2014-08-04 14:00:00 CEST
2014-08-04 14:00:03 CEST
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report 1 Jan.-30 Jun. 2014
Ilkka-Yhtymä Oyj Interim Report 4 August 2014, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT 1 JAN.-30 JUN. 2014
JANUARY-JUNE 2014
- Net sales: EUR 20.9 million (EUR 22.6 million)
- Total expenses decreased by 5.5%
- Operating profit: EUR 3.7 million (EUR 6.1 million)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1.9 million (EUR 2.4 million)
- Operating profit totalled 17.8% of net sales, or 9.0% excluding Alma Media
and other associated companies (10.6%)
- Pre-tax profits: EUR 3.5 million (EUR 6.4 million)
- Earnings per share: EUR 0.13 (EUR 0.23)
- Eguity ratio 45.0% remained at a good level
APRIL-JUNE 2014
- Net sales: EUR 10.8 million (EUR 11.6 million)
- Operating profit: EUR 2.5 million (EUR 3.9 million)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 1.2 million (EUR 1.5 million)
- Operating profit totalled 23.4% of net sales, or 11.3% excluding Alma Media
and other associated companies (13.3%)
- Pre-tax profits: EUR 2.8 million (EUR 4.3 million)
- Earnings per share: EUR 0.10 (EUR 0.16)
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-June showed a 7.3% decline. Net
sales came to EUR 20.9 million (EUR 22.6 million). External net sales from the
publishing business fell by 4.8%. Advertising revenues fell by 8.4% and
circulation revenues by 1.1%. 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 21.0% due to tough competition and the
weaker market. Circulation income accounted for 45% of consolidated net sales,
while advertising income and printing income represented 41% and 13%,
respectively.
For Q2, net sales decreased by 7.0% and totalled EUR 10.8 million (EUR 11.6
million). External net sales from the publishing business fell by 4.1%.
Advertising revenues fell by 5.3% and circulation revenues by 3.0%. External
net sales from the printing business decreased by 21.3%. Circulation income
accounted for 43% of consolidated net sales in April-June, while advertising
income and printing income represented 42% and 14%, 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 19.3 million (EUR 20.4
million), down by 5.5% year on year. For April-June, operating expenses
amounted to EUR 9.7 million (EUR 10.1 million), down 4.8%. For January-June,
expenses arising from materials and services decreased by 9.0%. Personnel
expenses remained at the previous year's level. 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. Other
operating costs decreased by 12.9%. Depreciation contracted by 6.4%.
The share of the associated companies' result for January-June was EUR 1.8
million (EUR 3.7 million). Consolidated operating profit amounted to EUR 3.7
million (EUR 6.1 million), down by 39.3 per cent year-on-year. The Group's
operating margin was 17.8 per cent (27.1%). Operating profit excluding Alma
Media Corporation and the other associated companies amounted to EUR 1.9
million (EUR 2.4 million), representing 9.0% (10.6%) of net sales. Operating
profit from publishing fell by EUR 0.6 million, and operating profit from
printing fell by EUR 0.1 million.
For April-June, the share of the associated companies' result was EUR 1.3
million (EUR 2.3 million). Consolidated operating profit amounted to EUR 2.5
million (EUR 3.9 million). Operating profit decreased 34.6% from the
corresponding period. The Group's operating margin was 23.4% (33.3%) in
April-June. Operating profit excluding Alma Media Corporation and the other
associated companies amounted to EUR 1.2 million (EUR 1.5 million),
representing 11.3% (13.3%) of net sales. For the second quarter, operating
profit from publishing fell by EUR 0.3 million, and operating profit from
printing fell by EUR 0.1 million.
Net financial expenses for January-June amounted to EUR 0.2 million (net
financial income 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
-0.04 million). Interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 0.9 million (EUR 0.9 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 2014, the market value of these interest rate
swaps fell by EUR 0.02 million (in January-June 2013, the market value grew by
EUR 0.6 million).
