Alma Media's Interim Report for July-September 2010: Net sales and operating profit grew as the advertising market picks up
(Thomson Reuters ONE) -
Alma Media Corporation Interim Report October 29, 2010 at 9:00am (EEST)
ALMA MEDIA'S INTERIM REPORT FOR JULY-SEPTEMBER 2010:
NET SALES AND OPERATING PROFIT GREW AS THE ADVERTISING MARKET PICKS UP
July-September 2010 in brief:
* Net sales MEUR 75.2 (73.0), up 3.0 %.
* Operating profit MEUR 13.6 (11.1), 18.0 % (15.3 %) of net sales, operating
profit without one-time items MEUR 13.4 (11.7), up 14.5 %.
* Profit for the period MEUR 9.8 (7.7), up 28.6 %.
* Earnings per share increased to EUR 0.13 (0.10).
* Gains of MEUR 10.7 were recognised directly in equity for the sale of the
Group's 35-per cent holding in Alma Mediapartners Oy, after which the equity
ratio increased to 69.6 % in Q3 (in Q2 64.9 %).
January-September 2010 in brief:
* Net sales MEUR 228.3 (228.8), down 0.2 %.
* Operating profit MEUR 32.7 (29.6), 14.3 % (12.9%) of net sales, operating
profit without one-time items MEUR 33.0 (31.4), up 5.0 %.
* Profit for the period MEUR 23.9 (20.6), up 16.3 %.
* Earnings per share EUR 0.32 (0.27).
Outlook for 2010:
Alma Media expects its full-year net sales to increase moderately from the 2009
level as a result of the growth in media advertising. Full-year operating profit
without one-time items for 2010 is expected to grow from the comparison year.
Full-year net sales for 2009 were MEUR 307.8, operating profit MEUR 41.4 and
operating profit without one-time items MEUR 42.6.
Earlier Alma Media estimated the full-year comparable net sales to increase
moderately from the 2009 level as a result of the growth in the media
advertising. The full-year operating profit was expected to be close to the
2009 level.
Kai Telanne, President and CEO:
The upward trend of the media advertising market that started at the end of the
second quarter continued during the third quarter. During the third quarter,
according to TNS Media Intelligence, the market for newspaper advertising grew
by 7.2 % from the comparison period. From the beginning of the year, the
newspaper advertising market has grown by 1.9 % from the comparison period.
Online advertising continued to grow strongly during the third quarter, by
38.1%.
The advertising sales of Alma Media's Newspapers segment grew strongly during
the third quarter. The advertising sales of Aamulehti in particular showed
growth. The circulation net sales of the Group's regional and local papers
increased from the previous year, while Iltalehti's circulation net sales fell
behind last year's level. The advertising sales of the Kauppalehti Group
developed positively, exceeding the comparison period's level. The net sales of
the Marketplaces segment continued to grow during the third quarter as home
sales and recruitment advertising increased.
Online advertising sales continued to increase strongly during the third
quarter. In the third quarter, online advertising grew particularly in
Kauppalehti.fi, Iltalehti.fi and the Marketplaces services Etuovi.com and
Monster.fi.
The share of the online business in Alma Media's net sales grew to 15.1 % (12.5
%).
The company's third-quarter operating profit without one-time items grew from
the comparison period due to growth in advertising sales. The Group's total
costs remained at the same level as in the comparison period. Ongoing
development projects progressed according to plan in the third quarter. An
arrangement with Arena Partners Oy, aiming at the strategic development of
nationwide marketplace business, was finalised as the share transactions took
place on September 1, 2010.
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:
The company will hold a conference in Finnish concerning its July-September
results in the "Carl" conference room of the Scandic Marski hotel at the address
Mannerheimintie 10, Helsinki, from 11:00 am to 12:00 noon (EEST) on October
29, 2010. The results will be presented by Kai Telanne, President and CEO, and
Tuomas Itkonen, CFO. Presentation materials for the event will be available
online at www.almamedia.fi/calendar from 11:00 am on the same day.
