operating profit without one-time items,
% 13.3 11.3 14.3
Average no. of personnel, calculated as
full-time employees excl. delivery staff 918 1,002 -8 1,002
Average no. of delivery staff * 98 365 -73 370
* Delivery operations of Satakunnan Kansa sold January 1 2010 to Aamujakelu Oy,
which is reported in Other operations
2010 2009 2009
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Iltalehti 112,778
Aamulehti 135,293
Online services, unique visitors, weekly
Iltalehti.fi 2,182,908 1,710,305 1,762,615
Telkku.com 640,393 596,032 580,989
Aamulehti.fi 275,435 194,418 207,978
The Newspapers segment reports the publishing activities of 35 newspapers. The
largest titles are Aamulehti and Iltalehti.
The first-quarter net sales of the Newspapers segment remained almost at the
level of the previous year at MEUR 52.2 (52.4). Advertising sales in the segment
increased slightly, by 0.9% to MEUR 24.6 (24.4). The advertising sales in print
media had a moderate upturn in Aamulehti and Iltalehti during the first quarter.
Other Alma Media's newspapers continued to suffer from the weak development of
the advertising market.
Advertising sales in the online media grew well in the entire segment from the
comparison period. Advertising sales for Iltalehti.fi continued its
exceptionally strong growth, up 39.7% (45.1%) from the comparison period.
Circulation net sales for Newspapers remained close to previous year's level .
The circulations of regional and local papers declined slightly. Iltalehti's
single-copy sales decreased approximately 5.1% (11.0%) while the entire
afternoon paper market declined approximately 2.4% (11.7%). Iltalehti.fi further
strengthened its position as Finland's most popular online service.
The Newspapers segment's first-quarter operating profit increased to MEUR 6.9
(5.2). The segment's comparable operating profit was MEUR 6.9 (5.9).
The business operations of Tyrvään Sanomat Oy was transferred to Suomen
Paikallissanomat Oy, an Alma Media company, in April 2010. The acquisition
includes two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of advertising agency Idea-Mainos. The annual general
meeting of Tyrvään Sanomat Oy confirmed the deal on March 24, 2010.
KAUPPALEHTI GROUP
KAUPPALEHTI GROUP 2010 2009 Change 2009
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 14.1 16.2 -13.4 62.8
Revenue without sold operations * 14.1 14.1 -0.4 56.2
Circulation revenue 3.8 3.8 -0.3 15.4
Media advertising revenue 4.2 4.3 -3.3 16.3
Other Revenue 6.0 8.1 -25.1 31.0
Operating profit 1.5 0.6 140.2 6.7
Operating profit, % 11.0 4.0 10.7
Operating profit without one-time items 1.5 0.9 71.1 6.7
Operating margin without one-time items, % 11.0 5.6 10.7
Average no. of personnel, calculated as full-time
employees 428 488 -12 477
* Kauppalehti 121 Oy sold at November 2009
2010 2009 2009
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Kauppalehti 78,731
Online services, unique visitors, weekly
Kauppalehti.fi 629,960 544,064 544,533
The Kauppalehti Group specialises in the production of business and financial
information. Its best known title is Finland's leading business paper,
Kauppalehti. The Group also includes the contract publishing company
Lehdentekijät, advertising sales agency Suomen Business Viestintä and the news
agency and media monitoring unit BNS Group that operates in the Baltic
countries.
The net sales of the Kauppalehti Group were MEUR 14.1 (16.2) in the first
quarter. Comparable net sales excluding Kauppalehti 121 Oy remained as before.
The continued weak advertising market caused a decline of MEUR 0.1 or 3.3% from
the comparison period in the Kauppalehti Group's advertising sales. The
segment's circulation sales remained almost unchanged, down 0.3%.
Kauppalehti's audited circulation in 2009 was 78,731, down from the record level
of 86,654 in 2008 as expected. Approximately half of the circulation decrease
was caused by the changes in group subscriptions of student organisations and
the remaining part by cancellations of corporate subscriptions due to the market
conditions. For the full year 2010, Kauppalehti's circulation is expected to
stay at the present level or decline only slightly.
The Kauppalehti.fi online service had an average of 629,960 (544,064) unique
weekly visitors (589,293 in Q4/2009).
The operating profit of the Kauppalehti Group was MEUR 1.5 (0.6). Operating
profit without one-time items was MEUR 1.5 (0.9).
MARKETPLACES
MARKETPLACES 2010 2009 Change 2009
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 7.6 7.2 5.7 27.0
Operations in Finland 6.5 6.0 8.1 22.4
Operations outside Finland 1.2 1.2 -5.0 4.7
Operating profit 0.0 -0.2 83.9 -0.7
Operating margin, % -0.4 -2.8 -2.5
Operating profit without one-time items 0.1 -0.2 150.6 -0.5
Operating margin without one-time items, % 1.2 -2.8 -2.0
Average no. of personnel, calculated as full-time
employees 180 230 -22 200
2010 2009 2009
Operational key figures Q1 Q1 Q1-Q4
--------------------------------------------------------------------------------
Online services, unique visitors, weekly
Etuovi.com 410,061 351,666 354,826
Autotalli.com 100,797 101,303 96,872
Monster.fi 98,601 83,915 74,473
Mikko.fi 80,762 78,380 76,854
Mascus.com (Finland) 201,791 127,551 135,272
City24 208,516 290,999 232,640
Bovision 96,684 87,211 92,607
The Marketplaces segment reports classified services produced on the internet
and supported by printed products. The services in Finland are Etuovi.com,
Monster.fi, Autotalli.com, Mascus.fi and Mikko.fi. The services outside Finland
are City 24, Mascus and Bovision.
In the first quarter of 2010, the net sales of Marketplaces increased 5.7%
(-20.7%). The increase is mainly due to changes in the distribution methods of
the Etuovi newspaper in Pori and Tampere, as well as the launch of new
newspapers in Oulu and Lahti.
The operating profit of the Marketplaces segment was MEUR 0.0 (-0.2). Operating
profit without one-time items was MEUR 0.1 (-0.2).
On March 29, Alma Media announced a restructuring concerning the business of the
Marketplaces segment. Alma Media Corporation and the business development
company Arena Partners Oy, owned jointly by newspapers operating in Central
Finland, will start cooperation in the nationwide marketplaces business. The
cooperation will involve Arena Partners buying a 35% share of the Alma Media
subsidiary operating in the home sales, vehicle and consumer advertising
marketplace businesses. Simultaneously, Alma Media will purchase a 35% share of
Arena Interactive, a subsidiary of Arena Partners. According to the plan, the
cooperation will in future cover the Etuovi.com, Vuokraovi.com, Autotalli.com
and Mikko.fi services of the Marketplaces segment.
