2015-11-02 14:00:00 CET
2015-11-02 14:00:04 CET
REGLERAD INFORMATION
Ilkka-Yhtymä Oyj - Interim report (Q1 and Q3)
Ilkka-Yhtymä Oyj's Interim Report 1 January - 30 September 2015
Ilkka-Yhtymä Oyj Interim Report 2 November 2015, at 3:00pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2015
JANUARY-SEPTEMBER 2015
- Net sales: EUR 30,460 thousand (EUR 30,838 thousand)
- Operating profit: EUR 7,699 thousand (EUR 6,337 thousand)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 4,630 thousand (EUR 3,165 thousand)
- Operating profit totalled 25.3% of net sales, or 15.2% (10.3%) excluding Alma
Media and other associated companies
- The operating profit for the period includes a non-recurring capital gain of
EUR 1,421 thousand. The comparable operating profit, excluding associated
companies and the non-recurring capital gain, was EUR 3,209 thousand (EUR 3,165
thousand) and operating margin 10.5% (10.3%).
- Pre-tax profits: EUR 6,923 thousand (EUR 7,556 thousand)
- Earnings per share: EUR 0.24 (EUR 0.26)
- Eguity ratio 52.6% (46.6%)
JULY-SEPTEMBER 2015
- Net sales: EUR 9,748 thousand (EUR 9,918 thousand)
- Operating profit: EUR 3,658 thousand (EUR 2,622 thousand)
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 2,682 thousand (EUR 1,285 thousand)
- Operating profit totalled 37.5% of net sales, or 27.5% (13.0%) excluding Alma
Media and other associated companies
- The operating profit for the period includes a non-recurring capital gain of
EUR 1,421 thousand. The comparable operating profit, excluding associated
companies and the non-recurring capital gain, was EUR 1,261 thousand (EUR 1,285
thousand) and operating margin 12.9% (13.0%).
- Pre-tax profits: EUR 2,782 thousand (EUR 4,038 thousand)
- Earnings per share: EUR 0.10 (EUR 0.14)
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-September showed a 1.2% decline.
Net sales came to EUR 30,460 thousand (EUR 30,838 thousand). External net sales
from the publishing business fell by 2.8%. Advertising revenues fell by 5.1%
and circulation revenues by 1.9%. External net sales from the printing business
increased by 9.5%. Circulation income accounted for 46% of consolidated net
sales, while advertising income and printing income represented 39% and 14%,
respectively.
For Q3, net sales decreased by 1.7% and totalled EUR 9,748 thousand (EUR 9,918
thousand). External net sales from the publishing business fell by 4.2%.
Advertising revenues fell by 9.9% and circulation revenues fell by 1.4%.
External net sales from the printing business increased by 16%. Circulation
income accounted for 49% of consolidated net sales, while advertising income
and printing income represented 35% and 14%, respectively.
Other operating income in January-September totalled EUR 1,722 thousand (EUR
300 thousand) and in July-September EUR 1,493 thousand (EUR 83 thousand). The
other operating income for the third quarter includes a non-recurring capital
gain of EUR 1,421 thousand. Ilkka-Yhtymä Oyj announced on 6 July 2015 that it
would sell the shares of one of its property companies, Seinäjoen Kassatalo Oy.
The deal was closed on 30 September 2015.
Operating expenses for January-September amounted to EUR 27,555 thousand (EUR
27,976 thousand), down by 1.5% year on year. For July-September, operating
expenses amounted to EUR 8,567 thousand (EUR 8,719 thousand), down 1.7%. For
January-September, expenses arising from materials and services increased by
0.3%. Personnel expenses decreased by 2.5%. Other operating costs increased by
1.4%. Depreciation contracted by 13.1%.
The share of the associated companies' result for January-September was EUR
3,068 thousand (EUR 3,173 thousand). Consolidated operating profit amounted to
EUR 7,699 thousand (EUR 6,337 thousand), up by 21.5% year-on-year. The Group's
operating margin was 25.3% (20.6%). Operating profit excluding Alma Media
Corporation and the other associated companies amounted to EUR 4,630 thousand
(EUR 3,165 thousand), representing 15.2% (10.3%) of net sales. The operating
profit for the period includes a non-recurring capital gain of EUR 1,421
thousand. The comparable operating profit, excluding associated companies and
the non-recurring capital gain, was EUR 3,209 thousand (EUR 3,165 thousand) and
operating margin 10.5% (10.3%). Operating profit from publishing grew by EUR 28
thousand, and operating profit from printing fell by EUR 117 thousand.
