Alma Media Corporation: Financial statements release 2009: Net sales decreased, but relative profitability was maintained in a difficult market conditions
(Thomson Reuters ONE) - Alma Media Corporation Financial statement release February 12, 2010 at09:00amALMA MEDIA CORPORATION: FINANCIAL STATEMENTS RELEASE 2009Net sales decreased, but relative profitability was maintained in a difficultmarket conditionsHighlights of the financial year 2009-Net sales MEUR 307.8 (341.2), down 9.8%.-Operating profit MEUR 41.4 (48.3), 13.5% (14.2%) of net sales, operating profitwithout one-time items MEUR 42.6 (47.7).-Profit before tax MEUR 40.8 (52.4), profit before tax excluding one-time itemsMEUR 42.0 (49.9).-Result of the financial period MEUR 29.3 (39.0).-Earnings per share EUR 0.39 (0.51).-Dividend for financial year 2008 was EUR 0.30 (0.90) per share. The Board ofDirectors did not use the authorisation by the Annual General Meeting todistribute additional dividends.October-December 2009 in brief-Net sales MEUR 79.0 (86.6), down 8.8%.-Operating profit MEUR 11.8 (9.5), 15.0% (10.9%) of net sales; operating profitup 25%.-Operating profit without one-time items MEUR 11.3 (9.5), 14.3% (10.9%) of netsales, up 19.2%.-Earnings per share EUR 0.12 (0.12).Dividend proposal for the Annual General Meeting-Alma Media Corporation's Board of Directors will propose to the Annual GeneralMeeting on March 11, 2010 that a dividend of EUR 0.40 (0.30) per share be paidfor the 2009 financial year.Outlook for 2010:-Alma Media expects its comparable net sales and operating profit to increasemoderately from the 2009 level as a result of gradual growth in advertisingsales.-First-quarter net sales and operating profit are expected to remain close tothe previous year's level.Kai Telanne, President and CEO:Alma Media's year 2009 began in an extremely difficult market environment. Whenthe Finnish national economy took a downturn, our advertising net salesplummeted during the first half of the year. The business units Kauppalehti andMarketplaces, as well as the newspaper Aamulehti, particularly suffered from theweak advertising market. The decline in the first quarter in comparison with thesame period in 2008 levelled during the second quarter, and advertising sales innewspapers stabilised at a level approximately one-fifth lower than in theprevious year. After the drop at the beginning of the year, uncertainty in themedia market continued in the second half of the year.The full-year net sales of the Newspapers segment declined 6.6%. Thanks toquickly implemented savings measures, however, we managed to maintain theproportional operating profit of the segment at a good 17.3 % (17.5%) level.Towards the end of the year, newspaper advertising in general developed poorly.There was an upturn in online advertising in the last two months of the year.Regardless of the weak demand, the market shares of our online services grew,for example in home sales and recruitment advertising. Online sales accountedfor 13.1% (13.1%) of our net sales at the end of the year.As expected,the circulations of Alma Media's regional and local newspapersdeclined slightly, The circulation of Kauppalehti, on the other hand, grew to arecord level. The single-copy sales of Iltalehti declined aligned to the declineof the overall afternoon paper market. The increases in the subscription pricesof newspapers to offset rising costs boosted circulation net sales.The uncertainty prevailing in the media market in the last half of 2009 hascontinued in January and February 2010.For further information, please contact:Kai Telanne, President and CEO, tel. +358 10 665 3500Tuomas Itkonen, CFO, tel. +358 10 665 2244.Conference, webcast and conference call:A conference in Finnish for analysts, investors and media will be held today onFebruary 12 at 11:00-12:00 hrs EET in the Akseli Gallen-Kallela room of HotelK?, address Pohjoisesplanadi 29, Helsinki. The annual result will be presentedby Kai Telanne, President & CEO, and Tuomas Itkonen, CFO. Other members of thecompany's management will also be present. The presentation material will beavailable on www.almamedia.fi /calendar at 11.00 EET.An English-language conference call and audio webcast concerning the financialresult 2009 will begin on February 12, 2010 at 14:00 hrs EET. You canparticipate in the conference by calling +44 20 3003 2666 or follow the directaudio webcast at the web addresswww.almamedia.fi/investors.Rauno HeinonenVice President, Corporate Communications and IRAlma Media CorporationDISTRIBUTION: NASDAQ OMX Helsinki, principal mediaALMA MEDIA GROUP FINANCIAL STATEMENT RELEASE JANUARY 1-DECEMBER 31, 2009The descriptive part of this review focuses on the annual financial statements.The comparisons according to the International Financial Reporting Standards(IFRS) refer to the figures from the corresponding period in 2008 unlessotherwise stated. The full-year figures in the financial statement release areaudited. The figures in the tables are independently rounded.CHANGES IN GROUP STRUCTURE IN 2009The ownership of Alma Media Group in Kotikokki.net Oy increased to 40% in June2009, and the company is reported as an associate company in the Newspaperssegment as part of Iltalehti in the consolidated financial statements. OnNovember 4, 2009, Alma Media sold100% of shares of of Kauppalehti 121 Oy. BaltiUudistetalituse AS, part of the BNS group in the Kauppalehti Group segment,acquired 100% ownership of UAB "Cision Lietuva" operating in Lithuania onOctober 1, 2009. In May 2009, Alma Media Group sold the business operations ofMotors24 vehicle sales portals, which belonged to the Marketplaces segment andoperated in Estonia, Latvia and Lithuania.Suomen Paikallissanomat Oy discontinued the city paper Kokkolan Sanomatpublishedin Kokkola on December 3, 2009, and on the same date sold the city paperVieskalainen published in Ylivieska to Jokilaaksojen Kustannus Oy.The Group'slegal structure changed through two mergers. Alma Media Corporation'ssubsidiary Jadecon Oy merged with Kustannusosakeyhti?talehti Oy on December31, 2009. Harjavallan Kustannus Oy merged with Satakunnan Kirjateollisuus Oy onNovember 30, 2009.CONSOLIDATED AND SEGMENT NET SALES AND RESULTS OCTOBER-DECEMBER 2009Group's net sales in October-December 2009 totalled MEUR 79.0 (86.6). Operatingprofit amounted to MEUR 11.8 (9.5). The fourth-quarter comparable operatingprofit was MEUR 11.3 (9.5), up 19.2% from the comparison period. The operatingmargin was 15.0% (10.9%), excluding one-time items 14.3% (10.9%). The operatingprofit for October-December 2009 includes one-time capital gains in the amountof MEUR 0.6, generated by the sale of business operations.Net sales for the Newspapers segment amounted to MEUR 57.3 (61.1). Net sales forthe segment's