The cooperation will have only a minor short-term effect on Alma Media's
financial indicators. The 2009 total net sales of the services to be transferred
to the new company were MEUR 16.9. Arena Interactive's net sales in 2009 were
MEUR 1.0.
ASSOCIATE COMPANIES
Share of proft of equity accounted investees 2010 2009 2009
MEUR Q1 Q1 Q1-Q4
------------------------------------------------------------
Newspapers -0.0 0.0 0.1
Kauppalehti group
Talentum Oyj 0.1 -0.1 -1.4
Marketplaces
Other operations
Other equity accounted investeees 0.2 0.2 0.9
------------------------------------------------------------
Total 0.3 0.1 -0.3
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 its consolidated financial statements of December 31, 2009 and in
this interim report.
On March 16, 2010, Alma Media Corporation acquired a 24% stake in Kateetti Oy
through a share purchase and a directed share issue. In Alma Media's
consolidated financial statements, the company is reported as an associated
company.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet at the end of March 2010 stood at MEUR 148.1
(180.7) (MEUR 155.5 on December 31, 2009). The corporation's equity ratio at the
end of March was 59.5% (45.8) (67.2% on December 31, 2009) and equity per share
was EUR 0.97 (0.93) (EUR 1.28 on December 31, 2009).
The consolidated cash flow from operations in the first quarter was MEUR 22.4
(25.6). Cash flow before financing was MEUR 21.4 (24.8). Cash flow for capital
expenditure was affected by the share acquisitions of Marknadspriser i Sverige
AB and Kateetti Oy in the first quarter.
The Group's net debt at the end of March stood at MEUR -7.9 (3.8).
The Group currently has a MEUR 100 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 100.0 on March 31, 2010. In addition, the
Group has a credit limit in the amount of MEUR 50 for the period August
6, 2009-August 6, 2011, which on March 31, 2010 was totally unused.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in January-March totalled MEUR 3.0 (1.5).
The first-quarter capital expenditure comprised normal operational and
replacement investments, as well as share purchases.
Alma Media Corporation announced on December 17, 2009 that it had initiated
preparations for an investment aiming at the modernisation of its printing
facilities in Tampere. The Board of Directors decided to proceed with the
initiative to the execution phase on March 11, 2010. The total value of the
investment will be EUR 50 million maximum. Most of the investment will be
carried out in 2011 and 2012. The new printing facility is estimated to be
operational in 2013. Due to the investment decision, the annual depreciation on
the existing printing press for the remainder of its estimated usage will rise
by MEUR 1.0 in the financial year 2010 and MEUR 1.2 in the financial years 2011
and 2012.
RISKS AND RISK MANAGEMENT
The purpose of Alma Media'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.
Written limits and processing methods are set for quantitative and qualitative
risks by the corporate risk management system.
The most critical strategic risks for Alma Media are a significant drop in the
readership of its publications, 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 corporation's net sales. Developing businesses outside
Finland, such as 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 changes
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.
ADMINISTRATION
Alma Media Corporation's ordinary Annual General Meeting (AGM) held on March
11, 2010 elected Lauri Helve, Kai Seikku, Erkki Solja, Kari Stadigh, Harri
Suutari, Catharina Stackelberg-Hammarén and Seppo Paatelainen members of the
company's Board of Directors. In its constitutive meeting held after the Annual
General Meeting, the Board of Directors elected Kari Stadigh its Chairman and
Seppo Paatelainen its Deputy Chairman.
The Board also elected the members of its committees. Kai Seikku, Erkki Solja,
Catharina Stackelberg-Hammarén and Harri Suutari as chairman were elected
members of the Audit Committee. Seppo Paatelainen and Lauri Helve, as well as
Kari Stadigh as chairman, were elected members of the Nomination and
Compensation Committee.
Except for Kari Stadigh, the Board of Directors has evaluated the persons
elected for the Board of Directors to be independent of the company and its
major shareholders. Kari Stadigh is evaluated to be independent of the company
but not independent of a significant shareholder.
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.
Oy Herttaässä Ab, a company holding more than 10% of the shares in Alma Media,
proposed to the AGM that a special audit should be conducted regarding the
operations of the Nomination and Compensation Committee of the Board of
Directors of Alma Media Corporation for the last five years. The AGM considered
the proposal, and as the shareholding of Oy Herttaässä Ab exceeds 10%, the
proposal was recorded in the meeting minutes. On April 14, 2010, Alma Media
received notification that Oy Herttaässä Ab has submitted an application for the
special audit to the Regional State Administrative Agency of Southern Finland.
The company will submit its answer by May 15, 2010.
Alma Media Corporation applies the Finnish Corporate Governance Code for listed
companies, issued by the Securities Market Association on October 20, 2008, in
its unaltered form. The statement on the company's administration and control
system, as required by Recommendation 51 of the Code, is published separately.
DIVIDENDS
The Annual General Meeting resolved to distribute a dividend of EUR 0.40 per
share for the financial year 2009 in accordance with the proposal of the Board
of Directors. The dividend was be paid on March 25, 2010 to shareholders who
were registered in Alma Media Corporation's shareholder register maintained by
Euroclear Finland Oy on the record date, March 16, 2010.
The company paid a total of MEUR 29.8 (22.4) in dividends to its shareholders in
March.
THE ALMA MEDIA SHARE
In January-March, altogether 2,849,577 Alma Media shares were traded at NASDAQ
OMX Helsinki Stock Exchange, representing 3.8% of the total number of shares.
The closing price of the Alma Media share at the end of the last trading day of
the review period, March 31, 2010, was EUR 7.28. The lowest quotation during the
review period was EUR 7.23 and the highest was EUR 8.46. Alma Media
Corporation's market capitalisation at the end of the review period was MEUR
543.2.
The Annual General Meeting decided to authorise the Board of Directors to
repurchase a maximum of 3,730,600 of the company's shares, representing
approximately 5% of all shares. The authorisation is valid until the next
ordinary general meeting, however no later than June 30, 2011.
Option rights
Option programme 2006
The annual general meeting held on March 8, 2006 decided on a stock option
programme under which a maximum of 1,920,000 options may be granted and these
may be exercised to subscribe to a maximum of 1,920,000 Alma Media Corporation's
shares with a book countervalue of EUR 0.60 per share. The programme is an
incentive and commitment system for the company's management. Of the total
number of options, 640,000 were marked 2006A (ALN1VEW106), 640,000 were marked
2006B (ALN1VEW206) and 640,000 were marked 2006C (ALN1VEW306).
Share subscription periods and subscription prices:
2006A April 1, 2008-April 30, 2010, trade-weighted average share price Apr
1-May 31, 2006
2006B April 1, 2009-April 30, 2011, trade-weighted average share price Apr
1-May 31, 2007 and
2006C April 1, 2010-April 30, 2012, trade-weighted average share price Apr
1-May 31, 2008.
