Ilkka-Yhtymä Oyj
Ilkka-Yhtymä Oyj’s Interim Report for Q3/2011
Ilkka-Yhtymä Oyj 07.11.2011 13:00 --------------------------------------------------------------------------- Ilkka-Yhtymä Oyj Interim Report 7 November 2011, at 2:00 pm ILKKA-YHTYMÄ OYJ'S INTERIM REPORT FOR Q3/2011 JANUARY-SEPTEMBER 2011 - Net sales: EUR 37.0 million (EUR 33.9 million), up 9.0% - Operating profit: EUR 15.0 million (EUR 9.8 million), up 52.6% - Operating profit excluding Alma Media Corporation and the other associated companies amounted to EUR 6.8 million (EUR 5.0 million), up 35.0% - Operating profit totalled 40.5% of net sales, or 18.4% excluding Alma Media and other associated companies (14.8%) - Pre-tax profits: EUR 12.1 million (EUR 10.0 million), up 21.2% - Earnings per share: EUR 0.44 (EUR 0.34) JULY-SEPTEMBER 2011 - Net sales: EUR 11.6 million (EUR 11.0 million), up 6.2% - Operating profit: EUR 5.8 million (EUR 3.8 million), up 53.0% - Operating profit excluding Alma Media Corporation and the other associated companies amounted to EUR 2.3 million (EUR 1.9 million), up 19.7% - Operating profit totalled 50.2% of net sales, or 19.3% excluding Alma Media and other associated companies (17.1%) - Pre-tax profits: EUR 3.3 million (EUR 3.8 million), down 13.7% - Earnings per share: EUR 0.13 (EUR 0.13) NET SALES AND PROFIT PERFORMANCE The Group's consolidated net sales for January-September showed a 9.0% increase. Net sales came to EUR 37.0 million (EUR 33.9 million in the corresponding period of the previous year). External net sales from the publishing business grew by 6.0%. Advertising revenues grew by 7.8% and circulation revenues grew by 1.3%. External net sales from the printing business grew by 33.5%. The higher net sales from publishing resulted from a recovery in advertising volumes, due to, for example, election advertising early in the year. The growth in net sales for the printing business was caused by new customers, recovering volumes and price increases due to printing materials. Circulation income accounted for 39% of consolidated net sales, while advertising income and printing income represented 46% and 13%, respectively. For Q3, net sales grew by 6.2% and totalled EUR 11.6 million (EUR 11.0 million). External net sales from the publishing business grew by 3.2%. Advertising revenues grew by 2.8%, and circulation revenues grew by 0.8%. External net sales from the printing business grew by 35.6%. Circulation income accounted for 42% of consolidated net sales in July-September, while advertising income and printing income represented 44% and 12%, respectively. Other operating income in January-September totalled EUR 0.3 million (EUR 0.3 million) and in July-September EUR 0.1 million (EUR 0.1 million). Operating expenses for January-September amounted to EUR 30.5 million (EUR 29.2 million), up by 4.5% year on year. For July-September, operating expenses amounted to EUR 9.5 million (EUR 9.2 million), up 3.5%. For January-September, expenses arising from materials and services increased by 14.1%, particularly due to growth in printing volumes as well as a rise in the prices of printing materials and distribution. Personnel expenses for January-September increased by 1.7%. The increases agreed in the industry's collective agreements for 2011 will only impact in full on the personnel expenses for the year end. The share of the associated companies' result for January-September was EUR 8.2 million (EUR 4.8 million). Consolidated operating profit amounted to EUR 15.0 million (EUR 9.8 million), up by 52.6% year-on-year. The Group's operating margin was 40.5% (28.9%). Operating profit excluding Alma Media Corporation and the other associated companies amounted to EUR 6.8 million (EUR 5.0 million), representing 18.4% (14.8%) of net sales. Operating profit from publishing grew by EUR 1.1 million, and operating profit from printing grew by EUR 0.8 million. The considerable rise in operating profit from printing was due to higher volumes, a modest rise in costs early in the year and the fact that the first quarter last year included costs for ceasing operation of the Vaasa printing unit. For July-September, the share of the associated companies' result was EUR 3.6 million (EUR 1.9 million). Consolidated operating profit amounted to EUR 5.8 million (EUR 3.8 million). Operating profit increased 53.0% from the corresponding period. The Group's operating margin was 50.2% (34.8%) in July-September. Operating profit excluding Alma Media Corporation