advertising sales declined by 12.3%. Towards the end of thequarter, Iltalehti increased its online advertising sales from the comparisonperiod. The circulation net sales of Newspapers increased, supported by priceincreases. Due to a general decline in the afternoon paper market, Iltalehti'scirculation net sales decreased in the last quarter. Operating profit forNewspapers in October-December was MEUR 10.5 (10.5). Operating margin was 18.3%(17.2%).Kauppalehti Group's net sales were MEUR 15.8 (19.0). The decline of thesegment's advertising sales slowed down to -15.4% during the last quarter,supported by the positive development of online advertising sales. Circulationsales were down 5.4%. Kauppalehti Group's operating profit was MEUR 2.3 (2.0);excluding one-time items, the operating profit remained at the level of thecomparison period, MEUR 2.0 (2.0). The operating profit of the segment for thefourth quarter includes a one-time gain of MEUR 0.4, generated by the sale ofbusiness operations.The Marketplaces segment had net sales of MEUR 6.5 (7.5). Marketplaces recordedan operating loss of MEUR 0.3 (loss of MEUR 1.0). The declining net sales andthe operating loss were a result of the continued weak classified advertisingmarket of home sales, vehicles and recruitment during the quarter.Key figures by segments in 2009 are reported starting on page 6.CONSOLIDATED NET SALES AND RESULT 2009Alma Media Group's net sales in 2009 totalled MEUR 307.8 (341.2). Net salesdecreased from the comparison period, in particular due to the declining netsales from advertising sales. Circulation sales remained at the previous year'slevel. Consolidated advertising net sales amounted to MEUR 140.6 (168.8).Circulation net sales were MEUR 133.3 (133.0). Online net sales amounted to MEUR40.4 (44.7). Online net sales accounted for 13.1% (13.1%) of consolidated netsales.The consolidated operating profit declined from the previous year to MEUR 41.4(48.3). The operating margin was 13.5% (14.2%). The operating profit for thefinancial period, excluding one-time items, was MEUR 42.6 (47.7). The operatingmargin without one-time items was 13.9% (14.0%). The operating profit for 2009includes one-time items in the amount of MEUR -1.2 (0.6).One-time items in thereported figures of 2009 are comprised of restructuring costs due to cost savingmeasures and sales of business operations. The operating profit for thecomparison period included MEUR 0.6 capital gains from the sale of property.Profit before taxes for the financial period was MEUR 40.8 (52.4). The resultbefore taxes includes one-time items totalling MEUR -1.2 (2.5). The 2009one-time items are comprised of restructuring costs due to cost saving measuresand sales of business operations. The one-time items of the comparison periodinclude capital gains from sale of property and the shares of AP-Paino Oy.The result for the financial period 2009 was MEUR 29.3 (39.0), representing a9.5% (11.4%) margin.The development of consolidated net sales was in line with the management'sforecasts earlier in the year. Comparable net sales and operating profit fellshort of the comparison period as expected. In December, the company issued aprofit warning as the company's advertising sales developed better thananticipated during the last two months of the year. The significant slowdown inadvertising sales brought the full-year operating profit below the previousyear's level as expected. Due to cost savings from savings measures and thedecrease in business operations, consolidated operating profit without one-timeitems only declined by MEUR5.0 to MEUR 42.6 (47.7).OUTLOOK FOR 2010The Finnish media market is forecast to remain weak in the early part of 2010. Agradual upturn in advertising sales is expected if the GDP follows growthpredictions during 2010.Alma Media expects the single-copy sales of afternoon papers to decline furtherin line with the development in 2009. Kauppalehti's circulation is expected todecline slightly from the 2009 level because of its structural changes. Thedevelopment of the employment situation is expected to affect the circulationsof Alma Media's regional and local papers. Alma Media estimates the Finnishnewspaper advertising market to grow moderately in 2010. Growth in onlineadvertising is expected to strengthen during 2010 from the previous year.Alma Media estimates that its comparable net sales and operating profit willgrow moderately from the 2009 level as a result of the gradual growth in mediaadvertising. The first-quarter net sales and operating profit are expected toremain close to the previous year's level.MARKET CONDITIONSThe Finnish national economy declined steeply in 2009. According to StatisticsFinland, the Finnish GDP declined 7.6% in the first quarter of 2009, 9.4% in thesecond quarter and 9.1% in the third quarter. During the full year 2009, theFinnish GDP is forecast to have declined 4.5-7.5%. In 2010, the GDP is forecastto grow moderately, from 0% to 2%.According to research subscribed by The Advisory Board of Advertising andconducted by TNS Gallup Oy, the total media advertising spend in Finland in2009 was MEUR 1,263 (1,500), down 15.8%. Of the total spending, newspapers andcity papers accounted for 42.9 (45.8%), down 21.2% from the previous year, andtelevision for 18.8% (17.8%). The share of online advertising grew to 12.5%(10.1%).According to TNS Media Intelligence, the total advertising volume declined by11.6% in the last quarter of the year. In December 2009, media advertisingdecreased 4.3% compared to the year before. Newspaper advertising declined15.6% in the last quarter, 7.2% in December. Online advertising grew by 6.4% inthe last quarter, 10.3% in December. GROUP KEY FIGURES P12 P12 P12 KEY FIGURES 2009 2008 Change 2009 2008 Change 2007 MEUR Q4 Q4 % Q1-Q4 Q1-Q4 % Q1-Q4-------------------------------------------------------------------------------- Net sales 79.0 86.6 -8.8 307.8 341.2 -9.8 328.9 Operating profit 11.8 9.5 25.0 41.4 48.3 -14.2 64.4 % of net sales 15.0 10.9 13.5 14.2 19.6 Operating profit without one-time items 11.3 9.5 19.2 42.6 47.7 -10.5 52.9 % of net sales 14.3 10.9 13.9 14.0 16.1 Profit before tax 11.9 11.7 1.7 40.8 52.4 -22.2 Profit without one-time items 11.3 9.8 14.8 42.0 49.9 -15.9 Profit for the period 8.8 8.9 -1.3 29.3 39.0 -24.7 Return on Equity (ROE)* 44.2 49.0 -9.8 31.8 37.7 -15.6 43.8 Return on Invets (ROI)* 41.0 39.2 4.6 29.1 34.8 -16.3 39.9 Net financial expenses 0.1 0.4 83.7 0.3 0.4 10.6 -0.1 Net financial expenses, % of net sales 0.1 0.5 0.1 0.1 Share of associated companies' results 0.1 2.6 -96.5 -0.3 4.5 -107.1 3.5 Balance sheet total 155.5 166.9 -6.9 181.3 Gross capital expenditure 3.0 2.9 4.1 8.2 14.5 -43.2 12.1 Gross capital expenditure, % of net sales 3.8 3.3 2.7 4.2 3.7 Research