2011-04-29 07:30:00 CEST
2011-04-29 07:30:05 CEST
REGULATED INFORMATION
Talentum Oyj - Interim report (Q1 and Q3)
TALENTUM INTERIM REPORT JANUARY-MARCH 2011
Helsinki, Finland, 2011-04-29 07:30 CEST (GLOBE NEWSWIRE) -- TALENTUM OYJ
INTERIM REPORT 29 April 2011 at 8.30 am
TALENTUM INTERIM REPORT JANUARY-MARCH 2011
January-March 2011 in brief
- Talentum Group's net sales increased by 21.7%, totalling EUR 23.6 million
(EUR 19.4 million)
- The net sales from publishing increased by 25.3%, reaching a total of EUR
22.3 million (EUR 17.8 million).
- The amount of media advertising in Talentum's media increased in both Finland
and Sweden by a total of 26.4%.
- Operating income (EBIT) EUR 1.2 million (EUR 0.0 million)
- Earnings per share EUR 0.02 (EUR 0.01)
- Net liabilities EUR 10.8 million (31 Dec 2010: EUR 12.4 million)
KEY FINANCIAL FIGURES
EUR million 1-3/ 1-3/ Change 1-12/
2011 2010 % 2010
--------------------------------------------------------------------------------
Net sales 23.6 19.4 21.7 81.0
--------------------------------------------------------------------------------
Operating income without 1.2 0.0 2.0
non-recurring items
--------------------------------------------------------------------------------
Operating income 1.2 0.0 0.3
--------------------------------------------------------------------------------
as % of net sales 5.1 0.0 0.3
--------------------------------------------------------------------------------
Net cash from operating activities 1.8 2.7 2.7
--------------------------------------------------------------------------------
Total assets 68.0 60.0 64.7
--------------------------------------------------------------------------------
Investments 0.2 0.4 -37.5 3.9
--------------------------------------------------------------------------------
as % of net sales 1.0 2.1 4.8
--------------------------------------------------------------------------------
Equity ratio % 35.5 35.2 34.4
--------------------------------------------------------------------------------
Gearing ratio % (net debt to equity) 58.6 61.1 70.9
--------------------------------------------------------------------------------
Interest-bearing liabilities 12.3 12.1 13.9
--------------------------------------------------------------------------------
Net interest-bearing liabilities 10.8 9.8 12.4
--------------------------------------------------------------------------------
Personnel on average 820 775 5.8 787
--------------------------------------------------------------------------------
Earnings per share, EUR 0.02 0.01 252.4 0.00
--------------------------------------------------------------------------------
Cash flow from operating activities per 0.04 0.06 -32.0 0.06
share, EUR
--------------------------------------------------------------------------------
Equity per share, EUR 0.42 0.36 14.7 0.40
--------------------------------------------------------------------------------
Market capitalization on closing rate at 86.8 88.5 -2.0 86.4
period end
--------------------------------------------------------------------------------
Sector and Talentum prospects for 2011
The activity of operations among Talentum's customers increased in 2010 and
continued during the first quarter of 2011. This was evident in Talentum's
improved sales figures for both Finland and Sweden.
Talentum keeps the prospects for the whole year unchanged and estimates that in
2011, its net sales will grow and operating income will improve.
CHIEF EXECUTIVE OFFICER JUHA BLOMSTER:
The operating preconditions of a media company are affected by the general
economic situation and the state of society, among other things. However, the
business activity of Talentum's customers increased, which is evident in the
increased net sales and improved performance.
In the first quarter the amount of media advertising increased in both Finland
and Sweden. In Finland, advertising in periodicals increased by 1.2% and for
professional journals in particular by 6.4%. The growth in professional
journals in Sweden was 19.4%. Online media advertising increased from the first
quarter last year by 32.5% in Finland and 11.1% in Sweden.
- Talentum Group's net sales for the first quarter increased by 21.7% and net
sales from publishing 25.3%. Excluding the acquisition of the event business in
September 2010 and with comparable exchange rates, the Group's net sales
increased by 3.5%. The Group operating income stood at EUR 1.2 million.
- The book business in Finland developed favourably and the training business
was also on a path to growth after the recession. The media business in Sweden
continued strong growth, and construction business information operations also
developed favourably.
- In the first quarter, Talentum's advertising revenue grew by 26.4% from the
corresponding period in the previous year, circulation income by 8.0% and other
content income, including books, training, events and business information, by
43.7%. The event business acquired last year accounted for 40.2% of the growth
of other content production. E-business increased by 18.8%. The online visitor
counts of the biggest online media increased, in the case of Talouselämä by as
much as 80%, Tekniikka&Talous by 38%, Ny Teknik by 10% and Affärsvärlden by
15%.
