2016-08-08 13:00:01 CEST
2016-08-08 13:00:01 CEST
REGLAMENTUOJAMA INFORMACIJA
Ilkka-Yhtymä Oyj - Half Year financial report
Ilkka-Yhtymä Oyj's Half Year Financial Report 1 January - 30 June 2016
Ilkka-Yhtymä Oyj Half year financial report 8 August 2016, at 2:00pm
ILKKA-YHTYMÄ OYJ’S HALF YEAR FINANCIAL REPORT 1 JANUARY-30 JUNE 2016
JANUARY-JUNE 2016
- Net sales: EUR 19,917 thousand (EUR 20,712 thousand)
- Operating profit: EUR 3,224 thousand (EUR 4,040 thousand)
- Adjusted operating profit from the Group’s own operations amounted to EUR
1,304 thousand (EUR 1,948 thousand)
- Operating profit was 16.2% (19.5%) of net sales and the adjusted operating
margin of the Group’s own operations was 6.5 (9.4)
- Net financial expenses were EUR 1,491 thousand (net financial income EUR 100
thousand), of which the change in the market value of interest rate swaps
accounted for EUR -1,089 thousand (EUR +405 thousand).
- Profit before tax: EUR 1,733 thousand (EUR 4,141 thousand)
- Earnings per share: EUR 0.07 (EUR 0.15)
- Net gearing was 66.5% (70.7%) and eguity ratio 53.9% (51.5%)
APRIL-JUNE 2016
- Net sales: EUR 10,169 thousand (EUR 10,634 thousand)
- Operating profit: EUR 2,476 thousand (EUR 2,969 thousand)
- Adjusted operating profit from the Group’s own operations amounted to EUR 786
thousand (EUR 1,268 thousand)
- Operating profit was 24.3% (27.9%) of net sales and the adjusted operating
margin of the Group’s own operations was 7.7 (11.9)
- Net financial expenses were EUR 465 thousand (net financial income EUR 296
thousand), of which the change in the market value of interest rate swaps
accounted for EUR -359 thousand (EUR +450 thousand).
- Profit before tax: EUR 2,011 thousand (EUR 3,266 thousand)
- Earnings per share: EUR 0.08 (EUR 0.12)
KEY FIGURES 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
(EUR 1,000) 2016 2015 2016 2015 2015
Net sales 10 169 10 634 19 917 20 712 41 172
Operating profit 2 476 2 969 3 224 4 040 8 998
Profit before tax 2 011 3 266 1 733 4 141 4 479
Earnings per share, (EUR) 0.08 0.12 0.07 0.15 0.14
Operating profit includes the share of
associated companies’ profit and other
adjusted items:
Share of associated companies’ profit 1 689 1 701 1 920 2 092 3 012
Capital gain on sale of the real estate 1 421
company
Adjusted operating profit from the 786 1 268 1 304 1 948 4 565
Group’s own operations
NET SALES AND PROFIT PERFORMANCE
The Group’s consolidated net sales for January–June showed a 3.8% decline. Net
sales came to EUR 19,917 thousand (EUR 20,712 thousand). External net sales
from the publishing business fell by 2.9%. Advertising revenues fell by 6.3%
and content revenues fell by 0.7%. External net sales from the printing
business decreased by 9.5%. Content income accounted for 47% of consolidated
net sales, while advertising income and printing income represented 39% and
13%, respectively.
For Q2, net sales decreased by 4.4% and totalled EUR 10,169 thousand (EUR
10,634 thousand). External net sales from the publishing business fell by 3.5%.
Advertising revenues fell by 8.0% and content revenues increased by 0.8%. The
decrease in net sales from the publishing business was mainly caused by the
income from parliamentary election advertisements included in the comparative
figure for 2015. Other advertising revenues remained at the previous year’s
level. External net sales from the printing business decreased by 9.6%. Content
income accounted for 46% of consolidated net sales, while advertising income
and printing income represented 40% and 13%, respectively.
Other operating income in January–June totalled EUR 115 thousand (EUR 228
thousand) and in April–June EUR 67 thousand (EUR 74 thousand).