and development costs 0.9 2.7 -66.7 3.7 Equity ratio 67.2 57.2 69.8 Gearing, % -17.1 6.5 -15.2 Interest-bearing net debt -16.5 5.8 -384.3 -17.9 Interest-bearing liabilities 4.6 19.1 -75.9 6.8 Non-interest -bearing liabilities 54.9 59.3 -7.4 56.2 Average no. of personnel, calculated as full-time employees, excl. delivery staff 1,777 1,959 -9.3 1,888 1,981 -4.7 1,971 Average no. of delivery staff 894 910 -1.8 969 968 0.0 962 Earnings/share, EUR (basic) 0.12 0.12 -2.3 0.39 0.51 -24.0 0.68 Earnings/share, EUR (diluted) 0.12 0.12 -2.4 0.39 0.51 -24.1 0.68 Cash flow from operating activities, EUR 0.14 0.11 22.6 0.58 0.63 -8.0 0.70 Shareholders' equity/share, EUR 1.28 1.18 1.58 Dividend per share 0.40 0.30 0.90 Dividend yield 5.3 6.1 7.7 P/E Ratio 19.1 9.6 17.2 Market capitalization 558.1 369.3 51.1 870.7 Average no. of shares (1,000 shares) - basic 74,613 74,613 74,613 74,613 74,613 - diluted 74,859 74,859 74,859 74,764 74,773 No. of shares at end of period (1,000 shares) 74,613 74,613 74,613--------------------------------------------------------------------------------* See Main Accounting Principles (IFRS) of Financial Statements Release NET SALES AND OPERATING PROFIT/LOSS BY SEGMENT NET SALES BY SEGMENT, MEUR 2009 2008 Change 2009 2008 Change Q4 Q4 % Q1-Q4 Q1-Q4 %------------------------------------------------------------------------------ Newspapers External 56.2 59.9 216.9 232.2 Inter-segments 1.1 1.3 4.4 4.5 Newspapers total 57.3 61.1 -6.2 221.3 236.7 -6.5 Kauppalehti Group External 15.9 19.0 62.5 73.4 Inter-segments -0.1 0.1 0.3 0.1 Kauppalehti Group total 15.8 19.0 -16.6 62.8 73.5 -14.5 Marketplaces External 6.5 7.4 27.0 34.0 Inter-segments 0.0 0.1 0.0 0.3 Marketplace total 6.5 7.5 -12.7 27.0 34.3 -21.3 Others External 0.3 0.3 1.4 1.6 Inter-segments 3.5 3.8 14.5 13.5 Others total 3.8 4.2 -8.2 15.9 15.1 5.4 Elimination -4.5 -5.2 -19.2 -18.4------------------------------------------------------------------------------ Total 79.0 86.6 -8.8 307.8 341.2 -9.8------------------------------------------------------------------------------ 2009 2008 Change 2009 2008 Change OPERATING PROFIT/LOSS BY SEGMENT, MEUR * Q4 Q4 % Q1-Q4 Q1-Q4 %------------------------------------------------------------------------------ Newspapers 10.5 10.5 -0.4 37.3 41.5 -10.3 Kauppalehti Group 2.3 2.0 15.0 6.7 9.7 -30.8 Marketplaces -0.3 -1.0 71.1 -.7 2.0 -133.1 Other operations -0.7 -2.0 65.3 -1.9 -4.9 62.3------------------------------------------------------------------------------ Total 11.8 9.5 25.1 41.4 48.3 -14.2------------------------------------------------------------------------------ *) incl. one-time items NEWSPAPERS 2009 2008 Change 2009 2008 Change Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %-------------------------------------------------------------------------------- Net sales 57.3 61.1 -6.2 221.3 236.7 -6.5 Circulation sales 27.2 27.1 0.4 109.9 108.6 1.1 Media advertising sales 27.4 31.3 -12.3 101.3 117.7 -14.0 Other sales 2.7 2.7 0.3 10.2 10.4 -2.3 Operating profit 10.5 10.5 -0.4 37.3 41.5 -10.3 Operating profit, % 18.3 17.2 16.8 17.5 Operating profit without one-time items 10.3 10.5 -2.2 38.4 41.5 -7.7 Operating profit without one-time items, % 17.9 17.2 17.3 17.5 Average no. of personnel, calculated as full-time employeesexcl. delivery staff 1,084 1,169 -7 1,149 1,197 -4 Average no. of delivery staff 894 910 -2 969 968 0 Operational key figures 2009 2008 2009 2008 Audited circulation Q4 Q4 Q1-Q4 Q1-Q4-------------------------------------------------------------------------------- Iltalehti 122,548 Aamulehti 139,130 Online services, unique visitors, weekly Iltalehti.fi 1,945,453 1,610,952 1,762,615 1,412,534 Telkku.com 603,000 542,121 580,989 515,939 Aamulehti.fi 254,726 171,699 207,978 147,048The Newspapers segment reports the publishing activities of 35 newspapers. Thelargest titles are Aamulehti and Iltalehti.The Newspapers segment's net sales in 2009 decreased 6.5% from the previous yearto MEUR 221.3 (236.7). During the year, the quarterly growth rates of thenewspapers' net sales experienced significant fluctuation due to the marketconditions. The advertising sales of Alma Media newspapers decreasedsignificantly in 2009, the full-year total being MEUR 101.3 (117.7). InNovember-December, online advertising sales grew slightly from the comparisonperiod. Aamulehti and Iltalehti suffered most from the marked advertising marketdecline in the beginning of the year. For the smaller regional and local papers,the market decline had a delayed effect, becoming evident during the secondhalf-year. Online advertising sales grew for Iltalehti, whose online serviceIltalehti.fi was the largest Finnish online medium with its approximately twomillion average unique visitors per week at the end of the year.Circulation net sales for the newspapers grew during the year thanks to priceincreases. For regional and local newspapers, circulation development declinedslightly, partly due to cutbacks in free circulation. The single-copy sales ofIltalehti decreased approximately 6.1%, circulation by approximately 7.8%, whilethe entire afternoon paper market dropped by approximately 6.1%. Iltalehtiretained its market share at the previous year's level, at 42.9% (42.9%).The full-year operating profit for the Newspapers segment declined to MEUR 37.3(41.5). The operating profit for the segment without one-time items declined toMEUR 38.4 (41.5). KAUPPALEHTI GROUP 2009 2008 Change 2009 2008 Change Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %-------------------------------------------------------------------------------- Net sales 15.8 19.0 -16.6 62.8 73.5 -14.5 Circulation sales 6.1 6.5 -5.4 23.5 24.8 -5.4 Media advertising sales 5.0 5.9 -15.4 16.3 22.2 -26.4 Other sales 4.7 6.6 -28.4 23.0 26.4 -13.2 Operating profit 2.3 2.0 15.0 6.7 9.7 -30.8 Operating margin, % 14.8 10.7 10.7 13.2 Operating profit without one-time items 2.0 2.0 -2.9 6.7 9.7 -30.8 Operating margin without one-time items, % 12.5 10.8 10.7 13.2 Average no. of personnel, calculated as full-time employees 453 494 -8 477 499 -4 2009 2008 2009 2008 Operational key figures Q4 Q4 Q1-Q4 Q1-Q4 ----------------------------------------------- Audited circulation Kauppalehti 86,654 Online services, unique visitors, weekly Kauppalehti.fi 589,293 484,056 544,533 391,453The Kauppalehti Group specialises in producing business and financialinformation. Its best known title is Finland's leading business paperKauppalehti. The group also includes the contract publishing company Alma MediaLehdentekij?and the news agency BNS operating in the Baltic countries. OnOctober 1, 2009, Alma Media sold the entire stock of the direct marketingcompany Kauppalehti 121 Oy. In the 2009 financial statements, the net salesreported for the sold Kauppalehti 