- The process to diversify the revenue structure as outlined in Talentum's
strategy has proceeded well. The year 2011 started off well and we will be
doing our best to ensure continued success. We will continue developing our
strong brands to improve our market position and profitability.
Operating environment and seasonal variation
The Finnish economy experienced a strong recovery in 2010. Forecasts for GDP
development this year are approximately 3%. Estimates of the general economic
state in Sweden continue to be more positive than in Finland, and most
estimates put GDP growth in 2011 around 4-5%.
According to TNS Media Intelligence, media advertising in Finland rose by 9.7%
in the first quarter. In periodicals advertising increased by 1.2% and for
professional and organization magazines in particular advertising increased by
6.4%. Online advertising increased by 32.5%. In Sweden, total media advertising
rose by 17.9% in the first quarter, while in professional magazines the
increase was 19.4% (Sweden's Media Agencies - Sveriges Mediebyråer).
Talentum's assessment is that the information needs of 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 the 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 affects the
results of both quarters. In the year of comparison Easter fell between the
first and the second quarter. 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. Profit for the third period is historically negative.
Operations are generally at their busiest in the final quarter.
Consolidated net sales and profit for January-March 2011
Consolidated net sales for January-March increased by 21.7%, totalling EUR 23.6
million (EUR 19.4 million). Without corporate acquisitions and at comparable
exchange rates, net sales increased by 3.7%. The strengthening of the Swedish
krona against the euro improved net sales by EUR 1.1 million. Net sales from
publishing increased by 25.3%, totalling EUR 22.3 million (EUR 17.8 million).
Advertising sales rose by 26.4%.
The consolidated operating income for January-March was EUR 1.2 million (EUR
0.0 million) and 5.1% of net sales (0.0%). Amortisation of intangible assets of
corporate acquisitions amounted to EUR 0.2 million (EUR 0.0 million). The
operating income from publishing was EUR 1.6 million (EUR 0.2 million).
The Group's expenses decreased by approximately 0.5% or EUR 0.1 million with
respect to the corresponding period in the previous year (at comparable
exchange rates). This comparison does not include the event business acquired
in September 2010.
Net financial expenses amounted to EUR 0.1 million (EUR -0.3 million). The
Group's share of the income of joint ventures was EUR 0.0 million (EUR -0.1
million).
The income before taxes was EUR 1.1 million (EUR 0.2 million). Taxes for the
Group totalled EUR 0.3 million (EUR 0.0 million) for the period under review.
The effective tax rate was 26.0% (-22.0%). The consolidated income for the
period was EUR 0.8 million (EUR 0.2 million).
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 rate fluctuations. Net sales of Publishing Other Nordic
Countries for the period under review amounted to 48% (49%) of the total net
sales of publishing. The share of the balance sheet total attributable to
Publishing Other Nordic Countries was 45% (48%). The companies' operations are
local and language area bound by nature, and there are few currency-denominated
transactions. The profit and loss account and balance sheet have not been
hedged against exchange rate fluctuations.
Short-term risks for the business
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 fluctuations. Under the present economic conditions, the
share of advertising is about 34% (33%) of net sales. The part of advertising
revenue most sensitive to economic fluctuations is job advertising.
The aim is to minimise the market risk relating to advertising by increasing
revenue from circulation and content sales. The goal is for all Talentum
products and services to be market leaders in their fields, so that success is
possible even in recession.
Online services are a factor that may 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 the company is unable to develop its operations to respond to
changes in media consumption habits, this could undermine its competitiveness.
The Group's risk management principles are laid out in the 2010 Annual Report,
published on 10 March 2011.
Cash flow, financial position and balance sheet for the Group
The cash flow from business operations in the first quarter was lower than in
the previous year following the change in working capital. Net cash flow from
business operations was EUR 1.8 million (EUR 2.7 million). The change in
working capital was EUR 0.6 million (EUR 1.8 million). Working capital is
negative, as is usual for the sector, because liabilities include subscription
fee advances received from customers of EUR 16.3 million (in balance sheet
items, the comparison date is 31 December 2010: EUR 13.7 million).
The consolidated balance sheet total at the end of the period under review
stood at EUR 68.0 million (EUR 64.7 million). The Group's interest-bearing
loans and borrowing amounted to EUR 12.3 million (EUR 13.9 million). The
Group's liquid assets stood at EUR 1.6 million (EUR 1.5 million).
