Alma Media's Interim Report for January-September 2012: Growth in online advertising sales, advertising sales in print media continued to decline
(Thomson Reuters ONE) -
Alma Media Corporation Interim Report October 25, 2012 at 9:00 am (EEST)
Alma Media's Interim Report for January - September 2012:
GROWTH IN ONLINE ADVERTISING SALES, ADVERTISING SALES IN PRINT MEDIA CONTINUED
TO DECLINE
Financial performance in July-September 2012:
- Revenue was MEUR 75.2 (75.1), up o.2%.
- Circulation revenue was MEUR 30.0 (32.5), down 7.5%, advertising revenue MEUR
36.1 (34.3), up 5.1% and content and service revenue MEUR 9.1 (8.3), up 9.8%.
- EBITDA (Earnings before interests, taxes, depreciation and amortisation)
excluding non-recurring items was MEUR 12.0 (14.2), down 15.3%
- EBITDA was MEUR 11.3 (14.6), down 22.4%.
- Operating profit excluding non-recurring items was MEUR 8.9 (12.0), 11.8%
(16.0%) of revenue, down 26.1%.
- Operating profit was MEUR 8.1 (12.4), 10.8% (16.5%) of revenue, down 34.4%.
- Revenue of acquired businesses was MEUR 5.5 and operating profit MEUR 0.9.
- Profit for the period was MEUR 8.1 (12.2), down 33.6%.
- Earnings per share were EUR 0.10 (0.16).
Financial performance in January-September 2012:
- Revenue was MEUR 237.4 (234.9), up 1.1%.
- Circulation revenue was MEUR 90.2 (93.4), down 3.4%, advertising revenue MEUR
118.6 (114.7), up 3.4%, and content and service revenue MEUR 28.6 (26.8), up
6.8%.
- EBITDA excluding non-recurring items was MEUR 34.5 (39.6), down 13.0%.
- EBITDA was MEUR 29.8 (39.2), down 23.9%.
- Operating profit excluding non-recurring items was MEUR 25.0 (32.9), 10.5%
(14.0%) of revenue, down 23.9%.
- Operating profit was MEUR 18.9 (32.4), 8.0% (13.8%) of revenue, down 41.6%.
- Revenue of acquired businesses was MEUR 15.6 and operating profit MEUR 2.9.
- Profit for the period was MEUR 15.3 (28.0), down 45.3%.
- Earnings per share were EUR 0.20 (0.36).
Key figures 2012 2011 Change 2012 2011 Change 2011
MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
Revenue 75.2 75.1 0.1 0.2 237.4 234.9 2.5 1.1 316.2
Circulation revenue 30.0 32.5 -2.4 -7.5 90.2 93.4 -3.2 -3.4 124.8
Advertising revenue 36.1 34.3 1.8 5.1 118.6 114.7 3.9 3.4 155.3
Contents and service
revenue 9.1 8.3 0.8 9.8 28.6 26.8 1.8 6.8 36.1
Total expenses excluding
non-recurring items 66.4 63.1 3.3 5.2 212.6 202.2 10.4 5.2 273.6
EBITDA excluding non-
recurring items 12.0 14.2 -2.2 -15.3 34.5 39.6 -5.1 -13.0 51.9
EBITDA 11.3 14.6 -3.3 -22.4 29.8 39.2 -9.3 -23.9 51.2
Operating profit excluding
non-recurring items 8.9 12.0 -3.1 -26.1 25.0 32.9 -7.9 -23.9 42.9
% of revenue 11.8 16.0 10.5 14.0 13.6
Operating profit 8.1 12.4 -4.3 -34.4 18.9 32.4 -13.5 -41.6 42.0
% of revenue 10.8 16.5 8.0 13.8 13.3
Profit for the period 8.1 12.2 -4.1 -33.6 15.3 28.0 -12.7 -45.3 30.8
Earnings per share, EUR
(basic) 0.10 0.16 -0.05 -33.6 0.20 0.36 -0.2 -45.2 0.39
Earnings per share, EUR
(diluted) 0.10 0.16 -0.05 -33.4 0.19 0.35 -0.2 -45.0 0.39
Acquired businesses
Revenue 5.5 0.0 5.5 15.6 0.0 15.6 0.0
EBITDA 1.6 0.0 1.6 5.1 0.0 5.1 0.0
Operating profit 0.9 0.0 0.9 2.9 0.0 2.9 0.0
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 repeats its estimate given in the interim report of July 20, 2012,
according to which the company 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:
The weakened national economy had a negative effect on the Finnish advertising
market and therefore also on Alma Media's financial development in the third
quarter.
In July-September, the total advertising spending declined by 5.3%, according to
TNS Media Intelligence. The advertising volume of printed newspapers and local
papers decreased by 8.8% (grew by 0.5%). Advertising in online media increased
by 7.9% (20.3%) from the corresponding period in 2011. The circulations of
printed papers continued to decline in the third quarter as expected.
In July-September, the revenue of Alma Media Group remained at the level of the
corresponding period and amounted to MEUR 75.2. Online advertising sales of the
Newspapers segment grew, in particular with the support of Iltalehti.fi's
favourable development. Iltalehti.fi further strengthened its position in the
growing markets of display advertising.
Kauppalehti's service and subscription model renewal, launched in May, has been
well received among customers, which was reflected on the growth in the sales of
the digital content services of the Kauppalehti Group in the third quarter.
Advertising sales in print media declined by 12.7% in July-September to MEUR
21.1 (24.2).
Alma Media's circulation revenue decreased by 7.5% in July-September as
expected, mainly due to the decline in the single copy sales of afternoon
tabloids, and was MEUR 30.0 (32.5).
Alma Media's strategy is to increase the share of digital business in its
revenue. In line with this strategy, the company finalised corporate
acquisitions in the Czech Republic and the Baltic countries at the turn of the
year, and acquired E-Kontakti Oy in August. In the third quarter, digital
products and services accounted for 24.4 (17.7)% of Alma Media's revenue.
