TALENTUM OYJ INTERIM REPORT July 22, 2009 at 9.00 am
TALENTUM INTERIM REPORT JANUARY-JUNE 2009
THE PROFIT WAS WEAKENED BY THE REDUCTION IN ADVERTISING REVENUE AND BY
NON-RECURRING COSTS INCURRED BY INCREASING OPERATING EFFICIENCY
April-June 2009 in brief
- Net sales EUR 16.7 million (EUR 26.4 million)
- Operating profit before non-recurring items EUR -0.9 million (EUR 3.2 million)
- Operating profit (EBIT) EUR -2.6 million (EUR 3.2 million)
- Reduction in media advertising main cause of the decline in net sales and
operating profit
- A non-recurring cost due to a reduction in personnel weakened the April-June
financial performance by EUR 1.8 million.
January-June 2009 in brief
- Net sales EUR 34.6 million (EUR 51.1 million)
- Operating profit before non-recurring items EUR -1.1 million (EUR 6.8 million)
- Operating profit (EBIT) EUR -2.9 million (EUR 6.8 million)
- Earnings per share EUR -0.05 (EUR 0.10)
- Cash flow from business operations EUR -1.0 million (EUR 7.1 million)
- Net liabilities EUR 2.7 million (EUR -2.0 million).
KEY INDICATORS
--------------------------------------------------------------------------------
| EUR million | 4-6/ | 4-6/ | Chang | 1-6/ | 1-6/ | Change | 1-12/ |
| | 2009 | 2008 | e % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
| Net sales | 16.7 | 26.4 | -36.7 | 34.6 | 51.1 | -32.3 | 93.4 |
--------------------------------------------------------------------------------
| Operating profit | -0.9 | 3.2 | -127. | -1.1 | 6.8 | -116.6 | 11.5 |
| before | | | 3 | | | | |
| non-recurring | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | -2.6 | 3.2 | -181. | -2.9 | 6.8 | -142.3 | 11.5 |
| | | | 6 | | | | |
--------------------------------------------------------------------------------
| as % of net sales | -15.7 | 12.2 | | -8.3 | 13.4 | | 12.3 |
--------------------------------------------------------------------------------
| Total assets | | | | 44.2 | 62.8 | | 49.7 |
--------------------------------------------------------------------------------
| Investments | 0.4 | 0.6 | -33.1 | 0.8 | 1.1 | -32.7 | 2.4 |
--------------------------------------------------------------------------------
| as % of net sales | 2.4 | 2.3 | | 2.2 | 2.2 | | 2.5 |
--------------------------------------------------------------------------------
| Equity ratio, % | | | | 45.1 | 47.8 | | 54.8 |
| (* | | | | | | | |
--------------------------------------------------------------------------------
| Gearing ratio, % | | | | 17.1 | -8.3 | | -15.4 |
| (net debt to | | | | | | | |
| equity) | | | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing | | | | 3.3 | 6.9 | -52.2 | 2.3 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Net | | | | 2.7 | -2.0 | 233.3 | -3.4 |
| interest-bearing | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Personnel on | | | | 772 | 793 | -2.6 | 803 |
| average | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | -0.04 | 0.05 | -195. | -0.05 | 0.10 | -154.1 | 0.19 |
| share, EUR | | | 1 | | | | |
--------------------------------------------------------------------------------
| Cash flow from | -0.03 | 0.10 | -131. | -0.02 | 0.16 | -113.8 | 0.24 |
| operating | | | 7 | | | | |
| activities per | | | | | | | |
| share, EUR | | | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | | | | 0.36 | 0.55 | -35.6 | 0.51 |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Market | | | | 70.2 | 129.1 | -45.6 | 81.6 |
| capitalization on | | | | | | | |
| closing rate at | | | | | | | |
| period end | | | | | | | |
--------------------------------------------------------------------------------
* In the second quarter the group has changed the calculation for its equity
ratio, consistent with the industry, in such a way that the advance payments of
circulation revenues have been deducted from the balance sheet total. The effect
of the change is 9.8% for 1-6/2009. The comparison figures have been amended
respectively.
CEO JUHA BLOMSTER:
“The general economic situation weakened further, reducing Talentum's customers'
investments in advertising and marketing in both Finland and Sweden. As
companies reduce the size of their workforce, there is no need for job
advertisements. Talentum's advertising revenues in Finland and Sweden were
reduced by a total of 56% in April-June and by 54% during the whole of the first
quarter.
We started to adjust our costs to the market situation already last year.
Unfortunately, there has been a drastic negative development in the market and
we have not been able to avoid cutting staff costs. The staff reduction
completed corresponds to approximately 50 full-time equivalents on year level,
in addition, and we will also carry out both in Finland and in Sweden temporary
layoffs and salary cuts for 2009.
Even though we cannot be satisfied with the current trend in profitability, this
cannot hold back our development work. At Talentum, we constantly improve our
operations, adopt the best practices possible and innovate new services for our
customers.
The circulations and readerships of Talentum's magazines and papers are still at
a favourable level. According to a survey by Orvesto Näringsliv, the readerships
of the magazines and papers in Sweden grew quite well. The readership of the Ny
Teknik magazine increased by 6 percent. For smaller papers, the readerships made
up of decision-makers increased both in Finland and in Sweden; the readership of
Lag & Avtal grew by no less than 70 percent and that of Arbetarskydd by 46
percent. Both the contents as well as the external appearance of the Talouselämä
magazine underwent a transformation in May. Talentum Lakikoulutus (Talentum
Legal Training) realized a topical, fee-based web seminar, which acts as a pilot
for new training subjects. We have overhauled many of our brands' web sites and
built services which provide added value to registered users, increasing the
readership of our digital media.
In spite of the current economic situation, I believe that the need for
information in our target groups formed of professionals will remain great.
The market situation has remained very challenging, but a strong balance sheet
with almost no net debt and a concentration on publishing will give the Talentum
Group a good starting point for implementation of its strategy.