121 Oy is MEUR 6.6 and operating profit MEUR0.4.The net sales of the Kauppalehti Group declined by 14.5% in 2009, being MEUR62.8 (73.5). The most important reason for the decline was the group'sadvertising sales development during the year, down 26.4%. Online advertisingsales remained at the previous year's level, and online content sales increasedfrom the comparison period. Circulation net sales declined by 5.4% to MEUR 23.5(24.8) due to the declining sales of the Lehdentekij?business division. In afiercely competitive situation, Lehdentekij? however, managed to increase itsprofitability.Kauppalehti's circulation reached a record level in 2009, 86,654 copies. Itsfree distribution to associations has been cut down as part of Kauppalehti Oy'scost saving measures. This will decrease the audited circulation of Kauppalehtiin the 2010 audit, while paid circulation will further increase from the 2009level.Kauppalehti continued to increase its readership in the early part of 2009.According to the 2009 National Readership Survey, Kauppalehti's readers numbered230,000 (+7%) and Kauppalehti Optio's 229,000 (+3%). Kauppalehti's readershiphas enjoyed continuous growth since 2007. The changes in the circulationstructure due to cost saving measures are not expected to have a significanteffect on Kauppalehti's readership.The number of visitors to the online service Kauppalehti.fi grew remarkablyduring the year, the average being 544,533 (391,453) unique visitors per week.The full-year operating profit of the segment declined by MEUR 3.0 to MEUR 6.7(9.7). The operating profit without one-time items declined to MEUR 6.7 (9.7).The operating profit of the segment for the fourth quarter includes a one-timegain of MEUR 0.4, generated by the sale of business operations. MARKETPLACES 2009 2008 Change 2009 2008 Change Key figures, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %-------------------------------------------------------------------------------- Net sales 6.5 7.5 -12.7 27.0 34.3 -21.3 Operations in Finland 5.4 6.0 -10.3 22.4 28.0 -20.1 Operations outside Finland 1.1 1.5 -25.0 4.7 6.3 -26.0 Operating profit -0.3 -1.0 71.1 -0.7 2.0 -133.1 Operating margin, % -4.3 -13.0 -2.5 5.9 Operating profit without one-time items -0.3 -1.0 70.2 -0.5 2.0 -127.2 Operating margin without one-time items, % -4.5 -13.2 -2.0 5.9 Average no. of personnel, calculated as full-time employees 178 234 -24 200 216 -8 2009 2008 2009 2008 Operational key figures Q4 Q4 Q1-Q4 Q1-Q4 ----------------------------------------------- Online services, unique visitors, weekly Etuovi.com 355,748 313,269 354,826 321,176 Autotalli.com 93,525 88,412 96,872 91,744 Monster.fi 76,109 62,966 74,473 65,585 Mikko.fi 70,798 70,723 76,854 47,915 Mascus.com (Finland) 168,960 106,898 135,272 80,679 City24 197,489 283,694 232,640 265,516The Marketplaces segment reports Alma Media's classified services produced onthe internet and supported by printed products. The services in Finland areEtuovi.com, Monster.fi, Autotalli.com, Mascus.fi and Mikko.fi. The servicesoutside Finland are City24, Mascus and Bovision.Net sales for Marketplaces declined by 21.3% in 2009 to MEUR 27.0 (34.3). Theslowdown in home advertising in Finland and the Baltic countries, as well as thesharp drop in recruitment advertising in Finland kept net sales developmentnegative during the entire year 2009. Marketplaces' Finnish services, however,increased their market shares in 2009.The full-year operating profit of Marketplaces declined from MEUR 2.0 to a lossof MEUR 0.7. The operating loss without one-time items was MEUR 0.5 (operatingprofit of MEUR 2.0).Based on impairment testing, Alma Media booked a depreciation of MEUR 1.0 infinancial year 2009. The depreciation is related with the City24 business unitin the home sales business of the Marketplaces segment.With its decision of October 16, 2008, the District Court of Helsinki dismissedall claims against Alma Media's use of the Etuovi.com trademark. Among otherthings, the district court decision confirmed Alma Media's right to use thetrademark "ETUOVI.COM" for online home and real estate business and a specialnewspaper focusing on real estate sales. The case will continue in the Court ofAppeal of Helsinki.ASSOCIATED COMPANIES Share of associated companies result, 2009 2008 2009 2008 MEUR Q4 Q4 Q1-Q4 Q1-Q4------------------------------------------------------------- Newspapers 0.0 0.0 0.1 0.1 KauppalehtiGroup Talentum Oyj -0.3 0.6 -1.4 1.6 Marketplaces 0.0 0.0 0.0 0.0 Other operations AP-Paino Oy 0.0 1.8 0.0 1.8 Other associated companies 0.4 0.2 0.9 0.9------------------------------------------------------------- Total 0.1 2.6 -0.3 4.5Alma Media Corporation purchased 375,000 Talentum Oyj shares in a deal on August10, 2009. After the purchase, Alma Media Group held a 30.65% stake in TalentumOyj, which is reported under the Kauppalehti Group. The company's own shares inthe possession of Talentum are here included in the total number of shares. Asthe holding of Alma Media Group in Talentum Oyj exceeded three-tenths (3/10),Alma Media was obliged to make a mandatory tender offer for all of TalentumOyj's shares as stipulated in the Securities Markets Act.Alma Media Corporation on August 10, 2009 announced that it will make amandatory tender offer for all of the issued and outstanding shares in TalentumOyj. The offer period commenced on August 19, 2009 and ended on November16, 2009 in accordance with its terms and conditions. The cash considerationoffered was EUR 1.85 per share. According to the final result of the tenderoffer, a total of 661,295 Talentum shares representing approximately 1.49% ofall votes in Talentum were tendered to Alma Media. Taking the tendered sharesinto account, Alma Media Group's holding in Talentum rose to 14,236,295 shares,representing approximately 32.14% of all votes in Talentum and 32.64% of voteswhen taking into account 681,000 shares held by Talentum which do not carry avoting right.On the date of the financial statements, Alma Media Group's holding in TalentumOyj, reported under the Kauppalehti Group, totals 32.14%. The own shares held byTalentum itself are here included in the total number of shares. In theconsolidated financial statements of Alma Media the ownership in Talentum iscombined in a way that does not take Talentum's own shares into account in thetotal number of shares. Alma Media's shareholding in Talentum was stated as32.64% in its consolidated financial statements of December 31, 2009.The Group sold its ownership in AP-Paino Oy in December 2008.BALANCE SHEET AND FINANCIAL POSITIONThe consolidated balance sheet at the end of December 2009 stood at MEUR 155.5(166.9). The Group's equity ratio at the end of December was 67.2% (57.2%) andequity per share was EUR 