INTERIM REPORT JANUARY-JUNE 2000
1(19) ALMA MEDIA CORPORATION STOCK EXCHANGE BULLETIN 8 Aug. 2000, 8.30 INTERIM REPORT JANUARY-JUNE 2000 Alma Medias net sales between January and June totalled MFIM 1 448 Mmk (1999: MFIM 1 474) and the operating profit was MFIM 73 (97). Net sales for the full year are expected to remain similar to last years level. The full years operating profit will be lower than last year owing to the growing investment needs of the New Media and Broadcasting business areas and the costs arising from the restructuring of Alprint. KEY FIGURES MFIM January-June 1-12 2000 1999 1999 Net sales 1 448 1 474 2 911 Operating profit 73 97 188 -as % of net sales 5.0 6.6 6.5 Profit before extraordinary items74 91 173 -as % of net sales 5.1 6.2 5.9 Equity ratio 52 51 52 Gearing 46 45 40 Capital expenditure on fixed assets 134 131 253 Full-time personnel on average 3 128 3 111 3 108 Earnings per share (FIM) 3.33 4.23 7.15 MEUR January-June 1-12 2000 1999 1999 Net sales 244 248 490 Operating profit 12 16 32 Profit before extraordinary items12 15 29 Capital expendition on fixed assets 23 22 43 Earnings per share (EUR) 0.56 0.71 1.20 SECOND-QUARTER PERFORMANCE The accrual of Alma Medias net sales is subject to considerable seasonal fluctuation owing to the nature of the media business. In this respect the second and fourth quarters are clearly more significant than the first and third quarters. Consolidated net sales between April and June 2000 totalled MFIM 736 (April-June 1999: MFIM 749) and the operating profit was MFIM 50 (59). 2(19) NET SALES BY BUSINESS AREA (MFIM) April-June 1-12 2000 1999 % 1999 Alpress 343 331 4 1 301 Broadcasting 263 280 -6 1 064 New Media*) 19 7 171 29 Alprint 195 199 -2 786 Parent company 23 16 44 63 Intragroup net sales -107 -84 27 -332 Total 736 749 -2 2 911 OPERATING PROFIT/LOSS BY BUSINESS AREA (MFIM) April-June 1-12 2000 1999 % 1999 Alpress 64 51 25 172 Broadcasting 17 19 -11 48 New Media*) -13 -6 -171 -28 Alprint -11 -1 -1000 0 Parent company -8 -0 - -9 Group entries 1 -4 - 5 Total 50 59 -15 188 (* Net sales and operating profit of the New Media business area are not derived from the legal structure of the organisation. Overlaps between Alpress and New Media are eliminated in Group entries.) Alpress performed well during the second quarter with both advertising and circulation revenues increasing clearly on the same period last year. Kauppalehti, Aamulehti and Satakunnan Kansa showed especially positive results. Alma Media announced in June its decision to form the Groups business-to-business services into a separate business area based around Kauppalehti and its special services. It was also announced at the same time that Alprints newspaper printing presses would be moved to Alpress from the beginning of next year. Sales of advertising time by MTV3 Channel, part of the Broadcasting business area, decreased 8 % owing to a decline in volume. The start-up of the TVTV! cable television channel added approximately MFIM 10 to the Groups expenses. The Groups share of associated company profits rose correspondingly by about MFIM 10, mainly as a result of the good performance reported by the Swedish TV4 AB. Radio Novas net sales amounted to MFIM 18 (17) and its operating profit was MFIM 2 (1). Net sales of the New Media business area increased 171 % to MFIM 19 owing principally to growth by MTV3i, Asuntopörssi, Kauppalehti Online and Jobline. Alma Media opened Finlands first operator- independent mobile portal, Port Alma, during the second quarter. 3(19) The portal is based on the news, sports and entertainment services produced by Alma Media Groups business units. The portal is also open to content producers outside the Group. The broad range of weather services produced by the Finnish Meteorological Institute were added to the Port Alma portfolio at the end of June. New classified advertising services were introduced including Autotalli.com for vehicle trading and, on MTV3is pages, a c-to-c marketplace called Punainen Tori and SeOikea for personal contacts. Alprints net sales fell slightly compared to the previous year but profitability weakened sharply, mainly as a result of the costs arising from restructuring of the heatset product line. Alprints heatset production will be relocated this year to the Rahola production unit in Rahola, Tampere, which was completed in May. Operations at the Pori heatset unit were discontinued in May and the Vantaa heatset unit will be closed by the end of October. Alprint announced in June that it will cancel replacement of the hybrid press scheduled for the Kaivoksela plant in Vantaa. This decision means that Alprint will cease hybrid printing altogether. A provision has been entered in the accounts