Operating environment and seasonal variations
The economic trend in Talentum's field of activity has further weakened during
the second quarter of the year. Most of the public forecasts of the development
of the Gross Domestic Products in the Group's main market areas of Finland and
Sweden are negative for 2009 and only slightly positive or negative for 2010.
According to TNS Media Intelligence, media advertising in Finland in periodicals
fell by 23.7% during January-May. Online advertising fell by 8.7%. In Sweden,
total media advertising fell by 20% in January - May, while in
professional/trade journals alone the decrease was 39% (Sweden's Media Agencies
- Sveriges Mediebyråer). (The statistics for January-June are not available.)
Talentum's media sales trends for the first half of the year remained negative.
In most industries there were significantly fewer job advertisements in both
Finland and Sweden.
Our assessment is that the information needs of Talentum's professional target
groups will remain high, irrespective of the economic situation. The
professionals' choice of channels for information searching, i.e., books,
training, seminars, magazines, and online services, may change. Talentum
produces quality content for those channels where it can best serve its
customers.
The media and media service markets are subject to seasonal variations. In
spring, the Easter break falls in the first or second quarter, and this has an
effect on the financial performance of the relevant period. In the year of
comparison, Easter fell in the first quarter and this year in the second
quarter. During the summer holidays magazines and books do not generally come
out, and for this reason the third quarter is the lowest in terms of sales.
Operations are generally at their most busy in the last quarter.
Consolidated net sales and financial performance April-June 2009
The consolidated net sales in April - June amounted to EUR 16.7 million (EUR
26.4 million). Net sales of publishing operations fell 39% and totalled EUR 15.2
million (EUR 25.0 million) as the amount of media advertising fell 56%. The
weakening of the Swedish crown with respect to the Euro reduced net sales by a
further EUR 0.9 million.
The consolidated operating profit before non-recurring items in April-June was
EUR -0.9 million (EUR 3.2 million). Personnel reduction incurred a non-recurring
cost of EUR 1.8 million. The consolidated operating profit was EUR -2.6 million
(EUR 3.2 million) and -15.7% of net sales (12.2%). The publishing operating
profit before non-recurring items was EUR -0.4 million (EUR 3.7 million).
Net financial expenses amounted to EUR 0.0 million (EUR -0.1 million). The
Group's share of the result of associated companies was EUR 0.1 million (EUR 0.2
million).
Profit before taxes was EUR -2.5 million (EUR 3.3 million). The consolidated
profit for the period under review was EUR -2.1 million (EUR 2.4 million). The
profit from discontinued operations during the period under review in 2008 was
EUR 0.2 million.
Consolidated net sales and financial performance January-June 2009
The consolidated net sales in January-June amounted to EUR 34.6 million (EUR
51.1 million). Net sales of publishing operations fell 35%, totalling EUR 31.5
million (EUR 48.3 million) as the amount of media advertising fell 54%. The
weakening of the Swedish crown with respect to the Euro reduced net sales by a
further EUR 1.8 million.
The consolidated operating profit before non-recurring items in January-June was
EUR -1.1 million (EUR 6.8 million). The consolidated operating profit was EUR
-2.9 million (EUR 6.8 million) and -8.3% of net sales (13.4%). The publishing
operating profit before non-recurring items was EUR -0.6 million (EUR 7.6
million). The Group's costs before non-recurring items were reduced in
January-June by EUR 8.4 million or by -18.9% compared to last year as a result
of both of savings programs and decreased production costs.
The non-recurring costs in the Group were due to personnel reduction in June.
The negotiations with staff representatives were concluded in June. As the end
result, total personnel in the group will decrease on year level during 2009 by
about 50 full-time equivalents, of which 30 in Finland and 20 in Sweden.
Personnel costs, EUR 1.8 million, of those whose work obligation had ended have
been accounted as non-recurring costs. The impact of non-recurring costs of
employment terminations in the second half of the year is estimated as EUR 1.0
million for this year, the total for the whole year thus being EUR 2.8 million.
In the second half of the year the savings are estimated as approximately EUR
1.2 million. The cost savings due to the staff reduction are estimated to be
approximately EUR 3.1 million on year level.
Net financial expenses amounted to EUR 0.0 million (EUR -0.2 million). The
Group's share of the result of associated companies was EUR 0.0 million (EUR
-0.3 million).
Profit before taxes was EUR -2.9 million (EUR 6.3 million). The consolidated
profit for the period under review was EUR -2.3 million (EUR 4.6 million). The
profit from discontinued operations during the period under review in 2008 was
EUR 0.7 million.
Sector and Talentum prospects for the rest of 2009
In the sector as a whole, the amount of media advertising and job advertising
for April-May fell further in both Finland and Sweden.
In the event that the general economic climate and advertising market situation
at the end of the year are at the same level as for the first half of the year,
Talentum estimates that its full year net sales will be about a quarter below
last year's and operating profit before non-recurring expenses will be slightly
positive. Operating profit after non-recurring expenses is estimated to be
negative.
Risks to business operations in near future
The slowdown in economic growth will affect Talentum's revenues and revenue
structures. Traditionally, about 40% of the consolidated net sales is dependent
on advertising, and particularly the b-to-b sector, which is sensitive to
economic conditions. Under the present economic conditions the share of
advertising is about 34% of net sales. The most economically sensitive part of
advertising revenue is job advertising.
Our aim is to manage the market risk linked to advertising by increasing the
revenue from circulation sales and content sales. Our goal is for all our
products and services to be market leaders in their fields, so that success is
possible even in a recession.
Online services are change factors that could change the earnings logic of
magazines and books temporarily, or also over the long term. This channel
selection could be significant for the Group's revenue structure. The move from
printed products to online products may be speeded up particularly under poor
economic conditions. If we were to be unable to develop our activities to
correspond to changes in media usage habits, it could affect our operations.
Group orders for major magazines are significant as far as coverage is
concerned, and contracts have been in place for several decades. Changes in
these contracts could have major impacts on circulations and indirectly affect
media sales.
In direct marketing, the weak economic conditions in the Baltic states could
have a negative effect on the Group's local direct marketing companies.
The economic uncertainty increases the uncertainty regarding, in particular,
advertising sales receivables. Credit loss risks are managed by following
customers' credit standing and by focusing on the follow-up of debts.
