Announcement No. 3/2012 Copenhagen, 20 January 2012
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Announcement no. 3/2012 Page 1 of 5 Copenhagen, 20 January 2012 NASDAQ OMX Copenhagen A/S Nikolaj Plads 6 DK-1007 Copenhagen K Aller Holding A/S: Consolidated Accounts 2010/11 Profit and Loss Statement for the period 1.10.2010 – 30.9.2011 DKK 1,000 2010/11 2009/10 Net turnover 4,029,672 3,915,766 Other income 18,073 120,913 External costs -2,268,321 -2,087,761 Costs re employees -1,269,024 -1,394,447 Depreciation and amortization -264,045 -283,981 Result of primary activities 246,045 270,580 Share of after-tax result in associated companies 12,840 -22,816 Financial income 51,467 162,213 Financial expense -13,442 -6,862 Result before tax 296,910 403,115 Tax on the year’s income -74,081 -130,059 The year’s result before minority interests 222.829 273,056 The minority interests’ share of the result -2,731 472 Net profit for the year 220,098 273,528 The Aller Holding A/S Board of Directors comment upon the business year as follows: “The result of The Aller Group was satisfactory and fully lived up to the expectations expressed in the Annual Report 2009/10. In 2010/11, The Aller Group realized a positive result of primary activities of DKK 246m, which represents a marked improvement over 2009/10 if the gain from the sale of the domicile in Valby in 2009/10 is excluded. The result of primary activities in 2009/10 of DKK 271m was thus positively affected by the non- recurring gain of DKK 116m from the sale of the Valby property. Adjusted for this gain, the result is DKK 91m better compared to 2009/10. In 2010/11, the financial markets have been extremely turbulent and were especially affected by the negative development in share prices during Q3. Financial net income amounts to DKK 38m – although this is a fall of DKK 117m compared to last year the result is still considered acceptable when viewed in the context of the general market development. c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: [email protected] | CVR no. 15359439 | www.rella.dk Announcement no. 3/2012 Page 2 of 5 The Aller Group’s surplus liquidity is represented by investments in both domestic and foreign bonds and shares plus cash deposits totalling DKK 2,842m (2009/10: DKK 2,747m). Cash flow from operations was also positive this year: DKK 449m against DKK 702m last year. The year’s result after tax amounted to DKK 220m, which is DKK 54m lower than in last year.” The subsidiary groups’ after-tax results: DKKm 2010/11 2009/10 Aller Media A/S, Denmark 50 100 Aller Media AS, Norway 54 25 Aller Media AB, Sweden 71 52 Aller Media Oy, Finland 1 5 Concerning Aller Media A/S, the Annual Report mentions that “the year’s result of the main activities has been influenced by a continuing difficult media market for printed media with a resulting decline in circulation numbers for weeklies and magazines. In spite of this negative environment, the publishing business is still doing well at a high and profitable level aided by rationalizations and cost control. The consolidated accounts show a profit of DKK 50m against DKK 100m in the accounting year 2009/10. The result before tax in 2009/10 was positively affected by the gain arising from the sale of the group’s previous domicile. Adjusted for this gain, the result for 20010/11 improved by DKK 46m.” With regard to the expected development in Aller Media A/S, “the Management in Denmark is expecting a satisfactory and positive result for the accounting year 2011/12.” In the Aller Media AS Group, Norway, “turnover increased to DKK 1,103m in 2010/11 from DKK 1,074m in 2009/10. Of the increase, DKK 32m can be attributed to exchange gains. The year’s result has improved by DKK 29m to reach a profit of DKK 54m compared to DKK 25m primarily through the sale of shares in BC Eiendomsselskab AS (real estate). At the end of the accounting year, equity amounted to DKK 175m, a decrease of DKK 187m compared to 2009/10 primarily due to paid out dividends. Aller Media AS, Norway, has received a claim from the Norwegian tax authorities for payment of back taxes for the tax years 2000-2009. Although no final ruling has been made, Aller Media AS has included the amount in the accounts.” “In spite of the difficult market conditions. the Management in Norway is expecting a lower but still positive result for 2010/11.” Concerning the Aller Media AB Group, the Annual Report states “that the Group has had a stable development during the accounting year. The result of primary activities (EBITA) is the best in the Swedish Group’s history. Turnover increased by DKK 93m to reach DKK 1,178m, up from DKK 1,085m in 2009/10. Development in exchange rates had a positive effect on turnover of DKK 103m. The cost development has been stable. c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: [email protected] | CVR no. 15359439 | www.rella.dk Announcement no. 3/2012 Page 3 of 5 The result of primary activities shows a profit of DKK 87m, a net increase of DKK 6m. The year’s result after tax is a profit of DKK 71m compared to last year’s result of DKK 52m or an increase of 37%” For 2011/12, the Swedish Management “is expecting a continuing stable development in the activity level. The Management is expecting a satisfactory and positive result for 2011/12.” In the Aller Media Oy Group, Finland, “turnover increased from DKK 371m to DKK 387m primarily due to the take-over of the full share of Suomi24.fi in 2009/10. Exchange rates had a positive effect on turnover of DKK 0.5m. For 2010/11, the result of primary activities amounts to DKK 9m, a decrease of DKK 14m due to higher goodwill amortizations as a consequence of the Suomi24 take-over. During the accounting year, a new law introduced a 9% VAT on the sale of subscriptions. This new tax is expected to have a negative impact on subscription sales which make up an important part of total turnover. In 2010/11, the photo agency All over Press Sweden AB has been transferred to the sister company Aller Media AB. The after tax result is a profit of DKK 1m against DKK 5m last year.” “ The Management in Finland is expecting a considerably improved result for 2011/12.” Aller Holding A/S: Consolidated Accounts 2010/11 Main figures from the Consolidated Balance Sheet as at 30.9.2011 DKK 1,000 2010/11 2009/10 Assets Immaterial assets 386,312 354,400 Tangible fixed assets 1,552,322 1,666,168 Financial long term assets 2,560,063 2,438,815 Total fixed assets 4,498,697 4,459,383 Stocks and goods 113,347 92,896 Total debtors 400,821 341,842 Other securities and shares 7,405 4,401 Cash 543,349 583,201 Total current assets 1,064,922 1,022,340 Total assets 5,563,619 5,481,723 c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: [email protected] | CVR no. 15359439 | www.rella.dk Announcement no. 3/2012 Page 4 of 5 DKK1,000 2010/11 2009/10 Liabilities Total equity 4,024,756 3,939,550 Minority interests 6,711 0 Total provisions 302,308 299,887 Long term debt 28,854 49,907 Short term debt 1,182,990 1,192,379 Total debt 1,211,844 1,242,286 Total liabilities 5,563,619 5,481,723 As at 30.9.2011, the Group’s cash amounts to DKK 543m which combined with a holding of liquid securities and shares valued at DKK 2,300m adds up to a total liquid reserve of DKK 2,843m (2009/10: DKK 2,748m). Development in the Aller Group’s equity DKK 1,000 Total equity as at 1.10.2010 3,939,550 Paid-out dividends -96,000 Dividend on treasury shares 9,524 Purchase and sale of treasury shares -19,926 Net profit for the year 220,098 Currency adjustment re foreign subsidiaries -10,490 Total equity as at 30.09.2011 4,024,756 At the Annual General Meeting of Aller Holding A/S to be held on Friday 3 February 2012, a dividend of 428% (last year: 532%) to the B-shareholders will be proposed. Outlook for the accounting year 2011/12 In the Annual Report, Aller Holding A/S’ Board of Directors make the following comments on the outlook for the current business year in the section “Expected Future Development: “The current economic situation will – combined with the technological development – result in changed consumer patterns both in readers and in advertisers. These changes take place at a faster pace than ever before. Following thorough analysis and market research the Group will therefore continue to strengthen its product development and launch new products if a demand with the necessary profit potential is identified c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: [email protected] | CVR no. 15359439 | www.rella.dk Announcement no. 3/2012 Page 5 of 5 in the market place. Furthermore, loss-making products and activities will be subject to a continuous critical evaluation and if necessary be disposed of or closed down At the same time, the Group will seek to develop new markets and business areas within mass media marketing and related activities.