to cover the expected MFIM 15 costs caused by withdrawal from this business. The Kaivoksela hybrid press will be closed down by the end of the year. The parent companys net sales increased mainly as a result of higher intragroup service charges. The Groups technical services personnel along with the information technology personnel were relocated from the business areas to the parent company. GROUP PERFORMANCE JANUARY-JUNE NET SALES BY BUSINESS AREA (MFIM) January-June 1-12 2000 1999 % 1999 Alpress 661 644 3 1 301 Broadcasting 523 548 -5 1 064 New Media*) 36 13 177 29 Alprint 390 401 -3 786 Parent company 46 32 44 63 Intragroup sales -208 -164 -27 -332 Total 1448 1 474 -2 2 911 4(19) OPERATING PROFIT/LOSS BY BUSINESS AREA (MFIM) January-June 1-12 2000 1999 % 1999 Alpress 93 83 12 172 Broadcasting 20 22 -9 48 New Media*) -21 -11 -91 -28 Alprint -13 4 -425 0 Parent company -12 -2 -500 -9 Group entries 6 1 - 5 Total 73 97 -25 188 Consolidated net sales between January and June totalled MFIM 1 448 Mmk (1999: 1 474). New Medias net sales rose 177 % and Alpresss 3 %. Broadcastings net sales declined 5 % and Alprints 3 % likewise. The Group recorded an operating profit of MFIM 73 (97) for the first six months of the year. Operating expenses and depreciation totalled MFIM 1 402 (1 400). Consolidated depreciation was MFIM 82 (85). Net financing expenses were MFIM +1 (-6), owing to an exceptionally large dividend received from Maakuntien Viestintä Oy. The MFIM 15 expense incurred in the closure of the Kaivoksela hybrid production line is recorded as an extraordinary expense in the January-June income statement. MFIM 22 (27) in taxes were deducted according to the current tax rate. The net profit for the period was MFIM 54 (66) and earnings per share were FIM 3.33 (4.23). Balance sheet The balance sheet totalled MFIM 2 497 at the end of June (MFIM 2 521 on 31 December 1999). The equity ratio was 52 % (52 % on 31 December 1999) and shareholders equity per share was FIM 77.54 (FIM 79.00 on 31 December 1999). Over MFIM 400 was transferred from long-term debt to short-term debt since the loans raised mainly to finance the acquisition of the Swedish TV4 AB shares are scheduled for repayment in a single instalment in spring 2001. These loans will be refinanced using long-term credit. Investments and financing Capital expenditure totalled MFIM 134 (131) and included MFIM 45 for production machinery investments in Alprint, MFIM 25 for shares in various new media companies and MFIM 10 to purchase the shares of Lapin Kansa Oy. The remainder comprised normal maintenance and replacement investments. The Group had MFIM 79 (131) in cash reserves at the end of the period. Interest-bearing loans totalled MFIM 639 (667). Gearing was 46 % (40 % on 31 December 1999). 5(19) Personnel and administration The Group had 3 128 (3 111) employees on average during the period as well as an additional 1 099 (1 058) part-time newspaper delivery staff. Mr Juha Blomster, president of Kustannus Oy Aamulehti, was named president of the new B-to-B business area, due to start operating at the beginning of September, and a member of Alma Media Corporations Group Executive Board. Mr Heikki Saraste, president of Alpress Oy, will also act as president of Kustannus Oy Aamulehti from the same date. The Alma Media share Altogether 722 000 (644 000) Series I shares and 3 062 000 (1 967 000) Series II shares were traded during the first half of the year. The highest share prices during the period were the highest ever recorded for Alma Medias shares. The companys marketing capitalisation at the close of the period totalled MEUR 561 (416). Alma Medias Board of Directors has no authorisations to raise the share capital. Price (euroa) Highest Lowest 30 June 2000 Series I 65.00 27.00 35.50 Series II 70.00 27.00 35.75 Business environment According to preliminary figures released by Ad Facts Ltd, media advertising grew 8 % (7 %) during the first half of the year. Advertising volume rose 6 % during the first quarter and 9 % during the second quarter. Various economic research institutions have revised their GDP and consumer demand forecasts upwards. Newspaper advertising grew faster than economic growth in general. Circulation revenues also continued to rise although regional differences were large. Kauppalehtis circulation showed an especially high increase. The afternoon newspaper market declined slightly. Iltalehtis circulation rose further and its market share increased. Growth in television advertising remained at just over 4 % despite an increase in television viewing time of 9 minutes (5 %) per day compared to the same period last year. Part of the increase was attributable to the new cable television channel TVTV!, started up in February. Digital television will be introduced in Finland on 27 August 2001. The organisations awarded a digital operating licence set up a consortium in June to coordinate the technical start-up of digital television. 