Operating expenses for January–June amounted to EUR 18,728 thousand (EUR 18,988
thousand), down by 1.4% year on year. For April–June, operating expenses
amounted to EUR 9,448 thousand (EUR 9,424 thousand), up 0.3%. For January–June,
expenses arising from materials and services increased by 3.1%. Personnel
expenses decreased by 2.2%. Other operating costs decreased by 6.9%.
Depreciation contracted by 11.2%.
The share of the associated companies’ result for January–June was EUR 1,920
thousand (EUR 2,092 thousand). Consolidated operating profit amounted to EUR
3,224 thousand (EUR 4,040 thousand), down by 20.2 per cent year-on-year. The
Group’s operating margin was 16.2 per cent (19.5%). Adjusted operating profit
from the Group’s own operations amounted to EUR 1,304 thousand (EUR 1,948
thousand), representing 6.5% (9.4%) of net sales. Operating profit from
publishing fell by EUR 375 thousand, and operating profit from printing fell by
EUR 268 thousand.
For April–June, the share of the associated companies’ result was EUR 1,689
thousand (EUR 1,701 thousand). Consolidated operating profit amounted to EUR
2,476 thousand (EUR 2,969 thousand), down by 16.6 per cent year-on-year. The
Group’s operating margin was 24.3% (27.9%) in April–June. Adjusted operating
profit from the Group’s own operations amounted to EUR 786 thousand (EUR 1,268
thousand), representing 7.7% (11.9%) of net sales. For the second quarter,
operating profit from publishing fell by EUR 298 thousand, and operating profit
from printing fell by EUR 193 thousand.
Net financial expenses for January–June amounted to EUR 1,491 thousand (net
financial income in the corresponding period of the previous year EUR 100
thousand). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 607 thousand (EUR 663 thousand). In order to hedge
against interest rate risk, the company has transformed some of its
floating-rate liabilities into fixed-rate liabilities, by means of interest
rate swaps. Given that the Group does not apply hedge accounting, unrealised
changes in the market value of the interest rate swaps are recognised through
profit or loss. In January–June 2016, the change in the market value of these
interest rate swaps amounted to EUR -1,089 thousand (EUR +405 thousand). Net
gain/loss on shares held for trading was EUR 83 thousand (EUR 112 thousand).
Net financial expenses for April–June amounted to EUR 465 thousand (net
financial income in the corresponding period of the previous year EUR 296
thousand). For the second quarter, interest expenses excluding the fair value
change in derivatives hedging them totalled EUR 304 thousand (EUR 314
thousand). In April–June 2016, the change in the market value of interest rate
swaps was EUR -359 thousand (EUR +450 thousand). Net gain/loss on shares held
for trading was EUR 89 thousand (EUR -87 thousand).
Profit before tax for January-Junetotalled EUR 1,733 thousand (EUR 4,141
thousand) and the Group's profit for the period totalled EUR 1,794 thousand
(EUR 3,766 thousand). The Group's profit for the second quarter totalled EUR
1,968 thousand (EUR 2,982 thousand).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 125,470 thousand (EUR 132,839
thousand), with EUR 65,161 thousand (EUR 65,920 thousand) of equity. On the
reporting date of 30 June 2016, the balance sheet value of the holding in the
associated company Alma Media Corporation was EUR 100,750 thousand and the
market value of the shares was EUR 84,800 thousand. According to the
management’s estimate, write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 47,800 thousand (EUR 54,586
thousand). The equity ratio was 53.9 per cent (51.5%), and shareholders’ equity
per share was EUR 2.54 (EUR 2.57). The decrease in financial assets for the
period totalled EUR 3,106 thousand (the increase in financial assets in the
corresponding period of the previous year EUR 1,300 thousand), with liquid
assets at the end of the period totalling EUR 3,394 thousand (EUR 6,834
thousand).
Cash flow from operations for the period came to EUR 1,763 thousand (EUR 3,340
thousand). Cash flow from investments totalled EUR 2,088 thousand (EUR 2,485
thousand), including capital repayment from Alma Media Corporation in the
amount of EUR 2,699 thousand (EUR 2,699 thousand in the comparison period).
