Alma Media Group's financial statements bulletin January-December 2003
ALMA MEDIA CORP. STOCK EXCHANGE RELEASE 13 FEB 2004, 9.00 AM 1 (15)
ALMA MEDIA GROUP'S FINANCIAL STATEMENTS BULLETIN JANUARY - DECEMBER 2003
The Group's operating profit in 2003 rose 12.1% on the previous year to
EUR 17.7 (15.8) million despite a writedown on the Talentum Oyj shares
(EUR 15.8 million). The company's equity ratio at the end of December was
49.0% (41.3% on 31 Dec. 2002) and gearing was 50.7% (81.2% on 31 Dec.
2002). The operating profit in the current year is expected to be higher
than last year's. The Board of Directors proposes a dividend of EUR 2.50
- The Group's operating profit, excluding associated company
contributions, was EUR 39.7 (25.1) million.
- The Group's net debt at the end of December was EUR 84.7 (130.6)
million. Cash flow from operating activities was EUR 55.0 (46.4) million.
The equity ratio was 49.0% (41.3%).
- The consolidated operating profit increased 12.1% despite a EUR 15.8
million writedown entered on the shares of the associated company
- Alpress's operating profit remained at the previous year's level but
the operating margin rose to 15% (13.5%). Aamulehti in particular was
- Broadcasting's EUR -7.2 million operating loss in 2002 turned into an
operating profit for the full year of EUR 5.9 million. A significant
factor in this development was the reduced television operating licence
fee, the impact of which applied to the whole year of 2003.
- Business Information Group's full-year net sales rose 7% due to the
acquisition of the Suomen Lehdentekijät group at the beginning of 2003.
The impact of the associated company Talentum on the operating profit was
EUR -1.8 (-4.7) million excluding the 15.8 MEUR writedown.
- The Media Services division pulled out of the printing business, in
line with its strategy. The division's share of the associated company
Acta Print's operating loss rose for the half year to EUR 3.4 million.
Sales of classified services grew.
President and CEO Juho Lipsanen:
CASH FLOW AND EQUITY RATIO IN GOOD SHAPE, PROFITS AS FORECAST
Alma Media's profitability and balance sheet structure improved slightly
faster than was expected. Alma Media has raised itself from an operating
loss of EUR 19 million in 2001 to an operating profit of EUR 18 million.
Cash flow from operating activities has improved from EUR -4 million to
more than EUR 55 million, while interest-bearing net debt was reduced
from EUR 181 million to EUR 85 million.
Alma Media's key indicators have shown positive development despite our
operating environment's unforgivingness. It would seem that the same
climate of low growth will continue.
We reached last years result in a controlled and planned manner. The
divisions made considerable efforts to improve their profitability.
Our ambition in 2004 is to achieve a further improvement in profitability
and to develop our growth ideas. This year we will be giving especially
high priority to personnel development. I am confident in our ability to
raise profitability further. Cash flow will remain good as well.
CHANGES IN GROUP STRUCTURE 2003
In the beginning of the year Alma Media regrouped its organization from
five divisions into four: Alpress, Broadcasting, Business Information
Group and Media Services. The Media Services was formed from Alprint, the
classified and new ventures operations previously managed by Alma Media
Interactive, Alma Medias corporate R&D activities, and a separate
information systems business unit, Alma Media Information Systems. The
Broadcasting division was expanded to incorporate MTV Interactive, which
includes MTV3 Internet, MTV3 Text Channel and the MTV3 access business.
Alprint Oy's Rahola magazine printing plant was merged with Edita Acta
Oy. This was executed through a transfer of operations in which the
Rahola offset rotation press, which within Alprint Oy had been
responsible for Alma Media's magazine printing operations, and the
Kivenlahti gravure press in Espoo were transferred into a company called
Acta Print Oy, which is 36%-owned by Alma Media Corporation and 64%-owned
by Edita Oyj, state-controlled printing and publishing company. The
divestment reduced Alma Media's workforce by 300 employees and the
Group's balance sheet by approx. EUR 16 million.
On 17 December 2003 Alma Media Corporation sold its 6,600,000 shares in
Talentum Oyj at the prevailing price (33 MEUR) to its wholly owned
subsidiary Kustannusosakeyhtiö Kauppalehti.
