2010-04-28 08:00:00 CEST
2010-04-28 08:00:05 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Talentum Oyj - Interim report (Q1 and Q3)
TALENTUM INTERIM REPORT JANUARY-MARCH 2010
TALENTUM OYJ INTERIM REPORT 28 April 2010 at 9.00 AM TALENTUM INTERIM REPORT JANUARY-MARCH 2010 January-March 2010 in brief - Net sales EUR 19.4 million (EUR 17.9 million) - Operating income (EBIT) EUR 0.0 million (EUR -0.3 million) - Operating profit/loss percentage 0.0% (-1.4%) - Earnings per share EUR 0.01 (EUR -0.01) - Net cash flow from operating activities EUR 2.7 million (EUR 0.4 million) - Net liabilities EUR 9.8 million (EUR 12.2 million) Sector and Talentum prospects for 2010 The growth in the activeness of Talentum's customers, which started at the end of 2009, continued during the first quarter of 2010. This could be seen as better sales figures in Sweden. Talentum keeps the prospects for the whole year unchanged and estimates that its comparable total net sales for the year will increase from the previous year (2009) and that the operating income will be positive. However, growth at the beginning of the year will clearly be slower than at the end of the year. KEY FINANCIAL FIGURES -------------------------------------------------------------------------------- | Eur million | 1-3/ 2010 | 1-3/ 2009 | Change % | 1-12/ | | | | | | 2009 | -------------------------------------------------------------------------------- | Net sales | 19.4 | 17.9 | 8.7 | 66.8 | -------------------------------------------------------------------------------- | Operating income before | 0.0 | -0.3 | 100.4 | -0.9 | | non-recurring items | | | | | -------------------------------------------------------------------------------- | Operating income | 0.0 | -0.3 | 100.4 | -5.2 | -------------------------------------------------------------------------------- | as % of net sales | 0.0 | -1.4 | | -7.8 | -------------------------------------------------------------------------------- | Total assets | 60.0 | 51.0 | | 58.8 | -------------------------------------------------------------------------------- | Investments | 0.4 | 0.3 | 17.0 | 8.8 | -------------------------------------------------------------------------------- | as % of net sales | 2.1 | 1.9 | | 13.2 | -------------------------------------------------------------------------------- | Equity ratio % | 35.2 | 43.7 | | 31.4 | -------------------------------------------------------------------------------- | Gearing ratio % (net debt to | 61.1 | -20.0 | | 81.7 | | equity) | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 12.1 | 2.0 | | 15.9 | -------------------------------------------------------------------------------- | Net interest-bearing | 9.8 | -3.5 | | 12.2 | | liabilities | | | | | -------------------------------------------------------------------------------- | Personnel on average | 775 | 787 | -1.5 | 755 | -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.01 | -0.01 | 177.9 | -0.10 | -------------------------------------------------------------------------------- | Cash flow from operating | 0.06 | 0.01 | 545.0 | -0.13 | | activities per share, EUR | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.36 | 0.40 | -8.4 | 0.34 | -------------------------------------------------------------------------------- | Market capitalization on | 88.5 | 72.0 | 23.0 | 77.6 | | closing rate at period end | | | | | -------------------------------------------------------------------------------- CHIEF EXECUTIVE OFFICER - JUHA BLOMSTER: ”There have been small improvements in our fields of activity, but fast recovery is not on the horizon. In Sweden, the decline in advertising began earlier than in Finland and it seems that recovery, too, will be faster. Talentum advertising revenue with comparable exchange rates increased by 27 per cent from the previous year in Sweden. The amount of advertising follows general economic development and often overreacts to changes in economic conditions. Talentum's net sales for January-March increased by 8.7 per cent and net sales from publishing operations increased by 9.6 per cent. Without the construction information business acquired at the end of 2009 and with comparable exchange rates, the Group's net sales decreased by 4.3%. The share of advertising revenue in net sales from publishing operations was 36 per cent, and the share of subscription revenue was 34%. Other content production, including books, training and information operations, slightly increased its net sales. Of net sales from publishing operations, 51 per cent was realised in Finland and 49 in other Nordic Countries. It is positive that the operating income from Publishing other Nordic Countries improved by EUR 1.3 million from the previous year. The Group's operating income was EUR 0.0 million and the operating income from publishing operations was EUR 0.2 million. Even if the result is according to the forecast and in the right direction, we cannot be satisfied with it. E-business development is one of our focus areas. Net sales from e-business increased by 75.0 per cent in the first quarter. This includes the construction information companies acquired at the end of 2009, i.e., Sverige Bygger and Norge Bygges, whose net sales are mostly due to digital contents. The e-business share in total net sales from publishing operations was 20 per cent. Our most important goal for 2010 is to improve profitability. Organic growth as well as growth by acquisitions are important, but not at the expense of profitability. In order to ensure future success, we develop our operations through our own innovations together with our partners. In 2010, we will strongly emphasise customer-oriented development of new products.” Operating environment and seasonal variation The positive economic trend in Talentum's fields of activity in Finland and Sweden continued. The most recent forecasts for the development of the Gross Domestic Product in the Group's main market areas, Finland and Sweden, are positive by some percent for 2010. According to TNS Media Intelligence, in Finland media advertising for January-March rose by 0.7%, and for periodicals in particular it decreased by 10%. Online advertising increased by 17.7%. In Sweden, total media advertising increased by 4.1% for January-March, while in professional journals the increase was 1% (Sweden's Media Agencies - Sveriges Mediebyråer). The decline in advertising of professional journals was significantly stronger than for general-interest magazines in 2009, in Finland separate statistics are not compiled for professional journals. Our assessment is that the information needs of Talentum's professional target groups will remain high, irrespective of the economic situation. The professionals' choice of channels when searching for information, i.e., books, training, seminars, magazines and online services, may change. Talentum produces quality content for those channels where it can best serve its customers. The media and media service markets are subject to seasonal variations. Whether the Easter holiday falls in the first or second quarter of the year in spring affects the results in that quarter. Easter fell at the beginning of the second quarter in both the year of comparison and the one under review. Magazines and