Interest-bearing net liabilities were EUR 10.8 million (EUR 12.4 million).
Talentum uses a bank overdraft limit of EUR 14 million and a financing credit
limit of EUR 22 million. About half of the limits are valid for three years and
the other half for four years.
EUR 9.8 million of the limits was used at the end of the period.
In addition, the Group has a commercial paper programme of EUR 30 million, of
which EUR 0.00 million was used at the end of the period under review.
The equity ratio at the end of the period under review was 35.5% (34.4%). The
Group's equity per share stood at EUR 0.42 (EUR 0.40). 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. On 31 March 2011, the translation
difference in the Group's equity was EUR 0.5 million. The change in the first
quarter was EUR 0.0 million (positive).
Investments
No significant investments took place in the Talentum Group in the period under
review.
Changes in Group structure
No changes in Group structure occurred in the period.
Personnel
Talentum Group employed on average 820 (775) people in the first quarter of the
year, 314 (328) of them in direct marketing and 506 (447) in publishing and in
the parent company. Geographically, the personnel were divided as follows:
Finland 405 people (379), Sweden 231 (226), Norway 8 (8), Denmark 8 (0), Latvia
75 (70), Estonia 85 (87) and Russia 8 (5). The event business acquired in
September 2010 increased the number of employees by 46 at the time of
acquisition. The event business also increased the number of employees in
Denmark and Sweden.
BUSINESS AREAS
EUR million 1-3/ 2011 1-3/ 2010 1-12/ 2010
------------------------------------------------------------------------------
Net sales
------------------------------------------------------------------------------
Publishing Finland 11.7 9.1 39.2
------------------------------------------------------------------------------
Publishing other Nordic Countries 10.6 8.7 35.5
------------------------------------------------------------------------------
Direct marketing 2.2 2.3 8.8
------------------------------------------------------------------------------
Other -0.9 -0.7 -2.6
------------------------------------------------------------------------------
Total 23.6 19.4 81.0
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Operating income without non-recurring items
------------------------------------------------------------------------------
Publishing Finland 0.9 -0.0 1.4
------------------------------------------------------------------------------
Publishing other Nordic Countries 0.8 0.2 1.9
------------------------------------------------------------------------------
Direct marketing 0.3 0.3 0.9
------------------------------------------------------------------------------
Other -0.7 -0.5 -2.1
------------------------------------------------------------------------------
Total 1.2 0.0 2.0
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Non-recurring items
------------------------------------------------------------------------------
Publishing Finland 0.0 - 0.0
------------------------------------------------------------------------------
Publishing other Nordic Countries 0.0 - -1.5
------------------------------------------------------------------------------
Direct marketing 0.0 - 0.0
------------------------------------------------------------------------------
Other 0.0 - -0.3
------------------------------------------------------------------------------
Total 0.0 - -1.8
------------------------------------------------------------------------------
Operating income 1.2 0.0 0.3
------------------------------------------------------------------------------
Non-recurring items in full-year 2010 include expenses of EUR 1.5 million
related to personnel reduction in Sweden and an expense of EUR 0.3 million
arising from the acquisition of IIR business.
Publishing
January-March
Net sales from publishing in the first quarter amounted to EUR 22.3 million
(EUR 17.8 million), a change of 25.3% from the previous year. Of net sales from
publishing, 52% (51%) originated from Finland and the remaining 48% (49%) from
other Nordic countries.
Advertising revenue increased by 26.4% from the previous year. The share of
advertising revenue of the net sales from publishing totalled 36% (36%).
Net sales from e-business for January-March increased by 18.8%. Net sales from
e-business were EUR 4.2 million (EUR 3.5 million), which corresponds to 19%
(20%) of the total figure for publishing. Most of the net sales of EUR 2.1
million of the construction information service company acquired in 2009
consist of revenue from electronic contents.
PUBLISHING REVENUE
EUR million 1-3/ 2011 1-3/ 2010 1-12/ 2010
---------------------------------------------------------
Net sales
---------------------------------------------------------
Advertisement revenue 8.1 6.4 27.0
---------------------------------------------------------
Circulation revenue 6.6 6.1 23.8
---------------------------------------------------------
Other content revenue * 7.7 5.3 23.9
---------------------------------------------------------
Total 22.3 17.8 74.8
---------------------------------------------------------
* 'Other content revenue' includes books, events, training and business
information services.
Publishing Finland
In the Publishing Finland segment, financial development is reported for
magazines, book publishing, training and event business. The most widely known
book in the book publishing business is the green Finnish Law book. The
magazines with the highest circulation are Talouselämä and Tekniikka & Talous.