6(19) The Internet continued to grow strongly in popularity but Internet advertising has increased more slowly than expected. Online advertising rose 56 % but accounted for only about 1 % of total advertising. The number of visitors to Alma Medias Internet pages continued to rise sharply and the company retained its position as Finlands leading producer of online services. Demand for graphic industry products remained essentially unchanged both in Finland and in the export markets. Paper prices have risen moderately since the same period last year. Alpress Alpress recorded net sales of MFIM 661 (644). This represented an increase of 5 % on last years corresponding period since the 1999 figure also included the printing operations of Pohjolan Sanomat Oy and Kainuun Sanomain Kirjapaino Oy which were sold at the end of the year. Some 54 % (52 %) of net sales came from advertising sales, 43 % (42 %) from circulation sales and 3 % (6 %) from other income. Alpresss advertising revenues increased 7 % and circulation revenues 4 %. Aamulehti and Kauppalehti both showed growth in advertising revenues of over 10 % whereas advertising revenues of the Pohjolan Sanomat newspapers decreased 1-5 %. All the Alpress units except Pohjolan Sanomat increased their circulation incomes. The comparable expenses of the Alpress business area increased 5 %. Printing costs were 6 % higher due to an increase in pages and circulations and also because Lapin Kansa took over printing of Pohjolan Sanomat during the period. Personnel expenses increased 3 % and other expenses 5 %, the latter being caused by an increase in sales commissions and transport costs due to higher circulations and to different scheduling of marketing costs compared to the previous year. Alpress published 31 newspapers during the reporting period. Alpress made an offer at the end of March to buy the shares of Lapin Kansa Oy. It bought over 11 % of the shares during the offer period and at the close of the period held 76 % of the total. Suomen Paikallissanomat Oy acquired the free publication paper Vekkari in Jämsä along with its distribution operation in April. This paper is published once a week and has a print-run of about 17 000 copies. The decision was taken in June to integrate Alprints newspaper printing activities in Tampere, Pori, Rovaniemi and Kajaani within the newspaper publishing organisations in the same towns. The transfer will take place at the start of 2001. It was also decided in June to place all the Alma Media Groups business-to-business operations within a new business area due to start operating at the beginning of September. 7(19) Kauppalehti announced in June that it would launch a cross-media product called Saldo and a rating service for mutual funds. Saldo includes a supplement targeted at private households and investors and will be delivered to Kauppalehti subscribers on Fridays. The themes addressed in Saldo will also be discussed in a weekly programme on MTV3 and on the Internet. The first issue will be launched at the beginning of September. The Saldo concept will also include a mutual fund, Conventum Aktive, launched in co-operation with Conventum Fund Management Limited. Conventum Aktive is a domestic balanced fund with a minimum subscription of EUR 1000. It is the first mutual fund in Finland where all holdings can be publicly monitored on an ongoing basis. The Internet rating service will be launched in August. It is based on the methodology developed by Morningstart, Inc., established in the USA in 1984. Kauppalehti is the sole licensee of this methodology in Finland. Kauppalehti will market the services to securities trading offices and investment management companies. Alpresss profitability was good. The operating profit was 14 % of net sales (13 %). With the current Group structure, Alpresss full- year net sales and operating profit are expected to slightly exceed last years levels. Broadcasting MTV Oy, part of the Broadcasting business area, reported net sales of MFIM 523 (548), which included MFIM 492 (526) in net sales subject to the operating licence fee. MTV groups advertising volumes declined in national prime-time viewing by 9 %. A major factor underlying the decrease during the second quarter was that MTV missed the contract to sell advertising for the World Icehockey Championships shown on the Finnish Broadcasting Companys channel. MTV accounted for 75 % (84 %) of total television advertising during the period and 77 % (83 %) of commercial channel