As authorised by the Annual General Meeting, the Board of Directors has granted
515,000 of the 2006A options. Altogether 75,000 of the 2006A options have been
returned to the company owing to the termination of employment contracts. After
the returned options, corporate management possesses a total of 440,000 2006A
options. In 2007 and 2008, Alma Media's Board of Directors decided to annul the
200,000 2006A option rights in the company's possession. The share subscription
price under the A options, EUR 7.66 per share, was determined by the
trade-weighted average share price in public trading between April 1 and May
31, 2006. The subscription price of the 2006A options was reduced by the amount
of capital repayment in 2006 (EUR 0.53 per share), by dividend payment in March
2007 (EUR 0.65 per share), by dividend payment in March 2008 (EUR 0.90 per
share), by dividend payment in March 2009 (EUR 0.30 per share) to 5.28 per share
and by dividend payment in March 2010 (EUR 0.40 per share) to 4.88 per share.
The vesting period for the 2006A options has ended and the share subscription
period began on April 1, 2008. By March 31, 2010, 25,000 2006A options had been
sold and 3,000 used for share subscription.
In 2007, the Board of Directors decided to issue a total of 515,000 options
under the 2006B scheme to Group management. Altogether 50,000 of the 2006B
options have been returned to the company owing to the termination of employment
contracts. After the returned options, corporate management possesses a total of
465,000 2006B options. The share subscription price under the 2006B option, EUR
9.85 per share was determined by the trade-weighted average share price in
public trading between April 1 and May 31, 2007. The subscription price of the
2006B options was reduced by the amount of dividend payment in March 2008 (EUR
0.90 per share), by dividend payment in March 2009 (EUR 0.30 per share) to EUR
8.65 per share and by dividend payment in March 2010 (EUR 0.40 per share) to EUR
8.25 per share. All of the 175,000 2006B option rights in the company's
possession have been annulled. The options in the 2006B programme are traded in
NASDAQ OMX Helsinki Stock Exchange since April 1, 2009. No shares have been
subscribed to by March 31, 2010.
In 2008, the Board of Directors decided to issue 520,000 options under the
2006C programme to Group management. Altogether 50,000 of the 2006C options have
been returned to the company owing to the termination of employment contracts.
After the returned options, corporate management possesses a total of
470,000 2006C options. The share subscription price under the 2006C option, EUR
9.06 per share, was determined by the trade-weighted average share price in
public trading between April 1 and May 31, 2008. The subscription price of the
2006C options was reduced by the amount of dividend payment in March 2009 (EUR
0.30 per share) to EUR 8.76 per share and by dividend payment in March 2010 (EUR
0.40 per share) to EUR 8.36 per share. All of the 170,000 2006C option rights in
the company's possession have been annulled. The options in the 2006C programme
are traded in NASDAQ OMX Helsinki Stock Exchange since April 1, 2010.
If all the subscription rights were exercised, the programme would dilute the
holdings of the earlier shareholders by 1.84%.
Option programme 2009
The Annual General Meeting of Alma Media on March 11, 2009 decided, in
accordance with the proposal by the Board of Directors, to continue the
incentive and commitment system for Alma Media management through an option
programme according to earlier principles and decided to grant stock options to
the key personnel of Alma Media Corporation and its subsidiaries in the period
2009-2011. Altogether 2,130,000 stock options may be granted, and these may be
exercised to subscribe to a maximum of 2,130,000 Alma Media shares, either new
or in possession of Alma Media. Of the total number of options, 710,000 were
marked 2009A (ALN1VEW309), 710,000 were marked 2009B (ALN1VEW209) and 710,000
were marked 2009C (ALNVEW109).
Share subscription periods and subscription prices:
2009A April 1, 2012-March 31, 2014, trade-weighted average share price Apr
1-30, 2009
2009B April 1, 2013-March 31, 2015, trade-weighted average share price Apr
1-30, 2010 and
2009C April 1, 2014-March 31, 2016, trade-weighted average share price Apr
1-30, 2010.The Board of Directors of Alma Media Corporation decided in May 2009 to grant
640,000 option rights to corporate management under the 2009A programme. The
company is in possession of 70,000 2009A options. The subscription price of a
2009A option, EUR 5.21 per share, was determined by the trade-weighted average
share price in public trading between April 1 and April 30, 2009. The
subscription price of the 2009A options was reduced by the amount of dividend
payment in March 2010 (EUR 0.40 per share) to EUR 4.81 per share.
If all the subscription rights are exercised, the programme will dilute the
holdings of the earlier shareholders by 2.85%.
The Board of Directors has no other current authorisations to raise convertible
loans and/or to raise the share capital through a new issue.
Market liquidity guarantee
Alma Media Corporation and eQ Pankki Oy had a liquidity guarantee contract for
the Alma Media share until October 22, 2009. After this date, the Alma Media
share has not had a market guarantee in effect.
Flagging notices
In January-March 2010, Alma Media has not received notices of changes in
shareholdings pursuant to Chapter 2, Section 9 of the Securities Markets Act.
EVENTS AFTER THE REVIEW PERIOD
The business operations of Tyrvään Sanomat Oy was transferred to Suomen
Paikallissanomat Oy, an Alma Media company, on April 16, 2010. The acquisition
includes two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of advertising agency Idea-Mainos.
Oy Herttaässä Ab, a company holding more than 10% of the shares in Alma Media,
proposed to the Annual General Meeting that a special audit should be conducted
regarding the operations of the Nomination and Compensation Committee of the
Board of Directors of Alma Media Corporation for the last five years. The AGM
considered the proposal, and as the shareholding of Oy Herttaässä Ab exceeds
10%, the proposal was recorded in the meeting minutes. On April 15, 2010, Alma
Media received notification that Oy Herttaässä Ab has submitted an application
for the special audit to the Regional State Administrative Agency of Southern
Finland. The company will submit its answer by May 15, 2010.
Alma Media Corporation received on April 23, 2010 a request from its shareholder
Oy Herttaässä Ab (company registration number 0761658-8), addressed to the Board
of Directors of Alma Media, regarding a demand to convene an extraordinary
meeting of shareholders. The request, written originally in Finnish, is
presented unabridged below (unofficial translation):"The applicant demands that the Board of Directors invite an extraordinary
shareholder meeting to convene to:
1. Decide upon the printing facility investment
The Board of Directors is requested to present to the extraordinary shareholder
meeting a clarification regarding the necessity and profitability of the planned
printing facility investment to Sarankulma in Tampere, taking into account the
growth and growth prospects of the internet and other electronic media in
significance, as well as that there is plenty of printing capacity in Finland
presently for the needs of printed media.
The clarification is requested to, as the investment is for the company very
significant and challenging especially taking into account the present market
environment, even though the decision is within the decision powers of the Board
of Directors.
Based on the clarification the extraordinary meeting will decide upon the
continuation or cancellation of the investment.
