ALMA MEDIA CORP. STOCK EXCH. BULLETIN 9 Nov. 1999, 8.30 a.m. 1/15 ALMA MEDIA GROUP INTERIM REPORT JANUARY - SEPTEMBER 1999 Alma Media’s net sales totalled MFIM 2 112 (2 086), MEUR 355 (351). The operating profit was MFIM 120 (164), MEUR 20 (28). Alpress’s operating profit increased but the operating profits for MTV and Alprint declined clearly. KEY FIGURES MFIM Jan. - Sep. 1-12 Net sales 2 112 2 086 2 868 Operating profit 120 164 242 - as % of net sales 5.7 7.9 8.4 Profit before extraordinary items and taxes 109 151 225 - as % of net sales 5.2 7.2 7.8 Equity ratio (%) 51 51 51 Gearing 54 48 39 Capital expenditure on fixed assets 177 122 219 Average personnel 3 138 2 889 2 905 Earnings per share (FIM) 5.03 6.59 9.21 MEUR J an. - Sep. 1-12 Net sale 355 351 482 Operating profit 20 28 41 - as % of net sales 5.7 7.9 8.4 Profit before extraordinary items and taxes 18 25 38 - as % of net sales 5.2 7.2 7.8 Equity ratio (%) 51 51 51 Gearing 54 48 39 Capital expenditure on fixed assets 30 21 37 Average personnel 3 138 2 889 2 905 Earnings per share (euro) 0.85 1.11 1.55 Performance during third quarter As a media Group Alma Media is subject to strong variation in the accrual of its net sales and profits during the four quarters of the year. In this respect the second and fourth quarters are clearly more significant than the first and third quarters. During the summer months newspaper and television advertising sales can even fall to below half of sales during the best months. The Group’s net sales between July and September 1999 totalled FIM 638 million (July - September 1998: FIM 632 million) and the operating profit was FIM 23 (32) million. NET SALES AND OPERATING PROFIT BY DIVISION (MFIM) NET SALES OPERATING PROFIT 1999 1998 1999 1998 7-9 7-9 % 7-9 7-9 % Alpress 306 257 19 44 37 19 MTV 202 218 -7 -8 -3 -166 Alprint 186 211 -12 0 10 - Parent company and other operations 20 19 5 -12 -14 14 Intragroup net sales/ Group entries -76 -73 4 -1 2 -150 Total 638 632 1 23 32 -28 The rise in Alpress’s net sales was principally due to the addition of new regional newspapers to the group after the same period last year. The main factors behind the improvement in operating profit were an increase in Iltalehti’s circulation revenue and an increase in Alpress’s advertising revenue. MTV’s net sales and result were depressed in particular by lower than expected sales of advertising time in August and September. Its operating result was improved by a FIM 11 million profit on the sale of a majority of the MTV-Viihde Oy shares. Alprint’s net sales were reduced mainly by the fall in exports to Russia, which began in August 1998. Performance between January and September The Group’s net sales for the first nine months of 1999 totalled FIM 2112 million (January - September 1998: FIM 2086 million) and the operating profit was FIM 120 (164) million. NET SALES AND OPERATING PROFIT BY DIVISION (MFIM) NET SALES OPERATING PROFIT 1999 1998 1999 1998 1-9 1-9 % 1-9 1-9 % Alpress 949 798 19 126 108 17 MTV 751 784 -4 13 52 -75 Alprint 587 679 -14 4 32 -87 Parent company and other operations 61 58 5 -25 -30 17 Intragroup net sales/ Group entries -236 -233 1 2 2 0 Total 2 112 2 086 1 120 164 -27 Net sales of Alpress increased due to its new units and successful business operations. TV advertising volumes have showed exceptional monthly fluctuation. This year television has lost advertising market share to other media, notably newspapers and magazines. The drop in Alprint’s net sales was caused by the fall in Russian exports and its knock-on effects in neighbouring markets. Alma Media is the largest provider of network services in Finland. These are used by some 400 000 people every week. Alma Media’s share of Internet advertising in Finland exceeds 40 %. Net sales of the New Media division (excluding net sales from the Group’s network newspapers) increased 100 % to FIM 14 (7) million; this division began operation in September. The parent company, other operations and Group entries reduced the consolidated operating profit by FIM -23(-28) million, which included the impact of the New Media division, FIM -18 (-9) million. Depreciation during the period totalled FIM 129 (128) million. The impact of associated companies on the Group’s operating profit