2012-08-06 14:00:00 CEST
2012-08-06 14:00:06 CEST
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report for Q2/2012
Ilkka-Yhtymä Oyj Interim Report 6 August 2012, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT FOR Q2/2012
JANUARY-JUNE 2012
- Net sales: EUR 23.5 million (EUR 25.3 million), down 7.2%
- Operating profit: EUR 6.0 million (EUR 9.1 million), down 34.9%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 2.9 million (EUR 4.5 million), down 36.2%
- Operating profit totalled 25.3% of net sales, or 12.3% excluding Alma Media
and other associated companies (17.9%)
- Pre-tax profits: EUR 4.5 million (EUR 8.8 million), down 48.8%
- Earnings per share: EUR 0.17 (EUR 0.31)- Equity ratio remained good (55.2%);
accelerated repayment of loans by EUR 4.1 million
APRIL-JUNE 2012
- Net sales: EUR 11.7 million (EUR 13.2 million), down 11.0%
- Operating profit: EUR 2.6 million (EUR 5.0 million), down 48.4%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1.3 million (EUR 2.4 million), down 44.8%
- Operating profit totalled 21.9% of net sales, or 11.3% excluding Alma Media
and other associated companies (18.2%)
- Pre-tax profits: EUR 1.9 million (EUR 4.6 million), down 59.4%
- Earnings per share: EUR 0.07 (EUR 0.17)
BUSINESS ENVIRONMENT
In its Economic Bulletin of 19 June 2012, the Ministry of Finance forecast GDP
growth of 1.0% for 2012.
In media monitored by TNS Media Intelligence, advertising decreased by 4.9% in
June and 3.1% in January-June compared to the corresponding period last year.
In January-June, advertising in traditional newspapers fell by 7.7%.
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-June showed a 7.2% decline. Net
sales came to EUR 23.5 million (EUR 25.3 million in the corresponding period of
the previous year). External net sales from the publishing business fell by
5.8%. Advertising revenues fell by 10% and circulation revenues fell by 0.5%.
The decrease in net sales from the publishing business was caused by a weaker
advertising market and the income from parliamentary election advertisements
included in the comparative figure for 2011. External net sales from the
printing business fell by 15.9% due to the decline in volumes. Circulation
income accounted for 41% of consolidated net sales, while advertising income
and printing income represented 46% and 13%, respectively.
For Q2, net sales decreased by 11% and totalled EUR 11.7 million (EUR 13.2
million). External net sales from the publishing business fell by 10.2%.
Advertising revenues fell by 16.2%, and circulation revenues fell by 2.7%.
External net sales from the printing business decreased by 15.9%. Circulation
income accounted for 40% of consolidated net sales in April-June, while
advertising income and printing income represented 46% and 13%, 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 20.8 million (EUR 21.0
million), down by 0.9% year on year. For April-June, operating expenses
amounted to EUR 10.5 million (EUR 10.9 million), down 3.5%. For January-June,
expenses arising from materials and services decreased by 5.7%. Personnel
expenses increased by 2.5% and other operating costs increased by 1.8%.
Depreciation contracted by 2.6%.
The share of the associated companies' result for January-June was EUR 3.1
million (EUR 4.6 million). This share was affected by non-recurring expense
items recorded in Alma Media's results (EUR 5.3 million) as well as changes in
the fair value of a conditional purchase price provision arising from the
corporate restructuring of Arena Partners Oy. Consolidated operating profit
amounted to EUR 6.0 million (EUR 9.1 million), down by 34.9 per cent
year-on-year. The Group's operating margin was 25.3 per cent (36.1%). Operating
profit excluding Alma Media Corporation and the other associated companies
amounted to EUR 2.9 million (EUR 4.5 million), representing 12.3% (17.9%) of
net sales. Operating profit from publishing fell by EUR 1.4 million, and
operating profit from printing fell by EUR 0.3 million.
For April-June, the share of the associated companies' result was EUR 1.2
million (EUR 2.6 million). Consolidated operating profit amounted to EUR 2.6
million (EUR 5.0 million). Operating profit decreased 48.4% from the
corresponding period. The Group's operating margin was 21.9% (37.7%) in
April-June. Operating profit excluding Alma Media Corporation and the other
associated companies amounted to EUR 1.3 million (EUR 2.4 million),
representing 11.3% (18.2%) of net sales. For the second quarter, operating
profit from publishing fell by EUR 1.1 million, and operating profit from
printing fell by EUR 0.1 million.
Net financial expenses for January-June amounted to EUR 1.4 million (EUR 0.3
million). Net gain/loss on shares held for trading was EUR -0.3 million (EUR
-0.4 million). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 1.2 million (EUR 1.3 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 2012, the market value of these interest rate
swaps fell by EUR 0.6 million (in January-June 2011, the market value grew by
EUR 0.3 million).
