Alma Media's Financial Statement Release 2011: The share of the digital products and services in the group revenue and operating profit increased
(Thomson Reuters ONE) -
Alma Media Corporation Financial Statement Release February 15, 2012 at 9:00am
(EET)
ALMA MEDIA'S FINANCIAL STATEMENT RELEASE 2011:
THE SHARE OF THE DIGITAL PRODUCTS AND SERVICES IN THE GROUP REVENUE AND
OPERATING PROFIT INCREASED
Financial performance October-December 2011:
- Revenue was MEUR 81.3 (83.0), down 2.1%.
- Circulation revenue was MEUR 31.4 (31.8), down 1.5%, advertising revenue was
MEUR 40.6 (41.1), down 1.1%, contents and service revenue was MEUR 9.4 (10.2),
down 8.0%.
- Operating profit excluding non-recurring items was MEUR 10.1 (11.0), 12.4%
(13.2%) of revenue, down 8.1%.
- Operating profit was MEUR 9.6 (10.7), 11.7% (12.9%) of revenue, down 10.9%.
- Profit for the period was MEUR 2.8 (9.2), down 69.2%.
- Earnings per share was EUR 0.03 (0.12), down 72.4%.
Financial performance full year 2011:
- Revenue was MEUR 316.2 (311.4), up 1.6%.
- Circulation revenue was MEUR 124.8 (125.3), down 0.4%, advertising revenue was
MEUR 155.3 (148.2), up 4.8%, contents and service revenue was MEUR 36.1 (37.8),
down 4.5%.
- Operating profit excluding non-recurring items was MEUR 42.9 (43.9), 13.6%
(14.1%) of revenue, down 2.2%.
- Operating profit was MEUR 42.0 (43.4), 13.3 % (13.9%) of revenue, down 3.3%.
- Profit for the period was MEUR 30.8 (33.2), down 7.1%.
- Earnings per share was EUR 0.39 (0.44), down 11.0%.
- Dividend paid for the financial year 2010 was EUR 0.70 (0.40) per share.
Key figures 2011 2010 Change 2011 2010 Change
MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
Revenue 81.3 83.0 -1.7 -2.1 316.2 311.4 4.9 1.6
Circulation revenue 31.4 31.8 -0.5 -1.5 124.8 125.3 -0.5 -0.4
Advertising revenue 40.6 41.1 -0.5 -1.1 155.3 148.2 7.1 4.8
Contents and service revenue *) 9.4 10.2 -0.8 -8.0 36.1 37.8 -1.7 -4.5
Total expenses excluding non-
recurring items 71.4 72.0 -0.6 -0.8 273.6 267.6 5.9 2.2
--------------------------------------------------------------------------------
Operating profit excluding non-
recurring items 10.1 11.0 -0.9 -8.1 42.9 43.9 -1.0 -2.2
% of revenue 12.4 13.2 13.6 14.1
Operating profit 9.6 10.7 -1.2 -10.9 42.0 43.4 -1.4 -3.3
% of revenue 11.7 12.9 13.3 13.9
--------------------------------------------------------------------------------
Profit for the period 2.8 9.2 -6.4 -69.2 30.8 33.2 -2.4 -7.1
--------------------------------------------------------------------------------
Earnings per share, EUR (basic) 0.03 0.12 -0.09 -72.4 0.39 0.44 -0.05 -11.0
Earnings per share, EUR (diluted) 0.03 0.12 -0.09 -72.5 0.39 0.44 -0.05 -11.3
*) Contents and service revenue includes the Group's digital service and custom
media revenue as well as the external rental, distribution and printing revenue.
Dividend proposal for the Annual General Meeting:
On December 31, 2011, the Group's parent company had distributable funds
totalling EUR 51,941,032 (56,858,658). No essential changes in the company's
financial standing have taken place after the end of the financial year. The
Board of Directors will propose to the Annual General Meeting that a dividend of
EUR 0.40 (0.70) per share be paid for the 2011 financial year. Based on the
number of shares on the closing date, December 31, 2011, the total dividend
distribution would amount to EUR 30,194,741 (52,536,766).
Outlook for 2012:
Due to the uncertainty prevailing in the macroeconomic conditions of the Group's
main markets, it is exceptionally complicated to estimate the development of
circulation and advertising revenues. Digital services are expected to further
increase their share of the media market. Alma Media expects that the change in
value-added tax, effective since the beginning of 2012, may decrease the
circulations of the Group's newspapers.
Alma Media expects its full-year revenue for 2012 to increase from the 2011
level, primarily due to the acquisitions made. Operating profit excluding non-
recurring items is expected to be lower than in 2011. Full-year revenue for
2011 was MEUR 316.2, operating profit excluding non-recurring items MEUR 42.9
and operating profit MEUR 42.0.
Kai Telanne, President and CEO:
Alma Media's strategy is to increase the share of digital services in its
revenue through both in-house product and service development and acquisitions
in Finland and other countries. The implementation of this strategy is
progressing according to plan. In 2011, Alma Media's online advertising sales
grew by 20.9%, and the share of digital products and services in the Group's
revenue rose to 18.0% (15.7%).
In December, Alma Media acquired LMC s.r.o, a company that owns the leading
recruitment portals in the Czech Republic. The deal creates a significant
bridgehead for the internationalisation of Alma Media's recruitment service
offering. In February 2012, we additionally acquired CV Online, the leading
online recruitment service company in the Baltic area. After these acquisitions,
recruitment services are the largest service area of Alma Media's Marketplaces
business.
Digital business was also substantially developed by renewing our existing
products and services. We opened Etuovi.com and Autotalli.com services to
advertisements by consumers in addition to the earlier corporate
customers.Etuovi.com, Autotalli.com and Monster.fi launched their mobile
services. The online, mobile and tablet applications of our newspapers were also
developed further.
Alma Media additionally supports its strategy implementation by renewing its
organisation and management system, as well as seeking operational efficiencies.
We established a digital business development and service unit, and brought our
regional and local papers together into one business unit. The new units, Alma
Diverso and Alma Regional Media, respectively, started operations in the
beginning of 2012. In case the need for structural change of the industry
continues to gather momentum due to the rapid shift in consumers' media use,
Alma Media will also have to accelerate its projects for change.
