Alma Media Corporation Stock Exchange Release 13 January 2014, 9:30 a.m. (EET)
THE OUTCOME OF ALMA MEDIA CORPORATION'S IMPAIRMENT TESTS
Alma Media has completed its regular annual goodwill impairment tests covering the entire Group. As a result, in its consolidated financial statements, the company will write down the shares of its associated companies by EUR 4.9 million as well as its goodwill and intangible assets by a total of EUR 1.9 million for the fourth quarter of 2013. Write-downs to the shares of associated companies pertain to the shares of Talentum Oyj and Tampereen Ykkösjakelut Oy. The write-down made to goodwill and intangible assets is mainly related to the northern regional newspapers.
The write-down will be reported in the fourth quarter financial result of Alma Media as a non-recurring item. Alma Media will publish its financial review of the fourth quarter and of the full-year 2013 on 13 February 2014. The company maintains its outlook given in the interim report published on 25 October 2013, according to which it expects the revenue and the operating profit excluding non-recurring items for the second half of 2013 and the full year to decline compared to the corresponding periods in 2012.
At the same time, Alma Media writes down the book value of the shares of its subsidiaries by EUR 91.0 million in the separate financial statements of the parent company, Alma Media Corporation. In the financial statements of 31 December 2012, the shareholders' equity of the parent company, Alma Media Corporation, was EUR 478.0 million and distributable funds EUR 8.0 million. By the decision of the Annual General Meeting held on 14 March 2013, EUR 100 million was transferred from the restricted equity of the parent company, i.e. the share premium reserve, to the reserve for invested non-restricted equity. This means that Alma Media will have distributable funds in its 2013 financial statements even after the write-down to be recorded for the parent company.
ALMA MEDIA CORPORATION
Vice President, Corporate Communications and IR
For more information, please contact:
Juha Nuutinen, CFO, Alma Media Corporation, tel. +358 50 438 0984
Distribution: NASDAQ OMX Helsinki
Alma Media in brief
Alma Media is a media company focusing on digital services and publishing. In addition to news services, the company's products provide useful information related to lifestyle, career and business development. The services of Alma Media have expanded from Finland to the Nordic countries, the Baltics and Central Europe. The company employs approximately 1,900 professionals (excluding distributors), of whom over 20% work outside Finland. Alma Media's revenue in 2012 totalled approximately MEUR 320. Alma Media's share is listed on NASDAQ OMX Helsinki. Read more at www.almamedia.com.