1.28 (1.18).The consolidated cash flow before financing was MEUR 43.8 (45.8). At the end ofDecember the Group's net debt totalled MEUR -16.5 (5.8).The Group has a current MEUR 100.0 commercial paper programme in Finland. During2009, the Group used the commercial paper programme to finance the payment ofdividends. The unused part of the programme was MEUR 100.0 (87.0) on December31, 2009. In addition, Alma Media made a two-year credit limit agreement forMEUR 50.0 with Nordea Bank Finland in the third quarter. On the date of thefinancial statements, MEUR 50.0 of the limit are unused.The Group's interest-bearing debt is denominated in euros and therefore does notrequire hedging against exchange rate differences. The most significantpurchasing contracts denominated in foreign currency are hedged.RESEARCH AND DEVELOPMENT COSTSResearch and development costs in 2009 amounted to MEUR 0.9 (MEUR 2.7 in 2008and MEUR 3.7 in 2007). Of this total, MEUR 0.5 (MEUR 2.3 in 2008 and MEUR 2.8 in2007) were capitalised and MEUR 0.5 (MEUR 0.3 in 2008 and MEUR 0.8 in 2007)expensed. Most of the R&D development projects pertained to the development ofonline business.CAPITAL EXPENDITUREGross capital expenditure in 2009 totalled MEUR 8.2 (14.5), consisting mainly ofacquisitions of business operations and development projects for online media.The rest of the capital expenditure related to normal operation and maintenanceinvestments. In December, the Group announced that it will start preparing foran investment in printing facilities. This investment project is expected totake place in 2010-2012 and be valued at MEUR 30-50.EVENTS AFTER THE FINANCIAL PERIODOn January 8, 2010, Alma Media published a press release about its plan toestablish a joint venture with Grey-Hen Oy and Kateetti Oy for developing andmaintaining auto industry application solutions. According to the press release,the joint venture will commence operations during spring 2010.ADMINISTRATIONAlma Media Corporation's annual general meeting on March 11, 2009 elected LauriHelve, Matti Kavetvuo, Kai Seikku, Erkki Solja, Kari Stadigh, Harri Suutari,Catharina Stackelberg-Hammar?and Seppo Paatelainen to the Board of Directors.At the constitutive meeting of the Board held after the annual general meeting,the Board elected Kari Stadigh its chairman and Seppo Paatelainen its deputychairman. The Board also elected the members of its committees. Kai Seikku,Erkki Solja, Catharina Stackelberg-Hammar?and Harri Suutari were electedmembers of the Audit Committee. Kari Stadigh, Seppo Paatelainen and Lauri Helvewere elected members of the Nomination and Compensation Committee.The annual general meeting appointed Ernst&Young Oy as the company's auditors.Alma Media Corporation applies the Finnish Corporate Governance Code for listedcompanies, issued by the Securities Market Association on October 20, 2008, inits unaltered form. The statement on the company's administration and controlsystem, as required by Recommendation 51 of the Code, is published separately.Oy Hertta??b, which holds more than 10% of Alma Media shares, proposed tothe annual general meeting that a special audit be conducted on theadministration and accounting of Alma Media for the financial periods2006, 2007 and 2008, as well as theending financial period 2009. The annualgeneral meeting considered the proposal and it was included in the minutes ofthe meeting. The application for a special audit must be made within one monthof the annual general meeting. The State Provincial Office of Helsinki hasconfirmed to Alma Media that it did not receive an application for special auditon Alma Media Corporation within the stipulated period.RISKS AND RISK MANAGEMENTThe purpose of Alma Media's risk management activities is to continuouslyevaluate and manage all opportunities, threats and risks in conjunction with thecompany's operations to enable the company to reach its set objectives and tosecure business continuity.The risk management process identifies the risks, develops appropriate riskmanagement methods and regularly reports on risk issues to the risk managementorganisation. Risk management is part of Alma Media's internal audit functionand thereby part of good corporate governance. Written limits and processingmethods are set for quantitative and qualitative risks by the corporate riskmanagement system.The most important strategic risks for Alma Media are a significant drop in thereadership of its newspapers, a decline in advertising sales and a significantincrease in distribution costs. Fluctuating economic cycles are reflected on thedevelopment of advertising sales, which accounts for approximately half of theGroup's net sales. Developing businesses outside Finland, such as the Balticcountries and other East European countries, include country-specific risksrelating to the development of the market and economic growth.In the long term, the media business will undergo changes along with the changesin media consumption and technological developments. The Group's strategicobjective is to meet this challenge through renewal and the development of newbusiness operations in online media.The most important operational risks are disturbances in information technologysystems and telecommunication, and an interruption of printing operations.PERSONNELDuring 2009, the average number of Alma Media employees, calculated as full-timeemployees (excluding deliverers), was 1,888 (1,981). The average number ofdelivery staff totalled 969 (968).THE ALMA MEDIA SHAREDuring January-December 2009, a total of 38.3 million Alma Media shares weretraded on the NASDAQ OMX Helsinki Stock Exchange, representing 51.3% of thetotal number of shares. The closing price for the share on December 31, 2009 wasEUR 7.48. During the year, the lowest price paid for the share was EUR 4.50 andthe highest EUR 8.94. The company's market capitalisation at the end of Decemberwas MEUR 558.1.In March 2009, Alma Media paid a dividend of EUR 0.30 a share, in total MEUR22.4.On the date of the financial statements, the company does not own any of its ownshares. The ordinary annual general meeting on March 11, 2009 decided toauthorise the Board of Directors to repurchase 3,730,600 (approximately 5%) ofthe company's own shares. The authorisation is valid until the closing of thefollowing ordinary annual general meeting.OPTION RIGHTSOption programme 2006The annual general meeting held on March 8, 2006 decided on a new stock optionprogramme under which a maximum of 1,920,000 options may be granted and thesemay be exercised to subscribe to a maximum of 1,920,000 Alma Media shares with abook countervalue of EUR 0.60 per share. The programme is part of the company'smanagement incentive and commitment system. Of the total number of options,640,000 