Ilkka-Yhtymä Oyj Interim Report 1 August 2011, at 3:00 pm
ILKKA-YHTYMÄ OYJ'S INTERIM REPORT FOR Q2/2011
JANUARY-JUNE 2011
- Net sales: EUR 25.3 million (EUR 23.0 million), up 10.3%
- Operating profit: EUR 9.1 million (EUR 6.0 million), up 52.4%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 4.5 million (EUR 3.2 million), up 44.1%
- Operating profit totalled 36.1% of net sales, or 17.9% excluding Alma Media
and other associated companies (13.7%)
- Pre-tax profits: EUR 8.8 million (EUR 6.2 million), up 42.9%
- Earnings per share: EUR 0.31 (EUR 0.21)
APRIL-JUNE 2011
- Net sales: EUR 13.2 million (EUR 11.9 million), up 11.1%
- Operating profit: EUR 5.0 million (EUR 3.5 million), up 42.8%
- Operating profit excluding Alma Media Corporation and the other associated
companies amounted to EUR 2.4 million (EUR 1.9 million), up 27.2%
- Operating profit totalled 37.7% of net sales, or 18.2% excluding Alma Media
and other associated companies (15.9%)
- Pre-tax profits: EUR 4.6 million (EUR 3.6 million), up 28.7%
- Earnings per share: EUR 0.17 (EUR 0.12)
NET SALES AND PROFIT PERFORMANCE
The Group's consolidated net sales for January-June showed a 10.3% increase.
Net sales came to EUR 25.3 million (EUR 23.0 million in the corresponding
period of the previous year). External net sales from the publishing business
grew by 7.3%. Advertising revenues grew by 10.2% and circulation revenues grew
by 1.5%. External net sales from the printing business grew by 32.7%. The
higher net sales from publishing resulted from a recovery in advertising
volumes, due to, for example, election advertising early in the year. The
growth in net sales for the printing business was caused by new customers,
recovering volumes and price increases due to printing materials. Circulation
income accounted for 38% of consolidated net sales, while advertising income
and printing income represented 46% and 14%, respectively.
For Q2, net sales grew by 11.1% and totalled EUR 13.2 million (EUR 11.9
million). External net sales from the publishing business grew by 9.0%.
Advertising revenues grew by 13.3%, and circulation revenues grew by 1.4%.
External net sales from the printing business grew by 27.2%. Circulation income
accounted for 37% of consolidated net sales in April-June, while advertising
income and printing income represented 48% and 14%, respectively.
Other operating income in January-June totalled EUR 0.2 million (EUR 0.2
million) and in April-June EUR 0.1 million (EUR 0.1 million).
Operating expenses for January-June amounted to EUR 21.0 million (EUR 20.0
million), up by 5.0% year on year. For April-June, operating expenses amounted
to EUR 10.9 million (EUR 10.1 million), up 8.3%. For January-June, expenses
arising from materials and services increased by 15.0%, particularly due to
growth in printing volumes as well as a rise in the prices of printing
materials and distribution. Personnel expenses for January-June increased by
1.6%. The increases agreed in the industry's collective agreementsfor 2011 will
only come into full effect in the personnel expenses for the entire year.
The share of the associated companies' result for January-June was EUR 4.6
million (EUR 2.9 million). Consolidated operating profit amounted to EUR 9.1
million (EUR 6.0 million), up by 52.4% year-on-year. The Group's operating
margin was 36.1% (26.1%). Operating profit excluding Alma Media Corporation and
the other associated companies amounted to EUR 4.5 million (EUR 3.2 million),
representing 17.9% (13.7%) of net sales. Operating profit from publishing grew
by EUR 0.9 million, and operating profit from printing grew by EUR 0.5 million.
The considerable rise in operating profit from printing was due to higher
volumes, a modest rise in costs early in the year and the fact that the first
quarter last year included costs for ceasing operation of the Vaasa printing
unit.
