2015-02-16 14:00:00 CET
2015-02-16 14:00:03 CET
REGULATED INFORMATION
Ilkka-Yhtymä Oyj - Financial Statement Release
The Ilkka-Yhtymä Group's Financial Statements for 2014
Ilkka-Yhtymä Oyj Financial Statements Bulletin, 16 February 2015, at 3 p.m.
THE ILKKA-YHTYMÄ GROUP'S FINANCIAL STATEMENTS FOR 2014
FINANCIAL YEAR 2014
- Net sales: EUR 41.8 million (EUR 44.9 million)
- Total expenses decreased by 5%
- Operating profit from the Group's own operations, excluding Alma Media
Corporation and the other associated companies, amounted to EUR 4.9 million
(EUR 6.0 million)
- Operating margin of the Group's own operations, excluding Alma Media
Corporation and the other associated companies, was 11.8 (13.4).
- Reported operating profit was EUR 9.3 million (operating loss EUR 16.6
million). The operating loss in the comparative year 2013 included the EUR 27
million write-down on the holding in the associated company Alma Media
Corporation.
- Reported operating margin 22.1 (-37.0)
- Reported earnings per share EUR 0.35 (EUR -0.71)
- Equity ratio rose to 50.2 per cent (44.2% in 2013)
- Net gearing 78.0% (108.7%)
- The Board of Directors proposes a per share dividend of EUR 0.10
OCTOBER-DECEMBER 2014
- Net sales: EUR 11.0 million (EUR 11.7 million)
- Operating profit from the Group's own operations, excluding Alma Media
Corporation and the other associated companies, amounted to EUR 1.8 million
(EUR 1.8 million)
- Operating margin of the Group's own operations, excluding Alma Media
Corporation and the other associated companies, was 16.1 (15.7).
- Reported operating profit was EUR 2.9 million (EUR 1.3 million).
- Reported operating margin 26.6 (10.9)
- Reported earnings per share EUR 0.09 (EUR 0.02)
MATTI KORKIATUPA, MANAGING DIRECTOR:
In 2014, the Finnish national economy kept shrinking for a third year in a row
due to low domestic demand and investment activity, and weak international
economic development. Both media advertising and income from content diminished
in Finland as a result of consumer caution and digitalisation. With our net
sales falling behind the targets already during the first quarter of the year,
to secure profitability we were forced to adjust our operations towards the end
of the year by, for example, laying off personnel.
In spite of strict cost-saving measures, we kept implementing planned strategic
projects to ensure the Group's success in the coming years.
In journalistic terms, the most important project was the establishment and
launch of the operations of Lännen Media Oy, jointly owned by provincial
newspapers of Western Finland. Lännen Media produces non-local content for the
needs of 12 provincial newspapers. Jointly produced content helps us
differentiate ourselves from the offering of other media and strengthens our
own operations. The shared editorial staff also releases resources for the
production of paper's local content to strengthen the local Ostrobothnian
approach and community spirit of the paper.
In accordance with our content strategy, we will review the quality and
quantity of the advertiser-funded content and paid journalistic content being
published during the ongoing year. At the turn of the year, we revamped and
harmonised the look of our local newspapers. In our provincial newspapers, on
the other hand, we are not planning a format change, a transfer to the tabloid
format, in the ongoing year.
Owing to the new strategy of our delivery services provider Posti, the
management of the service and expense level of physical delivery in terms of
delivery times is becoming more and more important in the years to come. That
is why we will revise the forms of subscription during this year. In the
future, the revised newspaper subscription will also include a digital edition
of the newspaper, which makes it possible for our readers to access the paper
regardless of the time and place. As HSS Media launched its own newspaper
delivery operations in spring 2014, we became customers of this new delivery
company in the Swedish-speaking Ostrobothnia, except in Vaasa.
The new digital products and services produced by us or our associated
companies also require a fresh approach to business-to-business marketing and
sales. During this year, we will enter the next phase in the development of our
customer-oriented operating model that we renewed in 2013. The operating model
under development and the adoption of new systems supporting it will enable
provision of an expanding, multi-channel and higher-quality service range for
boosting the marketing and sales of our customers.
All reforms also require that the staff remains committed to them. The group
has created excellent conditions for this by having continued development of
its operations for many years.
The price of newsprint has fallen in recent years as the consumption volume is
reducing. In spite of reductions in production capacity, overproduction still
continues in Europe, which will probably keep the price level down in the
coming years. Even though the development of personnel, capital and other
expenses has been moderate, the weak development of net sales creates pressures
to increase productivity in all operations. However, the profit performance
during the last quarter gives us confidence in our ability to make profit.
BUSINESS ENVIRONMENT
According to the Bank of Finland forecast of 11 December 2014, the Finnish GDP
was expected to shrink by approximately 0.2% in 2014. Even though the
production rate is already slowly starting to pick up in 2015, it is expected
to remain 0.1% smaller than the year before. According to Statistics Finland,
the inflation rate was 0.5% in December, while the average inflation rate for
2014 stood at 1.0%.
Private consumption is not expected to have increased at all in 2014. The
projected growth for private consumption in 2015 is in the region of 0.3 per
cent. According to the consumer survey of Statistics Finland, the economic
confidence continued to rise slightly in January 2015.
According to a survey conducted by TNS Gallup Oy and commissioned by the
Finnish Advertising Council, media advertising decreased by 2.6% in 2014.