were marked 2006A, 640,000 were marked 2006B and 640,000 were marked2006C.Share subscription periods and subscription prices:2006A April 1, 2008-April 30, 2010, trade-weighted average share price Apr1-May 31, 20062006B April 1, 2009-April 30, 2011, trade-weighted average share price Apr1-May 31, 2007 and2006C April 1, 2010-April 30, 2012, , trade-weighted average share price Apr1-May 31, 2008As authorised by the annual general meeting, the Board of Directors has granted515,000 of the 2006A options. Altogether 75,000 of the 2006A options have beenreturned to the company owing to the termination of employment contracts. Afterthe returned options, corporate management possesses a total of 440,000 2006Aoptions. In 2007 and 2008, Alma Media's Board of Directors decided to annul the200,000 2006A option rights in the company's possession. The share subscriptionprice under the A options, EUR 7.66 per share, was determined by the tradeweighted average share price in public trading between April 1 and May31, 2006. The subscription price of the 2006A options was reduced by the amountof capital repayment in 2006 (EUR 0.53 per share), by dividend payment in March2007 (EUR 0.65 per share), by dividend payment in March 2008 (EUR 0.90 pershare) and by dividend payment in March 2009 (EUR 0.30 per share) to 5.28 pershare. The vesting period for the 2006A options has ended and the sharesubscription period began on April 1, 2008. No shares have been subscribed to byDecember 31, 2009.In 2007, the Board of Directors decided to issue a total of 515,000 optionsunder the 2006B scheme to Group management. Altogether 50,000 of the 2006Boptions have been returned to the company owing to the termination of employmentcontracts. After the returned options, corporate management possesses a total of465,000 2006B options. The share subscription price under the 2006B option, EUR9.85 per share, was determined by the trade weighted average share price inpublic trading between April 1 and May 31, 2007. The subscription price of the2006B options was reduced by the amount of dividend payment in March 2008 (EUR0.90 per share) and by dividend payment in March 2009 (EUR 0.30 per share) toEUR 8.65 per share. All of the 175,000 2006B option rights in the company'spossession have been annulled. The options in the 2006B programme are traded inNASDAQ OMX Helsinki Stock Exchange since April 1, 2009. No shares have beensubscribed to by December 31, 2009.In 2008, the Board of Directors decided to issue 520,000 options under the2006C programme to Group management. Altogether 50,000 of the 2006C options havebeen returned to the company owing to the termination of employment contracts.After the returned options, corporate management possesses a total of470,000 2006C options. The share subscription price under the 2006C option, EUR9.06 per share, was determined by the trade weighted average share price inpublic trading between April 1 and May 31, 2008. The subscription price of the2006C options was reduced by the amount of dividend payment in March 2009 (EUR0.30 per share) to EUR 8.76 per share. All of the 170,000 2006C option rights inthe company's possession have been annulled.If all the subscription rights were exercised, this programme would dilute theholdings of the earlier shareholders by 1.8%.The stock option plan is entered in the accounts in accordance with the standardIFRS 2 - Share-Based Payments. The option rights granted are measured at theirfair value on the grant date using the Forward Start Option Rubinstein (1990)model based on the Black&Scholes pricing model and expensed in the incomestatement under personnel expenses over the vesting period. An expense of MEUR0.5 was entered in the 2009 accounts (MEUR 0.8 in 2008). The expected volatilityhas been determined by calculating the historical volatility of the company'sshare price, which includes the volatility of the listed shares of the so-calledprevious Alma Media Corporation.Option programme 2009The annual general meeting of Alma Media on March 11, 2009 decided, inaccordance with the proposal by the Board of Directors, to continue theincentive and commitment system for Alma Media management through an optionprogramme according to earlier principles and decided to grant stock options tothe key personnel of Alma Media Corporation and its subsidiaries in the period2009-2011. Altogether 2,130,000 stock options may be granted, and these may beexercised to subscribe to a maximum of 2,130,000 Alma Media shares, either newor in possession of Alma Media. Of the total number of options, 710,000 weremarked 2009A, 710,000 were marked 2009B and 710,000 were marked 2009C.Share subscription periods and subscription prices:2009A April 1, 2012-March 31, 2014, trade-weighted average share price April1-30, 20092009B April 1, 2013-March 31, 2015, trade-weighted average share price April1-30, 2010 and2009C April 1, 2014-March 31, 2016, trade-weighted average share price April1-30, 2011The Board of Directors of Alma Media Corporation decided in May 2009 to grant640,000 option rights to corporate management under the 2009A programme. Thecompany is in possession of 70,000 2009A options. The subscription price of a2009A option is EUR 5.21 per share. The subscription price of a 2009A option,EUR 5.21 per share, was determined by the trade weighted average share price inpublic trading between April 1 and April 30, 2009. If all the subscriptionrights are exercised, the programme will dilute the holdings of the earliershareholders by 2.8%.The stock option plan is entered in the accounts in accordance with the standardIFRS 2 - Share-Based Payments. The option rights granted are measured at theirfair value on the grant date using the Forward Start Option Rubinstein (1990)model based on the Black&Scholes pricing model and expensed in the incomestatement under personnel expenses over the vesting period. An expense of MEUR0.2 was entered in the 2009 accounts. The expected volatility has beendetermined by calculating the historical volatility of the company's shareprice, which includes the volatility of the listed shares of the so-calledprevious Alma Media Corporation.The Board of Directors has no other currentauthorisations to raise convertible loans and/or to raise the share capitalthrough a new issue.MARKET LIQUIDITY GUARANTEEAlma Media Corporation and eQ Pankki Oy had a liquidity guarantee contract forthe Alma Media share until October 22, 2009. After this date, the Alma Mediashare has not had a market guarantee in effect.FLAGGING NOTICESIn 2009, Alma Media received the following notices of changes in shareholdingspursuant to Chapter 2, Section 9 of the Securities Markets Act:On February 27, 2009, Alma Media received information to the effect that theholding of Danske Bank A/S