A webcast and conference call in English will start at 1:00 pm (EEST) on October
29, 2010. You may participate in the conference call by calling +44 (0)
20 7806 1955 (confirmation code 4721324), 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 JULY 1 - SEPTEMBER 30, 2010
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
MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 75.2 73.0 3.0 228.3 228.8 -0.2 307.8
Operating profit 13.6 11.1 21.7 32.7 29.6 10.4 41.4
% of revenue 18.0 15.3 14.3 12.9 13.5
Operating profit without one-
time items 13.4 11.7 14.5 33.0 31.4 5.0 42.6
% of revenue 17.8 16.0 14.4 13.7 13.9
Profit before tax 13.4 10.9 23.0 32.9 28.9 13.7 40.8
Profit without one-time items 13.3 11.4 16.7 33.3 30.7 8.5 42.0
Profit for the period 9.8 7.7 28.6 23.9 20.6 16.3 29.3
Return on Equity/ROE (Annual)* 48.6 42.7 13.8 32.8 32.5 0.9 31.8
Return on Invets/ROI (Annual)* 47.0 37.3 26.0 32.1 28.6 12.2 29.1
Net financial expenses -0.1 0.2 181.0 -0.1 0.3 131.5 0.3
Net financial expenses, % of
revenue -0.2 0.2 0.0 0.1 0.1
Share of profit of equity
accounted investees -0.1 -0.1 -37.4 0.3 -0.4 -175.6 -0.3
Balance sheet total 171.7 155.4 10.5 155.5
Gross capital expenditure 4.2 2.2 88.2 10.1 5.2 93.2 8.2
Gross capital expenditure, % of
revenue 5.6 3.0 0.0 2.3 2.7
Equity ratio 69.6 63.4 67.2
Gearing, % -20.5 -3.7 -17.1
Interest-bearing net debt -21.7 -3.2 573.5 -16.5
Interest-bearing liabilities 4.1 11.9 -65.8 4.6
Non-interest-bearing
liabilities 61.7 56.7 8.7 54.9
Average no. of personnel,
calculated as full-time
employees, excl. delivery staff 1,861 1,911 -2.6 1,810 1,926 -6.0 1,888
Average no. of delivery staff 1,019 1,045 -2.5 987 993 -0.7 969
Earnings/share, EUR (basic) 0.13 0.10 27.9 0.32 0.27 15.0 0.39
Earnings/share, EUR (diluted) 0.13 0.10 27.8 0.32 0.27 14.9 0.39
Cash flow from operating
activities/share, EUR 0.09 0.05 71.9 0.47 0.44 8.3 0.58
Shareholders' equity/share, EUR 1.39 1.16 1.28
P/E Ratio 21.8 26.5 19.1
Market capitalization 516.4 543.2 -4.9 558.1
Average no. of shares (1,000
shares)
- basic 75,053 74,613 74,841 74,613 74,613
- diluted 75,135 74,673 75,023 74,635 74,859
No. of shares at end of period
(1,000 shares) 75,053 74,613 75,053 74,613 74,613
*see Main accounting principles of the Interim Report
GROUP NET SALES AND RESULT JULY-SEPTEMBER 2010
The Group's net sales from July to September 2010 totalled MEUR 75.2 (73.0), up
3.0 % (down 10.3 %). The share of the online business in the Group's net sales
grew to 15.1 % (12.5 %).
The Group's advertising sales continued to develop positively, showing a growth
of 10.8 % from the comparison period to MEUR 33.8. Advertising sales for printed
media started to grow, posting a growth of 6.0 %.
The operating profit for July-September was MEUR 13.6 (11.1). The operating
profit without one-time items rose to MEUR 13.4 (11.7), up 14.5 % (down 4.5%)
from the comparison period. The main reason for the growth of the operating
profit was the growth of net sales while total costs remained at the comparison
period's level. The operating margin grew stronger, being 18.0 % (15.3 %),
without one-time items 17.8 % (16.0 %).
GROUP NET SALES AND RESULT JANUARY-SEPTEMBER 2010
The Group's net sales for January-September 2010 totalled MEUR 228.3 (228.8),
down 0.2 % (down 10.2 %). Online business accounted for 15.5 % (12.9 %) of net
sales.
Advertising sales in January-September grew by 4.4 % and amounted to MEUR
107.2. Advertising sales for the printed media remained at the previous year's
level. The Group's online advertising sales grew by 23.7 % to MEUR 25.8 in
January-September. Advertising sales accounted for 46.7 % of net sales.
In January-September, the Group's circulation net sales were close to the
previous year's level. Circulation net sales for the regional and local papers
increased slightly due to price increases, while circulation numbers continued
to decrease.
The operating profit for January-September amounted to MEUR 32.7 (29.6).
Operating profit without one-time items was MEUR 33.0 (31.4), up 5.0 % (down
17.8 %) from the comparison period. The operating margin was 14.3 % (12.9 %),
without one-time items 14.4 % (13.7 %).
The operating profit for January-September includes one-time items in the net
amount of MEUR 0.3 (1.8). The one-time expenses of the current year and the
comparison period mainly consist of business restructuring costs.
CHANGES IN GROUP STRUCTURE 2010
On March 1, 2010, Alma Media Corporation acquired a 60-% shareholding in
Marknadspriser i Sverige AB, a Swedish company running the Marknadspriser.se
online service. The company is reported as part of the Marketplaces segment in
Alma Media's consolidated financial statements.
