2014-11-03 14:00:00 CET
2014-11-03 14:00:02 CET
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report 1 Jan. - 30 Sep. 2014
Ilkka-Yhtymä Oyj Interim Report 3 November 2014, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT 1 JAN.-30 SEP. 2014
JANUARY-SEPTEMBER 2014
- Net sales: EUR 30.8 million (EUR 33.2 million)
- Total expenses decreased by 4.6%
- Operating profit from the Group's own operations, excluding Alma Media
Corporation and the other associated companies, amounted to EUR 3.2 million
(EUR 4.2 million)
- Operating margin of the Group's own operations, excluding Alma Media
Corporation and the other associated companies, was 10.3 (12.5).
- Reported operating profit was EUR 6.3 million (operating loss EUR 17.9
million). The operating loss in the comparative period included the EUR 27
million write-down on the holding in the associated company Alma Media
Corporation.
- Reported operating margin 20.6 (-54.0)
- Reported earnings per share EUR 0.26 (EUR -0.73)
- Eguity ratio 46.6% remained at a good level
- Net gearing 81.1% (109.6%)
JULY-SEPTEMBER 2014
- Net sales: EUR 9.9 million (EUR 10.6 million)
- Operating profit from the Group's own operations, excluding Alma Media
Corporation and the other associated companies, amounted to EUR 1.3 million
(EUR 1.8 million)
- Operating margin of the Group's own operations, excluding Alma Media
Corporation and the other associated companies, was 13.0 (16.6).
- Reported operating profit was EUR 2.6 million (operating loss EUR 24.0
million). The operating loss in the comparative period included the EUR 27
million write-down on the holding in the associated company Alma Media
Corporation.
- Reported operating margin 26.4 (-226.3)
- Reported earnings per share EUR 0.14 (EUR -0.96)
- Financial income and expenses EUR 1.4 million (EUR -0.3 million)
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-September showed a 7.1% decline.
Net sales came to EUR 30.8 million (EUR 33.2 million). External net sales from
the publishing business fell by 5.1%. Advertising revenues fell by 9.5% and
circulation revenues by 0.9%. The decrease in net sales from the publishing
business was mainly caused by a weaker advertising market. External net sales
from the printing business declined by 18.5% due to tough competition and the
weaker market. Circulation income accounted for 47% of consolidated net sales,
while advertising income and printing income represented 40% and 13%,
respectively.
For Q3, net sales decreased by 6.6% and totalled EUR 9.9 million (EUR 10.6
million). External net sales from the publishing business fell by 5.7%.
Advertising revenues fell by 11.8% and circulation revenues by 0.4%. External
net sales from the printing business decreased by 12.1%. Circulation income
accounted for 49% of consolidated net sales in July-September, while
advertising income and printing income represented 38% and 12%, respectively.
Other operating income in January-September totalled EUR 0.3 million (EUR 0.3
million) and in July-September EUR 0.1 million (EUR 0.1 million).
Operating expenses for January-September amounted to EUR 28.0 million (EUR 29.3
million), down by 4.6% year on year. For July-September, operating expenses
amounted to EUR 8.7 million (EUR 9.0 million), down 2.6%. For
January-September, expenses arising from materials and services decreased by
7.6%. Personnel expenses remained at the previous year's level. Other operating
costs decreased by 8.8%. Depreciation contracted by 8.3%.
For January-September, the share of the associated companies' result was EUR
3.2 million (in January-September 2013, EUR -22.1 million following the EUR 27
million write-down on the holding in the associated company Alma Media
Corporation). Operating profit from the Group's own operations, excluding Alma
Media Corporation and the other associated companies, amounted to EUR 3.2
million (EUR 4.2 million), representing 10.3% (12.5%) of net sales. Reported
operating profit was EUR 6.3 million (operating loss EUR 17.9 million in
January-September 2013). Reported operating margin was 20.6 (-54.0). Operating
profit from publishing fell by EUR 1.0 million, and operating profit from
printing fell by EUR 0.1 million.