Consolidated cash flow, financial position and balance sheet
Cash flow from operations in January-June was EUR -1.0 million (EUR 7.1
million). The change in working capital was EUR 0.5 million (EUR 2.2 million).
The consolidated balance sheet total at the end of June stood at EUR 44.2
million (EUR 49.7 million on December 31, 2008). Interest-bearing net
liabilities were EUR 2.7 million (EUR -3.4 million). The Group's liquid assets,
EUR 0.6 million (EUR 5.7 million), have been invested mostly in financial
instruments. The consolidated loans and borrowing amounted to EUR 3.3 million
(EUR 2.3 million).
Talentum Oyj has a current account limit of EUR 12.0 million and a financing
credit limit of EUR 20.0 million, a total of EUR 32,0 million. According to the
rules agreed, loans within the financial credit limits can be drawn down and
repaid throughout the duration of the agreement until 2011.
The equity ratio at the end of June was 45.1% (EUR 54.8 million on December 31,
2008). The Group's equity per share was EUR 0.36 (EUR 0.51). The Group does not
hedge against currency fluctuations with regard to the acquisition of
subsidiaries. The weakening and strengthening of the Swedish crown against the
euro affects the Group's equity through the translation difference arising from
the acquisition of the Swedish subsidiaries. In these financial statements, the
translation difference reduced the Group's equity by EUR 2.4 million, a change
in January-June was EUR 0.1 million.
Investment
Gross investment in tangible and intangible assets in January-June totalled EUR
0.8 million (EUR 1.1 million), i.e. 2.2% (2.2%) of net sales.
Of the investment, EUR 0.5 million was spent on developing online business
recognized as an asset (EUR 0.8 million). Other investments comprised normal
replacement and maintenance, such as procurement of equipment, software and
fixtures.
Group restructuring
There were no changes in the Group structure during the period under review.
Personnel
During January-June, the Talentum Group's continuing operations employed an
average of 772 (793) people. Geographically, the personnel were divided as
follows: Finland 420 people (425), Sweden 182 (188), Latvia 59 (80), Lithuania
34 (28), Estonia 72 (67) and Russia 5 (5).
BUSINESS AREAS
Publishing business
April-June
Net sales from publishing in April-June amounted to EUR 15.2 million (EUR 25.0
million), a change of -39.0% from the previous year. Of publishing's net sales,
60% (59%) came from Finland and the rest, 40% (41%), from Sweden.
Advertising revenue fell in April - June 56% from last year. Advertising sale's
share of publishing's net sales was 35% (48%). Job advertising, which is
sensitive to economic conditions, fell further.
Magazine circulation revenue remained at a satisfactory level. The generally
weak economic situation has also reduced the sales of books, information
services and training for the second quarter.
Overall net sales of e-business fell about 30% (-33% for the first quarter)
mainly with the reduction in advertising.
January-June
Net sales from publishing in January-June amounted to EUR 31.5 million (EUR 48.3
million), a change of -35% from the previous year. Of the net sales in
publishing, 63% (60%) came from Finland and the rest, 37% (40%), from Sweden.
Advertising revenue in January-June fell 54% from last year. The share of
advertising sales in net sales from publishing was 34% (49%).
Publishing
--------------------------------------------------------------------------------
| EUR million | 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ |
| | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Net sales | | | | | |
--------------------------------------------------------------------------------
| Advertisement revenues | 5.3 | 11.9 | 10.8 | 23.5 | 41.1 |
--------------------------------------------------------------------------------
| Circulation revenue | 6.4 | 7.2 | 12.5 | 13.7 | 24.8 |
--------------------------------------------------------------------------------
| Other content revenue * | 3.5 | 5.8 | 8.1 | 11.1 | 21.6 |
--------------------------------------------------------------------------------
| Total | 15.2 | 25.0 | 31.5 | 48.3 | 87.5 |
--------------------------------------------------------------------------------
* 'Other content revenue' includes books, and training as well as information
services.
The overall net sales of e-business fell 32% in January-June as advertising was
reduced. Investments in e-business appear in the growing numbers of online
visitors. The share of e-business in net sales from publishing reached 13% (12%)
and was EUR 4.0 million (EUR 5.9 million).
Publishing Finland
April-June
Publishing Finland's net sales in April-June amounted to EUR 9.2 million (EUR
14.7 million), a change of -37% from the previous year. Advertising revenues
were 53% below last year. Advertising in online media also fell, but
significantly less. Magazine circulation revenue remained at a satisfactory
level.
Publishing Finland's operating profit before non-recurring items was EUR 0.1
million (EUR 2.5 million). Publishing Finland's operating profit (EBIT) was EUR
-1.0 million (EUR 2.5 million).
Both the contents and the external appearance of Talouselämä magazine underwent
a transformation in May. Talentum Lakikoulutus (Talentum Legal Training) piloted
a topical, fee-based web seminar on taxation. Talentum's book publishing, for
its part, produced its first MP3 format audiobook on investment.
January-June
Publishing Finland's net sales in January-June amounted to EUR 19.8 million (EUR
29.1 million), a change of -32% from the previous year. Advertising revenues
were 52% below last year.
Publishing Finland's operating profit before non-recurring items was EUR 1.0
million (EUR 5.8 million). Publishing Finland's operating profit (EBIT) was EUR
-0.1 million (EUR 5.8 million). The reduction in advertising revenues
particularly weakened profitability.
Publishing Sweden
April-June
Publishing Sweden's net sales in April-June amounted to EUR 6.0 million (EUR
10.4 million), a change of -42% from the previous year. Advertising revenues
were 59% below last year. Exchange rates reduced net sales by EUR 0.9 million.
Publishing Sweden's operating profit before non-recurring items was EUR
-0.5 million (EUR 1.2 million). Publishing Sweden's operating profit (EBIT) was
EUR
-1.0 million (EUR 1.2 million). The reduction in advertising revenues was the
primary reason for weakened profitability. Advertising revenues in Sweden are
more sensitive to economic fluctuations than in Finland due to the higher
proportion of job advertising.