was FIM -9 (-10) million. FIM 30 (46) million in taxes were deducted, calculated according to the current tax rate. Gross capital expenditure totalled FIM 177 (122) million. The largest items were FIM 64 million in replacement investments for Alprint’s production machinery and FIM 33 million covering the acquisition of the shares of the Alpress division’s newspaper companies. The Group’s net financial costs were FIM 11 (13) million. On 30 September liquid reserves totalled FIM 84 (128) million and interest-bearing debt amounted to FIM 733 (683) million. Gearing was 54 % (48 %). Personnel and administration The Group had 3138 (2889) employees on average during the period and an additional 1066 (980) part-time newspaper delivery staff. Two new members were added to the Group Executive Board during the period. Mr Lauri Helve, editor-in-chief of Kauppalehti, was appointed to the Group Executive Board of Alma Media Corporation on 1 May 1999 to contribute a journalistic perspective to corporate decision-making. On 1 September 1999 the Group’s new media operations were merged into a new division called New Media and this division’s president, Mr Raimo Mäkilä, was appointed to the Group Executive Board. Shares and bond with warrants Altogether 658 000 Series I shares were traded on the Helsinki Exchanges during the period, representing 10 % of the Series I stock, and 3 316 000 Series II shares, or 37 % of the Series II stock. Trading in both share series totalled EUR 114 million. The company’s market capitalization was EUR 357 million at the close of the period. Share price (euro) Price on Price on Highest Lowest 4.1.1999 30.9.1999 price price Series I 28.43 21.20 40.50 19.70 Series II 28.00 20.00 40.00 19.51 In December 1998 the Otava-Yhtyneet Group, Sampo Group and Varma- Sampo Mutual Pension Insurance reached a mutual purchase option agreement concerning Alma Media Corporation shares. The parties exercised their option rights under this agreement in August 1999 and announced that any outstanding unexercised rights were henceforth cancelled. In May 1999 Alma Media Corporation offered bonds with warrants to its employees entitling subscription of altogether 610 000 Series II shares. Under the terms of the bond, half of the shares may be subscribed from 28 May 2001 at a price per share exceeding by 12 % the average price during October 1999, i.e. EUR 23.05 per share; and half of the shares from 28 May 2003 at a price per share exceeding by 28 % the same average price, i.e. EUR 26.34 per share. Any dividends payable will be deducted from the subscription price before subscription. The average price of the Series II share during October 1999 was EUR 20.58. Year 2000 The Group’s preparations for the change of millennium have proceeded as planned and according to schedule. By the end of the reporting period the Group had completed most of the measures required to ensure year 2000 compliance. To the extent that the Group’s year 2000 compliance depends on the company’s own action, any remaining inspections and tests will be completed during the final quarter of the year. All systems of critical importance to the Group’s operations will be upgraded to ensure year 2000 compliance. The Group has spent altogether approximately FIM 20 million on its preparations for the new millennium. Most of this expenditure has comprised various software and system upgrades scheduled deliberately to take place before the change of millennium. The Group has also sent inquiries to all its main software and hardware suppliers to ascertain their year 2000 readiness and in this respect the Group’s year 2000 compliance depends on the trustworthiness of these suppliers’ replies. The critical areas of the Group’s divisions have been surveyed and contingency plans drawn up in anticipation of possible malfunctions. These plans will be tested, to the extent they can be tested, before the turn of year. Alma Media believes that it will achieve internal year 2000 readiness as planned and scheduled before the advent of the year 2000. Despite the company’s own state of readiness and all the action it has taken, however, no absolute assurance can be given that the change of millennium will not adversely affect the company’s operations or its financial