On March 16, 2010, Alma Media Corporation acquired a 24-% shareholding in the
Finnish company Kateetti Oy through a share transaction and a directed share
issue. The company is reported as an associate company under the Marketplaces
segment in Alma Media's consolidated financial statements.
The business operations of Tyrvään Sanomat Oy were transferred to Suomen
Paikallissanomat Oy, an Alma Media company on April 16, 2010. The acquisition
included two local papers, Tyrvään Sanomat and Paikallissanomat, as well as the
business operations of advertising agency Idea-Mainos. The entity is reported as
part of the Newspapers segment.
Alma Media's ownership in Kotikokki.net Oy rose from 40% to 65% on June
1, 2010. The company is reported as a subsidiary company under the Newspapers
segment in the consolidated financial statements.
Alma Media Corporation and Arena Partners Oy started cooperation in the
nationwide marketplaces business. The business operations concerned, Etuovi.com,
Vuokraovi.com, Autotalli.com and Mikko.fi, were transferred into a new Group
subsidiary, Alma Media Partners Oy, created through a partial demerger of Alma
Media Interactive Oy. Arena Partners Oy purchased a 35-% shareholding of this
subsidiary. Simultaneously, Alma Media purchased a 35-% shareholding of Arena
Interactive Oy, a subsidiary of Arena Partners. The share transactions
pertaining to the arrangement were made on September 1, 2010 as planned. The
deal increased the Group's equity by MEUR 10.7.
OUTLOOK FOR 2010
Alma Media expects the advertising in newspapers 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 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.
Alma Media expects the 2010 full-year net sales to increase moderately from the
2009 level as a result of the growth in media advertising. The 2010 full-year
operating profit without one-time items is expected to increase from the
comparison year. Net sales in 2009 were MEUR 307.8, operating profit MEUR 41.4
and operating profit without one-time items MEUR 42.6.
Earlier Alma Media estimated the full-year comparable net sales to increase
moderately from the 2009 level as a result of the growth in the media
advertising. The full-year operating profit was expected to be close to the
2009 level.
MARKET CONDITIONS
According to estimates published during the third quarter, the Finnish GDP is
expected to grow 2.6-3.5 % in 2010. The estimates on Finnish GDP growth
published during the third quarter have been clearly more positive than those
disclosed in the first half of the year.
In January-September, 2010, the total volume of advertising grew according to
TNS Media Intelligence 5.6 % (down 19.6 %). Advertising in newspapers increased
1.9% and 36.9% in online media from the comparison period.
In the third quarter, total advertising volume grew 11.6 %. Advertising in
newspapers increased 7.2 % and 38.1 % in online media from the comparison
period.
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 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 Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
-----------------------------------------------------------------------------
Newspapers
External 52.4 51.2 158.0 158.0 213.4
Inter-segments 1.1 0.5 3.2 1.6 2.1
Newspapers total 53.5 51.7 3.5 161.2 159.6 1.0 215.5
Kauppalehti Group
External 13.2 14.5 41.3 46.6 62.5
Inter-segments 0.1 0.1 0.5 0.2 0.3
Kauppalehti Group total 13.3 14.6 -8.6 41.8 46.8 -10.8 62.8
Marketplaces
External 7.9 6.3 23.8 20.5 27.0
Inter-segments 0.0 0.0 -0.2 0.0 0.0
Marketplace total 7.9 6.2 26.0 23.7 20.5 15.6 27.0
Others
External 1.7 1.1 5.2 3.7 4.8
Inter-segments 17.8 16.6 52.9 50.6 67.8
Others total 19.6 17.7 10.3 58.2 54.3 7.1 72.7
Elimination -19.0 -17.2 -56.5 -52.4 -70.2
-----------------------------------------------------------------------------
Total 75.2 73.0 3.0 228.3 228.8 -0.2 307.8
-----------------------------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT, 2010 2009 Change 2010 2009 Change 2009
MEUR * Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
-----------------------------------------------------------------------------
Newspapers 8.3 6.5 27.7 24.3 20.9 16.1 29.7
Kauppalehti Group 2.4 2.3 7.5 6.5 4.3 48.7 6.7
Marketplaces 1.1 0.0 2515.6 0.4 -0.4 208.3 -0.7
Other operations 1.7 2.4 -26.2 1.5 4.7 -68.5 5.7
-----------------------------------------------------------------------------
Total 13.6 11.1 21.7 32.7 29.6 10.4 41.4
-----------------------------------------------------------------------------
*) incl. one-time items
NEWSPAPERS
Newspapers 2010 2009 Change 2010 2009 Change 2009
Key figures,
MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 53.5 51.7 3.5 161.2 159.6 1.0 215.5
Circulation
revenue 28.4 28.5 -0.4 82.4 82.7 -0.3 109.9
Media
advertising
revenue 23.9 22.2 7.9 76.0 73.9 2.8 101.3
Other revenue 1.3 1.1 17.2 2.8 3.1 -9.4 4.4
Operating profit 8.3 6.5 27.7 24.3 20.9 16.1 29.7
Operating
profit, % 15.5 12.5 15.1 13.1 13.8
Operating profit
without one-time
items 8.2 6.9 18.5 24.3 22.2 9.5 30.8
Operating profit
without one-time
items, % 15.3 13.4 15.1 13.9 14.3
Average no. of
personnel,
calculated as
full-time
employees excl.