Net financial income for April-June amounted to EUR 0.3 million (EUR 0.5
million). Net gain/loss on shares held for trading was EUR 0.0 million (EUR
-0.03 million). Interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 0.4 million (EUR 0.4 million). In
April-June 2014, the market value of interest rate swaps fell by EUR 0.02
million (in April-June 2013, the market value grew by EUR 0.4 million).
Pre-tax profits for January-June totalled EUR 3.5 million (EUR 6.4 million).
Direct taxes amounted to EUR 0.2 million (EUR 0.5 million), and the Group's net
profit for the period totalled EUR 3.3 million (EUR 5.9 million). The Group's
net profit for the second quarter totalled EUR 2.6 million (EUR 4.0 million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 134.9 million (EUR 164.2
million), with EUR 58.6 million (EUR 82.5 million) of equity. On the reporting
date of 30 June 2014, the balance sheet value of the holding in the associated
company Alma Media Corporation was EUR 102.0 million and the market value of
the shares was EUR 60.9 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 45.0 per cent (51.8%), and shareholders' equity per share was
EUR 2.28 (EUR 3.21). The increase in financial assets for the period totalled
EUR 0.3 million (decrease EUR 0.4 million), with liquid assets at the end of
the period totalling EUR 2.3 million (EUR 1.8 million).
For January-June, cash flow from operations came to EUR 2.7 million (EUR 6.1
million). Cash flow from operations for January-June 2013 includes EUR 3.9
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 totalled EUR 2.6
million (EUR -0.3 million). For January-June 2014, cash flow from investments
includes EUR 2.2 million of capital repayment from Alma Media Corporation.
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
will gradually start using the distribution services of HSS Media in the
Swedish-speaking municipalities of Ostrobothnia, with the exception of Vaasa
and Mustasaari. On Mondays, when HSS Media does not publish newspapers,
Pohjalainen and Ilkka will be delivered by Itella with the daily mail. In Vaasa
and parts of Mustasaari, the newspapers will still be distributed by Itella in
the early hours, seven days a week.
PERSONNEL
The Group had an average of 312 (322) 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-June, 41,843 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 1.0 per cent of the total number of series-I shares. The total
value of the shares exchanged was EUR 0.2 million. In total, 1,228,751
series-II shares were traded, corresponding to 5.8 per cent of the total number
of series II shares. The total value of the shares traded was EUR 3.2 million.
The lowest price at which series-I shares of Ilkka-Yhtymä Oyj were traded
during the period under review was EUR 3.49, and the highest per-share price
was EUR 4.98. The lowest price at which series-II shares were traded was EUR
2.20 and the highest EUR 3.05. The market value of the share capital at the
closing rate for the reporting period was EUR 62.9 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, 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 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. Media
advertising in Finland is expected to remain roughly at the previous year's
level and, due to caution among consumers as well as competition in the media
market, newspaper circulation income is forecast to shrink. 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) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2014 2013 % 2014 2013 % 2013
NET SALES 10 777 11 585 -7 20 921 22 572 -7 44 893
Change in inventories 1 1 51 -1 6 -115 6
of finished and
unfinished products
Other operating income 102 101 1 217 194 12 392
Materials and services -3 484 -3 755 -7 -6 700 -7 362 -9 -14 484
Employee benefits -4 453 -4 403 1 -8 963 -8 963 -17 020
Depreciation -480 -511 -6 -969 -1 035 -6 -2 078
Other operating costs -1 249 -1 481 -16 -2 625 -3 012 -13 -5 711
Share of associated 1 309 2 322 -44 1 836 3 720 -51 -22 630
