Alma Media Corporation's Interim Report for April-June 2010: Net sales at comparison period level, operating profit slightly down
(Thomson Reuters ONE) -
Alma Media Corporation Interim Report July 22, 2010 at 9:00am (EEST)
ALMA MEDIA CORPORATION'S INTERIM REPORT FOR APRIL-JUNE 2010:
NET SALES AT COMPARISON PERIOD LEVEL, OPERATING PROFIT SLIGHTLY DOWN
April-June 2010 in brief:
- Net sales MEUR 78.7 (79.3) declined 0.7% (-11.2%). Comparable net sales
exceeded that of the comparison period by MEUR 1.6 or 2.1%.
- Operating profit MEUR 10.9 (11.9), 13.8% (15.1%) of net sales, operating
profit without one-time items was MEUR 11.3 (12.2), declined 7.5%.
- Profit before taxes MEUR 11.0 (11.5), profit before taxes without one-time
items MEUR 11.4 (11.8).
- Financial result for the period MEUR 7.8 (8.3), declined 5.2% (-29.9%).
- Earnings per share EUR 0.10 (0.11).
Outlook for 2010:
- Alma Media estimates its comparable net sales to increase moderately from the
2009 level as a result of gradual growth in media advertising. Comparable
operating profit is expected to remain close to the previous year's level.
Kai Telanne, President and CEO:
No significant change for the better took place in the media advertising market
in the second quarter even though the market picked up somewhat toward the
summer. During the first six months of the year, the newspaper advertising
market shrunk by 0.3% from the comparison period. Online advertising continued
to grow strongly, by 25.3%.
The advertising sales of Alma Media's Newspapers segment grew only a little from
the comparison period figures despite the good sales results of Aamulehti and
Lapin Kansa. The circulation net sales of Newspapers decreased only slightly
from the previous year's level thanks to price increases. The advertising sales
of the Kauppalehti group picked up clearly. The net sales of the Marketplaces
segment continued to grow during the second quarter as home sales and
recruitment advertising increased.
In the second quarter, online advertising sales developed positively from the
comparison period. Growth was particularly strong in Kauppalehti.fi and
Iltalehti.fi, as well as Etuovi.com and Monster.fi. The share of online business
grew to 16.1% of Alma Media's net sales.
The company's second-quarter operating profit fell slightly behind that of the
comparison period due to net sales growth being slower than targeted, as well as
an increase in total costs. Total costs were pushed up by an increase in
personnel costs, due to salary agreements, and an IT expense of MEUR 0.3
recorded during the second quarter but partly concerning earlier periods.
The company's ongoing development projects, such as the preparations for the
printing facility investment in Tampere, the formation of the printing and
distribution unit into a new company, Alma Manu Oy, and the product and service
reforms progressed as planned. Alma Media and Arena Partners Oy, a newspaper
development company operating in Central Finland, started cooperation in the
nationwide marketplace business. The competition authority approved the
arrangement on July 14, 2010.
More information:
Kai Telanne, President and CEO, telephone +358 10 665 3500
Tuomas Itkonen, CFO, telephone +358 10 665 2244
Conference, webcast and conference call:
The company will hold a conference in Finnish concerning its April-June results
in the "Carl" conference room of the Scandic Marski hotel at the address
Mannerheimintie 10, Helsinki, from 11:00am to 12:00 (EEST) on July 22, 2010. The
results will be presented by Kai Telanne, President and CEO, and Tuomas Itkonen,
CFO. Presentation materials for the event will be available on
www.almamedia.fi/calendar from 11:00am.
A webcast and conference call in English will start at 2:00pm (EEST) on July
22, 2010. To participate, please call +44 (0) 20 7806 1956 (confirmation code
7467715) or follow the event online at www.almamedia.fi/investors.
Rauno Heinonen
Vice President Corporate Communications and IR
Alma Media Corporation
DISTRIBUTION: NASDAQ OMX Helsinki, principal media
ALMA MEDIA CORPORATION INTERIM REPORT APRIL 1-JUNE 30, 2010
The text part of this report focuses on the April-June results. The figures are
compared in accordance with the International Financial Reporting Standards
(IFRS) with those of the corresponding period in 2009, unless otherwise stated.
The figures in the tables are independently rounded.
