2013-08-05 14:00:00 CEST
2013-08-05 14:00:03 CEST
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report for Q2/2013
Ilkka-Yhtymä Oyj Interim Report 5 August 2013, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT FOR Q2/2013
JANUARY-JUNE 2013
- Net sales: EUR 22.6 million (EUR 23.5 million), down 3.9%
- Operating profit: EUR 6.1 million (EUR 6.0 million), up 2.8%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 2.4 million (EUR 2.9 million), down 17.3%
- Operating profit totalled 27.1% of net sales, or 10.6% excluding Alma Media
and other associated companies (12.3%)
- Pre-tax profits: EUR 6.4 million (EUR 4.5 million), up 42.8%
- Earnings per share: EUR 0.23 (EUR 0.17)
APRIL-JUNE 2013
- Net sales: EUR 11.6 million (Q2/2012: EUR 11.7 million), down 1.3%
- Operating profit: EUR 3.9 million (EUR 2.6 million), up 50.4%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1.5 million (EUR 1.3 million), up 15.8%
- Operating profit totalled 33.3% of net sales, or 13.3% excluding Alma Media
and other associated companies (11.3%)
- Pre-tax profits: EUR 4.3 million (EUR 1.9 million), up 134.1%
- Earnings per share: EUR 0.16 (EUR 0.07)
BUSINESS ENVIRONMENT
In its Economic Bulletin of 19 June 2013, the Ministry of Finance forecast GDP
contraction of 0.4% for 2013.
In media monitored by TNS Ad Intelligence, advertising decreased by 8.4% in
June and 10.5% in January-June compared to the corresponding period last year.
In January-June, advertising in traditional newspapers fell by 17.3%.
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-June showed a 3.9% decline
compared to the corresponding period of the previous year. Net sales came to
EUR 22.6 million (EUR 23.5 million). External net sales from the publishing
business fell by 7.0%. Advertising revenues fell by 13% and circulation
revenues fell by 0.2%. The decrease in net sales from the publishing business
was caused by a weaker advertising market. External net sales from the printing
business increased by 17.3%. Circulation income accounted for 43% of
consolidated net sales, while advertising income and printing income
represented 42% and 16%, respectively.
For Q2, net sales decreased by 1.3% and totalled EUR 11.6 million (EUR 11.7
million). External net sales from the publishing business fell by 5.4%.
Advertising revenues fell by 11.2%, and circulation revenues increased by 1.5%.
External net sales from the printing business increased by 27.0%. Circulation
income accounted for 42% of consolidated net sales in April-June, while
advertising income and printing income represented 42% and 17%, respectively.
Other operating income in January-June totalled EUR 0.2 million (EUR 0.2
million) and in April-June EUR 0.1 million (EUR 0.1 million).
Operating expenses for January-June amounted to EUR 20.4 million (EUR 20.8
million), down by 2.2% year on year. For April-June, operating expenses
amounted to EUR 10.1 million (EUR 10.5 million), down 3.5%. For January-June,
expenses arising from materials and services increased by 3.7%. Personnel
expenses decreased by 2.1%. In cooperation with employees, voluntary cost
savings measures were agreed in May 2013, corresponding to approximately one
week of holiday pay leave in 2013. Other operating costs decreased by 1.8%.
Depreciation contracted by 31.3%.
The share of the associated companies' result for January-June was EUR 3.7
million (EUR 3.1 million). Consolidated operating profit amounted to EUR 6.1
million (EUR 6,0 million), up by 2.8 per cent year-on-year. The Group's
operating margin was 27.1 per cent (25.3%). Operating profit excluding Alma
Media Corporation and the other associated companies amounted to EUR 2.4
million (EUR 2.9 million), representing 10.6% (12.3%) of net sales. Operating
profit from publishing fell by EUR 0.6 million, and operating profit from
printing grew by EUR 0.2 million.