Alma Media is presently in the middle of several change projects aiming at
adapting to the structural change in the industry. One of the largest
initiatives is the reorganisation of the Group's regional and local paper unit,
Alma Regional Media, to strengthen the collaboration between the unit's 34
newspapers for better reader service. As part of the renewal of Alma Regional
Media's operational model, Alma Regional Media and the newspapers Ilkka and
Pohjalainen of Ilkka-Yhtymä agreed on wide-ranging operational content and
development collaboration efforts in August. The letter of intent concerning the
new collaboration was signed on August 30, 2012, and the new operational model
being developed between the parties is intended to be in full operation from the
beginning of 2014.
As a result of the statutory personnel negotiations in relation to the ongoing
change projects, Alma Media's personnel decreases by a total of 155 full-time
work years in January-September.
Alma Media's investment in the new printing facility in Tampere, Finland, is
progressing as planned, with equipment installation already going on. The new
facility will be operational in the first quarter of 2013. From the beginning of
2014, it will produce three seven-day regional papers in addition to its other
products as the printing of the newspaper Hämeen Sanomat appearing in
Hämeenlinna will be transferred to Alma Media as agreed in a letter of intent
signed in September.
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 January-September
2012 results in the "Salikabinetti" conference room of the Savoy restaurant at
the address Eteläesplanadi 14, 7th floor, Helsinki, from 11:00am to 12:00 noon
(EEST) on October 25, 2012. The results will be presented by Kai Telanne,
President and CEO, and Tuomas Itkonen, CFO. Presentation materials for the event
will be available at http://www.almamedia.fi/calendar from 11:00am on the same
day.
A webcast and conference call in English will start on October 25, 2012 at
12:00noon (EEST). You may participate in the conference call by calling
+44(0)20 7784 1036 (confirmation code: 3747260), 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 INTERIM REPORT JANUARY 1-SEPTEMBER 30, 2012
The descriptive part of this review focuses on the result of July-September
2012. The figures are compared in accordance with the International Financial
Reporting Standards (IFRS) with those of the corresponding period in 2011,
unless otherwise stated. The figures in the tables are independently rounded.
KEY FIGURES 2012 2011 Change 2012 2011 Change 2011
MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 75.2 75.1 0.2 237.4 234.9 1.1 316.2
Total expenses excluding non-
recurring items 66.4 63.1 5.2 212.6 202.2 5.2 273.6
--------------------------------------------------------------------------------
EBITDA excluding non-recurring
items 12.0 14.2 -15.3 34.5 39.6 -13.0 51.9
EBITDA 11.3 14.6 -22.4 29.8 39.2 -23.9 51.2
--------------------------------------------------------------------------------
Operating profit excluding non-
recurring items 8.9 12.0 -26.1 25.0 32.9 -23.9 42.9
% of revenue 11.8 16.0 10.5 14.0 13.6
Operating profit 8.1 12.4 -34.4 18.9 32.4 -41.6 42.0
% of revenue 10.8 16.5 8.0 13.8 13.3
--------------------------------------------------------------------------------
Profit before tax 10.5 15.6 -32.6 19.9 36.7 -45.8 42.0
Profit for the period 8.1 12.2 -33.6 15.3 28.0 -45.3 30.8
--------------------------------------------------------------------------------
Return on Equity/ROE (Annual)* 48.8 69.2 -29.5 23.5 37.4 -37.3 29.1
Return on Invets/ROI (Annual)* 26.6 61.0 -56.4 17.0 36.3 -53.2 26.1
Net financial expenses -2.5 -0.9 -181.4 -1.3 -1.1 -17.9 2.5
Net financial expenses, % of
revenue -3.4 -1.2 -0.6 -0.5 0.8
Balance sheet total 224.7 163.8 37.1 198.0
Capital expenditure 5.9 1.3 366.8 78.4 4.1 1796.4 6.3
Capital expenditure, % of
revenue 7.9 1.7 33.0 1.8 2.0
Equity ratio 39.8 64.6 -38.4 57.0
Gearing, % 56.3 -13.3 -523.4 -33.4
Interest-bearing net debt 46.1 -12.4 -472.4 -32.3
Interest-bearing liabilities 67.0 8.5 684.9 25.5
Non-interest-bearing
liabilities 75.8 62.2 21.8 75.7
Average no. of personnel,
calculated as full-time
employees, excl. delivery staff 1,949 1,867 4.4 1,915 1,839 4.1 1,816
Average no. of delivery staff 955 1,027 -7.1 955 968 -1.4 961
--------------------------------------------------------------------------------
Share indicators
--------------------------------------------------------------------------------
Earnings per share, EUR (basic) 0.10 0.16 -33.6 0.20 0.36 -45.2 0.39
Earnings per share, EUR
(diluted) 0.10 0.16 -33.4 0.19 0.35 -45.0 0.39
Cash flow from operating
activities/share, EUR 0.02 0.06 -69.7 0.18 0.40 -55.3 0.67
Shareholders' equity per share,
EUR 1.05 1.20 -11.9 1.24
Dividend per share 0.40
Effective dividend yield 6.5
P/E Ratio 15.8
Market capitalization 366.9 457.5 -19.8 463.5
Average no. of shares (1,000
shares)
- basic 75,487 75,487 75,487 75,290 75,339
- diluted 75,657 75,884 75,673 76,478 75,772
No. of shares at end of period
(1,000 shares) 75,487 75,487 75,487
--------------------------------------------------------------------------------
*) see Main Accounting Principles of the Interim
Report
MARKET CONDITIONS
The growth of the Finnish economy in 2012 will be slow. The GDP change is
estimated at only 0-1%. GDP growth swung to a decline in summer, despite
positive development earlier in the year. Towards the end of 2012, the economy
is forecast to return to slight growth.
In the third quarter, the total advertising spending decreased by 5.3%
(increased by 3.7%) according to TNS Media Intelligence. Advertising in local
papers and newspapers declined by 8.8% (up 0.5%) but continued to grow in online
media, by 7.9x% (20.3%) from the comparison period.
The market for afternoon papers, calculated in number of copies, declined by
13.6% (2.9%) in the third quarter of 2012.
CHANGES IN GROUP STRUCTURE
On January 2, 2012, Alma Media Corporation acquired LMC s.r.o. The company is
reported under Digital Consumer Services since January 2, 2012.