delivery staff 1,021 1,021 0 976 1,021 -4 1,002
Average no. of
delivery staff * 101 377 -73 99 377 -74 370
* Delivery operations were transferred on January 1, 2010 to the printing and
delivery unit, which is reported in Other operations.
2010 2009 2010 2009 2009
Operational key
figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
Audited
circulation
Iltalehti 112,778
Aamulehti 135,293
Online services, unique browsers, weekly average
Iltalehti.fi 2,223,618 1,685,265 2,183,382 1,696,981 1 762,615
Telkku.com 590,364 553,276 609,612 573,088 580,989
Aamulehti.fi 308,970 195,761 283,655 191,197 207,978
The Newspapers segment reports the publishing activities of 35 newspapers. The
largest titles are Aamulehti and Iltalehti.
July - September 2010
The third-quarter net sales for the Newspapers segment rose to MEUR 53.5 (51.7).
Advertising sales increased 7.9 % (down 16.3 %) to MEUR 23.9 (22.2). During the
third quarter, advertising sales in printed media grew 5.5 % (down 18.1 %).
Advertising sales for the entire segment's online businesses continued to
develop positively from the comparison period. Advertising sales for
Iltalehti.fi grew 41.6 % (24.1 %) from the comparison period.
Circulation net sales for Newspapers remained at the comparison period's level
during the third quarter. The circulation net sales of regional and local papers
increased from the comparison period, supported by price increases. Single-copy
sales of Iltalehti declined approximately 3.1 % (7.2 %) during the third
quarter, while the entire afternoon paper market declined approximately 2.1 %
(6.1 %).
The Newspapers segment's third-quarter operating profit was MEUR 8.3 (6.5). The
segment's operating profit without one-time items was MEUR 8.2 (6.9).
The numbers of visitors to the newspapers' online services have grown from the
comparison period. This positive development will be supported by an active
development of the services also in the future.
January - September 2010
The Newspapers segment's net sales in January-September amounted to MEUR 161.2
(159.6). Advertising net sales in the segment grew by 2.8 % (down 14.6 %) to
MEUR 76.0 (73.9). The segment's circulation net sales declined slightly to MEUR
82.4 (82.7). The Newspapers segment's operating profit was MEUR 24.3 (20.9),
without one-time items MEUR 24.3 (22.2). The operating margin increased to 15.1
% (13.1 %) in January-September, without one-time items to 15.1 % (13.9 %).
The business operations of Tyrvään Sanomat Oy were acquired and integrated to
the Suomen Paikallissanomat business unit in April 2010. Alma Media's
shareholding in Kotikokki.net Oy, reported as part of Iltalehti, rose to 65 % in
June 2010.
KAUPPALEHTI GROUP
Kauppalehti Group 2010 2009 Change 2010 2009 Change 2009
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 13.3 14.6 -8.6 41.8 47.0 -11.0 62.8
Revenue without sold
operations * 13.3 12.9 3.3 41.8 41.2 1.5 56.2
Circulation revenue 3.7 4.0 -7.8 11.0 11.4 -3.1 15.4
Media advertising revenue 3.6 3.0 18.8 12.3 11.4 8.3 16.3
Other revenue 6.0 7.5 -20.1 18.4 24.2 -23.8 31.0
Operating profit 2.4 2.3 7.5 6.5 4.3 48.7 6.7
Operating profit, % 18.2 15.5 15.5 9.3 67.1 10.7
Operating profit without
one-time items 2.4 2.3 7.5 6.5 4.7 37.1 6.7
Operating margin without
one-time items, % 18.2 15.5 15.5 10.0 54.1 10.7
Average no. of personnel,
calculated as full-time
employees 441 477 -8 436 485 -10 477
* Kauppalehti 121 Oy sold at November 2009
2010 2009 2010 2009 2009
Operational key figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
Audited circulation
Kauppalehti 78,731
Online services, unique browsers, weekly average
Kauppalehti.fi 584,989 504,031 591,091 528,466 544,533
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.