For April-June, the share of the associated companies' result was EUR 2.3
million (EUR 1.2 million). Consolidated operating profit amounted to EUR 3.9
million (EUR 2.6 million). Operating profit increased 50.4% from the
corresponding period. The Group's operating margin was 33.3% (21.9%) in
April-June. Operating profit excluding Alma Media Corporation and the other
associated companies amounted to EUR 1.5 million (EUR 1.3 million),
representing 13.3% (11.3%) of net sales. For the second quarter, operating
profit from publishing remained roughly the same in euro terms as in the
previous year. Operating profit from printing grew by EUR 0.2 million.
Net financial income for January-June amounted to EUR 0.3 million (net
financial expenses in the corresponding period of the previous year EUR 1.4
million). Net gain/loss on shares held for trading was EUR -0.04 million (EUR
-0.3 million). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 0.9 million (EUR 1.2 million). In order to hedge
against interest rate risk, in 2010 the company 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-June 2013, the market value of these interest rate
swaps grew by EUR 0.6 million (in January-June 2012, the market value fell by
EUR 0.6 million).
Net financial income for April-June amounted to EUR 0.5 million (net financial
expenses in the corresponding period of the previous year EUR 0.7 million). Net
gain/loss on shares held for trading was EUR -0.03 million (EUR -0.4 million).
Interest expenses excluding the fair value change in derivatives hedging them
totalled EUR 0.4 million (EUR 0.5 million). In April-June 2013, the market
value of interest rate swaps grew by EUR 0.4 million (in April-June 2012, the
market value fell by EUR 0.3 million).
Pre-tax profits for January-June totalled EUR 6.4 million (EUR 4.5 million).
Direct taxes amounted to EUR 0.5 million (EUR 0.2 million), and the Group's net
profit for the period totalled EUR 5.9 million (EUR 4.3 million). The Group's
net profit for the second quarter totalled EUR 4.0 million (EUR 1.9 million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 164.2 million (EUR 183.6
million), with EUR 82.5 million (EUR 98.6 million) of equity. On the reporting
date of 30 June 2013, the balance sheet value of the holding in the associated
company Alma Media Corporation was EUR 128.8 million and the market value of
the shares was EUR 58.2 million. According to the management's estimate, there
is currently no need for an impairment write-down of this holding.
Interest-bearing liabilities totalled EUR 68.1 million (EUR 71.3 million). The
equity ratio was 51.8 per cent (55.2%), and shareholders' equity per share
stood at EUR 3.21 (EUR 3.84). The decrease in financial assets for the first
half of the year totalled EUR 0.4 million (EUR 8.9 million), with liquid assets
at the end of the period totalling EUR 1.8 million (Q2/2012: EUR 2.0 million).
Cash flow from operations for the period came to EUR 6.1 million (EUR 6.4
million). This includes EUR 3.9 million (EUR -2.6 million) from the Group's own
operations as well as EUR 2.2 million (EUR 9.0 million) of dividend income from
Alma Media Corporation. Due to VAT changes, 2012 subscription fees for the
Group's provincial newspapers were exceptionally invoiced in the amount of EUR
6.6 million in December 2011. Cash flow from investments totalled EUR -0.3
million (EUR 0.1 million).
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 OMX
Helsinki List, in the Consumer Services sector, the company's market value
being classified as Mid Cap. The Series I shares are listed on the Pre List.
In January-June, 30,469 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 0.7 per cent of the total number of series-I shares. The total
value of the shares traded was EUR 0.2 million. In total, 1,011,875 series-II
shares were traded, corresponding to 4.7 per cent of the total number of series
II shares. The total value of the shares traded was EUR 3.8 million. The lowest
price at which series-I shares of Ilkka-Yhtymä Oyj were traded during the
period under review was EUR 4.51, and the highest per-share price was EUR 7.95.
The lowest price at which series-II shares were traded was EUR 2.76 and the
highest EUR 5.19. The market value of the share capital at the closing rate for
the reporting period was EUR 87.3 million.