Northern Media, part of Alma Media's Newspapers segment, acquired the publishing
rights of the free issue paper Kotikymppi that appears in Kemijärvi, Finland, on
January 1, 2012.
On February 2, 2012, Alma Media Corporation acquired CV Online, the leading
internet recruitment service company in the Baltic countries. The company is
reported as part of the Digital Consumer Services segment since February
2, 2012.
Alma Mediapartners Oy, part of Alma Media Group, has acquired the entire stock
of PlanMyRoom Finland Oy. The company is reported as part of the Digital
Consumer Services segment starting May 2, 2012.
Alma Media Corporation acquired the entire stock of Suomen Hankintakeskus Oy.
Suomen Hankintakeskus will be merged with Mascus, Alma Media's international
marketplace for second-hand heavy machinery. From June 1, 2012, Suomen
Hankintakeskus Oy is reported as part of the Digital Consumer Services segment.
Alma Media Corporation acquired a 51-per cent share of the US company Adalia
Media. Adalia Media has been a licence partner of Mascus, Alma Media's
international marketplace for second-hand heavy machinery since 2009. Starting
June 1, 2012, Adalia Media Inc. is reported as part of the Digital Consumer
Services segment.
On August 1, 2012, Alma Media Corporation acquired the entire stock of Finland's
leading online dating service E-Kontakti Oy. Starting August 1, 2012, the
company is reported as part of the Digital Consumer Services segment.
On August 1, 2012, Alma Media Corporation sold the entire stock of Bovision AB.
The company used to be reported as part of the Digital Consumer Services
segment.
More information on the acquired business operations of the Group is in the
notes section of this Interim Report.
GROUP REVENUE AND RESULT IN JULY-SEPTEMBER 2012
The Group's third-quarter revenue remained at last year's level amounting to
MEUR 75.2 (75.1). The revenue of businesses acquired in 2012 was MEUR 5.5 (0.0).
Revenue from print media was MEUR 51.2 (56.7), constituting 68.1% (75.5%) of the
Group's total revenue. Revenue from digital products and services was MEUR 18.4
(13.3), a growth of 38.3% mainly through acquisitions. Digital products and
services made up 24.4% (17.7%) of Group revenue. Other revenue amounted to MEUR
5.5 (5.1), accounting for 7.3% (6.8%) of Group revenue.
Revenue from advertising sales increased by 5.1% to MEUR 36.1 (34.3),
representing a 47.9% (45.7%) share of Group total revenue. Advertising sales for
print media decreased by 12.7% from the comparison period, being MEUR 21.1
(24.2). Online advertising sales grew by 47.1% to MEUR 14.5 (9.9).
Circulation revenue declined by 7.5% to MEUR 30.0 (32.5). The circulation
revenue of the Newspapers segment was lower than in the comparison period, a
result of a declining number of distributed copies. Kauppalehti's circulation
revenue grew slightly from the comparison period.
Content and service revenue was MEUR 9.1 (8.3).
Total expenses excluding non-recurring items rose by MEUR 3.3 or 5.2%, and were
MEUR 66.4 (63.1). Total expenses increased by 6.4%, being MEUR 67.2 (63.1). The
share of acquired businesses in total expenses for the third quarter was MEUR
4.7. Total expenses were additionally increased mainly by reorganisation
provisions reported as non-recurring items.
EBITDA excluding non-recurring items declined by 15.3% to MEUR 12.0 (14.2).
EBITDA was MEUR 11.3 (14.6).
Depreciations during the review period totalled MEUR 3.2 (2.2). Depreciations
related to acquired businesses were MEUR 0.7 (0.1).
Operating profit excluding non-recurring items decreased by 26.1% (10.3%) to
MEUR 8.9 (12.0), 11.8% (16.0%) of revenue. Operating profit was MEUR 8.1 (12.4),
down to 10.8% (16.5%) of revenue. Operating profit from acquired businesses was
MEUR 0.9 (0.0).
The operating profit includes MEUR -0.7 (+0.4) in net non-recurring items. The
non-recurring items in the review period were related to operational
reorganisation in the Newspapers and Other Operations segments.
Profit before taxes in July-September was MEUR 10.5 (15.6), and profit before
taxes excluding non-recurring items MEUR 11.3 (15.2).
GROUP REVENUE AND RESULT IN JANUARY-SEPTEMBER 2012
In January-September, revenue grew by 1.1% (2.9%) totalling MEUR 237.4 (234.9).
Revenue from businesses acquired in 2012 was MEUR 15.6 (0.0). Revenue from print
media was MEUR 162.2 (175.5), representing 68.3% (74.7%) of the Group's total
revenue. Revenue from digital products and services was MEUR 56.8 (41.9), up
35.4% mainly due to acquisitions. The share of the digital products and services
in the Group's revenue was 23.9% (17.9%). Other revenue totalled MEUR 18.1
(17.3), representing a share of 7.6% (7.4%) of Group total revenue.
Revenue from advertising sales increased by 3.4% to MEUR 118.6 (114.7). The
share of advertising sales in the Group's total revenue was 50.0% (48.8%).
Advertising sales for print media declined by 12.4% from the comparison period,
totalling MEUR 71.9 (82.1). Online advertising sales increased by 43.0% to MEUR
45.7 (32.0).
Circulation revenue decreased by 3.4% to MEUR 90.2 (93.4). Circulation revenue
for the Newspapers segment declined by 3.7% to MEUR 79.4 (82.4). Kauppalehti's
circulation revenue remained at the comparison period level at MEUR 10.9 (11.1).
Content and service revenue was MEUR 28.6 (26.8).
Total expenses excluding non-recurring items grew by MEUR 10.4, or 5.2%, and
totalled MEUR 212.6 (202.2). Total expenses grew by 7.6% to MEUR 218.7 (203.2).
The share of acquired businesses in total expenses for the review period was
MEUR 12.8. The growth in total expenses was mainly attributable to
reorganisation provisions.
The January-September EBITDA excluding non-recurring items declined by 13.0% to
MEUR 34.5 (39.6). EBITDA was MEUR 29.8 (39.2).