Net financial expenses for April-June amounted to EUR 0.7 million (EUR 0.4
million). Net gain/loss on shares held for trading was EUR -0.4 million (EUR
-0.3 million). For Q2, interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 0.5 million (EUR 0.6 million). In
April-June 2012, the market value of interest rate swaps fell by EUR 0.3
million (in April-June 2011, the market value fell by EUR 0.4 million).
Pre-tax profits for January-June totalled EUR 4.5 million (EUR 8.8 million).
Direct taxes amounted to EUR 0.2 million (EUR 0.9 million), and the Group's net
profit for the period totalled EUR 4.3 million (EUR 7.9 million). The Group's
net profit for the second quarter totalled EUR 1.9 million (EUR 4.2 million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 183.6 million (EUR 193.7
million), with EUR 98.6 million (EUR 100.0 million) of equity. On the reporting
date of 30 June 2012, the balance sheet value of the holding in the associated
company Alma Media Corporation was EUR 146.9 million and the market value of
the shares was EUR 115.8 million. According to the management's estimate,
write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 71.3 million (EUR 80.8 million). The
equity ratio was 55.2 per cent (52.9%), and shareholders' equity per share
stood at EUR 3.84 (EUR 3.89). The decrease in financial assets for the period
totalled EUR 8.9 million (in January-June 2011, the increase in financial
assets EUR 4.2 million), with liquid assets at the end of the period totalling
EUR 2.0 million (EUR 7.2 million). During the period under review, accelerated
repayments of interest-bearing loans amounted to EUR 4.1 million, of which EUR
2.0 million were repayments of the TyEL loan for 2013-2015 (TyEL = the
Employees' Pensions Act).
Cash flow from operations for the period came to EUR 6.4 million (EUR 22.1
million). This includes EUR -2.6 million (EUR 6.4 million) from the Group's own
operations as well as EUR 9.0 million (EUR 15.7 million) of dividend income
from Alma Media Corporation. Due to VAT changes, subscription fees for the
Group's regional newspapers for 2012 were exceptionally invoiced in December
2011. Consequently, cash flow from the Group's own operations fell in
January-June 2012 compared to the same period in 2011. Cash flow from
investments totalled EUR 0.1 million (EUR -3.0 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, 17,163 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 0.4 per cent of the total number of series-I shares. The total
value of the shares traded was EUR 0.1 million. In total, 465,443 series-II
shares were traded, corresponding to 2.2 per cent of the total number of series
II shares. The total value of the shares traded was EUR 3.1 million. The lowest
price at which series-I shares of Ilkka-Yhtymä Oyj were traded during the
period under review was EUR 7.40, and the highest per-share price was EUR
11.29. The lowest price at which series-II shares were traded was EUR 5.50 and
the highest EUR 7.67. The market value of the share capital at the closing rate
for the reporting period was EUR 159.5 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 as well as circulation and printing volumes, which apply to the
entire sector. Other business risks are discussed in more detail in the 2011
Annual Report.
The Group's major financial risks include credit risk, 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 2011 Annual Report.
CHIEF EDITOR OF PROVINCIAL PAPER ILKKA
On 1 August 2012, Satu Takala (Master of Arts) assumed her position as Chief
Editor of provincial paper Ilkka, which is published by I-Mediat Oy, an
Ilkka-Yhtymä Group company. The former Chief Editor Matti Kalliokoski
transferred to Helsingin Sanomat.
Takala was previously Managing Editor of the shared editorial unit of Ilkka and
Pohjalainen. Prior to this position, she was Managing Director of Väli-Suomen
Media Oy and Producer at Sunnuntaisuomalainen in Jyväskylä as well as a
journalist for Ilkka.
NEWSPAPER DISTRIBUTION
I-Mediat Oy has signed a three-year follow-up agreement with Itella Posti Oy
for the deliveries of subscription newspapers and the development of
distribution.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 19 April 2012, 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 0.40 be paid for the year 2011.
The number of members on the Supervisory Board for 2012 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 2016: Vesa-Pekka Kangaskorpi
(Jyväskylä), Jarmo Rinta-Jouppi (Seinäjoki), Kimmo Simberg (Seinäjoki) and
Jyrki Viitala (Seinäjoki). Timo Mäkinen (Seinäjoki) was elected to the
Supervisory Board to replace an employee representative who resigned from her
position during the term of office. Mäkinen's term will end in 2013.
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 Tomi Englund 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 7 May 2012, the Supervisory Board re-elected Timo Aukia, 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 2012
In the current economic climate, major uncertainties are associated with the
predictability of both net sales and operating profit. Media advertising is
forecast to contract in Finland. 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.