Reorganization of editorial work was completed in June. According to a survey by
Orvesto Näringsliv, the readership of periodicals grew, Ny Teknik and small
specialized magazines and newspapers being the most successful.
January-June
Publishing Sweden's net sales in January-June amounted to EUR 11.6 million (EUR
19.2 million), a change of -39% from the previous year. Exchange rates reduced
net sales by EUR 1.8 million; without the effect of exchange rates net sales
were reduced by 30%. Advertising revenues were 57% below last year.
Publishing Sweden's operating profit before non-recurring items was EUR
-1.6 million (EUR 1.8 million). Publishing Sweden's operating profit (EBIT) was
EUR
-2.2 million (EUR 1.8 million).
Direct marketing
April-June
Direct marketing's net sales in April-June were EUR 2.2 million (EUR 2.6
million) and operating profit (EBIT) was EUR 0.1 million (EUR 0.2 million).
January-June
Direct marketing's net sales in January-June were EUR 4.7 million (EUR 5.2
million) and operating profit (EBIT) was EUR 0.4 million (EUR 0.6 million). As
Talentum cut its telemarketing, decreased Group's internal net sales by about
EUR 0.8 million. Group's external net sales, instead, increased.
AGM, BOARD AND AUDITOR
Talentum's Annual General Meeting was held on 27 March 2009. The meeting
confirmed the financial statements for 1 January - 31 December 2008 and granted
the company's Board of Directors and CEO exemption from liability.
The AGM re-elected partner Manne Airaksinen, Insurance Counsellor Harri
Kainulainen, Chairman of the Board Eero Lehti, Group Vice President,
Communications and Branding Atte Palomäki and Tuomo Saarinen, MSc (Eng.),
members of the Board of Directors. Merja Strengell, MSc (Eng.), was elected as a
new member. Tuomo Saarinen was re-elected Chairman of the Board of Directors and
Manne Airaksinen was re-elected Deputy Chairman.
The AGM decided that the Board's monthly fees would remain at EUR 4,000 for the
Chairman, EUR 2,500 for the Deputy Chairman and EUR 2,000 for members.
Authorized Public Accountants PricewaterhouseCoopers Oy, with APA Juha Wahlroos
as the accountable auditor, were re-elected auditors.
Dividend and return of equity for 2008
The AGM on 27 March 2009 decided, on a motion by the Board of Directors, to pay
out a dividend of EUR 0.04 per share and pay EUR 0.06 per share in return of
equity, totalling EUR 0.10 per share. The record date was April 1, 2009 and the
date of payment was April 8, 2009.
Shares and share capital
At the end of the period under review, Talentum Oyj's share capital totalled EUR
18,593,518.79 comprising 44,295,787 fully paid-up shares. The shares are listed
on NASDAQ OMX Helsinki Oy.
At the end of the period under review, the company held 681,000 of its own
shares, which is about 1.5% of Talentum's total shares and votes.
A total of 3,899,428 shares were traded during the period under review, 8.9% of
the total average number of shares during the period under review.
Shareholdings of the Board of Directors and CEO
On 30 June 2009, the number of Talentum Oyj shares and options owned by members
of the Board of Directors and the CEO personally and through companies in which
they have a controlling interest was 49,912 representing 0.11% of the company's
total shares and votes.
Board of Directors' authorizations
Authorization of the Board of Directors to decide on a share issue which
includes the conveyance of own shares and the issue of special rights
The Annual General Meeting on March 27, 2009 authorized the Board of Directors
to decide on a share issue that may be either liable to charge or
free-of-charge, including the issuing of new shares and the conveyance of own
shares possibly in the company's possession. The Annual General Meeting
authorized the Board of Directors to decide on an issue of option rights and
other special rights which grant entitlement, against payment, to receive new
shares or shares possibly in possession of the company. By virtue of the
aforesaid authorizations, a maximum of 3,500,000 new shares, which corresponds
to approximately 8% of the issued shares of the company, may be issued together
or in one or several lots and/or own shares possessed by the company may be
conveyed in a share issue and/or on the basis of the special rights given. The
authorizations will remain in force until 30 June 2010. The authorizations do
not exclude the Board's right to decide on a directed share issue and the
granting of special rights. Shareholders' pre-emptive subscription rights can be
deviated from, providing that there is a significant financial reason for the
company to do so.
The authorization was unused as at June 30, 2009.
Authorization of the Board of Directors to decide on acquisition of own shares
The Annual General Meeting on 27 March 2009 authorized the Board of Directors to
decide on the acquisition of the company's own shares. The shares can be
acquired for the value determined by the Board of Directors, and is based on the
fair value at the time of the acquisition formed for the shares in public
trading. Own shares may be only acquired with unrestricted equity. By virtue of
the authorization, either in one or several lots, a maximum of 3,500,000 own
shares corresponding to approximately 8% of the issued shares of the company can
be acquired. The authorization will remain in force until 30 June 2010. The
Board of Directors is otherwise authorized to decide on all terms and conditions
regarding the acquisition of own shares, including the manner of acquisition of
the shares. The authorization does not exclude the right of the Board of
Directors to also decide on a directed acquisition of own shares, provided that
there is a significant financial reason for the company to do so.
The authorization was unused as at June 30, 2009.
Share-based management incentive system
Talentum Oyj operates a share-based incentive system for corporate management.
This system consists of three earning periods no less than one and no more than
three accounting years in duration. The first earning period was the 2007
financial year, the second was the 2008 financial year, and the last earning
period of this system is the 2009 financial year. The total length of the plan
is five years. At the end of each earning period, the bonuses are paid out
partly in company shares and partly in cash. The share paid in cash covers any
taxes and parafiscal charges resulting from the payment of a bonus. These shares
may not be traded by their owners within two years of the earning period's
ending. Even after that, the CEO must retain one half of the shares earned by
him under this system until the termination of his employment contract and for
one year after its termination. The group covered by the plan for the 2009
earning period comprises 11 people. The targets for 2009 are based on the
consolidated operating profit as well as the overall yield on Talentum's shares.
