2013-10-22 13:00:00 CEST
2013-10-22 13:00:01 CEST
REGULATED INFORMATION
Talentum Oyj - Interim report (Q1 and Q3)
Talentum Oyj, Interim Report Q3/2013
Helsinki, Finland, 2013-10-22 13:00 CEST (GLOBE NEWSWIRE) -- TALENTUM OYJ INTERIM REPORT 22 OCTOBER 2013 at 14:00 Talentum Oyj's Interim Report for January-September 2013: OPERATING INCOME FROM MAGAZINE BUSINESS FINLAND INCREASED, OPERATIONAL EFFICIENCY IN SWEDEN IS BEING INCREASED July-September 2013 in brief - Talentum Group's net sales totalled EUR 14.2 million (EUR 14.3 million) - Operating income without non-recurring items was EUR -1.0 million (EUR -1.2 million) - Operating income (EBIT) was EUR -1.0 million (EUR -1.3 million) - Operating income from Magazine Business Finland increased compared to previous year - Operating income from the Event Business decreased compared to previous year - Operating income from Magazine Business Sweden remained unprofitable - The amount of advertising revenue in Talentum's media decreased by 9.6%. The share of advertising revenue in Talentum's net sales was 28.2%. - The Group's CEO Aarne Aktan assumed the role of Managing Director of the Swedish subsidiary on 30 August 2013 - Tuomas Hämäläinen assumed the role of Director, Magazine Business Finland on 30 August 2013 Net sales of business functions: -Magazine Business Finland: EUR 5.2 million (EUR 5.1 million) -Magazine Business Sweden: EUR 3.5 million (EUR 4.1 million) -Event Business: EUR 2.1 million (EUR 2.1 million) -Books and Legal Training: EUR 1.2 million (EUR 1.1 million) -Direct Marketing: EUR 2.9 million (EUR 2.7 million) January-September 2013 in brief - Talentum Group's net sales totalled EUR 53.5 million (EUR 54.8 million) - Operating income without non-recurring items was EUR -0.0 million (EUR -0.2 million) - Operating income (EBIT) was EUR -0.3 million (EUR -3.2 million) - Operating income from Magazine Business Finland increased compared to previous year - Operating income from the Event Business decreased compared to previous year - Operating income from Magazine Business Sweden was unprofitable - The amount of advertising revenue in Talentum's media decreased by 18.8%. The share of advertising revenue in Talentum's net sales was 27.7%. Net sales of business functions: -Magazine Business Finland: EUR 19.4 million (EUR 20.1 million) -Magazine Business Sweden: EUR 14.2 million (EUR 16.6 million) -Event Business: EUR 8.5 million (EUR 7.9 million) -Books and Legal Training: EUR 4.9 million (EUR 4.9 million) -Direct Marketing: EUR 8.8 million (EUR 8.2 million) KEY FINANCIAL FIGURES EUR million 7-9 2013 7-9 2012 1-9 2013 1-9 2012 1-12 2012 Net sales 14.2 14.3 53.5 54.8 77.2 Operating income without -1.0 -1.2 -0.0 -0.2 2.2 non-recurring items as % of net sales -7.4 -8.5 -0.1 -0.3 2.8 Operating income -1.0 -1.3 -0.3 -3.2 -0.7 as % of net sales -6.9 -8.9 -0.5 -5.9 -1.0 Income before taxes -1.2 -1.7 -0.3 -4.0 -1.4 Net cash from operating 0.1 -2.6 1.0 activities Total assets 52.3 57.8 55.0 Investments 0.3 0.5 1.2 1.4 1.6 as % of net sales 2.1 3.2 2.3 2.5 2.1 Return on invested capital % -1.4 -17.6 -7.8 Return on equity % -1.6 -15.7 -3.2 Equity ratio, % 45.8 42.2 47.6 Gearing ratio, % (net debt to 19.1 27.5 5.5 equity) Interest-bearing liabilities 5.2 6.0 4.6 Net interest-bearing 3.4 4.9 1.1 liabilities Personnel on average 759 743 754 Earnings per share, EUR -0.02 -0.03 -0.01 -0.07 -0.02 Cash flow from operating 0.00 -0.06 0.02 activities per share, EUR Equity per share, EUR 0.41 0.40 0.45 Talentum's business operations are divided into six segments: Magazine Business Finland, Magazine Business Sweden, Event Business, Books and Legal Training, Direct Marketing and Other Activities. Chief Executive Officer Aarne Aktan: “All in all, our business developed relatively well in the third quarter. The market situation continues to be challenging in both Finland and Sweden. However, the decrease in periodical advertising, which is vital to Talentum, seems to have slowed down in both countries in the third quarter. At the same time, many companies in the sector have launched new paid-content wall services, which, based on initial experiences, look promising. The Finnish advertising market for periodicals decreased by 7.5 per cent in July-August. The Swedish advertising market for professional journals decreased by 16.0 per cent in the third quarter. We cannot be satisfied with the development of the Event Business in the third quarter. Net sales decreased by 1% compared to previous year, mainly due to the Swedish partner sales. This, combined with increasing costs, led to weaker profitability than in the comparative period. The good performance of Magazine Business Finland at the beginning of the year continued in the third quarter. Net sales increased and especially profitability continued to improve compared to previous year. Even though recruitment advertising was again rather low, advertising sales remained at the comparative period's level. It is fair to say that our work since the first quarter of 2012 has resulted in a clear turnaround in Magazine Business Finland. Tuomas Hämäläinen, who, over the past two years, has achieved excellent results as Circulation Director of Magazine Business Finland, assumed the role of Director, Magazine Business Finland on 30 August 2013. In the third quarter, Magazine Business Sweden performed slightly better than at the beginning of the year, mainly due to our more effective cost management. I became directly responsible for Magazine Business Sweden on 30 August 2013. We are restructuring the business in order to clearly increase efficiency in today's difficult market situation. Our goal is to pull off the same kind of turnaround we have had in Magazine Business Finland. This will take time, but we will work with determination in order to achieve our goal. Net sales and profitability from the Books and Legal Training segment increased slightly compared to previous year. Direct Marketing continued its steady growth and profitability remained at previous year's level. Talentum's new digital service package - Talentum Summa - was published on 18 October 2013. Summa combines Talentum's magazines, websites and business literature into one content service. Content currently covers Finnish publications and Swedish publications will also be included in the service at a later stage. Summa will significantly improve Talentum's multimedia service for both its readers and advertisers. In addition, as the logistics and printing costs decrease, Summa will enable to achieve cost savings in the future.” Talentum prospects for 2013 Talentum estimates further that its comparable net sales for 2013 will remain approximately at the same level as in 2012 and that its operating income without non-recurring items will be higher than in 2012. General statement The forecasts and estimates presented here are based on the management's current view of economic development, and the actual results may differ substantially from what is now expected of the company. Briefing A briefing in Finnish will be held for analysts and the media on 23 October 2013 at 11:00 at the Talentum head office, Itämerenkatu 23, Helsinki, Finland. TALENTUM OYJ Board of Directors ADDITIONAL INFORMATION CEO Aarne Aktan, tel. +358 40 342 4440 and CFO Niclas Köhler, tel. +358 40 342 4420 DISTRIBUTION NASDAQ OMX Helsinki Principal media www.talentum.com
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