RISKS AND RISK MANAGEMENT
In the current economic climate, major uncertainties are associated with the
predictability of both net sales and operating profit. 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. 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 2012.
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,
liquidity risk and the risk of changes in market interest rates applied to the
loan portfolio. In order to hedge against interest rate risk, on 21 December
2010 the company 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 2012 Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 18 April 2013, 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 0.15 be paid for the year 2012.
The number of members on the Supervisory Board for 2013 was confirmed to be 25.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2017: Markku Akonniemi (Töysä), Juhani
Hautamäki (Ylivieska), Heikki Järvi-Laturi (Teuva), Petri Latva-Rasku (Tampere)
ja Marja Vettenranta (Laihia). The employee representatives Terhi Ekola (Vaasa)
and Niina Vuolio (Seinäjoki) were elected as new members of the Supervisory
Board.
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 6 May 2013, the Supervisory Board re-elected Sari Mutka, 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, while Perttu Rinta will continue
as vice-chairman. At its membership meeting, the Board of Directors re-elected
Seppo Paatelainen as its chairman, while Timo Aukia will continue as
vice-chairman.
OUTLOOK FOR 2013
In the current economic climate, forecasting net sales in the media sector and,
in particular, media advertising spending involves major uncertainties. Due to
consumer caution, VAT on circulation revenues and media competition,
newspapers' circulation revenues are predicted to decrease. Printing business
volumes have declined permanently in Finland and the prospects for growth in
the sector are weak.
Advertising in Finland was weaker than expected in the first half of the year.
The net sales of Ilkka-Yhtymä Group are estimated to decline slightly from the
2012 level.
Group operating profit from Ilkka-Yhtymä's own operations, and operating profit
as a percentage of net sales, excluding the share of Alma Media's and other
associated companies' results, are expected to decline from the 2012 level. In
addition, the year's results will depend on interest-rate trends, the price
performance of securities investments, and changes in the value of the
associated companies.
The associated company Alma Media Corporation (Group ownership 29.79%) will
have a significant impact on Group operating profit and profit.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
DRAFTING PRINCIPLES
This interim report, issued by Ilkka-Yhtymä Group, 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
2012 financial statements. New or revised IFRS standards and IFRIC
interpretations that become effective in 2013 have also been complied with, as
specified in the 2012 financial statements. These changes have not affected the
reported figures. The principles and formulae for the calculation of the
indicators, presented on page 61 of the 2012 annual report, remain unchanged.
The figures in the interim report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2013 2012 % 2013 2012 % 2012
NET SALES 11 585 11 734 -1 22 572 23 496 -4 46 158
Change in inventories 1 14 -94 6 24 -77
of finished and
unfinished products
Other operating income 101 100 1 194 209 -7 437
Materials and services -3 755 -3 522 7 -7 362 -7 098 4 -13 980
Employee benefits -4 403 -4 588 -4 -8 963 -9 158 -2 -17 824
Depreciation -511 -749 -32 -1 035 -1 507 -31 -2 918
Other operating costs -1 481 -1 660 -11 -3 012 -3 068 -2 -5 966
Share of associated 2 322 1 239 87 3 720 3 052 22 -16 774
companies' profit *)
OPERATING PROFIT/ LOSS 3 859 2 566 50 6 118 5 951 3 -10 868
Financial income and 485 -711 168 323 -1 440 122 -2 550
expenses
PROFIT/ LOSS BEFORE TAX 4 344 1 856 134 6 440 4 511 43 -13 418
Income tax -361 -4 9178 -532 -210 153 -669
PROFIT/ LOSS FOR THE 3 982 1 852 115 5 909 4 300 37 -14 087
PERIOD UNDER REVIEW
Earnings per share, 0.16 0.07 115 0.23 0.17 37 -0.55
undiluted (EUR)**)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand)**)
*) 1-12/2012: Includes the EUR 22 million non-recurring write-down on the
holding in the associated company Alma Media Corporation.
**) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2013 2012 % 2013 2012 % 2012
PROFIT/ LOSS FOR THE PERIOD 3 982 1 852 115 5 909 4 300 37 -14 087
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently
to profit or loss:
Available-for-sale assets -1 2 -1 256 -3
Share of associated -239 -31 -679 -154 128 -221 100
companies' other
comprehensive income
Income tax related to 1
components of other
comprehensive income
Other comprehensive income, -239 -31 -661 -152 127 -221 98
net of tax
TOTAL COMPREHENSIVE INCOME 3 744 1 820 106 5 756 4 427 30 -13 989
FOR THE PERIOD
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2013 6/2012 Change 12/2012
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 927 1 062 -13 1 008
Goodwill 314 314 314
Investment properties 208 258 -19 233
Property, plant and equipment 12 114 12 551 -3 11 862
Shares in associated companies 130 097 148 268 -12 128 796
Available-for-sale assets 10 668 10 762 -1 10 723
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 154 541 173 429 -11 153 151
Current assets
Inventories 593 661 -10 647
Trade and other receivables 4 692 4 770 -2 2 950
Income tax assets 900 1 148 -22 118
Financial assets at fair value 1 583 1 542 3 1 695
through profit or loss
Cash and cash equivalents 1 842 2 041 -10 2 263
TOTAL Current assets 9 610 10 162 -5 7 673
Total assets 164 150 183 590 -11 160 823
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Invested unrestricted equity fund and other 48 623 48 622 48 621
reserves
Retained earnings 27 434 43 563 -37 25 529
SHAREHOLDER'S EQUITY 82 473 98 601 -16 80 567
NON-CURRENT LIABILITIES
Deferred tax liability 148 233 -37 23
Non-current interest-bearing liabilities 66 359 70 567 -6 63 954
Non-current interest-free liabilities 102 115 -12 102
NON-CURRENT LIABILITIES 66 608 70 916 -6 64 079
CURRENT LIABILITIES
Current interest-bearing liabilities 1 781 703 153 6 633
Accounts payable and other payables 12 737 12 682 9 390
Income tax liability 551 688 -20 155
CURRENT LIABILITIES 15 069 14 073 7 16 177
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 164 150 183 590 -11 160 823
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2013 2012 2012
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 5 909 4 300 -14 087
Adjustments -2 484 90 22 867
Change in working capital 1 783 -5 498 -6 732
CASH FLOW FROM OPERATIONS 5 208 -1 108 2 048
BEFORE FINANCE AND TAXES
Interest paid -620 -782 -2 235
Interest received 17 21 46
Dividends received 2 321 9 107 9 117
Other financial items -23 -29 -53
Direct taxes paid -793 -775 -947
CASH FLOW FROM OPERATIONS 6 110 6 435 7 976
CASH FLOW FROM INVESTMENTS
Investments in tangible and -888 -400 -1 083
intangible assets, net
Other investments, net 121 -49 -16
Dividends received from investments 506 511 529
CASH FLOW FROM INVESTMENTS -261 62 -570
CASH FLOW BEFORE FINANCING ITEMS 5 849 6 497 7 406
CASH FLOW FROM FINANCING
Change in current loans -2 452 -3 238 -3 925
Change in non-current loans -1 964 -1 964
Dividends paid and other profit distribution -3 817 -10 179 -10 180
CASH FLOW FROM FINANCING -6 270 -15 382 -16 069
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -421 -8 885 -8 663
Liquid assets at the beginning of the financial 2 263 10 926 10 926
period
Liquid assets at the end of the financial period 1 842 2 041 2 263
KEY FIGURES
6/2013 6/2012 12/2012
Earnings/share (EUR) 0.23 0.17 -0.55
Shareholders' equity/share (EUR) 3.21 3.84 3.14
Average number of personnel 322 335 336
Investments (EUR 1,000) *) 1 197 531 1 311
Interest-bearing debt (EUR 1,000) 68 139 71 270 70 587
Equity ratio, % 51.8 55.2 50.7
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 Retaine Total
shareholders' capita value unrestricted reserv d
equity 1-6/ 2012 l reserv equity fund es earning
e s
SHAREHOLDERS' 6 416 101 48 498 24 49 401 104 440
EQUITY 1.1.