2. Increasing the number of the members of and complementing the Board of
Directors
The applicant proposes to the extraordinary general meeting that the number of
members in Board of Directors be eight until the end of the next Annual General
meeting, thus complement the Board of Directors by one member. The applicant
proposes that Mr Kai Mäkelä, according to his consent, is elected to the Board
of Directors in addition of the members elected in the Annual General Meeting."
Oy Herttaässä Ab held on March 31, 2010 13.48 % of Alma Media's shares.
Appendix 1. - SUMMARY OF FINANCIAL STATEMENT AND NOTES
2010 2009 Change 2009
COMPREHENSIVE INCOME STATEMENT, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
REVENUE 74.4 76.4 -2.7 307.8
Other operating income 0.0 0.1 -84.3 0.9
Materials and services -22.5 -23.4 3.6 -93.1
Employee benefits expense -28.6 -29.7 3.4 -112.3
Depreciation, amortization and
impairment -2.2 -2.2 -0.8 -8.9
Other operating expenses -12.7 -14.8 13.6 -53.0
--------------------------------------------------------------------------------
OPERATING PROFIT 8.2 6.5 26.7 41.4
Finance income 0.2 0.4 -31.8 0.0
Finance expenses -0.2 -0.5 59.5 0.0
Share of profit of equity accounted investees 0.3 0.1 116.7 -0.3
--------------------------------------------------------------------------------
PROFIT BEFORE TAX 8.6 6.5 31.5 40.8
--------------------------------------------------------------------------------
Income tax -2.3 -2.0 -17.8 -11.4
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 6.3 4.7 34.4 29.3
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME
Exchange difference on translation of foreign
operations -0.1 0.0 -1978.3 0.5
Share of equity accounted investees' other
comprehensive income 0.3 -0.7 147.4 -0.4
Income tax relating to components of other
comprehensive income
--------------------------------------------------------------------------------
Other comprehensive income for the period, net of tax 0.2 -0.7 133.6 0.2
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 6.5 4.0 63.1 29.5
--------------------------------------------------------------------------------
Profit for the period attributable to
Parent company shareholders 6.3 4.7 29.2
Non-controlling interest -0.0 0.0 0.1
Total comprehensive income for the period attributable to
Parent company
shareholders 6.5 4.0 29.3
Non-controlling interest -0.0 0.0 0.1
Earning/share calculated from the profit for the period
attributable to the parent company shareholders
Earnings/share, EUR 0.08 0.06 0.39
Earnings/share (diluted), EUR 0.08 0.06 0.39
BALANCE SHEET, MEUR 31 Mar 2010 31 Mar 2009 31 Dec 2009
------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 29.0 33.0 28.2
Other intangible assets 10.1 11.9 10.4
Tangible assets 30.9 34.3 32.0
Investments in equity accounted investees 31.8 30.3 30.5
Other financial assets 4.2 4.3 4.5
Deferred tax assets 0.7 1.3 0.7
CURRENT ASSETS
Inventories 1.0 1.3 1.5
Current tax assets 0.0 2.0 0.0
Accounts receivable and other receivables 27.0 27.4 25.3
Other current financial assets 1.0 3.0 1.2
Cash and cash equivalents 12.3 31.8 21.1
ASSETS CLASSIFIED AS HELD FOR SALE 0.0 0.0 0.0
------------------------------------------------------------------------------
TOTAL ASSETS 148.1 180.7 155.5
------------------------------------------------------------------------------
BALANCE SHEET, MEUR 31 Mar 2010 31 Mar 2009 31 Dec 2009
------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital 44.8 44.8 44.8
Share premium fund 2.8 2.8 2.8
Foreign currency translation reserve -0.4 -0.8 -0.3
Retained earnings 25.3 22.8 48.5
------------------------------------------------------------------------------
Parent company shareholders' equity 72.5 69.6 95.8
Non-controlling interest 0.0 0.7 0.2
------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 72.6 70.3 96.0
------------------------------------------------------------------------------
LIABILITIES
Non-current liabilities
Interest-bearing liabilities 2.8 3.6 2.8
Deferred tax liabilities 2.6 2.6 2.5
Pension obligations 3.0 3.5 3.1
Provisions 0.2 0.1 0.1
Other long-term liabilities 1.7 0.7 0.4
Current liabilities
Interest-bearing liabilities 1.7 31.9 1.8
Advances received 26.2 27.1 12.6
Current tax liabilities 1.8 1.1 1.6
Provisions 0.9 1.1 1.0
Accounts payable and other liabilities 34.7 38.7 33.7
------------------------------------------------------------------------------
TOTAL LIABILITIES 75.6 110.4 59.5
------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 148.1 180.7 155.5
------------------------------------------------------------------------------
STATEMENT OF CHANGE IN EQUITY
Attributable to equity holders of the
Parent
|
STATEMENT OF CHANGE IN EQUITY |
1 Jan - 31 Mar 2010 |
|
MEUR A B C D E| F G
--------------------------------------------------------+-----------------------
Equity 1 Jan 2010 44.8 2.8 -0.3 48.5 95.8| 0.2 96.0
--------------------------------------------------------+-----------------------
Profit for the period 6.3 6.3| 0.0 6.2
|
Other comprehensive income -0.1 0.3 0.2| 0.2
|
Transactions with equity |
holders of the parent and |
non-controlling interest |
|
Dividends paid by parent -29.8 -29.8| -29.8
|
Dividends paid by |
subsidiaries | -0.2 -0.2
|
Share-based payments 0.2 0.2| 0.2
--------------------------------------------------------+-----------------------
Equity 31 Mar 2010 44.8 2.8 -0.4 25.3 72.5| 0.0 72.6
--------------------------------------------------------+-----------------------
Attributable to equity holders of the
Parent
|
STATEMENT OF CHANGE IN EQUITY |
1 Jan - 31 Mar 2009 |
|
MEUR A B C D E| F G
--------------------------------------------------------+-----------------------
Equity 1 Jan 2009 44.8 2.8 -0.8 41.1 87.9| 0.6 88.5
--------------------------------------------------------+-----------------------
Profit for the period 4.7 4.7| 0.0 4.7
|
Other comprehensive income 0.0 -0.7 -0.7| 0.0 -0.7
|
Transactions with equity |
holders of the parent and |
non-controlling interest |
|
Dividends paid by parent -22.4 -22.4| -22.4
|
Dividends paid by |
subsidiaries |
|
Share-based payments 0.2 0.2| 0.2
--------------------------------------------------------+-----------------------
Equity 31 Mar 2009 44.8 2.8 -0.8 22.8 69.6| 0.7 70.3
--------------------------------------------------------+-----------------------
Column headings in Statement of
Change in Equity
A=Share capital
B=Share premium fund
C=Translation difference
D=Retaind earnings
E=Total
F=Non-controlling interest
G=Equity total
CASH FLOW STATEMENT
2010 2009 2009
CASH FLOW STATEMENT, MEUR Q1 Q1 Q1-Q4
----------------------------------------------------------------------
Cash flow from operating activities
Profit for the period 6.3 4.7 29.3
Adjustments 4.1 4.0 19.5
Change in working capital 14.1 16.1 -0.8
Dividend received 0.1 0.9 1.8
Interest received 0.1 0.2 0.4
Interest paid -0.1 -0.5 -1.0
Income taxes paid -2.1 0.2 -6.2