In June, Ilkka-Yhtymä concluded two new loan agreements, in order to prepare
for the repayment of a EUR 20 million convertible bond due in November 2016 and
to partly replace existing loans. The loan agreements amount to EUR 25 million,
and they will mature in five years. On 30 June 2016, EUR 20 million remained
undrawn.
PERSONNEL
The Group had an average of 294 (299) employees during the period.
Ilkka-Yhtymä announced on 29 February 2016 that it would initiate negotiations
at its printing house I-print Oy in accordance with the Act on Co-operation
within Undertakings. The negotiations concerned the production personnel of
I-print Oy’s newspaper printing press. The objective was to adjust the
operations and the amount of personnel to the reduced volumes. The negotiations
affected the production personnel of the newspaper printing press, excluding
service staff, 26 persons in all.
As a result of the negotiations, one person will retire and three persons will
be made redundant. Additionally, part of the personnel will be laid off for up
to 38 working days per person and some full-time jobs will be turned into
part-time jobs.
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
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, 58,391 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 1.4 per cent of the total number of series-I shares. The total
value of the shares exchanged was EUR 143 thousand. In total, 1,079,857
series-II shares were traded, corresponding to 5.1 per cent of the total number
of series II shares. The total value of the shares traded was EUR 2,172
thousand. The lowest price at which series-I shares of Ilkka-Yhtymä Oyj were
traded during the period under review was EUR 2.20, and the highest per-share
price was EUR 3.10. The lowest price at which series-II shares were traded was
EUR 1.87 and the highest EUR 2.15. The market value of the share capital at the
closing rate for the reporting period was EUR 51,125 thousand.
RISKS AND RISK MANAGEMENT
In the current economic climate, the forecasting of both net sales and
operating profit involve uncertainties. 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. The risks in the industry are due to its digitalisation
and the continuing poor economic conditions. 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 2015.
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, the
risk of changes in market interest rates applied to the loan portfolio and
liquidity risk. In order to hedge against interest rate risk, the company has
transformed some of its floating-rate liabilities to a fixed rate, by means of
interest rate swaps. Given that the Group does not apply hedge accounting,
changes in the market value of the interest rate swap are recognised through
profit and loss. Other financial risks are discussed in more detail in the 2015
Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 20 April 2016, 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 2015.
The number of members on the Supervisory Board for 2016 was confirmed to be 23.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2020: Vesa-Pekka Kangaskorpi, Kimmo
Simberg and Jyrki Viitala. Raimo Puustinen, Managing Director, Pohjois-Karjalan
Kirjapaino Oyj, was elected as a new member for the term ending in 2020.
At the Annual General Meeting it was decided to maintain the payments made to
the Chairman of the Supervisory Board and the board members at their current
level: the Chairman will receive a retainer of EUR 1,500 per month and a fee of
EUR 400 per meeting, and the board members will be paid a fee of EUR 400 per
meeting attended. The board members’ travel expenses are reimbursed in
accordance with the current maximum level specified by the tax authorities.
Ernst & Young Oy, Authorised Public Accountants, was elected as the
auditor, with Authorised Public Accountant, M.Sc.(Econ.) Harri Pärssinen as the
principal auditor. It was decided that the auditors would be reimbursed per the
invoice.
The AGM authorised the Board of Directors to decide upon a donation to be put
toward charitable causes or similar, totalling, at maximum, EUR 50,000, as well
as to decide upon the recipients, purposes of use, schedules and other terms of
these donations.
On 9 May 2016, 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. Minna Sillanpää was elected
vice-chairman of the Supervisory Board.
At its membership meeting, the Board of Directors re-elected Timo Aukia as its
chairman, while Esa Lager will continue as 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 2016
In the current uncertain economic climate and competitive environment,
forecasting net sales in the newspaper business involves still major
uncertainties. The overall media advertising market in Finland is estimated to
remain roughly unchanged from the previous year, while circulation income is
predicted to fall slightly. In the first half of the year, printing business
volumes decreased and delivery costs rose more than expected.