GROUP KEY FIGURES
+---------------------+------+------+------+------+------+-------+------+------+
|KEY FIGURES | 2010| 2009|Change| 2010| 2009|Change | 2009| 2008|
+---------------------+------+------+------+------+------+-------+------+------+
|MEUR | Q2| Q2| %| Q1-Q2| Q1-Q2| %| Q1-Q4| Q1-Q4|
+---------------------+------+------+------+------+------+-------+------+------+
|Revenue | 78,7| 79,3| -0,7| 153,1| 155,8| -1,7| 307,8| 341,2|
+---------------------+------+------+------+------+------+-------+------+------+
|Operating profit | 10,9| 11,9| -9,1| 19,1| 18,5| 3,5| 41,4| 48,3|
+---------------------+------+------+------+------+------+-------+------+------+
|% of revenue | 13,8| 15,1| | 12,5| 11,8| | 13,5| 14,2|
+---------------------+------+------+------+------+------+-------+------+------+
|Operating profit | | | | | | | | |
|without one-time | 11,3| 12,2| -7,5| 19,6| 19,7| -0,6| 42,6| 47,7|
|items | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|% of revenue | 14,3| 15,3| | 12,8| 12,6| | 13,9| 14,0|
+---------------------+------+------+------+------+------+-------+------+------+
|Profit before tax | 11,0| 11,5| -5,0| 19,5| 18,1| 8,2| 40,8| 52,4|
+---------------------+------+------+------+------+------+-------+------+------+
|Profit without | 11,4| 11,8| -3,3| 20,0| 19,3| 3,7| 42,0| 49,9|
|one-time items | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Profit for the period| 7,8| 8,3| -5,2| 14,1| 12,9| 9,1| 29,3| 39,0|
+---------------------+------+------+------+------+------+-------+------+------+
|Return on Equity/ROE | 46,7| 52,6| -11,2| 33,9| 33,4| 1,5| 31,8| 37,7|
|(Annual)* | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Return on Invets/ROI | 45,0| 38,3| 17,5| 33,1| 28,7| 15,3| 29,1| 34,8|
|(Annual)* | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Net financial | 0,0| 0,0| -84,6| 0,0| 0,1| 58,6| 0,3| 0,4|
|expenses | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Net financial | | | | | | | | |
|expenses, % of | 0,0| 0,0| | 0,0| 0,1| | 0,1| 0,1|
|revenue | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Share of profit of | | | | | | | | |
|equity accounted | 0,1| -0,4|-128,2| 0,4| -0,3| -236,5| -0,3| 4,5|
|investees | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Balance sheet total | 151,6| 156,0| | 151,6| 156,0| -2,8| 155,5| 166,9|
+---------------------+------+------+------+------+------+-------+------+------+
|Gross capital | 2,9| 1,4| 102,4| 5,9| 3,0| 97,0| 8,2| 14,5|
|expenditure | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Gross capital | | | | | | | | |
|expenditure, % of | 3,7| 1,8| | 0,0| 1,9| | 2,7| 4,2|
|revenue | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Equity ratio | 64,9| 58,4| | 64,9| 58,4| | 67,2| 57,2|
+---------------------+------+------+------+------+------+-------+------+------+
|Gearing, % | -17,4| 0,4| | -17,4| 0,4| | -17,1| 6,5|
+---------------------+------+------+------+------+------+-------+------+------+
|Interest-bearing net | -14,5| 0,3| | -14,5| 0,3|-4976,7| -16,5| 5,8|
|debt | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Interest-bearing | 4,3| 14,7| | 4,3| 14,7| -70,6| 4,6| 19,1|
|liabilities | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Non-interest-bearing | 64,0| 63,3| | 64,0| 63,3| 1,2| 54,9| 59,3|
|liabilities | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Average no. of | | | | | | | | |
|personnel, calculated| | | | | | | | |
|as full-time | 1 830| 1 930| -5,2| 1 784| 1 932| -7,6| 1 888| 1 981|
|employees, excl. | | | | | | | | |
|delivery staff | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Average no. of | 1 001| 998| 0,3| 970| 968| 0,3| 969| 968|
|delivery staff | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Earnings/share, EUR | 0,10| 0,11| -7,2| 0,19| 0,17| 7,8| 0,39| 0,51|
|(basic) | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Earnings/share, EUR | 0,10| 0,11| -7,4| 0,19| 0,17| 7,5| 0,39| 0,51|
|(diluted) | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Cash flow from | | | | | | | | |
|operating | 0,09| 0,05| 62,8| 0,39| 0,40| -2,7| 0,58| 0,63|
|activities/share, EUR| | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|Shareholders' | 1,11| 1,05| | 1,11| 1,05| | 1,28| 1,18|
|equity/share, EUR | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|P/E Ratio | 34,3| 28,0| | 34,3| 28,0| | 19,1| 9,6|
+---------------------+------+------+------+------+------+-------+------+------+
|Market capitalization| 480,3| 362,6| | 480,3| 362,6| 32,5| 558,1| 369,3|
+---------------------+------+------+------+------+------+-------+------+------+
|Average no. of shares| | | | | | | | |
|(1,000 shares) | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
|- basic |74 852|74 613| |74 733|74 613| |74 613|74 613|
+---------------------+------+------+------+------+------+-------+------+------+
|- diluted |75 022|74 613| |74 961|74 613| |74 859|74 764|
+---------------------+------+------+------+------+------+-------+------+------+
|No. of shares at end | | | | | | | | |
|of period (1,000 |75 053|74 613| |75 053|74 613| |74 613|74 613|
|shares) | | | | | | | | |
+---------------------+------+------+------+------+------+-------+------+------+
*see Main accounting principles of the Interim Report
GROUP NET SALES AND RESULT APRIL-JUNE 2010
The Group's net sales from April to June 2010 totalled MEUR 78.7 (79.3), down
0.7% (down 11.2%). The comparable net sales exceeded the previous year's level
by MEUR 1.6 or 2.1%. Online business accounted for 16.1% (12.8%) of consolidated
net sales, MEUR 12.7 (10.1). The operating profit in the period April-June was
MEUR 10.9 (11.9). The second-quarter operating profit without one-time items was
MEUR 11.3 (12.2), declined 7.5% (- 15.3%) from the comparison period. The
operating margin was 13.8% (15.1%), operating margin without one-time items
declined to 14.3% (15.3%).
GROUP NET SALES AND RESULT JANUARY-JUNE 2010
The Group's net sales from January to June 2010 totalled MEUR 153.1 (155.8),
decline 1.7% (-10.1%). The comparable net sales exceeded the comparison period
level by MEUR 1.9 or 1.3%. Online business accounted for 15.7% (13.3%) of
consolidated net sales, being MEUR 24.1 (20.6). The operating profit in
January-June amounted to MEUR 19.1 (18.5). The operating profit without one-time
items was MEUR 19.6 (19.7), decline 0.6% (-24.2%) from the comparison period.
The operating margin was 12.5% (11.8%), operating margin without one-time items
rose slightly to 12.8% (12.6%).
The operating profit for January-June includes one-time items in the amount of
MEUR 0.5 (1.2). The current year's one-time expenses mainly consist of business
restructuring costs.