position. Such unpredictable factors could be internal or they could arise from the actions of its business partners, suppliers or other similar organizations. Business conditions and division performance Alma Media Group is a mass media company with four divisions. Alpress is responsible for newspaper publishing, MTV for television and radio broadcasting, Alprint for printing services, and New Media for the Group’s new media operations. The parent company, Alma Media Corporation, is listed on the Helsinki Exchanges. It is centrally responsible for the Group’s business management and strategic development projects, financial control and treasury, real estate holdings, and its obligations as a listed company. Almost two-thirds of Alma Media’s net sales comes from advertising. Slightly over half of this revenue consists of MTV3- Channel’s sales of advertising time and sponsoring revenue, and roughly one-third is derived from newspaper advertising. Direct advertising revenue also includes advertising sales of network services as well as income from promotional products printed by Alprint for external customers. Alma Media Group generates approximately 90 % of its net sales in Finland. Exports account for virtually one-third of Alprint’s net sales and two-thirds of exports are derived from the Nordic countries. Alma Media Group’s most significant international commitment is its slightly more than 23 % holding in Sweden’s TV4 AB. Growth in media advertising has slowed down from 7-8 % at the start of the year and Alma Media’s current forecasts suggest that growth for the whole year could remain less than five per cent. No significant change is expected next year. Growth in media advertising was surprisingly sluggish in late summer and early autumn considering that the Finnish economy is on an extremely solid foundation. The most important indicators of advertising trends, growth in GDP and consumer spending, continue to rise at a rate of 3.5 - 4.5 %. According to Ad Facts Ltd total expenditure on media advertising increased 6 % to FIM 4.0 (3.8) billion between January and September this year. Newspaper advertising rose 6 %, magazine advertising 7 %, television advertising 2 %, radio advertising 3 %, billboard advertising 6 %, cinema advertising 12 % and Internet advertising 109 %. The financial performance of major advertisers, another important factor affecting trends in advertising expenditure, was not so clearly positive. The decline in exports to Russia has adversely affected the profitability of many Finnish food industry companies, for example, a trend which has had a direct impact on domestic advertising spending. The retail sector, notably food retailing, special goods and department stores, has developed weaker than expected. On the wholesale side, only car sales have shown exceptionally high growth. Alpress During the period the Alpress division comprised the national newspapers Kauppalehti and Iltalehti; the provincial newspapers Aamulehti, Satakunnan Kansa, Lapin Kansa, Pohjolan Sanomat and Kainuun Sanomat; Suomen Paikallissanomat, which publishes local newspapers; and the parent company Alpress Oy, which provides administrative services for the division. All in all, the Alpress group contains 30 titles, 16 of which are local newspapers, 4 are town papers and 3 free-distribution papers. The publishing and printing operations of Pohjolan Sanomat Oyj and Kainuun Sanomain Kirjapaino Oy, which became subsidiaries after the comparable period, have been consolidated in Alpress’s financial statements from the beginning of the year. Newspaper circulations in Finland have fallen since the start of the year, although this trend has been uneven. A circulation audit conducted in the spring showed that the circulations of 15 newspapers had risen and the circulations of 12 had fallen. Kauppalehti’s circulation increased 2.0 % despite the fiercer competition. Iltalehti’s six-day circulation rose 1.2 % and the circulation of its weekend edition 3.4 %. Iltalehti continued to develop well and by the end of September had further increased its share of the afternoon newspaper market. Since the beginning of the year Iltalehti’s sales have grown by more than 5 % on the same period last year. As to Alpress’s regional