2016-11-07 14:00:01 CET
2016-11-07 14:00:01 CET
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report 1 January - 30 September 2016
Ilkka-Yhtymä Oyj Interim Report 7 November 2016, at 3:00pm
ILKKA-YHTYMÄ OYJ’S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2016
JANUARY-SEPTEMBER 2016
- Net sales: EUR 29,386 thousand (EUR 30,460 thousand)
- Operating profit: EUR 5,728 thousand (EUR 7,699 thousand)
- Adjusted operating profit from the Group’s own operations amounted to EUR
2,262 thousand (EUR 3,209 thousand)
- Operating profit was 19.5% (25.3%) of net sales and the adjusted operating
margin of the Group’s own operations was 7.7 (10.5)
- Net financial items were EUR -1,556 thousand (EUR -775 thousand), of which
the change in the market value of interest rate swaps accounted for EUR -1,162
thousand (EUR +13 thousand).
- Profit before tax: EUR 4,172 thousand (EUR 6,923 thousand)
- Earnings per share: EUR 0.16 (EUR 0.24)
- Net gearing was 62.4% (66.0%) and eguity ratio 54.8% (52.6%)
JULY-SEPTEMBER 2016
- Net sales: EUR 9,469 thousand (EUR 9,748 thousand)
- Operating profit: EUR 2,504 thousand (EUR 3,658 thousand)
- Adjusted operating profit from the Group’s own operations amounted to EUR 958
thousand (EUR 1,261 thousand)
- Operating profit was 26.4% (37.5%) of net sales and the adjusted operating
margin of the Group’s own operations was 10.1 (12.9)
- Net financial items were EUR -65 thousand (EUR -876 thousand), of which the
change in the market value of interest rate swaps accounted for EUR -73
thousand (EUR -393 thousand).
- Profit before tax: EUR 2,439 thousand (EUR 2,782 thousand)
- Earnings per share: EUR 0.09 (EUR 0.10)
KEY FIGURES 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
(EUR 1,000) 2016 2015 2016 2015 2015
Net sales 9 469 9 748 29 386 30 460 41 172
Operating profit 2 504 3 658 5 728 7 699 8 998
Profit before tax 2 439 2 782 4 172 6 923 4 479
Earnings per share, (EUR) 0.09 0.10 0.16 0.24 0.14
Operating profit includes the share of
associated companies’ profit and other
adjusted items:
Share of associated companies’ profit 1 546 976 3 466 3 068 3 012
Capital gain on sale of the real estate 1 421 1 421 1 421
company
Adjusted operating profit from the Group’s 958 1 261 2 262 3 209 4 565
own operations
NET SALES AND PROFIT PERFORMANCE
The Group’s consolidated net sales for January–September showed a 3.5% decline.
Net sales came to EUR 29,386 thousand (EUR 30,460 thousand). External net sales
from the publishing business fell by 2.3%. Advertising revenues fell by 4.6%
and content revenues fell by 1.0%. The decrease in net sales from the
publishing business was mainly caused by the income from parliamentary election
advertisements included in the comparative figure for 2015. External net sales
from the printing business fell by 10.7%. Content income accounted for 48% of
consolidated net sales, while advertising income and printing income
represented 38% and 13%, respectively.
For Q3, net sales decreased by 2.9% and totalled EUR 9,469 thousand (EUR 9,748
thousand). External net sales from the publishing business fell by 1.1%.
Advertising revenues fell by 0.6% and content revenues fell by 1.5%. External
net sales from the printing business fell by 13.4%. Content income accounted
for 51% of consolidated net sales, while advertising income and printing income
represented 36% and 13%, respectively.
Other operating income in January–September totalled EUR 160 thousand (EUR
1,722 thousand) and in July–SeptemberEUR 44 thousand (EUR 1,493 thousand).
Other operating income for the third quarter of 2015 includes a capital gain of
EUR 1,421 thousand from the sale of the property company’s shares.
Operating expenses for January–September amounted to EUR 27,291 thousand (EUR
27,555 thousand), down by 1.0% year on year. For July–September, operating
expenses amounted to EUR 8,563 thousand (EUR 8,567 thousand). For
January–September, expenses arising from materials and services increased by
2.7%. Personnel expenses decreased by 1.6%. Other operating costs decreased by
4.9%. Depreciation decreased by 12.0%.
The share of the associated companies’ result for January–September was EUR
3,466 thousand (EUR 3,068 thousand). Consolidated operating profit amounted to
EUR 5,728 thousand (EUR 7,699 thousand), down by 25.6 per cent year-on-year.