For July-September, the share of the associated companies' result was EUR 1.3
million (in July-September 2013, EUR -25.8 million following the EUR 27 million
write-down). Operating profit from the Group's own operations, excluding Alma
Media Corporation and the other associated companies, amounted to EUR 1.3
million (EUR 1.8 million), representing 13.0% (16.6%) of net sales. Reported
operating profit was EUR 2.6 million (operating loss EUR 24.0 million in
July-September 2013). Reported operating margin was 26.4 (-226.3). For the
third quarter, operating profit from publishing fell by EUR 0.4 million, and
operating profit from printing grew by EUR 0.04 million.
Net financial income for January-September amounted to EUR 1.2 million (EUR
0.04 million). Net gain/loss on shares held for trading was EUR -0.1 million
(EUR 0.1 million). Interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 1.3 million (EUR 1.3 million). In order
to hedge against interest rate risk, the company has transformed some of its
floating-rate liabilities into fixed-rate liabilities, by means of interest
rate swaps. Given that the Group does not apply hedge accounting, unrealised
changes in the market value of the interest rate swaps are recognised through
profit or loss. In January-September 2014, the market value of these interest
rate swaps fell by EUR 0.1 million (in January-September 2013, the market value
grew by EUR 0.7 million). Financial income for the period includes a capital
gain of EUR 2 million from the sale of Anvia Oyj's shares.
Net financial income for July-September amounted to EUR 1.4 million (net
financial expenses in the corresponding period of the previous year EUR 0.3
million). Net gain/loss on shares held for trading was EUR -0.1 million (EUR
0.1 million). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 0.4 million (EUR 0.4 million). In July-September
2014, the market value of interest rate swaps fell by EUR 0.1 million (in
July-September 2013, the market value grew by EUR 0.05 million). Financial
income for the period includes a capital gain of EUR 2 million from the sale of
Anvia Oyj's shares.
Pre-tax profits for January-September totalled EUR 7.6 million (pre-tax loss
EUR 17.9 million for January-September 2013). Direct taxes amounted to EUR 0.8
million (EUR 0.9 million), and consolidated profit for the period totalled EUR
6.8 million (loss EUR 18.8 million). The consolidated profit for the third
quarter totalled EUR 3.5 million (loss EUR 24.7 million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 138.1 million (EUR 138.4
million), with EUR 62.3 million (EUR 57.9 million) of equity. On the reporting
date of 30 September 2014, the balance sheet value of the holding in the
associated company Alma Media Corporation was EUR 103.4 million and the market
value of the shares was EUR 69.5 million. According to the management's
estimate, write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 64.0 million (EUR 68.1 million). The
equity ratio was 46.6 per cent (43.2%), and shareholders' equity per share was
EUR 2.43 (EUR 2.25). The increase in financial assets for the period totalled
EUR 10.5 million (EUR 1.2 million), with liquid assets at the end of the period
totalling EUR 12.5 million (EUR 3.4 million). At the end of the period, Group's
net gearing was 81.1 per cent (109.6%).
For January-September, cash flow from operations came to EUR 3.5 million (EUR
8.1 million). Cash flow from operations for January-September 2013 includes EUR
5.9 million from the Group's own operations as well as EUR 2.2 million of
dividend income from Alma Media Corporation. Cash flow from investments for
January-September amounted to EUR 11.9 million (EUR -0.7 million), including
repayment of capital from Alma Media Corporation in the amount of EUR 2.2
million and EUR 9.5 million proceeds from the sale of Anvia Oyj's shares.
ILKKA-YHTYMÄ SOLD ITS ANVIA OYJ SHARES TO ELISA CORPORATION
Ilkka-Yhtymä Oyj and its subsidiaries I-Mediat Oy and I-print Oy sold all of
their Anvia Oyj shares to Elisa Corporation on 28 August 2014. The shares were
sold for EUR 9.5 million, and Ilkka-Yhtymä Group recorded a capital gain of
approximately EUR 2 million for the sale.