The event business of IIR Finland Oy (now Talentum Events Oy), which was
acquired in September 2010, has belonged to this segment since the acquisition
(15 September 2010).
January-March
Net sales from Publishing Finland for January-March amounted to EUR 11.7
million (EUR 9.1 million), a change of 28.5% from the previous year. Without
the event business acquired in September 2010, increase from the previous year
was 6.8%. Advertising revenue was 15.4% up on the previous year.
The operating income from Publishing Finland was EUR 0.9 million (EUR -0.0
million). Publishing Finland's operating income was affected by the EUR 0.1
million (-) amortisation of intangible assets relating to acquisitions.
The magazine Tekniikka & Talous received a face lift both in terms of
appearance and content. The change was well received by both readers and
advertisers.
The visitor counts of the websites of Talentum's Finnish periodicals developed
favourably. The Talouselämä portal had 80% more unique browser visits per week
on average than in the corresponding period in 2010. The weekly average of
unique browser visits on all Finnish Talentum websites increased by 21%.
MikroPC continued its series of special publications which has proven a hit by
publishing an iPad user's guide based on the international IDG format.
Publishing Other Nordic Countries
In the Publishing Other Nordic Countries segment, financial development is
reported for magazines, the event business and business information operations.
The magazines with the highest circulation are Ny Teknik and Affärsvärlden. The
largest providers of business information are Sverige Bygger and Talentum HR.
Talentum Events Oy operations in Sweden and Denmark are reported under this
segment since 15 September 2010.
January-March
Net sales from Publishing Other Nordic Countries in the first quarter amounted
to EUR 10.6 million (EUR 8.7 million), a change of 22.0% from the previous
year. Excluding the acquisition of the event business in September 2010 and at
comparable exchange rates, the net sales increased by 4.2%. Changes in exchange
rates increased net sales by EUR 1.1 million. Advertising revenue was 36.5% up
on the previous year.
The operating income from Publishing Other Nordic Countries was EUR 0.8 million
(EUR 0.2 million). The operating income was affected by the EUR 0.1 million (-)
amortisation of intangible assets relating to acquisitions.
In Sweden both printed and online media developed favourably. The number of
unique visitors to the Ny Teknik portal increased by approximately 10%, to the
Affärsvärlden portal by 15% and to Dagens Media by 16% from corresponding
period in the previous year.
Direct Marketing
In the Direct Marketing segment, financial development is reported for the
business of Talentum's subsidiary Suoramarkkinointi Mega Oy in Finland and the
Baltic countries. The company operates in the telemarketing business.
January-March
Net sales from direct marketing for the first quarter amounted to EUR 2.2
million (EUR 2.3 million), and the operating income was EUR 0.3 million (EUR
0.3 million).
TALENTUM GROUP
Management
Talentum Oyj's Annual General Meeting on 1 April 2011 decided that the number
of members of the Board of Directors is six. Joachim Berner, MBA, BBA, Atte
Palomäki, Group Vice President Corporate Communications, Kai Telanne, CEO and
Merja Strengell, MSc (Eng.) were re-elected as members of the Board. Aarne
Aktan, CEO, and Henri Österlund, CEO, were elected as new members. Kai Telanne
was elected the Chairperson of the Board and Merja Strengell the Deputy
Chairperson.
The Annual General Meeting re-elected Authorised Public Accountants
PricewaterhouseCoopers Oy as auditors, with APA Juha Wahlroos as the
auditor-in-charge.
Authorisations of the Board of Directors
Authorisation of the Board of Directors to decide on the acquisition of own
shares
The Annual General Meeting authorised the Board of Directors on 1 April 2011 to
acquire a maximum of 3,500,000 of Talentum Oyj shares, which corresponds to
approximately eight (8) per cent of all Talentum Oyj shares. The authorisation
will remain in force until 30 June 2012.
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 1 April 2011 authorised the Board of Directors to
decide on a share issue including the conveyance of own shares and the issue of
special rights. Based on the authorisations, a maximum number of 3,500,000 new
shares may be issued and/or own shares held by the company may be disposed of,
which corresponds to approximately eight (8) per cent of the issued shares of
the company. The authorisations will remain in force until 30 June 2012.
Distribution of dividend for 2010
The Annual General Meeting on 1 April 2011 decided, on a motion by the Board of
Directors, not to distribute any dividend for 2010.
The AGM decided, on a motion by the Board of Directors, that a sum of EUR 0.02
per share be distributed from the invested non-restricted equity reserve. The
record date was 6 April 2011 and the payment date 13 April 2011.