No shares were awarded in respect of the 2008 earnings period. It was possible
for up to 493,500 shares to be earned under the original system. Of these,
74,970 have been awarded for 2007.
Notifications
Accendo Capital SICAV-SIF Fund (Luxembourg) announced on May 18, 2009 that its
shareholding in the company had exceeded 5% of the share capital on May 5, 2009.
The number of the shares held by the fund was 2,278,674, which is 5.14% of the
total shares and votes.
Shareholder agreements
The company is not aware of any mutual shareholder agreements between its
shareholders relating to the operations or ownership of the company.
Market guarantee
An agreement with Nordea Securities Oyj on a market guarantee for Talentum Oyj
shares became effective on 21 June 2004. Under the agreement, Nordea Securities
will submit a purchase and sale offer so, that the maximum permitted
differential between them is 3% of the purchase offer. The offers will include a
minimum of 2,500 shares.
TABLES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
--------------------------------------------------------------------------------
| EUR million | 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ |
| | 2009 | 2008 | 2009 | 2008* | 2008 |
--------------------------------------------------------------------------------
| CONTINUING OPERATIONS | | | | | |
--------------------------------------------------------------------------------
| Net sales * | 16.7 | 26.4 | 34.6 | 51.1 | 93.4 |
--------------------------------------------------------------------------------
| Other operating income | 0.4 | 0.1 | 0.4 | 0.2 | 0.5 |
--------------------------------------------------------------------------------
| Material and services | 3.4 | 4.2 | 6.4 | 8.3 | 15.0 |
--------------------------------------------------------------------------------
| Employee benefit expenses | 11.1 | 12.0 | 20.4 | 22.6 | 41.6 |
--------------------------------------------------------------------------------
| Depreciation and amortization | 0.4 | 0.4 | 0.8 | 0.8 | 1.7 |
--------------------------------------------------------------------------------
| Other operating expenses | 4.8 | 6.8 | 10.2 | 12.8 | 24.1 |
--------------------------------------------------------------------------------
| Operating profit * | -2.6 | 3.2 | -2.9 | 6.8 | 11.5 |
--------------------------------------------------------------------------------
| Financial income | 0.1 | 0.2 | 0.1 | 0.2 | 0.5 |
--------------------------------------------------------------------------------
| Financial expenses | 0.1 | 0.3 | 0.1 | 0.5 | 0.8 |
--------------------------------------------------------------------------------
| Share of results of | 0.1 | 0.2 | 0.0 | -0.3 | -0.4 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | -2.5 | 3.3 | -2.9 | 6.3 | 10.9 |
--------------------------------------------------------------------------------
| Taxes | 0.5 | -0.9 | 0.6 | -1.7 | -2.8 |
--------------------------------------------------------------------------------
| Profit for the period, | -2.1 | 2.4 | -2.3 | 4.6 | 8.1 |
| continuing operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DISCONTINUED OPERATIONS | | | | | |
--------------------------------------------------------------------------------
| Profit for the period, | | 0.2 | | 0.7 | -2.9 |
| discontinued operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | -2.1 | 2.6 | -2.3 | 5.3 | 5.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income: | | | | | |
--------------------------------------------------------------------------------
| Translation differences | 0.2 | -0.2 | 0.1 | -0.1 | -3.0 |
--------------------------------------------------------------------------------
| Total comprehensive income | -1.8 | 2.4 | -2.3 | 5.3 | 2.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | -2.1 | 2.6 | -2.4 | 5.3 | 5.2 |
| company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Basic and diluted ** | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | -0.04 | 0.06 | -0.05 | 0.12 | 0.12 |
--------------------------------------------------------------------------------
| Earnings per share, | -0.04 | 0.05 | -0.05 | 0.10 | 0.19 |
| continuing operations, EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | | 0.01 | | 0.02 | -0.07 |
| discontinuing operations, EUR | | | | | |
--------------------------------------------------------------------------------
* The net sales and profit for the period under review 1-6/2008 have been
corrected by changing the periodicity of the circulation revenues so that the
circulation revenues of the comparison period also match the number of issues in
the period. The effect on both net sales and operating profit is EUR 0.9
million.
** Earnings per share are calculated on the profit attributed to the
shareholders of the parent company.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
--------------------------------------------------------------------------------
| EUR million | 30.6.2009 | 30.6.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1.4 | 1.9 | 1.6 |
--------------------------------------------------------------------------------
| Goodwill | 20.1 | 25.9 | 20.0 |
--------------------------------------------------------------------------------
| Other intangible assets | 11.4 | 12.3 | 11.3 |
--------------------------------------------------------------------------------
| Investments in associates | 0.3 | 0.5 | 0.3 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 0.1 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Deferred tax assets | 0.7 | 0.8 | 0.5 |
--------------------------------------------------------------------------------
| Receivables | 1.9 | 1.6 | 1.6 |
--------------------------------------------------------------------------------
| Total non-current assets | 35.9 | 43.0 | 35.4 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 1.3 | 1.4 | 1.3 |
--------------------------------------------------------------------------------
| Trade and other receivables | 6.4 | 9.4 | 7.2 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 0.6 | 9.0 | 5.7 |
--------------------------------------------------------------------------------
| Total current assets | 8.3 | 19.8 | 14.2 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 44.2 | 62.8 | 49.7 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Equity attributable to | | | |
| shareholders of the parent | | | |
--------------------------------------------------------------------------------
| Share capital | 18.6 | 18.6 | 18.6 |
--------------------------------------------------------------------------------
| Share premium reserve | 0.0 | 5.9 | 0.0 |
--------------------------------------------------------------------------------
| Treasury shares | -2.8 | -2.8 | -2.8 |
--------------------------------------------------------------------------------
| Translation differences | -2.4 | -0.3 | -2.5 |
--------------------------------------------------------------------------------
| Invested non-restricted equity | 3.3 | | 5.9 |
| fund | | | |
--------------------------------------------------------------------------------
| Retained earnings | -1.1 | 2.9 | 3.0 |
--------------------------------------------------------------------------------
| Total | 15.5 | 24.3 | 22.2 |
--------------------------------------------------------------------------------
| Minority interest | 0.1 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Total equity | 15.6 | 24.4 | 22.3 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 3.1 | 3.1 | 3.1 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0.2 | 1.8 | 0.4 |