NEWSPAPERS TO COLLABORATE MORE CLOSELY THROUGH LÄNNEN MEDIA
On 23 June 2014, Ilkka-Yhtymä Oyj's subsidiary I-Mediat Oy and five other
Finnish newspaper publishers signed a co-operation agreement to establish
Lännen Media Oy, a company that will produce content for 12 provincial
newspapers in western and northern Finland.
By the end of 2014, the Lännen Media newspapers will set up a nationwide
editorial staff of 40 people to produce content for printed newspapers as well
as digital, online and mobile channels.
The shared editorial staff will produce nationwide Finnish and international
news content, timely articles to shed light on the facts behind the news,
weekend supplement material, daily theme pages and nationwide online news.
The founding newspapers behind Lännen Media include Ilkka-Yhtymä's newspapers
Ilkka and Pohjalainen, Alma Media's newspapers Aamulehti, Satakunnan Kansa,
Lapin Kansa, Kainuun Sanomat and Pohjolan Sanomat as well as Kaleva, Turun
Sanomat, Keskipohjanmaa, Hämeen Sanomat and Forssan Lehti, which is part of the
same company.
The Lännen Media newspapers reach almost two million Finns (1,980,000). The
combined circulation of the printed newspapers is 516,375 copies (FABC Audit
2013) and they are read by 1.28 million readers.
ILKKA-YHTYMÄ'S NEWSPAPERS TO BE PARTLY DISTRIBUTED BY HSS MEDIA
Ilkka-Yhtymä Oyj's subsidiary I-Mediat Oy has started distribution co-operation
with HSS Media in the Swedish-speaking coastal regions of Ostrobothnia.
As from 1 June 2014, I-Mediat Oy's provincial newspapers Pohjalainen and Ilkka
gradually started using the distribution services of HSS Media in the
Swedish-speaking municipalities of Ostrobothnia, with the exception of Vaasa
and Mustasaari. In Vaasa and parts of Mustasaari, the newspapers will still be
distributed by Itella in the early hours.
PERSONNEL
The Group had an average of 317 (325) employees during the period.
On 6 May 2014, Ilkka-Yhtymä announced that it would start adaptation measures
in order to safeguard profitability. As part of these measures, the company
launched negotiations concerning all personnel in line with the Act on
Co-operation within Undertakings.
As the outcome of these negotiations, personnel savings will largely be
achieved through temporary layoffs of all employees. The savings correspond to
layoffs of around one week during the second half of 2014. As a result of
voluntary retirement and the part-time employment and redundancies agreed upon
in the codetermination negotiations, Ilkka-Yhtymä will permanently reduce its
full-time employees by about 10. These personnel savings, coupled with other
adaptation measures, will yield the targeted cost-savings of EUR 0.6 million in
2014.
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 Small Cap. The Series I shares are listed on the Pre List.
In January-September, 65,837 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 1.5 per cent of the total number of series-I shares. The total
value of the shares exchanged was EUR 0.2 million. In total, 1,939,416
series-II shares were traded, corresponding to 9.1 per cent of the total number
of series II shares. The total value of the shares traded was EUR 4.8 million.
The lowest price at which series-I shares of Ilkka-Yhtymä Oyj were traded
during the period under review was EUR 2.90, and the highest per-share price
was EUR 4.98. The lowest price at which series-II shares were traded was EUR
2.11 and the highest EUR 3.05. The market value of the share capital at the
closing rate for the reporting period was EUR 58.4 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 2013.
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, the company has
transformed some of its floating-rate liabilities to a fixed rate, by means of
interest rate swaps. Given that the Group does not apply hedge accounting,
changes in the market value of the interest rate swap are recognised through
profit and loss. Other financial risks are discussed in more detail in the 2013
Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 24 April 2014, the Annual General Meeting (AGM) of Ilkka-Yhtymä Oyj approved
the financial statements, discharged the members of the Supervisory Board and
the Board of Directors and the Managing Director from liability and decided
that a per-share dividend of EUR 0.10 be paid for the year 2013.
The number of members on the Supervisory Board for 2014 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 2018: Kari Aukia, Sami Eerola, Jari
Eklund, Johanna Kankaanpää, Yrjö Kopra, Juha Mikkilä and Sami Talso.