Net sales of the Newspapers segment in January-June were MEUR 107.6 (107.9). Net
sales of the segment's advertising sales grew 0.7% (declined 13.8%) to MEUR
52.0 (51.7). Circulation net sales for Newspapers decreased slightly to MEUR
54.0 (54.2). The operating profit for Newspapers in January-June was MEUR 16.0
(14.5) and operating profit without one-time items MEUR 16.1 (15.3).
Net sales of the Kauppalehti group were MEUR 28.5 (32.3). The decline in net
sales was mainly due to the comparison period's figures including the net sales
of MEUR 4.2 of Kauppalehti 121 Oy, sold in November 2009. The segment's
advertising sales grew by MEUR 0.4 from the comparison period to MEUR 8.7 (8.3).
Circulation sales remained almost at the comparison period level, MEUR 7.3
(7.4). The operating profit for the Kauppalehti group in January-June was MEUR
4.0 (2.1) and operating profit without one-time items MEUR 4,0 (2,5).
Net sales of the Marketplaces segment were MEUR 15.8 (14.2). The operating
profit of Marketplaces was MEUR -0.7 (-0.4), without one-time items MEUR 0.0
(-0.4).
CHANGES IN GROUP STRUCTURE APRIL-JUNE 2010
The business operations of Tyrvään Sanomat Oy were transferred to Suomen
Paikallissanomat Oy, part of the Alma Media Group, in April 2010. The deal
comprised two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of the advertising agency Idea-Mainos.
Alma Media's ownership in Kotikokki.net Oy rose from 40% to 65% in June, after
which this company will be reported as a subsidiary company under the Newspapers
segment in the consolidated financial statements.
In connection with the centralisation of the delivery and printing organisation
a new subsidiary Kiinteistö Oy Uusi Paino Oy was founded.
On March 29, 2010, Alma Media announced a restructuring measure concerning the
Marketplaces segment. According to the plan, Alma Media Corporation and the
business development company Arena Partners Oy, owned jointly by newspaper
publishers operating in Central Finland, will start cooperation in the national
marketplaces business. The cooperation will involve Arena Partners buying a 35%
share of the Alma Media subsidiary operating in the home sales, vehicle and
consumer advertising marketplace businesses. Simultaneously, Alma Media will
purchase a 35% share of Arena Interactive, a subsidiary of Arena Partners. The
competition authority approved the arrangement on July 14, 2010.
OUTLOOK FOR 2010
Alma Media expects the single-copy sales of afternoon papers to continue their
decline. The circulations of regional and local papers are expected to decline
moderately. The circulation of Kauppalehti is expected to remain at the present
level or decline slightly. Advertising in newspapers is expected to grow
moderately in 2010 in comparison with the previous year. Online advertising is
expected to clearly increase from the previous year.
Alma Media expects its comparable net sales to increase moderately from the
2009 level as a result of gradual growth in media advertising. Operating profit
is expected to remain close to the previous year's level.
MARKET CONDITIONS
The Finnish GNP continued to shrink during the first quarter in 2010. As the
previous quarter's growth figure was also preceded by a minus sign, the Finnish
economy is technically still in a recession. Estimates for the Finnish GNP
growth in 2010 vary widely. Estimates published during the second quarter
predict GNP growth of 0 to 2.7% in 2010. According to preliminary information by
Statistics Finland, the output of the Finnish national economy grew by 2.9% in
April 2010.
In the first quarter of 2010, the total volume of advertising increased by
0.7%. In the first quarter, advertising decreased 1.5% in newspapers and
increased 17.7% in online media from the comparison period. In the second
quarter, total advertising volume increased 4.5%. Advertising in newspapers
continued to decline, now -0.2%, and increased 32.9% in online media from the
comparison period. The cumulative total volume of advertising grew 2.7% during
the first half of the year. Advertising in newspapers declined 0.3% and in
online media grew 25.3% in comparison with the same period in 2009.
BUSINESS SEGMENTS
The business segments are reported according to the Group's new internal
organisational structure in this interim report. The segment structure was
changed from the beginning of 2010 when Alma Media's printing and distribution
operations were combined in a new group unit. The new printing and distribution
unit is reported separately from the segments Newspapers, Kauppalehti group and
Marketplaces as part of the Other operations business segment.
After the change in the segment structure and composition, Alma Media has
adjusted the segments' items for the comparison period 2009 according to the
IFRS 8 Operating Segments standard. These changes are detailed in the appendix
to this interim report. The stock exchange release "Change in the structure and
composition of Alma Media's business segments" on April 27, 2010 presents the
segments' net sales and operating profits, key indicators, the segments' assets,
liabilities and investments as well as a summary of the effects of the changes
regarding the financial years 2008 and 2009 for the Newspapers, Kauppalehti
group and Marketplaces segments according to both the old and new segment
compositions.