On 31 December 2003 Alma Media sold the operations of Alprint's Hyvinkää
printing press to an entrepreneurial group made up mainly of the unit's
ALMA MEDIA GROUP: OCTOBER-DECEMBER 2003
Consolidated net sales and result October-December
The Group's net sales decreased during the fourth quarter to EUR 118.3
(129.9) million owing to the transfer of the Alprint Rahola printing
operations. The consolidated operating loss was EUR -4.4 (9.0) million.
The loss arising from the writedown of shares in the Group's associated
company Talentum Oyj reduced the Group's operating profit by EUR 15.8
million. Of Alma Media's divisions, the strongest improvements were
recorded by Broadcasting, Alpress and BIG. The Media Division's fourth-
quarter operating profit was reduced by EUR 2.2 million owing to its
share of the associated company Acta Print's result.
ALMA MEDIA GROUP, KEY FIGURES (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Net sales 118.3 129.9 460.5 485.9
Operating profit/loss -4.4 9.0 17.7 15.8
Operating profit/loss as % of net -3.7 6.9 3.8 3.3
Impact of associated companies on -17.4 -3.1 -22.0 -9.3
Profit/loss before extraordinary items -4.7 7.4 14.0 8.8
Balance sheet total 355.2 403.6
Gross capital expenditure 5.4 4.5 17.1 14.9
Gross capital expenditure as % of net 4.6 3.5 3.7 3.1
Equity ratio, % 49.0 41.3
Gearing, % 50.7 81.2
Net financial expenses 0.3 1.6 3.7 7.0
Net financial expenses as % of net 0.3 1.2 0.8 1.4
Interest-bearing net debt 84.7 130.6
Interest-bearing liabilities 108.8 156.0
Interest-free liabilities 76.8 81.7
Average number of employees 3,610 3,898
Average number of employees calculated 2,861 3,080
as full-time personnel
Cash flow from operating activities/ 1.12 1.29 3.50 2.95
Shareholder's equity/share, EUR 10.61 10.23
Earnings/share, EUR (undiluted) 0.02 0.27 0.69 0.16
Earnings/share, EUR (diluted) 0.68
Market capitalization 442.6 299.1
NET SALES BY DIVISION (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Alpress 51.0 51.8 200.2 201.3
Broadcasting 51.3 50.4 178.1 177.6
Business Information Group 13.0 11.7 46.4 43.2
Media Services 6.2 19.6 48.4 73.9
Parent Company 3.5 3.4 13.5 13.6
Intragroup net sales -6.7 -7.0 -26.1 -23.7
Total 118.3 129.9 460.5 485.9
OPERATING PROFIT/LOSS BY DIVISION
Alpress 7.7 5.1 30.0 27.2
Broadcasting 5.8 2.1 5.9 -7.2
Business Information Group 1.8 -0.3 4.2 2.4
Media Services -3.1 -0.3 -5.6 -2.2
Parent Company -1.3 3.8 -2.5 -3.8
Group entries -15.3 -1.4 -14.3 -0.6
Total -4.4 9.0 17.7 15.8
ALMA MEDIA GROUP: JANUARY-DECEMBER 2003
GDP in Finland rose 1.4% during 2003 according to the Ministry of
Finance's figures. Media advertising grew 2.5% during the year according
to TNS Gallup. The main reason for this growth was an increase in
advertising prices, although volume growth was also generated by the
parliamentary elections. Excluding the latter's impact, growth would have
remained at 1.7%. Newspaper advertising increased 2.1%, advertising in
town and newsstand newspapers 9.6%, television advertising 3% and radio
Media advertising trends are crucial for Alma Media's result. Sales of
advertising time and advertising space represents some 60% of Alma
Media's net sales. The remainder comes from newspaper circulation sales
and sales of editorial content. In 2003 sales of printing contracts to
external customers accounted for 8% of the Group's net sales.
Paper prices were at a lower level than in the previous year. The general
increase in wages and salaries was 3.5% according to preliminary
information released by the Ministry of Finance.
Net sales and result
The Group's net sales showed a EUR 25 million decrease to EUR 460.5
(485.9) million. The reason was the transfer of the Alprint Rahola
magazine printing works, previously part of the Media Services division,
to Acta Print Oy on 1 July. Both Alpress and Broadcasting kept their net
sales virtually unchanged but Business Information Group's net sales rose
7% following the Lehdentekijät acquisition.
The operating profit increased 12.1% to EUR 17.7 (15.8) million.
Excluding the associated company entries, the operating profit was EUR
39.7 (25.1) million.