viewing time. MTV3 Channels share of total viewing time was 40 % (43 %), and 39 % (41 %) of prime-time viewing. A reduction of over 7 % in programming time was instrumental in the decrease in share of viewing time. The channel transmitted 15 hours of programming per 24 hours on average. Domestic production accounted for 63 % (49 %) of total programming. Net sales of the cable television channel TVTV! launched in February were not significant. Sales of advertising time on this cable channel are expected to increase markedly towards the end of the year once the channels coverage is extend to Greater Helsinki. After July the channel will be received by 85 % of all cable channel households in Finland, i.e. about 1.7 million people. TVTV!s share of total viewing time at the close of the reporting period was half of one percent. 8(19) Charges payable to the Finnish Broadcasting Company fell 5 % owing to the decrease in MTVs net sales subject to the operating licence fee. The Groups other operating expenses corresponded with the same period last year. The launch of TVTV! incurred costs of MFIM 13 whereas the Groups share of MTVs associated company results was MFIM 11 (-1), most of which was attributable to solid performance by TV4 AB in Sweden. TV4 AB publishes its six-month results on 15 August 2000. MTV Oys share has been estimated from TV4 ABs first-quarter results. Radio Nova recorded MFIM 30 (29) in net sales during the first six months and a slight operating loss. Advertising sales by the Broadcasting business area are expected to increase somewhat during the second half of the year compared to last year but its profitability during the remainder of the year will be adversely affected by over MFIM 10 from TVTV! and a further commitment of almost MFIM 10 in programming in the autumn to safeguard the companys share of total viewing time. On the other hand the share of TV4 ABs result will clearly improve Broadcastings operating profit even after goodwill amortization totalling MFIM 22. Broadcastings full-year net sales are expected to remain slightly below last years figure and its operating profit to be clearly lower. New Media Alma Media is Finlands leading provider of Internet services. The company offers more than 30 different online services which are used by more than half a million separate visitors weekly. The most popular services are MTV3i, Iltalehti Online, Kauppalehti Online, the property trading service DIME/Asuntopörssi, the job recruitment service Jobline and the Luukku Finnish-language e-mail service. The New Media business area comprises Alma Media Interactive Oy, Alma Media Net Ventures Oy, and the Groups online newspapers and services. The newspaper brands are responsible for developing and operating their own online publications and associated services. Alma Media Interactive Oy is responsible for most of the Groups net media activities. Alma Media Net Ventures Oy handles the commercial exploitation, in Finland and abroad, of the business concepts, new media service applications and patents and industrial property rights developed by Alma Media in the areas of customer management, content production and e-commerce. New Medias net sales increased 177 % to MFIM 36 (13). The business area recorded an operating loss of MFIM -21 (-11). A strong increase in marketing investments along with investments in the mobile portal Port Alma and other new projects reduced its operating profit margin. 9(19) Of business units e.g Kauppalehti Online and the Jobline recruitment service showed extremely positive development. Their aggregate net sales increased 130 % with a corresponding clear improvement in profitability as well. Their operating profits exceeding 20 % of net sales. The number of users registered in the AHAA customer database, used by all Alma Medias online services, continued to grow strongly and the services had almost 700 000 active registered users. The number of weekly visitors in May totalled 540 000. Im May Alma Media strengthened its technological expertise through a MFIM 25 investment in new media companies supporting its activities and through the establishment together with Webcasters Oy of Intervisio Oy, a new media content producer. Other investments were an 18 % stake in Pro Solution Oy, which specialises in technology for handling information flow; 17 % in the online book company Meteori Books Oy; 5 % in Codeonline Oy, which develops interactive software for wired and mobile networks; 20 % in Neurotuotanto Oy, which specialises in developing software based on fuzzy logic; and 4 % in Boston-based Salient Stills Inc., whose technology is used to generate high-quality still photos from video and television pictures for use by newspapers and