For April-June, the share of the associated companies' result was EUR 2.6
million (EUR 1.6 million). Consolidated operating profit amounted to EUR 5.0
million (EUR 3.5 million). Operating profit increased 42.8% from the
corresponding period. The Group's operating margin was 37.7% (29.4%) in
April-June. Operating profit excluding Alma Media Corporation and the other
associated companies amounted to EUR 2.4 million (EUR 1.9 million),
representing 18.2% (15.9%) of net sales. For the second quarter, operating
profit from publishing grew by EUR 0.6 million. Operating profit from printing
remained at the previous year's level.
Net financial income for January-June amounted to EUR -0.3 million (EUR 0.2
million). Net gain/loss on shares held for trading was EUR -0.4 million (EUR
0.0 million). Interest expenses excluding the fair value change in derivatives
hedging them totalled EUR 1.3 million (EUR 0.4 million). In order to hedge
against interest rate risk, on 21 December 2010 the company transformed some of
its floating-rate liabilities into fixed-rate liabilities, by means of interest
rate swaps. Given that the Group does not apply hedge accounting, changes in
the market value of the interest rate swap are recognised through profit or
loss. In January-June, the change in the interest rate swap's market value was
EUR 0.3 million to the positive.
Net financial income for April-June amounted to EUR -0.4 million (EUR 0.1
million). Net gain/loss on shares held for trading was EUR -0.3 million (EUR
-0.1 million). For Q2, interest expenses excluding the fair value change in
derivatives hedging them totalled EUR 0.6 million (EUR 0.2 million). In
April-June, the change in the interest rate swap's market value was EUR 0.4
million to the negative.
Pre-tax profits for January-June totalled EUR 8.8 million (EUR 6.2 million).
Direct taxes amounted to EUR 0.9 million (EUR 0.7 million), and the Group's net
profit for the period totalled EUR 7.9 million (EUR 5.4 million). The Group's
net profit for the second quarter totalled EUR 4.2 million (EUR 3.1 million).
BALANCE SHEET AND FINANCING
The consolidated balance sheet total came to EUR 193.7 million (EUR 144.5
million), with EUR 100.0 million (EUR 96.9 million) of equity. On the reporting
date of 30 June 2011, the balance sheet value of the holding in the associated
company Alma Media Corporation was EUR 149.4 million and the market value of
the shares was EUR 151.6 million.
Interest-bearing liabilities totalled EUR 80.8 million (EUR 35.5 million). The
equity ratio was 52.9% (69.3%), and shareholders' equity per share stood at EUR
3.89 (EUR 3.77). The increase in financial assets for the period totalled EUR
4.2 million (decrease EUR 1.8 million), with liquid assets at the end of the
period totalling EUR 7.2 million (EUR 4.8 million). After the review period,
EUR 3.6 million in interest-bearing loans were repaid in July on an accelerated
basis. EUR 2.4 million of said amount was for loan repayments originally
scheduled for 2012. In order to safeguard long-term financing, Ilkka-Yhtymä has
agreed on the refinancing of the EUR 15.5 million bullet loan originally
maturing in 2013 until 2018.
Cash flow from operations for the period came to EUR 22.1 million (EUR 10.1
million). Cash flow from operations includes EUR 15.7 million (EUR 6.1 million)
in dividend income from Alma Media Corporation. Cash flow from investments
totalled EUR -3.0 million (EUR -0.8 million).
SHARE PERFORMANCE
The series-I shares of Ilkka-Yhtymä Oyj were listed on the Helsinki Stock
Exchange in 1981 and have remained listed ever since. The series-II shares have
been listed since their issue in 1988, and on 10 June 2002 they were listed on
the Main List of the Helsinki Stock Exchange. At present, the series-II shares
of Ilkka-Yhtymä Oyj are listed on the NASDAQ OMX Helsinki List, in the Consumer
Discretionary sector, the company's market value being classified as Mid Cap.