For July-September, the share of the associated companies' result was EUR 976
thousand (EUR 1,337 thousand). Consolidated operating profit amounted to EUR
3,658 thousand (EUR 2,622 thousand), up by 39.5% year-on-year. The Group's
operating margin was 37.5% (26.4%) in July-September. Operating profit
excluding Alma Media Corporation and the other associated companies amounted to
EUR 2,682 thousand (EUR 1,285 thousand), representing 27.5% (13.0%) of net
sales. The operating profit for the period includes a non-recurring capital
gain of EUR 1,421 thousand. The comparable operating profit, excluding
associated companies and the non-recurring capital gain, was EUR 1,261 thousand
(EUR 1,285 thousand) and operating margin 12.9% (13.0%). For the third quarter,
operating profit from publishing fell by EUR 102 thousand, and operating profit
from printing fell by EUR 9 thousand.
Net financial expenses for January-September amounted to EUR 775 thousand (net
financial income in the corresponding period of the previous year EUR 1,219
thousand). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 1,004 thousand (EUR 1,296 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-September 2015, the change in the market value of
these interest rate swaps amounted to EUR 13 thousand (EUR -133 thousand). Net
gain/loss on shares held for trading was EUR -44 thousand (EUR -128 thousand).
Financial income for January-September 2014 includes a capital gain of EUR 2
million from the sale of Anvia Oyj's shares.
Net financial expenses for July-September amounted to EUR 876 thousand (net
financial income in the corresponding period of the previous year EUR 1,416
thousand). For the third quarter, interest expenses excluding the fair value
change in derivatives hedging them totalled EUR 341 thousand (EUR 417
thousand). In July-September 2015, the change in the market value of interest
rate swaps was EUR -393 thousand (EUR -117 thousand). Net gain/loss on shares
held for trading was EUR -156 thousand (EUR -71 thousand). Financial income for
July-September 2014 includes a capital gain of EUR 2 million from the sale of
Anvia Oyj's shares.
Pre-tax profits for January-September totalled EUR 6,923 thousand (EUR 7,556
thousand). Direct taxes amounted to EUR 647 thousand (EUR 766 thousand), and
the Group's net profit for the period totalled EUR 6,276 thousand (EUR 6,790
thousand). The Group's net profit for the third quarter totalled EUR 2,510
thousand (EUR 3,512 thousand).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 134,113 thousand (EUR 138,143
thousand), with EUR 68,348 thousand (EUR 62,265 thousand) of equity. On the
reporting date of 30 September 2015, the balance sheet value of the holding in
the associated company Alma Media Corporation was EUR 104,949 thousand and the
market value of the shares was EUR 58,022 thousand. According to the
management's estimate, write-down in this holding is unnecessary.
Interest-bearing liabilities totalled EUR 54,588 thousand (EUR 64,023
thousand). The equity ratio was 52.6% (46.6%), and shareholders' equity per
share was EUR 2.66 (EUR 2.43). The increase in financial assets for the period
totalled EUR 2,964 thousand (EUR 10,486 thousand), with liquid assets at the
end of the period totalling EUR 8,497 thousand (EUR 12,466 thousand).
Cash flow from operations for the period came to EUR 3,761 thousand (EUR 3,456
thousand). Cash flow from investments totalled EUR 4,102 thousand (EUR 11,938
thousand), including capital repayment from Alma Media Corporation in the
amount of EUR 2,699 thousand (EUR 2,249 thousand in the comparison period).
Cash flow from investments for the period includes EUR 1,651 thousand of
proceeds from the sale of property company Seinäjoen Kassatalo Oy's shares.
Cash flow from investments for January-September 2014 includes EUR 9,462
thousand of proceeds from the sale of Anvia Oyj's shares.