The net sales of Ilkka-Yhtymä Group are estimated to decrease from the 2011
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 estimated to decrease from the 2011 level
mainly due to decline in net sales. In addition, the year's results will depend
on interest-rate trends and the price performance of securities investments.
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
2011 financial statements. New or revised IFRS standards and IFRIC
interpretations that become effective in 2012 have also been complied with, as
specified in the 2011 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 2011 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/
2012 2011 % 2012 2011 % 2011
NET SALES 11 734 13 180 -11 23 496 25 323 -7 49 952
Change in inventories 14 2 744 24 9 167 12
of finished and
unfinished products
Other operating income 100 120 -17 209 232 -10 435
Materials and services -3 522 -3 853 -9 -7 098 -7 530 -6 -14 830
Employee benefits -4 588 -4 609 -0 -9 158 -8 932 3 -17 275
Depreciation -749 -775 -3 -1 507 -1 547 -3 -3 098
Other operating costs -1 660 -1 661 -0 -3 068 -3 014 2 -6 265
Share of associated 1 239 2 569 -52 3 052 4 604 -34 8 659
companies' profit
OPERATING PROFIT 2 566 4 972 -48 5 951 9 147 -35 17 590
Financial income and -711 -397 79 -1 440 -331 335 -3 817
expenses
PROFIT BEFORE TAXES 1 856 4 575 -59 4 511 8 815 -49 13 773
Income tax -4 -328 -99 -210 -895 -76 -1 098
PROFIT FOR THE PERIOD 1 852 4 247 -56 4 300 7 920 -46 12 675
UNDER REVIEW
Earnings per share, 0.07 0.17 -56 0.17 0.31 -46 0.49
undiluted (EUR)*)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average, adjusted for
the share issue (to
the nearest
thousand)*)
*) 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/
2012 2011 % 2012 2011 % 2011
PROFIT FOR THE PERIOD UNDER 1 852 4 247 -56 4 300 7 920 -46 12 675
REVIEW
OTHER COMPREHENSIVE INCOME:
Available-for-sale assets -1 -11 92 -1 -58 98 -517
Share of associated -31 -97 68 128 -119 207 -53
companies' other
comprehensive income
Income tax related to 3 -92 15 -98 138
components of other
comprehensive income
Other comprehensive income, -31 -105 70 127 -162 178 -432
net of tax
TOTAL COMPREHENSIVE INCOME 1 820 4 141 -56 4 427 7 758 -43 12 243
FOR THE PERIOD
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2012 6/2011 Change 12/2011
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 1 062 1 262 -16 1 120
Goodwill 314 314 0 314
Investment properties 258 343 -25 295
Property, plant and equipment 12 551 14 287 -12 13 481
Shares in associated companies 148 268 149 977 -1 154 097
Available-for-sale assets 10 762 10 969 -2 10 714
Other tangible assets 214 214 0 214
TOTAL NON-CURRENT ASSETS 173 429 177 365 -2 180 236
CURRENT ASSETS
Inventories 661 638 4 602
Trade and other receivables 4 770 5 043 -5 3 079
Income tax assets 1 148 942 22 254
Financial assets at fair value 1 542 2 445 -37 1 902
through profit or loss
Cash and cash equivalents 2 041 7 224 -72 10 926
TOTAL CURRENT ASSETS 10 162 16 292 -38 16 762
TOTAL ASSETS 183 590 193 657 -5 196 998
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 0 6 416
Invested unrestricted equity fund and other 48 622 48 959 -1 48 623
reserves
Retained earnings 43 563 44 581 -2 49 401
SHAREHOLDER'S EQUITY 98 601 99 956 -1 104 440
NON-CURRENT LIABILITIES
Deferred tax liability 233 1 328 -82 532
Non-current interest-bearing liabilities 70 567 76 101 -7 72 438
Non-current interest-free liabilities 115 115
NON-CURRENT LIABILITIES 70 916 77 429 -8 73 085
CURRENT LIABILITIES
Current interest-bearing liabilities 703 4 657 -85 4 029
Accounts payable and other payables 12 682 10 416 22 15 383
Income tax liability 688 1 199 -43 61
CURRENT LIABILITIES 14 073 16 272 -14 19 473
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 183 590 193 657 -5 196 998
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2012 2011 2011
CASH FLOW FROM OPERATIONS
Profit for the period under review 4 300 7 920 12 675
Adjustments 90 -2 040 -683
Change in working capital -5 498 1 479 7 395
CASH FLOW FROM OPERATIONS -1 108 7 360 19 387
BEFORE FINANCE AND TAXES
Interest paid -782 -909 -2 491
Interest received 21 61 102
Dividends received 9 107 15 935 15 955
Other financial items -29 470 322
Direct taxes paid -775 -778 -2 104
CASH FLOW FROM OPERATIONS 6 435 22 139 31 171
CASH FLOW FROM INVESTMENTS