Advertising in newspapers fell by 8.7%, while advertising in free sheets
decreased by 1.7%. Newspapers and free sheets accounted for 32.5% and 5.5% of
media advertising, respectively. Web media advertising saw an increase of
10.8%, representing a 22.5% share of media advertising.
GROUP STRUCTURE
The Ilkka-Yhtymä Group is a media group that consists of the parent company
Ilkka-Yhtymä Oyj, the publishing company I-Mediat Oy, as well as the printing
company I-print Oy. The Group also includes two property companies, Kiinteistö
Oy Seinäjoen Koulukatu 10 and Seinäjoen Kassatalo Osakeyhtiö, as well as
Pohjalaismediat Oy. Our main products are the regional newspapers Ilkka and
Pohjalainen, five local newspapers (Viiskunta, Komiat, Järviseutu, Suupohjan
Sanomat and Jurvan Sanomat), two free sheets (Vaasan Ikkuna and
Etelä-Pohjanmaa), including the online and mobile services of these papers, and
I-print Oy's printing and communications services.
The associated companies included in our consolidated financial statements are
Alma Media Corporation, Arena Partners Oy and Yrittävä Suupohja Oy. Our holding
in Väli-Suomen Media Oy was sold in June 2014.
CONSOLIDATED NET SALES AND PROFIT PERFORMANCE FOR THE FINANCIAL YEAR
Consolidated net sales decreased by 6.9%, amounting to EUR 41,802 thousand (EUR
44,893 thousand in 2013). External net sales from publishing operations
decreased by 4.6%. Advertising revenues fell by 7.8% and circulation revenues
by 1.6%. External net sales from the printing business decreased by 19.5%.
Circulation income accounted for 46% of consolidated net sales, while
advertising income and printing income represented 41% and 13%, respectively.
Other operating income totalled EUR 454 thousand (EUR 392 thousand).
The Group operating expenses for the financial year amounted to EUR 37,319
thousand (EUR 39,293 thousand), down by 5.0% year-on-year. Expenses arising
from materials and services decreased by 7.6%. Personnel expenses decreased by
1.4%. Other operating costs decreased by 7.2%. Depreciation contracted by
10.7%.
The share of the associated companies' result was EUR 4,318 thousand (in
financial year 2013, EUR -22,630 thousand following the EUR 27 million
write-down on the holding in the associated company Alma Media Corporation).
Operating profit from the Group's own operations, excluding Alma Media
Corporation and the other associated companies, amounted to EUR 4,933 thousand
(EUR 5,999 thousand), representing 11.8% (13.4%) of net sales. Reported
operating profit was EUR 9,251 thousand (operating loss EUR 16,631 thousand in
2013). Reported operating margin was 22.1 (-37.0).
Net financial income amounted to EUR 883 thousand (net financial expenses in
the corresponding period of the previous year EUR 347 thousand). Interest
expenses excluding the fair value change in derivatives hedging them totalled
EUR 1,678 thousand (EUR 1,789 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. For the 2014
financial year, the market value of these interest rate swaps fell by EUR 102
thousand (in 2013, the market value grew by EUR 734 thousand). Net gain/loss on
shares held for trading was EUR -130 thousand (EUR 22 thousand). Financial
income for the period includes a capital gain of EUR 2 million from the sale of
Anvia Oyj's shares.
Profit before tax totalled EUR 10,133 thousand (loss before tax EUR 16,978
thousand for the financial year 2013). Direct taxes amounted to EUR 1,063
thousand (EUR 1,199 thousand), and consolidated profit for the period totalled
EUR 9,070 thousand (loss EUR 18,178 thousand). Earnings per share amounted to
EUR 0.35 (EUR -0.71)
Q4 NET SALES AND PROFIT PERFORMANCE
In Q4/2014, consolidated net sales totalled EUR 10,963 thousand (EUR 11,707
thousand), down by 6.4%. External net sales from the publishing business fell
by 3.3%. External net sales from the printing business decreased by 21.9%.
Circulation income accounted for 43% of consolidated net sales in
October-December, while advertising income and printing income represented 43%
and 14%, respectively. Other operating income in October-December totalled EUR
154 thousand (EUR 97 thousand).
In Q4, the Group's expenses totalled EUR 9,344 thousand (EUR 9,964 thousand),
down by 6.2%. For October-December 2014, the share of the associated companies'
result was EUR 1,145 thousand (EUR -565 thousand).
In the fourth quarter, operating profit from the Group's own operations,
excluding Alma Media Corporation and the other associated companies, amounted
to EUR 1,768 thousand (EUR 1,838 thousand), representing 16.1% (15.7%) of net
sales. Reported operating profit was EUR 2,913 thousand (EUR 1,273 thousand).
Reported operating margin was 26.6 (10.9).
Net financial income amounted to EUR 336 thousand (EUR 386 thousand). Interest
expenses excluding the fair value change in derivatives hedging them totalled
EUR 382 thousand (EUR 450 thousand). In October-December 2014, the market value
of interest rate swaps grew by EUR 31 thousand (in October-December 2013, the
market value grew by EUR 80 thousand). Net gain/loss on shares held for trading
was EUR -2 thousand (EUR -40 thousand).
The consolidated profit for the fourth quarter totalled EUR 2,280 thousand (EUR
581 thousand).