books do not generally come out during the summer holiday season, which is why the third quarter is the weakest in terms of sales. Operations are generally at their busiest in the final quarter. Group net sales and profit for January-March 2010 Consolidated net sales for January-March increased by 8.7%, totalling EUR 19.4 million (EUR 17.9 million). Without the construction information business acquired at the end of 2009 and with comparable exchange rates, net sales decreased by 4.3%. The strengthening of the Swedish Krona against the Euro improved net sales by EUR 0.6 million. Net sales from publishing operations increased by 9.6%, totalling EUR 17.8 million (EUR 16.3 million). The advertising sales rose by 16.5%. The consolidated operating income for January-March was EUR 0.0 million (-0.3 million) and 0.0% of net sales (-1.4%). The operating income from publishing operations was EUR 0.2 million (EUR -0.3 million). The Group's expenses decreased by approximately 4%, i.e., EUR 0.8 million, with respect to the same period of the previous year (with comparable exchange rates). This does not include the information business acquired at the turn of the year. Net financial expenses amounted to EUR 0.3 million (EUR -0.0 million). The Group's share of the income of associated companies was EUR -0.1 million (EUR -0.1 million). The income before taxes was EUR 0.2 million (EUR -0.4 million). The taxes for the Group were EUR 0.0 million (EUR 0.1 million) for the financial period. The effective tax rate for the financial period was -22.0% (27.8%). The consolidated income for the period under review was EUR 0.2 million (EUR -0.3 million). The Talentum Group general pension fund assets and liabilities were transferred to an insurance company on 1 January 2010 as planned. A pension arrangement profit and loss effect of EUR -1.3 million was presented in the result for 2009. Short-term risks for the business With the growth of the Group's international operations, the consolidated profit and loss account and balance sheet are increasingly exposed to the effects of exchange rates' fluctuations. Net sales from Publishing other Nordic Countries for the period under review were 45% (31%) of consolidated net sales. The share of balance sheet total of Publishing other Nordic Countries was 48% (30%). The companies' operations are local and language area-bound by nature, and there are very few currency-denominated transactions across borders. The items of the consolidated statement of comprehensive income statement and financial position have not been hedged. The changes in general economic growth will affect Talentum's revenue and revenue structure. Traditionally, about 40% of consolidated net sales are dependent on advertising and particularly on the b-to-b sector, which is sensitive to economic conditions. Under the present economic conditions, the share of advertising is about 33% (31%) of net sales. The most economically sensitive part of advertising revenue is job advertising. Our aim is to minimise the market risk relating to advertising by increasing revenue from circulation and content sales. The goal is for all our products and services to be market leaders in their fields, so that success is possible even in recession. Online services are a factor that could change the earnings logic of magazines and books temporarily, or even in the long term. This channel selection could be significant for the Group's revenue structure. The move from printed products to online products may be accelerated particularly under poor economic conditions. If we are unable to develop our operations to respond to changes in media usage habits, it could undermine our competitiveness. Group orders for major magazines are significant as far as coverage is concerned, and contracts have been in place for several decades. Changes in these contracts could have major impacts on magazine circulations and, indirectly, media sales. In direct marketing, the weak economic conditions in the Baltic States could have a negative effect on the Group's local direct marketing companies. The economic uncertainty increases the uncertainty regarding, in particular, advertising sales receivables. Credit-loss risks are managed by following customers' credit standing and by focusing on the follow-up of debts. Cash flow, financial position and balance sheet for the Group The cash flow from business operations for January-March was EUR 2.7 million (EUR 0.4 million). The change in working capital was EUR 1.8 million (EUR 0.8 million). Working capital is negative, as is usual for the sector, because liabilities include subscription fee advances received from customers of EUR 14.4 million (EUR 11.2 million). Generally more new subscription periods begin during the first quarter than during the last quarter, which increases the amount of subscription fee advances. The consolidated balance sheet total at the end of the period under review stood at EUR 60.0 million (EUR 58.8 million). The Group's interest-bearing loans and borrowing amounted to EUR 12.1 million (EUR 15.9 million). The Group's liquid assets were EUR 2.3 million (EUR 3.7 million). Interest-bearing net liabilities were EUR 9.8 million (EUR 12.2 million). Talentum Oyj has a bank overdraft limit of EUR 14.0 million and a financing credit limit of EUR 20.0 million, a total of EUR 34.0 million. According to the rules agreed, loans within the financial credit limits can be drawn down and repaid throughout the maturity of the agreement until the beginning of February 2011. EUR 22.6 million of the limits was unused at the end of period under review. Discussions have been started with the banks regarding revision of the financing arrangements. In addition, the Group has a commercial paper programme of EUR 30 million, of which EUR 2 million were issued at the end of period under review. The equity ratio at the end of the period under review was 35.2% (31.4%). The Group's equity per share was EUR 0.36 (EUR 0.34). The Group does not hedge against currency fluctuations with regard to the acquisition of subsidiaries. The weakening or strengthening of the Swedish Krona against the Euro affects the Group's equity through the translation difference arising from the acquisition of the Swedish subsidiaries. In these financial statements, the translation difference reduces the Group's equity by EUR 1.2 million. The change for the period under review was EUR 1.0 million (positive). Investments The gross investments in tangible and intangible assets for January-March totalled EUR 0.4 million (EUR 0.3 million), which is 2.1% (1.9%) of net sales. Changes in Group structure Talentum established Talentum Business Information Group AB (TBIG) in Sweden. On 30 December 2009, TBIG purchased companies operating in the construction information business in Sweden and Norway. At the end of the period under review, i.e., on 31 December 2009, Talentum pledged to sell a 9.9% non-controlling interest of TBIG to an associate outside the Group. Talentum Group's holding of the company on 31 December 2009 was computed as 90.1%. The transaction was cancelled and the Group's holding of the company is computed as 100% as of 1 January 2010. The change had only a minor effect on the Group's financial position. Personnel In