--------------------------------------------------------------------------------
| Other non-current liabilities | 0.5 | 0.5 | 0.5 |
--------------------------------------------------------------------------------
| Provisions | 0.6 | 0.9 | 0.9 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 4.4 | 6.3 | 4.8 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 3.1 | 5.1 | 1.9 |
--------------------------------------------------------------------------------
| Trade and other payables | 20.5 | 26.8 | 20.7 |
--------------------------------------------------------------------------------
| Provisions | 0.7 | 0.2 | 0.1 |
--------------------------------------------------------------------------------
| Total current liabilities | 24.3 | 32.1 | 22.6 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 44.2 | 62.8 | 49.7 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOW
--------------------------------------------------------------------------------
| EUR million | 1-6/ 2009 | 1-6/ 2008* | 1-12/ 2008 |
--------------------------------------------------------------------------------
| Cash flow from operating activities, | | | |
| continuing operations | | | |
--------------------------------------------------------------------------------
| Operating profit * | -2.9 | 6.8 | 11.5 |
--------------------------------------------------------------------------------
| Adjustments to operating profit | 2.2 | -1.2 | 0.3 |
--------------------------------------------------------------------------------
| Change in working capital | 0.5 | 2.2 | 0.9 |
--------------------------------------------------------------------------------
| Financial items and taxes | -0.8 | -0.8 | -2.3 |
--------------------------------------------------------------------------------
| Net cash from operating activities | -1.0 | 7.1 | 10.5 |
--------------------------------------------------------------------------------
| Cash flow from investing activities, | | | |
| continuing operations | | | |
--------------------------------------------------------------------------------
| Acquisition of property, plant and | -0.8 | -1.1 | -2.4 |
| equipment and intangible assets | | | |
--------------------------------------------------------------------------------
| Other items | 0.0 | 0.0 | -0.1 |
--------------------------------------------------------------------------------
| Net cash from investing activities | -0.8 | -1.1 | -2.5 |
--------------------------------------------------------------------------------
| Cash flow from financing activities, | | | |
| continuing operations | | | |
--------------------------------------------------------------------------------
| Change in current loans | 1.9 | -10.0 | -14.0 |
--------------------------------------------------------------------------------
| Repayment of non-current loans | -0.9 | -0.5 | -1.0 |
--------------------------------------------------------------------------------
| Dividends paid | -4.4 | -8.8 | -8.8 |
--------------------------------------------------------------------------------
| Purchase of treasury shares | | -1.5 | -1.5 |
--------------------------------------------------------------------------------
| Net cash used in financing activities | -3.4 | -20.8 | -25.3 |
--------------------------------------------------------------------------------
| Discontinued operations | | | |
--------------------------------------------------------------------------------
| Net cash from operating activities | | -1.8 | -2.2 |
--------------------------------------------------------------------------------
| Net cash from investing activities | | 12.4 | 12.4 |
--------------------------------------------------------------------------------
| Net cash from financing activities | | -0.5 | -0.5 |
--------------------------------------------------------------------------------
| Cash flow from discontinued operations | | 10.1 | 9.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | -5.1 | -4.7 | -7.5 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 5.7 | 13.8 | 13.8 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Foreign exchange adjustment | 0.0 | -0.1 | -0.6 |
--------------------------------------------------------------------------------
| Net change in cash and cash | -5.1 | -4.7 | -7.5 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 0.6 | 9.0 | 5.7 |
| of period | | | |
--------------------------------------------------------------------------------
* The net sales for the period under review 1-6/2008 have been corrected by
changing the periodicity of the circulation revenues, so that the circulation
revenues of the comparison period also match the number of issues in the period.
The effect on both net sales and operating profit is EUR 0.9 million.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
| EUR | Shar | Shar | Trea | Trans | Inves | Retai | Befor | Minor | Total |
| million | e | e | sury | latio | ted | ned | e | ity | equit |
| | capi | prem | shar | n | non-r | earni | minor | inter | y |
| | tal | ium | es | diffe | e | ngs | ity | est | |
| | | re | | rence | stric | | | | |
| | | serv | | s | ted | | | | |
| | | e | | | equit | | | | |
| | | | | | y | | | | |
| | | | | | fund | | | | |
--------------------------------------------------------------------------------
| Equity | 18.6 | 0.0 | -2.8 | -2.5 | 5.9 | 3.0 | 22.1 | 0.1 | 22.3 |
| at 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2009 | | | | | | | | | |
--------------------------------------------------------------------------------
| Return | | | | | -2.6 | | -2.6 | | -2.6 |
| of | | | | | | | | | |
| equity | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividen | | | | | | -1.7 | -1.7 | | -1.7 |
| ds paid | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 0.1 | | -2.4 | -2.3 | -0.0 | -2.3 |
| compreh | | | | | | | | | |
| ensive | | | | | | | | | |
| income | | | | | | | | | |
| for the | | | | | | | | | |
| year | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 18.6 | 0.0 | -2.8 | -2.4 | 3.3 | -1.1 | 15.5 | 0.1 | 15.6 |
| at | | | | | | | | | |
| 30 June | | | | | | | | | |
| 2009 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 18.6 | 5.9 | -1.3 | -0.2 | 0.0 | 7.4 | 30.3 | 1.6 | 31.9 |
| at 1 | | | | | | | | | |
| January | | | | | | | | | |
| 2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividen | | | | | | -8.8 | -8.8 | | -8.8 |
| ds paid | | | | | | | | | |
--------------------------------------------------------------------------------
| Purchas | | | -1.5 | | | | -1.5 | | -1.5 |
| e of | | | | | | | | | |
| treasur | | | | | | | | | |
| y | | | | | | | | | |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | -0.1 | -0.1 | -0.1 | -0.2 |
| items | | | | | | | | | |
--------------------------------------------------------------------------------
| Divestm | | | | | | | | -1.3 | -1.3 |
| ent of | | | | | | | | | |
| compani | | | | | | | | | |
| es | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | -0.1 | | 4.3 | 4.2 | | 4.2 |
| compreh | | | | | | | | | |
| ensive | | | | | | | | | |
| income | | | | | | | | | |
| for the | | | | | | | | | |
| year * | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 18.6 | 5.9 | -2.8 | -0.3 | 0.0 | 2.9 | 24.3 | 0.1 | 24.4 |
| at 30 | | | | | | | | | |
| June | | | | | | | | | |
| 2008 | | | | | | | | | |
--------------------------------------------------------------------------------
* The consolidated statement of comprehensive income presented in Equity, does
not include the periodicity change of circulation revenues EUR 0.9 million for
the period of comparison 1-6/2008.