CONSOLIDATED BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 130,536 thousand (EUR 133,802
thousand), with EUR 64,503 thousand (EUR 58,091 thousand) of equity. On the
reporting date of 31 December 2014, the balance sheet value of the holding in
the associated company Alma Media Corporation was EUR 104.5 million and the
market value of the shares was EUR 61.8 million. According to the management's
estimate, write-down in this holding is unnecessary.
At the end of the 2014 financial year, interest-bearing liabilities totalled
EUR 56,936 thousand (EUR 66,379 thousand on 31 December 2013), and their
average maturity was 3 years 11 months (3 years 5 months on 31 December 2013).
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. Presently, some 53% of the loans in the company's total
loan portfolio have a fixed rate and some 47% a floating rate. These hedging
measures included, the average interest rate for interest-bearing liabilities
on 31 December 2014 came to 2.50% (2.53%).
As at 31 December 2014, the impact of floating-rate interest-bearing
liabilities on profit before taxes would have amounted to -/+ EUR 267 thousand
over the next 12 months, if the interest level increases or decreases by one
percentage point. Of interest-bearing liabilities existing during the 12 months
following the financial year, a total of EUR 2,353 thousand will fall due for
payment.
Group net gearing was 78.0% (108.7%) at the end of the financial period. Equity
ratio was 50.2% (44.2%) and shareholders' equity per share stood at EUR 2.51
(EUR 2.26). The increase in financial assets for the period totalled EUR 3,553
thousand (decrease EUR 282 thousand), with liquid assets at the end of the
period totalling EUR 5,534 thousand (EUR 1,980 thousand).
For the financial year, cash flow from operations came to EUR 3,710 thousand
(EUR 8,502 thousand). Cash flow from operations for previous financial year
2013 includes EUR 6,253 thousand from the Group's own operations as well as EUR
2,249 thousand of dividend income from Alma Media Corporation. Cash flow from
investments amounted to EUR 11,841 thousand (EUR -750 thousand), including
repayment of capital from Alma Media Corporation in the amount of EUR 2,249
thousand and EUR 9,462 thousand proceeds from the sale of Anvia Oyj's shares.
PUBLISHING
The Group's publishing segment comprises the publishing company I-Mediat Oy.
During the year, net sales from publishing totalled EUR 36,413 thousand (EUR
38,257 thousand). Net sales from the publishing business decreased by 4.8%. The
decrease in net sales from the publishing business was mainly caused by a
weaker advertising market. Advertising revenues fell by 7.8% and circulation
revenues by 1.6%. Operating profit from publishing decreased by 24.2%
year-on-year, to EUR 3,481 thousand (EUR 4,594 thousand).
Due to weak and uncertain economic situation, it is still difficult to forecast
media income in 2015. Media advertising in Finland is projected to remain
almost unchanged from the previous year, and newspaper circulation income is
expected to fall. Net sales of I-Mediat Oy are expected to remain almost the
same as in the previous year.
PRINTING
The printing segment comprises the printing house I-print Oy. The segment's net
sales amounted to EUR 12,333 thousand (EUR 13,763 thousand), down by 10.4%.
External net sales from the printing business declined by EUR 1,323 thousand
(19.5%) due to tough competition and the weaker market. Operating profit from
printing decreased by 4.3% year-on-year, to EUR 1,749 thousand (EUR 1,827
thousand).
Within the printing business, the 2015 market situation is expected to remain
extremely difficult in Finland. The overcapacity will continue in the graphics
industry, while the total volume of printed products market will decrease. The
rise in raw material and energy costs is expected to be moderate. I-print Oy's
net sales are projected to remain roughly the same as in the previous year.
ASSOCIATED COMPANIES
Ilkka-Yhtymä Group's associated companies are Alma Media Corporation (29.79%),
Arena Partners Oy (37.82%) and Yrittävä Suupohja Oy (38.46%). Our holding in
Väli-Suomen Media Oy was sold in June 2014.
Alma Media focuses on publishing operations and digital consumer and corporate
services. Its high-profile newspapers are Aamulehti, Iltalehti and Kauppalehti.
In 2013, Ilkka-Yhtymä's provincial newspapers Ilkka and Pohjalainen and Alma
Media's regional and local newspaper division Alma Regional Media initiated
extensive operational collaboration on content and development. At the end of
2014, responsibility for the co-operation was largely transferred to the newly
established Lännen Media Oy. 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.
Arena Partners Oy is a digital business development and production company
jointly owned by five provincial newspaper companies. Arena Partners owns a 35%
share of Alma Mediapartners Oy, which is Alma Media's housing sales, vehicle
and consumer advertising marketplace company operating in Finland. The Arena
Partners Group also includes the subsidiary Arena Interactive Oy (65%),
focusing on mobile services, the recruitment agency Uranus Oy (36.16%) and
Adfore Technologies Oy (11.8%).
Yrittävä Suupohja Oy publishes Suupohjan Seutu, a free sheet distributed in the
Suupohja region.
ILKKA-YHTYMÄ SOLD ITS ANVIA OYJ SHARES TO ELISA CORPORATION
Ilkka-Yhtymä Oyj and its subsidiaries I-Mediat Oy and I-print Oy sold all of
their Anvia Oyj shares to Elisa Corporation on 28 August 2014. The shares were
sold for EUR 9.5 million, and Ilkka-Yhtymä Group recorded a capital gain of
approximately EUR 2 million for the sale.