and the other associated companies amounted to EUR 2.3 million (EUR 1.9 million), representing 19.3% (17.1%) of net sales. For the third quarter, operating profit from publishing grew by EUR 0.1 million, and operating profit from printing grew by EUR 0.3 million. Net financial expenses for January-September amounted to EUR 2.9 million (net financial income in the corresponding period of the previous year EUR 0.2 million). Net gain/loss on shares held for trading was EUR -0.9 million (EUR 0.2 million). Interest expenses excluding the fair value change in derivatives hedging them totalled EUR 1.9 million (EUR 0.5 million). In order to hedge against interest rate risk, on 21 December 2010 the company transformed some of its floating-rate liabilities into fixed-rate liabilities, by means of interest rate swaps. Given that the Group does not apply hedge accounting, unrealised changes in the market value of the interest rate swaps are recognised through profit or loss. In January-September, the market value of these interest rate swaps fell by EUR 1.0 million. Net financial expenses for July-September amounted to EUR 2.5 million (net financial income in the corresponding period of the previous year EUR 0.03 million). Net gain/loss on shares held for trading was EUR -0.5 million (EUR 0.2 million). For Q3, interest expenses excluding the fair value change in derivatives hedging them totalled EUR 0.6 million (EUR 0.2 million). In July-September, the market value of interest rate swaps fell by EUR 1.4 million. Pre-tax profits for January-September totalled EUR 12.1 million (EUR 10.0 million). Direct taxes amounted to EUR 0.8 million (EUR 1.2 million), and the Group's net profit for the period totalled EUR 11.3 million (EUR 8.8 million). The Group's net profit for the third quarter totalled EUR 3.4 million (EUR 3.3 million). BALANCE SHEET AND FINANCING The consolidated balance sheet total came to EUR 193.7 million (EUR 147.5 million), with EUR 102.9 million (EUR 100.3 million) of equity. On the reporting date of 30 September 2011, the balance sheet value of the holding in the associated company Alma Media Corporation was EUR 152.8 million and the market value of the shares was EUR 136.3 million. According to the management's estimate, write-down in this holding is unnecessary. Interest-bearing liabilities totalled EUR 77.5 million (EUR 35.5 million). The equity ratio was 54.3% (70.0%), and shareholders' equity per share stood at EUR 4.01 (EUR 3.91). The increase in financial assets for the period totalled EUR 2.1 million (decrease EUR 0.9 million), with liquid assets at the end of the period totalling EUR 5.2 million (EUR 5.8 million). EUR 3.6 million in interest-bearing loans were repaid in July on an accelerated basis. EUR 2.4 million of said amount was for loan repayments originally scheduled for 2012. In order to safeguard its long-term financing, Ilkka-Yhtymä has renewed the EUR 15.5 million bullet loan originally maturing in 2013, to 2018. Cash flow from operations for the period came to EUR 24.1 million (EUR 11.7 million). Cash flow from operations includes EUR 15.7 million (EUR 6.1 million) in dividend income from Alma Media Corporation. Cash flow from investments totalled EUR -3.5 million (EUR -1.4 million). SHARE PERFORMANCE The series-I shares of Ilkka-Yhtymä Oyj were listed on the Helsinki Stock Exchange in 1981 and have remained listed ever since. The series-II shares have been listed since their issue in 1988, and on 10 June 2002 they were listed on the Main List of the Helsinki Stock Exchange. At present, the series-II shares of Ilkka-Yhtymä Oyj are listed on the NASDAQ OMX Helsinki List, in the Consumer Discretionary sector, the company's market value being classified as Mid Cap. The series-I shares are listed on the Pre List. In January-September, 53,703 series-I shares of Ilkka-Yhtymä Oyj were traded, accounting for 1.2% of the total number of series-I shares. The total value of the shares exchanged was EUR 0.5 million. In total, 1,147,029 series-II shares were traded, corresponding to 5.4% of the total number of series-II shares. The total value of the shares traded was EUR 9.1 million. The lowest price at which series-I shares of Ilkka-Yhtymä Oyj were traded during the period under review was EUR 8.90, and the highest per-share price was EUR 11.69. The lowest price at which series-II shares were traded was EUR 5.95 and the highest EUR 8.99. The market value of the share capital at the closing rate for the reporting