The Group’s operating margin was 19.5 per cent (25.3%). Adjusted operating
profit from the Group’s own operations amounted to EUR 2,262 thousand (EUR
3,209 thousand), representing 7.7% (10.5%) of net sales. Operating profit from
publishing fell by EUR 539 thousand, and operating profit from printing fell by
EUR 383 thousand.
For July–September, the share of the associated companies’ result was EUR 1,546
thousand (EUR 976 thousand). Consolidated operating profit amounted to EUR
2,504 thousand (EUR 3,658 thousand), down by 31.5 per cent year-on-year. The
Group’s operating margin was 26.4% (37.5%) in July–September. Adjusted
operating profit from the Group’s own operations amounted to EUR 958 thousand
(EUR 1,261 thousand), representing 10.1% (12.9%) of net sales. For the third
quarter, operating profit from publishing fell by EUR 163 thousand, and
operating profit from printing fell by EUR 115 thousand.
Net financial items for January–September amounted to EUR -1,556 thousand (EUR
-775 thousand). Interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 922 thousand (EUR 1,004 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–September 2016, the change in the market value of
these interest rate swaps amounted to EUR -1,162 thousand (EUR +13 thousand).
Net gain/loss on shares held for trading was EUR 388 thousand (EUR -44
thousand).
Net financial items for July–September amounted to EUR -65 thousand (EUR -876
thousand). For the third quarter, interest expenses excluding the fair value
change in derivatives hedging them totalled EUR 314 thousand (EUR 341
thousand). In July–September 2016, the change in the market value of interest
rate swaps was EUR -73 thousand (EUR -393 thousand). Net gain/loss on shares
held for trading was EUR 306 thousand (EUR -156 thousand).
Profit before tax for January-September totalled EUR 4,172 thousand (EUR 6,923
thousand) and the Group's profit for the period totalled EUR 4,051 thousand
(EUR 6,276 thousand). The Group's profit for the third quarter totalled EUR
2,258 thousand (EUR 2,510 thousand).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 127,051 thousand (EUR 134,113
thousand), with EUR 67,378 thousand (EUR 68,348 thousand) of equity. On the
reporting date of 30 September 2016, the balance sheet value of the holding in
the associated company Alma Media Corporation was EUR 102,211 thousand and the
market value of the shares was EUR 108,419 thousand.
Interest-bearing liabilities totalled EUR 47,791 thousand (EUR 54,588
thousand). The equity ratio was 54.8 per cent (52.6%), and shareholders’ equity
per share was EUR 2.63 (EUR 2.66). The decrease in financial assets for the
period totalled EUR 2,179 thousand (the increase in financial assets in the
corresponding period of the previous year EUR 2,964 thousand), with liquid
assets at the end of the period totalling EUR 4,321 thousand (EUR 8,497
thousand).
Cash flow from operations for the period came to EUR 2,712 thousand (EUR 3,761
thousand). Cash flow from investments totalled EUR 2,065 thousand (EUR 4,102
thousand), including capital repayment from Alma Media Corporation in the
amount of EUR 2,699 thousand (EUR 2,699 thousand). Cash flow from investments
for the comparison period includes EUR 1,651 thousand of proceeds from the sale
of the property company’s shares.
In June, Ilkka-Yhtymä concluded two new five-year loan agreements, preparing
for the repayment of a EUR 20 million convertible bond that would mature in
November. The loan agreements totalled EUR 25 million, and were meant to
partially replace existing loan agreements. After the reporting period,
Ilkka-Yhtymä has drawn down the remainder of the loans, EUR 20 million in all,
and repaid in full the EUR 20 million convertible bond that matured on 5
November 2016.
PERSONNEL
The Group had an average of 298 (303) employees during the period.
Ilkka-Yhtymä announced on 29 February 2016 that it would initiate negotiations
at its printing house I-print Oy in accordance with the Act on Co-operation
within Undertakings. The negotiations concerned the production personnel of
I-print Oy’s newspaper printing press. The objective was to adjust the
operations and the amount of personnel to the reduced volumes. The negotiations
affected the production personnel of the newspaper printing press, excluding
service staff, 26 persons in all.
As a result of the negotiations, one person retired and three persons will be
made redundant. Additionally, part of the personnel will be laid off for up to
38 working days per person and some full-time jobs will be turned into
part-time jobs.