NEWSPAPERS TO COLLABORATE MORE CLOSELY THROUGH LÄNNEN MEDIA
On 23 June 2014, Ilkka-Yhtymä Oyj's subsidiary I-Mediat Oy and five other
Finnish newspaper publishers signed a cooperation agreement to establish Lännen
Media Oy. The nationwide editorial staff of 40 people began its work in October
2014. Lännen Media Oy produces content for 12 provincial newspapers in western
and northern Finland.
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 Lännen Media newspapers reach almost two million Finns (1,980,000). The
combined circulation of the printed newspapers is 516,375 copies (FABC Audit
2013) and they are read by 1.28 million readers.
ILKKA-YHTYMÄ'S NEWSPAPERS TO BE PARTLY DISTRIBUTED BY HSS MEDIA
Ilkka-Yhtymä Oyj's subsidiary I-Mediat Oy has started distribution co-operation
with HSS Media in the Swedish-speaking coastal regions of Ostrobothnia.
As from 1 June 2014, I-Mediat Oy's provincial newspapers Pohjalainen and Ilkka
gradually started using the distribution services of HSS Media in the
Swedish-speaking municipalities of Ostrobothnia, with the exception of Vaasa
and Mustasaari. In Vaasa and parts of Mustasaari, the newspapers will still be
distributed by Posti Group in the early hours.
RESEARCH AND DEVELOPMENT EXPENSES
In the Group's publishing business, product development for multiple channels
has been carried out with Arena Partners Oy, its shareholding newspapers and
the Next Media programme of Finnmedia (Federation of the Finnish Media
Industry). Product development has been focused on customer-oriented services
relating to news reporting, transactions and communities. With regard to the
Group's printing business, the focus was on the development of value-added
services and products.
CAPITAL EXPENDITURE
Reported capital expenditure for the year totalled EUR 464 thousand, with
printing accounting for EUR 85 thousand and publishing for EUR 181 thousand.
ANNUAL GENERAL MEETING, SUPERVISORY BOARD AND BOARD OF DIRECTORS
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.
SHARE PERFORMANCE
At the end of 2014, the company's share capital totalled EUR 6,416,302. The
number of shares was 25,665,208, of which 4,304,061 were Series I shares (20
votes per share) and 21,361,147 were Series II shares (1 vote per share).
Shares of both series entitle the holders to the same dividend.
According to the Articles of Association, a single shareholder at a General
Meeting may not use more than one twentieth (1/20) of the entire number of
votes represented in a meeting.
The transfer of Series I shares is restricted by an approval clause. According
to this clause, Series I shares cannot be transferred to another holder without
the approval of the Board of Directors.
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.
The number of Series I shares of Ilkka-Yhtymä Oyj traded in 2014 was 238,632,
which represents 5.5% of the series share stock. The trading value of shares
was EUR 0.7 million. The number of Series II shares traded totalled 3,320,092,
which equals 15.5% of the series share stock. Their trading value was EUR 7.6
million. During the report period, the lowest quotation for Ilkka-Yhtymä Oyj's
Series I share was EUR 2.11 and the highest EUR 4.98, while the lowest
quotation for a Series II share was EUR 1.83 and the highest EUR 3.05. At the
period-end closing price, the share capital market value was EUR 53.7 million.
The Board of Directors has an effective authorisation to decide upon a share
issue and/or granting stock options and/or other special rights and upon their
conditions. On 4 November 2010, Ilkka-Yhtymä Oyj purchased 7,250,000 shares in
Alma Media Corporation from Oy Herttaässä Ab. From the share purchase price,
EUR 30 million was paid in cash. In addition, Ilkka-Yhtymä decided to issue
freely negotiable convertible bonds, with a value of EUR 20.0 million, to the
seller. The bond issue decision taken by Ilkka-Yhtymä's Board of Directors is
based on the authorisation granted to it by the AGM on 19 April 2010.
In addition to this, the company has not issued any option rights or other
special rights.
The Board of Directors is not authorised to acquire or sell the company's own
shares.
PERSONNEL
The average number of employees (full-time equivalents) was 311 (321 in 2013).
In the year under review, the Group had, on average, 348 (365) employees with
employment contracts. On 31 December 2014, the Group had 294 full-time
employees (312).
Ilkka-Yhtymä Group's entire personnel has been covered by an incentive scheme
since 2000. According to the Articles of Association, Ilkka-Yhtymä Oyj's
Supervisory Board must include two employee representatives.
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 was largely achieved
through temporary layoffs of all employees. The savings corresponded 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 permanently reduced its full-time
employees by about 10. These personnel savings, coupled with other adaptation
measures, yielded the targeted cost-savings of EUR 0.6 million in 2014.
ESTIMATED OPERATING RISKS AND UNCERTAINTIES
Ilkka-Yhtymä's most significant short-term risks are related to the development
of media advertising, as well as circulation and printing volumes. In a weak
economic climate, these risks affect the entire sector. In the longer term,
there is a risk of a potential decrease in circulation and advertising volumes,
if consumers choose to switch to competitors' alternative digital services.
Through its holding in Alma Media stock, the company is also exposed to risks
related to Alma Media's profit-making capacity, dividend policy and the price
development of its shares.