period was EUR 176.0 million. RISKS AND RISK MANAGEMENT Ilkka-Yhtymä's most significant short-term risks are related to the development of media advertising as well as circulation and printing volumes, which affect the industry in general. The negative impacts of the increasing uncertainty in both the international and Finland's economy on 2011 media advertising are difficult to assess. Moreover, it is difficult to evaluate the impacts of the 9 per cent value-added tax, imposed on newspapers' subscription fees by the 2012 budget proposal, on circulation and printing volumes. Other operating risks are discussed in more detail in the 2010 Annual Report. The Group's major financial risks include credit risk, the risk associated with the price of shares held for trading, liquidity risk and the risk of changes in market interest rates applied to the loan portfolio. In order to hedge against interest rate risk, on 21 December 2010 the company transformed some of its floating-rate liabilities to a fixed rate, by means of interest rate swaps. Given that the Group does not apply hedge accounting, changes in the market value of the interest rate swap are recognised through profit and loss. Other financial risks are discussed in more detail in the 2010 Annual Report. CORPORATE GOVERNANCE AND THE ANNUAL GENERAL MEETING On 14 April 2011, the Annual General Meeting (AGM) of Ilkka-Yhtymä Oyj approved the financial statements, discharged the members of the Supervisory Board and the Board of Directors and the Managing Director from liability and decided that a per-share dividend of EUR 0.50 be paid for the year 2010. The number of members on the Supervisory Board for 2011 was confirmed to be 25. Of the Supervisory Board members whose term had come to an end, the following were re-elected for the term ending in 2015: Lasse Hautala (Kauhajoki), Perttu Rinta (Mikkeli), Satu Heikkilä (Helsinki), Ari Rinta-Jouppi (Vähäkyrö) and Raija Tikkala (Jurva). Minna Sillanpää of Seinäjoki and Jorma Vierula of Seinäjoki were elected as new members of the Supervisory Board for the term ending in 2015. The AGM decided to raise the remuneration of the Chairman and members of the Supervisory Board. The Chairman of the Supervisory Board will be paid a monthly fee of EUR 1,500 and a meeting fee of EUR 400, while other members will be paid EUR 400 per meeting. The board members' travel expenses are reimbursed in accordance with the current maximum level specified by the tax authorities. Ernst & Young Oy, Authorised Public Accountants, was elected as the auditor, with Authorised Public Accountant Tomi Englund as the principal auditor. It was decided that the auditors would be reimbursed per the invoice. The AGM approved the Board of Directors' proposal on amending the Articles of Association. The amendments include the following: (i) that Section 5(2), concerning the retirement age of a Supervisory Board member, be removed; (ii) that Section 8(1) be amended by removing the regulations concerning the retirement age of a member of the Board of Directors and by increasing the maximum number of Board members to six (6), and Section 8(3), concerning the quorum for the Board of Directors, be removed; and (iii) that Section 11(2), concerning shareholders' initiatives to the General Meeting, be removed. The AGM authorised the Board of Directors to decide upon a donation to be put toward charitable causes or similar, totalling, at maximum, EUR 50,000, as well as to decide upon the recipients, purposes of use, schedules and other terms of these donations. The proposal by Osakesäästäjien Keskusliitto ry (Shareholders' Association) and Kari Karpoff to eliminate the Supervisory Board was not approved. On 2 May 2011, the Supervisory Board re-elected Seppo Paatelainen and Tapio Savola, whose term had come to an end, to the Board of Directors of Ilkka-Yhtymä Oyj. Lasse Hautala will continue as chairman of the Supervisory Board, while Perttu Rinta will continue as vice-chairman. At its membership meeting, the Board of Directors re-elected Seppo Paatelainen as its chairman, while Timo Aukia will continue as vice-chairman. FLAGGING ANNOUNCEMENTS As a result of a share purchase completed on 10 June 2011, Pohjois-Karjalan Kirjapaino Oyj's holding in Ilkka-Yhtymä Oyj's share capital exceeded 10%. Holding increased to 10.0039% of the share capital and 2.3914% of the voting rights. BUSINESS ARRANGEMENTS IN ASSOCIATED COMPANIES Arena Interactive Oy, a subsidiary of Ilkka-Yhtymä Oyj's