Balance sheet and financial position
The Group's balance sheet at the end of December stood at EUR 355.2
million (EUR 403.6 million on 31 Dec. 2002). The equity ratio at the
close of the period was 49.0% (41.3% on 31 Dec. 2002) and shareholders'
equity per share were EUR 10.61 (EUR 10.23 on 31 Dec. 2002).
The Group's cash flow was strong as a result of positive development in
operations. The strong cash flow made it possible to reduce interest-
bearing loans by EUR 47.2 million. Since the Group's interest-bearing
debt is denominated in euros, it is not hedged against exchange rate
fluctuations. Certain purchases in other currencies, however, are hedged.
Depreciation and writedowns
The Group's depreciation amounted to EUR 25.1 (34.7) million. This
included amortization of goodwill on consolidation totalling EUR 4.2
(3.8) million and writedowns of EUR 0 (6.6) million. A writedown of EUR
15.8 million on the Talentum Oyj shares was entered under associated
Gross capital expenditure amounted to EUR 17.1 (14.9) million. Roughly
40% of this figure came from shares in subsidiaries, the largest item
being Lehdentekijät. The remainder comprised normal maintenance and
Personnel and administration
Alma Media's annual general meeting on 6 March 2003 decided that the
Board of Directors would have six members. The chairman of the Board
throughout the period was Bengt Braun and the deputy chairman was Kari
Stadigh. The other members throughout the period were Matti Häkkinen,
Matti Kavetvuo and Jonas Nyrén. Lauri Helve was elected to the Board as a
The meeting appointed the firm of authorized public accountant KPMG
Wideri Oy Ab and Mauri Palvi, APA, and their deputies Eija Kauppi-
Hakkarainen, APA, and Michaela Teir, APA.
The following corporate management changes took place during the year: Mr
Teemu Kangas-Kärki was appointed Chief Financial Officer on 1 June 2003
and Ms Terhi Heikkinen Executive Vice President, Human Resources on 1
Alma Media Group's total workforce, calculated as full-time employees,
was 2,634 at the end of 2003.
Alma Media Corporation's Board of Directors will propose a dividend of
EUR 2.50 per share to the annual general meeting on 8 March 2004.
OPERATIONS BY DIVISION
ALPRESS'S KEY FIGURES (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Net sales 51.0 51.8 200.2 201.3
Circulation sales 23.3 23.1 93.5 93.3
Media advertising sales 24.3 24.0 93.1 90.1
Printing sales 2.2 3.4 9.1 13.4
Other net sales 1.2 1.3 4.5 4.5
Operating profit 7.7 5.1 30.0 27.2
Operating profit/net sales, % 15.1 9.8 15.0 13.5
Gross capital expenditure 2.3 1.3 4.1 6.4
Personnel on average (workforce) 1,574 1,645 1,626 1,681
Full-time personnel on average 1,125 1,153 1,162 1,182
Alpress publishes 31 newspapers. Tighter collaboration through chaining
created a platform for good performance by the newspapers. The
circulations of Aamulehti and the local newspapers of the Suomen
Paikallissanomat newspapers grew. Circulation revenues from the
subscribed newspapers increased 2.2%. Net sales from media sales rose EUR
3.0 million, EUR 1 million of which was due to the spring parliamentary
The Alpress division's full-year operating profit increased by more than
10% and the operating margin rose to 15.0% (13.5%). All units except
Iltalehti showed higher operating profits with Aamulehti especially
successful. This was partly the result of more intense competition in the
food retailing sector as well as decisions related to the taxation of
vehicles. A significant increase in advertising spending was also evident
in the information technology sector. The aggregate media sales of
Alpress's provincial and local papers grew more than the market average.
Lower paper prices reduced costs by about one million euros compared to
the previous year.
Iltalehti maintained its circulation market share at the previous year's
level. The decision to cease adult advertising weakened media sales
compared to the previous year.
Suomen Paikallissanomat acquired the publishing rights to the Kuorevesi-
Mänttä-Vilppula newspaper in the town of Mänttä on 1 January 2004.
Alpress's fourth-quarter result was a distinct improvement compared to
the previous year. The most significant reasons for this were, compared
to previous year, different timing of expenses, and a EUR 1.2 million
writedown entered in the previous year's figures on properties owned by
Kainuun Sanomat. Circulations of the afternoon newspapers once again
began to decline.