Management's share-based incentive scheme
Talentum Oyj's Board of Directors decided on 18 March 2010 to establish a new
share-based incentive scheme for corporate management. The scheme consists of
three earnings periods, each comprising at least one and no more than three
financial years, the first of which began on 1 January 2010 and ended 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.
Thus the total duration of the scheme is 5 years. Even after this period has
expired, the CEO must retain one half of the shares he has earned under the
scheme for the entire duration of his employment relationship and for one year
after its termination. The Board of Directors shall decide at a later stage on
the next earnings periods and the restrictions related to the disposal of
shares earned during these periods. This scheme replaces the scheme of the same
content which came into effect on 1 January 2007 and terminated on 31 December
2009.
The possible revenue under this scheme for the 2011 earnings period shall be
based on Talentum Group's net sales and operating profit and Talentum's share
revenue. Nine people are covered by the scheme for the 2011 earnings period. If
the targets for the scheme are fully achieved in the 2011 earning period, a
maximum of 154,400 shares and the amount of cash required to cover the tax-like
charges arising from the distributed shares at issue will be granted 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 to cover the tax-like charges
arising from the distributed shares at issue will be granted within the scheme
over the 3-year period.
In 2010, the result entitled the participants in the scheme to a total of 1,268
shares, which corresponds to a cost of about six thousand euros for the
company. Talentum Oyj's Board of Directors decided in its meeting held on 14
February 2011 that the bonus will be paid in cash instead of shares.
Shares and share capital
On 31 March 2011, 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.
A total of 2,259,364 Talentum shares were traded in the first quarter, which
corresponds to 5.1% of all shares. The highest price paid for shares in the
first quarter was EUR 2.16 and the lowest was EUR 1.85. The closing price for
the shares on 31 March 2011 was EUR 1.99.
On 31 March 2011, the company held 681,000 of its own shares, which is about
1.5% of Talentum's total shares and votes.
Shareholdings of the Board of Directors and CEO
On 31 March 2011, 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.
Flagging notifications
No flagging notifications were made in January-March.
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.
Shareholder agreements
The company is not aware of any mutual shareholder agreements between its
shareholders relating to the operations or ownership of the company.
Changes in Group management
Niclas Köhler, M.Sc. (Econ.) was appointed Talentum's Chief Financial Officer
and member of the Group Executive Management. He will start in the position on
9 May 2011. He follows Kaisa Kokkonen who left the position on 11 March 2011.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
EUR million 1-3/ 1-3/ 1-12/
2011 2010 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 23.6 19.4 81.0
--------------------------------------------------------------------------------
Other operating income 0.1 0.2 0.7
--------------------------------------------------------------------------------
Materials and services 3.4 3.4 13.3
--------------------------------------------------------------------------------
Employee benefit expenses 11.6 10.5 42.8
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment 0.6 0.5 2.5
--------------------------------------------------------------------------------
Other operating expenses 6.9 5.2 22.8
--------------------------------------------------------------------------------
Operating income 1.2 0.0 0.3
--------------------------------------------------------------------------------
Financial income 0.0 0.0 1.3
--------------------------------------------------------------------------------
Financial expenses 0.1 -0.2 1.5
--------------------------------------------------------------------------------
Share of income of associated companies 0.0 -0.1 0.0
--------------------------------------------------------------------------------
Income before taxes 1.1 0.2 0.1
--------------------------------------------------------------------------------
Taxes 0.3 0.0 0.0
--------------------------------------------------------------------------------
Income for the period 0.8 0.2 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Translation differences 0.0 1.0 2.7
--------------------------------------------------------------------------------
Available-for-sale investments - - -0.0
--------------------------------------------------------------------------------
Income tax on available-for-sale investments - - 0.0
--------------------------------------------------------------------------------
Total comprehensive income for the period 0.8 1.2 2.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income for the period attributable to:
--------------------------------------------------------------------------------
Owners of the parent company 0.8 0.2 0.2
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the period
attributable to:
--------------------------------------------------------------------------------
Owners of the parent company 0.8 1.2 2.9
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.0 -0.0
--------------------------------------------------------------------------------
Basic and diluted Earnings per share, EUR* 0.02 0.01 0.00
--------------------------------------------------------------------------------
* Earnings per share are calculated from the income attributed to the equity
owners of the parent company.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 31.3.2011 31.3.2010 31.12.2010
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Property, plant and equipment 1.1 1.2 1.2
--------------------------------------------------------------------------------
Goodwill 31.8 29.5 31.7
--------------------------------------------------------------------------------
Other intangible assets 14.1 12.0 14.5
--------------------------------------------------------------------------------
Investments in associates 0.1 0.0 0.1
--------------------------------------------------------------------------------
Available-for-sale investments 0.1 0.1 0.1
--------------------------------------------------------------------------------
Deferred tax assets 1.8 1.8 1.8
--------------------------------------------------------------------------------
Other non-current receivables 1.7 0.2 1.8