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.
At its meeting on 5 May 2014, the Supervisory Board re-elected Esa Lager and
Riitta Viitala to the Board of Directors of Ilkka-Yhtymä Oyj when their terms
of service had come to an end. Seppo Paatelainen announced that he would step
down from the Board. Markku Hautanen, M.Sc. (Econ.), CEO of the Skaala Group,
was elected as his replacement for the remainder of the term (ending in 2015).
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 elected Timo Aukia as its
chairman and Esa Lager as its vice-chairman. The Board of Directors of
Ilkka-Yhtymä Oyj now has the following membership: chairman Timo Aukia,
vice-chairman Esa Lager, members Markku Hautanen, Sari Mutka, Tapio Savola, and
Riitta Viitala.
OUTLOOK FOR 2014
In the current economic climate, forecasting net sales in the media sector and,
in particular, media advertising spending involves major uncertainties. Owing
to consumer caution and competition between media, advertising spending and
newspapers' circulation income are expected to fall short from the previous
year's level. Printing business volumes have shrunk in Finland and the trend is
expected to continue in 2014.
The net sales of Ilkka-Yhtymä Group are estimated to decline from the 2013
level.
Group operating profit from Ilkka-Yhtymä's own operations, excluding the share
of Alma Media's and other associated companies' results, are expected to
decline from the 2013 level.
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
Ilkka-Yhtymä Group's interim report was prepared in accordance with the
requirements of the IAS 34 Interim Financial Reporting standard.
The interim report has been prepared according to the same principles as the
2013 financial statements. New or revised IFRS standards and IFRIC
interpretations that become effective in 2014 have also been complied with, as
specified in the 2013 financial statements. These changes have not affected the
reported figures. The principles and formulae for the calculation of the
indicators, presented on page 63 of the 2013 annual report, remain unchanged.
All the figures in the interim report are rounded, so the sum of separate
figures may differ from that presented in the report.
The figures in the interim report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2014 2013 % 2014 2013 % 2013
NET SALES 9 918 10 614 -7 30 838 33 186 -7 44 893
Change in 3 2 26 2 8 -76 6
inventories of
finished and
unfinished products
Other operating 83 102 -18 300 296 2 392
income
Materials and -3 296 -3 460 -5 -9 996 -10 823 -8 -14 484
services
Employee benefits -3 758 -3 782 -1 -12 722 -12 746 -17 020
Depreciation -461 -525 -12 -1 430 -1 559 -8 -2 078
Other operating -1 204 -1 188 1 -3 829 -4 200 -9 -5 711
costs
Share of associated 1 337 -25 784 105 3 173 -22 064 114 -22 630
companies' profit
*)
OPERATING PROFIT/ 2 622 -24 022 111 6 337 -17 904 135 -16 631
LOSS
Financial income and 1 416 -284 598 1 219 38 3082 -347
expenses
PROFIT/ LOSS BEFORE 4 038 -24 306 117 7 556 -17 866 142 -16 978
TAX
Income tax -526 -362 45 -766 -893 -14 -1 199
PROFIT/ LOSS FOR THE 3 512 -24 668 114 6 790 -18 759 136 -18 178
PERIOD UNDER REVIEW
Earnings per share, 0.14 -0.96 114 0.26 -0.73 136 -0.71
undiluted (EUR)**)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest
thousand)**)
*) 2013: Includes the EUR 27 million non-recurring write-down on the holding in
the associated company Alma Media Corporation (Q3/2013).
**) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 7-9/ 7-9/ Chang 1-9/ 1-9/ Change 1-12/
2014 2013 e 2014 2013 % 2013
%
PROFIT/ LOSS FOR THE 3 512 -24 668 114 6 790 -18 759 136 -18 178
PERIOD UNDER REVIEW
OTHER COMPREHENSIVE
INCOME:
Items that may be
reclassified
subsequently to profit
or loss:
Available-for-sale
assets
Measured at fair value -14 -26 2 -1295 2
Transferred to the 124 126
income statement
Share of associated 87 48 83 -130 -106 -22 -342
companies' other
comprehensive income
Income tax related to -22 -20 -1 -3679 11
components of other
comprehensive income
Other comprehensive 176 48 268 -50 -105 53 -328
income, net of tax
TOTAL COMPREHENSIVE 3 688 -24 620 115 6 740 -18 864 136 -18 506
INCOME FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change % 1-9/ 1-9/ Change % 1-12/
2014 2013 2014 2013 2013
Publishing
External 8 708 9 237 -6 26 848 28 289 -5 38 098
Inter-segments 17 31 -45 63 115 -45 159
Publishing total 8 725 9 268 -6 26 912 28 404 -5 38 257
Printing
External 1 210 1 377 -12 3 990 4 897 -19 6 795
Inter-segments 1 675 1 701 -2 5 064 5 195 -3 6 968
Printing total 2 885 3 078 -6 9 053 10 091 -10 13 763
Non-allocated
Inter-segments 560 567 -1 1 680 1 701 -1 2 269
Non-allocated total 560 567 -1 1 680 1 701 -1 2 269
Elimination -2 252 -2 299 -2 -6 807 -7 010 -3 -9 395
Group net sales 9 918 10 614 -7 30 838 33 186 -7 44 893
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2014 2013 % 2014 2013 % 2013
Publishing 830 1 263 -34 2 250 3 256 -31 4 594
Printing 452 408 11 1 192 1 254 -5 1 827
Associated companies 1 337 -25 784 105 3 173 -22 064 114 -22 630
Non-allocated 3 92 -97 -278 -349 20 -422
Group operating profit/ 2 622 -24 022 111 6 337 -17 904 135 -16 631
loss total
ASSETS BY SEGMENT
(EUR 1,000) 9/2014 9/2013 Change 12/2013
%
Publishing 15 157 14 000 8 9 252
Printing 9 783 9 612 2 8 788
Non-allocated 113 202 114 793 -1 115 762
Group assets total 138 143 138 405 133 802
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 9/2014 9/2013 Change 12/2013
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 606 857 -29 789
Goodwill 314 314 314
Investment properties 156 195 -20 182
Property, plant and equipment 10 521 11 812 -11 11 459
Shares in associated companies 104 207 104 360 103 492
Available-for-sale assets 2 952 10 668 -72 10 668
Non-current trade and other receivables 567
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 119 537 128 421 -7 127 118
Current assets
Inventories 547 549 483
Trade and other receivables 4 059 3 698 10 2 866
Income tax assets 442 997 -56 96
Financial assets at fair value 1 092 1 306 -16 1 259
through profit or loss
Cash and cash equivalents 12 466 3 434 263 1 980
TOTAL Current assets 18 605 9 984 86 6 684
Total assets 138 143 138 405 133 802
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Invested unrestricted equity fund and other 48 715 48 623 48 635
reserves
Retained earnings 7 133 2 814 153 3 040
SHAREHOLDER'S EQUITY 62 265 57 853 8 58 091
NON-CURRENT LIABILITIES
Deferred tax liability 145 152 -5 216
Non-current interest-bearing liabilities 61 654 66 365 -7 60 432
Non-current interest-free liabilities 88 102 -13 88
NON-CURRENT LIABILITIES 61 887 66 620 -7 60 736
CURRENT LIABILITIES
Current interest-bearing liabilities 2 369 1 773 34 5 947
Accounts payable and other payables 11 032 11 219 -2 8 768
Income tax liability 590 941 -37 260
CURRENT LIABILITIES 13 991 13 932 14 975
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 138 143 138 405 133 802
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-9/ 1-9/ 1-12/
2014 2013 2013
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 6 790 -18 759 -18 178
Adjustments -2 244 24 457 26 229
Change in working capital 548 1 427 408
CASH FLOW FROM OPERATIONS 5 094 7 125 8 459
BEFORE FINANCE AND TAXES
Interest paid -807 -846 -1 749
Interest received 22 25 35
Dividends received 55 2 337 2 344
Other financial items -33 344 333
Direct taxes paid -874 -858 -920
CASH FLOW FROM OPERATIONS 3 456 8 127 8 502
CASH FLOW FROM INVESTMENTS