January-March, Talentum Group employed an average of 775 (787) people. Geographically, the personnel were divided as follows: Finland 379 people (426), Sweden 226 (183), Norway 8 (0), Latvia 70 (62), Lithuania 0 (34), Estonia 87 (77) and Russia 5 (5). The construction information business acquired at the end of 2009 increased the number of employees by 78. BUSINESS AREAS -------------------------------------------------------------------------------- | EUR million | 1-3/ | 1-3/ | 1-12/ | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Net sales | | | | -------------------------------------------------------------------------------- | Publishing Finland | 9.1 | 10.7 | 37.3 | -------------------------------------------------------------------------------- | Publishing other Nordic Countries | 8.7 | 5.6 | 23.5 | -------------------------------------------------------------------------------- | Direct marketing | 2.3 | 2.5 | 8.8 | -------------------------------------------------------------------------------- | Other | -0.7 | -0.9 | -2.8 | -------------------------------------------------------------------------------- | Total | 19.4 | 17.9 | 66.8 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Operating income without | | | | | non-recurring items | | | | -------------------------------------------------------------------------------- | Publishing Finland | -0.0 | 0.9 | 1.9 | -------------------------------------------------------------------------------- | Publishing other Nordic Countries | 0.2 | -1.1 | -1.4 | -------------------------------------------------------------------------------- | Direct marketing | 0.3 | 0.4 | 0.7 | -------------------------------------------------------------------------------- | Other | -0.5 | -0.4 | -2.1 | -------------------------------------------------------------------------------- | Total | 0.0 | -0.3 | -0.9 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Non-recurring items | | | | -------------------------------------------------------------------------------- | Publishing Finland | - | - | -2.1 | -------------------------------------------------------------------------------- | Publishing other Nordic Countries | - | - | -1.8 | -------------------------------------------------------------------------------- | Direct marketing | - | - | -0.2 | -------------------------------------------------------------------------------- | Other | - | - | -0.3 | -------------------------------------------------------------------------------- | Total | | | -4.4 | -------------------------------------------------------------------------------- | Operating income | 0.0 | -0.3 | -5.2 | -------------------------------------------------------------------------------- In 2009, non-recurring items included expenses arising from restructuring of the Group and additional expenses arising from pension arrangements. Both are included in consolidated employee expenses. Publishing January-March Net sales from publishing operations for January-March amounted to EUR 17.8 million (EUR 16.3 million), a change of 9.6% from the previous year. Of net sales from publishing operations, 51% (66%) originates from Finland and the remaining 49% (34%) from other Nordic Countries. In January-March, advertising revenue increased by 16.5% from the previous year. The share of advertising revenue in net sales from publishing operations totalled 36% (34%). -------------------------------------------------------------------------------- | EUR million | 1-3/ | 1-3/ | 1-12/ | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Net sales | | | | -------------------------------------------------------------------------------- | Advertisement revenue | 6.4 | 5.5 | 20.4 | -------------------------------------------------------------------------------- | Circulation revenue | 6.1 | 6.1 | 23.4 | -------------------------------------------------------------------------------- | Other content revenue * | 5.3 | 4.6 | 17.0 | -------------------------------------------------------------------------------- | Total | 17.8 | 16.3 | 60.8 | -------------------------------------------------------------------------------- * Other content revenue includes books and training as well as information services. Total net sales from e-business for January-March increased by 75.0%. Net sales from e-business were EUR 3.5 million (EUR 2.0 million), which corresponds to 20% (12%) of the total figure for publishing. The total net sales (EUR 1.7 million) of the construction information service company acquired in 2009 mostly consist of revenue from e-contents. Publishing Finland January-March Net sales from Publishing Finland for January-March amounted to EUR 9.1 million (EUR 10.7 million), a change of -14.6% from the previous year. Advertising revenue was 6.5% down on the previous year, even if the sales for March were above the level of the previous year. As regards book sales, the beginning of the year was clearly worse than the previous year as this year some of the works that are published annually will only be published in later quarters. The operating income from Publishing Finland was EUR -0.0 million (EUR 0.9 million). Online Talentum media focused on building premium services that require registration. The aim of the new content areas is to strengthen relationships with readers. This becomes apparent, above all, in the number of web page hits. Suomenlaki.com, the online service of Finnish Law, was relaunched in March after full renovation. Suomenlaki.com is a business information service subject to a charge. Publishing other Nordic Countries January-March Net sales from Publishing other Nordic Countries for January-March amounted to EUR 8.7 million (5.6 million), a change of 55.6% from the previous year. Without the construction information business acquired at the end of 2009 and with comparable exchange rates, net sales increased by 14%. Changes in exchange rates increased net sales by EUR 0.6 million. Advertising revenue was 50.5% up on the previous year. The operating income from Publishing other Nordic Countries was EUR 0.2 million (EUR -1.1 million). At the beginning of the year, the main focus was on strengthening the operations and developing the management system. Direct marketing January-March Net sales from direct marketing for January-March amounted to EUR 2.3 million (EUR 2.5 million), and the operating income was EUR 0.3 million (EUR 0.4 million). As Talentum Group decreased its direct marketing, its internal net sales fell by around EUR 0.2 million. The Group's external comparable net sales, on the other hand, continued their growth. The subsidiary in Lithuania was sold at the end of 2009. TALENTUM GROUP Annual General Meeting Talentum Oyj's Annual General Meeting was held on 31 March 2010. The meeting confirmed the financial statements for 1 January - 31 December 2009 and granted the company's Board of Directors and CEO exemption from liability. Dividend for 2009 The AGM on 31 March 2010 decided, on a motion by the Board of Directors, not to distribute any dividends for 2009. Board of Directors and Auditor The AGM on 31 March 2010 decided that the number of members of the Board of Directors is six. Harri Kainulainen, Insurance Counsellor, Eero Lehti, Commercial Counsellor, Atte