Alma Media invests heavily in the renewal of print media, too, aiming to further
improve its cost efficiency and ensure the quality of its products. The
investment in the new printing facility in Tampere, Finland, progressed as
planned during the year, but in November Alma Media was informed that the
printing press supplier, manroland AG, had filed for insolvency. Alma Media
immediately initiated measures to secure its position and to have the printing
machinery delivered according to the original investment plan. At the moment we
do not expect manroland's situation to have any significant financial effect on
Alma Media, nor do we forecast any major changes in the delivery schedule of the
printing press.
For further information, please contact:
Kai Telanne, President and CEO, telephone +358 10 665 3500
Tuomas Itkonen, CFO, telephone +358 10 665 2244
Conference, webcast and conference call:
Alma Media will hold a conference in Finnish concerning its October-December and
full-year 2011 results in the "Salikabinetti" conference room of the Savoy
restaurant at the address Eteläesplanadi 14, Helsinki, from 11:30am to 12:30pm
(EET) on February 15, 2012. The results will be presented by Kai Telanne,
President and CEO, and Tuomas Itkonen, CFO. Presentation materials for the event
will be available online at www.almamedia.fi/calendar from 11:30am on the same
day.
A webcast and conference call in English will start at 1:00pm (EET) on February
15, 2012. You may participate in the conference call by calling +44 (0)20
7136 2055 (confirmation code 8424291), or follow the event online at
www.almamedia.fi/investors (audio webcast).
Rauno Heinonen
Vice President, Corporate Communications and IR
Alma Media Corporation
DISTRIBUTION: NASDAQ OMX Helsinki, principal media
ALMA MEDIA GROUP: FINANCIAL STATEMENT RELEASE JANUARY 1 - DECEMBER 31, 2011
The descriptive part of this review focuses on the result of financial year
2011. The figures are compared in accordance with the International Financial
Reporting Standards (IFRS) with those of the corresponding period in 2010,
unless otherwise stated. The full-year figures in the financial statement
release are audited. The figures in the tables are independently rounded.
KEY FIGURES 2011 2010 Change 2011 2010 Change 2009
MEUR Q4 Q4 % Q1-Q4 Q1-Q4 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 81.3 83.0 -2.1 316.2 311.4 1.6 307.8
Total expenses excluding
non-recurring items 71.4 72.0 -0.8 273.6 267.6 2.2 265.3
--------------------------------------------------------------------------------
Operating profit excluding
non-recurring items 10.1 11.0 -8.1 42.9 43.9 -2.2 42.6
% of revenue 12.4 13.2 13.6 14.1 13.9
Operating profit 9.6 10.7 -10.9 42.0 43.4 -3.3 40.4
% of revenue 11.7 12.9 13.3 13.9 13.1
--------------------------------------------------------------------------------
Profit before tax 5.3 12.1 -56.2 42.0 45.0 -6.6 39.7
Profit for the period 2.8 9.2 -69.2 30.8 33.2 -7.1 28.3
--------------------------------------------------------------------------------
Return on Equity/ROE
(Annual),%* 12.6 38.1 -67.0 29.1 31.6 -7.9 30.8
Return on Investment/ROI
(Annual),%* 10.0 37.6 -73.5 26.1 31.1 -15.9 28.3
Net financial expenses 3.6 -1.0 462.9 2.5 -0.9 375.1 0.3
Net financial expenses,% of
revenue 4.5 -1.2 470.6 0.8 -0.3 370.8 0.1
Balance sheet total 198.0 184.5 198.0 184.5 7.3 154.4
Capital expenditure 2.1 2.8 -21.2 6.3 12.9 -51.4 8.2
Capital expenditure,% of
revenue 2.6 3.4 -19.5 2.0 4.1 -52.2 2.7
Research and development
costs 4.6 4.0 13.6
Equity ratio 57.0 67.1 57.0 67.1 -15.1 66.9
Gearing,% -33.4 -28.2 -33.4 -28.2 18.4 -17.3
Interest-bearing net debt -32.3 -32.4 -32.3 -32.4 -0.2 -16.5
Interest-bearing
liabilities 25.5 4.0 25.5 4.0 539.0 4.6
Non-interest-bearing
liabilities 75.7 65.7 75.7 65.7 15.2 54.9
Average no. of personnel,
calculated as full-time
employees, excl. delivery
staff 1,746 1,792 -2.6 1816 1805 0.6 1,888
Average no. of delivery
staff 940 887 6.0 961 962 -0.1 969
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Share indicators
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Earnings per share, EUR
(basic) 0.03 0.12 -72.4 0.39 0.44 -11.0 0.38
Earnings per share, EUR
(diluted) 0.03 0.12 -72.5 0.39 0.44 -11.3 0.38
Cash flow from operating
activities/share, EUR 0.27 0.16 63.9 0.67 0.61 9.4 0.58
Shareholders' equity per
share, EUR 1.24 1.50 0.00 1.24 1.50 -17.3 1.27
Dividend per share 0.40 0.70 0.40
Effective dividend yield 6.5 8.5 5.3
P/E Ratio 0.0 0.0 0.0 15.8 18.9 19.8
Market capitalisation 463.5 621.4 0.0 463.5 621.4 -25.4 558.1
Average no. of shares
(1,000 shares)
- basic 75,487 75,053 75,339 74,894 74,613
- diluted 75,898 75,216 75,772 75,086 74,859
No. of shares at end of
period (1,000 shares) 75,487 75,053 74,613
--------------------------------------------------------------------------------
MARKET CONDITIONS
According to various forecasts, the Finnish national economy is estimated to
have grown 2.5-2.8% in 2011. Estimates of GDP growth in 2012 published by the
writing of this release vary between -1.5-0.4%. The variation in the forecasts
highlights the uncertainty in forecasting the development of the economy.
According to reports by the Finnish Advertising Council, the total media
advertising spend in Finland grew by 3.7% (4.8%) in 2011. Advertising in
newspapers and city papers grew by 3.7% while advertising in online media
increased by 8.2% from the comparison period.
According to TNS Media Intelligence, total advertising volume grew by 0.2%
(10.6%) in the last quarter of the year. Advertising in newspapers and city
papers decreased by 2.8%, while advertising in online media increased by 19.4%
from the comparison period.
Calculated in copies, the total market for afternoon papers shrank by 4.7%
(3.3%) in 2011.
CHANGES IN GROUP STRUCTURE 2011
In February 2011, Alma Media acquired the majority (51%) of Mascus A/S. The
company is reported as a subsidiary company in the Marketplaces segment in Alma
Media's consolidated financial statements.