Communications industry
The company estimates that the Group's core operations only involve risks
normally associated with the industry operating in a changing business
environment. Such industry risks are mainly related to the development of media
advertising and content consumption, since more and more alternatives are being
offered to consumers and advertisers. A prolonged weak economic situation and a
slow recovery will have a negative impact on the consumption of media products
and services. Competition in the industry is being affected by the
digitalisation of content and advertising, the emergence of new distribution
channels, growth in advertiser-funded content, changes in media use and ways of
spending time, as well as by the new operating methods and the actors these are
enabling.
Publishing
In the long term, regional demographic and economic developments will have an
impact on provincial and local newspapers' circulation and advertising income.
A healthy circulation coverage percentage, a competitive contact price and
strong relationships with readers are enhancing provincial and local
newspapers' competitiveness in the advertising market. The strong growth seen
in the volumes of online and mobile users has extended the overall reach of
provincial newspapers.
In general, ordinary economic cycles have not had a major impact on local or
provincial newspapers' circulation income. On the other hand, media advertising
volumes reflect changes in economic cycles, competitive situations and the
outlook of advertisers' own industries. Media sales took a downturn in spring
2012, and the trend still continued in 2014.
Economic cycles, the regional volume of the advertising market and other
competitive conditions all have an influence on the rate of market entry and
exit of new media, such as free sheets and digital services. Like most other
newspaper groups, Ilkka-Yhtymä has years of experience of its own free sheets
and digital services. Their extensive offering and high quality, and local
customer relationships give a competitive edge.
Due to the consumer behaviour enabled by new technology, some classified
advertisements, such as car, housing and job advertisements, have shifted
online. In response to this development, Ilkka and Pohjalainen are engaged in
collaboration with Arena Partners and Alma Mediapartners. Arena Partners Oy has
a 35% holding in the Etuovi.com, Vuokraovi.com and Autotalli.com services
displaying housing and car advertisements. This will enable us to provide the
sector's best services to customers. New players in the market include for
instance international search engine companies.
In order to face the challenges posed by changing reading habits among young
people and the growing volumes of online content available for consumers free
of charge, Ilkka-Yhtymä Group is providing its provincial newspapers' premium
online and mobile services for the benefit of the region's consumers. In line
with the allied Arena Partners' strategy, the aim is for these services to
become the leading place for digital news, services, transactions and commerce
for consumers, communities and companies in our operating provinces.
Graphics
The aggressive price competition in Finland's printing sector is continuing.
Developments in circulation and advertising volumes are reflected in the
numbers of pages in newspapers, while general economic trends are affecting the
use of other advertising media. Exports to the Nordic countries are dependent
not only on market conditions, but also on the development of exchange rates.
The availability of newsprint has been good and price developments in recent
years have been moderate. Pricing pressures may increase in the future, since
the paper industry's capacity cuts were intended to safeguard future
profitability. I-print Oy has prepared for both availability and price risks by
spreading purchases among suppliers and through joint procurement with other
actors within the industry.
Newspaper distribution has been outsourced to Posti Group Oyj and HSS Media Ab.
The short-term risks in delivery operations mainly concern price and service
level developments. These risks depends on the diminishing volumes, pay
development of deliverers, competition between delivery companies and the
reform of the Postal Services Act. In the longer term, the availability of
distribution services as well as the related price risks will increase.
Financial risks
The Group is exposed to an interest-rate risk and a risk associated with share
prices. The Group's interest-rate risk consists of changes in market interest
rates applied in the loan portfolio. The company follows an interest-rate
management policy confirmed by the Board of Directors. With respect to
interest-rate risk management, the goal is to reduce the volatility of interest
expenses in order to keep interest expenses, and the associated risk that they
will grow, at an acceptable level. Interest-rate risk is managed by selecting
both fixed and floating interest rates in loans, and using interest-rate fixing
periods. If necessary, in order to hedge against interest-rate risk, the
company can rely on interest rate swaps. The Group's loan arrangements and
hedging against interest-rate risk have been described in further detail above,
under ‘Consolidated balance sheet and financing'. The company's loan
arrangements involve ordinary collaterals and no special covenants.
In order to ensure the availability and flexibility of financing, the Group has
available credit limits. On 31 December 2014, unused credit limits totalled EUR
13 million (On 31 December 2013, EUR 13 million). In its operations, the Group
is also exposed to price risks arising from the volatility of market prices of
quoted shares.
EVENTS AFTER THE FINANCIAL YEAR
On 30 January 2015, Ilkka-Yhtymä Group announced that the Group's publishing
company I-Mediat Oy and the printing house I-print Oy will start cooperation
negotiations. The negotiations will mainly concern I-Mediat Oy's technical
production and media sales personnel and the personnel of the printing press
I-print Oy.
The purpose of the negotiations is to adjust the operations and the amount of
personnel to the requirements of increasingly digital operations and reducing
volumes.
The negotiations may lead to lay-offs of personnel and/or part-time employment
or redundancies of less than 10 persons.
THE BOARD'S PROPOSAL ON PROFIT SHARING
The Board of Directors proposes to the Annual General Meeting of 22 April 2015
that a per-share dividend of EUR 0.10 be paid for the financial year 2014,
representing a total dividend payment of EUR 2,566,520.80. Dividends will be
distributed to those who are listed on the record day, 24 April 2015, as
shareholders in the Ilkka-Yhtymä Oyj's list of shareholders, maintained at
Euroclear Finland Oy. Dividend payments are issued on 4 May 2015. On 31
December 2014, the parent company's distributable funds amounted to EUR
55,037,623.59.