BROADCASTING'S KEY FIGURES (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Net sales 51.3 50.4 178.1 177.6
Operating profit 5.8 2.1 5.9 -7.2
Operating profit/net sales, % 11.2 4.2 3.3 -4.0
Gross capital expenditure 2.0 0.6 4.8 3.9
Personnel on average (workforce) 510 525 517 527
MTV3's and Subtv's share of total 46.8 48.4 46.3 44.3
viewing time, % (prime-time, 10-44
TV4 AB's net sales 74.7 75.1 246.6 248.3
TV4 AB's operating profit 8.6 10.3 12.0 12.8
TV4 AB's impact on Broadcasting's 0.5 0.5 -1.6 -1.1
The Broadcasting division is responsible for Alma Media's television and
radio broadcasting businesses. The division's result also includes the
profit contribution of the associated company TV4 AB in Sweden, less
The main factors underlying Broadcasting's improved operating profit were
the 10.7 MEUR reduction in the operating licence fee and a decrease in
the losses reported by its associated companies. The division's costs
fell 4.8% between January and December. The aggregate contribution of the
associated companies was EUR -1.4 (-5.1) million. The previous year's
figure reflected the contribution of the associated company Suomen
The number of digital television receivers increased significantly last
year and, in the Group's estimate, featured in 230,000 households at the
end of the year. In December a parliamentary working group proposed to
the Ministry of Transport and Communications that analogue broadcasts
should be discontinued altogether from 31 August 2007. The decision will
be made by the Finnish government in early 2004. Also in December, the
government approved a change to the operating licence fee that gave the
digital MTV3+ service the same status as normal television channels. MTV-
Interactive started offering mobile and broadband access services at the
end of the year.
The division's net sales between January and December increased by
slightly more than 0.2% on the previous year. Net sales from advertising
rose 0.5% but net sales from other activities decreased 3.3%. Sales of
television advertising remained at the previous year's level but the
average price of TV advertising time has increased. MTV's share of total
television advertising in Finland between January and December was 72%
(74%) and its share of total viewing time on commercially financed
channels was 71% (71%).
Subtv gained further popularity among viewers during the year. In
December the channel reached two-thirds of all Finnish households with
access to cable television every week. Subtv's net sales rose almost 50%
in 2003 but the channel is still clearly loss-making. Radio Nova's net
sales increased 11.8% in the January-December period and its operating
profit was higher than one year earlier. MTV-Interactive's net sales grew
17.8% during the year but its result was a loss owing to the start-up of
new business operations.
The division's fourth-quarter net sales increased 1.7% compared to the
previous year. Net sales from television advertising rose 0.8%. Subtv's
fourth-quarter net sales grew 52% and Radio Nova's net sales 14.9%. The
division's costs fell by 2.2% in the fourth quarter.
BUSINESS INFORMATION GROUP
BIG'S KEY FIGURES (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Net sales 13.0 11.7 46.4 43.2
Circulation sales 3.4 3.4 13.6 13.9
Advertising sales 5.2 6.3 18.5 21.6
Other sales 4.3 2.0 14.3 7.8
Operating profit/loss 1.8 -0.3 4.2 2.4
Operating profit/net sales,% 13.6 -2.3 9.1 5.6
Gross capital expenditure 0.1 0.2 3.4 0.8
Personnel on average (workforce) 386 353 384 356
Talentum Oyj's net sales 33.0 31.1 113.2 114.6
Talentum Oyj's operating profit 2.4 0.7 2.9 -0.3
Talentum Oyj's impact on BIG's -0.2 -2.2 -1.8 -4.7
operating profit after goodwill
Business Information Group publishes and distributes business and
financial information. Its result also includes Alma Media's holding in
Talentum Oyj less goodwill amortization.
Net sales rose 7% for the full year. The increase was attributable to the
acquisition of Suomen Lehdentekijät at the start of the year. Comparable
net sales showed a decrease of 8%. B-to-B advertising during the year
fell 11% and advertising sales of the Kaupplehti products was down 15%.
Circulation income decreased 2% but the fall in circulation is now
believed to have halted. BIG has succeeded in compensating for roughly
half of the decrease in media income through various cost-cutting
measures. Baltic News Service Ltd's profitability was a clear
improvement. Balance Consulting returned a loss for the full year but a
profit in the final quarter due to new products.
The impact of Talentum on the division's full-year result was EUR -1.8
(-4.7) million. The result does not include the writedown on Talentum Oyj
shares (15.8 MEUR).
Net sales in the fourth quarter rose 10%. The impact of Talentum on the
October-December operating profit was EUR -0.2 (-2.2) million. The B-to-B
sector continued to decline. In the business and financial newspapers B-
to-B advertising showed a decrease of 4% between October and December.