Depreciations in the review period amounted to MEUR 10.9 (6.8). Depreciations in
the financial period include an impairment loss of MEUR 1.6 reported as a non-
recurring item. Acquisition-related depreciations increased to MEUR 2.1 (0.4).
Operating profit excluding non-recurring items was down 23.9% (down 0.3%) to
MEUR 25.0 (32.9). The operating margin excluding non-recurring items was 10.5%
(14.0%). The operating profit was MEUR 18.9 (32.4), and the operating margin
8.0% (13.8%). Operating profit from acquired businesses amounted to MEUR 2.9
(0.0).
The operating profit includes MEUR -6.1 (0.4) in net non-recurring items. The
non-recurring items during the review period were related to organisational
restructuring, as well as impairment losses for capitalised R&D costs for the
Marketplaces business.
The January-September 2012 profit before taxes was MEUR 19.9 (36.7), and the
profit before taxes excluding non-recurring items MEUR 25.9 (37.1). The period's
financial result included changes in the fair value of contingent considerations
and debt incurred by the reorganisation of the Marketplaces business in the
amount of MEUR 2.6.
BUSINESS SEGMENTS
This Interim Report reports Alma Media's business segments according to the new
organisational structure. The segment structure was changed from the beginning
of 2012. The reportable segments of Alma Media are Newspapers, Kauppalehti
Group, Digital Consumer Services and Other Operations.
REVENUE AND OPERATING PROFIT/LOSS BY
SEGMENT
REVENUE BY SEGMENT, 2012 2011 Change 2012 2011 Change 2011
MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Newspapers
External 48.3 51.4 151.4 159.5 214.1
Inter-segments 0.6 1.0 2.6 3.1 4.3
--------------------------------------------------------------------------------
Newspapers total 48.9 52.5 -6.8 154.0 162.6 -5.3 218.3
Kauppalehti Group
External 12.6 12.4 40.9 40.9 55.9
Inter-segments 0.1 0.2 0.6 0.6 0.8
--------------------------------------------------------------------------------
Kauppalehti Group total 12.7 12.6 1.0 41.4 41.5 -0.1 56.7
Digital consumer services
External 12.7 9.9 40.5 30.5 40.7
Inter-segments 0.6 0.4 1.5 1.1 1.4
--------------------------------------------------------------------------------
Digital consumer services total
13.3 10.3 28.9 42.0 31.6 33.1 42.1
Other operations
External 1.6 1.3 4.6 4.1 5.6
Inter-segments 19.6 18.7 58.6 55.3 73.9
--------------------------------------------------------------------------------
Other operations total 21.2 20.1 5.8 63.3 59.3 6.7 79.5
Elimination -20.9 -20.3 -63.3 -60.0 -80.4
--------------------------------------------------------------------------------
Total 75.2 75.1 0.2 237.4 234.9 1.1 316.2
--------------------------------------------------------------------------------
OPERATING PROFIT/LOSS BY
SEGMENT, 2012 2011 Change 2012 2011 Change 2011
MEUR *) Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Newspapers 5.2 7.0 -24.9 15.2 22.0 -31.0 29.7
Kauppalehti Group 1.3 2.0 -33.2 3.5 5.2 -32.6 7.4
Digital consumer services 1.8 1.9 -5.6 3.7 5.5 -33.2 6.4
Other operations -0.1 1.7 -107.8 -3.2 0.0 -8201.2 -1.6
--------------------------------------------------------------------------------
Total 8.1 12.4 -34.4 18.9 32.4 -41.6 42.0
--------------------------------------------------------------------------------
*) including non-recurring
items
The Group has six operating segments, in accordance with the table below. The
operating segments that offer similar products and services are combined to
reportable segments due to their uniform profitability and other
characteristics.
+-------------------------+-------------------+
|REPORTABLE SEGMENT: |OPERATING SEGMENT: |
+-------------------------+-------------------+
|Newspapers |Alma Regional Media|
| |Iltalehti |
+-------------------------+-------------------+
|Kauppalehti Group |Kauppalehti Group |
+-------------------------+-------------------+
|Digital Consumer Services|Marketplaces |
| |Alma Diverso |
+-------------------------+-------------------+
|Other Operations |Other operations |
+-------------------------+-------------------+
The new Digital Consumer Services segment consists of the former Marketplaces
segment as well as the Alma Diverso operating segment. Alma Diverso comprises
the digital consumer services previously reported in the Newspapers segment,
namely Telkku.com, Kotikokki.net, E-kontakti.fi/ Neffit.fi, Nytmatkaan.fi,
Suomenyritykset.fi as well as the development of the technical platform of the
online services of the regional and local newspapers, previously reported in
Other Operations.
With the change in the structure and composition of the reportable segments,
Alma Media has, in accordance with the IFRS 8 Operating Segments standard,
adjusted the corresponding items in segment information for the comparison
period 2011. The tables presented in the Notes section of this Interim Report
summarise the impact of the changes and present revenue and operating profit by
segment in accordance with the new segment composition.
Newspapers
The Newspapers segment reports the Alma Regional Media and Iltalehti business
units, that is, the publishing activities of a total of 35 newspapers. The best-
known titles in this segment are Aamulehti and Iltalehti.