July - September 2010
The net sales of the Kauppalehti Group were MEUR 13.3 (14.6) in the third
quarter. The comparison period's net sales include those of the sold Kauppalehti
121 Oy in the amount of MEUR 1.7. Without the effect of Kauppalehti 121, the
review period's net sales increased by 3.3 %. Online business accounted for
24.4 % (18.8 %) of the segment's net sales.
The segment's advertising sales grew 18.8 % (down 35.8 %) to MEUR 3.6 (3.0).
Online advertising sales increased by 46.7 % (down 20.4%) from the comparison
period.
The segment's circulation net sales remained close to the previous year's level
at MEUR 3.7 (4.0).
The content sales of the segment without the effect of Kauppalehti 121 increased
2.8 % to MEUR 6.0 (5.8).
During the third quarter, an average of 584,989 (504,031) unique weekly browsers
visited the online service Kauppalehti.fi. The number of visitors has
continuously grown, which further strengthens the position of Kauppalehti
product family as the leading business information provider in Finland.
The operating profit of the Kauppalehti Group was MEUR 2.4 (2.3), without one-
time items MEUR 2.4 (2.3). The Kauppalehti Group's operating margin in July-
September was 18.2 % (15.5 %), without one-time items 18.2 % (15.5 %).
January - September 2010
The net sales of the Kauppalehti Group in January-September were MEUR 41.8
(47.0). The comparison period's net sales includes the net sales of Kauppalehti
121 Oy, sold in November 2009, totalling MEUR 5.8. Without the effect of
Kauppalehti 121, the segment's net sales increased by 1.5 % to MEUR 41.8 (41.2).
The segment's advertising sales grew from the comparison period to MEUR 12.3
(11.4). Circulation sales were MEUR 11.0 (11.4) and content sales MEUR 18.4
(18.4) (excluding Kauppalehti 121).
The January-September operating profit for the segment was MEUR 6.5 (4.3),
without one-time items MEUR 6.5 (4.7). The Kauppalehti Group's operating margin
in January-September was 15.5 % (9.3 %), without one-time items 15.5 % (10.0 %).
MARKETPLACES
Marketplaces 2010 2009 Change 2010 2009 Change 2009
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 7.9 6.2 26.0 23.7 20.5 15.6 27.0
Operations in Finland 6.7 5.2 29.7 20.3 17.1 18.4 22.4
Operations outside
Finland 1.2 1.1 9.3 3.6 3.5 2.8 4.7
Operating profit 1.1 0.0 2,515.6 0.4 -0.4 208.3 -0.7
Operating margin, % 14.2 0.7 1.8 -1.9 193.7 -2.5
Operating profit without
one-time items 0.9 0.2 464.8 0.8 -0.3 420.6 -0.5
Operating margin without
one-time items, % 10.9 2.4 3.5 -1.3 376.5 -2.0
Average no. of personnel,
calculated as full-time
employees 179 189 -5 180 207 -13 200
2010 2009 2010 2009 2009
Operational key figures Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
Online services, unique browsers, weekly average
Etuovi.com 420,896 363,331 414,797 354,495 354,826
Autotalli.com 92,882 100,811 94,420 98,074 96,872
Monster.fi 78,443 67,837 86,000 73,970 74,473
Mikko.fi 52,975 87,732 64,421 79,028 76,854
Mascus.com (Finland) 226,643 165,552 233,082 162,709 175,924
City24 146,522 213,091 190,842 243,264 232,648
Bovision 70,906 114,989 99,464 111,724 110,266
The Marketplaces segment reports classified services produced on the internet
and supported by printed products. The services in Finland are Etuovi.com,
Vuokraovi.com, Monster.fi, Autotalli.com, Mascus.fi and Mikko.fi. The services
outside Finland are Mascus, Bovision, Objektvision and City24.
July - September 2010
The third-quarter net sales of the Marketplaces segment amounted to MEUR 7.9
(6.2), up 26.0 % (down 26.3%). The advertising net sales of the segment grew
more quickly during the review period than earlier in the year, 27.9 %, being
MEUR 7.0. This positive development was mainly due to growth in recruitment and
home sales advertising. Home advertising sales grew both in online and offline
media.
The operating profit of the Marketplaces segment increased to MEUR 1.1 (0.0) in
the third quarter. The operating profit without one-time items was MEUR 0.9
(0.2).