ILKKA-YHTYMÄ OYJ AND POSTI OY SIGNED AN AGREEMENT FOR NEWSPAPER DELIVERIES IN
SOUTH OSTROBOTHNIA AND VAASA
Ilkka-Yhtymä Oyj and Posti Oy announced on 12 May 2015 that they had agreed to
continue their collaboration on newspaper deliveries for several years, and
that they would specify the contract over the course of the year. The final
agreement, signed on 20 August 2015, will ensure the best possible service
level and cost-efficiency for the provincial and local newspapers in both
population centres and sparsely populated areas.
The solution is based on the current delivery model, developed together by the
parties since 2007. The delivery model will make partial use of the joint
delivery of newspapers and other postal items.
PERSONNEL
The Group had an average of 303 (317) employees during the period.
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 mainly concerned provincial newspapers'
technical production and media sales personnel and the personnel of the
printing press. The purpose of the negotiations was to adjust the operations
and the amount of personnel to the requirements of increasingly digital
operations and reducing volumes.
As a result of the negotiations, I-Mediat Oy cut seven posts and lay off its
advertisement production personnel for a maximum of three weeks. I-print Oy
will lay off its printing press personnel for a maximum of five weeks.
Ilkka-Yhtymä announced on 17 June 2015 that it would clarify operational
responsibilities at its publishing company I-Mediat Oy and complement the Group
Executive Team as of 1 September 2015. The matrix organisation and governance
model, which have been in use since 2010, will be changed into a
business-driven management system, which will better meet the requirements of
the increasingly digital business environment.
Marko Orpana, MSc (Econ.), was appointed as the director in charge of I-Mediat
Oy's provincial newspaper and free sheet business and internal support
services. Previously Orpana was the director in charge of I-Mediat Oy's web and
mobile business. Sauli Harjamäki, DSc (Econ.), will continue as the director in
charge of I-Mediat Oy's local newspaper business and newspaper delivery. They
were both appointed as members to the Group Executive Team.
As of 1 September 2015, the Group Executive Team will be as follows:
- Matti Korkiatupa, Managing Director
- Olli Pirhonen, Financial Director and deputy to the Managing Director
- Marko Orpana, Business Director, Provincial Newspapers and Free Sheets
- Sauli Harjamäki, Business Director, Local Newspapers
- Satu Takala, Chair of the editorial management team and Editor-in-Chief of
the newspaper Ilkka
- Seppo Lahti, Managing Director of I-print Oy
- Paula Mahlamäki, Head of HR
In addition to the aforementioned, the following people will continue as
members of the Extended Group Executive Team:
- Päivi Sairo, Director in charge of the provincial newspapers' consumer
marketing and sales
- Hannu Uusihauta, Director in charge of the provincial newspapers' and free
sheets' corporate marketing and sales
- Toni Viljanmaa, Editor-in-Chief of Pohjalainen
- Ari Monni, Data Administration and Development Manager
Alma Media Oyj, an associated company of Ilkka-Yhtymä Oyj, announced an
exchange offer to Talentum's shareholders, recommended by Talentum's Board of
Directors
Alma Media Corporation and Talentum Corporation agreed on the combination of
their businesses under a combination agreement entered into on 28 September
2015.
Pursuant to the agreement, the combination will be implemented by Alma Media
offering to acquire all of Talentum's issued and outstanding shares and
securities entitling to shares which are not owned by Talentum or its
subsidiaries. Prior to the exchange offer, Alma Media holds, directly or
indirectly, 32.14% of Talentum's shares.
In the exchange offer, Alma Media offers 0.25 new Alma Media shares as share
consideration and EUR 0.70 as cash consideration for each Talentum share. The
offer also concerns options entitling to shares. The structure of the offer
gives Talentum's shareholders the possibility to receive cash consideration for
their shares while continuing as shareholders in the company combining the
businesses of Alma Media and Talentum.
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-September, 71,200 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 1.7% of the total number of series-I shares. The total value of
the shares exchanged was EUR 204 thousand. In total, 1,899,733 series-II shares
were traded, corresponding to 8.9% of the total number of series II shares. The
total value of the shares traded was EUR 4,280 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 3.49. The lowest
price at which series-II shares were traded was EUR 1.92 and the highest EUR
2.68. The market value of the share capital at the closing rate for the
reporting period was EUR 54,130 thousand.