Palomäki, Group Vice President Corporate Communications and Merja Strengell, MSc (Eng.) were re-elected as members of the Board of Directors. Joachim Berner, MBA, BBA and Kai Telanne, President and CEO were elected as new members. Merja Strengell was elected the Chairperson of the Board and Kai Telanne the Deputy Chairperson. The AGM decided that the Board's monthly fees would remain at EUR 4,000 for the Chairperson, EUR 2,500 for the Deputy Chairperson and EUR 2,000 for members. Authorised Public Accountants PricewaterhouseCoopers Oy were re-elected auditors, with APA Juha Wahlroos as the accountable auditor. Shares and share capital At the end of the period under review, Talentum Oyj's share capital totalled EUR 18,593,518.79 and the company had 44,295,787 fully paid shares. The shares are listed on the NASDAQ OMX Helsinki Oy. A total of 1,781,789 shares were traded in January-March, which corresponds to 4.1% of the total average number of shares during the period under review. The highest price paid for shares during the period under review was EUR 2.10, and the lowest was EUR 1.64. The closing price for the shares on 31 March 2010 was EUR 2.03. At the end of the period under review, the company held 681,000 of its own shares, which is about 1.5% of Talentum's total shares and votes. During the period under review, no new own shares were bought. Shareholdings of the Board of Directors and CEO On 31 March 2010, the number of Talentum Oyj shares and options owned by members of the Board of Directors and the CEO, personally or through companies in which they have a controlling interest, was 49,912, representing 0.11% of the company's total shares and votes. Authorisations of the Board of Directors Authorisation of the Board of Directors to decide on the acquisition of own shares The Annual General Meeting on 31 March 2010 authorised, cancelling all previous authorisations, the Board of Directors to decide on the acquisition of own shares. By virtue of the authorisation, the Board of Directors has the right to decide on the acquisition of own shares. The shares can be acquired for the value determined by the Board of Directors and based on the fair value of the shares in public trading at the time of their acquisition. Own shares may be only acquired using unrestricted equity. Based on this authorisation, own shares may be acquired in one or several lots, but limited to a total of 3,500,000 shares, which corresponds to approximately eight (8) per cent of the issued shares of the company. The authorisation will remain in force until 30 June 2011. The Board of Directors is otherwise authorised to decide on all terms and conditions regarding the acquisition, including the manner of acquisition of the shares. The authorisation does not exclude the right of the Board of Directors to also decide on a directed acquisition of own shares, providing that there are strong financial grounds for the company to do so. The authorisation of the same content granted by the Annual General Meeting on 27 March 2009 was in force during the period under review. The authorisations were unused as of 31 March 2010. Authorisation of the Board of Directors to decide on a share issue including the conveyance of own shares and the issue of special rights The Annual General Meeting on 31 March 2010 authorised, cancelling all previous authorisations, the Board of Directors to decide on the issue of shares and special rights. By virtue of the authorisation, the Board of Directors has the right to decide on a share issue that may be either chargeable or free of charge, including the issue of new shares and the conveyance of own shares possibly in the company's possession. The Annual General Meeting has also authorised the Board of Directors to decide on an issue of option rights and other special rights which grant entitlement, in return for payment, to receive new shares or any shares possibly in the company's possession. Based on the authorisations pertaining to share issue and/or special rights, new shares may be issued and/or own shares held by the company may be conveyed in one or several lots, but limited to a total of 3,500,000 shares, which corresponds to approximately eight (8) per cent of the issued shares of the company. The authorisations will remain in force until 30 June 2011. The Board of Directors is otherwise authorised to decide on all terms and conditions regarding share issue and granting of special rights, including the Board's right to decide on a directed share issue and the granting of special rights. Shareholders' pre-emptive subscription rights can be deviated from, provided that there are strong financial grounds for the company to do so. The authorisation of the same content granted by the Annual General Meeting on 27 March 2009 was in force during the period under review. The authorisations were unused as of 31 March 2010. Management's share-based incentive scheme Talentum Oyj's Board of Directors decided 18 March 2010 to establish a new share-based incentive scheme for corporate management. The scheme consists of three earnings periods, each comprising of at least one and no more than three earnings periods, the first of which began on 1 January 2010 and will end on 31 December 2010. The bonuses will be paid partly in the company's shares and partly in cash after the end of each earnings period. The share paid in cash will cover any taxes and other such costs arising from the bonus. Transferring shares earned within two years of the end of the earnings period is prohibited. The total length of the scheme is five (5) years. After this, the company's CEO must retain one half of the shares earned by him under the scheme for the entire duration of his employment relationship and for one year after its termination. The Board of Directors will decide at a later stage on the next earnings periods and the restrictions related to the disposal of the shares earned during these periods. The possible scheme revenue for the 2010 earnings period is based on Talentum Group's net sales and operating profit and Talentum's share revenue. Nine (9) people were covered by the scheme for the 2010 earnings period. If the scheme targets are fully achieved in the 2010 earning period, a maximum of 161,500 shares and the amount of cash required for the tax-like charges arising from the distributed shares at issue will be given within the scheme. If the scheme targets are fully achieved, a maximum of 484,500 shares of Talentum Oyj and the amount of cash required for the tax-like charges arising from the distributed shares at issue will be given within the scheme over a period of three (3) years. This scheme replaces the scheme of the same content taken into use on 1 January 2007 and terminated on 31 December 2009. Flagging notifications No flagging notifications were made in January-March. Shareholder agreements The company is not aware of any mutual shareholder agreements between its shareholders relating to the operations or ownership of the company. Market guarantee An agreement with Nordea Securities Oyj on a market guarantee for Talentum Oyj shares became effective on 21 June 2004. Under the agreement, Nordea Securities will submit a purchase and sale offer, so that the maximum permitted differential