Alma Media and the newspaper development company Arena Partners Oy operating in
Central Finland started cooperation in the nationwide marketplaces business on
August 26, 2010. The cooperation includes the Marketplaces segment's Etuovi.com,
Vuokraovi.com, Autotalli.com and Mikko.fi services. The competition authority
approved the arrangement in July, and the share transactions pertaining to the
arrangement were made on September 1, 2010.
During the third quarter, Alma Media decided to discontinue the City24 home
sales businesses in Serbia, Ukraine and Croatia. City24 will continue to operate
in Poland and the Baltic countries.
January - September 2010
In January-September, the Marketplaces segment's net sales grew by 15.6 % to
MEUR 23.7 (20.5). The January-September operating profit grew to MEUR 0.4 (down
0.4), without one-time items to MEUR 0.8 (down 0.3).
In March 2010, Alma Media acquired a 60-% shareholding in the Marknadspriser.se
online service in Sweden. The company is reported as part of the Marketplaces
segment in Alma Media's consolidated financial statements.
In March 2010, Alma Media also acquired a 24-% shareholding in the Finnish
company Kateetti Oy through a share transaction and a directed share issue. The
company is reported as an associate company.
OTHER OPERATIONS
Other operations 2010 2009 Change 2010 2009 Change 2009
Key figures, MEUR Q3 Q3 % Q1-Q3 Q1-Q3 % Q1-Q4
--------------------------------------------------------------------------------
Revenue 19.6 17.7 10.3 58.2 54.3 7.1 72.7
External 1.7 1.1 54.3 5.2 3.7 41.5 4.8
Inter-segments 17.8 16.6 7.3 52.9 50.6 4.5 67.8
Operating profit 1.7 2.4 -26.2 1.5 4.7 -68.5 5.7
Operating profit, % 8.9 13.4 2.5 8.7 -70.6 7.8
Operating profit without
one-time items 1.9 2.4 -19.5 1.4 4.7 -71.2 5.7
Operating margin without
one-time items, % 9.7 13.4 2.3 8.7 -73.1 7.8
Average no. of personnel, calculated
as full-time employees 221 213 4 217 213 2 210
Average no. of delivery staff 919 654 40 888 617 44 599
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 Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
-------------------------------------------------------------------------
Newspapers -0.0 0.0 0.1 0.1 0.1
Kauppalehti Group
Talentum Oyj -0.4 -0.3 -0.1 -1.0 -1.4
Marketplaces -0.0 -0.0
Other operations
Other equity accounted investees 0.2 0.2 0.4 0.5 0.9
-------------------------------------------------------------------------
Total -0.1 -0.1 0.3 -0.4 -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.
In March 2010, Alma Media acquired a 24-% shareholding in the Finnish company
Kateetti Oy through a share transaction and a directed share issue. The company
is reported as an associate company under the Marketplaces segment in Alma
Media's consolidated financial statements.
In September 2010, Alma Media Corporation acquired a 35-% shareholding in Arena
Interactive Oy, a subsidiary of Arena Partners Oy. The deal was part of the
cooperation arrangement between Alma Media and Arena Partners in the nationwide
marketplaces business.
BALANCE SHEET AND FINANCIAL POSITION
The consolidated balance sheet at the end of September 2010 stood at MEUR 171.7
(155.4). Alma Media's equity ratio at the end of September was 69.6 % (63.4 %)
and equity per share was EUR 1.39 (1.16).
The Group's interest-bearing net debt at the end of September was MEUR -21.7 (-
3.2). Mergers and acquisitions in 2010 have created financial assets and
liabilities recognized at fair value through profit or loss in the total amount
of MEUR 8.4 and other debt in the amount of MEUR 2.9.
The consolidated cash flow from operations in January-September was MEUR 33.8
(32.6). Cash flow before financing was MEUR 33.0 (30.1). The cash flow from
investing activities was affected primarily by the mergers and acquisitions
implemented in the current year.
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 September 30, 2010. In addition,
the Group has a credit limit in the amount of MEUR 50.0 for the period August
6, 2009-August 6, 2011, which on September 30, 2010 was totally unused.
CAPITAL EXPENDITURE
Alma Media Group's capital expenditure in July-September totalled MEUR 4.2
(2.2). The third-quarter capital expenditure comprised normal operational and
replacement investments, as well as share purchases and business acquisitions.
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.
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 in the Baltic countries and other East European countries,
include country-specific risks relating to market development and economic
growth.
In the long term, the media business will undergo changes along with the
transformation in media consumption and technological developments. The Group's
strategic objective is to meet this challenge through renewal and the
development of new business operations in online media. The most important
operational risks are disturbances in information technology systems and
telecommunication, and an interruption of printing operations.
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 AGM,
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.