----------------------------------------------------------------------
Net cash provided by operating activities 22.4 25.6 43.1
Cash flow from investing activities
Acquisitions of tangible and intangible assets -0.4 -0.8 -4.2
Proceeds from sale of tangible and intangible assets 0.0 0.0 0.0
Other investments 0.0 0.0 0.0
Proceeds from sale of other investments 0.0 0.0 2.0
Change in loan receivables 0.0 0.0 -0.1
Acquisition of subsidiary -0.5 0.0 -0.8
Acquisition of equity accounted investees -0.1 0.0 -2.5
Proceeds from sale of subsidiary 0.0 0.0 6.2
Proceeds from sale of
equity accounted intestees' shares 0.0 0.0 0.0
----------------------------------------------------------------------
Net cash used in investing activities -1.0 -0.8 0.7
Cash flow before financing activities 21.4 24.8 43.9
Cash flow from financing activities
Repayment of non-current loans 0.0 0.0 0.0
Current loans raised 0.0 17.8 17.8
Repayment of current loans -0.4 -1.5 -32.7
Change in interest-bearing receivables 0.2 -0.1 1.7
Dividends paid -30.0 -22.4 -23.0
----------------------------------------------------------------------
Cash flow from financing activities total -30.2 -6.2 -36.1
Change in cash and cash equivalent funds
(increase + / decrease -) -8.8 18.6 7.7
Cash and cash equivalents at start of period 21.1 13.3 13.3
Effect of change in foreign exchange rates -0.1 0.0 -0.1
Cash and cash equivalents at end of period 12.3 31.8 21.1
ACQUIRED BUSINESSES JANUARY 1-MARCH 31, 2010
During the review period, Alma Media acquired a 60% share in Marknadspriser i
Sverige AB and a 24% share of Kateetti Oy. Owing to the obligatory takeover bid
requirement determined by the transaction and shareholder agreements,
Marknadspriser i Sverige AB is consolidated as a 100% subsidiary with the bid
price included in the consideration and the conditional purchase debt. Kateetti
Oy is consolidated as an associated company. The fair value of the total
consideration transferred from the companies in cash at time of purchase was
MEUR 2.0, of which the share of conditional later consideration accounts for
MEUR 1.4. The conditional considerations are based on the revenue and
profitability of the companies in 2010-2013 as determined by the terms and
conditions of the purchases. There is no maximum limit to the conditional
considerations.
The fair value and gross amount of receivables acquired in connection with the
subsidiary purchase totalled MEUR 0.1. The most important assets and liabilities
acquired comprised intangible assets, including customer relations and
technology at MEUR 0.3, cash at MEUR 0.1, and accounts payable and other
short-term liabilities at MEUR 0.2. The goodwill generated by the acquisition,
MEUR 0.9, was influenced by expected synergy benefits. If the acquisition had
been carried out at the beginning of the year 2010, the Group's revenue would be
MEUR 0.1 more.
REVENUE BY GEOGRAPHICAL AREA
REVENUE BY GEOGRAPHICAL AREA, 2010 2009 2009
MEUR Q1 Q1 Q1-Q4
---------------------------------------------
Finland 71.3 73.1 295.4
Rest of EU countries 2.8 3.1 11.9
Rest of other countries 0.3 0.2 0.5
---------------------------------------------
Total 74.4 76.4 307.8
---------------------------------------------
INFORMATION BY SEGMENT
This interim report reports the business segments according to the Group's new
internal organisational structure. The composition and structure of the segments
was changed from the beginning of 2010 when Alma Media's printing and
distribution operations were combined in a new group business unit. The new
printing and distribution unit is reported outside the business segments
Newspapers, Kauppalehti Group and Marketplaces as part of the new Other
operations business segment. The items for the comparison period 2009 are
adjusted accordingly.
Alma Media's reporting segments are Newspapers, Kauppalehti Group, Marketplaces
and Other operations. Other Operations segment comprises the Group's parent
company and the operations of the Group's printing and distribution unit.
The descriptive section of the financial statements presents the revenue and
operating profits of the Newspapers, Kauppalehti Group and Marketplaces segments
and the allocation of the associated companies' results to the reporting
segments. Financial items and income taxes are not allocated to the segments.
The following table presents the key indicators of the Other operations segment.
OTHER OPERATIONS 2010 2009 Change 2009
Key figures, MEUR Q1 Q1 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 19.3 18.2 5.9 72.7
Operating profit -0.1 0.9 -116.4 5.7
Operating profit, % -0.7 4.7 7.8
Operating profit without
one-time items -0.3 0.9 -131.1 5.7
Operating margin without
one-time items, % -1.4 4.7 7.8
Average no. of personnel, calculated as full-time
employees 213 214 -1 210
Average no. of delivery staff 842 573 47 599
The following table presents the assets and liabilities by segment as well as
the non-allocated asset and liability items.
ASSETS BY SEGMENT, MEUR 31 Mar 2010 31 Mar 2009 31 Dec 2009
-----------------------------------------------------------
Newspapers 42.6 44.0 45.4
Kauppalehti Group 44.1 53.7 41.3
Marketplaces 14.3 14.3 13.0
Other operations and 29.0 33.5 29.9
eliminations
Non-allocated assets 18.2 35.2 25.9
-----------------------------------------------------------
Total 148.1 180.7 155.5
-----------------------------------------------------------
LIABILITIES BY SEGMENT, MEUR 31 Mar 2010 31 Mar 2009 31 Dec 2009
----------------------------------------------------------------
Newspapers 37.6 36.8 24.9
Kauppalehti Group 12.5 15.9 9.8
Marketplaces 4.0 4.1 3.5
Other operations and 12.7 14.3 12.6
eliminations
Non-allocated liabilities 8.8 39.2 8.7
----------------------------------------------------------------
Total 75.6 110.4 59.5
----------------------------------------------------------------
2010 2009 2009
GROUP CAPITAL EXPENDITURE, MEUR Q1 Q1 Q1-Q4
-----------------------------------------------
Newspapers 0.6 0.5 1.8
Kauppalehti Group 0.1 0.3 2.6
Marketplaces 1.8 0.2 0.7
Others 0.4 0.6 3.0
-----------------------------------------------
Total 3.0 1.5 8.2
-----------------------------------------------
PROVISIONS
The company's provisions on March 31, 2010 totalled MEUR 1.1 (1.2). 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 31 Mar 2010 31 Mar 2009 31 Dec 2009
--------------------------------------------------------------------------------
Collateral for others
Guarantees 0.0 0.0 0.0
Other commitments
Commitments based on agreements 1.4 0.1 0.1
Minimum lease payments on other lease
agreements:
Within one year 6.3 7.8 6.3
Within 1-5 years 15.6 19.4 15.2
After 5 years 19.3 27.4 19.9
--------------------------------------------------------------------------------
Total 41.2 54.7 41.4
The Group also has purchase
agreements which based on IFRIC 4 which
include a lease component per IAS 17.