Newspapers 2012 2011 Change 2012 2011 Change 2011
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 48.9 52.5 -6.8 154.0 162.6 -5.3 218.3
Circulation revenue 26.5 28.7 -7.7 79.4 82.4 -3.7 109.9
Advertising revenue 21.7 22.9 -5.6 72.0 77.3 -6.9 104.4
Content and service revenue 0.8 0.8 -5.2 2.6 2.9 -8.1 4.0
Total expenses excluding non-recurring
items 43.6 45.5 -4.2 135.7 140.2 -3.2 187.7
--------------------------------------------------------------------------------
Ebitda excluding non-recurring items 5.7 7.3 -22.6 19.4 23.5 -17.6 32.2
Ebitda 5.5 7.3 -24.2 15.9 23.1 -30.9 31.4
--------------------------------------------------------------------------------
Operating profit excluding non-
recurring items 5.4 7.0 -23.2 18.4 22.4 -18.0 30.7
Operating profit excluding non-
recurring items, % 10.9 13.3 11.9 13.8 14.1
Operating profit 5.2 7.0 -24.9 15.2 22.0 -31.0 29.7
Operating profit, % 10.7 13.3 9.8 13.5 13.6
--------------------------------------------------------------------------------
Average no. of personnel, calculated
as full-time employees excl. delivery
staff 858 976 -12 863 959 -10 940
Average no. of delivery staff * 0 128 -100 44 115 -62 117
--------------------------------------------------------------------------------
2012 2011 2012 2011 2011
Operational key figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Iltalehti 102,124
Aamulehti 130,081
Online services, unique
browsers, weekly
Iltalehti.fi 2,690,562 2,696,276 3,333,091 2,883,106 2,978,518
Aamulehti.fi 319,350 305,903 347,779 330,157 333,987
--------------------------------------------------------------------------------
July-September 2012
The Newspapers segment's revenue decreased to MEUR 48.9 (52.5). Advertising
sales in the segment were MEUR 21.7 (22.9), down 5.6% (down 2.3%). Advertising
sales for print media decreased by 8.1% (decreased by 3.6%). The segment's
online advertising sales grew by 20.9% to MEUR 2.4 (2.0). Iltalehti.fi further
strengthened its position in the growing markets of display advertising.
The segment's circulation revenue decreased by 7.7% in July-September due to a
decrease in the number of distributed copies and was MEUR 26.5 (28.7). Online
business accounted for 5.0% (3.9%) of the segment's revenue.
The segment's total expenses excluding non-recurring items were MEUR 43.6
(45.5). The total expenses amounted to MEUR 43.7 (45.5). The non-recurring items
were related to operational restructuring.
The segment's operating profit excluding non-recurring items was MEUR 5.4 (7.0)
and operating profit MEUR 5.2 (7.0). The operating profit excluding non-
recurring items decreased due to the decline in circulation revenue and print
advertising sales.
January-September 2012
The Newspapers segment's revenue decreased to MEUR 154.0 (162.6). Advertising
sales in the segment totalled MEUR 72.0 (77.3), down 6.9% (up 3.6%). Advertising
sales for print media decreased by 9.1% (increased by 2.6%). The segment's
online advertising sales grew by 15.0% to MEUR 8.0 (7.0). The segment's
circulation revenue declined by 3.7% to MEUR 79.4 (82.4). Online business
accounted for 5.3% (4.4%) of the segment's revenue.
The segment's total expenses excluding non-recurring items were MEUR 135.7
(140.2) and total expenses MEUR 138.9 (140.7). The non-recurring expenses in the
amount of MEUR 3.2 were related to operational restructuring and a loss from the
sale of real estate.
The segment's operating profit excluding non-recurring items was MEUR 18.4
(22.4) and the operating profit MEUR 15.2 (22.0). The segment's operating profit
excluding non-recurring items decreased due to the decline in circulation
revenue and print advertising sales.
Pohjois-Suomen Media Oy (Alma Media Northern Media), part of the Newspapers
segment, concluded its statutory personnel negotiations in January. As a result
of the negotiations, the number of employees of Pohjois-Suomen Media is reduced
by 9 full-time work years.
Alma Media combined its 34 regional and local papers into a new business unit,
Alma Regional Media, at the beginning of 2012 and started a large-scale renewal
project to strengthen the collaboration between the papers. In the statutory
personnel negotiations held in May-June 2012 in connection with the renewal
project, the number of employees in Alma Regiona Media decreased by 100 full-
time work years. As part of the renewal of Alma Regional Media's operational
model, Alma Regional Media and the newspapers Ilkka and Pohjalainen, members of
Ilkka-Yhtymä, in August agreed on wide-ranging operational collaboration
covering content and development. A letter of intent for the collaboration was
signed on August 30, 2012, and the jointly developed new collaboration model is
meant to be in full operation from the beginning of 2014.
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, and the news agency and media monitoring unit
BNS Group that operates in all of the Baltic countries.
Kauppalehti Group 2012 2011 Change 2012 2011 Change 2011
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 12.7 12.6 1.0 41.4 41.5 -0.1 56.7
Circulation
revenue 3.5 3.8 -5.5 10.9 11.1 -1.7 15.0
Advertising
revenue 2.9 3.2 -6.5 10.8 12.0 -9.9 17.1
Content and
service revenue 6.2 5.7 9.5 19.8 18.4 7.3 24.6
Total expenses
excluding non-
recurring items 11.2 10.6 6.2 37.8 36.3 4.2 49.3
--------------------------------------------------------------------------------
EBITDA excluding
non-recurring items 1.7 2.2 -24.1 4.2 5.8 -27.2 8.2
EBITDA 1.6 2.2 -30.1 4.1 5.8 -29.5 8.2
--------------------------------------------------------------------------------
Operating profit
excluding non-
recurring items 1.5 2.0 -26.6 3.6 5.2 -30.0 7.4
Operating margin
excluding non-
recurring items, % 11.6 16.0 8.7 12.5 13.0
Operating profit 1.3 2.0 -33.2 3.5 5.2 -32.6 7.4
Operating profit, % 10.6 16.0 8.4 12.5 13.0
--------------------------------------------------------------------------------
Average no. of
personnel,
calculated as full-
time employees
421 431 -2 414 433 -4.6 429
--------------------------------------------------------------------------------
2012 2011 2012 2011 2011
Operational key figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
-------------------------------------------------------------------------
Audited circulation
Kauppalehti 68,252
-------------------------------------------------------------------------
Online services, unique browsers, weekly
Kauppalehti.fi 597,000 638,716 683,761 737,687 729,742
-------------------------------------------------------------------------
July-September 2012
The revenue of the Kauppalehti Group in the third quarter amounted to MEUR 12.7
(12.6). The revenue of the review period increased by 1.0% (decreased by 5.4%).
Online business accounted for 26.8% (26.6%) of the segment's revenue.
The segment's advertising sales decreased to MEUR 2.9 (3.2), down 6.5% (down
12.9%). Online advertising sales decreased by 13.0% (decreased by 10.7%) from
the comparison period. The decline in advertising sales was mainly attributable
to weakening demand in the main customer industries caused by the general
economic situation.