Advertising sales of Kauppalehti products fell 17%.
MEDIA SERVICE'S KEY FIGURES (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Net sales 6.2 19.6 48.4 73.9
Alprint's net sales 2.0 16.2 32.9 61.5
-Alprint's exports to Russia 0.0 4.3 5.3 14.7
-Alprint's other exports 1.7 5.9 14.3 22.3
-Alprint's domestic sales 0.3 6.0 13.3 24.5
Net sales of Classified Services 2.1 1.7 8.1 7.1
Net sales of Information Systems 1.7 1.5 6.5 5.5
Net sales of New Businesses 0.6 0.7 1.6 2.0
Media Service's operating loss -3.1 -0.3 -5.6 -2.2
Alprint's operating loss -2.8 -0.1 -5.0 -1.2
Operating loss/net sales,% -49.5 -1.6 -11.7 -2.9
Gross capital expenditure 1.6 0.8 6.0 1.8
Personnel on average (workforce) 137 472 303 478
In 2003 the Media Services division comprised Alprint (printing),
Classified Services, Information Systems, and New Ventures. EUR 27
million of Alprint's net sales in the first six months of the year was
derived from the Rahola unit transferred to Acta Print. The sale of the
Hyvinkää printing works to its operative management was finalized at the
end of the year. The Hyvinkää operation contributed EUR 8.2 million to
the division's full-year net sales.
EUR 1.6 million of the division's operating loss came from Alprint and
EUR 3.4 million from Acta Print. The operating result was depressed by
poor conditions in the printing sector, the costs arising from the Acta
Print's planned production reorganization and writedowns, and one-time
production start-up difficulties in parts of Acta Print that were not
related to the transfer of business operations.
In the fourth quarter, sales of classified services remained strong. The
company's share of Acta Print Oy's operating loss in the fourth quarter
was EUR 2.2 million. Classified property and automotive services
continued to grow strongly. Similarly, the steep decline in recruitment
advertising appears to have halted. Mascus.com, an online used machinery
trading marketplace, was acquired on 31 December 2003 and it began
operating as part of Media Services on 1 January 2004.
An agreement with Conventum Securities Ltd guaranteeing the liquidity of
the Alma Media Series II share came into force on 19 January 2004. Under
the contract, Conventum guarantees to quote a bid and ask price for Alma
Media's Series II share with a spread of at most 3%. The prices apply to
five share lots, or 500 shares, at a time.
PROSPECTS IN 2004
The advertisers' economic barometer predicts modest growth in advertising
spending this year. Comparable net sales for the full year of Alma Media
are expected to show moderate growth and the comparable operating profit
to be higher than last year. First quarter results however will compare
less favourably due to last year's extra media spending particularly in
connection with parliamentary elections.
ADOPTION OF IAS/IFRS ACCOUNTING
Alma Media Corporation will adopt IAS/IFRS accounting principles from its
first interim report in 2005 onwards. A project is now in progress to
establish the changes that IAS/IFRS might give rise to with respect to
leasing, pension accounting, goodwill and binding programme purchasing
contracts. This project and its analysis will be completed during 2004.
SHARES AND OWNERSHIP STRUCTURE
Alma Media Corporation's fully paid up and registered share capital on
the balance sheet date was EUR 26,456,061.75. The share capital comprised
6,771,586 Series I shares and 8,958,474 Series II shares. Foreign-
registered and nominee-registered shareholders represented 53.4% of the
company's shares at the close of the period.
Altogether 779,324 or 11.5% of Alma Media's Series I shares and 2,582,298
or 28.8% of the Series II shares were traded on the Helsinki Exchanges
during the year. An additional 39,900 A warrants and 8,675 B warrants
were traded on the exchange.
Trading of these shares and warrants totalled EUR 82 (39) million. The
company's market capitalization on the balance sheet date was EUR 443
In accordance with the decision of the Annual General Meeting on 24 March
1999 Alma Media Corporation offered bonds with warrants totalling
1,220,000 Finnish markka to its employees entitling subscription of
altogether 610,000 Series II shares. This was an issue to Alma Media
Corporation's employees and also its wholly owned subsidiary Marcenter
Oy, disapplying shareholders' pre-emptive subscription rights. The bond
was subscribed by 759 employees. Marcenter Oy subscribed for warrants
carrying subscription rights for 75,750 shares. The bond was
oversubscribed five times. The final subscriptions were approved by the
Board of Directors.