The series-I shares are listed on the Pre List.
In January-June, 39,736 series-I shares of Ilkka-Yhtymä Oyj were traded,
accounting for 0.9% of the total number of series-I shares. The total value of
the shares exchanged was EUR 0.4 million. In total, 892,657 series-II shares
were traded, corresponding to 4.2% of the total number of series-II shares. The
total value of the shares traded was EUR 7.4 million. The lowest price at which
series-I shares of Ilkka-Yhtymä Oyj were traded during the period under review
was EUR 9.56, and the highest per-share price was EUR 10.99. The lowest price
at which series-II shares were traded was EUR 6.46 and the highest EUR 8.99.
The market value of the share capital at the closing rate for the reporting
period was EUR 194.6 million.
RISKS AND RISK MANAGEMENT
It remains difficult to estimate the impacts of both the recovery of the
Finnish economy and the growing uncertainty in the international economy on
media advertising as well as circulation and printing volumes in 2011.
Ilkka-Yhtymä's most significant short-term risks are related to the development
of media advertising as well as circulation and printing volumes, which affect
the industry in general. It is a challenge to forecast how the 9% VAT the new
government imposed on newspaper subscription fees in its government programme
will affect circulation volumes. Other business risks are discussed in more
detail in the 2010 Annual Report.
The Group's major financial risks include credit risk, the risk associated with
the price of shares held for trading, liquidity risk and the risk of changes in
market interest rates applied to the loan portfolio. In order to hedge against
interest rate risk, on 21 December 2010 the company transformed some of its
floating-rate liabilities to a fixed rate, by means of interest rate swaps.
Given that the Group does not apply hedge accounting, changes in the market
value of the interest rate swap are recognised through profit and loss. Other
financial risks are discussed in more detail in the 2010 Annual Report.
CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING
On 14 April 2011, the Annual General Meeting (AGM) of Ilkka-Yhtymä Oyj approved
the financial statements, discharged the members of the Supervisory Board and
the Board of Directors and the Managing Director from liability and decided
that a per-share dividend of EUR 0.50 be paid for the year 2010.
The number of members on the Supervisory Board for 2011 was confirmed to be 25.
Of the Supervisory Board members whose term had come to an end, the following
were re-elected for the term ending in 2015: Lasse Hautala (Kauhajoki), Perttu
Rinta (Mikkeli), Satu Heikkilä (Helsinki), Ari Rinta-Jouppi (Vähäkyrö) and
Raija Tikkala (Jurva). Minna Sillanpää of Seinäjoki and Jorma Vierula of
Seinäjoki were elected as new members of the Supervisory Board for the term
ending in 2015.
The AGM decided to raise the remuneration of the Chairman and members of the
Supervisory Board. The Chairman of the Supervisory Board will be paid a monthly
fee of EUR 1,500 and a meeting fee of EUR 400, while other members will be paid
EUR 400 per meeting. The board members' travel expenses are reimbursed in
accordance with the current maximum level specified by the tax authorities.
Ernst & Young Oy, Authorised Public Accountants, was elected as the auditor,
with Authorised Public Accountant Tomi Englund as the principal auditor. It was
decided that the auditors would be reimbursed per the invoice.
The AGM approved the Board of Directors' proposal on amending the Articles of
Association. The amendments include the following:
(i) that Section 5(2), concerning the retirement age of a Supervisory Board
member, be removed;
(ii) that Section 8(1) be amended by removing the regulations concerning the
retirement age of a member of the Board of Directors and by increasing the
maximum number of Board members to six (6), and Section 8(3), concerning the
quorum for the Board of Directors, be removed; and
(iii) that Section 11(2), concerning shareholders' initiatives to the General
Meeting, be removed.
The AGM authorised the Board of Directors to decide upon a donation to be put
toward charitable causes or similar, totalling, at maximum, EUR 50,000, as well
as to decide upon the recipients, purposes of use, schedules and other terms of
these donations.