NET SALES AND OPERATING PROFIT BY SEGMENT
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|REVENUE BY SEGMENT, | 2010| 2009|Change| 2010| 2009|Change| 2009|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|MEUR | Q2| Q2| %|Q1-Q2|Q1-Q2| %|Q1-Q4|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Newspapers | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|External | 54,4| 54,9| |105,6|106,9| |213,4|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Inter-segments | 1,0| 0,6| | 2,1| 1,0| | 2,1|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Newspapers total | 55,4| 55,5| -0,1|107,6|107,9| -0,2|215,5|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
| | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Kauppalehti Group | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|External | 14,1| 16,0| | 28,1| 32,2| | 62,5|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Inter-segments | 0,3| 0,0| | 0,4| 0,1| | 0,3|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Kauppalehti Group total | 14,4| 16,0| -10,0| 28,5| 32,3| -11,8| 62,8|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
| | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Marketplaces | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|External | 8,3| 7,1| | 16,0| 14,2| | 27,0|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Inter-segments | -0,1| 0,0| | -0,1| 0,0| | 0,0|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Marketplace total | 8,2| 7,0| 16,6| 15,8| 14,2| 11,1| 27,0|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
| | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Others | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|External | 1,8| 1,4| | 3,5| 2,6| | 4,8|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Inter-segments | 17,5| 17,0| | 35,1| 34,0| | 67,8|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Others total | 19,3| 18,4| 5,1| 38,6| 36,6| 5,5| 72,7|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
| | | | | | | | |
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Elimination |-18,7|-17,6| |-37,4|-35,3| |-70,2|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Total | 78,7| 79,3| -0,7|153,1|155,8| -1,7|307,8|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
+---------------------------------+-----+-----+------+-----+-----+------+-----+
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|OPERATING PROFIT/LOSS BY SEGMENT,| 2010| 2009|Change| 2010| 2009|Change| 2009|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|MEUR * | Q2| Q2| %|Q1-Q2|Q1-Q2| %|Q1-Q4|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Newspapers | 9,2| 9,2| -0,9| 16,0| 14,5| 11,0| 29,7|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Kauppalehti Group | 2,5| 1,4| 72,0| 4,0| 2,1| 93,0| 6,7|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Marketplaces | -0,7| -0,2|-200,3| -0,7| -0,4| -64,8| -0,7|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Other operations | -0,1| 1,5|-108,4| -0,3| 2,3|-111,4| 5,7|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
|Total | 10,9| 11,9| -9,1| 19,1| 18,5| 3,5| 41,4|
+---------------------------------+-----+-----+------+-----+-----+------+-----+
*) incl. one-time items
NEWSPAPERS
+---------------------------------+----+-----+------+-----+-----+------+-------+
|NEWSPAPERS |2010| 2009|Change| 2010| 2009|Change| 2009|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Key figures, MEUR | Q2| Q2| %|Q1-Q2|Q1-Q2| %| Q1-Q4|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Revenue |55,4| 55,5| -0,1|107,6|107,9| -0,2| 215,5|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Circulation revenue |27,2| 27,2| -0,1| 54,0| 54,2| -0,3| 109,9|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Media advertising revenue |27,4| 27,3| 0,5| 52,0| 51,7| 0,7| 101,3|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Other revenue | 0,8| 1,0| -17,5| 1,6| 2,0| -23,4| 4,4|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Operating profit | 9,2| 9,2| -0,9| 16,0| 14,5| 11,0| 29,7|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Operating profit, % |16,5| 16,7| | 14,9| 13,4| | 13,8|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Operating profit without one-time| 9,2| 9,4| -1,9| 16,1| 15,3| 5,4| 30,8|
|items | | | | | | | |
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Operating profit without one-time|16,5| 16,8| | 15,0| 14,2| | 14,3|
|items, % | | | | | | | |
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Average no. of personnel, | | | | | | | |
|calculated as full-time employees| 989|1 015| -3| 953|1 015| -6| 1 002|
|excl. delivery staff | | | | | | | |
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Average no. of delivery staff * | 98| 370| -74| 98| 370| -73| 370|
+---------------------------------+----+-----+------+-----+-----+------+-------+
| |
|* Delivery operations of Satakunnan Kansa sold January 1 2010 to Aamujakelu |
|Oy, which is reported in Other operations |
+---------------------------------+----+-----+------+-----+-----+------+-------+
+---------------------------------+----+-----+------+-----+-----+------+-------+
| |2010| 2009| | 2010| 2009| | 2009|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Operational key figures | Q2| Q2| |Q1-Q2|Q1-Q2| | Q1-Q4|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Audited circulation | | | | | | | |
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Iltalehti | | | | | | |112 778|
+---------------------------------+----+-----+------+-----+-----+------+-------+
|Aamulehti | | | | | | |135 293|
+---------------------------------+----+-----+------+-----+-----+------+-------+
Online services, unique visitors, weekly
2010 2009 2010 2009 2009
4-6 4-6 1-6 1-6 1-12
Iltalehti.fi 2 140 489 1 695 372 2 160 850 1 702 838 1 762 615
Telkku.com 601 926 569 955 620 390 582 994 580 989
Aamulehti.fi 263 980 183 412 269 479 188 915 207 978
The Newspapers segment reports the publishing activities of 35 newspapers. The
largest titles are Aamulehti and Iltalehti.
The second-quarter net sales for the Newspapers segment stayed at almost the
previous year's level at MEUR 55.4 (55.5). Advertising sales in this segment
increased 0.5% to MEUR 27.4 (27.3). During the second quarter, advertising sales
in printed media increased for Aamulehti and Lapin Kansa while the advertising
sales for other Alma Media newspapers declined slightly due to the weak market
development. Advertising sales for the segment's online business grew well from
the comparison period. Advertising sales for Iltalehti.fi had strong development
and grew 56.4% (35.5%) from the comparison period. Circulation net sales for
Newspapers stayed at the comparison period's level during the second quarter,
assisted by price increases. Single-copy sales of Iltalehti declined
approximately 8.6% (3.6%) during the second quarter, with the entire afternoon
paper market declining approximately 5.6% (4.6%).
The Newspapers segment's second-quarter operating profit was MEUR 9.2 (9.2).
Operating profit without one-time items for the segment was MEUR 9.2 (9.4).
The business operations of Tyrvään Sanomat Oy were transferred to Suomen
Paikallissanomat Oy, part of Alma Media Corporation, in April 2010. The deal
included two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of the advertising agency Idea-Mainos. Since June 1, 2010,
the acquired newspapers are consolidated into one paper, the twice-weekly
Tyrvään Sanomat. In June, Alma Media increased its shareholding in Kotikokki.net
Oy to 65%, and the company will in future be reported as a subsidiary company in
the Newspapers segment in Alma Media's consolidated financial statements.