Further details of acquired businesses are given in the notes to this financial
statement release.
CHANGES IN GROUP STRUCTURE 2012
On December 21, 2011, Alma Media Corporation made an agreement to acquire LMC
s.r.o, a company that owns the two leading recruitment portals in the Czech
Republic. The acquisition price was MEUR 39.5 paid in cash at the time of
signing. According to the agreement, an additional sum not in excess of MEUR
3.9 will be paid based on LMC's 2012 result. The deal was closed on January
2, 2012.
Northern Media, part of Alma Media, has acquired the publishing rights of the
free issue paper Kotikymppi that appears in Kemijärvi, Finland. The deal became
effective January 1, 2012.
Both acquisitions will be consolidated in Alma Media's consolidated financial
statements starting January 2012.
On February 2, Alma Media Corporation acquired CV Online, the leading internet
recruitment service company in the Baltic countries. The 2011 revenue of CV
Online is estimated at approximately MEUR 2.0, with an operating margin of
approximately MEUR 0.6. The company will be reported as part of Alma Media's
Marketplaces segment as of February 2, 2012.
A decision has been made to simplify the legal structure of Alma Media Group.
All legal companies that are part of Alma Media Group will be affected. The
change aims at gradually minimising the number of legal companies in the Group
during 2012.
GROUP REVENUE AND RESULT OCTOBER-DECEMBER 2011
In the last quarter, revenue declined by 2.1% (increased 5.1%) and totalled MEUR
81.3 (83.0). Revenue from print media was MEUR 60.6 (62.9), with a share of
74.5% (75.7%) in the Group's revenue. Revenue from digital products and services
increased by 10.8% to MEUR 14.9 (13.4). Digital products and services accounted
for 18.3% (16.2%) of Group revenue.
Revenue from advertising sales was down 1.1%, totalling MEUR 40.6 (41.1).
Advertising sales made up 49.9% (49.5%) of the Group's total revenue.
Advertising sales for printed papers decreased by 6.0% to MEUR 29.2 (31.1).
Online advertising sales grew by 13.5% to MEUR 11.1 (9.8).
Circulation revenue decreased by 1.5% to MEUR 31.4 (31.8).
Contents and service revenue was MEUR 9.4 (10.2).
Total expenses excluding non-recurring items were down 0.8%, totalling MEUR
71.4 (72.0). Total expenses were down 0.7% and were 71.9 (72.4).
Operating profit excluding non-recurring items decreased by 8.1% (decreased by
2.7%) to MEUR 10.1 (11.0). Operating margin excluding non-recurring items was
12.4% (13.2%). Operating profit was MEUR 9.6 (10.7) and operating margin 11.7%
(12.9%).
The operating profit includes MEUR -0.5 (-0.3) in net non-recurring items. A
breakdown of non-recurring items is presented in this financial statements
release as a separate chapter on page 13.
The financial result for October-December 2011 was MEUR 2.8 (9.2). The result
for the financial period, excluding non-recurring items, was MEUR 3.4 (9.5). The
item having most signifigant impact on the result of the last quarter of the
year was the change in the fair value of a contingent consideration and the debt
from corporate transactions related with the Marketplaces segment, in the amount
of MEUR -2.9.
GROUP REVENUE AND RESULT FULL YEAR 2011
The Group's revenue for the full year 2011 increased by 1.6% (1.1%), totalling
MEUR 316.2 (311.4). Revenue from print media was MEUR 236.1 (237.1), accounting
for 74.7% (76.1%) of total Group revenue. Revenue from digital products and
services grew by 16.3% and was MEUR 56.8 (48.9). The share of digital products
and services in total Group revenue was 18.0% (15.7%).
Revenue from advertising sales increased by 4.8% to MEUR 155.3 (148.2).
Advertising sales accounted for 49.1% (47.6%) of total Group revenue.
Advertising sales for printed papers decreased by 0.5% and was MEUR 111.3
(111.9). Online advertising sales increased by 20.9% to MEUR 43.1 (35.6).
Circulation revenue was MEUR 124.8 (125.3), and contents and service revenue
MEUR 36.1 (37.8).
Total expenses excluding non-recurring items increased by 2.2%, totalling MEUR
273.6 (267.6). Total expenses increased by 2.5% to MEUR 275.1 (268.4). The
increase in total expenses was due to increases in personnel costs, printing and
distribution costs, and marketing and IT costs.
Operating profit excluding non-recurring items was down 2.2% (up 3.0%),
totalling MEUR 42.9 (43.9). Operating margin excluding non-recurring items was
13.6% (14.1%). Operating profit was MEUR 42.0 (43.4). Operating margin decreased
from the comparison period and was 13.3% (13.9%). Alma Media issued a profit
warning on January 13, 2012 because the operating profit fell behind that of the
comparison period. Alma Media had earlier estimated that the full-year 2011
revenue and the operating profit excluding non-recurring items would increase
from the level of 2010.
The operating profit includes MEUR -1.0 (-0.5) in net non-recurring items. A
breakdown of non-recurring items is presented in this financial statements
release as a separate chapter on page 13.
The financial result for the financial year 2011 was MEUR 30.8 (33.2) and the
result excluding non-recurring items MEUR 31.7 (33.8). The non-recurring items
included in the financial result for the period total MEUR -0.9 (-0.7). The
item having the most significant impact on the result of the financial year was
the change in the fair value of a contingent consideration from an acquisition
in the amount of MEUR -1.7.
BUSINESS SEGMENTS
Alma Media's business segments are Newspapers, Kauppalehti Group, Marketplaces
and Other operations. In this financial statements release, the business
segments are reported according to the Group's internal organisational
structure.