The net sales of Ilkka-Yhtymä Group are estimated to decline from the 2015
level. Adjusted operating profit from the Group’s own operations is expected to
decline clearly from the 2015 level.
The associated company Alma Media Corporation (Group ownership 27.30%) will
have a significant impact on Group operating profit and profit.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
DRAFTING PRINCIPLES
Ilkka-Yhtymä Group's half year financial report was prepared in accordance with
the requirements of the IAS 34 Interim Financial Reporting standard.
The half year financial report has been prepared according to the same
principles as the 2015 financial statements. Annual improvements to IFRS and
IFRIC interpretations (Annual Improvements 2012–2014) that become effective in
2016 have also been complied with. These changes have not affected the reported
figures.
Ilkka-Yhtymä has adopted the Guidelines on Alternative Performance Measures
published by the European Securities and Markets Authority (ESMA). In addition
to operating profit, Ilkka-Yhtymä reports adjusted operating profit from the
Group’s own operations, with a view to describing the development of the
Group’s actual operations and improving the comparability of the operating
profit indicator between periods. The indicator in question is essentially the
same as the previously used indicator Operating profit from the Group’s own
operations, excluding non-recurring items and the share of Alma Media’s and
other associated companies’ results. Adjusted operating profit from the Group’s
own operations is determined by adjusting the operating profit shown on the
income statement with the share of the associated companies’ profit and other
adjusted items. Examples of these other adjusted items include capital gains
and losses from the sale of operations or assets, impairment, the costs of
discontinuing significant operations and the costs arising from the
reorganisation of operations. Items that have affected the adjusted operating
profit from the Group’s own operations in the periods under review and
comparative periods are listed in the table of key figures of the half year
financial report.
The company also publishes certain other commonly used key figures, which can
mainly be derived from the income statement and balance sheet. In the view of
the company, the key figures presented clarify the picture of the company’s
results and financial position given on the income statement and balance sheet.
The principles and formulae for the calculation of the indicators, presented on
page 63 of the 2015 Annual Report, remain unchanged.
All the figures in the half year financial report are rounded, so the sum of
separate figures may differ from that presented in the report.
The figures in the half year financial report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2016 2015 % 2016 2015 % 2015
NET SALES 10 169 10 634 -4 19 917 20 712 -4 41 172
Change in inventories -1 -16 92 -4 1
of finished and
unfinished products
Other operating income 67 74 -10 115 228 -49 1 763
Materials and services -3 544 -3 365 5 -6 967 -6 757 3 -13 418
Employee benefits -4 257 -4 318 -1 -8 508 -8 697 -2 -16 548
Depreciation -350 -413 -15 -740 -833 -11 -1 653
Other operating costs -1 297 -1 328 -2 -2 514 -2 700 -7 -5 331
Share of associated 1 689 1 701 -1 1 920 2 092 -8 3 012
companies’ profit
OPERATING PROFIT/ LOSS 2 476 2 969 -17 3 224 4 040 -20 8 998
Financial income and -465 296 -257 -1 491 100 -1584 -4 519
expenses *)
PROFIT/ LOSS BEFORE TAX 2 011 3 266 -38 1 733 4 141 -58 4 479
Income tax -42 -284 -85 61 -375 -116 -872
PROFIT/ LOSS FOR THE 1 968 2 982 -34 1 794 3 766 -52 3 607
PERIOD UNDER REVIEW
Earnings per share, 0.08 0.12 -34 0.07 0.15 -52 0.14
undiluted (EUR)**)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand)**)
*) As a result of the dilution of ownership in the associated company Alma
Media Corporation, a loss of EUR 3,533 thousand was recorded in the financial
expenses for Q4/2015.