The average price of the Series II share in October 1999, used to
calculate the bond subscription price, was EUR 20.58 per share. Under the
terms of the bond, half of the shares may be subscribed for from 28 May
2001 at a price 12% above the average price in October 1999, i.e. EUR
23.05 per share, and the other half of the shares from 28 May 2003 at a
price 28% above the average price in October 1999, i.e. EUR 26.34. Any
dividends payable will be deducted from the subscription price before
subscription. The subscription price of shares under the A warrants,
before payment of any dividend for 2003, is EUR 21.51 and for the shares
under the B warrants, EUR 24.80.
The A warrants were registered in the book-entry securities system on 28
May 2001 and trading in them started on 29 May 2001. Trading in the B
warrants began on the Helsinki Exchanges on 28 May 2003. Altogether 125 A
warrants were exercised during the year.
The 610,000 Series II shares subscribable under these warrants represent
3.73% of all the company's shares and 0.79% of the total number of votes.
Suomi Mutual Life Insurance Company holding of the voting rights in Alma
Media Corporation exceeded 5% of the total on 31 December 2003 following
the transfer of Suomi's insurance portfolio. Suomi Group's holding of the
shares or voting rights in Alma Media Corporation remained unchanged.
Alma Media's Board of Directors had no authorizations during 2003 to
raise the share capital or issue bonds with warrants and/or convertible
Neither the company nor its subsidiaries own Alma Media shares.
Share performance 1 January - 31 December 2003
Highest Lowest 30 December 2003
Series I 29.50 16.80 27.00
Series II 31.00 16.00 29.00
A warrant 9.60 1.70 7.50
B warrant 6.10 1.26 4.31
CONSOLIDATED INCOME STATEMENT 2003 2002 2003 2002
(MEUR) 10-12 10-12 1-12 1-12
NET SALES 118.3 129.9 460.5 485.9
Share of associated companies' -17.4 -3.1 -22.0 -9.3
Other operating income 0.9 6.8 3.7 8.8
Operating expenses -106.2 -124.6 -424.5 -469.6
OPERATING PROFIT/LOSS -4.4 9.0 17.7 15.8
Financial income and expenses -0.3 -1.6 -3.7 -7.0
PROFIT/LOSS BEFORE EXTRAORDINARY -4.7 7.4 14.0 8.8
Extraordinary income 0.0 0.0 0.0 0.0
Extraordinary expenses 0.0 0.0 0.0 -0.1
PROFIT/LOSS BEFORE TAXES AND -4.7 7.4 14.0 8.7
Taxes 4.9 -3.0 -2.7 -5.6
Minority interest 0.2 -0.1 -0.5 -0.7
PROFIT/LOSS FOR THE PERIOD 0.4 4.3 10.8 2.4
CONSOLIDATED BALANCE SHEET (MEUR) 2003 2002
Intangible assets 19.1 19.7
Goodwill on consolidation 16.8 17.0
Tangible assets 68.6 102.7
Investments 135.2 147.2
Inventories 48.6 51.8
Receivables 42.8 39.8
Cash and bank 24.1 25.4
CONSOLIDATED BALANCE SHEET (MEUR)
SHAREHOLDERS' EQUITY AND
SHAREHOLDERS'S EQUITY 167.0 160.8
MINORITY INTEREST 1.4 1.5
PROVISIONS 1.3 3.6
Long-term 66.6 118.7
Short-term 118.9 119.0
CONSOLIDATED CASH FLOW STATEMENT 2003 2002
(MEUR) 1-12 1-12
Operating profit 17.7 15.8
Adjustments to operating profit 44.0 39.2
Change in working capital 6.5 -4.9
Financial items and taxes -13.2 -3.7
Cash flow from operating 55.0 46.4
Cash flow from investing -16.0 7.4
Cash flow before financing 39.0 53.8
Cash flow from financing -40.3 -47.6
Change in cash funds (increase + -1.3 6.2
/ decrease -)
Cash funds at start of period 25.4 19.2
Cash funds at end of period 24.1 25.4
CAPITAL EXPENDITURE (MEUR) 2003 2002 2003 2002
10-12 10-12 1-12 1-12
Gross capital expenditure on 5.4 4.5 17.1 14.9
GROUP CONTINGENT LIABILITIES 2003 2002
For own commitments
Pledges 0.0 0.8
Mortgages on land and buildings 3.3 7.3
Chattel mortgages 0.1 5.6
Other own commitments
Leasing commitments 5.1 2.4