Helsinki Branch (business ID 1078693-2) in the sharecapital and voting rights of Alma Media Corporation had fallen below theflagging limit of 1/20 (5%) to zero due to a transaction conducted on February26, 2009.On February 27, 2009, Alma Media received information to the effect thatSkadinaviska Enskilda Banken AB (publ) currently holds 11,958,000 Alma Mediashares, representing 16% of share capital and voting rights. SkandinaviskaEnskilda Banken announced it entered into a share transaction in order to hedgea transaction exposure expiring March 20, 2009 in an equal amount.On March 31, 2009, in accordance with the notice Alma Media received from OyHertta??b (business ID 0761658-8), the forward contracts Oy Hertta??bflagged on June 6, 2008 and that matured on March 20, 2009 have not beenconverted into Alma Media shares. Thus, the holding of Oy Hertta??b in AlmaMedia Corporation remains unchanged.On July 2, 2009, Alma Media received flagging notices from SkandinaviskaEnskilda Banken, Ilkka-Yhtym?y and Kaleva Kustannus Oy. According to thenotices, Skandinaviska Enskilda Banken AB (publ) Helsinki Branch intended tosell an aggregate of 11,958,000 Alma Media shares to Ilkka-Yhtym?y and KalevaKustannus Oy.On August 10, 2009, Skandinaviska Enskilda Banken AB (publ) Helsinki Branchnotified that it had sold 11,958,000 Alma Media shares. With the completed deal,the holding of Skandinaviska Enskilda Banken AB (publ) Helsinki Branch in theshares and voting rights of Alma Media Corporation falls below the flagginglimit of 1/20 and becomes zero.According to a notification by Ilkka-Yhtym?yj (business ID 0182140-9), thecompany purchased an aggregate of 7,500,000 Alma Media shares on August10, 2009. With the deal, Ilkka-Yhtym?yj's holding in Alma Media Corporation'sshares and voting rights exceeds the flagging limit of 1/5, being 20.40% (atotal of 15,218,991 shares and votes).According to a notification by Kaleva Kustannus Oy (business ID 0187274-0), thecompany purchased an aggregate of 4,458,000 Alma Media shares on August10, 2009. With the deal, Kaleva Kustannus Oy's holding in Alma Media Corporationexceeds the flagging limit of 1/20, being 5.97% (a total of 4,458,000 shares andvotes).ENVIRONMENTAL IMPACTSThe most significant environmental impacts from Alma Media's business operationsconsist of paper and energy consumption and traffic emissions. The companymainly uses newsprint in its newspaper products; the consumption of this in2009 was approximately 30,000 (36,000) tonnes. In 2009, the company used 17,502(18,632) MWh of electricity. The carbon dioxide emissions from printing anddistribution arise mainly from traffic.DIVIDEND PROPOSALAlma Media's Board of Directors will propose to the annual general meetingconvening on March 11, 2010 that a dividend of EUR 0.40 (0.30) per share be paidfor the 2009 financial year. Dividends are paid to shareholders who are enteredin Alma Media Corporation's shareholder register maintained by Euroclear FinlandOy no later than the record date, March 1, 2010. The payment date is March25, 2010. On December 31, 2009, the Group's parent company had distributablefunds totalling EUR 53,724,934 (50,107,510).The report by Alma Media's Board of Directors, the financial statements and theaudit report will be available on the company's website no later than February18, 2010. 2009 2008 Change 2009 2008 Change INCOME STATEMENT, MEUR Q4 Q4 % Q1-Q4 Q1-Q4 %-------------------------------------------------------------------------------- NET SALES 79.0 86.6 -8.8 307.8 341.2 -9.8 Other operating income 0.7 0.9 -17.4 0.9 1.7 -46.7 Materials and services -23.1 -25.5 9.3 -93.1 -102.0 8.7 Costs arising from employment benefits -29.1 -32.0 9.1 -112.3 -119.0 5.6 Depreciation and writedowns -2.3 -2.4 4.3 -8.9 -8.8 -0.8 Operating expenses -13.4 -18.2 26.3 -53.0 -64.9 18.4-------------------------------------------------------------------------------- OPERATING PROFIT 11.8 9.5 25.0 41.4 48.3 -14.2 Financial income 0.1 0.2 -41.6 0.6 1.2 -45.7 Financial expenses -0.3 -0.6 46.4 -1.0 -1.6 37.3 Share of associated companies' results 0.1 2.6 -96.5 -0.3 4.5 -107.1-------------------------------------------------------------------------------- PROFIT BEFORE TAX 11.9 11.7 1.7 40.8 52.4 -22.2-------------------------------------------------------------------------------- Income tax -3.1 -2.8 -11.3 -11.4 -13.4 14.7-------------------------------------------------------------------------------- PROFIT FOR THE PERIOD 8.8 8.9 -1.3 29.3 39.0 -24.7-------------------------------------------------------------------------------- OTHER COMPREHENSIVE INCOME Exchange difference on translation of foreign operations 0.2 -0.8 0.5 -0.8 Share of associated companies' other comprehensive income 0.0 -0.6 -0.4 -0.9 Income tax relating to components of other comprehensive income 0.0 0.0 0.0 0.0 ----------------------------------------- Other comprehensive income for the period, net of tax 0.2 -1.4 0.2 -1.7-------------------------------------------------------------------------------- TOTALCOMPREHENSIVE INCOME FOR THE PERIOD 9.0 7.5 19.9 29.5 37.2 -20.8-------------------------------------------------------------------------------- Distribution of the profit for the period: To the parent company shareholders 8.7 8.9 29.2 38.4 Minority interest 0.1 0.0 0.1 0.6 Distribution of thecomprehensive income for the period: To the parent company shareholders 8.9 7.5 29.3 36.7 Minority interest 0.1 0.0 0.1 0.6 Earning/share calculated from the profit for the period to the parent company shareholders Earnings/share, EUR 0.12 0.12 0.39 0.51 Earnings/share (diluted), EUR 0.12 0.12 0.39 0.51 31 Dec 31 Dec BALANCE SHEET, MEUR 2009 2008---------------------------------------------------- ASSETS NON-CURRENT ASSETS 28.2 33.0 Intangible assets 10.4 12.3 Tangible assets 32.0 35.2 Investments in associated companies 30.5 31.6 Other financial assets 4.5 4.2 Deferred tax assets 0.7 1.3 CURRENT ASSETS Inventories 1.5 1.5 Tax receivables 0.0 4.0 Accounts receivable and other 25.3 27.5 receivables Other short-term financial assets 1.2 2.9 Cash and cash equivalents 21.1 13.3 ASSETS AVAILABLE FOR SALE 0.0 0.0---------------------------------------------------- TOTAL ASSETS 155.5 166.9 31 Dec 31 Dec BALANCE SHEET, MEUR 2009 2008---------------------------------------------------- SHAREHOLDERS' EQUITY AND LIABILITIES Share capital 44.8 44.8 Share premium fund 2.8 2.8 Cumulative translation adjustment -0.3 -0.8 Retained earnings 48.5 41.1 --------------- Parent company shareholders' equity 95.8 87.9 Minority interest 0.2 0.6 --------------- TOTAL SHAREHOLDERS' EQUITY 96.0 88.5 LIABILITIES Non-currentliabilities Interest-bearing liabilities 2.8 3.9 Deferred tax liabilities 2.5 2.5 Pension obligations 3.1 3.7 Provisions 0.1 0.1 Other