REVENUE BY SEGMENT, 2011 2010 Change 2011 2010 Change
MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
---------------------------------------------------------------------------
Newspapers
External 55.4 57.2 217.3 215.1
Inter-segments 1.1 0.9 4.2 4.1
---------------------------------------------------------------------------
Newspapers total 56.6 58.1 -2.6 221.5 219.3 1.0
Kauppalehti Group
External 15.0 15.9 55.9 57.2
Inter-segments 0.2 0.2 0.8 0.7
---------------------------------------------------------------------------
Kauppalehti Group total 15.2 16.1 -5.7 56.7 57.9 -2.1
Marketplaces
External 9.4 8.5 37.5 32.3
Inter-segments -0.1 -0.1 -0.5 -0.3
---------------------------------------------------------------------------
Marketplace total 9.3 8.4 10.2 37.0 32.1 15.2
Other operations
External 1.5 1.4 5.6 6.7
Inter-segments 19.1 18.9 75.9 71.9
---------------------------------------------------------------------------
Other operations total 20.6 20.4 1.3 81.5 78.5 3.8
Elimination -20.4 -19.9 -80.4 -76.4
---------------------------------------------------------------------------
Total 81.3 83.0 -2.1 316.2 311.4 1.6
---------------------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2011 2010 Change 2011 2010 Change
MEUR *) Q4 Q4 % Q1-Q4 Q1-Q4 %
---------------------------------------------------------------------------
Newspapers 7.8 8.5 -8.5 30.2 32.9 -8.2
Kauppalehti Group 2.2 1.7 25.8 7.4 8.2 -10.3
Marketplaces 1.0 0.0 2297.2 5.8 0.4 1467.1
Other operations -1.6 0.5 -440.8 -1.4 1.9 -171.0
---------------------------------------------------------------------------
Total 9.6 10.7 -10.9 42.0 43.4 -3.3
---------------------------------------------------------------------------
Newspapers
The Newspapers segment reports the publishing activities of 34 newspapers. The
largest titles are Aamulehti and Iltalehti.
Newspapers 2011 2010 Change 2011 2010 Change
Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
Revenue 56.6 58.1 -2.6 221.5 219.3 1.0
Circulation revenue 27.5 27.8 -1.4 109.9 110.3 -0.3
Advertising revenue 27.9 29.0 -3.6 107.6 104.9 2.5
Content and service revenue 1.2 1.3 -7.8 4.0 4.1 -1.3
Total expenses excluding non-recurring
items 48.3 49.2 -1.8 190.4 186.3 2.2
--------------------------------------------------------------------------------
Operating profit excluding non-recurring
items 8.3 8.7 -4.6 31.2 33.1 -5.7
Operating profit excluding non-recurring
items,% 14.7 15.0 14.1 15.1
Operating profit 7.8 8.5 -8.5 30.2 32.9 -8.2
Operating profit,% 13.8 14.7 13.6 15.0
--------------------------------------------------------------------------------
Average no. of personnel, calculated as
full-time employees excl. delivery staff 903 961 -6 964 972 -1
Average no. of delivery staff *, Q 124 99 26 124 99 26
2011 2010 2011 2010
Operational key figures Q4 Q4 Q1-Q4 Q1-Q4
-----------------------------------------------------------------------
Audited circulation
Iltalehti 107,052
Aamulehti 131,539
Online services, unique browsers, weekly
Iltalehti.fi 3,275,072 2,555,355 2,978,518 2,276,375
Telkku.com 701,048 636,464 661,908 616,325
Aamulehti.fi 342,673 346,903 333,987 299,467
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October-December 2011
The Newspapers segment's revenue decreased by 2.6% to MEUR 56.6 (58.1).
Advertising sales in the segment were down 3.6% (up 5.6%) and were MEUR 27.9
(29.0). Advertising sales in print media
decreased 5.9% (increased 3.6%). The segment's online advertising sales
increased by 15.6% (26.8%).
The segment's circulation revenue was down 1.4%, totalling MEUR 27.5 (27.8).
The segment's total expenses excluding non-recurring items decreased by 1.8% to
MEUR 48.3 (49.2). Total expenses amounted to MEUR 48.8 (49.6).
The Newspapers segment's operating profit excluding non-recurring items was MEUR
8.3 (8.7) and operating margin excluding non-recurring items 14.7% (15.0%).
Operating profit was MEUR 7.8 (8.5) and operating margin 13.8% (14.7%).
Pohjois-Suomen Media, reported in Alma Media's Newspapers segment, agreed on the
purchase of the publishing rights of the free issue paper Kotikymppi appearing
in Kemijärvi in December 2011. The purchase became effective on January 1, 2012.
In December 2011, Northern Media started statutory personnel negotiations
concerning its entire staff. As a result of the negotiations, completed in
January 2012, the staff of the company will be reduced by 9 full-time work
years.
Full year 2011
The Newspapers segment's revenue increased to MEUR 221.5 (219.3). The segment's
advertising sales were MEUR 107.6 (104.9), an increase of 2.5% (3.6%).
Advertising sales in print media grew by 0.3% (0.9%). The segment's online
advertising sales increased by 22.7% (35.7%).
The segment's circulation revenue was MEUR 109.9 (110.3).
The segment's total expenses excluding non-recurring items were MEUR 190.4
(186.3). Total expenses amounted to MEUR 191.4 (186.7). Total expenses increased
mainly due to increases in printing, transport and distribution costs.
The segment's operating profit excluding non-recurring items was MEUR 31.2
(33.1) and operating margin excluding non-recurring items 14.1% (15.1%). The
segment's operating profit was MEUR 30.2 (32.9) and operating margin 13.6%
(15.0%).
Alma Media's regional papers, Lapin Kansa, Pohjolan Sanomat and Kainuun Sanomat,
appearing in Northern Finland, switched to the tabloid format in January 2011.
The new format was mainly received well among readers and advertisers. In April
2011, Satakunnan Kansa also decided to switch to tabloid format. The first
tabloid-format copies of Satakunnan Kansa were issued in January 2012.
Statutory personnel negotiations concerning all employees of Satakunnan
Kirjateollisuus Oy and Porin Sanomat Oy were concluded in March. As a result of
the negotiations, non-recurring restructuring costs in the amount of MEUR 0.5
were recorded. The number of employees of Satakunnan Kirjateollisuus Oy was
reduced by 18 full-time work years.
Kauppalehti Group
The Kauppalehti Group specialises in the production of business and financial
information as well as in the provision of marketing solutions. Its best known
title is Finland's leading business paper, Kauppalehti. The Group also includes
the custom media house Alma 360 Custom Media (former Alma Media Lehdentekijät,
Suomen Businessviestintä and TTNK Helsinki), and the news agency and media
monitoring unit BNS Group that operates in the Baltic countries.