The proposal by Osakesäästäjien Keskusliitto ry (Shareholders' Association) and
Kari Karpoff to eliminate the Supervisory Board was not approved.
On 2 May 2011, the Supervisory Board re-elected Seppo Paatelainen and Tapio
Savola, whose term had come to an end, to the Board of Directors of
Ilkka-Yhtymä Oyj. Lasse Hautala will continue as chairman of the Supervisory
Board, while Perttu Rinta will continue as vice-chairman. At its membership
meeting, the Board of Directors re-elected Seppo Paatelainen as its chairman,
while Timo Aukia will continue as vice-chairman.
FLAGGING ANNOUNCEMENTS
As a result of a share purchase completed on 10 June 2011, Pohjois-Karjalan
Kirjapaino Oyj's holding in Ilkka-Yhtymä Oyj's share capital exceeded 10%.
Holding increased to 10.0039% of the share capital and 2.3914% of the voting
rights.
EVENTS AFTER THE REPORT PERIOD
After the review period, EUR 3.6 million in interest-bearing loans were repaid
in July on an accelerated basis. EUR 2.4 million of said amount was for loan
repayments originally scheduled for 2012. In order to safeguard long-term
financing, Ilkka-Yhtymä has agreed on the refinancing of the EUR 15.5 million
bullet loan originally maturing in 2013 until 2018.
OUTLOOK FOR 2011
Due to the growing uncertainty in the international economy, it is challenging
to forecast media advertising as well as circulation and printing volumes in
2011. Media advertising is expected to see further growth in Finland during the
rest of the year. Due to consumer caution and media competition, newspapers'
circulation income is predicted to remain at the previous year's level.
Printing business volumes have decreased permanently in Finland, but there are
tentative signs of growth in the sector.
Some growth is forecast for the net sales of Ilkka-Yhtymä's printing and
publishing business.
Group operating profit from Ilkka-Yhtymä's own operations, and operating profit
as a percentage of net sales, excluding the share of Alma Media and other
associated companies, is estimated to grow significantly compared with 2010 in
spite of the rising trend in costs during the rest of the year. In addition,
the year's results will be influenced by upward trends in interest rates,
changes in the market value of interest rate swaps, any trading in securities
and the price performance of securities investments.
The associated company Alma Media Corporation (29.79%) will have a significant
impact on Group operating profit and profit.
In the current economic climate, several uncertainty factors remain, related to
the predictability of both net sales and operating profit.
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
DRAFTING PRINCIPLES
This interim report, issued by Ilkka-Yhtymä Group, was prepared in accordance
with the requirements of the IAS 34 Interim Financial Reporting standard.
Since 1 January 2011, the Group has complied with the following new or updated
standards and interpretations:
- IAS 24 Related Party Disclosures - the revised standard. This revision
clarifies and simplifies the definition of a related party, in particular with
regard to the parties' significant influence and joint control. The revision
has no impact on the interim report.
- IFRS 32 Financial instruments: Presentation - Classification of Rights
Issues. The amendment concerns the classification of share issues, options and
subscription rights denominated in foreign currencies. In the future, share
issues, options and subscription rights may, under certain conditions, be
classified as equity rather than derivative instruments, as previously. This
amendment has no impact on the interim report.
- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. The
interpretation addresses certain situations (sometimes referred to as ‘debt for
equity swaps') where an entity renegotiates the terms of a financial liability
and issues an equity instrument to a creditor of the entity to extinguish all
or part of the financial liability. Such swaps are primarily considered as
repayment of debt. The fair value of the financial liability's carrying amount
and of the equity instrument is recognised in profit or loss. This
interpretation has no impact on the interim report.
- Annual improvements to IFRS and IFRIC (5/2010). These improvements will
chiefly enter into force in 2011. Several minor changes made have no bearing on
the interim report.