The segment's circulation revenue decreased from the previous year and was MEUR
3.5 (3.8). Content and service revenue increased to MEUR 6.2 (5.7). The growth
in content and service revenue was particularly attributable to new customer
acquisitions by Alma 360, as well as the increased sales income from
Kauppalehti's information services and digital contents.
The segment's total expenses excluding non-recurring items amounted to MEUR
11.2 (10.6) and total expenses MEUR 11.4 (10.6). The increase in the segment's
expenses was due to ICT and marketing efforts caused by product renewals. The
non-recurring items were related to losses from the sale of shares.
Kauppalehti Group's operating profit excluding non-recurring items was MEUR 1.5
(2.0) and operating profit MEUR 1.3 (2.0). Kauppalehti Group's operating margin
excluding non-recurring items was 11.6% (16.0%).
January-September 2012
Kauppalehti Group's January-September revenue was MEUR 41.4 (41.5). The revenue
during the review period was down 0.1% (down 0.7%). Online business generated
26.3% (24.8%) of the segment's revenue.
The segment's advertising sales decreased by 9.9% (decreased by 2.6%), amounting
to MEUR 10.8 (12.0). Online advertising sales decreased by 3.7% (decreased by
0.5%) from the comparison period.
The segment's circulation revenue remained at the previous year's level at MEUR
10.9 (11.1). The content and service revenue increased by 7.3% to MEUR 19.8
(18.4).
The segment's total expenses excluding non-recurring items were MEUR 37.8 (36.3)
and total expenses MEUR 38.0 (36.3). Non-recurring items were related to losses
from the sale of shares.
The operating profit of the Kauppalehti Group excluding non-recurring items was
MEUR 3.6 (5.2) and operating profit MEUR 3.5 (5.2) Kauppalehti Group's operating
margin excluding non-recurring items was 8.7% (12.5%).
In May, Kauppalehti renewed its printed paper and online contents, as well as
the subscription models of its services.
Digital Consumer Services
The Digital Consumer Services segment, reported since the beginning of 2012,
comprises the former Marketplaces segment and the digital consumer service
operations previously reported in the Newspapers and Other Operations segments.
The services in Finland are Etuovi.com, Vuokraovi.com, Monster.fi,
Autotalli.com, Mascus.fi, MyyJaOsta.com, Telkku.com, Vuodatus.net,
Kotikokki.net, E-kontakti.fi, Nytmatkaan.fi and Suomenyritykset.fi. The services
operating outside Finland are Jobs.cz, Prace.cz, topjobs.sk, CV Online, Mascus,
Objektvision.se and City24. In addition, the segment includes print media
supporting the digital services, as well as the development of the technology
platform for the online services of the regional and local papers.
Digital consumer
services 2012 2011 Change 2012 2011 Change 2011
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 13.3 10.3 28.9 42.0 31.6 33.1 42.1
Operations in
Finland 6.5 8.9 -26.4 22.0 27.4 -19.6 36.5
Operations outside
Finland 6.7 1.4 376.2 20.0 4.2 376.6 5.6
Total expenses
excluding non-
recurring items 11.1 8.4 31.2 36.1 26.3 37.4 35.9
--------------------------------------------------------------------------------
EBITDA excluding
non-recurring items 3.4 2.3 46.4 9.4 6.6 42.1 8.0
EBITDA 2.9 2.3 26.9 8.7 6.8 28.0 8.1
--------------------------------------------------------------------------------
Operating profit
excluding non-
recurring items 2.2 1.9 20.2 6.0 5.3 13.1 6.3
Operating margin
excluding non-
recurring items, % 16.9 18.1 14.4 16.9 -15.0 14.9
Operating profit 1.8 1.9 -5.6 3.7 5.5 -33.2 6.4
Operating margin, % 13.2 18.1 8.7 17.4 -49.8 15.3
Average no. of
personnel,
calculated as full-
time employees 402 210 92 370 207 78 205
--------------------------------------------------------------------------------
Acquired businesses
Revenue 5.5 0.0 15.6 0.0 0.0
EBITDA 1.6 0.0 5.1 0.0 0.0
Operating profit 0.9 0.0 2.9 0.0 0.0
2012 2011 2012 2011 2011
Operational key
figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
------------------------------------------------------------------
Online services, unique browsers, weekly
Etuovi.com 391,865 424,284 415,641 462,335 453,453
Autotalli.com 94,394 86,030 106,148 100,033 99,142
Monster.fi 93,523 77,063 103,118 90,380 91,205
MyyjaOsta.com 24,232 41,779 32,078 44,611 42,239
Telkku.com 596,076 584,493 725,588 650,503 661,908
Vuodatus.net 226,078 241,547 242,165 263,711 256,582
Kotikokki.net 168,193 186,688 183,714 201,838 196,509
Suomenyritykset.fi 66,701 72,913 69,745 77,725 76,618
Mascus.com (Finland) 294,947 235,035 344,212 270,728 279,089
City24 159,597 144,760 160,593 144,820 190,842
Bovision 48,735 59,415 55,679 69,840 66,019
------------------------------------------------------------------
July-September 2012
In the third quarter of 2012, the revenue of the Digital Consumer Services
segment was MEUR 13.3 (10.3), up 28.9% (18.5%). Revenue from businesses acquired
in 2012 was MEUR 5.5. The segment's advertising sales amounted to MEUR 11.7
(8.8).
Advertising sales in the segment's recruitment business continued to grow
supported by acquisitions abroad. In Finland, the weakening of the business
environment caused a downturn in the recruitment market and the advertising
sales of Monster.fi. The competitive situation in home sales services levelled
out in summer, and Etuovi.com's revenue started to grow in comparison with the
second quarter.
The total expenses for the review period excluding non-recurring items were MEUR
11.1 (8.4), and total expenses MEUR 11.5 (8.4). The expenses of the acquired
businesses amounted to MEUR 4.6.
The operating profit of the Digital Consumer Services segment excluding non-
recurring items grew to MEUR 2.2 (1.9) in the third quarter. The operating
profit was MEUR 1.8 (1.9). The operating profit from businesses acquired in
2012 was MEUR 0.9.