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–September, 126,342 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 2.9 per cent of the total number of series-I shares. The total
value of the shares exchanged was EUR 333 thousand. In total, 2,496,375
series-II shares were traded, corresponding to 11.7 per cent of the total
number of series II shares. The total value of the shares traded was EUR 5,652
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 3.57. The lowest price at which series-II shares were traded was
EUR 1.87 and the highest EUR 3.05. The market value of the share capital at the
closing rate for the reporting period was EUR 72,990 thousand.
RISKS AND RISK MANAGEMENT
In the current economic climate, the forecasting of both net sales and
operating profit involve uncertainties. 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 risks associated with the
Group's own operations and its holding in associated company Alma Media
Corporation are described in more detail in the Annual Report 2015.
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 2015
Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 20 April 2016, 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 2015.
The number of members on the Supervisory Board for 2016 was confirmed to be 23.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2020: Vesa-Pekka Kangaskorpi, Kimmo
Simberg and Jyrki Viitala. Raimo Puustinen, Managing Director, Pohjois-Karjalan
Kirjapaino Oyj, was elected as a new member for the term ending in 2020.
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 donation to be put
toward charitable causes or similar, totalling, at maximum, EUR 50,000, as well
as to decide upon the recipients, purposes of use, schedules and other terms of
these donations.
On 9 May 2016, the Supervisory Board re-elected Timo Aukia, whose term had come
to an end, to the Board of Directors of Ilkka-Yhtymä Oyj. Lasse Hautala will
continue as chairman of the Supervisory Board. Minna Sillanpää was elected
vice-chairman of the Supervisory Board.
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 REPORTING PERIOD
After the reporting period, Ilkka-Yhtymä has repaid in full the EUR 20 million
convertible bond that matured on 5 November 2016.
OUTLOOK FOR 2016
In the current uncertain economic climate and competitive environment,
forecasting net sales in the newspaper business involves still major
uncertainties. The overall media advertising market in Finland is estimated to
remain roughly unchanged from the previous year, while circulation income is
predicted to fall slightly. In the beginning of the year, printing business
volumes decreased and delivery costs rose more than expected.
The net sales of Ilkka-Yhtymä Group are estimated to decline from the 2015
level. Adjusted operating profit from the Group’s own operations is expected to
decline clearly from the 2015 level.
The associated company Alma Media Corporation (Group ownership 27.30%) 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
2015 financial statements. Annual improvements to IFRS and IFRIC
interpretations (Annual Improvements 2012–2014) that become effective in 2016
have also been complied with. These changes have not affected the reported
figures.
Ilkka-Yhtymä has adopted the Guidelines on Alternative Performance Measures
published by the European Securities and Markets Authority (ESMA). In addition
to operating profit, Ilkka-Yhtymä reports adjusted operating profit from the
Group’s own operations, with a view to describing the development of the
Group’s actual operations and improving the comparability of the operating
profit indicator between periods. The indicator in question is essentially the
same as the previously used indicator Operating profit from the Group’s own
operations, excluding non-recurring items and the share of Alma Media’s and
other associated companies’ results. Adjusted operating profit from the Group’s
own operations is determined by adjusting the operating profit shown on the
income statement with the share of the associated companies’ profit and other
adjusted items. Examples of these other adjusted items include capital gains
and losses from the sale of operations or assets, impairment, the costs of
discontinuing significant operations and the costs arising from the
reorganisation of operations. Items that have affected the adjusted operating
profit from the Group’s own operations in the periods under review and
comparative periods are listed in the table of key figures of the interim
report.
The company also publishes certain other commonly used key figures, which can
mainly be derived from the income statement and balance sheet. In the view of
the company, the key figures presented clarify the picture of the company’s
results and financial position given on the income statement and balance sheet.
The principles and formulae for the calculation of the indicators, presented on
page 63 of the 2015 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) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2016 2015 % 2016 2015 % 2015
NET SALES 9 469 9 748 -3 29 386 30 460 -4 41 172
Change in inventories 8 7 10 8 3 134 1
of finished and
unfinished products
Other operating 44 1 493 -97 160 1 722 -91 1 763
income
Materials and -3 331 -3 269 2 -10 298 -10 027 3 -13 418
services
Employee benefits -3 700 -3 704 0 -12 208 -12 402 -2 -16 548
Depreciation -354 -409 -14 -1 093 -1 243 -12 -1 653
Other operating costs -1 178 -1 184 0 -3 692 -3 884 -5 -5 331
Share of associated 1 546 976 58 3 466 3 068 13 3 012
companies’ profit
OPERATING PROFIT/ 2 504 3 658 -32 5 728 7 699 -26 8 998
LOSS
Financial income and -65 -876 93 -1 556 -775 -101 -4 519
expenses *)
PROFIT/ LOSS BEFORE 2 439 2 782 -12 4 172 6 923 -40 4 479
TAX
Income tax -181 -272 -33 -120 -647 -81 -872
PROFIT/ LOSS FOR THE 2 258 2 510 -10 4 051 6 276 -35 3 607
PERIOD UNDER REVIEW
Earnings per share, 0.09 0.10 -10 0.16 0.24 -35 0.14
undiluted (EUR)**)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand)**)
*) As a result of the dilution of ownership in the associated company Alma
Media Corporation, a loss of EUR 3,533 thousand was recorded in the financial
expenses for Q4/2015.
**) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2016 2015 % 2016 2015 % 2015
PROFIT/ LOSS FOR THE PERIOD 2 258 2 510 -10 4 051 6 276 -35 3 607
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently to
profit or loss:
Available-for-sale assets
Measured at fair value -2 -1 -200 3 -100 4
Transferred to the income -18 -18 -8 -122 -8
statement
Share of associated -25 -57 57 -128 162 -179 517
companies' other
comprehensive income
Income tax related to 4 4 3 13 3
components of other
comprehensive income
Other comprehensive income, -41 -57 29 -143 160 -189 516
net of tax
TOTAL COMPREHENSIVE INCOME 2 217 2 452 -10 3 909 6 436 -39 4 123
FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2016 2015 % 2016 2015 % 2015
Publishing
External 8 254 8 345 -1 25 487 26 092 -2 35 123
Inter-segments 20 18 10 75 72 4 95
Publishing total 8 274 8 363 -1 25 562 26 164 -2 35 218
Printing
External 1 215 1 403 -13 3 899 4 368 -11 6 048
Inter-segments 1 418 1 538 -8 4 331 4 688 -8 6 273
Printing total 2 633 2 941 -10 8 230 9 056 -9 12 321
Non-allocated
Inter-segments 539 545 -1 1 594 1 645 -3 2 199
Non-allocated total 539 545 -1 1 594 1 645 -3 2 200
Elimination -1 977 -2 101 -6 -6 000 -6 405 -6 -8 567
Group net sales total 9 469 9 748 -3 29 386 30 460 -4 41 172
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2016 2015 % 2016 2015 % 2015
Publishing 565 728 -22 1 740 2 278 -24 3 238
Printing 328 443 -26 692 1 075 -36 1 543
Associated companies 1 546 976 58 3 466 3 068 13 3 012
Non-allocated 65 1 510 -96 -170 1 277 -113 1 205
Group operating profit/ loss 2 504 3 658 -32 5 728 7 699 -26 8 998
total
ASSETS BY SEGMENT
(EUR 1,000) 9/2016 9/2015 Change 12/2015
%
Publishing 11 659 12 134 -4 9 882
Printing 8 543 9 757 -12 9 257
Non-allocated 106 848 112 222 -5 108 042
Group assets total 127 051 134 113 -5 127 181
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 9/2016 9/2015 Change 12/2015
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 645 674 -4 674
Goodwill 314 314 0 314
Investment properties 63 63 0 63
Property, plant and equipment 8 455 9 052 -7 8 825
Shares in associated companies 103 240 105 826 -2 102 608
Available-for-sale assets 2 969 2 921 2 2 922
Non-current trade and other receivables 567 567 0 567
Other tangible assets 214 214 0 214
Deferred tax asset 98
TOTAL NON-CURRENT ASSETS 116 566 119 632 -3 116 188
Current assets
Inventories 623 590 6 614
Trade and other receivables 3 620 3 693 -2 2 787
Income tax assets 518 706 -27 36
Financial assets at fair value 1 402 996 41 1 057
through profit or loss
Cash and cash equivalents 4 321 8 497 -49 6 500
TOTAL Current assets 10 484 14 482 -28 10 993
Total assets 127 051 134 113 -5 127 181
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDER’S EQUITY
Share capital 6 416 6 416 0 6 416
Invested unrestricted equity fund and other 48 676 48 690 0 48 691
reserves
Retained earnings 12 285 13 242 -7 10 928
SHAREHOLDER’S EQUITY 67 378 68 348 -1 66 035
NON-CURRENT LIABILITIES
Deferred tax liability 208 -100 194
Non-current interest-bearing liabilities 27 532 54 579 -50 31 943
Non-current interest-free liabilities 61 75 -18 61
NON-CURRENT LIABILITIES 27 593 54 861 -50 32 199
CURRENT LIABILITIES
Current interest-bearing liabilities 20 259 9 232015 20 286
Accounts payable and other payables 11 401 10 222 12 8 309
Income tax liability 420 672 -37 352
CURRENT LIABILITIES 32 081 10 904 194 28 947
SHAREHOLDERS’ EQUITY AND LIABILITIES TOTAL 127 051 134 113 -5 127 181
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-9/ 1-9/ 1-12/
2016 2015 2015
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 4 051 6 276 3 607
Adjustments -733 -1 839 2 592
Change in working capital 783 853 62
CASH FLOW FROM OPERATIONS 4 101 5 289 6 262
BEFORE FINANCE AND TAXES
Interest paid -574 -601 -1 255
Interest received 41 40 50
Dividends received 50 66 66
Other financial items -84 -33 -33
Direct taxes paid -823 -1 000 -889