papers, Aamulehti’s circulation rose 0.8 % and Satakunnan Kansa’s 0.3 %. However, Lapin Kansa’s and Kainuun Sanomat’s circulations declined 0.7 % and 1.9 % respectively, while Pohjolan Sanomat’s circulation decreased 1.3 % since last autumn. The circulations of the Paikallissanomat newspapers rose on average by 2.0 %. Alpress’s net sales totalled FIM 949 (798) million. Of this figure, 51 % (51 %) came from sales of advertising space, 44 % (46 %) from circulation sales, and 5 % (3 %) from other sales. FIM 111 million of this FIM 151 million increase was attributable to the new units added to the division. The division’s comparable advertising sales increased 5.9 % and comparable circulation sales 4.0 %. MTV The MTV group is responsible for Alma Media’s television and radio broadcasting operations. In addition to MTV3 Channel in Finland, MTV Oy’s result is also significantly affected by its associated company in Sweden, TV4 AB, in which it owns 23 %. MTV is also operatively responsible for Alma Media’s national radio broadcasting activities through Radio Nova, in which the Group owns 48 %. Despite an increase in supply, television advertising has lost market share. Television attracted 21 % (22 %) of all media advertising during the period. MTV’s share of television advertising was 84 % (88 %). Daily television viewing time in Finland grew by eight minutes to 2 hours 35 minutes per person compared to the January-September period last year. MTV3 Channel accounted for half of this increase. In the new competitive situation MTV’s strategy is to maintain its high audience rating. This strategy has been successful. MTV3 Channel’s share of total viewing time was 42 % (42 %) and its share of prime-time viewing was 40 % (40 %). MTV3 Channel’s total programming time was 4038 (4151) hours. The proportion of domestic programmes increased slightly on 1998 to 51 % (49 %). MTV’s net sales in the period totalled FIM 751 (784) million, down 4 % on last year. Owing to a decline in sales of advertising time and increased programming costs, MTV’s operating profit remained well below its result last year, despite a FIM 11 million profit of the sale of MTV Viihde Oy. The operating profit was FIM 13 (52) million. TV4 AB in Sweden posted net sales of 1 446 (1 410) million Swedish krona and an operating profit of 44 (25) million. The net impact on MTV Oy’s operating profit of TV4 AB’s result and amortization of goodwill on consolidation was FIM -11 (-13) million. Radio Nova, in which Alma Media has a 48 % holding, recorded net sales of FIM 42 (41) million and an operating profit of FIM 1 (2) million. On 1 July 1999 MTV Oy’s programme director, Mr Tauno Äijälä, was appointed Executive Vice President of MTV Oy and deputy to the president. On 2 August 1999 Mr Ilkka Kylmälä MSc. (Econ.) was appointed Executive Vice President of MTV Oy with responsibility for sales and marketing. MTV Media Oy, the division’s sales and marketing company, was reorganized at the beginning of August and preparations were started to merge MTV Media Oy with MTV Oy. Kauppalehti and MTV Oy set up a new company, Uutislinkki Oy, to produce business news for MTV3 Channel. This new venture marks a major step in Alma Media’s cooperation with various forms of media to produce a higher quality of programme content. On 1 September 1999 the operations of MTV-Musiikki Oy were transferred to a new company, Suomen Mediamusiikki Oy, which also took over the intangible rights of MTV-Musiikki’s recordings. MTV Oy owns 15 % of the new company. MTV Oy sold 51 % of MTV-Viihde Oy to Grundy International, part of the Pearson Television group. MTV-Viihde Oy, with annual net sales of almost FIM 70 million, is the largest producer of entertainment programmes in Finland. This divestment is part of MTV Oy’s strategy to focus its own production efforts on news and current affairs programmes, while acquiring other programmes from outside suppliers. In June the Council of State (the Finnish government) granted operating licences for digital commercial TV channels in two multiplexes, each with four channels, as well as reserving a third multiplex for Yleisradio Oy (the Finnish Broadcasting Company). MTV will broadcast MTV3 Channel in digital format and it is also participating in