companies' profit *)
OPERATING PROFIT/ LOSS 2 523 3 859 -35 3 716 6 118 -39 -16 631
Financial income and 284 485 -41 -198 323 -161 -347
expenses
PROFIT/ LOSS BEFORE TAX 2 807 4 344 -35 3 518 6 440 -45 -16 978
Income tax -204 -361 -43 -241 -532 -55 -1 199
PROFIT/ LOSS FOR THE 2 603 3 982 -35 3 277 5 909 -45 -18 178
PERIOD UNDER REVIEW
Earnings per share, 0.10 0.16 -35 0.13 0.23 -45 -0.71
undiluted (EUR)**)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand)**)
*) 1-12/2013: 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) 4-6/ 4-6/ Chang 1-6/ 1-6/ Change 1-12/
2014 2013 e 2014 2013 % 2013 %
PROFIT/ LOSS FOR THE PERIOD 2 603 3 982 -35 3 277 5 909 -45 -18 178
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently
to profit or loss:
Available-for-sale assets
Measured at fair value -13 -12 2 -708 2
Transferred to the income 2
statement
Share of associated -205 -239 14 -217 -154 -41 -342
companies' other
comprehensive income
Income tax related to 3 2 11
components of other
comprehensive income
Other comprehensive income, -215 -239 10 -225 -152 -48 -328
net of tax
TOTAL COMPREHENSIVE INCOME 2 387 3 744 -36 3 052 5 756 -47 -18 506
FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2014 2013 2014 2013 2013
Publishing
External 9 265 9 664 -4 18 140 19 052 -5 38 098
Inter-segments 22 47 -54 46 84 -45 159
Publishing total 9 287 9 711 -4 18 187 19 136 -5 38 257
Printing
External 1 512 1 921 -21 2 780 3 520 -21 6 795
Inter-segments 1 702 1 720 -1 3 389 3 494 -3 6 968
Printing total 3 214 3 641 -12 6 169 7 014 -12 13 763
Non-allocated
Inter-segments 560 567 -1 1 120 1 134 -1 2 269
Non-allocated total 560 567 -1 1 120 1 134 -1 2 269
Elimination -2 284 -2 334 -2 -4 555 -4 712 -3 -9 395
Group net sales 10 777 11 585 -7 20 921 22 572 -7 44 893
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2014 2013 % 2014 2013 % 2013
Publishing 921 1 215 -24 1 420 1 993 -29 4 594
Printing 410 529 -23 740 846 -12 1 827
Associated companies 1 309 2 322 -44 1 836 3 720 -51 -22 630
Non-allocated -117 -207 43 -281 -440 36 -422
Group operating profit/ 2 523 3 859 -35 3 716 6 118 -39 -16 631
loss total
ASSETS BY SEGMENT
(EUR 1,000) 1-6/2014 1-6/2013 Change 1-12/2013
%
Publishing 12 800 13 781 -7 9 252
Printing 9 186 9 723 -6 8 788
Non-allocated 112 959 140 646 -20 115 762
Group assets total 134 945 164 150 -18 133 802
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2014 6/2013 Change 12/2013
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 646 927 -30 789
Goodwill 314 314 314
Investment properties 164 208 -21 182
Property, plant and equipment 10 829 12 114 -11 11 459
Shares in associated companies 102 783 130 097 -21 103 492
Available-for-sale assets 10 284 10 668 -4 10 668
Non-current trade and other receivables 567
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 125 803 154 541 -19 127 118
Current assets
Inventories 543 593 -8 483
Trade and other receivables 4 530 4 692 -3 2 866
Income tax assets 582 900 -35 96
Financial assets at fair value 1 162 1 583 -27 1 259
through profit or loss
Cash and cash equivalents 2 325 1 842 26 1 980
TOTAL Current assets 9 143 9 610 -5 6 684
Total assets 134 945 164 150 -18 133 802
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Invested unrestricted equity fund and other 48 626 48 623 48 635
reserves
Retained earnings 3 534 27 434 -87 3 040
SHAREHOLDER'S EQUITY 58 576 82 473 -29 58 091
NON-CURRENT LIABILITIES
Deferred tax liability 169 148 15 216
Non-current interest-bearing liabilities 61 644 66 359 -7 60 432
Non-current interest-free liabilities 88 102 -13 88
NON-CURRENT LIABILITIES 61 902 66 608 -7 60 736
CURRENT LIABILITIES
Current interest-bearing liabilities 2 378 1 781 34 5 947
Accounts payable and other payables 11 772 12 737 -8 8 768
Income tax liability 317 551 -42 260
CURRENT LIABILITIES 14 467 15 069 -4 14 975
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 134 945 164 150 -18 133 802
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2014 2013 2013