CASH FLOW FROM OPERATIONS 2 712 3 761 4 201
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets, net -690 -406 -590
Disposal of subsidiaries 1 651 1 748
Capital repayment received 2 699 2 699 2 699
Other investments -66
Proceeds from sale of other investments 33 67 68
Dividends received from investments 89 92 95
CASH FLOW FROM INVESTMENTS 2 065 4 102 4 019
CASH FLOW BEFORE FINANCING ITEMS 4 777 7 864 8 220
CASH FLOW FROM FINANCING
Change in current loans -2 353 -2 353
Change in non-current loans -4 412 -2 353
Dividends paid and other profit distribution -2 545 -2 547 -2 547
CASH FLOW FROM FINANCING -6 957 -4 900 -7 253
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -2 179 2 964 967
Liquid assets at the beginning of the financial period 6 500 5 534 5 534
Liquid assets at the end of the financial period 4 321 8 497 6 500
GROUP KEY FIGURES
9/2016 9/2015 12/2015
Earnings/share (EUR) 0.16 0.24 0.14
Shareholders' equity/share (EUR) 2.63 2.66 2.57
Average number of personnel 298 303 299
Investments (EUR 1,000) *) 760 383 584
Interest-bearing debt (EUR 1,000) 47 791 54 588 52 229
Equity ratio, % 54.8 52.6 52.9
Net gearing, % 62.4 66.0 67.6
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
1-9/ 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 6 438 6 436
for the period
Dividend distribution -2 567 -2 567
Changes in ownership -24 -24
interests in
subsidiaries
TOTAL SHAREHOLDERS’ 6 416 192 48 498 13 242 68 348
EQUITY 9/ 2015
Change in shareholders’ Share Fair Invested unrestricted Retain Total
equity 1-9/ 2016 capita value equity fund ed
l reserv earnin
e gs
SHAREHOLDERS’ EQUITY 6 416 193 48 498 10 928 66 035
1.1.
Comprehensive income for -15 3 924 3 909
the period
Dividend distribution -2 567 -2 567
SHAREHOLDERS’ EQUITY9/ 6 416 178 48 498 12 285 67 378
2016
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 9/2016 9/2015 12/2015
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 101 019 47 369 55 081
Contingent liabilities on behalf of associated company
Guarantees 3 961 3 961 3 961
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-9/ 1-9/ Change 1-12/
2016 2015 % 2015
Carrying amount at the beginning of the financial 8 825 10 230 -14 10 230
period
Increase 577 285 103 410
Decrease -261 -100 -261
Depreciation for the financial period -947 -1 055 -10 -1 408
Transfers between items -147 100 -147
Carrying amount at the end of the financial 8 455 9 052 -7 8 825
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) 1-9/2016 1-9/2015 1-12/2015
Sales of goods and services
To associated companies 261 187 258
To other related parties 518 625 921
Purchases of goods and services
From associated companies 166 194 256
From other related parties 5 2 37
Non-current loan receivables from associated 567 567 567
companies
Trade and other receivables
From associated companies 77 35 68
From other related parties 57 69 75
Accounts payable
To associated companies 32 21 24
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 1-9/2016 1-9/2015 1-12/2015
Salaries and other short-term employee benefits 907 751 1 026
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) 9/2016 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 402 1 402
or loss
Available-for-sale financial assets 1 549 1 549
TOTAL 2 951 1 402 1 549
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 2 968 2 968
TOTAL 2 968 2 968
Fair value at end of period
(EUR 1,000) 9/2015 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 996 996
or loss
Available-for-sale financial assets 1 501 1 501
TOTAL 2 497 996 1 501
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 791 1 791
TOTAL 1 791 1 791
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,420 thousand in 9/2015), 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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www.ilkka-yhtyma.fi
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