The change in the number of shares is detailed in the notes to the financial
statements.
NOTES TO THE FINANCIAL STATEMENTS
In drawing up this interim report, Talentum has applied the same accounting
principles as in the financial statements for 2008, apart from the additions
described below.
The calculation for equity ratio in the June Interim Report has been changed in
such a way that total equity is divided by balance sheet total minus advances
received for subscriptions. Advances received earlier for subscriptions were
shown in Accrued expenses and deferred income of the balance sheet.
The periodicity of net sales from circulation revenues has been changed for
Finnish magazines so that the circulation revenues from the beginning of the
year match the number of issues. The figures from the comparison period have
been restated to correspond to the changed periodicity practice. The change
affects the same sum in both the net sales and operating profit.
From January 1, 2009 Talentum has adopted the following new IFRS standards:
IAS 1 Presentation of financial statements
The presentation of the interim report income statement and calculation showing
changes in owner's equity have been altered to correspond to the presentation
required by IAS 1.
IFRS 8 Operating segments
The Group has started to use segments based on its internal reporting. The
segments are Publishing Finland, Publishing Sweden and Direct Marketing.
Talentum's publishing net sales consists of advertising and circulation revenue
as well as other content revenue. Publishing Sweden publishes magazines and
online services and produces information services and seminars. Publishing
Finland publishes magazines, books and online services and produces training as
well as seminars. "Others” includes Conseco Press OOO, Talentum Oyj and Group
eliminations. The segment information in the interim report has been altered in
accordance with the presentation required by IFRS 8.
Other new interpretations are not relevant to the Group.
Discontinued operations include the television content production and premedia
operations sold in 2008.
All the figures in this report have been rounded up or down, so the sum of the
figures may be different from the totals shown.
YEAR 2008 COMPARISON FIGURES IN FINANCIAL REPORTING
In its financial reporting for the year 2009, released on 17 June 2009, Talentum
presented the historical comparison figures from 2008. The comparison figures
changed as a result of the sale of business operations not belonging to the core
business activities.
TALENTUM GROUP BY SEGMENTS
--------------------------------------------------------------------------------
| EUR million | 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ |
| | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Net sales | | | | | |
--------------------------------------------------------------------------------
| Publishing Finland | 9.2 | 14.7 | 19.8 | 29.1 | 53.1 |
--------------------------------------------------------------------------------
| Publishing Sweden | 6.0 | 10.4 | 11.6 | 19.2 | 34.4 |
--------------------------------------------------------------------------------
| Direct marketing | 2.2 | 2.6 | 4.7 | 5.2 | 9.8 |
--------------------------------------------------------------------------------
| Other | -0.7 | -1.2 | -1.5 | -2.3 | -4.0 |
--------------------------------------------------------------------------------
| Total | 16.7 | 26.4 | 34.6 | 51.1 | 93.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | | | | |
| before non-recurring | | | | | |
| items | | | | | |
--------------------------------------------------------------------------------
| Publishing Finland | 0.1 | 2.5 | 1.0 | 5.8 | 9.7 |
--------------------------------------------------------------------------------
| Publishing Sweden | -0.5 | 1.2 | -1.6 | 1.8 | 2.8 |
--------------------------------------------------------------------------------
| Direct marketing | 0.1 | 0.2 | 0.4 | 0.6 | 1.1 |
--------------------------------------------------------------------------------
| Other | -0.6 | -0.7 | -0.9 | -1.4 | -2.1 |
--------------------------------------------------------------------------------
| Total | -0.9 | 3.2 | -1.1 | 6.8 | 11.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-recurring items | | | | | |
--------------------------------------------------------------------------------
| Publishing Finland | -1.1 | | -1.1 | | |
--------------------------------------------------------------------------------
| Publishing Sweden | -0.5 | | -0.5 | | |
--------------------------------------------------------------------------------
| Other | -0.1 | | -0.1 | | |
--------------------------------------------------------------------------------
| Total | -1.8 | | -1.8 | | |
--------------------------------------------------------------------------------
| Operating profit | -2.6 | 3.2 | -2.9 | 6.8 | 11.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/2009 | Publishing | Publishing | Direct | Other | Total |
| | Finland | Sweden | marketing | | |
--------------------------------------------------------------------------------
| EUR million | | | | | |
--------------------------------------------------------------------------------
| Net sales | 19.8 | 11.6 | 4.7 | -1.5 | 34.6 |
--------------------------------------------------------------------------------
| Net sales between | | | 1.6 | -1.6 | 0.0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Operating profit | -0.1 | -2.2 | 0.4 | -1.0 | -2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing items, | | | | | 0.0 |
| net | | | | | |
--------------------------------------------------------------------------------
| Share of results | | | | | 0.0 |
| of associated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Profit before | | | | | -2.9 |
| taxes | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | 9.8 | 32.0 | 1.7 | 0.8 | 44.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/2008 | Publishing | Publishing | Direct | Other | Total |
| | Finland | Sweden | marketing | | |
--------------------------------------------------------------------------------
| EUR million | | | | | |
--------------------------------------------------------------------------------
| Net sales | 29.1 | 19.2 | 5.2 | -2.3 | 51.1 |
--------------------------------------------------------------------------------
| Net sales between | | | 2.4 | -2.4 | 0.0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 5.8 | 1.8 | 0.6 | -1.4 | 6.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing items, | | | | | -0.2 |
| net | | | | | |
--------------------------------------------------------------------------------
| Share of results | | | | | -0.3 |
| of associated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Profit before | | | | | 6.3 |
| taxes | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | 14.6 | 39.9 | 1.9 | 5.8 | 62.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-12/2008 | Publishing | Publishing | Direct | Other | Total |