No substantial changes have taken place in the company's financial position
since the end of the financial year. In the view of the Board of Directors, the
proposed dividends do not jeopardise the company's liquidity.
Ilkka-Yhtymä Oyj practises an active dividend policy and aims to distribute at
least half of its consolidated annual income as dividend payments. However,
dividend distribution is affected not only by the earnings trend, but also by
the Group's financial standing, the financing required for profitable growth
and the company's future outlook and development needs.
OUTLOOK FOR 2015
In the current economic climate, forecasting net sales in the media sector and,
in particular, media advertising spending involves still major uncertainties.
Media advertising in Finland is expected to remain roughly at the previous
year's level. Due to caution among consumers as well as competition in the
media market, newspaper circulation income is forecast to decline slightly.
Printing business volumes have shrunk in Finland and the trend is expected to
continue in 2015.
Group net sales and operating profit from Ilkka-Yhtymä's own operations,
excluding the share of Alma Media's and other associated companies' results,
are expected to remain roughly the same as in 2014.
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
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2014 2013 % 2014 2013 %
NET SALES 10 963 11 707 -6 41 802 44 893 -7
Change in inventories of -5 -2 -246 -3 6 -153
finished and unfinished
products
Other operating income 154 97 59 454 392 16
Materials and services -3 384 -3 661 -8 -13 379 -14 484 -8
Employee benefits -4 060 -4 274 -5 -16 782 -17 020 -1
Depreciation -426 -519 -18 -1 856 -2 078 -11
Other operating costs -1 473 -1 511 -2 -5 302 -5 711 -7
Share of associated companies' 1 145 -565 303 4 318 -22 630 119
profit *)
OPERATING PROFIT/ LOSS 2 913 1 273 129 9 251 -16 631 156
Financial income and expenses -336 -386 13 883 -347 354
PROFIT/ LOSS BEFORE TAX 2 577 887 191 10 133 -16 978 160
Income tax -297 -306 -3 -1 063 -1 199 -11
PROFIT/ LOSS FOR THE PERIOD 2 280 581 292 9 070 -18 178 150
UNDER REVIEW
Earnings per share, undiluted 0.09 0.02 292 0.35 -0.71 150
(EUR)**)
The undiluted share average 25 665 25 665 25 665 25 665
(to the nearest thousand)**)
*) 2013: Includes the EUR 27 million non-recurring write-down on the holding in
the associated company Alma Media Corporation (Q3/2013).
**) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 10-12/ 10-12/ Change 1-12/ 1-12/ Change
2014 2013 % 2014 2013 %
PROFIT/ LOSS FOR THE PERIOD 2 280 581 292 9 070 -18 178 150
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be reclassified
subsequently to profit or loss:
Available-for-sale assets
Measured at fair value 2 -24 2 -1126
Transferred to the income 126
statement
Share of associated companies' -43 -235 82 -173 -342 49
other comprehensive income
Income tax related to components 12 -20 11 -282
of other comprehensive income
Other comprehensive income, net -42 -223 81 -91 -328 72
of tax
TOTAL COMPREHENSIVE INCOME FOR 2 239 358 526 8 979 -18 506 149
THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 10-12/ 10-12/ Change % 1-12/ 1-12/ Change %
2014 2013 2014 2013
Publishing
External 9 481 9 809 -3 36 330 38 098 -5
Inter-segments 20 44 -54 83 159 -47
Publishing total 9 501 9 853 -4 36 413 38 257 -5
Printing
External 1 482 1 898 -22 5 472 6 795 -19
Inter-segments 1 797 1 773 1 6 861 6 968 -2
Printing total 3 279 3 671 -11 12 333 13 763 -10
Non-allocated
Inter-segments 550 568 -3 2 231 2 269 -2
Non-allocated total 550 568 -3 2 231 2 269 -2
Elimination -2 368 -2 385 -1 -9 175 -9 395 -2
Group net sales total 10 963 11 707 -6 41 802 44 893 -7
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 10-12/ 10-12/ Change % 1-12/ 1-12/ Change %
2014 2013 2014 2013
Publishing 1 231 1 339 -8 3 481 4 594 -24
Printing 556 573 -3 1 749 1 827 -4
Associated companies 1 145 -565 303 4 318 -22 630 119
Non-allocated -20 -74 73 -297 -422 30
Group operating profit/ loss 2 913 1 273 129 9 251 -16 631 156
total
ASSETS BY SEGMENT
(EUR 1,000) 12/2014 12/2013 Change %
Publishing 8 826 9 252 -5
Printing 8 674 8 788 -1
Non-allocated 113 036 115 762 -2
Group assets total 130 536 133 802 -2
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 12/2014 12/2013 Change %
ASSETS
NON-CURRENT ASSETS
Intangible rights 629 789 -20
Goodwill 314 314
Investment properties 147 182 -19