**) 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/
2016 2015 % 2016 2015 % 2015
PROFIT/ LOSS FOR THE PERIOD 1 968 2 982 -34 1 794 3 766 -52 3 607
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently to
profit or loss:
Available-for-sale assets
Measured at fair value 2 2 19 2 4 -50 4
Transferred to the income -19 100 -8 100 -8
statement
Share of associated -79 116 -168 -103 219 -147 517
companies' other
comprehensive income
Income tax related to 4 3 3
components of other
comprehensive income
Other comprehensive income, -78 102 -176 -102 217 -147 516
net of tax
TOTAL COMPREHENSIVE INCOME 1 891 3 084 -39 1 692 3 984 -58 4 123
FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2016 2015 2016 2015 2015
Publishing
External 8 798 9 119 -4 17 233 17 747 -3 35 123
Inter-segments 33 24 40 55 53 3 95
Publishing total 8 831 9 142 -3 17 288 17 801 -3 35 218
Printing
External 1 371 1 516 -10 2 684 2 965 -9 6 048
Inter-segments 1 475 1 575 -6 2 913 3 150 -8 6 273
Printing total 2 846 3 091 -8 5 597 6 115 -8 12 321
Non-allocated
Inter-segments 530 546 -3 1 055 1 100 -4 2 199
Non-allocated total 530 546 -3 1 055 1 100 -4 2 200
Elimination -2 038 -2 145 -5 -4 023 -4 304 -7 -8 567
Group net sales 10 169 10 634 -4 19 917 20 712 -4 41 172
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2016 2015 % 2016 2015 % 2015
Publishing 698 996 -30 1 175 1 550 -24 3 238
Printing 210 402 -48 364 632 -42 1 543
Associated companies 1 689 1 701 -1 1 920 2 092 -8 3 012
Non-allocated -121 -129 6 -235 -233 -1 1 205
Group operating profit/ loss 2 476 2 969 -17 3 224 4 040 -20 8 998
total
ASSETS BY SEGMENT
(EUR 1,000) 6/2016 6/2015 Change 12/2015
%
Publishing 12 027 13 233 -9 9 882
Printing 8 271 9 396 -12 9 257
Non-allocated 105 172 110 210 -5 108 042
Group assets total 125 470 132 839 -6 127 181
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2016 6/2015 Change 12/2015
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 685 588 16 674
Goodwill 314 314 0 314
Investment properties 63 138 -54 63
Property, plant and equipment 8 718 9 772 -11 8 825
Shares in associated companies 101 719 104 906 -3 102 608
Available-for-sale assets 2 990 2 922 2 2 922
Non-current trade and other receivables 567 567 0 567
Other tangible assets 214 214 0 214
Deferred tax asset 69
TOTAL NON-CURRENT ASSETS 115 340 119 422 -3 116 188
Current assets
Inventories 573 511 12 614
Trade and other receivables 4 657 4 248 10 2 787
Income tax assets 410 673 -39 36
Financial assets at fair value 1 097 1 151 -5 1 057
through profit or loss
Cash and cash equivalents 3 394 6 834 -50 6 500
TOTAL CURRENT ASSETS 10 131 13 417 -24 10 993
TOTAL ASSETS 125 470 132 839 -6 127 181
SHAREHOLDERS’ EQUITY AND LIABILITIES
SHAREHOLDER’S EQUITY
Share capital 6 416 6 416 0 6 416
Invested unrestricted equity fund and other 48 692 48 715 0 48 691
reserves
Retained earnings 10 052 10 789 -7 10 928
SHAREHOLDER’S EQUITY 65 161 65 920 -1 66 035
NON-CURRENT LIABILITIES
Deferred tax liability 205 -100 194
Non-current interest-bearing liabilities 27 532 54 569 -50 31 943
Non-current interest-free liabilities 61 75 -18 61
NON-CURRENT LIABILITIES 27 593 54 848 -50 32 199
CURRENT LIABILITIES
Current interest-bearing liabilities 20 268 17 116625 20 286
Accounts payable and other payables 12 165 11 579 5 8 309
Income tax liability 284 474 -40 352
CURRENT LIABILITIES 32 717 12 070 171 28 947
SHAREHOLDERS’ EQUITY AND LIABILITIES TOTAL 125 470 132 839 -6 127 181
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2016 2015 2015
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 1 794 3 766 3 607
Adjustments 219 -995 2 592
Change in working capital 744 1 801 62
CASH FLOW FROM OPERATIONS 2 756 4 573 6 262
BEFORE FINANCE AND TAXES
Interest paid -395 -414 -1 255
Interest received 41 35 50
Dividends received 50 66 66
Other financial items -45 -22 -33
Direct taxes paid -645 -898 -889