photo archives. Alma Media also has a majority stake in Domiras Oy, a company specialising in digital distribution technology, as well as holdings in the Californian-based software company Netsage Corporation, which develops animated and sound-based virtual sales assistants; Wireless Services Oy (WS), which maintains the eTori service; ProWellness Oy, a company specialising in healthcare information technology; and Almare Systems Oy, a software company in Tampere, Finland. New Medias full-year net sales are expected to be more than twice as high as last years figure and its operating profit margin is forecast to improve despite the increase in investments. Alprint Alprints operations were integrated in this business areas parent company from the start of the year. The personnel of Alprint Magazine Printing Group Ltd and Alprint Newspaper Printing Group Ltd were transferred to the parent company. The merger of the proposed and above mentioned subsidiaries, started in September 1999, was completed on 31 March 2000. The newspaper printing works responsible for printing Alprints provincial papers will be transferred to Alpress on 1 January 2001. The planned replacement of the printing press at Vantaa has been cancelled. 10(19) With Alpress taking over responsibility for printing the Groups daily newspapers, Alprint will concentrate specifically on magazines and other heatset products and on management of digital material. The collapse of the Russian market in autumn 1998, leading to a sharp drop in exports of printed products, continues to affect the entire printing sector. The market situation in the April-June period was more stable than in the first quarter for both magazines and promotional products. Price levels continued to be poor. Demand for tabloid products printed on newspaper rotation presses remain extremely low in Finland and in Russia. There is demand for tabloid products in the western export markets but the problem there is low page numbers and low price levels. Alprint recorded net sales of MFIM 390 (401), 36 % (31 %) of which came from intragroup sales, 34 % (35 %) from other domestic sales and 30 % (34 %) from exports. Western markets accounted for 74 % (75 %) of exports and Russia for 26 % (25 %). Domestic sales were 6 % down, exports to the west were 14 % down and exports to the east were 13 % down on the same period last year. Intragroup sales increased 13 %. Alprint reported an operating loss of MFIM -13 (operating profit MFIM 4). The costs arising from the concentration of heatset operations were the major reason underlying the deterioration in profitability. Alprints heatset production was concentrated at the new production unit in Rahola, Tampere, the most versatile such unit in the Nordic countries. Alprints heatset unit in Pori was closed in May and the unit in Tammisto, Vantaa, will be closed by the end of October. Large customers have been lost in Finland and western markets mainly because of tighter competition on prices. Paper prices and labour costs have risen 2-3 % since last year. The present market situation has prevented the full increase in costs from being transferred to printing prices and this has reduced profitability. Owing to the changed market situation and Alma Medias internal strategic priorities, Alprint has decided to cancel its Altti 2001 project, aimed at replacing the hybrid printing press at Kaivoksela, Vantaa during 2001. The estimated cost of this investment, including construction, was approximately MFIM 140. A project started in November 1999 to test the transfer and management of digital material made planned progress. The project was extended in May to include other Alma Media business units and this proceeded as planned likewise. Alprints full-year net sales are forecast to correspond with last years level. The result of operations is expected to be significantly lower than last year owing to the non-recurring costs 11(19) arising from restructuring of the heatset line, the closure of the Tammisto and Pori units and their transfer to Rahola. The non- recurring costs from restructuring will total about MFIM 30 this year; MFIM 15 of this relates to the closure of the Kaivoksela hybrid production line and is already entered under extraordinary expenses in the January-June income statement. Parent company The parent companys net sales totalled MFIM 46 (32) and comprised rental income and other income from intragroup services. The parent companys impact on the consolidated operating profit was MFIM -12 (-2). Subsequent events TVTV!s coverage was extended to Greater Helsinki on 14 July 2000 as agreed between MTV Oy and Helsinki Televisio Oy (HTV). HTVs cable network contains approximately 200 000 households. Based on