Property, plant and equipment 10 230 11 459 -11
Shares in associated companies 105 310 103 492 2
Available-for-sale assets 2 953 10 668 -72
Non-current trade and other receivables 567
Other tangible assets 214 214
TOTAL NON-CURRENT ASSETS 120 364 127 118 -5
Current assets
Inventories 523 483 8
Trade and other receivables 2 876 2 866
Income tax assets 150 96 56
Financial assets at fair value 1 089 1 259 -13
through profit or loss
Cash and cash equivalents 5 534 1 980 179
TOTAL Current assets 10 172 6 684 52
Total assets 130 536 133 802 -2
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416
Invested unrestricted equity fund and other reserves 48 716 48 635
Retained earnings 9 371 3 040 208
SHAREHOLDER'S EQUITY 64 503 58 091 11
NON-CURRENT LIABILITIES
Deferred tax liability 178 216 -18
Non-current interest-bearing liabilities 54 549 60 432 -10
Non-current interest-free liabilities 75 88 -15
NON-CURRENT LIABILITIES 54 801 60 736 -10
CURRENT LIABILITIES
Current interest-bearing liabilities 2 387 5 947 -60
Accounts payable and other payables 8 340 8 768 -5
Income tax liability 504 260 94
CURRENT LIABILITIES 11 232 14 975 -25
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 130 536 133 802 -2
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-12/ 1-12/
2014 2013
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 9 070 -18 178
Adjustments -2 334 26 229
Change in working capital -486 408
CASH FLOW FROM OPERATIONS 6 250 8 459
BEFORE FINANCE AND TAXES
Interest paid -1 649 -1 749
Interest received 31 35
Dividends received 55 2 344
Other financial items -45 333
Direct taxes paid -932 -920
CASH FLOW FROM OPERATIONS 3 710 8 502
CASH FLOW FROM INVESTMENTS
Investments in tangible and -352 -1 398
intangible assets, net
Capital repayment received 2 249
Other investments -29 -18
Proceeds from sale of other investments 10 056 138
Granted loans -567
Dividends received from investments 484 528
CASH FLOW FROM INVESTMENTS 11 841 -750
CASH FLOW BEFORE FINANCING ITEMS 15 551 7 753
CASH FLOW FROM FINANCING
Change in current loans -3 561 -4 217
Change in non-current loans -5 889
Dividends paid and other profit distribution -2 548 -3 818
CASH FLOW FROM FINANCING -11 998 -8 035
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 3 553 -282
Liquid assets at the beginning of the financial period 1 980 2 263
Liquid assets at the end of the financial period 5 534 1 980
KEY FIGURES 2014 2013
Net sales, Meur 41.8 44.9
change % -6.9 -2.7
Operating profit/ loss, Meur 9.3 -16.6
% of net sales 22.1 -37.0
Profit/ loss before tax, Meur 10.1 -17.0
% of net sales 24.2 -37.8
Profit/ loss for the financial period, Meur 9.1 -18.2
% of net sales 21.7 -40.5
Return on equity (ROE), % 14.8 -26.2
Return on investment (ROI), % 9.7 -11.6
Equity ratio, % 50.2 44.2
Net gearing, % 78.0 108.7
Gross capital expenditure, Meur *) 0.5 1.4
% of net sales 1.1 3.2
Balance sheet total, Meur 130.5 133.8
Current ratio 0.91 0.45
Average no. of employees 311 321
Earnings per share (EPS), eur 0.35 -0.71
Cash flow from operations per share, eur 0.14 0.33
Shareholders' equity per share, eur 2.51 2.26
Dividend per share (Series I), eur **) 0.10 0.10
Dividend per share (Series II), eur **) 0.10 0.10
Dividend per earnings (Series I), % 28.3 neg.
Dividend per earnings (Series II), % 28.3 neg.
Effective dividend yield (Series I), % 3.3 2.1
Effective dividend yield (Series II), % 5.2 3.5
Price per earnings (P/E) (Series I) 8.5 neg.
Price per earnings (P/E) (Series II) 5.4 neg.
Market capitalisation, Meur 53.7 81.9
Average number of shares during the financial period 25 665 208 25 665 208
Number of shares at the end on the financial period 25 665 208 25 665 208
*) Includes investments in tangible and intangible assets and shares in
associated companies and in available-for-sale financial assets (shares).
**) 2014: Proposal of the Board of Directors
KONSERNIN LIIKEVAIHTO JA TULOS VUOSINELJÄNNEKSITTÄIN
(EUR 1,000) Q1/ 2014 Q2/ 2014 Q3/ 2014 Q4/ 2014
NET SALES 10 143 10 777 9 918 10 963
OPERATING PROFIT 1 193 2 523 2 622 2 913
PROFIT FOR THE PERIOD UNDER REVIEW 675 2 603 3 512 2 280
(EUR 1,000) Q1/ 2013 Q2/ 2013 Q3/ 2013 Q4/ 2013
NET SALES 10 987 11 585 10 614 11 707
OPERATING PROFIT/ LOSS 2 258 3 859 -24 022 1 273
PROFIT/ LOSS FOR THE PERIOD UNDER REVIEW 1 927 3 982 -24 668 581
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 1-12/ 2013 l reserv equity fund es earning
e s
SHAREHOLDERS' EQUITY 6 416 99 48 498 24 25 529 80 567
1.1.