Minimum payments based on these agreements: 0.1 2.5 0.4
--------------------------------------------------------------------------------
GROUP DERIVATIVE CONTRACTS,
MEUR 31 Mar 2010 31 Mar 2009 31 Dec 2009
--------------------------------------------------------------------------------
Commondity derivate contracts,
electricity
derivatives
Fair value * -0.0 -0.2 -0.0
Nominal value 1.0 0.8 0.8
* The fair-value represents the return that would have arisen if the
derivative had been cleared on the balance sheet date.
--------------------------------------------------------------------------------
RELATED PARTIES
Alma Media Group's related parties are associated companies and companies owned
by them. The following table summarises the business operations undertaken
between Alma Media and its associated companies and the status of their
receivables and liabilities:
2010 2009 2009
RELATED PARTY TRANSACTIONS , MEUR Q1 Q1 Q1-Q4
----------------------------------------------------------
Sales of goods and services 0.0 0.0 0.2
Purchases of goods and services 0.9 0.9 3.7
Accounts receivable, loan and other
receivables at the end of reporting period 0.0
Accounts payable at the reporting date 0.1 0.1
----------------------------------------------------------
Related parties also include the company's senior management (members of the
Board of Directors, presidents and the Group Executive Team). The section The
Alma Media Share - Option Rights of this report presents information on changes
to the current option programme intended to motivate and secure the long-term
commitment of the Group's senior management.
MAIN ACCOUNTING PRINCIPLES (IFRS)
This interim report has been prepared according to IFRS standards (IAS 34).
The report applies the same accounting principles and calculation methods as the
previous annual accounts dated December 31, 2009, with the exception of the
standards and interpretations applied from January 1, 2010 as listed below.
However, the interim report does not contain all the information or notes to the
accounts included in the annual financial statements. This interim report should
therefore be read in conjunction with the company's annual report.
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 interim report are
independently rounded.
The accounting principles of the financial years 2010 and 2009 are comparable.
The company has no discontinued operations to report in the 2009-2010 financial
periods. The appendices summarise the information for the comparison periods by
segment according to both the new and the old segment structure.
The Group has applied the following standards and interpretations from January
1, 2010:
IFRS 3 (2008) Business Combinations
IAS 27 (2008) Consolidated and Separate Financial Statements
IAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged
Items, amended
IFRIC 17 Distributions of Non-cash Assets to Owners
IFRIC 18 Transfers of Assets from Customers
Improvements to IFRSs (April 2009)
IFRS 2 Share-based Payment - Group Cash-settled Share-based Payment
Transactions, amended
The impact of the above new standards and IFRIC interpretations on the Group has
been marginal. The amendments to IFRS 3 have affected the accounting of
corporate acquisitions during the 2010 financial period, such as goodwill and
costs related to the acquisitions.
New accounting standards to be adopted from the beginning of 2011 or later are:
IFRS 9 Financial Instruments, Phase 1
IAS 24 Related Party Disclosures (new)
IAS 32 Financial Instruments: Presentation - Classification of Rights Issues
(amendment)
IFRIC 14 IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
The Group preliminarily expects that the above new standards and interpretations
will have only a minor effect.
The figures in this interim report are unaudited.
SEASONALITY
The Group recognises its circulation revenues as paid. For this reason
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 financial statements for the first six months of the
year on July 22, 2010 at 9:00am (EEST).
ALMA MEDIA CORPORATION
Board of Directors
ADJUSTMENT OF THE BUSINESS SEGMENT INFORMATION REGARDING FINANCIAL YEAR 2009
1. REVENUE AND OPERATING PROFIT/LOSS BY SEGMENT UNDER NEW SEGMENT STRUCTRE
REVENUE AND OPERATING PROFIT/LOSS BY SEGMENT
UNDER NEW SEGMENT STRUCTRE
2009
REVENUE BY SEGMENT, 2009 2009 2009 2009 2009
MEUR Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------
Newspapers
External 52.0 54.9 51.2 55.4 213.4
Inter-segments 0.4 0.6 0.5 0.5 2.1
Newspapers total 52.4 55.5 51.7 55.9 215.5
Kauppalehti Group
External 16.2 16.0 14.5 15.9 62.5
Inter-segments 0.1 0.0 0.1 -0.1 0.3
Kauppalehti Group total 16.2 16.0 14.6 15.8 62.8
Marketplaces
External 7.2 7.1 6.3 6.5 27.0
Inter-segments 0.0 0.0 0.0 0.0 0.0
Marketplace total 7.2 7.0 6.2 6.5 27.0
Others
External 1.2 1.4 1.1 1.1 4.8
Inter-segments 17.0 17.0 16.6 17.2 67.8
Others total 18.2 18.4 17.7 18.3 72.7
Elimination -17.6 -17.6 -17.2 -17.6 -70.2
---------------------------------------------------------------
Total 76.4 79.3 73.0 79.0 307.8
---------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2009 2009 2009 2009 2009
MEUR * Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------
Newspapers 5.2 9.2 6.5 8.8 29.7
Kauppalehti Group 0.6 1.4 2.3 2.3 6.7
Marketplaces -0.2 -0.2 0.0 -0.3 -0.7
Other operations 0.9 1.5 2.4 1.0 5.7
---------------------------------------------------------------
Total 6.5 12.0 11.1 11.8 41.4
---------------------------------------------------------------
*) incl. one-time items
REVENUE AND OPERATING PROFIT/LOSS BY SEGMENT
UNDER OLD SEGMENT STRUCTRE