| | Finland | Sweden | marketing | | |
--------------------------------------------------------------------------------
| EUR million | | | | | |
--------------------------------------------------------------------------------
| Net sales | 53.1 | 34.4 | 9.8 | -4.0 | 93.4 |
--------------------------------------------------------------------------------
| Net sales between | | | 4.2 | -4.2 | 0.0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 9.7 | 2.8 | 1.1 | -2.1 | 11.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing items, | | | | | -0.3 |
| net | | | | | |
--------------------------------------------------------------------------------
| Share of results | | | | | -0.4 |
| of associated | | | | | |
| companies | | | | | |
--------------------------------------------------------------------------------
| Profit before | | | | | 10.9 |
| taxes | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | 10.5 | 33.5 | 1.3 | 4.4 | 49.7 |
--------------------------------------------------------------------------------
CHANGE IN NUMBER OF SHARES *
--------------------------------------------------------------------------------
| 1.000 | 1-6/2009 | 1-6/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Shares outstanding at | 43 615 | 44 040 | 44 040 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Share issue | | 75 | 75 |
--------------------------------------------------------------------------------
| Purchase of treasury shares | | -500 | -500 |
--------------------------------------------------------------------------------
| Number of shares outstanding | 43 615 | 43 615 | 43 615 |
| at end of period | | | |
--------------------------------------------------------------------------------
* Excluding own shares held by the company
The weighted average number of shares that was used to calculate earnings per
share during the period under review is 43,614,787 (43,775,710 in
January-December 2008).
PERSONNEL BY SEGMENTS, ON AVERAGE
--------------------------------------------------------------------------------
| | 1-6/2009 | 1-6/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Publishing Finland | 216 | 225 | 223 |
--------------------------------------------------------------------------------
| Publishing Sweden | 182 | 188 | 187 |
--------------------------------------------------------------------------------
| Direct marketing | 354 | 361 | 374 |
--------------------------------------------------------------------------------
| Other | 20 | 19 | 19 |
--------------------------------------------------------------------------------
| Continuing operations | 772 | 793 | 803 |
--------------------------------------------------------------------------------
GUARANTEES AND CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| EUR million | 30.6.2009 | 30.6.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Guarantees posted for own | | | |
| commitments | | | |
--------------------------------------------------------------------------------
| Financial institution loans | 0.4 | 0.7 | 0.5 |
--------------------------------------------------------------------------------
| Book value of shares pledged | 2.3 | 2.6 | 2.3 |
--------------------------------------------------------------------------------
| Business mortgage | 0.3 | 0.4 | 0.3 |
--------------------------------------------------------------------------------
| Guarantees posted on behalf of | 0.2 | 0.3 | 0.2 |
| commitments of associates | | | |
--------------------------------------------------------------------------------
| Guarantees posted on behalf of | 0.4 | 0.4 | 0.4 |
| Talentum's pension fund | | | |
--------------------------------------------------------------------------------
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
--------------------------------------------------------------------------------
| EUR million | 30.6.2009 | 30.6.2008 | 31.12.2008 |
--------------------------------------------------------------------------------
| Carrying value at start of | 1.6 | 6.6 | 6.6 |
| period | | | |
--------------------------------------------------------------------------------
| Additions | 0.2 | 0.3 | 0.6 |
--------------------------------------------------------------------------------
| Disposals through disposals of | | -4.3 | -4.5 |
| subsidiaries | | | |
--------------------------------------------------------------------------------
| Depreciation for the period | -0.3 | -0.6 | -1.0 |
--------------------------------------------------------------------------------
| Carrying value at end of period | 1.4 | 1.9 | 1.6 |
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
--------------------------------------------------------------------------------
| EUR million | 1-6/2009 | 1-6/2008 | 1-12/2008 |
--------------------------------------------------------------------------------
| Management employee benefits | 0.6 | 0.6 | 1.6 |
--------------------------------------------------------------------------------
| Support payments to pension | 2.0 | 3.5 | 5.6 |
| fund | | | |
--------------------------------------------------------------------------------
| Associates and joint ventures: | | | |
--------------------------------------------------------------------------------
| Sales | 0.0 | 0.0 | 0.2 |
--------------------------------------------------------------------------------
| Current liabilities | 0.4 | 0.6 | 0.5 |
--------------------------------------------------------------------------------
Calculation of key indicators
Earnings per share = Profit for the period attributable to parent company
shareholders / Adjusted average number of shares at the end of the period
Equity per share = Equity attributable to the parent company shareholders /
Adjusted average number of shares at the end of the period
Equity ratio, % = Total equity / Balance sheet total - advances received x 100
Gearing, % = Interest-bearing liabilities - cash and cash equivalents / Total
equity x 100
Market capitalization = Number of shares at the end of the period x trading
price at the end of the period
The figures in this release are unaudited.
General statement
The forecasts and estimates presented here are based on the management's view of
developments in the economy at this present moment, and the actual results may
differ substantially from what the company now expects.
Next financial results
Talentum will publish the January-September 2009 interim report on 27 October.
TALENTUM OYJ
Juha Blomster
CEO
FURTHER INFORMATION
Juha Blomster, CEO, tel +358 40 342 4444
Kaisa Kokkonen, CFO, tel +358 40 342 4212
COPIES TO
NASDAQ OMX Helsinki
Key media
BRIEFING
A briefing will be held for analysts and the media today, 22 July 2009 at 11.00
a.m. at the Talentum head office, Annankatu 34-36 B, Kamppi, Helsinki. The
financial performance will be presented by CEO Juha Blomster and CFO Kaisa
Kokkonen.
Talentum Oyj
Annankatu 34 - 36 B
00100 Helsinki
Telephone +358 204 4240
www.talentum.com