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 3 277 5 909 -18 178
Adjustments -474 -2 484 26 229
Change in working capital 1 128 1 783 408
CASH FLOW FROM OPERATIONS 3 931 5 208 8 459
BEFORE FINANCE AND TAXES
Interest paid -603 -620 -1 749
Interest received 15 17 35
Dividends received 55 2 321 2 344
Other financial items -22 -23 333
Direct taxes paid -714 -793 -920
CASH FLOW FROM OPERATIONS 2 662 6 110 8 502
CASH FLOW FROM INVESTMENTS
Investments in tangible and -153 -888 -1 398
intangible assets, net
Sale of associated companies 34
Capital repayment received 2 249
Other investments -14 -18 -18
Proceeds from sale of other investments 561 138 138
Granted loans -567
Dividends received from investments 484 506 528
CASH FLOW FROM INVESTMENTS 2 592 -261 -750
CASH FLOW BEFORE FINANCING ITEMS 5 254 5 849 7 753
CASH FLOW FROM FINANCING
Change in current loans -2 361 -2 452 -4 217
Dividends paid and other profit distribution -2 548 -3 817 -3 818
CASH FLOW FROM FINANCING -4 909 -6 270 -8 035
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 345 -421 -282
Liquid assets at the beginning of the financial period 1 980 2 263 2 263
Liquid assets at the end of the financial period 2 325 1 842 1 980
KEY FIGURES
6/2014 6/2013 12/2013
Earnings/share (EUR) 0.13 0.23 -0.71
Shareholders' equity/share (EUR) 2.28 3.21 2.26
Average number of personnel 312 322 321
Investments (EUR 1,000) *) 197 1 197 1 423
Interest-bearing debt (EUR 1,000) 64 022 68 139 66 379
Equity ratio, % 45.0 51.8 44.2
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 Retain Total
shareholders' capita value unrestricted reserv ed
equity 1-6/ 2013 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 99 48 498 24 25 529 80 567
1.1.
Comprehensive income 2 5 755 5 756
for the period
Dividend -3 850 -3 850
distribution
TOTAL SHAREHOLDERS' 6 416 101 48 498 24 27 434 82 473
EQUITY 6/ 2013
Change in Share Fair Invested Other Retain Total
shareholders' capita value unrestricted reserv ed
equity 1-6/ 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 -8 3 060 3 052
for the period
Dividend -2 567 -2 567
distribution
SHAREHOLDERS' EQUITY 6 416 104 48 498 24 3 534 58 576
6/ 2014
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2014 6/2013 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 49 756 37 416 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) 1-6/ 1-6/ Change 1-12/
2014 2013 % 2013
Carrying amount at the beginning of the 11 459 11 862 -3 11 862
financial period
Increase 160 1 078 -85 1 266
Decrease -4
Depreciation for the financial period -785 -826 -5 -1 670
Carrying amount at the end of the financial 10 829 12 114 -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) 6/2014 6/2013 12/2013
Sales of goods and services
To associated companies 129 129 261
To other related parties 417 450 860
Purchases of goods and services
From associated companies 228 264 464
From other related parties 3 2 29
Non-current loan receivables from associated companies 567
Trade and other receivables 23 24 48
From associated companies 62 99 61
From other related parties
Accounts payable
To associated companies 63 14 16
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 6/2014 6/2013 12/2013
Salaries and other short-term employee benefits 550 516 989
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) 6/2014 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 162 1 162
or loss
Available-for-sale financial assets 8 864 8 864
TOTAL 10 026 1 162 8 864
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 718 1 718
TOTAL 1 718 1 718
Fair value at end of period
(EUR 1,000) 6/2013 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 583 1 583
or loss
Available-for-sale financial assets 9 248 9 248
TOTAL 10 832 1 583 9 248
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 827 1 827
TOTAL 1 827 1 827
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,419 thousand in 6/2013), 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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