2009
REVENUE BY SEGMENT, 2009 2009 2009 2009 2009
MEUR Q1 Q2 Q3 Q4 Q1-Q4
-------------------------------------------------------------
Newspapers
External 52.8 56.0 51.9 56.2 216.9
Inter-segments 1.1 1.1 1.1 1.1 4.4
Newspapers total 53.9 57.1 53.0 57.3 221.3
Kauppalehti Group
External 16.2 16.0 14.5 15.9 62.5
Inter-segments 0.1 0.1 0.1 -0.1 0.3
Kauppalehti Group total 16.2 16.0 14.6 15.8 62.8
Marketplaces
External 7.2 7.1 6.3 6.5 27.0
Inter-segments 0.0 0.0 0.0 0.0 0.0
Marketplace total 7.2 7.0 6.2 6.5 27.0
Others
External 0.4 0.3 0.4 0.3 1.4
Inter-segments 3.6 3.9 3.5 3.5 14.5
Others total 4.0 4.2 3.9 3.8 15.9
Elimination -4.9 -5.0 -4.7 -4.5 -19.2
-------------------------------------------------------------
Total 76.4 79.3 73.0 79.0 307.8
-------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2009 2009 2009 2009 2009
MEUR * Q1 Q2 Q3 Q4 Q1-Q4
-------------------------------------------------------------
Newspapers 6.9 11.1 8.8 10.5 37.3
Kauppalehti Group 0.6 1.4 2.3 2.3 6.7
Marketplaces -0.2 -0.2 0.0 -0.3 -0.7
Other operations -0.8 -0.3 0.0 -0.7 -1.9
-------------------------------------------------------------
Total 6.5 11.9 11.1 11.8 41.4
-------------------------------------------------------------
*) incl. one-time items
CHANGES IN REVENUE AND OPERATING PROFIT/LOSS
BY SEGMENT
2009
REVENUE BY SEGMENT, 2009 2009 2009 2009 2009
MEUR Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------
Newspapers
External -0.8 -1.1 -0.7 -0.8 -3.4
Inter-segments -0.7 -0.5 -0.5 -0.6 -2.3
Newspapers total -1.5 -1.6 -1.2 -1.4 -5.8
Kauppalehti Group
External 0.0 0.0 0.0 0.0 0.0
Inter-segments 0.0 0.0 0.0 0.0 0.0
Kauppalehti Group total 0.0 0.0 0.0 0.0 0.0
Marketplaces
External 0.0 0.0 0.0 0.0 0.0
Inter-segments 0.0 0.0 0.0 0.0 0.0
Marketplace total 0.0 0.0 0.0 0.0 0.0
Others
External 0.8 1.1 0.7 0.8 3.4
Inter-segments 13.4 13.1 13.1 13.7 53.3
Others total 14.2 14.2 13.8 14.5 56.7
Elimination -12.7 -12.6 -12.5 -13.1 -51.0
---------------------------------------------------------------
Total 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2009 2009 2009 2009 2009
MEUR * Q1 Q2 Q3 Q4 Q1-Q4
---------------------------------------------------------------
Newspapers -1.7 -1.8 -2.4 -1.7 -7.5
Kauppalehti Group 0.0 0.0 0.0 0.0 0.0
Marketplaces 0.0 0.0 0.0 0.0 0.0
Other operations 1.7 1.8 2.4 1.7 7.5
---------------------------------------------------------------
Total 0.0 0.0 0.0 0.0 0.0
---------------------------------------------------------------
2. KEY FIGURES BY SEGMENT
KEY FIGURES BY SEGMENT UNDER NEW SEGMENT STRUCTURE
2009
NEWSPAPERS 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 52.4 55.5 51.7 55.9 215.5
Circulation revenue 26.9 27.2 28.5 27.2 109.9
Media advertising revenue 24.4 27.3 22.2 27.4 101.3
Other revenue 1.0 1.0 1.1 1.3 4.4
Operating profit 5.2 9.2 6.5 8.8 29.7
Operating profit, % 9.9 16.7 12.5 15.8 13.8
Operating profit without one-time items 5.9 9.4 6.9 8.6 30.8
Operating profit without one-time items, % 11.3 16.8 13.4 15.4 14.3
Average no. of personnel,
calculated as full-time
employees excl. delivery
staff 1,002 1,015 1,021 1,002 1,002
Average no. of delivery
staff 365 370 377 370 370
KAUPPALEHTI GROUP 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 16.2 16.2 14.6 15.8 62.8
Circulation revenue 3.8 3.5 4.0 4.0 15.4
Media advertising revenue 4.3 4.0 3.0 5.0 16.3
Other Revenue 8.1 8.6 7.5 6.8 31.0
Operating profit 0.6 1.4 2.3 2.3 6.7
Operating profit, % 4.0 9.0 15.5 14.8 10.7
Operating profit without one-time items 0.9 1.6 2.3 2.0 6.7
Operating margin without one-time items, % 5.6 9.6 15.5 12.5 10.7
Average no. of personnel,
calculated as full-time
employees 488 490 477 453 477
MARKETPLACES 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 7.2 7.0 6.2 6.5 27.0
Operations in Finland 6.0 5.9 5.2 5.4 22.4
Operations outside Finland 1.2 1.2 1.1 1.1 4.7
Operating profit -0.2 -0.2 0.0 -0.3 -0.7
Operating margin, % -2.8 -3.2 0.7 -4.3 -2.5
Operating profit without
one-time items -0.2 -0.2 0.2 -0.3 -0.5
Operating margin without
one-time items, % -2.6 -3.2 2.4 -4.5 -2.0
Average no. of personnel,
calculated as full-time
employees 230 202 189 178 200
KEY FIGURES BY SEGMENT UNDER OLD SEGMENT STRUCTURE
2009
NEWSPAPERS 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 53.9 57.1 53.0 57.3 221.3
Circulation revenue 26.9 27.2 28.5 27.2 109.9
Media advertising revenue 24.4 27.3 22.2 27.4 101.3
Other revenue 2.5 2.6 2.3 2.7 10.2
Operating profit 6.9 11.1 8.8 10.5 37.3
Operating profit, % 12.8 19.4 16.7 18.3 16.8
Operating profit without one-time items 7.6 11.2 9.3 10.3 38.4
Operating profit without one-time items, % 14.1 19.6 17.5 17.9 17.3
Average no. of personnel,
calculated as full-time
employees excl. delivery
staff 1,152 1,176 1,185 1,084 1,149
Average no. of delivery
staff 937 998 1,045 894 969
KAUPPALEHTI GROUP 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 16.2 16.0 14.6 15.8 62.8
Circulation revenue 5.9 5.6 5.9 6.1 23.5
Media advertising revenue 4.3 4.0 3.0 5.0 16.3
Other Revenue 6.0 6.4 5.6 4.7 23.0
Operating profit 0.6 1.4 2.3 2.3 6.7
Operating profit, % 4.0 9.0 15.5 14.8 10.7
Operating profit without
one-time items 0.9 1.6 2.3 2.0 6.7
Operating margin without
one-time items, % 5.6 9.6 15.5 12.5 10.7
Average no. of personnel,
calculated as full-time
employees 488 490 477 453 477
MARKETPLACES 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
------------------------------------------------------------------------
Revenue 7.2 7.0 6.2 6.5 27.0
Operations in Finland 6.0 5.9 5.2 5.4 22.4
Operations outside Finland 1.2 1.1 1.1 1.1 4.7
Operating profit -0.2 -0.2 0.0 -0.3 -0.7