City-TV and Suomen Urheilutelevisio (Finnish Sports Television). These three channels were placed in Multiplex B, the fourth being Wellnet Oy’s TV channel. The TV companies in the same multiplex are required to reach an agreement by 23 December 1999 on the use of broadcasting capacity and the principles governing their cooperation. The agreement will be approved by the Ministry of Transport and Communication, after which the Telecommunications Administration Centre (TAC) will issue the frequency to be used by the multiplex administrator. As required by the terms of the operating licences, preparations for digital television have focused on building a common technological platform, organizing the management of the multiplex, developing the ownership structure of the TV channels and preparing a business plan. Alprint Alprint is the Alma Media division responsible for the Group’s printing operations. A little over one year ago Alprint set in motion a programme of replacement investments aimed at raising its cost efficiency and competitiveness. The collapse of exports to Russia one year ago has changed business conditions in the graphic industry in Finland considerably. Despite an increase in domestic demand for printed products, coupled with growth in exports to the West, the printing capacity released by the lack of Russian exports has led to unhealthy competition on prices. Major changes were made to Alprint’s organization and operations during the period, aimed at achieving a distinct improvement in cost efficiency. Alprint’s production was previously divided between Alprint Newspaper Printing Group Ltd and Alprint Magazine Printing Group Ltd. A new customer-driven operating model was introduced during the reporting period in which all customers are segmented mainly into publishers and advertisers. At the same time Alprint’s domestic market was enlarged to include the whole of Scandinavia and preparations were started to merge Alprint Newspaper Printing Group Ltd and Alprint Magazine Printing Group Ltd with the parent company Alprint Oy. Operations in the new model are divided into four product lines: Heat Set, Cold Set, Hybrid Products, and Special Products. All are served by a common prepress unit. Mr Sampo Salonen was appointed Executive Vice President - Operations for Alprint in August. Alprint’s cost efficiency and competitive enhancement measures included closure of the newspaper printing plants in Jämsä and Valkeakoski. A major investment programme involving replacements at the heat set plants is in progress. When completed at the end of next year, the company’s heat set rotation presses will be centred in one production unit in Tampere and the old heat set plants in Vantaa and Pori will be closed down. Alprint’s net sales in the period totalled FIM 587 (679) million. Alma Media accounted for 32 % (27 %) of its sales, other domestic customers for 34 % (31 %) and exports for 34 % (42 %) of sales. The Nordic countries contributed 67 % (35 %) of exports, the remaining 23 % (57 %) coming from Russia. Alprint’s sales to Alpress increased more than 2 % compared to the previous period but other domestic sales declined 5 %. Exports to Russia fell by 72 %. Exports of magazine products decreased 62 % and exports of newspaper products 84 %. Alprint’s exports to the West grew by more than 26 %. Alprint reported an operating profit of 4 (32) million. Altogether 80 % of the decrease resulted from lower volumes and 20 % from a fall in prices. Paper prices did not change significantly during the period. New Media The new media sector has been one of Alma Media’s core development priorities for several years, and will remain so. For this reason Alma Media decided in August to combine all its new media operations into a new division called New Media. This year the division’s consolidated net sales will total approximately FIM 30 million. Net sales from the new media operations in the first nine months of the year amounted to FIM 21 (10) million, part of which - FIM 7 (3) million is recorded as net sales from network newspapers under Alpress’s net sales. Mr Raimo Mäkilä, President of Alma Media Net Ventures Oy, was appointed President of the New Media division and a member of Alma Media’s Group Executive Board on 1 