Alma Media Corporation on August 1, 2012 bought the entire stock of Finland's
leading online dating service provider, E-Kontakti Oy. The company is reported
as part of the Digital Consumer Services segment from August 1, 2012.
Alma Media Corporation on August 1, 2012 sold the entire stock of Bovision AB.
The company used to be reported as part of the Digital Consumer Services
segment.
January-September 2012
In January-September, the revenue of the Digital Consumer Services segment was
MEUR 42.0 (31.6), up 33.1% (20.7%). Revenue from businesses acquired in 2012 was
MEUR 15.6. The segment's advertising sales totalled MEUR 37.2 (27.3).
The total expenses for the review period excluding non-recurring items were MEUR
36.1 (26.3) and total expenses MEUR 38.5 (26.3). The expenses of the acquired
businesses amounted to MEUR 12.7.
The January-September operating profit for the Digital Consumer Services segment
excluding non-recurring items increased by 13.1% to MEUR 6.0 (5.3). The
operating profit was MEUR 3.7 (5.5). The operating profit from businesses
acquired in 2012 was MEUR 2.9 in January-September. The non-recurring expenses
in the amount of MEUR 2.0 were due to reorganisation measures and impairment
losses for capitalised R&D costs. The non-recurring income during the comparison
period, MEUR 0.2, was due to corporate restructuring. The segment's operating
profit excluding non-recurring items grew, thanks to the businesses acquired in
January-September.
Other Operations
The Other Operations segment reports the operations of the Group's printing and
distribution company Alma Manu Oy 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 2012 2011 Change 2012 2011 Change 2011
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 21.2 20.1 5.8 63.3 59.3 6.7 79.5
External 1.6 1.3 20.9 4.6 4.1 13.7 5.6
Inter-segments 19.6 18.7 4.7 58.6 55.3 6.1 73.9
Total expenses
excluding non-recurring
items 21.4 18.8 13.7 66.2 59.3 11.6 81.0
--------------------------------------------------------------------------------
Ebitda excluding non-
recurring items 1.3 2.4 -44.2 1.5 3.7 -59.8 3.5
Ebitda 1.3 2.8 -52.3 1.1 3.6 -67.7 3.4
--------------------------------------------------------------------------------
Operating profit
excluding non-recurring
items -0.1 1.3 -110.2 -2.9 0.1 -3778.7 -1.4
Operating profit
excluding non-recurring
items, % -0.6 6.5 -4.5 0.1 -1.8
Operating profit -0.1 1.7 -107.8 -3.2 0.0 -8201.2 -1.6
Operating profit, % -0.6 8.6 -5.1 -0.1 -2.0
--------------------------------------------------------------------------------
Average no. of
personnel, calculated
as full-time employees 268 250 7 268 239 12 241
Average no. of delivery
staff 954 899 6 924 853 8 844
--------------------------------------------------------------------------------
2012 2011 2012 2011 2011
Operational key figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
Printing volume
(thousand units) 48,948 59,191 151,007 178,381 224,724
Paper usage (tons) 6,759 7,752 21,151 23,501 31,428
--------------------------------------------------------------------------------
Alma Media entered an agreement with Pohjola Bank Plc for the financing of the
machinery and movable property of Alma Media's new printing facility. The
agreements covered a total of MEUR 49.5 at the end of September, out of which
MEUR 33.8 have been paid to suppliers by the end of September. The total amount
of the investment is approximately MEUR 50.0.
The rent agreement for the new printing facility property became effective on
January 1, 2012, and it is treated as a finance leasing agreement in the
consolidated balance sheet.
Alma Manu expanded its distribution operations in the province of Lapland. The
distribution of Lapin Kansa and Koillis-Lappi, both Alma Media's newspapers, was
transferred from Itella to Alma Manu in January 2012.
Alma Manu initiated statutory personnel negotiations in relation to its planned
operational rationalisation and reorganisation measures for its printing
operations in Rovaniemi in March. As a result of the negotiations, completed in
April, the number of employees at the Rovaniemi printing facility was reduced by
four full-time work years.
Alma Manu started statutory personnel negotiations in June with its newspaper
deliverers in the Pirkanmaa region. As a result of the negotiations, concluded
in August, the work load in delivery operations decreases by 13 full-time work
years.
Alma Manu agreed on the sale of its Pori printing press to Daily Print i Umeå AB
in August.
ASSOCIATED COMPANIES
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 Alma Media's consolidated financial statements of December
31, 2011 and in this Interim Report.
Share of profit of associated companies 2012 2011 2012 2011 2011
MEUR Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
-------------------------------------------------------------------
Newspapers 0.0 -0.1 0.0 -0.0 -0.0
Kauppalehti Group
Talentum Oyj -0.4 2.1 -1.0 2.5 1.8
Digital consumer services -0.0 -0.0 -0.0 -0.1 -0.1
Other operations
Other associated companies 0.3 0.3 0.5 0.7 0.9
-------------------------------------------------------------------
Total -0.2 2.3 -0.4 3.2 2.5
NON-RECURRING ITEMS
A 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 in the profit and loss statement
within the corresponding income or expense group.
NON-RECURRING ITEMS 2012 2011 2012 2011 2011
MEUR Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
-------------------------------------------------------------------
Newspapers
Restructuring -0.1 -3.1 -0.5 -1.0
Gains on sales of assets -0.1
-------------------------------------------------------------------
Kauppalehti Group
Gains on sales of assets -0.1 -0.1
-------------------------------------------------------------------
Digital Consumer Services
Restructuring -0.2 -2.1
Gains on sales of assets -0.3 -0.3 0.2 0.2
-------------------------------------------------------------------
Other operations
Restructuring -0.3 -0.5 -0.5
Gains on sales of assets 0.4 0.4 0.4
NON-RECURRING ITEMS IN OPERATING PROFIT -0.7 0.4 -6.1 -0.4 -1.0
-------------------------------------------------------------------
Translation differences 0.1 0.1
-------------------------------------------------------------------
NON-RECURRING ITEMS IN FINANCIAL ITEMS 0.1 0.1
-------------------------------------------------------------------
The non-recurring items in January-September comprised restructuring expenses in
the Newspapers, Digital Consumer Services and Other Operations segments, as well
as the sales losses reported in the Newspapers and Kauppalehti Group segments.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet at the end of September 2012 stood at MEUR 224.7
(163.8). Alma Media's equity ratio at the end of September was 39.8% (64.6%) and
equity per share declined to EUR 1.05 (1.20).