In other respects, the interim report was compiled in compliance with the same
accounting principles as the previous financial reports. The principles and
formulae for the calculation of the indicators, presented on page 53 of the
2010 annual report, remain unchanged.
The figures in the interim report have been presented unaudited.
CONSOLIDATED INCOME STATEMENT
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2011 2010 % 2011 2010 % 2010
NET SALES 13 180 11 859 11 25 323 22 959 10 46 530
Change in inventories 2 -4 140 9 -5 271 -5
of finished and
unfinished products
Other operating income 120 97 23 232 220 6 429
Materials and services -3 853 -3 242 19 -7 530 -6 549 15 -13 108
Employee benefits -4 609 -4 418 4 -8 932 -8 794 2 -17 183
Depreciation -775 -804 -4 -1 547 -1 581 -2 -3 182
Other operating costs -1 661 -1 598 4 -3 014 -3 096 -3 -6 341
Share of associated 2 569 1 593 61 4 604 2 850 62 7 337
companies' profit
OPERATING PROFIT 4 972 3 482 43 9 147 6 004 52 14 479
Financial income and -397 72 -655 -331 163 -303 192
expenses
PROFIT BEFORE TAXES 4 575 3 554 29 8 815 6 167 43 14 670
Income tax -328 -420 -22 -895 -736 22 -1 779
PROFIT FOR THE PERIOD 4 247 3 134 36 7 920 5 431 46 12 892
UNDER REVIEW
Earnings per share, 0.17 0.12 36 0.31 0.21 46 0.50
undiluted (EUR)*)
The undiluted share 25 665 25 665 25 665 25 665 25 665
average, adjusted for
the share issue (to
the nearest
thousand)*)
*) There are no factor diluting the figure.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(EUR 1,000) 4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/
2011 2010 % 2011 2010 % 2010
PROFIT FOR THE PERIOD UNDER 4 247 3 134 36 7 920 5 431 46 12 892
REVIEW
OTHER COMPREHENSIVE INCOME:
Available-for-sale assets -11 -58 682
Share of associated -97 78 -225 -119 125 -195 344
companies' other
comprehensive income
Income tax related to 3 15 -203
components of other
comprehensive income
Other comprehensive income, -105 78 -236 -162 125 -229 824
net of tax
TOTAL COMPREHENSIVE INCOME 4 141 3 212 29 7 758 5 556 40 13 715
FOR THE PERIOD
CONSOLIDATED BALANCE SHEET
(EUR 1,000) 6/2011 6/2010 Change % 12/2010
ASSETS
NON-CURRENT ASSETS
Intangible rights 1 262 1 212 4 1 284
Goodwill 314 314 314
Investment properties 343 443 -23 390
Property, plant and equipment 14 287 16 281 -12 15 150
Shares in associated companies 149 977 106 192 41 161 248
Available-for-sale assets 10 969 5 926 85 7 754
Non-current trade and other receivables 30 -100
Other tangible assets 214 214 214
TOTAL NON-CURRENT ASSETS 177 365 130 613 36 186 354
Current assets
Inventories 638 547 17 757
Trade and other receivables 5 043 4 609 9 3 322
Income tax assets 942 1 174 -20 144
Financial assets at fair value 2 445 2 734 -11 3 412
through profit or loss
Cash and cash equivalents 7 224 4 812 50 3 047
TOTAL Current assets 16 292 13 876 17 10 681
Total assets 193 657 144 489 34 197 035
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDER'S EQUITY
Share capital 6 416 6 416 6 416
Fair value reserve and other reserves 48 959 48 522 1 49 002
Retained earnings 44 581 41 932 6 49 612
SHAREHOLDER'S EQUITY 99 956 96 871 3 105 030
NON-CURRENT LIABILITIES
