Alma Media's revenue for the full year 2012 grew by 1.2% to MEUR 320.1 (316.2). Revenue from business operations acquired in 2012 was MEUR 20.8 (0.0). Revenue from print media was MEUR 217.2 (236.1), with a share of 67.9% (74.7%) in the Group’s revenue. Revenue from digital products and services was MEUR 77.8 (56.8), an increase of 37.0% mainly due to acquisitions. Digital products and services accounted for 24.3% (18.0%) of Group revenue. Other revenue totalled MEUR 24.7 (23.1), accounting for 7.7% (7.3%) of Group revenue.
Revenue from advertising sales grew by 3.5% and was MEUR 160.8 (155.3). Advertising sales made up 50.2% (49.1%) of the Group’s total revenue. Advertising sales for printed papers declined by 12.2% from the comparison period, totalling MEUR 97.7 (111.3). Online advertising sales grew by 43.4% to MEUR 61.8 (43.1).
Circulation revenue declined by 4.4% to MEUR 119.3 (124.8). The circulation revenue of the Newspapers segment decreased by 4.6% to MEUR 104.8 (109.9). Kauppalehti’s circulation revenue declined by 2.7% to MEUR 14.6 (15.0).
Contents and service revenue was MEUR 40.0 (36.1).
Operating profit and profit for the period
Alma Media's operating profit excluding non-recurring items was down 22.0% (down 2.2%) to MEUR 33.5 (42.9). The operating margin excluding non-recurring items was 10.5% (13.6%). The operating profit was MEUR 26.5 (42.0), and the operating margin 8.3% (13.3%). Operating profit from acquired businesses amounted to MEUR 2.9 (0.0).
The operating profit includes MEUR -7.0 (-1.0) in net non-recurring items. The non-recurring items during the review period were related to organisational restructuring, as well as impairment losses for capitalised R&D costs for the Marketplaces business.
The full-year 2012 financial result was MEUR 17.4 (30.8), and excluding non-recurring items, MEUR 29.3(31.7). The period’s financial result includes a non-recurring item, a write-down of MEUR 4.8 in the shareholding in Talentum Oyj. It also includes changes in the fair value of contingent considerations and debt incurred by the reorganisation of the Marketplaces business in the amount of MEUR 3.6.
Balance sheet and financial position
At the end of December 2012, Alma Media's consolidated balance sheet stood at MEUR 245.1 (198.0). Alma Media’s equity ratio at the end of December was 36.7% (57.0%) and equity per share declined to EUR 1.08 (1.24).
At the end of December, the Group’s interest-bearing net debt was MEUR 62.3 (-32.3). The increase in net debt was due to the entering into force of the rental agreement of the printing facility, treated as finance leasing, as well as loans taken for company acquisitions and dividend payment. Financial assets recognised at fair value through profit or loss created through corporate transactions amounted to MEUR 0.9 (4.9) on December 31, 2012, and the fair value of debts on the same date MEUR 2.7 (2.0).
The consolidated cash flow from operations in 2012 was MEUR 24.9 (50.7). Cash flow before financing was MEUR -38.0 (50.7). Because of the change in value-added tax treatment of newspaper subscriptions, part of 2012 subscription revenue was exceptionally created in 2011, whic h significantly reduced the cash flow from operations during the review period. Cash flow from investing activities was affected primarily by the acquisitions of business operations during the financial period.
The Group currently has a MEUR 100.0 commercial paper programme in Finland under which it is permitted to issue papers to a total amount of MEUR 0–100. The unused part of the programme was MEUR 78.0 on December 31, 2012. In addition, the Group has a credit limit in the amount of MEUR 30.0 until October 9, 2013, of which MEUR 13.0 were unused on December 31, 2012, and a credit limit in the amount of MEUR 50.0 until October 15, 2014, of which MEUR 37.0 were unused on December 31, 2012.
To further strengthen and diversify its financing structure, Alma Media Corporation in October signed two new credit facilities, both valued at MEUR 25 with Nordea Pankki Suomi Oyj and Skandinaviska Enskilda Banken Ab. At the same time, Alma Media terminated its valid credit facility of MEUR 35, previously agreed with Skandinaviska Enskilda Banken Ab. The new credit facilities are valid for two years.
Share and dividend
Alma Media share is quoted at NASDAQ OMX Helsinki Stock Exchange, in the Mid Cap category.
In January–December, altogether 5,066,413 Alma Media shares were traded at NASDAQ OMX Helsinki Stock Exchange, representing 6.7% of the total number of shares. The closing price of the Alma Media share at the end of the last trading day of the year, December 28, 2012, was EUR 4.55. The lowest quotation during the year was EUR 4.35 and the highest EUR 6.80. The volume weighted average price for the year, based on daily closing prices, was EUR 5.44. Alma Media Corporation’s market capitalisation was MEUR 343.5 at the end of the year.
Trading in alternative trading venues (Burgundy, Turquoise and Chi-X, among others) was minor in 2012, totalling only to a few per cents of the trading volume.
Of the indices of sustainable investing, Alma Media is included in the OMX GES Finland Sustainability Index, comprising the 40 leading companies in Finland in terms of sustainability.
Dividend paid for the financial year 2011
The Annual General Meeting resolved to distribute a dividend of EUR 0.40 per share for the financial year 2011, in total MEUR 30.2 (52.5), in accordance with the proposal of the Board of Directors. The dividend was paid on March 26, 2012 to shareholders who were registered in Alma Media Corporation’s shareholder register maintained by Euroclear Finland Oy on the record date, March 19, 2012.
Dividend proposal for the Annual General Meeting 2012
The Board of Directors proposes to the ordinary Annual General Meeting that a dividend of EUR 0.10 (0.40) per share be paid for the financial year 2012. Based on the number of shares on the closing date, December 31, 2012, the dividend distribution would total EUR 7,543,685 (30,194,741).
On December 31, 2012, the Group’s parent company had distributable funds totalling EUR 8,014,054 (51,941,032) of which profit for the period amounted to EUR -14.169.546 (+47,486,273). No essential changes in the company’s financial standing have taken place after the end of the financial year.
Dividends are paid to shareholders who are entered in Alma Media Corporation’s shareholder register maintained by Euroclear Finland Oy no later than the record date, March 19, 2013. The dividend payment date is March 26, 2013.
Key figures for responsibility