Investments in tangible and -254 -1 313 -1 398
intangible assets, net
Capital repayment received 2 249
Other investments -29 -18 -18
Proceeds from sale of other investments 10 056 138 138
Granted loans -567
Dividends received from investments 484 507 528
CASH FLOW FROM INVESTMENTS 11 938 -686 -750
CASH FLOW BEFORE FINANCING ITEMS 15 395 7 441 7 753
CASH FLOW FROM FINANCING
Change in current loans -2 361 -2 452 -4 217
Dividends paid and other profit distribution -2 548 -3 818 -3 818
CASH FLOW FROM FINANCING -4 909 -6 270 -8 035
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 10 486 1 171 -282
Liquid assets at the beginning of the financial 1 980 2 263 2 263
period
Liquid assets at the end of the financial period 12 466 3 434 1 980
KEY FIGURES
9/2014 9/2013 12/2013
Earnings/share (EUR) 0.26 -0.73 -0.71
Shareholders' equity/share (EUR) 2.43 2.25 2.26
Average number of personnel 317 325 321
Investments (EUR 1,000) *) 315 1 338 1 423
Interest-bearing debt (EUR 1,000) 64 023 68 138 66 379
Equity ratio, % 46.6 43.2 44.2
Net gearing, % 81.1 109.6 108.7
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 1-9/ 2013 l reserv equity fund es earning
e s
SHAREHOLDERS' 6 416 99 48 498 24 25 529 80 567
EQUITY 1.1.
Comprehensive 2 -18 865 -18 864
income for the
period
Dividend -3 850 -3 850
distribution
TOTAL SHAREHOLDERS' 6 416 101 48 498 24 2 814 57 853
EQUITY 9/ 2013
Change in Share Fair Invested Other Retain Total
shareholders' capita value unrestricted reserv ed
equity 1-9/ 2014 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 113 48 498 24 3 040 58 091
1.1.
Comprehensive income 80 6 660 6 740
for the period
Dividend -2 567 -2 567
distribution
SHAREHOLDERS' EQUITY 6 416 193 48 498 24 7 133 62 265
9/ 2014
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 9/2014 9/2013 12/2013
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 56 733 45 795 49 680
Contingent liabilities on behalf of associated company
Guarantees 4 010 4 059 4 059
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-9/ 1-9/ Change 1-12/
2014 2013 % 2013
Carrying amount at the beginning of the 11 459 11 862 -3 11 862
financial period
Increase 224 1 199 -81 1 266
Decrease -4
Depreciation for the financial period -1 157 -1 248 -7 -1 670
Carrying amount at the end of the financial 10 521 11 812 -11 11 459
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) 9/2014 9/2013 12/2013
Sales of goods and services
To associated companies 194 189 261
To other related parties 625 669 860
Purchases of goods and services
From associated companies 328 379 464
From other related parties 4 29 29
Non-current loan receivables from associated companies 567
Trade and other receivables
From associated companies 31 22 48
From other related parties 31 73 61
Accounts payable
To associated companies 57 22 16
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 9/2014 9/2013 12/2013
Salaries and other short-term employee benefits 782 748 989
Management comprises the Board of Directors, Supervisory Board, Managing
Director and Group Executive Team. The stated figures based on the cash method
do not differ significantly from those based on the accrual method.
FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES MEASURED AT
FAIR VALUE
Fair value at end of period
(EUR 1,000) 9/2014 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 092 1 092
or loss
Available-for-sale financial assets 1 532 1 532
TOTAL 2 623 1 092 1 532
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 834 1 834
TOTAL 1 834 1 834
Fair value at end of period
(EUR 1,000) 9/2013 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 306 1 306
or loss
Available-for-sale financial assets 9 248 9 248
TOTAL 10 554 1 306 9 248
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 781 1 781
TOTAL 1 781 1 781
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,419 thousand in 9/2013), 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
DISTRIBUTION
NASDAQ OMX Helsinki
The main media
www.ilkka-yhtyma.fi
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