Other change in -53 -53
shareholders'
equity
Comprehensive income 14 -18 519 -18 506
for the period
Dividend -3 850 -3 850
distribution
Share of associated -68 -68
company changes
TOTAL SHAREHOLDERS' 6 416 113 48 498 24 3 040 58 091
EQUITY 12/2013
Change in Share Fair Invested Other Retain Total
shareholders' equity capita value unrestricted reserv ed
1-12/ 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 82 8 897 8 979
for the period
Dividend distribution -2 567 -2 567
SHAREHOLDERS' EQUITY 6 416 194 48 498 24 9 371 64 503
12/ 2014
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 12/2014 12/2013
Collateral pledged for own commitments
Mortgages on company assets 1 245 1 245
Mortgages on real estate 8 801 8 801
Pledged shares 50 491 49 680
Contingent liabilities on behalf of associated company
Guarantees 3 961 4 059
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-12/ 1-12/ Change %
2014 2013
Carrying amount at the beginning of the financial 11 459 11 862 -3
period
Increase 294 1 266 -77
Decrease -4
Depreciation for the financial period -1 519 -1 670 -9
Carrying amount at the end of the financial period 10 230 11 459 -11
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) 12/2014 12/2013
Sales of goods and services
To associated companies 256 261
To other related parties 837 860
Purchases of goods and services
From associated companies 335 464
From other related parties 4 29
Non-current loan receivables from associated companies 567
Trade and other receivables
From associated companies 53 48
From other related parties 16 61
Accounts payable
To associated companies 8 16
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 12/2014 12/2013
Salaries and other short-term employee benefits 1 005 989
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) 12/2014 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through 1 089 1 089
profit or loss
Available-for-sale financial assets 1 533 1 533
TOTAL 2 623 1 089 1 533
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 803 1 803
TOTAL 1 803 1 803
Fair value at end of period
(EUR 1,000) 12/2013 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through 1 259 1 259
profit or loss
Available-for-sale financial assets 9 249 9 249
TOTAL 10 507 1 259 9 249
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 701 1 701
TOTAL 1 701 1 701
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,419 in 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.
AUDITED TOTAL CIRCULATION OF NEWSPAPERS IN 2014
Ilkka 47 021
Pohjalainen 21 161
Komiat 6 140
Viiskunta 5 331
Järviseutu 5 006
Suupohjan Sanomat 3 804
Jurvan Sanomat 1 983
Vaasan Ikkuna (delivery) 50 314
Etelä-Pohjanmaa (delivery) 46 800
Drafting principles
This financial statements bulletin, issued by Ilkka-Yhtymä Group, was prepared
in accordance with the requirements of the IAS 34 Interim Financial Reporting
standard.
Since 1 January 2014, the Group has complied with the following new or updated
standards and interpretations:
- IFRS 10 Consolidated Financial Statements (effective for annual periods
beginning on or after 1 January 2014). In line with existing principles, the
standard establishes control as the key factor for determining whether an
entity is consolidated or not. In addition, the standard provides additional
guidelines for defining control in situations where it is difficult to assess.
The revision has no impact on the financial statements.
- IFRS 11 Joint Arrangements (effective for annual periods beginning on or
after 1 January 2014). In accounting for joint arrangements, the standard
emphasises the rights and obligations arising from the arrangements rather than
their legal form (as do the current regulations). In addition, the standard
requires joint ventures to be accounted for using the equity method and
prohibits the use of proportionate consolidation. The revision has no impact on
the financial statements.
- IFRS 12 Disclosure of Interests in Other Entities (effective for annual
periods beginning on or after 1 January 2014). The standard brings together all
existing disclosure requirements related to interests in other entities,
including associates, joint arrangements, special purpose entities and other,
off-balance-sheet entities. The standard increased the number of disclosures.
- Amendment to IAS 32 Financial Instruments: Presentation (effective for annual
periods beginning on or after 1 January 2014). The amendment clarifies the
requirements for offsetting financial assets and liabilities, and provides
additional application guidance. The amendment has no material impact on the
consolidated financial statements.
As regards other parts and issues, the same drafting principles have been
applied to the financial statements bulletin as used in the previous financial
statements on 31 December 2013. Moreover, the calculation formulas and
principles for indicators also remain unchanged.
The figures in the financial statements bulletin are unaudited.
PROPOSALS TO THE ANNUAL GENERAL MEETING
The Board of Directors proposes to the Annual General Meeting of 22 April 2015
that a per-share dividend of EUR 0.10 be paid for the financial year 2014,
representing a total dividend payment of EUR 2,566,520.80. Dividends will be
distributed to those who are listed on the record day, 24 April 2015, as
shareholders in the Ilkka-Yhtymä Oyj's list of shareholders, maintained at
Euroclear Finland Oy. Dividend payments are issued on 4 May 2015. On 31
December 2014, the parent company's distributable funds amounted to EUR
55,037,623.59.
PROPOSAL ON AUTHORISATION TO THE BOARD
The Board of Directors of Ilkka-Yhtymä Oyj proposes to the AGM of 22 April 2015
that the Board of Directors be authorised to decide upon a share issue and/or
granting stock options and/or other special rights and upon their conditions.
The proposed maximum number of Series II shares issued is 7,700,000
corresponding to around 30 per cent of the company's total shares and 36.05 of
Series II shares at present.
The authorisation would include the right to issue shares and/or stock options
and/or other special rights as distinct from the shareholders' pre-emptive
rights, under conditions prescribed by law, and the right to decide upon a free
issue to the company itself.
The Board proposes that the authorisation would be valid for five years from
the date of the decision of the AGM.
AUTHORISATION TO DONATE
The Board of Directors proposes to the AGM that the Board of Directors be
authorised to decide upon a donation, totalling a maximum of EUR 50,000, to be
made towards charitable causes or similar, and that the Board of Directors be
authorised to decide upon the recipients, purposes of use, schedules and other
terms of these donations.
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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