Comprehensive -1 4 428 4 427
income for the
period
Dividend -10 266 -10 266
distribution
TOTAL SHAREHOLDERS' 6 416 100 48 498 24 43 563 98 601
EQUITY 6/ 2012
Change in Share Fair Invested Other Retain Total
shareholders' capita value unrestricted reserv ed
equity 1-6/ 2013 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 99 48 498 24 25 529 80 567
1.1.
Comprehensive income 2 5 755 5 756
for the period
Dividend -3 850 -3 850
distribution
TOTAL SHAREHOLDERS' 6 416 101 48 498 24 27 434 82 473
EQUITY 6/ 2013
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2013 6/2012 12/2012
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 37 416 68 218 65 730
Contingent liabilities on behalf of associated company
Guarantees 4 059 4 182 4 096
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2013 2012 2013 2012 2012
Publishing
External 9 664 10 221 -5 19 052 20 495 -7 40 414
Inter-segments 47 34 40 84 64 30 113
Publishing total 9 711 10 255 -5 19 136 20 559 -7 40 528
Printing
External 1 921 1 512 27 3 520 3 002 17 5 743
Inter-segments 1 720 1 967 -13 3 494 4 001 -13 7 967
Printing total 3 641 3 479 5 7 014 7 003 13 710
Non-allocated
Inter-segments 567 534 6 1 134 1 068 6 2 139
Non-allocated total 567 534 6 1 134 1 068 6 2 139
Elimination -2 334 -2 535 -8 -4 712 -5 133 -8 -10 219
Group net sales 11 585 11 734 -1 22 572 23 496 -4 46 158
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2013 2012 % 2013 2012 % 2012
Publishing 1 215 1 207 1 1 993 2 563 -22 5 046
Printing 529 312 69 846 654 29 1 379
Associated companies 2 322 1 239 87 3 720 3 052 22 -16 774
Non-allocated -207 -192 -8 -440 -318 -38 -519
Group operating profit/ 3 859 2 566 50 6 118 5 951 3 -10 868
loss total
ASSETS BY SEGMENT
(EUR 1,000) 6/2013 6/2012 Change % 12/2012
Publishing 13 781 14 498 -5 13 477
Printing 9 723 10 857 -10 9 831
Non-allocated 140 646 158 236 -11 137 516
Group assets total 164 150 183 590 -11 160 823
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(1000 eur) 1-6/ 1-6/ Change 1-12/
2013 2012 % 2012
Carrying amount at the beginning of the 11 862 13 481 -12 13 481
financial period
Increase 1 078 339 218 838
Depreciation for the financial period -826 -1 269 -35 -2 456
Carrying amount at the end of the financial 12 114 12 551 -3 11 862
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) 6/2013 6/2012 12/2012
Sales of goods and services
To associated companies 129 171 288
To other related parties 450 406 823
Purchases of goods and services
From associated companies 264 279 463
From other related parties 2 2 5
Trade receivables
From associated companies 24 22 13
From other related parties 99 48 47
Accounts payable
To associated companies 14 45 4
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 6/2013 6/2012 12/2012
Salaries and other short-term employee benefits 516 490 936
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) 6/2013 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 583 1 583
or loss
Available-for-sale financial assets 9 248 9 248
TOTAL 10 832 1 583 9 248
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 827 1 827
TOTAL 1 827 1 827
Available-for-sale assets also include EUR 1,419 thousand for unlisted shares,
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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