the first few weeks of operation, the channel was warmly received in Greater Helsinki. Its share of total national viewing time rose to 0.8 %, hence the target set for the first operating year was achieved faster than expected. Kauppalehtis circulation in 2000 was audited at the beginning of August. The circulation rose to an all-time high. The audited figure was 84 626, up 3.5 % on the previous year. Negotiations with personnel at Alprints Kaivoksela unit were started in June to evaluate the impact of the cancellation of the Altti 2001 project on the unit. These negotiations were completed in August, when roughly 80 production employees were made redundant. It was decided to cease production at the unit by the beginning of next year. Prospects to the year end Conditions are expected to remain favourable for newspaper publishing to the end of the year. Alpresss net sales and operating profit are forecast to improve slightly on last year. MTV Oys net sales will fall well below target and are not expected to reach last years figure. MTV Oy has decided to make further investments in programming to maintain its high share of total viewing time. Its profitability will be under greater strain than last year owing to an increase in programming costs caused by the competitive situation and to the investments in the TVTV! cable television channel. Despite TV4 ABs clearly higher profit contribution this year, Broadcastings operating profit will be noticeably lower than last year. 12(19) Alma Media continues to increase its investments in new media. The New Media business areas full-year net sales are expected to at least double and its operating profit margin to improve. Alprints operating profit will be adversely affected by non- recurring costs from concentration of the heatset line and closure of the hybrid newspaper product line in Vantaa. Alprints full- year net sales are expected to remain at last years level but for the aforementioned reasons its operations will be clearly loss- making during the remainder of the year. Restructuring operations will clearly enhance Alprint's competitiveness and cost efficiency. Alprint is expected to be profitable in 2001. Due to one-time income on third quarter in 1999 and one-time costs in same period this year, the Group's operating profit will not reach last years third quarter figure. The last quarter is expected to equal the previous years figure. As noted in the first-quarter interim report, the Groups full- year net sales are expected to remain similar to last years figure. The operating profit is not expected to reach last years level owing to the growing investments being made in the Broadcasting and New Media business areas and the non-recurring costs caused by restructuring in Alprint. On the other hand the cancellation of the replacement investment will release considerable cash flow for the Groups chosen growth businesses, new media and business-to-business services. 13(19) CONSOLIDATED INCOME STATEMENT (MFIM) 2000 1999 2000 1999 1999 4-6 4-6 1-6 1-6 1-12 NET SALES 736 749 1 448 1 474 2 911 Share of profits of associated companies 12 2 12 -1 2 Other operating income 2 12 15 24 50 Expenses -700 -704 -1 402 -1 400 -2 775 OPERATING PROFIT 50 59 73 97 188 Financial income and expenses -4 -1 1 -6 -15 PROFIT BEFORE EXTRAORDINARY ITEMS 46 58 74 91 173 Extraordinary income 0 1 0 1 2 Extraordinary expenses -15 0 -15 -1 0 PROFIT BEFORE TAXES 31 59 59 91 175 Taxes -11 -16 -20 -23 -57 Minority interests 0 -1 0 -2 -4 NET PROFIT FOR THE PERIOD 20 42 39 66 114 CONSOLIDATED INCOME STATEMENT (MEUR) 2000 1999 2000 1999 1999 4-6 4-6 1-6 1-6 1-12 NET SALES 124 126 244 248 490 Share of profits of associated companies 2 0 2 0 0 Other operating income 0 2 3 4 8 Expenses -118 -118 -236 -235 -467 OPERATING PROFIT 8 10 12 16 32 Financial income and expenses -1 0 0 -1 -3 PROFIT BEFORE EXTRAORDINARY ITEMS 8 10 12 15 29 Extraordinary income 0 0 0 0 0 Extraordinary expenses -3 0 -3 0 0 PROFIT BEFORE TAXES 5 10 10 15 29 Taxes -2 -3 -3 -4 -10 Minority interests 0 0 0 0 -1 NET PROFIT FOR THE PERIOD 3 7 7 11 19 14(19) CONSOLIDATED BALANCE SHEET (MFIM/MEUR) 2000 1999 1999 30.06. 30.06. 31.12. MFIM MEUR MFIM MEUR MFIM MEUR ASSETS FIXED ASSETS Intangible assets 90 15 82 14 80 13 Goodwill on consolidation104 17 104 17 104 17 Tangible assets 992 167 978 164 993 167 Investment 721 121 723 122 701 118 CURRENT ASSETS Inventories 265 45 230 39 235 40 Receivables 246 41 254 43 279 47 Cash and bank receivables 79 13 131 22 129 22 2 497 420 2 502 421 2 521 424 CONSOLIDATED BALANCE SHEET (MFIM/MEUR) 2000 1999 1999 30.06. 30.06. 31.12. MFIM MEUR MFIM MEUR
- Date: 8.8.2000, 08:00
- News type: Stock exchange release
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