Kauppalehti Group 2011 2010 Change 2011 2010 Change
Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
Revenue 15.2 16.1 -5.7 56.7 57.9 -2.1
Circulation revenue 3.9 4.0 -2.1 15.0 15.0 -0.6
Advertising revenue 5.1 5.4 -4.4 17.1 17.7 -3.2
Content and service revenue 6.2 6.8 -8.8 24.6 25.2 -2.3
Total expenses excluding non-
recurring items 13.0 14.4 -9.5 49.3 49.7 -0.8
--------------------------------------------------------------------------------
Operating profit excluding
non-recurring items 2.2 1.7 25.8 7.4 8.2 -10.3
Operating margin excluding
non-recurring items,% 14.5 10.8 13.0 14.2 -8.3
Operating profit 2.2 1.7 25.8 7.4 8.2 -10.3
Operating profit,% 14.5 10.8 13.0 14.2 -8.3
--------------------------------------------------------------------------------
Average no. of personnel,
calculated as full-time
employees 417 439 -5 429 437 -1.8
--------------------------------------------------------------------------------
2011 2010 2011 2010
Operational key figures Q4 Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation 70,118
Kauppalehti
--------------------------------------------------------------------------------
Online services, unique browsers, weekly
Kauppalehti.fi 706,930 688,144 729,742 615,354
--------------------------------------------------------------------------------
October-December 2011
The revenue of the Kauppalehti Group was MEUR 15.2 (16.1) in the fourth quarter.
The review period's revenue was down 5.7% (up 1.8%). Online business accounted
for 25.1% (22.8%) of the segment's revenue.
The segment's advertising sales decreased by 4.4% (increased by 7.5%), totalling
MEUR 5.1 (5.4). Advertising sales in print media were down 4.3% (up 12.1%).
Online advertising sales decreased by 6.9% (increased by 13.7%) from the
comparison period.
The segment's circulation revenue was MEUR 3.9 (4.0). Contents and service
revenue decreased to MEUR 6.2 (6.8).
The segment's total expenses were MEUR 13.0 (14.4).
The operating profit of the Kauppalehti Group was MEUR 2.2 (1.7) and operating
margin 14.5% (10.8%). No non-recurring items were reported during the review
period.
Full year 2011
The revenue of the Kauppalehti Group in 2011 was MEUR 56.7 (57.9). The revenue
for the review period decreased by 2.1% (decreased by 7.8%). Online business
accounted for 24.9% (23.6%) of the segment's total revenue.
Advertising sales in the segment was down 3.2% (up 8.0%) and were MEUR 17.1
(17.7). Advertising sales in print media decreased by 4.0% (increased by 7.8%).
Online advertising sales decreased by 2.3% (increased by 28.0%) from the
comparison period.
The segment's circulation revenue was MEUR 15.0 (15.0). Contents and service
revenue declined to MEUR 24.6 (25.2).
The total expenses of the segment amounted to MEUR 49.3 (49.7). No non-recurring
items were reported during the review period.
The operating profit of the Kauppalehti Group was MEUR 7.4 (8.2) and operating
margin 13.0% (14.2%). No non-recurring items were reported during the review
period.
In January 2011, Kauppalehti introduced the Corner Office concept, combining the
journalistic Jobs column and a specialised recruitment advertising section for
management and expert positions, created together with Monster.fi. Kauppalehti
also developed its Achiever concept. In addition to the Achiever article series
and Achiever certificates, the Achiever magazine was launched in December.
Kauppalehti introduced its iPad application in June.
Marketplaces
The Marketplaces segment reports digital classified services and the printed
products supporting them. The services in Finland are Etuovi.com, Vuokraovi.com,
Monster.fi, Autotalli.com, Mascus.fi and Mikko.fi. The services outside Finland
are Mascus, Bovision, Objektvision and City24.
Marketplaces 2011 2010 Change 2011 2010 Change
Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
Revenue 9.3 8.4 10.2 37.0 32.1 15.2
Operations in Finland 7.9 7.3 9.3 31.7 27.5 15.2
Operations outside Finland 1.4 1.2 15.3 5.6 4.9 15.5
Total expenses excluding non-
recurring items 8.3 8.4 -1.0 31.3 31.3 -0.1
--------------------------------------------------------------------------------
Operating profit excluding
non-recurring items 1.0 0.0 4596.4 5.7 0.8 571.1
Operating margin excluding
non-recurring items,% 10.4 0.2 15.3 2.6
Operating profit 1.0 0.0 2297.2 5.8 0.4 1470.7
Operating margin,% 10.4 -0.5 15.8 1.2
--------------------------------------------------------------------------------
Average no. of personnel,
calculated as full-time
employees 177 178 -1 180 180 0
--------------------------------------------------------------------------------
2011 2010 2011 2010
Operational key figures Q4 Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Online services, unique browsers, weekly
Etuovi.com 424,782 407,785 453,453 413,044
Autotalli.com 96,189 81,468 99,142 91,182
Monster.fi 93,428 85,663 91,205 85,911
Mikko.fi 35,302 44,133 42,239 59,349
Mascus.com (Finland) 305,676 241,371 279,089 235,647
City24 93,903 115,606 91,140 182,616
Bovision 53,733 68,669 66,019 96,706
--------------------------------------------------------------------------------
October-December 2011
In the last quarter of 2011, the Marketplaces segment's revenue grew to MEUR
9.3 (8.4). The segment's advertising sales were MEUR 8.3 (7.4). The positive
revenue growth was mainly based on increasing recruitment advertising and online
home sales advertising.
Total expenses in the review period, excluding non-recurring items, were MEUR
8.3 (8.4). Total expenses amounted to MEUR 8.3 (8.5).
The Marketplaces segment's operating profit in the last quarter grew to MEUR
1.0 (0.0). Operating profit excluding non-recurring items was MEUR 1.0 (0.0).
In December, Alma Media Corporation made an agreement to acquire LMC s.r.o, a
company that owns the two leading recruitment portals in the Czech Republic. The
acquisition price, based on the company's market capitalisation, was MEUR 39.5
paid in cash at the time of signing. According to the agreement, an additional
sum not in excess of MEUR 3.9 will be paid based on LMC's 2012 result. The deal
became effective on January 2, 2012.
An iPhone application for Etuovi.com was introduced in November. This
application is the first in the world that utilises positioning data in
searching of homes.
Full year 2011
The Marketplaces segment's full-year 2011 revenue increased by 15.2% (18.7%) and
was MEUR 37.0 (32.1). The segment's advertising sales amounted to MEUR 33.2
(28.5). The positive revenue growth was mainly based on increasing recruitment
advertising and online home sales advertising.