September 1999. Mr Mäkilä also continues as president of Alma Media Net Ventures Oy, which is responsible for the technical maintenance, R&D and business development related to the Group’s network services. The commercial and content projects of the New Media division have been placed within Alma Media Interactive Oy, whose president is Mr Jukka Mauno. Alma Media’s new media activities focus on portals, e-commerce and e-classified ads. Alongside the New Media division, the parent company is also actively involved in basic research in the field through joint projects with universities and participation in new media development projects. These efforts have already produced intangible rights, for which patents are pending. Alma Media is the largest Finnish provider of network services. Its most popular network services are MTV3i, Iltalehti Online and Kauppalehti Online. According to a survey performed by Web Traffic Monitor, the MTV3i website had 193 000 visitors weekly, Iltalehti Online 146 000 and Kauppalehti Online 30 000. Almost 400 000 people use Alma Media’s network services weekly. Alma Media’s network services generated over FIM 8 million in advertising revenue during the period, which represents more than 40 % of the entire Internet advertising market in Finland. Media portals in Alma Media are divided into three categories. MTV3i plays an important role in MTV3 Channel’s programme marketing and programme information. MTV3i is a horizontal, or general, portal offering news, entertainment, search, e-mail and other network services. Its content is also divided into subject areas, to enable more effective targeting of advertising. During the period MTV3i also launched its own Internet connection. Kauppalehti Online is a business portal for people interested in business and investment. Besides advertising revenue, a major part of its income is also derived from content sales. Some 70 % of Kauppalehti Online’s income comes from sales of content and services. With more than 30 000 weekly visitors, Kauppalehti Online is clearly the most popular business portal in Finland. The third type of portal consists of local portals like VerkkoAamulehti, which offer high-quality services of local interest in addition to national services and news. Different network services can be combined in all the media portals. During the period MTV3i launched a Finnish-language e-mail service called, which now has approximately 25 000 registered users. The most popular media portals also function as platforms for e-commerce marketplaces. MTV3i’s website, for example, includes ShopIt for e-shopping and eTori for network auctioning. Income from these services is derived either in the form of monthly charges or as a proportion of retail turnover. Alma Media’s electronic classified advertising is represented by DIME for property trading, Autotalli for used car sales, and Jobline for recruitment. DIME now operates in conjunction with 13 regional network services. Last autumn Alma Media signed an agreement with Nokia to start producing services and content for Nokia’s wireless terminals. Alma Media has also devoted resources to developing WAP services, the first of which will be launched at the end of the year. Subsequent events and year-end prospects In October Alma Media announced that MTV Oy would launch a television channel viewable solely on cable networks. The new channel, to be financed by advertising revenue, will begin test transmissions during the current year. This cable television operation will be started as an MTV Oy business unit. The unit will have about 15 employees. In August Pohjolan Sanomain Kirjapaino Oy began to investigate the various alternatives available to printing the Pohjolan Sanomat newspaper and the personnel needs of the newspaper’s units. Consequently, printing of the newspaper will be moved to Alprint’s Rovaniemi plant by March 2000. This move, coupled with personnel reductions in different departments to meet current needs, will mean the loss of 43 jobs in the Pohjolan Sanomat group. Alma Media’s television and radio broadcasting operations are grouped within its Broadcasting Division. This division consists of MTV Oy, which manages the business operations of the terrestrial MTV3 Channel and a new