Deferred tax liability 1 328 1 362 -3 1 443
Non-current interest-bearing liabilities 76 101 33 204 129 78 465
NON-CURRENT LIABILITIES 77 429 34 566 124 79 909
CURRENT LIABILITIES
Current interest-bearing liabilities 4 657 2 273 105 4 545
Accounts payable and other payables 10 416 9 865 6 7 368
Income tax liability 1 199 914 31 183
CURRENT LIABILITIES 16 272 13 052 25 12 096
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 193 657 144 489 34 197 035
CONSOLIDATED CASH FLOW STATEMENT
(EUR 1,000) 1-6/ 1-6/ 1-12/
2011 2010 2010
CASH FLOW FROM OPERATIONS
Profit for the period under review 7 920 5 431 12 892
Adjustments -2 040 -712 -2 586
Change in working capital 1 479 1 148 -364
CASH FLOW FROM OPERATIONS 7 360 5 866 9 942
BEFORE FINANCE AND TAXES
Interest paid -909 -359 -844
Interest received 61 31 63
Dividends received 15 935 6 339 6 368
Other financial items 470 -523 -750
Direct taxes paid -778 -1 262 -2 128
CASH FLOW FROM OPERATIONS 22 139 10 092 12 652
CASH FLOW FROM INVESTMENTS
Investments in tangible and -478 -529 -916
intangible assets, net
Acquisition of shares in associated companies -137 -30 487
Other investments, net -3 273 -360 -1 509
Repayments of loan receivables 28 58
Dividends received from investments 789 246 247
CASH FLOW FROM INVESTMENTS -2 962 -752 -32 607
CASH FLOW BEFORE FINANCING ITEMS 19 177 9 339 -19 955
CASH FLOW FROM FINANCING
Change in current loans -2 273 -2 273
Change in non-current loans 25 261
Dividends paid and other profit distribution -12 727 -8 903 -8 908
CASH FLOW FROM FINANCING -14 999 -11 176 16 353
INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 4 177 -1 837 -3 602
Liquid assets at the beginning of the financial 3 047 6 648 6 648
period
Liquid assets at the end of the financial period 7 224 4 812 3 047
GROUP KEY FIGURES
6/2011 6/2010 12/2010
Earnings/share (EUR) 0.31 0.21 0.50
Shareholders' equity/share (EUR) 3.89 3.77 4.09
Average number of personnel 339 344 343
Investments (EUR 1,000) *) 3 902 1 507 53 522
Interest-bearing debt (EUR 1,000) 80 758 35 477 83 011
Equity ratio, % 52.9 69.3 53.8
Adjusted average number of shares during the 25 665 208 25 665 208 25 665 208
period
Adjusted number of shares on the balance 25 665 208 25 665 208 25 665 208
sheet date
*) Includes investments in tangible and intangible assets and shares in
associated companies and in available-for-sale financial assets.
Taxes included in the income statement are taxes corresponding to the profit
for the period under review.
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY (EUR 1,000)
Change in Share Fair Invested Other Retain Total
shareholders' capita value unrestricted reserv ed
equity 1-6/2010 l reserv equity fund es earnin
e gs
SHAREHOLDERS' EQUITY 6 416 48 498 24 45 359 100 298
1.1.
Comprehensive income 5 556 5 556
for the period
Dividend -8 983 -8 983
distribution
TOTAL SHAREHOLDERS' 6 416 48 498 24 41 932 96 871
EQUITY 6/2010
Change in Share Fair Invested Other Retaine Total
shareholders' capita value unrestricted reserv d
equity 1-6/2011 l reserv equity fund es earning e s
SHAREHOLDERS' 6 416 480 48 498 24 49 612 105 030
EQUITY 1.1.