RISKS AND RISK MANAGEMENT
In the current economic climate, 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. 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 2014.
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 2014
Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 22 April 2015, 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 2014.
The number of members on the Supervisory Board for 2015 was confirmed to be 24.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2019: Lasse Hautala, Satu Heikkilä,
Perttu Rinta, Ari Rinta-Jouppi, Minna Sillanpää and Jorma Vierula.
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 share issue and/or
granting stock options and/or other special rights and upon their conditions.
The maximum number of Series II shares issued under the authorisation is
7,700,000, corresponding to around 30% of the company's total shares and 36.05%
of Series II shares at present. This authorisation includes 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 authorisation is
valid for five years from the date of the AGM's decision.
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 4 May 2015, the Supervisory Board re-elected Markku Hautanen
and Tapio Savola to the Board of Directors of Ilkka-Yhtymä Oyj when their terms
of service had come to an end. Lasse Hautala will continue as chairman of the
Supervisory Board, while Perttu Rinta will continue as vice-chairman.
At its membership meeting, the Board of Directors re-elected 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 2015
In the current economic climate, forecasting net sales in the media sector and,
in particular, media advertising spending involves still major uncertainties.
In the beginning of the year, media advertising declined 3.5% in Finland
(Source: TNS Ad Intelligence). Due to caution among consumers as well as
competition in the media market, newspaper circulation income is forecast to
decline. Printing business volumes have shrunk in Finland and the trend is
expected to continue in 2015.
The net sales of Ilkka-Yhtymä Group are estimated to remain almost at the 2014
level. Due to the weaker-than-expected trend in advertising income,
Ilkka-Yhtymä Group's operating profit from its own operations, excluding
non-recurring items and the share of Alma Media's and other associated
companies' results, are estimated to decline somewhat from the 2014 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
2014 financial statements. The principles and formulae for the calculation of
the indicators, presented on page 63 of the 2014 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) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2015 2014 % 2015 2014 % 2014
NET SALES 9 748 9 918 -2 30 460 30 838 -1 41 802
Change in inventories 7 3 162 3 2 -75 -3
of finished and
unfinished products
Other operating 1 493 83 1694 1 722 300 473 454
income
Materials and -3 269 -3 296 -1 -10 027 -9 996 0 -13 379
services
Employee benefits -3 704 -3 758 -1 -12 402 -12 722 -3 -16 782
Depreciation -409 -461 -11 -1 243 -1 430 -13 -1 856
Other operating costs -1 184 -1 204 -2 -3 884 -3 829 1 -5 302
Share of associated 976 1 337 -27 3 068 3 173 -3 4 318
companies' profit
OPERATING PROFIT/ 3 658 2 622 40 7 699 6 337 21 9 251
LOSS
Financial income and -876 1 416 -162 -775 1 219 -164 883
expenses
PROFIT/ LOSS BEFORE 2 782 4 038 -31 6 923 7 556 -8 10 133
TAX
Income tax -272 -526 -48 -647 -766 -16 -1 063
PROFIT/ LOSS FOR THE 2 510 3 512 -29 6 276 6 790 -8 9 070
PERIOD UNDER REVIEW
Earnings per share, 0.10 0.14 -29 0.24 0.26 -8 0.35
undiluted (EUR) *)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average (to the
nearest thousand) *)
*) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2015 2014 % 2015 2014 % 2014
PROFIT/ LOSS FOR THE PERIOD 2 510 3 512 -29 6 276 6 790 -8 9 070
UNDER REVIEW
OTHER COMPREHENSIVE INCOME:
Items that may be
reclassified subsequently to
profit or loss:
Available-for-sale assets