Investments in tangible and -400 -478 -785
intangible assets, net
Other investments, net -49 -3 273 -3 477
Dividends received from investments 511 789 628
CASH FLOW FROM INVESTMENTS 62 -2 962 -3 633
CASH FLOW BEFORE FINANCING ITEMS 6 497 19 177 27 538
CASH FLOW FROM FINANCING
Change in current loans -3 238 -2 273 -6 930
Change in non-current loans -1 964
Dividends paid and other profit distribution -10 179 -12 727 -12 728
CASH FLOW FROM FINANCING -15 382 -14 999 -19 658
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -8 885 4 177 7 879
Liquid assets at the beginning of the financial 10 926 3 047 3 047
period
Liquid assets at the end of the financial period 2 041 7 224 10 926
GROUP KEY FIGURES
6/2012 6/2011 12/2011
Earnings/share (EUR) 0.17 0.31 0.49
Shareholders' equity/share (EUR) 3.84 3.89 4.07
Average number of personnel 335 339 341
Investments (EUR 1,000) *) 531 3 902 4 414
Interest-bearing debt (EUR 1,000) 71 270 80 758 76 467
Equity ratio, % 55.2 52.9 55.5
Adjusted average number of shares during the 25 665 208 25 665 208 25 665 208
period
Adjusted number of shares on the balance 25 665 208 25 665 208 25 665 208
sheet date
*) 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/ 2011 l reserv equity fund es earning
e s
SHAREHOLDERS' 6 416 480 48 498 24 49 612 105 030
EQUITY 1.1.
Comprehensive -43 7 801 7 758
income for the
period
Dividend -12 833 -12 833
distribution
TOTAL SHAREHOLDERS' 6 416 437 48 498 24 44 581 99 956
EQUITY 6/ 2011
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
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2012 6/2011 12/2011
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 68 218 89 280 81 332
Contingent liabilities on behalf of associated company
Guarantees 4 182 2 458 2 767
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2012 2011 2012 2011 2011
Publishing
External 10 221 11 381 -10 20 495 21 751 -6 43 217
Inter-segments 34 28 18 64 55 17 101
Publishing total 10 255 11 409 -10 20 559 21 806 -6 43 318
Printing
External 1 512 1 799 -16 3 002 3 571 -16 6 734
Inter-segments 1 967 2 140 -8 4 001 4 220 -5 8 501
Printing total 3 479 3 939 -12 7 003 7 791 -10 15 235
Non-allocated
External 1 -100 2 -100 2
Inter-segments 534 501 7 1 068 1 003 7 2 000
Non-allocated total 534 502 6 1 068 1 004 6 2 002
Elimination -2 535 -2 670 -5 -5 133 -5 278 -3 -10 603
Group net sales 11 734 13 180 -11 23 496 25 323 -7 49 952
total
OPERATING PROFIT BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2012 2011 2012 2011 2011
Publishing 1 207 2 279 -47 2 563 3 987 -36 7 697
Printing 312 396 -21 654 946 -31 1 953
Associated companies 1 239 2 569 -52 3 052 4 604 -34 8 659
Non-allocated -192 -272 29 -318 -391 19 -719
Group operating profit 2 566 4 972 -48 5 951 9 147 -35 17 590
total
ASSETS BY SEGMENT
(EUR 1,000) 6/2012 6/2011 Change % 12/2011
Publishing 14 498 15 513 -7 15 630
Printing 10 857 12 176 -11 10 912
Non-allocated 158 236 165 968 -5 170 456
Group assets total 183 590 193 657 -5 196 998
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-6/ 1-6/ Change 1-12/
2012 2011 % 2011
Carrying amount at the beginning of the 13 481 15 150 -11 15 150
financial period
Increase 339 451 -25 1 042
Decrease -14 -100 -128
Depreciation for the financial period -1 269 -1 300 -2 -2 582
Carrying amount at the end of the financial 12 551 14 287 -12 13 481
period
RELATED PARTY TRANSACTIONS
The following related party transactions were carried out:
(EUR 1,000) 6/2012 6/2011 12/2011
Sales of goods and services
To associated companies 171 153 322
To other related parties 406 485 935
Purchases of goods and services
From associated companies 279 263 530
From other related parties 2 54 56
Trade receivables
From associated companies 22 23 18
From other related parties 48 60 55
Accounts payable
To associated companies 45 10 9
Transactions with related parties are conducted at fair market prices.
Employee benefits to management
(EUR 1,000) 6/2012 6/2011 12/2011
Salaries and other short-term employee benefits 490 402 831
The management comprises the Board of Directors, Supervisory Board, Managing
Director and Group Executive Team. The figures stated on the basis of the cash
method do not differ significantly from those based on the accrual method.
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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