--------------------------------------------------------------------------------
Total non-current assets 50.7 44.9 51.2
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 1.1 1.2 1.1
--------------------------------------------------------------------------------
Trade and other receivables 14.6 11.6 10.9
--------------------------------------------------------------------------------
Cash and cash equivalents 1.6 2.3 1.5
--------------------------------------------------------------------------------
Total current assets 17.2 15.1 13.5
--------------------------------------------------------------------------------
TOTAL ASSETS 68.0 60.0 64.7
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
--------------------------------------------------------------------------------
Equity attributable to equity owners of the
parent
--------------------------------------------------------------------------------
Share capital 18.6 18.6 18.6
--------------------------------------------------------------------------------
Treasury shares -2.8 -2.8 -2.8
--------------------------------------------------------------------------------
Other reserves 0.5 -0.5 0.5
--------------------------------------------------------------------------------
Invested non-restricted equity fund 3.3 3.3 3.3
--------------------------------------------------------------------------------
Retained earnings -1.4 -2.6 -2.2
--------------------------------------------------------------------------------
Total 18.3 15.9 17.4
--------------------------------------------------------------------------------
Non-controlling interest 0.1 0.1 0.1
--------------------------------------------------------------------------------
Total equity 18.4 16.0 17.5
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Deferred tax liabilities 3.8 3.1 3.8
--------------------------------------------------------------------------------
Non-current financial liabilities 0.1 0.1 0.1
--------------------------------------------------------------------------------
Pension obligation 0.1 0.1 0.1
--------------------------------------------------------------------------------
Other non-current liabilities 1.7 0.5 1.7
--------------------------------------------------------------------------------
Non-current provisions 0.2 0.2 0.3
--------------------------------------------------------------------------------
Total non-current liabilities 6.0 3.9 6.0
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Current financial liabilities 12.2 11.9 13.8
--------------------------------------------------------------------------------
Advances received 16.3 14.4 13.7
--------------------------------------------------------------------------------
Trade and other payables 15.1 13.4 13.6
--------------------------------------------------------------------------------
Currents provisions 0.0 0.1 0.1
--------------------------------------------------------------------------------
Total current liabilities 43.7 40.0 41.1
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 68.0 60.0 64.7
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOW
EUR million 1-3/ 1-3/ 1-12/
2011 2010 2010
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Operating income 1.2 0.0 0.3
--------------------------------------------------------------------------------
Adjustments to operating income 0.5 0.5 1.7
--------------------------------------------------------------------------------
Change in working capital 0.6 1.8 0.4
--------------------------------------------------------------------------------
Financial items and taxes -0.5 0.4 0.4
--------------------------------------------------------------------------------
Net cash from operating activities 1.8 2.7 2.7
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Acquisition of subsidiaries and associates, net of - - -2.5
cash acquired
--------------------------------------------------------------------------------
Disposal of subsidiaries and associates - - 0.3
--------------------------------------------------------------------------------
Acquisition of property, plant and equipment and -0.2 -0.4 -1.1
intangible assets
--------------------------------------------------------------------------------
Net cash from investing activities -0.2 -0.4 -3.3
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Change in current loans -1.6 -3.9 -1.8
--------------------------------------------------------------------------------
Repayment of non-current loans - - -0.2
--------------------------------------------------------------------------------
Net cash used in financing activities -1.6 -3.9 -2.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in cash and cash equivalents 0.1 -1.6 -2.5
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of 1.5 3.7 3.7
period
--------------------------------------------------------------------------------
Foreign exchange adjustment 0.0 0.1 0.3
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 0.1 -1.6 -2.5
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 1.6 2.3 1.5
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
a = Share capital f = Retained earnings
b = Treasury shares g = Equity attributable to equity owners of the parent
c = Fair value reserve (before non-controlling interest)
d = Translation reserve h = Non-controlling interest
e = Invested i = Total equity
non-restricted equity
fund
EUR million a b c d e f g h i
--------------------------------------------------------------------------------
Equity at 1 January 2011 18.6 -2.8 0.0 0.5 3.3 -2.2 17.4 0.1 17.5
--------------------------------------------------------------------------------
Other items -0.0 -0.0 -0.0
--------------------------------------------------------------------------------
Total comprehensive income 0.0 0.8 0.8 0.0 0.8
for the period
--------------------------------------------------------------------------------
Equity at 31 March 2011 18.6 -2.8 0.0 0.5 3.3 -1.4 18.3 0.1 18.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity at 1 January 2010 18.6 -2.8 0.0 -2.2 3.3 -2.2 14.6 0.3 14.9
--------------------------------------------------------------------------------
Other items -0.2 -0.2
--------------------------------------------------------------------------------
Total comprehensive income 1.0 0.2 1.2 0.0 1.3
for the period
--------------------------------------------------------------------------------
Equity at 31 March 2010 18.6 -2.8 0.0 -1.2 3.3 -2.0 15.9 0.1 16.0
--------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENTS
In preparation of this interim report, Talentum has applied the same principles
as in the financial statements for 2010, apart from the additions described
below.