between them is 3% of the purchase offer. The offers will include a minimum of 2,500 shares. TABLES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME -------------------------------------------------------------------------------- | EUR million | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 | -------------------------------------------------------------------------------- | CONTINUING OPERATIONS | | | | -------------------------------------------------------------------------------- | Net sales | 19.4 | 17.9 | 66.8 | -------------------------------------------------------------------------------- | Other operating income | 0.2 | 0.0 | 0.7 | -------------------------------------------------------------------------------- | Materials and services | 3.4 | 3.0 | 12.2 | -------------------------------------------------------------------------------- | Employee benefit expenses | 10.5 | 9.3 | 39.2 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 0.5 | 0.4 | 1.8 | | impairment | | | | -------------------------------------------------------------------------------- | Other operating expenses | 5.2 | 5.5 | 19.6 | -------------------------------------------------------------------------------- | Operating income | 0.0 | -0.3 | -5.2 | -------------------------------------------------------------------------------- | Financial income | 0.0 | 0.0 | 0.1 | -------------------------------------------------------------------------------- | Financial expenses | -0.2 | 0,2 | 0.2 | -------------------------------------------------------------------------------- | Share of income of associated | -0.1 | -0.1 | -0.2 | | companies | | | | -------------------------------------------------------------------------------- | Income before taxes | 0.2 | -0.4 | -5.6 | -------------------------------------------------------------------------------- | Taxes | 0.0 | 0.1 | 1.5 | -------------------------------------------------------------------------------- | Income for the period | 0.2 | -0.3 | -4.2 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Translation differences | 1.0 | -0.2 | 1.0 | -------------------------------------------------------------------------------- | Available-for-sale investments | - | - | 0.1 | -------------------------------------------------------------------------------- | Income tax on available-for-sale | - | - | 0.0 | | investments | | | | -------------------------------------------------------------------------------- | Total comprehensive income for the | 1.2 | -0.4 | -3.1 | | period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Income for the period attributable | | | | | to: | | | | -------------------------------------------------------------------------------- | Owners of the parent company | 0.2 | -0.3 | -4.2 | -------------------------------------------------------------------------------- | Non-controlling interest | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for the | | | | | period attributable to: | | | | -------------------------------------------------------------------------------- | Owners of the parent company | 1.2 | -0.4 | -3.1 | -------------------------------------------------------------------------------- | Non-controlling interest | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Basic and diluted Earnings per share, | 0.01 | -0.01 | -0.10 | | EUR * | | | | -------------------------------------------------------------------------------- * Earnings per share are calculated from the income attributable to the equity owners of the parent company. CONSOLIDATED STATEMENT OF FINANCIAL POSITION -------------------------------------------------------------------------------- | | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 1.2 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Goodwill | 29.5 | 19.9 | 28.1 | -------------------------------------------------------------------------------- | Other intangible assets | 12.0 | 11.3 | 11.6 | -------------------------------------------------------------------------------- | Investments in associates | 0.0 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | Available-for-sale investments | 0.1 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.8 | 0.4 | 1.8 | -------------------------------------------------------------------------------- | Other non-current receivables | 0.2 | 1.7 | 0.3 | -------------------------------------------------------------------------------- | Total non-current assets | 44.9 | 35.1 | 43.3 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 1.2 | 1.3 | 1.3 | -------------------------------------------------------------------------------- | Trade and other receivables | 11.6 | 9.0 | 10.5 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 2.3 | 5.5 | 3.7 | -------------------------------------------------------------------------------- | Total current assets | 15.1 | 15.9 | 15.5 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 60.0 | 51.0 | 58.8 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Equity attributable to equity | | | | | owners of the parent | | | | -------------------------------------------------------------------------------- | Share capital | 18.6 | 18.6 | 18.6 | -------------------------------------------------------------------------------- | Share premium reserve | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Treasury shares | -2.8 | -2.8 | -2.8 | -------------------------------------------------------------------------------- | Other reserves | -0.5 | -2.6 | -1.5 | -------------------------------------------------------------------------------- | Invested non-restricted equity | 3.3 | 3.3 | 3.3 | | fund | | | | -------------------------------------------------------------------------------- | Retained earnings | -2.6 | 0.9 | -2.9 | -------------------------------------------------------------------------------- | Total | 15.9 | 17.4 | 14.6 | -------------------------------------------------------------------------------- | Non-controlling interest | 0.1 | 0.1 | 0.3 | -------------------------------------------------------------------------------- | Total equity | 16.0 | 17.5 | 14.9 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 3.1 | 3.1 | 2.9 | -------------------------------------------------------------------------------- | Non-current financial liabilities | 0.1 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | Pension obligation | 0.1 | 0.5 | 0.1 | -------------------------------------------------------------------------------- | Other non-current liabilities | 0.5 | 4.1 | 0.4 | -------------------------------------------------------------------------------- | Non-current provisions | 0.2 | 0.4 | 0.2 | -------------------------------------------------------------------------------- | Total non-current liabilities | 3.9 | 4.1 | 3.7 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Current financial liabilities | 11.9 | 1.9 | 15.8 | -------------------------------------------------------------------------------- | Advances received | 14.4 | 11.0 | 11.2 | -------------------------------------------------------------------------------- | Trade and other payables | 13.4 | 15.4 | 13.1 | -------------------------------------------------------------------------------- | Currents provisions | 0.1 | 0.4 | 0.1 | -------------------------------------------------------------------------------- | Total current liabilities | 40.0 | 29.4 | 40.2 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 60.0 | 51.0 | 58.8 | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW -------------------------------------------------------------------------------- | EUR million | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 | -------------------------------------------------------------------------------- | Cash flow from operating activities | | | | -------------------------------------------------------------------------------- | Operating income | 0.0 | -0.3 | -5.2 | -------------------------------------------------------------------------------- | Adjustments to operating income | 0.5 | 0.3 | 4.1 | -------------------------------------------------------------------------------- | Change in working capital | 1.8 | 0.8 | -4.0 | -------------------------------------------------------------------------------- | Financial items and taxes | 0.4 | -0.4 | -0.6 | -------------------------------------------------------------------------------- | Net cash from operating activities | 2.7 | 0.4 | -5.8 | -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries and | - | - | -4.3 | | associates, net of cash acquired | | | | -------------------------------------------------------------------------------- | Disposal of subsidiaries and | - | - | -0.1 | | associates | | | | -------------------------------------------------------------------------------- | Acquisition of property, plant and | -0.4 | -0.3 | -1.2 | | equipment and intangible assets | | | | -------------------------------------------------------------------------------- | Other items | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Net cash from investing activities | -0.4 | -0.3 | -5.6 | -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Change in current loans | -3.9 | 0.0 | 15.0 | -------------------------------------------------------------------------------- | Repayment of non-current loans | - | -0.3 | -1.4 | -------------------------------------------------------------------------------- | Dividends paid | 0.0 | 0.0 | -4.4 | -------------------------------------------------------------------------------- | Purchase of treasury shares | - | 0.0 | - | -------------------------------------------------------------------------------- | Net cash used in financing activities | -3.9 | -0.3 | 9.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -1.6 | -0.2 | -2.1 | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 3.7 | 5.7 | 5.7 | | beginning of period | | | | -------------------------------------------------------------------------------- | Foreign exchange adjustment | 0.1 | 0.0 | 0.1 | -------------------------------------------------------------------------------- | Net change in cash and cash | -1.6 | -0.2 | -2.1 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end | 2.3 | 5.5 | 3.7 | | of period | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | a = Share capital | f = Invested non-restricted equity fund | | b = Share premium reserve | g = Retained earnings | | c = Treasury shares | h = Equity attributable to equity owners of | | d = Fair value reserve | the parent (before non-controlling interest) | | e = Translation reserve | i = Non-controlling interest | | | j = Total equity | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR | a | b | c | d | e | f | g | h | i | j | | million | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 18. | 0.0 | -2.8 | 0.0 | -2.2 | 3.3 | -2.2 | 14.6 | 0.3 | 14.9 | | at 1 | 6 | | | | | | | | | | | January | | | | | | | | | | | | 2010 | | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | | | -0.2 | -0.2 | | items | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | | 1.0 | | 0.2 | 1.2 | 0.0 | 1.3 | | compreh | | | | | | | | | | | | ensive | | | | | | | | | | | | income | | | | | | | | | | | | for the | | | | | | | | | | | | period | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 18. | 0.0 | -2.8 | 0.0 | -1.2 | 3.3 | -2.0 | 15.9 | 0.1 | 16.0 | | at 31 | 6 | | | | | | | | | | | March | | | | | | | | | | | | 2010 | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 18. | 0.0 | -2.8 | 0.0 | -2.5 | 5.9 | 3.0 | 22.1 | 0.1 | 22.3 | | at 1 | 6 | | | | | | | | | | | January | | | | | | | | | | | | 2009 | | | | | | | | | | | -------------------------------------------------------------------------------- | Share | | | | | | -2.6 | | -2.6 | | -2.6 | | premium | | | | | | | | | | | | reducti | | | | | | | | | | | | on and | | | | | | | | | | | | transfe | | | | | | | | | | | | r | | | | | | | | | | | -------------------------------------------------------------------------------- | Dividen | | | | | | | -1.7 | -1.7 | | -1.7 | | d paid | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | | -0.2 | | -0.3 | -0.5 | 0.0 | -0.4 | | compreh | | | | | | | | | | | | ensive | | | | | | | | | | | | income | | | | | | | | | | | | for the | | | | | | | | | | | | period | | | | | | | | | | | -------------------------------------------------------------------------------- | Equity | 18. | 0.0 | -2.8 | 0.0 | -2.6 | 3.3 | 1.0 | 17.4 | 0.1 | 17.5 | | at 31 | 6 | | | | | | | | | | | March | | | | | | | | | | | | 2009 | | | | | | | | | | | -------------------------------------------------------------------------------- NOTES TO THE FINANCIAL STATEMENTS In preparation of this interim report, Talentum has applied the same principles as in the financial statements for 2009, apart from the additions described below. From 1 January 2010, Talentum has adopted the following revised and amended IFRS standards: Revised IFRS 3 Business Combinations The changes to the standard affect, amongst other things, the amount of goodwill recognised for acquisitions as well as the income on sale of business operations. Expenses relating to acquisitions, such as expert fees, will be recorded in the income statement in future. Conditional purchase prices will be valued at fair value, and any later changes to them will be recognised in profit or loss. The non-controlling interests can be evaluated on an acquisition-specific basis either at fair value or as a proportionate share of the net assets of the target. Amended IAS 27 Consolidated and Separate Financial Statements Amendments to the standard affect the accounting treatment of phased acquisitions and phased disposals. As long as the parent company's control of the subsidiary is preserved, the effects arising from changes in the share of ownership are recorded directly in equity, and no goodwill will arise nor will any profits or costs to be recognised in profit or loss. If control of the subsidiary is lost, any remaining investment is measured at fair value through profit or loss. In addition, the Group has adopted the Annual Improvements to IFRSs (April 2009). The other new and revised standards and interpretations are not relevant to the Group. All figures in this report have been rounded up or down, so the sum of single figures may be different from the totals shown. TALENTUM GROUP BY SEGMENTS -------------------------------------------------------------------------------- | 1-3/2010 | Publishing | Publishing | Direct | Other | Group | | | Finland | other | marketing | | total | | | | Nordic | | | | | | | Countries* | | | | -------------------------------------------------------------------------------- | EUR million | | | | | | -------------------------------------------------------------------------------- | External sales | 9.1 | 8.7 | 1.5 | 0.1 | 19.4 | -------------------------------------------------------------------------------- | Inter-segment net | | | 0.7 | -0.7 | 0.0 | | sales | | | | | | -------------------------------------------------------------------------------- | Operating income | -0.0 | 0.2 | 0.3 | -0.5 | 0.0 | -------------------------------------------------------------------------------- | Segment income | 0.0 | 0.2 | 0.3 | -0.5 | 0.0 | | before taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reconciliation: | | | | | | -------------------------------------------------------------------------------- | Segment income | | | | | 0.0 | | before taxes | | | | | | -------------------------------------------------------------------------------- | Financing items, | | | | | 0.3 | | net | | | | | | -------------------------------------------------------------------------------- | Share of income | | | | | -0.1 | | of associated | | | | | | | companies | | | | | | -------------------------------------------------------------------------------- | Consolidated | | | | | 0.2 | | income before | | | | | | | taxes | | | | | | -------------------------------------------------------------------------------- * Includes the business information operations acquired on 30 December 2009. -------------------------------------------------------------------------------- | 1-3/2009 | Publishing | Publishing | Direct | Other | Group | | | Finland | other | marketing | | total | | | | Nordic | | | | | | | Countries | | | | -------------------------------------------------------------------------------- | EUR million | | | | | | -------------------------------------------------------------------------------- | External net | 10.7 | 5.6 | 1.6 | 0.0 | 17.9 | | sales | | | | | | -------------------------------------------------------------------------------- | Inter-segment | | | 0.9 | -0.9 | 0.0 | | net sales | | | | | | -------------------------------------------------------------------------------- | Operating income | 0.9 | -1.1 | 0.4 | -0.4 | -0.3 | -------------------------------------------------------------------------------- | Segment income | 0.9 | -1.1 | 0.4 | -0.4 | -0.3 | | before taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reconciliation: | | | | | | -------------------------------------------------------------------------------- | Segment income | | | | | -0.3 | | before taxes | | | | | | -------------------------------------------------------------------------------- | Financing items, | | | | | 0.0 | | net | | | | | | -------------------------------------------------------------------------------- | Share of income | | | | | -0.1 | | of associated | | | | | | | companies | | | | | | -------------------------------------------------------------------------------- | Consolidated | | | | | -0.4 | | income before | | | | | | | taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/2009 | Publishing | Publishing | Direct | Other | Group | | | Finland | other | marketing | | total | | | | Nordic | | | | | | | Countries | | | | -------------------------------------------------------------------------------- | EUR million | | | | | | -------------------------------------------------------------------------------- | External net | 37.3 | 23.5 | 5.8 | 0.2 | 66.8 | | sales | | | | | | -------------------------------------------------------------------------------- | Inter-segment net | | | 3.0 | -3.0 | 0.0 | | sales | | | | | | -------------------------------------------------------------------------------- | Operating income | 1.9 | -1.4 | 0.7 | -2.1 | -0.9 | -------------------------------------------------------------------------------- | Segments income | 1.9 | -1.4 | 0.7 | -2.1 | -0.9 | | before taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reconciliation: | | | | | | -------------------------------------------------------------------------------- | Segments income | | | | | -0.9 | | before taxes | | | | | | -------------------------------------------------------------------------------- | Non-recurring | | | | | -4.4 | | items unallocated | | | | | | | to the segments | | | | | | -------------------------------------------------------------------------------- | Financing items, | | | | | -0.2 | | net | | | | | | -------------------------------------------------------------------------------- | Share of income | | | | | -0.2 | | of associated | | | | | | | companies | | | | | | -------------------------------------------------------------------------------- | Consolidated | | | | | -5.6 | | income before | | | | | | | taxes | | | | | | -------------------------------------------------------------------------------- EMPLOYEE BENEFITS: POST-EMPLOYMENT BENEFITS The Talentum Group general pension fund statutory pension liability according to the Employees Pensions Act and the management of the related assets were transferred to Ilmarinen Mutual Pension Insurance Company on 1 January 2010. The pension fund was placed into liquidation on the same date. The pension fund will be permanently liquidated after completion of the 2009 pension liability distribution in November 2010. OPERATING SEGMENTS The Publishing Sweden segment changed its name into Publishing other Nordic Countries on 1 January 2010. The content of the segment has not changed. After the name change, the Group's operating segments are Publishing Finland, Publishing other Nordic Countries and Direct marketing. CHANGE IN SHARE QUANTITIES * -------------------------------------------------------------------------------- | 1000 shares | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | Shares outstanding at the | 43 615 | 43 615 | 43 615 | | beginning of period | | | | -------------------------------------------------------------------------------- | Number of shares outstanding at | 43 615 | 43 615 | 43 615 | | end of period | | | | -------------------------------------------------------------------------------- * Excluding treasury shares held by the company. For the period under review, the weighted average number of shares used in the calculation of earnings per share during the financial period is 43,614,787 (43,614,787 shares 1-3/2009). The number of shares issued is 44,295,787. PERSONNEL BY SEGMENT, ON AVERAGE -------------------------------------------------------------------------------- | | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | Publishing Finland | 194 | 221 | 201 | -------------------------------------------------------------------------------- | Publishing other Nordic Countries | 234* | 183 | 176 | -------------------------------------------------------------------------------- | Direct Marketing | 328 | 362 | 357 | -------------------------------------------------------------------------------- | Other | 19 | 21 | 20 | -------------------------------------------------------------------------------- | Total | 775 | 787 | 755 | -------------------------------------------------------------------------------- * Includes 