Total expenses in the review period, excluding non-recurring items, were MEUR
31.3 (31.3). Total expenses amounted to MEUR 31.3 (31.8).
The Marketplaces segment's operating profit excluding non-recurring items grew
to MEUR 5.7 (0.8). Operating profit was MEUR 5.8 (0.4). The non-recurring items
in the review period, MEUR 0.2, pertained to acquisitions. The non-recurring
items in the comparison period, MEUR -0.5, were due to restructuring.
The Supreme Court did not grant a leave of appeal to either of the parties to
the dispute over the ETUOVI.COM trademark, which meant that the decision by the
Helsinki Court of Appeal in December 2010 remained in force and the long
trademark dispute was brought to a satisfactory end for Alma Media. According to
the Helsinki Court of Appeal, there are no obstacles for Alma Media to use the
ETUOVI.COM trademark to identify its internet services. However, Alma Media
cannot use the ETUOVI.COM trademark as a trademark for a newspaper.
The Autotalli.com and Etuovi.com services, earlier available only for corporate
customers, were opened for consumers' advertisements.
Other operations
The Other operations segment reports the operations of the Group's printing and
distribution unit as well as the parent company. The financial characteristics
of both are similar as they primarily provide services for the other business
segments.
Other operations 2011 2010 Change 2011 2010 Change
Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
Revenue 20.6 20.4 1.3 81.5 78.5 3.8
External 1.5 1.4 4.7 5.6 6.7 -15.5
Inter-segments 19.1 18.9 1.1 75.9 71.9 5.6
Total expenses excluding non-
recurring items 22.3 19.9 11.8 82.9 76.7 8.1
--------------------------------------------------------------------------------
Operating profit excluding non-
recurring items -1.6 0.5 -443.8 -1.3 1.8 -169.4
Operating profit excluding non-
recurring items,% -7.7 2.3 -1.5 2.3
Operating profit -1.6 0.5 -440.8 -1.4 1.9 -171.0
Operating profit,% -7.7 2.3 -1.7 2.5
--------------------------------------------------------------------------------
Average no. of personnel,
calculated as full-time
employees 249 214 16 242 217 12
Average no. of delivery staff 816 788 4 844 863 -2
--------------------------------------------------------------------------------
2011 2010 2011 2010
Operational key figures Q4 Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Printing volume (thousand units) 46,343 58,122 224,724 237,532
Paper usage (tons) 7,927 8,622 31,428 32,000
--------------------------------------------------------------------------------
In January 2011, Alma Media entered a financing agreement with Pohjola Bank Plc
concerning the financing of the machinery and movable property for its new
printing facility in the maximum amount of MEUR 50. A decision has been made to
purchase the printing press from manroland AG and the finishing equipment from
Ferag AG. The investment is progressing according to plan, and the facility will
be taken into production use in early 2013.
In November, manroland AG filed for insolvency due to its financing problems.
Alma Media initiated measures to secure the realisation of the original
investment plan. Installation work on the new printing press is due to start in
the summer of 2012. During 2011, Alma Media has made advance payments to
manroland, which have securing collaterals.
The personnel cooperation negotiations related to the development and
rationalisation programme of Alma Media's printing and distribution company Alma
Manu Oy were completed in June. As a result of the negotiations, the number of
staff will be decreased by 54 full-time work years and printing operations in
Pori will be discontinued. The printing facility in Pori was closed down in the
end of January 2012. As a result of the personnel negotiations, non-recurring
reorganisation expenses in the amount of MEUR 0.5 were recognised.
Alma Manu expands its distribution operations in the province of Lapland. The
distribution of Lapin Kansa and Koillis-Lappi, both Alma Media newspapers, were
transferred from Itella to Alma Manu in January 2012.
ASSOCIATED COMPANIES
Share of profit of associated companies 2011 2010 2011 2010
MEUR Q4 Q4 Q1-Q4 Q1-Q4
-------------------------------------------------------------
Newspapers -0.0 0.0 -0.0 0.1
Kauppalehti Group
Talentum Oyj -0.7 0.2 1.8 0.0
Marketplaces -0.0 -0.0 -0.1 -0.1
Other operations
Other associated companies 0.1 0.2 0.9 0.6
-------------------------------------------------------------
Total -0.6 0.4 2.5 0.7
Alma Media Group holds a 32.14-% stake in Talentum Oyj, which is reported under
the Kauppalehti Group. The company's own shares in the possession of Talentum
are here included in the total number of shares. In the consolidated financial
statements of Alma Media the own shares held by Talentum itself are not included
in the total number of shares. Alma Media's shareholding in Talentum is stated
as 32.64% in its consolidated financial statements of December 31, 2011 and in
this financial statement release.
NON-RECURRING ITEMS
Non-recurring item is an income or expense arising from non-recurring or rare
events. Gains or losses from the sale of business operations or assets, gains or
losses from discontinuing or restructuring business operations as well as
impairment losses of goodwill and other assets are recognised as non-recurring
items. Non-recurring items are recognised within the corresponding income or
expense group.
NON-RECURRING ITEMS 2011 2010 2011 2010
MEUR Q4 Q4 Q1-Q4 Q1-Q4
--------------------------------------------------------------------------------
Newspapers
Restructuring -0.3 -0.4 -0.8 -0.4
Gains on sales of assets 0.2 0.2
Impairment losses of intangible and tangible
assets -0.2 -0.2
--------------------------------------------------------------------------------
Kauppalehti Group
Marketplaces
Restructuring -0.1 -0.5
Gains on sales of assets 0,2
--------------------------------------------------------------------------------
Other operations
Restructuring -0.5 0.1
Gains on sales of assets 0.0 0.0 0.4 0.0
NON-RECURRING ITEMS IN OPERATING PROFIT -0.5 -0.3 -1.0 -0.5
--------------------------------------------------------------------------------
Translation differences 0.1 -0.1
------------------------------
NON-RECURRING ITEMS IN FINANCIAL ITEMS 0.0 0.1 -0.1
--------------------------------------------------------------------------------
BALANCE SHEET AND FINANCIAL POSITION
At the end of December 2011, the consolidated balance sheet stood at MEUR 198.0
(184.5). Alma Media's equity ratio at the end of December was 57.0% (67.1%) and
equity per share was EUR 1.24 (1.50).