On August 19, 2010, Alma Media Corporation held an Extraordinary General Meeting
(EGM) at the request of Oy Herttaässä Ab, a shareholder of Alma Media. The
meeting decided not to change the composition of the Board of Directors. Mr Kai
Telanne, President and CEO of Alma Media, presented to the EGM a clarification
regarding the investment in the new printing facility at the request of Oy
Herttaässä Ab. Since the investment belongs under the general jurisdiction of
the Board of Directors, and as the Board of Directors had not submitted the
matter for approval by the EGM, the EGM made no decisions on the matter.
The district prosecutor of Helsinki decided on July 1, 2010 to charge Mr Kai
Telanne, President and
CEO of Alma Media, on suspicion of discrimination at work in connection with the
termination of a
director contract .
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. Alma Media has published its Corporate Governance Statement for
2009 separately in connection with the Report by the Board of Directors.
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 July-September, altogether 1,251,284 Alma Media shares were traded at NASDAQ
OMX Helsinki Stock Exchange, representing 1.7 % 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, September 30, 2010, was EUR 6.88. The lowest quotation during
the review period was EUR 6.30 and the highest EUR 7.08. Alma Media
Corporation's market capitalization at the end of the review period was MEUR
516.4.
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. No
shares were repurchased by the end of the reported period.
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 authorized 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 September 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 2,130,000stock 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. 30,000
option rights have been returned to the company due to the termination of the
employment contracts. The company is in possession of 100,000 2009A options. The
subscription price of a 2009A option, EUR 5.21 per share, was determined by the
tradeweighted 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
610,000 option rights to corporate management under the 2009B programme. 15,000
of the granted option rights were returned to the company. In June 2010 the
Board of Directs of Alma Media Corporation decided to grant 15,000 option rights
to corporate management under the 2009B programme. The company is in possession
of 100,000 2009B options. The subscription price of a 2009B option, EUR 7.33 per
share, was determined by the tradeweighted 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 share.
FLAGGING NOTICES
In January-September 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
On October 1, 2010, Alma Media acquired the entire stock of Intermedia Partners
Oy operating in Pori, Finland, to expand its business to company directory
services targeted to consumers. The company directory services will be
integrated into the online service offering of Alma Media's regional and local
newspapers. The company will be reported under the Newspapers segment.
Alma Media will acquire Suunnittelutoimisto TTNK Helsinki Oy (Titanik Helsinki),
an agency specialising in digital marketing communications. The deal, to be
closed on November 1, 2010, will broaden the content production offering of Alma
Media Lehdentekijät, the business unit in Kauppalehti Group offering customer
magazines.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
2010 2009 2010 2009 2009
COMPREHENSIVE INCOME STATEMENT, MEUR Q3 Q3 Q1-Q3 Q1-Q3 Q1-Q4
--------------------------------------------------------------------------------
REVENUE 75.2 73.0 228.3 228.8 307.8
Other operating income 0.0 0.0 0.3 0.2 0.9
Materials and services -21.5 -22.6 -66.6 -70.0 -93.1
Employee benefits expense -26.5 -25.1 -84.6 -83.3 -112.3
Depreciation, amortization and
impairment -2.3 -2.3 -7.1 -6.6 -8.9
Other operating expenses -11.3 -11.9 -37.7 -39.6 -53.0
--------------------------------------------------------------------------------
OPERATING PROFIT 13.6 11.1 32.7 29.6 41.4
Finance income 0.1 0.1 0.5 0.5 0.6
Finance expenses -0.3 -0.2 -0.6 -0.8 -1.0
Share of profit of equity accounted investees -0.1 -0.1 0.3 -0.4 -0.3
--------------------------------------------------------------------------------
PROFIT BEFORE TAX 13.4 10.9 32.9 28.9 40.8
--------------------------------------------------------------------------------
Income tax -3.5 -3.2 -9.0 -8.3 -11.4
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD 9.8 7.7 23.9 20.6 29.3
--------------------------------------------------------------------------------
OTHER COMPREHENSIVE INCOME
Exchange difference on translation of foreign
operations 0.3 0.4 0.4 0.3 0.5
Share of equity accounted investees' other
comprehensive income 0.3 0.3 0.7 -0.4 -0.4