Comprehensive -43 7 801 7 758
income for the
period
Dividend -12 833 -12 833
distribution
TOTAL SHAREHOLDERS' 6 416 437 48 498 24 44 581 99 956
EQUITY 6/2011
GROUP CONTINGENT LIABILITIES
(EUR 1,000) 6/2011 6/2010 12/2010
Collateral pledged for own commitments
Mortgages on company assets 1 245 1 245 1 245
Mortgages on real estate 8 801 8 801 8 801
Pledged shares 89 280 33 633 109 679
Contingent liabilities on behalf of associated company
Guarantees 2 458 2 458
SEGMENT INFORMATION
NET SALES BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2011 2010 2011 2010 2010
Publishing
External 11 381 10 444 9 21 751 20 268 7 41 252
Inter-segments 28 30 -6 55 79 -31 134
Publishing total 11 409 10 474 9 21 806 20 348 7 41 386
Printing
External 1 799 1 414 27 3 571 2 690 33 5 276
Inter-segments 2 140 1 891 13 4 220 3 777 12 7 776
Printing total 3 939 3 305 19 7 791 6 468 20 13 052
Non-allocated
External 1 1 -23 2 1 39 2
Inter-segments 501 488 3 1 003 975 3 1 940
Non-allocated total 502 488 3 1 004 976 3 1 942
Elimination -2 670 -2 409 11 -5 278 -4 832 9 -9 850
Group net sales 13 180 11 859 11 25 323 22 959 10 46 530
total
OPERATING PROFIT BY SEGMENT
(EUR 1,000) 4-6/ 4-6/ Change % 1-6/ 1-6/ Change % 1-12/
2011 2010 2011 2010 2010
Publishing 2 279 1 669 37 3 987 3 039 31 6 786
Printing 396 404 -2 946 448 111 1 177
Associated companies 2 569 1 593 61 4 604 2 850 62 7 337
Non-allocated -272 -184 -48 -391 -333 -17 -821
Group operating profit 4 972 3 482 43 9 147 6 004 52 14 479
total
ASSETS BY SEGMENT
(EUR 1,000) 1-6/2011 1-6/2010 Change % 1-12/2010
Publishing 15 513 15 050 3 10 318
Printing 12 176 13 522 -10 12 336
Non-allocated 165 968 115 917 43 174 381
Group assets total 193 657 144 489 34 197 035
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
(EUR 1,000) 1-6/ 1-6/ Change 1-12/
2011 2010 % 2010
Carrying amount at the beginning of the 15 150 17 218 -12 17 218
financial period
Increase 451 830 -46 1 055
Decrease -14 -404 -96 -405
Depreciation for the financial period -1 300 -1 363 -5 -2 719
Carrying amount at the end of the financial 14 287 16 281 -12 15 150
period
RELATED PARTY TRANSACTIONS
The following related party transactions were carried out:
(EUR 1,000) 6/2011 6/2010 12/2010
Sales of goods and services
To associated companies 153 115 322
To other related parties 485 393 909
Purchases of goods and services
From associated companies 263 291 532
From other related parties 54 13 13
Trade receivables
From associated companies 23 22 53
From other related parties 60 16 53
Accounts payable
To associated companies 10 15 11
Transactions with related parties are conducted at fair market prices.
Employee benefits to management
(EUR 1,000) 6/2011 6/2010 12/2010
Salaries and other short-term employee benefits 402 377 744
The management comprises the Board of Directors, Supervisory Board, Managing
Director and Group Executive Team. The figures stated on the basis of the cash
method do not differ significantly from those based on the accrual method.
General statement
This report contains certain statements that are estimates based on the
management's best knowledge at the time they were made. For this reason, they
involve a certain amount of inherent risk and uncertainty. The estimates may
change in the event of significant changes in general economic and business
conditions.
Seinäjoki, 1 August 2011
ILKKA-YHTYMÄ OYJ
Board of Directors
Matti Korkiatupa
Managing Director
For more information:
Matti Korkiatupa, Managing Director, Ilkka-Yhtymä Oyj
Tel. +358 (0)500 162 015
DISTRIBUTION
NASDAQ OMX Helsinki
The main media
www.ilkka-yhtyma.fi