long-term liabilities 0.4 0.5 Current liabilities Interest-bearing liabilities 1.8 15.2 Advancesreceived 12.6 12.3 Tax liabilities 1.6 1.3 Provisions 1.0 1.0 Accounts payable and other liabilities 33.7 37.9 --------------- TOTAL LIABILITIES 59.5 78.4---------------------------------------------------- TOTAL EQUITY AND LIABILITIES 155.5 166.9 RECONCILIATION OF SHAREHOLDERS' EQUITY 1 January - 31December 2009 Share Share Translation Retained Parent Minority Equity capital premium difference earnings company interest total fund total MEUR-------------------------------------------------------------------------------- Equity, 1 Jan 2009 44.8 2.8 -0.8 41.1 87.9 0.6 88.5-------------------------------------------------------------------------------- Dividend paid by parent company -22.4 -22.4 -22.4 Dividends paid by subsidiaries -0.6 -0.6 Share of associated companies' equity items 0.2 0.2 0.2 Share-based payments 0.7 0.7 0.7 Total Comprehensive income for theperiod 0.5 28.9 29.4 0.1 29.5-------------------------------------------------------------------------------- Equity, 31 Dec 2009 44.8 2.8 -0.3 48.5 95.8 0.2 96.0 RECONCILIATION OF SHAREHOLDERS' EQUITY 1 January - 31 December 2008 Share Share Translation Retained Parent Minority Equity capital premium difference earnings company interest total fund total MEUR-------------------------------------------------------------------------------- Equity, 1 Jan 0.0 2008 44.8 2.8 70.0 117.7 0.6 118.3-------------------------------------------------------------------------------- Dividend paid by parent company -67.2 -67.2 -67.2 Dividends paid by subsidiaries 0.0 -0.6 -0.6 Share of associated companies' equity items 0.0 0.0 0.0 Share-based payments 0.8 0.8 0.8 Total Comprehensive income for the period -0.8 37.4 36.6 0.6 37.2-------------------------------------------------------------------------------- Equity, 31 Dec 2008 44.8 2.8 -0.8 41.1 87.9 0.6 88.5 2009 2008 2009 2008 CASH FLOW STATEMENT, MEUR Q4 Q4 Q1-Q4 Q1-Q4----------------------------------------------------------- Cash flow from operating activities Profit for the period 8.8 8.9 29.3 39.0 Adjustments 4.5 3.1 19.5 17.5 Change in working capital -1.8 1.0 -0.8 4.0 Dividendincome received 0.3 0.5 1.8 4.5 Interest income received 0.1 0.2 0.4 0.9 Interest expenses paid -0.2 -0.6 -1.0 -1.6 Taxes paid -1.1 -4.4 -6.2 -17.5 ----------------------- Net cash provided by operating activities 10.5 8.6 43.1 46.9 Cash flow from investing activities Investments in tangible and intangible assets -1.2 -0.7 -4.2 -4.2 Proceeds from disposal of tangible and intangible assets 0.0 0.0 0.0 1.0 Other investments 0.0 -0.3 0.0 -1.2 Proceeds from disposal of other investments 0.4 0.7 2.0 0.8 Change in receivables 0.0 0.0 -0.1 0.0 Subsidiary shares purchased -0.8 -0.1 -0.8 -4.0 Associated company shares purchased -1.4 0.0 -2.5 Proceeds from disposal of subsidiary shares 6.2 6.2 Proceeds from disposal of associated company shares 0.0 6.5 0.0 6.5 ----------------------- Net cash used in investing activities 3.3 6.2 0.7 -1.0 Cash flow before financing activities 13.8 14.7 43.9 45.8 Cash flow from financing activities Long-term loan repayments 0.0 0.0 0.0 0.0 Short-term loans raised 0.0 0.0 17.8 35.0 Short-term loans repaid -7.4 -6.6 -32.7 -24.3 Change in interest-bearing receivables -0.4 -0.2 1.7 0.0 Dividends paid and capital repayment 0.0 0.0 -23.0 -67.8 ----------------------- -7.9 -6.8 -36.1 -57.1 Change in cash funds (increase + / decrease -) 5.9 7.9 7.7 -11.2 Cash and cash equivalents at start of period 15.1 5.6 13.3 24.8 Impact of change in foreign exchange rates -0.1 -0.2 -0.1 -0.2 Cash and cash equivalents at end of period 21.1 13.3 21.1 13.3 Net sales by geographical area, 2009 2008 2009 2008 MEUR Q4 Q4 Q1-Q4 Q1-Q4------------------------------------------------------- Finland 75.7 82.6 295.4 324.0 Rest of EU countries 3.1 3.8 11.9 16.7 Rest of other countries 0.2 0.2 0.5 0.6------------------------------------------------------- Total 79.0 86.6 307.8 341.2------------------------------------------------------- Acquired businesses in 2009 The Group acquired one company during 2009. These are listed by segment as follows: Acquisition % acquired Business date Kauppalehti Group UAB BNS Newsventure Media monitoring October 1, 2009 100% The following table presents the opening balance sheets of the acquired operations in the Group, the total acquisition price and impact on cash flow: Fair values Book values entered before Kauppalehti Group (MEUR) integration in integration ------------------------------------ Property, plant and equipment 0.0 0.0 Intangible assets 0.0 0.0 Intangible assets, trademarks Intangible assets, customer agreements 0.5 Accounts receivable and other receivables 0.2 0.2 Cash and cash equivalents 0.2 0.2 ------------------------------------ Assets, total 0.5 0.9 Deferred tax liabilities 0.1 Accounts payable and other payables 0.2 0.2 ------------------------------------ Liabilities, total 0.2 0.3 Net assets 0.2 0.6 Goodwill arising from acquisition 0.3 Acquisition price (paid in cash) 0.9 Cash and cash equivalents of acquired subsidiaries or businesses 0.2 Impact on cash flow 0.7The fair values entered on intangible assets in the integration relate primarilyto customer agreements. The goodwill arising from these acquisitions totalled MEUR0.3. Contributory factors were the synergies related to these businessesexpected to be realized. The year's operating profit of the operations acquiredfor the segment was MEUR -0.1 from the acquisition date. Group net sales wouldhave been an estimated MEUR 309.0 and the operating profit MEUR 41.4, assuming theacquisitions had taken place at the beginning of 2009.In the case of the customer agreements, the fair values are based on theestimated duration of the customer relationships and the discounted net cashflows generated by existing customers. Acquired businesses in 2008 The Group acquired four companies during 2008. These are listed by segment as follows: Acquisition % acquired Business date Newspapers TV- program information February Jadecon Oy service 20, 2008 100% Publishing rights for town paper September Rannikkoseutu Rannikkoseutu 1, 2008 100% Vuodatus.net Oy Blog service October 1, 2008 100% Publishing rights for town paper December Janakkalan Sanomat Janakkalan sanomat 31, 2009 100% The following table presents the opening balance sheets of the acquired operations in the Group, the total acquisition price and impact on cash flow: Fair values Book values entered before Newspapers (MEUR) integration in integration ----------------------------------- Property, plant and equipment Intangible assets 0.0 0.2 Intangible assets, trademarks 1.0 Intangible assets, customer agreements
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