KAUPPALEHTI GROUP
+------------------------+-------+-------+------+-------+-------+------+-------+
|Kauppalehti group | 2010| 2009|Change| 2010| 2009|Change| 2009|
+------------------------+-------+-------+------+-------+-------+------+-------+
|key figures, MEUR | Q2| Q2| %| Q1-Q2| Q1-Q2| %| Q1-Q4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Revenue | 14,4| 16,0| -10,0| 28,5| 32,3| -11,8| 62,8|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Revenue without sold | 14,4| 14,2| 1,8| 28,5| 28,3| 0,7| 56,2|
|operations * | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Circulation revenue | 3,5| 3,5| -0,7| 7,3| 7,4| -0,5| 15,4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Media advertising | 4,5| 4,0| 12,9| 8,7| 8,3| 4,4| 16,3|
|revenue | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Other Revenue | 6,4| 8,6| -25,8| 12,5| 16,7| -25,5| 31,0|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating profit | 2,5| 1,4| 72,0| 4,0| 2,1| 93,0| 6,7|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating profit, % | 17,3| 9,0| | 14,2| 6,5| 119,6| 10,7|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating profit without| 2,5| 1,6| 60,2| 4,0| 2,5| 64,2| 6,7|
|one-time items | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating margin without| 17,3| 9,6| | 14,2| 7,6| 86,9| 10,7|
|one-time items, % | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Average no. of | | | | | | | |
|personnel, calculated as| 441| 490| -10| 434| 489| -11| 477|
|full-time employees | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|* Kauppalehti 121 Oy sold at | | | | | | |
|November 2009 | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
+------------------------+-------+-------+------+-------+-------+------+-------+
| | 2010| 2009| | 2010| 2009| | 2009|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operational key figures | Q2| Q2| | Q1-Q2| Q1-Q2| | Q1-Q4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Audited circulation | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Kauppalehti | | | | | | | 78 731|
+------------------------+-------+-------+------+-------+-------+------+-------+
+------------------------+-------+-------+------+-------+-------+------+-------+
|Online services, unique visitors, weekly |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Kauppalehti.fi |561 783|537 302| |594 508|540 683| |544 533|
+------------------------+-------+-------+------+-------+-------+------+-------+
The Kauppalehti group specialises in the production of business and financial
information. Its best known title is Finland's leading business paper,
Kauppalehti. The group also includes the contract publishing company
Lehdentekijät, Suomen Business Viestintä and the news agency and media
monitoring unit BNS Group that operates in the Baltic countries.
The net sales of the Kauppalehti group were MEUR 14.4 (16.0) in the second
quarter. The comparison period's net sales include those of the sold Kauppalehti
121 Oy in the amount of MEUR 2.0. Thanks to the stronger B-to-B advertising
market, the advertising sales of the Kauppalehti group grew to MEUR 4.5 (4.0) or
12.9%. Online advertising sales grew 29.1% (6.6%) from the comparison period.
The segment's circulation net sales remained at the previous year's level at
MEUR 3.5 (3.5). In 2010, the circulation in number of copies is expected to
remain unchanged or decline slightly.
The number of visitors to the online service Kauppalehti.fi averaged 561,783
(537,302) unique weekly visitors in the second quarter.
The operating profit for the Kauppalehti group was MEUR 2.5 (1.4). Operating
profit without one-time items was MEUR 2.5 (1.6).
MARKETPLACES
+------------------------+-------+-------+------+-------+-------+------+-------+
|Marketplaces | 2010| 2009|Change| 2010| 2009|Change| 2009|
+------------------------+-------+-------+------+-------+-------+------+-------+
|key figures, MEUR | Q2| Q2| %| Q1-Q2| Q1-Q2| %| Q1-Q4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Revenue | 8,2| 7,0| 16,6| 15,8| 14,2| 11,1| 27,0|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operations in Finland | 7,0| 5,9| 19,1| 13,5| 11,9| 13,5| 22,4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operations outside | 1,3| 1,2| 4,8| 2,4| 2,4| -0,1| 4,7|
|Finland | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating profit | -0,7| -0,2|-200,3| -0,7| -0,4| -64,8| -0,7|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating margin, % | -8,2| -3,2| | -4,4| -3,0| -48,4| -2,5|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating profit without| -0,1| -0,2| 44,8| 0,0| -0,4| 92,8| -0,5|
|one-time items | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operating margin without| -1,5| -3,2| | -0,2| -2,9| 93,5| -2,0|
|one-time items, % | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Average no. of | | | | | | | |
|personnel, calculated as| 182| 202| -10| 181| 216| -16| 200|
|full-time employees | | | | | | | |
+------------------------+-------+-------+------+-------+-------+------+-------+
+------------------------+-------+-------+------+-------+-------+------+-------+
+------------------------+-------+-------+------+-------+-------+------+-------+
| | 2010| 2009| | 2010| 2009| | 2009|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Operational key figures | Q2| Q2| | Q1-Q2| Q1-Q2| | Q1-Q4|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Online services, unique visitors, weekly |
+------------------------+-------+-------+------+-------+-------+------+-------+
|Etuovi.com |412 600|348 487| |411 381|350 077| |354 826|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Autotalli.com | 90 192| 92 106| | 95 282| 96 705| | 96 872|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Monster.fi | 85 416| 70 158| | 90 810| 77 037| | 74 473|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Mikko.fi | 61 662| 70 973| | 70 830| 74 676| | 76 854|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Mascus.com |179 611|118 392| |190 258|122 972| |135 272|
+------------------------+-------+-------+------+-------+-------+------+-------+
|City24 |176 190|220 867| |190 842|258 350| |232 648|
+------------------------+-------+-------+------+-------+-------+------+-------+
|Bovision | 91 685|112 875| |104 387|109 895| |110 266|
+------------------------+-------+-------+------+-------+-------+------+-------+
The Marketplaces segment reports classified services produced on the internet
and supported by printed products. The services in Finland are Etuovi.com,
Monster.fi, Autotalli.com, Mascus.fi and Mikko.fi. The services outside Finland
are Mascus and Bovision, as well as City24 whose operations are being downsized.