At the end of September, the Group's interest-bearing net debt was MEUR 46.1 (-
12.4). The increase in net debt was due to the entering into force of the rental
agreement of the printing facility, treated as finance leasing, as well as loans
taken for company acquisitions and dividend payment. Financial assets recognised
at fair value through profit or loss created through corporate transactions
amounted to MEUR 0.9 (7.9) on September 30, 2012, and the fair value of debts on
the same date MEUR 2.7 (2.0).
The consolidated cash flow from operations in January-September 2012 was MEUR
13.6 (30.4). Cash flow before financing was MEUR -24.7 (30.6). Because of the
change in value-added tax treatment of newspaper subscriptions, part of 2012
subscription revenue was exceptionally created in 2011, which significantly
reduced the cash flow from operations during the review period. Cash flow from
investing activities was affected primarily by the acquisitions of business
operations during the financial period.
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 81 on September 30, 2012. In addition, the
Group has a credit limit in the amount of MEUR 30 until October 9, 2013, of
which MEUR 6.0 were unused on September 30, 2012, and a credit limit in the
amount of MEUR 35 until December 19, 2012, of which MEUR 35.0 were unused on
September 30, 2012.
To further strengthen and diversify its financing structure, Alma Media
Corporation in October signed two new credit facilities, both valued at MEUR 25
and valid for two years, with Nordea Pankki Suomi Oyj and Skandinaviska Enskilda
Banken Ab. At the same time, Alma Media terminated its valid credit facility of
MEUR 35, agreed previously with Skandinaviska Enskilda Banken Ab.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in January-September 2012 totalled MEUR
78.4 (4.1), consisting mainly of business acquisitions, development projects and
normal operational and replacement investments.
ADMINISTRATION
Alma Media Corporation's Annual General Meeting (AGM) held on March 14, 2012
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 with the
exception of Timo Aukia, Petri Niemisvirta and Seppo Paatelainen, the elected
members of the Board of Directors are independent of the company and its
significant shareholders. The three members named above are evaluated to be
independent of the company but dependent on 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.
Mr Juha Nuutinen has been appointed CFO of Alma Media Corporation as of November
1, 2012. Mr Nuutinen also joins the Group Executive Team of Alma Media.
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 as well as the Salary and
remuneration report for 2011 are published separately on the company's website
www.almamedia.fi/corporate_governance.
DIVIDENDS
The Annual General Meeting resolved to distribute a dividend of EUR 0.40 per
share, a total of MEUR 30.2 (52.5), for the financial year 2011 in accordance
with the proposal of the Board of Directors. The dividend was paid on March
26, 2012 to shareholders who were registered in Alma Media Corporation's
shareholder register maintained by Euroclear Finland Oy on the record date,
March 19, 2012.
THE ALMA MEDIA SHARE
In July-September, a total of 4,120,712 Alma Media shares were traded at NASDAQ
OMX Helsinki Stock Exchange, representing 5.5% 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, September 28, 2012, was EUR 4.86. The lowest quotation
during the reporting period was EUR 4.35 and the highest EUR 5.19. Alma Media
Corporation's market capitalisation at the end of the review period was MEUR
366.9.
The Annual General Meeting of Alma Media Corporation on March 14, 2012
authorised the Board of Directors to repurchase a maximum of 1,000,000 of the
company's shares, corresponding to approximately 1.4 per cent of the company's
total number of shares. The shares will be repurchased at the market price in
public trade on NASDAQ OMX Helsinki using the company's non-restricted equity,
which will decrease the disposable funds of the company for the distribution of
profit. The price paid for the shares shall be based on the price of the
company's shares in public trade with the minimum price of the shares to be
purchased being the lowest quoted market price in public trade during the
validity of the authorisation and the maximum price the highest quoted market
price during the validity of the authorisation. The shares can be repurchased
for the purpose of developing the capital structure of the company, or financing
or implementing of corporate acquisitions or other arrangements, or implementing
of the incentive programmes for the management or key personnel of the company,
or to be otherwise disposed of or cancelled. The authorisation is valid until
the following ordinary Annual General Meeting, however no longer than until June
30, 2013.
The Annual General Meeting of Alma Media Corporation on March 14, 2012
authorised the Board of Directors to decide on a share issue by transferring
shares in possession of the company. The authorisation entitles the Board to
issue a maximum of 1,000,000 shares, corresponding to approximately 1.4 per cent
of the total number of shares 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 authorisation may be used to implement incentive programmes
for the management or key personnel of the company. The authorisation is valid
until the following ordinary Annual General Meeting, however no longer than
until June 30, 2013. This authorisation does not override the authorisation for
a share issue resolved in the Annual General Meeting held on March 17, 2011.
The Annual General Meeting of Alma Media Corporation on March 17, 2011
Unternehmensinformation / Kurzprofil:
Datum: 25.10.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 196124
Anzahl Zeichen: 65621
contact information:
Town: Helsinki
Kategorie: Business News
Diese Pressemitteilung wurde bisher 134 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Alma Media's Interim Report for January-September 2012: Growth in online advertising sales, advertising sales in print media continued to decline"
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Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
Alma Media becomes shareholder in automotive industry application company ...
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9:00am
ALMA MEDIA, KESKISUOMALAINEN AND ILKKA START JOINT PRINTING MATERIAL
PURCHASES
Alma Media has made an agreement with Lehtisepät Oy, part of the
Keskisuomalainen Group, and ...Suomen Paikallissanomat reorganises its operations in the
Ostrobothnia region ...
Alma Media Oyj Press Release 3 December 2009 at 12.00
SUOMEN PAIKALLISSANOMAT REORGANISES ITS OPERATIONS IN THE
OSTROBOTHNIA REGION
The newspaper family of Suomen Paikallissanomat Oy is shrinking in
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