CASH FLOW FROM OPERATIONS 1 763 3 340 4 201
CASH FLOW FROM INVESTMENTS
Investments in tangible and intangible assets, net -631 -373 -590
Disposal of subsidiaries 1 748
Capital repayment received 2 699 2 699 2 699
Other investments -66
Proceeds from sale of other investments 68 68
Dividends received from investments 86 92 95
CASH FLOW FROM INVESTMENTS 2 088 2 485 4 019
CASH FLOW BEFORE FINANCING ITEMS 3 851 5 825 8 220
CASH FLOW FROM FINANCING
Change in current loans -2 353 -2 353
Change in non-current loans -4 412 -2 353
Dividends paid and other profit distribution -2 545 -2 171 -2 547
CASH FLOW FROM FINANCING -6 957 -4 524 -7 253
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS -3 106 1 300 967
Liquid assets at the beginning of the financial period 6 500 5 534 5 534
Liquid assets at the end of the financial period 3 394 6 834 6 500
GROUP KEY FIGURES
6/2016 6/2015 12/2015
Earnings/share (EUR) 0.07 0.15 0.14
Shareholders' equity/share (EUR) 2.54 2.57 2.57
Average number of personnel 294 299 299
Investments (EUR 1,000) *) 709 327 584
Interest-bearing debt (EUR 1,000) 47 800 54 586 52 229
Equity ratio, % 53.9 51.5 52.9
Net gearing, % 66.5 70.7 67.6
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’ equity capita value unrestricted reserv ed
1-6/ 2015 l reserv equity fund es earnin
e gs
SHAREHOLDERS’ EQUITY 6 416 194 48 498 24 9 371 64 503
1.1.
Comprehensive income -2 3 985 3 984
for the period
Dividend distribution -2 567 -2 567
SHAREHOLDERS’ EQUITY 6 416 193 48 498 24 10 789 65 920
6/ 2015
Change in shareholders’ Share Fair Invested unrestricted Retain Total
equity 1-6/ 2016 capita value equity fund ed
l reserv earnin
e gs
SHAREHOLDERS’ EQUITY 6 416 193 48 498 10 928 66 035
1.1.
Comprehensive income for 1 1 690 1 692
the period
Dividend distribution -2 567 -2 567
SHAREHOLDERS’ EQUITY 6/ 6 416 194 48 498 10 052 65 161
2016
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2016 6/2015 12/2015
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 79 013 58 202 55 081
Contingent liabilities on behalf of associated company
Guarantees 3 961 3 961 3 961
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-6/ 1-6/ Change 1-12/
2016 2015 % 2015
Carrying amount at the beginning of the financial 8 825 10 230 -14 10 230
period
Increase 529 250 112 410
Decrease -1 -100 -261
Depreciation for the financial period -635 -707 -10 -1 408
Transfers between items -147
Carrying amount at the end of the financial 8 718 9 772 -11 8 825
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) 1-6/2016 1-6/2015 1-12/2015
Sales of goods and services
To associated companies 166 128 258
To other related parties 389 427 921
Purchases of goods and services
From associated companies 126 130 256
From other related parties 4 2 37
Non-current loan receivables from associated 567 567 567
companies
Trade and other receivables
From associated companies 75 40 68
From other related parties 41 30 75
Accounts payable
To associated companies 19 7 24
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 1-6/2016 1-6/2015 1-12/2015
Salaries and other short-term employee benefits 625 503 1 026
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) 6/2016 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 097 1 097
or loss
Available-for-sale financial assets 1 570 1 570
TOTAL 2 666 1 097 1 570
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 2 895 2 895
TOTAL 2 895 2 895
Fair value at end of period
(EUR 1,000) 6/2015 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 151 1 151
or loss
Available-for-sale financial assets 1 502 1 502
TOTAL 2 653 1 151 1 502
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 398 1 398
TOTAL 1 398 1 398
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,420 thousand in 6/2015), 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 Helsinki
The main media
www.ilkka-yhtyma.fi
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