Income tax relating to components of other
comprehensive income
--------------------------------------------------------------------------------
Other comprehensive income for the period, net of
tax 0.6 0.7 1.2 -0.1 0.2
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 10.4 8.4 25.1 20.5 29.5
--------------------------------------------------------------------------------
Profit for the period attributable to
Parent company shareholders 9.7 7.6 23.7 20.5 29.2
Non-controlling interest 0.1 0.1 0.3 0.1 0.1
Total comprehensive income for the period attributable to
Parent company
shareholders 10.3 8.3 24.9 20.4 29.3
Non-controlling interest 0.1 0.1 0.3 0.1 0.1
Earning/share calculated from the profit for the period
attributable to the parent company shareholders
Earnings/share, EUR 0.13 0.10 0.32 0.27 0.39
Earnings/share (diluted), EUR 0.13 0.10 0.32 0.27 0.39
BALANCE SHEET, MEUR 30 Sep 2010 30 Sep 2009 31 Dec 2009
------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Goodwill 30.5 33.1 28.2
Other intangible assets 10.3 11.4 10.4
Tangible assets 29.0 32.7 32.0
Investments in equity accounted investees 33.1 29.2 30.5
Other financial assets 12.7 4.5 4.5
Deferred tax assets 0.8 1.1 0.7
CURRENT ASSETS
Inventories 0.9 1.3 1.5
Accounts receivable and other receivables 26.3 26.1 25.3
Other current financial assets 2.4 0.7 1.2
Cash and cash equivalents 25.8 15.1 21.1
------------------------------------------------------------------------------
TOTAL ASSETS 171.7 155.4 155.5
------------------------------------------------------------------------------
BALANCE SHEET, MEUR 30 Sep 2010 30 Sep 2009 31 Dec 2009
------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital 45.0 44.8 44.8
Share premium fund 4.7 2.8 2.8
Foreign currency translation reserve 0.1 -0.5 -0.3
Retained earnings 54.1 39.5 48.5
------------------------------------------------------------------------------
Parent company shareholders' equity 104.0 86.6 95.8
Non-controlling interest 2.0 0.1 0.2
------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 106.0 86.8 96.0
------------------------------------------------------------------------------
LIABILITIES
Non-current liabilities
Interest-bearing liabilities 2.5 3.0 2.8
Deferred tax liabilities 2.9 2.5 2.5
Pension obligations 2.8 3.4 3.1
Provisions 0.1 0.1 0.1
Other long-term liabilities 2.8 0.5 0.4
Current liabilities
Interest-bearing liabilities 1.6 8.9 1.8
Advances received 19.4 18.6 12.6
Current tax liabilities 0.4 0.3 1.6
Provisions 0.2 0.6 1.0
Accounts payable and other liabilities 33.1 30.7 33.7
------------------------------------------------------------------------------
TOTAL LIABILITIES 65.7 68.6 59.5
------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 171.7 155.4 155.5
------------------------------------------------------------------------------
STATEMENT OF CHANGE IN EQUITY
Attributable to equity holders of the Parent
Company
| | |
STATEMENT OF CHANGE IN | | |
EQUITY | | |
Jan 1 - 30 Sep 2010 | | |
| | |
MEUR A B C D| E| F| G
------------------------------------------------+-----+----+--------------------
Equity Jan 1 2010 44.8 2.8 -0.3 48.5| 95.8| 0.2| 96.0
------------------------------------------------+-----+----+--------------------
Profit for the period 23.7| 23.7| 0.3| 23.9
| | |
Other comprehensive income 0.4 0.7| 1.2| | 1.2
| | |
Transactions with equity | | |
holders of the parent and | | |
non-controlling interest | | |
| | |
Dividends paid by parent -29.8|-29.8| | -29.8
| | |
Dividends paid by | | |
subsidiaries | |-0.2| -0.2
| | |
Share-based payments 0.5| 0.5| | 0.5
| | |
Excercised share options 0.3 1.9 | 2.1| | 2.1
| | |
Business combinations 10.7| 10.7| 1.8| 12.5
------------------------------------------------+-----+----+--------------------
Equity 30 Sep 2010 45.0 4.7 0.1 54.1|104.0| 2.0| 106.0
------------------------------------------------+-----+----+--------------------
Attributable to equity holders of the Parent
Company
| | |
STATEMENT OF CHANGE IN | | |
EQUITY | | |
Jan 1 - 30 Sep 2009 | | |
| | |
MEUR A B C D| E| F| G
------------------------------------------------+-----+----+--------------------
Equity Jan 1 2009 44.8 2.8 -0.8 41.1| 87.9| 0.6| 88.5
------------------------------------------------+-----+----+--------------------
Profit for the period
Unternehmensinformation / Kurzprofil:
Datum: 29.10.2010 - 07:59 Uhr
Sprache: Deutsch
News-ID 47132
Anzahl Zeichen: 0
contact information:
Town:
Helsinki
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 298 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Alma Media's Interim Report for July-September 2010: Net sales and operating profit grew as the advertising market picks up"
steht unter der journalistisch-redaktionellen Verantwortung von
Alma Media Oyj (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