In the second quarter of 2010, the net sales of Marketplaces was MEUR 8.2 (7.0)
and grew 16.6% (-25.0%). The net sales growth mainly came from the increased net
sales of the Etuovi.com, Monster.fi and Mascus services.
The operating profit of the Marketplaces segment was MEUR -0.7 (-0.2). The
operating profit without one-time items was MEUR -0.1 (-0.2). The segment's
second-quarter profitability was weakened by investments in product and service
development.
Alma Media and the newspaper development company Arena Partners Oy operating in
Central Finland will start cooperation in the nationwide marketplaces business.
The cooperation will in future cover the Etuovi.com, Vuokraovi.com,
Autotalli.com and Mikko.fi services. The competition authority approved the
arrangement on July 14, 2010.
The cooperation will have only a minor short-term effect on Alma Media's
financial indicators. The 2009 total net sales of the services to be transferred
to the new company were MEUR 16.9.
OTHER OPERATIONS
+------------------------------------+----+----+------+-----+-----+------+-----+
|Other operations |2010|2009|Change| 2010| 2009|Change| 2009|
+------------------------------------+----+----+------+-----+-----+------+-----+
|key figures, MEUR | Q2| Q2| %|Q1-Q2|Q1-Q2| %|Q1-Q4|
+------------------------------------+----+----+------+-----+-----+------+-----+
|Revenue |19,3|18,4| 5,1| 38,6| 36,6| 5,5| 72,7|
+------------------------------------+----+----+------+-----+-----+------+-----+
|External | 1,8| 1,4| 35,1| 3,5| 2,6| 35,9| 4,8|
+------------------------------------+----+----+------+-----+-----+------+-----+
|Inter-segments |17,5|17,0| 2,7| 35,1| 34,0| 3,2| 67,8|
+------------------------------------+----+----+------+-----+-----+------+-----+
|Operating profit |-0,1| 1,5|-108,4| -0,3| 2,3|-111,4| 5,7|
+------------------------------------+----+----+------+-----+-----+------+-----+
|Operating profit, % |-0,6| 8,0| | -0,7| 6,4|-110,8| 7,8|
+------------------------------------+----+----+------+-----+-----+------+-----+
|Operating profit without |-0,3| 1,5|-119,1| -0,6| 2,3|-123,5| 5,7|
|one-time items | | | | | | | |
+------------------------------------+----+----+------+-----+-----+------+-----+
|Operating margin without |-1,5| 8,0| | -1,4| 6,4|-122,4| 7,8|
|one-time items, % | | | | | | | |
+------------------------------------+----+----+------+-----+-----+------+-----+
|Average no. of personnel, calculated| 219| 211| 4| 216| 213| 1| 210|
|as full-time employees | | | | | | | |
+------------------------------------+----+----+------+-----+-----+------+-----+
|Average no. of delivery staff | 903| 623| 45| 872| 598| 46| 599|
+------------------------------------+----+----+------+-----+-----+------+-----+
The Other operations segment reports the operations of the Group's parent
company as well as those of the printing and distribution unit. The financial
characteristics of both are similar as they primarily provide services for the
other business segments. The Group's financial items and income taxes are not
allocated to the segments.
ASSOCIATED COMPANIES
+---------------------------------------------+----+----+-----+-----+-----+
|Share of profit of equity accounted investees|2010|2009| 2010| 2009| 2009|
+---------------------------------------------+----+----+-----+-----+-----+
|MEUR | Q2| Q2|Q1-Q2|Q1-Q2|Q1-Q4|
+---------------------------------------------+----+----+-----+-----+-----+
|Newspapers | 0,1| 0,0| 0,1| 0,0| 0,1|
+---------------------------------------------+----+----+-----+-----+-----+
|Kauppalehti group | | | | | |
+---------------------------------------------+----+----+-----+-----+-----+
|Talentum Oyj | 0,1|-0,6| 0,2| -0,7| -1,4|
+---------------------------------------------+----+----+-----+-----+-----+
|Marketplaces |-0,0| | -0,0| | |
+---------------------------------------------+----+----+-----+-----+-----+
|Other operations | | | | | |
+---------------------------------------------+----+----+-----+-----+-----+
|Other equity accounted investeees |-0,1| 0,2| 0,1| 0,4| 0,9|
+---------------------------------------------+----+----+-----+-----+-----+
|Total | 0,1|-0,4| 0,4| -0,3| -0,3|
+---------------------------------------------+----+----+-----+-----+-----+
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, 2009 and in
this interim report.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet at the end of June 2010 stood at MEUR 151.6
(156.0). The corporation's equity ratio at the end of June was 64.9% (58.4%) and
equity per share was EUR 1.11 (1.05).
The consolidated cash flow from operations in January-June was MEUR 28.9 (29.5).
Cash flow before financing was MEUR 25.6 (27.7). Cash flow for capital
expenditure was affected primarily by the share acquisitions of Marknadspriser i
Sverige AB, Kateetti Oy and Kotikokki.net Oy, as well as the purchase of the
business operations of Tyrvään Sanomat.
The Group's net debt at the end of June stood at MEUR -14.5 (0.3).
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 June 30, 2010. In addition, the
Group has a credit limit in the amount of MEUR 50 for the period August
6, 2009-August 6, 2011, which on June 30, 2010 was totally unused.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in April-June totalled MEUR 2.9 (1.4).