From 1 January 2011, Talentum has adopted the following revised and amended
IFRS standards:
Revised IAS 24 Related Party Disclosures
The revised standard specifies the definition of ‘related party', which may
have an impact on the disclosures provided in the notes to the financial
statements.
In addition, the Group has adopted the Improvements to IFRSs (May 2010).
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
individual figures may differ from the totals shown.
TALENTUM GROUP BY SEGMENTS
1-3/2011 Publishing Publishing other Direct Other Total
Finland* Nordic Countries* marketin
g
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
External sales 11.7 10.6 1.4 0.1 23.6
--------------------------------------------------------------------------------
Inter-segment net 0.8 -0.8 0.0
sales
--------------------------------------------------------------------------------
Operating income 0.9 0.8 0.3 -0.7 1.2
--------------------------------------------------------------------------------
Segment income before 0.9 0.8 0.3 -0.7 1.2
taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reconciliation:
--------------------------------------------------------------------------------
Segment income before 1.2
taxes
--------------------------------------------------------------------------------
Financing items, net 0.1
--------------------------------------------------------------------------------
Share of income of 0.0
associated companies
--------------------------------------------------------------------------------
Consolidated income 1.1
before taxes
--------------------------------------------------------------------------------
* Include the event business acquired on 15 September 2010.
1-3/2010 Publishing Publishing other Direct Other Total
Finland Nordic Countries marketin
g
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
External sales 9.1 8.7 1.5 0.1 19.4
--------------------------------------------------------------------------------
Inter-segment net sales 0.7 -0.7 0.0
--------------------------------------------------------------------------------
Operating income -0.0 0.2 0.3 -0.5 0.0
--------------------------------------------------------------------------------
Segment income before 0.0 0.2 0.3 -0.5 0.0
taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reconciliation:
--------------------------------------------------------------------------------
Segment income before 0.0
taxes
--------------------------------------------------------------------------------
Non-recurring items
unallocated to the
segments
--------------------------------------------------------------------------------
Financing items, net -0.3
--------------------------------------------------------------------------------
Share of income of -0.1
associated companies
--------------------------------------------------------------------------------
Consolidated income 0.2
before taxes
--------------------------------------------------------------------------------
1-12/2010 Publishing Publishing other Direct Other Total
Finland Nordic Countries marketin
g
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
External sales 39.2 35.5 6.0 0.2 81.0
--------------------------------------------------------------------------------
Inter-segment net sales 2.8 -2.8 0.0
--------------------------------------------------------------------------------
Operating income 1.4 1.9 0.9 -2.1 2.0
--------------------------------------------------------------------------------
Segment income before 1.4 1.9 0.0 -2.1 2.0
taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Reconciliation:
--------------------------------------------------------------------------------
Segment income before 2.0
taxes
--------------------------------------------------------------------------------
Non-recurring items -1.8
unallocated to the
segments
--------------------------------------------------------------------------------
Financing items, net -0.2
--------------------------------------------------------------------------------
Share of income of 0.1
associated companies
--------------------------------------------------------------------------------
Consolidated income 0.2
before taxes
--------------------------------------------------------------------------------
CHANGE IN SHARE QUANTITIES * 1000 shares 1-3/2011 1-3/2010 1-12/2010
----------------------------------------------------------------------------
Shares outstanding at the beginning of period 43 615 43 615 43 615
----------------------------------------------------------------------------
Number of shares outstanding at end of period 43 615 43 615 43 615
----------------------------------------------------------------------------
* 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 1-3/2010).
The number of shares issued is 44,295,787.