78 persons in the business-information operations acquired on 30 December 2009. CHANGES IN PROPERTY, PLANT AND EQUIPMENT -------------------------------------------------------------------------------- | EUR million | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | Carrying amount at the beginning | 1.3 | 1.6 | 1.6 | | of period | | | | -------------------------------------------------------------------------------- | Additions | 0.0 | 0.1 | 0.3 | -------------------------------------------------------------------------------- | Acquisitions through business | - | - | 0.0 | | combinations | | | | -------------------------------------------------------------------------------- | Disposals | - | 0.0 | - | -------------------------------------------------------------------------------- | Disposal of businesses | - | - | -0.0 | -------------------------------------------------------------------------------- | Depreciation | -0.1 | -0.2 | -0.7 | -------------------------------------------------------------------------------- | Carrying amount at the end of | 1.2 | 1.5 | 1.3 | | period | | | | -------------------------------------------------------------------------------- CHANGES IN INTANGIBLE ASSETS -------------------------------------------------------------------------------- | EUR million | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | Carrying amount at the beginning | 39.7 | 31.3 | 31.3 | | of period | | | | -------------------------------------------------------------------------------- | Additions | 0.4 | 0.2 | 1.0 | -------------------------------------------------------------------------------- | Acquisitions through business | - | - | 7.6 | | combinations | | | | -------------------------------------------------------------------------------- | Disposals | 0.0 | - | -0.5 | -------------------------------------------------------------------------------- | Amortisation | -0.4 | -0.3 | -1.2 | -------------------------------------------------------------------------------- | Exchange rate differences | 1.7 | 0.1 | 1.6 | -------------------------------------------------------------------------------- | Carrying amount at the end of | 41.4 | 31.3 | 39.7 | | period | | | | -------------------------------------------------------------------------------- Talentum's Swedish subsidiary, Talentum Business Information Group AB, acquired the complete share capital of Sverige Bygger AB and Norge Bygges AS on 30 December 2009. The goodwill that arose from the acquisition is presented as a EUR 7.6 million item in the balance sheet of the reporting date, because the fair value of the net assets acquired is provisional and is dependent on the final determination. The final fair values are included in the final acquisition cost calculation in net assets of the companies, and they reduce the level of goodwill. The final figure for goodwill is regarded as arising principally from specialist personnel and industry expertise. The final determination has not been computed in the first quarter, as the Group focused on integrating business operations. RELATED PARTY TRANSACTIONS -------------------------------------------------------------------------------- | EUR million | 1-3/2010 | 1-3/2009 | 1-12/2009 | -------------------------------------------------------------------------------- | Employee benefits for key | 0.3 | 0.3 | 1.8 | | management | | | | -------------------------------------------------------------------------------- | Support payments to pension fund | - | 0.9 | 3.7 | -------------------------------------------------------------------------------- | Associates and joint ventures: | | | | -------------------------------------------------------------------------------- | Sales | 0.0 | 0.0 | 0.3 | -------------------------------------------------------------------------------- | Liabilities | 0.4 | 0.4 | 0.5 | -------------------------------------------------------------------------------- GUARANTEES AND CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | EUR million | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | Guarantees posted for own | | | | | commitments | | | | -------------------------------------------------------------------------------- | Financial institution loans | - | 0.4 | - | -------------------------------------------------------------------------------- | Book value of shares pledged | - | 2.3 | - | -------------------------------------------------------------------------------- | Business mortgage | - | 0.3 | - | -------------------------------------------------------------------------------- | Guarantees posted on behalf of | 0.3 | 0.2 | 0.2 | | commitments of associates | | | | -------------------------------------------------------------------------------- | Guarantees posted on behalf of | - | 0.4 | 0.4 | | Talentum´s pension fund | | | | -------------------------------------------------------------------------------- Significant events after the reporting period Oy Herttaässä Ab sent a letter to Talentum Oyj on 14 April 2010 to request that an extraordinary general meeting be called for the purpose of electing one new member of the Board of Directors. At that time, Oy Herttaässä Ab owned 10.27% of Talentum shares. The Board of Directors of Talentum Oyj handled the received request in compliance with the Finnish Companies Act. The Board of Directors of Talentum Oyj resolved to convene an extraordinary general meeting of Talentum Oyj pursuant to the request of Oy Herttaässä Ab. Calculation of key indicators Earnings per share = Income for the period attributable to equity owners of the parent / Adjusted average number of shares at the end of the period Equity per share = Equity attributable to the equity owners of the parent / Adjusted average number of shares at the end of the period Return on capital invested % = Income before taxes + interest and other financial expenses / Balance-sheet total - non-interest bearing debts (average of the figures at the start and end of the year) x 100 Return on equity % = Income for the financial period / Total equity (average of the figures at the start and end of the year) x 100 Equity ratio % = Total equity / Balance-sheet total - advances received x 100 Gearing % = Interest-bearing liabilities - cash and cash equivalents / Total equity x 100 Market capitalization = Number of shares at the end of the period x trading price at the end of the period The figures in this release are unaudited. 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. Financial information 2010 Talentum is planning to publish interim reports for the second and third quarters on 21 July and 27 October, respectively. TALENTUM OYJ Juha Blomster CEO FURTHER INFORMATION Juha Blomster, CEO, tel. +358 (0)40 342 4444 Kaisa Kokkonen, CFO, tel. +358 (0)40 342 4212 COPIES TO: NASDAQ OMX Helsinki Key media BRIEFING A briefing in Finnish will be held for analysts and the media today, 28 April 2010 at 11.00 at the Talentum head office, Annankatu 34-36 B, Kamppi, Helsinki, Finland. The financial results will be presented by CEO Juha Blomster and CFO Kaisa Kokkonen. Talentum Oyj Annankatu 34 - 36 B 00100 Helsinki Finland Tel. +358 20 442 40 www.talentum.com
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