cable channel scheduled to start next year, as well as the associated companies Suomen Uutisradio Ab (Radio Nova) (48 %) and TV4 AB in Sweden (23 %). The following management appointments in the division will take effect on 1 December 1999. Mr Eero Pilkama (56), will move to the Group’s parent company, Alma Media Corporation, as Chairman of the Board of Directors of MTV Oy and President of the Broadcasting Division. Mr Ilkka Kylmälä (48), Executive Vice President of MTV Oy, has been named President of MTV Oy and a member of Alma Media’s Group Executive Board. Alma Media’s consolidated net sales for the full year are expected to reach last year’s level but the Group’s operating profit will be clearly lower. No significant changes are expected in Alpress’s business environment during the final months of the year. Alpress’s net sales are expected to reach almost FIM 1.3 billion and its profitability to remain similar to the level during the first three quarters of the year. MTV’s net sales will be lower than last year. Profitability in the fourth quarter is forecast to be without question the best in the year. MTV’s operating profit for the full year will fall to below half of last year’s figure. Alprint’s net sales will be well below last year’s level and the operating result for the full year will be only slightly positive. New Media has been defined as one of Alma Media’s most important priorities in the future. The full-year net sales of the New Media division will match the forecast figure. This operation will depress the Group’s result in the next few years due to its growing investment needs. ALMA MEDIA CORPORATION BOARD OF DIRECTORS The information in this interim report is unaudited. Alma Media will publish is 1999 financial statements bulletin on 18 February 2000. ALMA MEDIA CONSOLIDATED INCOME STATEMENT (MFIM) NET SALES 638 632 2 112 2 086 2 868 Share of profits of associated companies -8 -6 -9 -10 -3 Other operating income 15 5 39 23 25 Expenses -622 -599 -2 022 -1 935-2 648 OPERATING PROFIT 23 32 120 164 242 Financial income and expenses -5 -5 -11 -13 -18 PROFIT BEFORE EXTRAORDINARY ITEMS 18 27 109 151 225 Extraordinary items 0 1 0 1 18 PROFIT BEFORE TAXES AND MINORITY INTERESTS 18 28 109 152 242 Taxes -5 -10 -28 -45 -76 Minority interests 0 0 -2 -2 -4 NET PROFIT IN REPORTING PERIOD 13 18 79 105 163 CONSOLIDATED INCOME STATEMENT (MEUR) NET SALES 107 106 355 351 482 Share of profits of associated companies -1 -1 -2 -2 -1 Other operating income 3 1 7 4 4 Expenses -105 -101 -340 -325 -445 OPERATING PROFIT 4 5 20 28 41 Financial income and expenses -1 -1 -2 -2 -3 PROFIT BEFORE EXTRAORDINARY ITEMS 3 5 18 25 38 Extraordinary items 0 0 0 0 3 PROFIT BEFORE TAXES AND MINORITY INTERESTS 3 5 18 26 41 Taxes -1 -2 -5 -8 -13 Minority interests 0 0 0 0 -1 NET PROFIT IN REPORTING PERIOD 2 3 13 18 27 CONSOLIDATED BALANCE SHEET (MFIM/MEUR) ASSETS FIXED ASSETS Intangible assets 77 13 82 14 84 14 Goodwill on consolidation 104 17 93 16 95 16 Tangible assets 984 165 933 157 924 155 Investments 721 121 666 112 713 120 CURRENT ASSETS Inventories 242 41 186 31 207 35 Receivables 321 54 310 52 276 46 Cash and bank receivables 84 14 128 22 158 27 CONSOLIDATED BALANCE SHEET (MFIM/MEUR) SHAREHOLDERS’ EQUITY AND LIABILITIES SHAREHOLDERS’ EQUITY 1 206 203 1 152 194 1 205 202 MINORITY INTERESTS 26 4 19 3 28 5 PROVISIONS 5 1 6 1 5 1 LIABILITIES Long-term 669 113 627 105 637 107 Short-term 627 105 594 100 582 98 CAPITAL EXPENDITURE (MFIM) 1999 1998 1999 1998 1998 Gross capital expenditure on fixed assets 46 49 177 122 219 CAPITAL EXPENDITURE (MEUR) 1999 1998 1999 1998 1998 Gross capital expenditure on fixed assets 8 8 30 21 37 GROUP CONTINGENT LIABILITIES (MFIM/MEUR) Against own debt Pledges 10 2 8 1 16 3 Mortgages on land and buildings 234 39 252 42 185 31 Chattel mortgages 158 27 143 24 152 25 Guarantees 5 1 2 0 3 1 On behalf of associated companies Guarantees 4 1 4 1 4 1 Other own commitments Leasing commitments 7 1 10 2 6 1 Buyback commitments 0 0 44 7 0 0 Group leasing payments falling due (MFIM) 1 Sep. - 31 Dec. 1999 1 1 3 After 1999 6 9 3 DERIVATIVE CONTRACTS Foreign currency loans totalling FIM 12 mill
  • Date: 9.11.1999, 08:00
  • News type: Stock exchange release

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