Operating margin, % -2.8 -3.2 0.7 -4.3 -2.5
Operating profit without
one-time items -0.2 -0.2 0.2 -0.3 -0.5
Operating margin without
one-time items, % -2.8 -3.2 2.4 -4.5 -2.0
Average no. of personnel,
calculated as full-time
employees 230 202 189 178 200
CHANGES IN KEY FIGURES BY SEGMENT
2009
NEWSPAPERS 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
-----------------------------------------------------------------
Revenue -1.5 -1.6 -1.2 -1.4 -5.8
Circulation revenue 0.0 0.0 0.0 0.0 0.0
Media advertising revenue 0.0 0.0 0.0 0.0 0.0
Other revenue -1.5 -1.6 -1.2 -1.4 -5.8
Operating profit -1.7 -1.8 -2.4 -1.7 -7.5
Operating profit without one-time items -1.7 -1.8 -2.4 -1.7 -7.5
Average no. of personnel,
calculated as full-time
employees excl. delivery
staff -151 -161 -164 -82 -147
Average no. of delivery
staff -573 -628 -668 -525 -599
KAUPPALEHTI GROUP 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
-----------------------------------------------------------------
Revenue 0.0 0.0 0.0 0.0 0.0
Circulation revenue -2.0 -2.2 -1.9 -2.1 -8.1
Media advertising revenue 0.0 0.0 0.0 0.0 0.0
Other Revenue 2.0 2.2 1.9 2.1 8.1
Operating profit 0.0 0.0 0.0 0.0 0.0
Operating profit without
one-time items 0.0 0.0 0.0 0.0 0.0
Average no. of personnel,
calculated as full-time
employees 0 0 0 0 0
MARKETPLACES 2009 2009 2009 2009 2009
Key figures, MEUR Q1 Q2 Q3 Q4 Q1-Q4
-----------------------------------------------------------------
Revenue 0.0 0.0 0.0 0.0 0.0
Operations in Finland 0.0 0.0 0.0 0.0 0.0
Operations outside Finland 0.0 0.0 0.0 0.0 0.0
Operating profit 0.0 0.0 0.0 0.0 0.0
Operating profit without
one-time items 0.0 0.0 0.0 0.0 0.0
Average no. of personnel,
calculated as full-time
employees 0 0 0 0 0
3. ASSETS, LIABILITIES AND CAPITAL EXPENDITURE BY SEGMENT
ASSETS, LIABILITIES AND CAPITAL EXPENDITURE BY SEGMENT
UNDER NEW SEGMENT STRUCTRE
2009
ASSETS BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers 44.0 43.7 43.6 45.4
Kauppalehti Group 53.7 47.3 49.6 41.3
Marketplaces 14.3 13.3 13.2 13.0
Other operations and 33.5 33.0 32.1 29.9
eliminations
Non-allocated assets 35.2 18.6 16.9 25.9
--------------------------------------------------------------------------------
Total 180.7 156.0 155.4 155.5
--------------------------------------------------------------------------------
LIABILITIES BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers 36.8 32.1 27.2 24.9
Kauppalehti Group 15.9 13.2 11.4 9.8
Marketplaces 4.1 3.5 3.2 3.5
Other operations and 14.3 12.1 12.1 12.6
eliminations
Non-allocated liabilities 39.2 17.0 14.6 8.7
--------------------------------------------------------------------------------
Total 110.4 77.9 68.6 59.5
--------------------------------------------------------------------------------
GROUP CAPITAL EXPENDITURE,
MEUR 2009 2009 2009 2009
Q1 Q2 Q3 Q4
Newspapers 0.5 0.5 0.7 0.2
Kauppalehti Group 0.3 0.3 0.1 1.9
Marketplaces 0.2 0.3 0.1 0.1
Others 0.6 0.5 1.2 0.8
--------------------------------------------------------------------------------
Total 1.5 1.4 2.2 3.0
--------------------------------------------------------------------------------
ASSETS, LIABILITIES AND CAPITAL EXPENDITURE BY SEGMENT
UNDER OLD SEGMENT STRUCTRE
2009
ASSETS BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers 65.3 64.1 63.4 65.3
Kauppalehti Group 53.7 47.3 49.6 41.3
Marketplaces 14.3 13.3 13.2 13.0
Other operations and 12.2 12.6 12.3 10.0
eliminations
Non-allocated assets 35.2 18.6 16.9 25.9
--------------------------------------------------------------------------------
Total 180.7 156.0 155.4 155.5
--------------------------------------------------------------------------------
LIABILITIES BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers 43.9 38.6 33.3 31.7
Kauppalehti Group 15.9 13.2 11.4 9.8
Marketplaces 4.1 3.5 3.2 3.5
Other operations and 7.3 5.6 6.1 5.8
eliminations
Non-allocated liabilities 39.2 17.0 14.6 8.7
--------------------------------------------------------------------------------
Total 110.4 77.9 68.6 59.5
--------------------------------------------------------------------------------
GROUP CAPITAL EXPENDITURE, 2009 2009 2009 2009
MEUR
Q1 Q2 Q3 Q4
--------------------------------------------------------------------------------
Newspapers 0.9 0.6 1.0 0.8
Kauppalehti Group 0.3 0.3 0.1 1.9
Marketplaces 0.2 0.3 0.1 0.1
Others 0.1 0.3 1.0 0.2
--------------------------------------------------------------------------------
Total 1.5 1.4 2.2 3.0
--------------------------------------------------------------------------------
CHANGES IN ASSETS, LIABILITIES AND CAPITAL EXPENDITURE
BY SEGMENT
2009
ASSETS BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers -21.2 -20.4 -19.8 -19.9
Kauppalehti Group 0.0 0.0 0.0 0.0
Marketplaces 0.0 0.0 0.0 0.0
Other operations and 21.2 20.4 19.8 19.9
eliminations
Non-allocated assets 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
LIABILITIES BY SEGMENT, MEUR Mar 31 2009 Jun 30 2009 Sep 30 2009 Dec 31 2009
Newspapers -7.1 -6.5 -6.0 -6.8
Kauppalehti Group 0.0 0.0 0.0 0.0
Marketplaces 0.0 0.0 0.0 0.0
Other operations and 7.1 6.5 6.0 6.8
eliminations
Non-allocated liabilities 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
GROUP CAPITAL EXPENDITURE, 2009 2009 2009 2009
MEUR
Q1 Q2 Q3 Q4
--------------------------------------------------------------------------------
Newspapers -0.4 -0.2 -0.2 -0.6
Kauppalehti Group 0.0 0.0 0.0 0.0
Marketplaces 0.0 0.0 0.0 0.0
Others 0.4 0.2 0.2 0.6
--------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
[HUG#1410364]
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