The second-quarter capital expenditure comprised normal operational and
replacement investments, as well as share purchases.
Alma Media Corporation announced on December 17, 2009 that it had initiated
preparations for an investment aiming at the modernisation of its printing
facilities in Tampere. The Board of Directors decided to proceed with the
initiative to the execution phase on March 11, 2010. The total value of the
investment will be EUR 50 million maximum. Most of the investment will be
carried out in 2011 and 2012. The new printing facility is estimated to be
operational in 2013. Due to the investment decision, the annual depreciation on
the existing printing press for the remainder of its estimated usage will rise
by MEUR 1.0 in the financial year 2010 and MEUR 1.2 in the financial years 2011
and 2012.
RISKS AND RISK MANAGEMENT
The purpose of Alma Media Corporation'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. Written limits and processing
methods are set for quantitative and qualitative risks by the corporate risk
management system.
The most critical strategic risks for Alma Media are a significant drop 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 corporation's net sales. Developing businesses outside
Finland, such as 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 changes
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.
ADMINISTRATION
Alma Media Corporation's ordinary Annual General Meeting (AGM) held on March
11, 2010 elected Lauri Helve, Kai Seikku, Erkki Solja, Kari Stadigh, Harri
Suutari, Catharina Stackelberg-Hammarén and Seppo Paatelainen members of the
company's Board of Directors. In its constitutive meeting held after the Annual
General Meeting, the Board of Directors elected Kari Stadigh its Chairman and
Seppo Paatelainen its Deputy Chairman.
The Board also elected the members of its committees. Kai Seikku, Erkki Solja,
Catharina Stackelberg-Hammarén and Harri Suutari as chairman were elected
members of the Audit Committee. Seppo Paatelainen and Lauri Helve, as well as
Kari Stadigh as chairman, were elected members of the Nomination and
Compensation Committee.
Except for Kari Stadigh, the Board of Directors has evaluated the persons
elected to the Board of Directors to be independent of the company and its major
shareholders. Kari Stadigh is evaluated to be independent of the company but not
independent of a significant shareholder.
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.
Oy Herttaässä Ab, a company holding more than 10% of the shares in Alma Media,
proposed to the AGM that a special audit should be conducted regarding the
operations of the Nomination and Compensation Committee of the Board of
Directors of Alma Media Corporation for the last five years. The AGM considered
the proposal, and as the shareholding of Oy Herttaässä Ab exceeds 10%, the
proposal was recorded in the meeting minutes. On April 15, 2010, Alma Media
received notification that Oy Herttaässä Ab has submitted an application for the
special audit to the Regional State Administrative Agency of Southern Finland.
Alma Media has submitted its answer to the Regional State Administrative Agency
of Southern Finland.
In April, the shareholder Oy Herttaässä Ab requested the company to convene an
extraordinary general meeting. The Board of Directors received the request on
April 23, 2010 and published a stock exchange release on the request on the same
date. On May 21, 2010, Alma Media published a notice to the Extraordinary
General Meeting to be held in Helsinki on August 19, 2010. On June 30, 2010, Oy
Herttaässä Ab owned 12.95% of Alma Media Corporation's shares.
Oy Herttaässä Ab has requested that the EGM consider the decision upon the
printing facility investment, as well as increasing the number of the members of
and complementing the Board of Directors. The letter of request is available in
its entirety on Alma Media Corporation's website at www.almamedia.fi/egm.
Alma Media Corporation applies the Finnish Corporate Governance Code for listed
companies, issued by the Securities Market Association on October 20, 2008, in
its unaltered form. The statement on the company's administration and control
system, as required by Recommendation 51 of the Code, is published separately.
DIVIDENDS
The Annual General Meeting on March 11, 2010 resolved to distribute a dividend
of EUR 0.40 per share for the financial year 2009 in accordance with the
proposal of the Board of Directors. The dividend was paid on March 25, 2010 to
shareholders who were registered in Alma Media Corporation's shareholder
register maintained by Euroclear Finland Oy on the record date, March 16, 2010.
The company paid a total of MEUR 29.8 (22.4) in dividends to its shareholders in
March.
THE ALMA MEDIA SHARE
In April-June , altogether 2,092,057 Alma Media shares were traded at NASDAQ OMX
Helsinki Stock Exchange, representing 2.8% of the total number of shares. The
closing price of the Alma Media share at the end of the last trading day of the
review period, June 30, 2010, was EUR 6.40. The lowest quotation during the
review period was EUR 6.36 and the highest EUR 7.49. Alma Media Corporation's
market capitalisation at the end of the review period was MEUR 480.3.
The Annual General Meeting on March 11, 2010 decided to authorise the Board of
Directors to repurchase a maximum of 3,730,600 of the company's shares,
representing approximately 5% of all shares. The authorisation is valid until
the next ordinary general meeting, however no later than June 30, 2011.
OPTION RIGHTS
Option programme 2006
The annual general meeting held on March 8, 2006 decided on a stock option
programme under which a maximum of 1,920,000 options may be granted and these
may be exercised to subscribe to a maximum of 1,920,000 Alma Media Corporation's
shares with a book countervalue of EUR 0.60 per share. The programme is an
incentive and commitment system for the company's management. Of the total
number of options, 640,000 were marked 2006A (ALN1VEW106), 640,000 were marked
2006B (ALN1VEW206) and 640,000 were marked 2006C (ALN1VEW306).
Share subscription periods and subscription prices:
2006A April 1, 2008-April 30, 2010, trade-weighted average share price Apr
1-May 31, 2006
2006B April 1, 2009-April 30, 2011, trade-weighted average share price Apr
1-May 31, 2007 and
2006C April 1, 2010-April 30, 2012, trade-weighted average share price Apr
1-May 31, 2008.