PERSONNEL BY SEGMENTS, ON AVERAGE
1-3/2011 1-3/2010 1-12/2010
-----------------------------------------------------------------
Publishing Finland* 236 194 210
-----------------------------------------------------------------
Publishing other Nordic Countries* 247 234 232
-----------------------------------------------------------------
Direct Marketing 314 328 327
-----------------------------------------------------------------
Other 23 19 18
-----------------------------------------------------------------
Total 820 775 787
-----------------------------------------------------------------
*Include total 63 people of the event business acquired on 15 September 2010.
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 31.3.2011 31.3.2010 31.12.2010
----------------------------------------------------------------------------
Carrying amount at the beginning of period 1.2 1.3 1.3
----------------------------------------------------------------------------
Additions 0.1 0.0 0.4
----------------------------------------------------------------------------
Acquisitions through business combinations - - 0.0
----------------------------------------------------------------------------
Disposal of businesses - - 0.0
----------------------------------------------------------------------------
Decreases - - -0.3
----------------------------------------------------------------------------
Depreciation -0.1 -0.1 -0.3
----------------------------------------------------------------------------
Carrying amount at the end of period 1.2 1.2 1.2
----------------------------------------------------------------------------
CHANGES IN INTANGIBLE ASSETS
EUR million 31.3.2011 31.3.2010 31.12.2010
----------------------------------------------------------------------------
Carrying amount at the beginning of period 46.2 39.7 39.7
----------------------------------------------------------------------------
Additions 0.0 0.4 0.7
----------------------------------------------------------------------------
Purchase price allocation - - 0.6
----------------------------------------------------------------------------
Acquisitions through business combinations - - 2.7
----------------------------------------------------------------------------
Decreases -0.0 -0.0 -0.2
----------------------------------------------------------------------------
Amortisation -0.5 -0.4 -1.9
----------------------------------------------------------------------------
Exchange rate differences 0.2 1.7 4.5
----------------------------------------------------------------------------
Carrying amount at the end of period 45.9 41.4 46.2
----------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
EUR million 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------------------
Employee benefits for key management 0.3 0.3 1.0
-------------------------------------------------------------------
Support payments to pension fund - 0.9 -0.2
-------------------------------------------------------------------
Associates and joint ventures:
-------------------------------------------------------------------
Sales 0.0 0.0 0.3
-------------------------------------------------------------------
Receivables 0.2 0.0 0.0
-------------------------------------------------------------------
Liabilities 0.7 0.4 0.5
-------------------------------------------------------------------
GUARANTEES
EUR million 31.3.2011 31.3.2010 31.12.2010
--------------------------------------------------------------------------------
Guarantees posted for own commitments
--------------------------------------------------------------------------------
Financial institution loans - - -
--------------------------------------------------------------------------------
Book value of shares pledged - - -
--------------------------------------------------------------------------------
Business mortgage - - -
--------------------------------------------------------------------------------
Guarantees posted on behalf of commitments of - 0.3 -
associates
--------------------------------------------------------------------------------
Guarantees posted on behalf of Talentum´s - - -
pension fund
--------------------------------------------------------------------------------
Calculation of key indicators
Earnings per share = Profit for the period attributable to equity owners of the
parent company / Adjusted average number of shares at the end of the financial
period
Equity per share = Equity attributable to equity owners of the parent company /
Adjusted average number of shares at the end of the financial period
Return on invested capital, % = Income before taxes + interest and other
financial expenses / Balance sheet total - non-interest-bearing liabilities
(average of beginning and end of financial year) x 100
Return on equity, % = Result for the financial period / Total equity (average
of beginning and end of financial 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 capitalisation = Number of shares at the end of the financial period x
trading price at the end of the financial 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 2011
Talentum is planning to publish the results in 2011 as follows:
January-June, 21 July 2011
January-September, 27 October 2011
TALENTUM OYJ
Board of Directors
ADDITIONAL INFORMATION
Chief Executive Officer Juha Blomster, telephone +358 40 342 4444
DISTRIBUTION
NASDAQ OMX Helsinki
Principal media
www.talentum.com
BRIEFING
A briefing for analysts and the media will be held today, 29 April 2011 at
10:00 at the Talentum head office, Annankatu 34-36 B, Kamppi, Helsinki,
Finland. The interim statements will be presented by Juha Blomster, Chief
Executive Officer.
This report has been published in Finnish and translated into English. In case
of any discrepancy between the versions, the Finnish version shall prevail.
Talentum Oyj
Annankatu 34-36 B
FI-00100 Helsinki
Telephone +358 20 442 40
www.talentum.com
© 2024 Nasdaq, Inc. All Rights Reserved |