Measured at fair value -1 -14 96 3 -26 112 -24
Transferred to the income 124 -100 -8 126 -107 126
statement
Share of associated -57 87 -165 162 -130 225 -173
companies' other
comprehensive income
Income tax related to 0 -22 101 3 -20 116 -20
components of other
comprehensive income
Other comprehensive income, -57 176 -133 160 -50 423 -91
net of tax
TOTAL COMPREHENSIVE INCOME 2 452 3 688 -34 6 436 6 740 -5 8 979
FOR THE PERIOD
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change % 1-9/ 1-9/ Change % 1-12/
2015 2014 2015 2014 2014
Publishing
External 8 345 8 708 -4 26 092 26 848 -3 36 330
Inter-segments 18 17 8 72 63 14 83
Publishing total 8 363 8 725 -4 26 164 26 912 -3 36 413
Printing
External 1 403 1 210 16 4 368 3 990 9 5 472
Inter-segments 1 538 1 675 -8 4 688 5 064 -7 6 861
Printing total 2 941 2 885 2 9 056 9 053 0 12 333
Non-allocated
Inter-segments 545 560 -3 1 645 1 680 -2 2 231
Non-allocated total 545 560 -3 1 645 1 680 -2 2 231
Elimination -2 101 -2 252 -7 -6 405 -6 807 -6 -9 175
Group net sales 9 748 9 918 -2 30 460 30 838 -1 41 802
total
OPERATING PROFIT/ LOSS BY SEGMENT
(EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/
2015 2014 % 2015 2014 % 2014
Publishing 728 830 -12 2 278 2 250 1 3 481
Printing 443 452 -2 1 075 1 192 -10 1 749
Associated companies 976 1 337 -27 3 068 3 173 -3 4 318
Non-allocated *) 1 510 3 50032 1 277 -278 560 -297
Group operating profit/ loss 3 658 2 622 40 7 699 6 337 21 9 251
total
*) Q3/2015: Non-allocated includes non-recurring capital gain of EUR 1,421
thousand.
ASSETS BY SEGMENT
(EUR 1,000) 9/2015 9/2014 Change 12/2014
%
Publishing 12 134 15 157 -20 8 826
Printing 9 757 9 783 0 8 674
Non-allocated 112 222 113 202 -1 113 036
Group assets total 134 113 138 143 -3 130 536
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 9/2015 9/2014 Change 12/2014
%
ASSETS
NON-CURRENT ASSETS
Intangible rights 674 606 11 629
Goodwill 314 314 0 314
Investment properties 63 156 -60 147
Property, plant and equipment 9 052 10 521 -14 10 230
Shares in associated companies 105 826 104 207 2 105 310
Available-for-sale assets 2 921 2 952 -1 2 953
Non-current trade and other receivables 567 567 0 567
Other tangible assets 214 214 0 214
TOTAL NON-CURRENT ASSETS 119 632 119 537 0 120 364
Current assets
Inventories 590 547 8 523
Trade and other receivables 3 693 4 059 -9 2 876
Income tax assets 706 442 60 150
Financial assets at fair value 996 1 092 -9 1 089
through profit or loss
Cash and cash equivalents 8 497 12 466 -32 5 534
TOTAL Current assets 14 482 18 605 -22 10 172
Total assets 134 113 138 143 -3 130 536
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 0 6 416
Invested unrestricted equity fund and other 48 690 48 715 0 48 716
reserves
Retained earnings 13 242 7 133 86 9 371
SHAREHOLDER'S EQUITY 68 348 62 265 10 64 503
NON-CURRENT LIABILITIES
Deferred tax liability 208 145 43 178
Non-current interest-bearing liabilities 54 579 61 654 -11 54 549
Non-current interest-free liabilities 75 88 -15 75
NON-CURRENT LIABILITIES 54 861 61 887 -11 54 801
CURRENT LIABILITIES
Current interest-bearing liabilities 9 2 369 -100 2 387
Accounts payable and other payables 10 222 11 032 -7 8 340
Income tax liability 672 590 14 504
CURRENT LIABILITIES 10 904 13 991 -22 11 232
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 134 113 138 143 -3 130 536
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-9/ 1-9/ 1-12/
2015 2014 2014
CASH FLOW FROM OPERATIONS
Profit/ loss for the period under review 6 276 6 790 9 070
Adjustments -1 839 -2 244 -2 334
Change in working capital 853 548 -486
CASH FLOW FROM OPERATIONS 5 289 5 094 6 250
BEFORE FINANCE AND TAXES
Interest paid -601 -807 -1 649
Interest received 40 22 31
Dividends received 66 55 55
Other financial items -33 -33 -45
Direct taxes paid -1 000 -874 -932
CASH FLOW FROM OPERATIONS 3 761 3 456 3 710
CASH FLOW FROM INVESTMENTS
Investments in tangible and -406 -254 -352
intangible assets, net