As authorised by the Annual General Meeting, the Board of Directors has granted
515,000 of the 2006A options. Altogether 75,000 of the 2006A options have been
returned to the company owing to the termination of employment contracts. In
2007 and 2008, Alma Media's Board of Directors decided to annul the
200,000 2006A option rights in the company's possession. By June 30, 2010, all
of the 440,000 options had been either sold (242,263) or used for share
subscription (197.737). The subscription price of the A options was EUR 4.88.
In 2007, the Board of Directors decided to issue a total of 515,000 options
under the 2006B scheme to Group management. Altogether 50,000 of the 2006B
options have been returned to the company owing to the termination of employment
contracts. After the returned options, corporate management possesses a total of
465,000 2006B options. The share subscription price under the 2006B option, EUR
9.85 per share was determined by the trade-weighted average share price in
public trading between April 1 and May 31, 2007. The subscription price of the
2006B options was reduced by the amount of dividend payment in March 2008 (EUR
0.90 per share), by dividend payment in March 2009 (EUR 0.30 per share) to EUR
8.65 per share and by dividend payment in March 2010 (EUR 0.40 per share) to EUR
8.25 per share. All of the 175,000 2006B option rights in the company's
possession have been annulled. The options in the 2006B programme are traded in
NASDAQ OMX Helsinki Stock Exchange since April 1, 2009. No shares have been
subscribed to by June 30, 2010.
In 2008, the Board of Directors decided to issue 520,000 options under the
2006C programme to Group management. Altogether 50,000 of the 2006C options have
been returned to the company owing to the termination of employment contracts.
After the returned options, corporate management possesses a total of
470,000 2006C options. The share subscription price under the 2006C option, EUR
9.06 per share, was determined by the trade-weighted average share price in
public trading between April 1 and May 31, 2008. The subscription price of the
2006C options was reduced by the amount of dividend payment in March 2009 (EUR
0.30 per share) to EUR 8.76 per share and by dividend payment in March 2010 (EUR
0.40 per share) to EUR 8.36 per share. All of the 170,000 2006C option rights in
the company's possession have been annulled. The options in the 2006C programme
are traded in NASDAQ OMX Helsinki Stock Exchange since April 1, 2010.
If all the subscription rights are exercised, the programme will dilute the
holdings of the earlier shareholders by 1.25%.
Option programme 2009
The Annual General Meeting of Alma Media on March 11, 2009 decided, in
accordance with the proposal by the Board of Directors, to continue the
incentive and commitment system for Alma Media management through an option
programme according to earlier principles and decided to grant stock options to
the key personnel of Alma Media Corporation and its subsidiaries in the period
2009-2011. Altogether 2,130,000 stock options may be granted, and these may be
exercised to subscribe to a maximum of 2,130,000 Alma Media shares, either new
or in possession of Alma Media. Of the total number of options, 710,000 were
marked 2009A (ALN1VEW309), 710,000 were marked 2009B (ALN1VEW209) and 710,000
were marked 2009C (ALNVEW109).
Share subscription periods and subscription prices:
2009A April 1, 2012-March 31, 2014, trade-weighted average share price Apr
1-30, 2009
2009B April 1, 2013-March 31, 2015, trade-weighted average share price Apr
1-30, 2010 and
2009C April 1, 2014-March 31, 2016, trade-weighted average share price Apr
1-30, 2011.
The Board of Directors of Alma Media Corporation decided in May 2009 to grant
640,000 option rights to corporate management under the 2009A programme. The
company is in possession of 70,000 2009A options. The subscription price of a
2009A option, EUR 5.21 per share, was determined by the trade-weighted average
share price in public trading between April 1 and April 30, 2009. The
subscription price of the 2009A options was reduced by the amount of dividend
payment in March 2010 (EUR 0.40 per share) to EUR 4.81 per share.
The Board of Directors of Alma Media Corporation decided in April 2010 to grant
595,000 option rights to corporate management under the 2009B programme. The
company is in possession of 115,000 2009B options. The subscription price of a
2009B option, EUR 7.33 per share, was determined by the trade-weighted average
share price in public trading between April 1 and April 30, 2010.
If all the subscription rights are exercised, the programme will dilute the
holdings of the earlier shareholders by 2.84%.
The Board of Directors has no other current authorisations to raise convertible
loans and/or to raise the share capital through a new issue.
MARKET LIQUIDITY GUARANTEE
There is no market liquidity guarantee in effect for the Alma Media corporation
share.
FLAGGING NOTICES
In April-June 2010, Alma Media has not received notices of changes in
shareholdings pursuant to Chapter 2, Section 9 of the Securities Markets Act.
EVENTS AFTER THE REVIEW PERIOD
Alma Media's printing and distribution service unit was renamed Alma Manu Oy on
July 1, 2010.
The district prosecutor of Helsinki has on July 1, 2010 decided to charge Mr Kai
Telanne, President and CEO of Alma Media, on suspicion of discrimination at work
in connection with the termination of the director contract of Ms Johanna
Korhonen.
Alma Media and the newspaper development company Arena Partners Oy operating in
Central Finland will start cooperation in the nationwide marketplaces business.
The competition authority approved the arrangement on July 14, 2010.
Appendix 1. - SUMMARY OF FINANCIAL STATEMENT AND NOTES
Unternehmensinformation / Kurzprofil:
Datum: 22.07.2010 - 07:59 Uhr
Sprache: Deutsch
News-ID 24276
Anzahl Zeichen: 0
contact information:
Town:
Helsinki
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 200 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Alma Media Corporation's Interim Report for April-June 2010: Net sales at comparison period level, operating profit slightly down"
steht unter der journalistisch-redaktionellen Verantwortung von
Alma Media Oyj (Nachricht senden)
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