The consolidated cash flow from operations in 2011 was MEUR 50.7 (46.1). Cash
flow before financing was MEUR 50.7 (43.7) and cash flow from financing
activities MEUR -29.0 (-28.6). The 2011 cash flow was primarily affected by the
value-added tax imposed on newspaper subscriptions that had an effect on the
accumulation of advance payments, as well as the financing for acquisitions that
took place at the change of the year.
The Group's interest-bearing net debt at the end of December was MEUR -32.3 (-
32.4). The fair value of the financial assets recognised at fair value through
profit or loss, due to arrangements and acquisitions, was MEUR 4.9 on December
31, 2011, and the fair value of debt MEUR 2.0.
The Group currently has a MEUR 100.0 commercial paper programme in Finland under
which it is permitted to issue papers to a total amount of MEUR 0-100. The
unused part of the programme was MEUR 100.0 on December 31, 2011. In addition,
the Group has a credit facility in the amount of MEUR 30.0 until October
9, 2013, of which on December 31, 2011, MEUR 23 were unused, as well as a credit
facility in the amount of MEUR 35 until December 19, 2012, of which on December
31, 2011, MEUR 20 were unused.
RESEARCH AND DEVELOPMENT COSTS
The Group's research and development costs in 2011 amounted to MEUR 4.6 (4.0).
Of this total, MEUR 3.0 (2.6) were expensed and MEUR 1.6 (1.4) capitalised. The
most significant projects pertained to the development of digital business.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in January-December 2011 totalled MEUR
6.3 (12.9), consisting mainly of development projects related with digital
services. Other expenditure was related with normal operational and replacement
investments.
In November, manroland AG, supplier of the printing press for the new Tampere
printing facility, filed for insolvency due to its financing problems. Alma
Media initiated measures to secure the realisation of the original investment
plan. Installation work on the new printing press is due to start in the summer
of 2012. During 2011, Alma Media has made advance payments to manroland, which
have securing collaterals. Alma Media aims to take the facility into production
use in early 2013.
EMPLOYEES
During 2011, the average number of Alma Media employees, calculated as full-time
employees (excluding
newspaper deliverers), was 1,816 (1,805). The average number of delivery staff
totalled 961 (962).
ADMINISTRATION
Alma Media Corporation's Annual General Meeting (AGM) held on March 17. 2011
elected Timo Aukia, Petri Niemisvirta, Seppo Paatelainen, Kai Seikku, Erkki
Solja, Catharina Stackelberg-Hammarén and Harri Suutari members of the company's
Board of Directors. In its constitutive meeting held after the AGM, the Board of
Directors elected Seppo Paatelainen its Chairman.
The Board also elected the members of its committees. Timo Aukia, Kai Seikku,
Catharina Stackelberg-Hammarén and Harri Suutari as chairman were elected
members of the Audit Committee. Petri Niemisvirta and Erkki Solja, as well as
Seppo Paatelainen as Chairman, were elected members of the Nomination and
Compensation Committee.
The Board of Directors of Alma Media Corporation has evaluated that Timo Aukia,
Petri Niemisvirta and Seppo Paatelainen are independent of the company but
dependent on its significant shareholders. The other members of the Board of
Directors are evaluated to be independent of the company and its significant
shareholders.
Mikko Korttila, General Counsel of Alma Media Corporation, was appointed
secretary to the Board of Directors.
The AGM appointed Ernst & Young Oy as the company's auditors.
The Regional State Administrative Agency for Southern Finland in August approved
an application by Oy Herttaässä Ab, an Alma Media Corporation shareholder, for a
special audit on Alma Media to the extent that the application concerned the
actions of the Nomination and Compensation Committee and its predecessor, the
Election Committee, and how the principle of equality has been taken into
account in the operations of the Committees. Alma Media has decided to appeal
against the decision to the Hämeenlinna Administrative Court. In addition to
revoking the decision by the Regional State Administrative Agency, Alma Media
applies for a suspension of the enforcement until the matter has been resolved.
Mr Pekka Heinänen, Master of Arts (Education), age 51, started as Alma Media's
Vice President, Human Resources and as a member of the Group's Executive team on
August 15, 2011.
On November 1, 2011, Alma Media publicised its plan for an organisational
renewal. The Group establishes a new development and service unit focusing on
digital business and combines all of its regional, local and city papers-that
is, the business units of Aamulehti, Satakunnan Kirjateollisuus, Suomen
Paikallissanomat and Pohjois-Suomen Media-under one business unit.
Mr Kari Juutilainen, 55, has been appointed head of the business unit combining
Alma Media's newspaper activities, Alma Regional Media, and a member of Alma
Media's Executive Team. His former position was Managing Director of Suomen
Paikallissanomat, part of Alma Media.
Ms Minna Nissinen, 43, has been appointed head of the digital business unit,
Alma Diverso. Her previous position was Senior Vice President, Corporate
Development at Alma Media. Ms Nissinen continues as a member of Alma Media's
Executive Team.
Mr Juutilainen and Ms Nissinen assumed their new positions from the beginning of
2012.
Alma Media Corporation applies the Finnish Corporate Governance Code for listed
companies, issued by the Securities Market Association on June 15, 2010, in its
unaltered form. The Corporate Governance Statement for 2011 has been published
separately atwww.almamedia.fi/corporate_governance.
DIVIDENDS
The Annual General Meeting resolved to distribute a dividend of EUR 0.70 per
share for the financial year 2010 in accordance with the proposal of the Board
of Directors. The dividend was paid on March 29, 2011 to shareholders who were
registered in Alma Media Corporation's shareholder register maintained by
Euroclear Finland Oy on the record date, March 22, 2011. The company paid a
total of MEUR 52.5 (29.8) in dividends to its shareholders in March.
THE ALMA MEDIA SHARE
In January-December, altogether 10,034,238 Alma Media shares were traded at
NASDAQ OMX Helsinki Stock Exchange, representing 13.3% of the total number of
shares. The closing price of the Alma Media share at the end of the last trading
day of the reporting period, December 30, 2011, was EUR 6.14. The lowest
quotation during the reporting period was EUR 5.40 and the highest EUR 9.44.
Alma Media Corporation's market capitalisation at the end of the review period
was MEUR 463.5.