Disposal of subsidiaries 1 651
Capital repayment received 2 699 2 249 2 249
Other investments -29 -29
Proceeds from sale of other investments 67 10 056 10 056
Granted loans -567 -567
Dividends received from investments 92 484 484
CASH FLOW FROM INVESTMENTS 4 102 11 938 11 841
CASH FLOW BEFORE FINANCING ITEMS 7 864 15 395 15 551
CASH FLOW FROM FINANCING
Change in current loans -2 353 -2 361 -3 561
Change in non-current loans -5 889
Dividends paid and other profit distribution -2 547 -2 548 -2 548
CASH FLOW FROM FINANCING -4 900 -4 909 -11 998
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 2 964 10 486 3 553
Liquid assets at the beginning of the financial period 5 534 1 980 1 980
Liquid assets at the end of the financial period 8 497 12 466 5 534
KEY FIGURES
9/2015 9/2014 12/2014
Earnings/share (EUR) 0.24 0.26 0.35
Shareholders' equity/share (EUR) 2.66 2.43 2.51
Average number of personnel 303 317 311
Investments (EUR 1,000) *) 383 315 464
Interest-bearing debt (EUR 1,000) 54 588 64 023 56 936
Equity ratio, % 52.6 46.6 50.2
Net gearing, % 66.0 81.1 78.0
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
1-9/ 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 80 6 660 6 740
for the period
Dividend distribution -2 567 -2 567
TOTAL SHAREHOLDERS' 6 416 193 48 498 24 7 133 62 265
EQUITY 9/ 2014
Change in Share Fair Invested Other Retain Total
shareholders' equity capita value unrestricted reserv ed
1-9/ 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 6 438 6 436
for the period
Dividend distribution -2 567 -2 567
Changes in ownership -24 -24
interests in
subsidiaries
TOTAL SHAREHOLDERS' 6 416 192 48 498 13 242 68 348
EQUITY 9/ 2015
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 9/2015 9/2014 12/2014
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 47 369 56 733 50 491
Contingent liabilities on behalf of associated company
Guarantees 3 961 4 010 3 961
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-9/ 1-9/ Change 1-12/
2015 2014 % 2014
Carrying amount at the beginning of the 10 230 11 459 -11 11 459
financial period
Increase 285 224 27 294
Decrease -261 -4 6368 -4
Depreciation for the financial period -1 055 -1 157 -9 -1 519
Transfers between items -147
Carrying amount at the end of the financial 9 052 10 521 -14 10 230
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) 1-9/2015 1-9/2014 1-12/2014
Sales of goods and services
To associated companies 187 194 256
To other related parties 625 625 837
Purchases of goods and services
From associated companies 194 328 335
From other related parties 2 4 4
Non-current loan receivables from associated 567 567 567
companies
Trade and other receivables
From associated companies 35 31 53
From other related parties 69 31 16
Accounts payable
To associated companies 21 57 8
Transactions with related parties are conducted at fair market prices.
EMPLOYEE BENEFITS TO MANAGEMENT
(EUR 1,000) 1-9/2015 1-9/2014 1-12/2014
Salaries and other short-term employee benefits 751 782 1 005
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) 9/2015 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 996 996
or loss
Available-for-sale financial assets 1 501 1 501 TOTAL 2 497 996 1 501
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 791 1 791
TOTAL 1 791 1 791
Fair value at end of period
(EUR 1,000) 9/2014 Level 1 Level 2 Level 3
ASSETS MEASURED AT FAIR VALUE
Financial assets at fair value through profit 1 092 1 092
or loss
Available-for-sale financial assets 1 532 1 532
TOTAL 2 623 1 092 1 532
LIABILITIES MEASURED AT FAIR VALUE
Interest rate swaps 1 834 1 834
TOTAL 1 834 1 834
Available-for-sale assets also include EUR 1,420 thousand for unlisted shares
(EUR 1,420 thousand in 9/2014), 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
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Nasdaq Helsinki
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www.ilkka-yhtyma.fi
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