The Annual General Meeting on March 17, 2011 authorised the Board of Directors
to decide on a share issue. The authorisation would entitle the Board to issue a
maximum of 7,500,000 shares. This maximum amount of shares corresponds to
approximately 10% of the total number of shares of the company. The share issue
can be implemented by issuing new shares or transferring shares presently in
possession of the company. The authorisation entitles the Board to decide on a
directed share issue, which would entail deviating from the pre-emption rights
of shareholders. The Board may use the authorisation in one or more parts.
The Board may use the authorisation for developing the capital structure of the
company, widening the ownership base, financing or realising acquisitions or
other similar arrangements, or for other purposes decided upon by the Board. The
authorisation, however, may not be used for the incentive and commitment systems
for the company's management. The authorisation is in effect until March
17, 2013.
By April 30, 2011, a total of 434,330 shares were subscribed by using the option
rights granted under the option programme 2006B. Due to the subscriptions, the
share capital of the company increased to EUR 45,292,111.80. After the issuance,
the total number of shares of Alma Media Corporation is 75,486,853.
OPTION RIGHTS
Alma Media has the option programmes 2006 and 2009. The programmes are incentive
and commitment systems for the company's management. If all the subscription
rights are exercised, the programmes 2006 and 2009 will dilute the holdings of
the earlier shareholders by a maximum of 3.33%. Further details about the
programmes are given in the notes of this financial statement release.
A total of 640,000 2009C options were granted during the review period. The
subscription price is EUR 7.95.
MARKET LIQUIDITY GUARANTEE
There is no market liquidity guarantee in effect for the Alma Media share.
FLAGGING NOTICES
In January-December 2011, Alma Media did not receive notices of changes in
shareholdings pursuant to Chapter 2, Section 9 of the Securities Markets Act.
RISKS AND RISK MANAGEMENT
The purpose of Alma Media Group's risk management activities is to continuously
evaluate and manage all opportunities, threats and risks in conjunction with the
company's operations to enable the company to reach its set objectives and to
secure business continuity.
The risk management process identifies the risks, develops appropriate risk
management methods and regularly reports on risk issues to the risk management
organisation. Risk management is part of Alma Media's internal audit function
and thereby part of good corporate governance. Limits and processing methods are
set for quantitative and qualitative risk methods by the corporate risk
management system.
The most critical strategic risks for Alma Media are a significant drop in the
subscriptions, numbers of visitors or in the readership of its publications, a
decline in advertising sales and a significant increase in distribution and
delivery costs. Fluctuating economic cycles are reflected on the development of
advertising sales, which accounts for approximately half of the Group's revenue.
Developing businesses outside Finland such as in the Baltic countries and other
East European countries include country-specific risks relating to market
development and economic growth.
In the long term, the media business will undergo changes along with the
transformation in media consumption and technological developments. The Group's
strategic objective is to meet this challenge through renewal and the
development of new business operations in online media. The most important
operational risks are disturbances in information technology systems and
telecommunication, and an interruption of printing operations.
EVENTS AFTER THE REVIEW PERIOD
On December 21, 2011, Alma Media Corporation announced it will acquire LMC
s.r.o, a Czech company and the owner of the two leading recruitment portals in
the Czech Republic. The deal was finalised as planned on January 2, 2012. LMC
will be reported as part of Alma Media's Marketplaces segment.
Pohjois-Suomen Media Oy (Alma Media Northern Media), part of Alma Media Group,
concluded in January the statutory personnel negotiations with its entire staff
that started in December 2011. The negotiations concerned the planned
reorganisation of the operations. Through the reorganisation, Northern Media
aims at preparing for the effect of the value-added tax reform on the
circulation income from subscription-based newspapers and guaranteeing the
viability of its newspapers in future, especially considering the weakened
outlook for advertising sales in the Kemi and Kajaani regions. As a result of
the negotiations, the number of employees of Northern Media is reduced by 9
full-time work years.
On February 2, 2012, Alma Media Corporation acquired CV Online, the leading
internet recruitment service company in the Baltic countries. The 2011 revenue
of CV Online is estimated at approximately MEUR 2.0 million and its operating
margin MEUR 0.6. As of February 2, 2012, the company will be reported as part of
Alma Media's Marketplaces segment.
PROPOSAL BY THE BOARD OF DIRECTORS FOR DISTRIBUTION OF PROFIT
Alma Media's Board of Directors will propose to the Annual General Meeting that
a dividend of EUR 0.40 (0.70) per share be paid for the 2011 financial year.
Based on the number of shares on the closing date, December 31, 2011, the total
dividend distribution would amount to EUR 30,194,741 (52,536,766). On December
31, 2011, the Group's parent company had distributable funds totalling EUR
51,941,032 (56,858,658) of which profit for the period amounted to EUR
47,486,273 (32,978,734). No essential changes in the company's financial
standing have taken place after the end of the financial year. Dividends are
paid to shareholders who are entered in Alma Media Corporation's shareholder
register maintained by Euroclear Finland Oy no later than the record date, March
19, 2012. The dividend payment date is March 26, 2012.
The report by the Board of Directors, the financial statements and the auditors'
report will be available on the company's website no later than Wednesday,
February 22, 2012.
THE NEXT INTERIM REPORT
Alma Media will publish its interim report for the first quarter of 2012 on
Friday, April 27, 2012 approximately at 12:00noon (EEST).
ALMA MEDIA CORPORATION
Board of Directors
2011 2010 Change 2011 2010 Change
COMPREHENSIVE INCOME STATEMENT, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %
--------------------------------------------------------------------------------
REVENUE 81.3 83.0 -2.1 316.2 311.4 1.6
Other operating income 0.2 0.1 56.8 0.8 0.4 101.7
Materials and services 22.2 22.8 -2.6 88.9 89.4 -0.5
Employee benefits expense 31.5 32.5 -3.1 119.8 117.2 2.3
Depreciation, amortisation and
impairment 2.5 2.4 3.3 9.2 9.5 -2.8
Other operating expenses 15.7 14.7 6.8 57.1 52.4 9.0
--------------------------------------------------------------------------------
OPERATING PROFIT 9.6 10.7
Unternehmensinformation / Kurzprofil:
Datum: 15.02.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 114800
Anzahl Zeichen: 65624
contact information:
Town:
Helsinki
Kategorie:
Business News
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"Alma Media's Financial Statement Release 2011: The share of the digital products and services in the group revenue and operating profit increased"
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