associated companies Arena Partners Oy (37.82%) and Alma Media Oyj (29.8%), purchased the entire capital stock of Steam Communications Oy on 9 September 2011. Both Arena Interactive and Steam Communications specialise in the development and production of mobile services, and message communication. Arena Partners Oy, an associated company of Ilkka-Yhtymä Oyj (37.82%) acquired 36.16% of Uranus Konsultointi Oy on 4 October 2011. Uranus is engaged in two business sectors: matching experts with employers (www.uranus.fi) and managing the recruitment process (www.laura.fi). Uranus is also a member of the world's leading international electronic recruitment network, The Network (www.the-network.com), providing its services in Finland. OUTLOOK FOR 2011 Increasing uncertainty in international economy makes the assessment of media advertising in Finland in 2011 challenging. However, media advertising is forecast to remain at the previous year's level during the final months of the year. Due to consumer caution and media competition, newspapers' circulation income is also predicted to remain at the previous year's level. Printing business volumes have decreased permanently in Finland. Some growth is forecast for the net sales of Ilkka-Yhtymä's printing and publishing business. Group operating profit from Ilkka-Yhtymä's own operations, and operating profit as a percentage of net sales, excluding the share of Alma Media and other associated companies, is estimated to grow significantly compared with 2010 in spite of the rising trend in costs during the rest of the year. In addition, the year's results will be influenced by interest rate trends, changes in the market value of interest rate swaps, any trading in securities and the price performance of securities investments. The associated company Alma Media Corporation (Group ownership 29.79%) will have a significant impact on Group operating profit and profit. In the current economic climate, several uncertainty factors remain, related to the predictability of both net sales and operating profit. SUMMARY OF FINANCIAL STATEMENTS AND NOTES DRAFTING PRINCIPLES Ilkka-Yhtymä Group's interim report has been prepared in compliance with the recognition and measurement principles of IFRS, but not in compliance with all IAS 34 requirements. Since 1 January 2011, the Group has complied with the following new or updated standards and interpretations: - IAS 24 Related Party Disclosures - the revised standard. This revision clarifies and simplifies the definition of a related party, in particular with regard to the parties' significant influence and joint control. The revision has no impact on the interim report. - IFRS 32 Financial instruments: Presentation - Classification of Rights Issues. The amendment concerns the classification of share issues, options and subscription rights denominated in foreign currencies. In the future, share issues, options and subscription rights may, under certain conditions, be classified as equity rather than derivative instruments, as previously. This amendment has no impact on the interim report. - IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. The interpretation addresses certain situations (sometimes referred to as 'debt for equity swaps') where an entity renegotiates the terms of a financial liability and issues an equity instrument to a creditor of the entity to extinguish all or part of the financial liability. Such swaps are primarily considered as repayment of debt. The fair value of the financial liability's carrying amount and of the equity instrument is recognised in profit or loss. This interpretation has no impact on the interim report. - Annual improvements to IFRS and IFRIC (5/2010). These improvements will chiefly enter into force in 2011. Several minor changes made have no bearing on the interim report. In other respects, the interim report was compiled in compliance with the same accounting principles as the previous financial reports. The principles and formulae for the calculation of the indicators, presented on page 53 of the 2010 annual report, remain unchanged. The figures in the interim report have been presented unaudited. CONSOLIDATED INCOME STATEMENT (EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/ 2011 2010 % 2011 2010 % 2010 NET SALES 11 650 10 970 6 36 973 33 929 9 46 530 Change in inventories 12 9 26 21 4 428 -5 of finished and unfinished products Other operating 111 100 10 343 321 7 429 income Materials and -3 531 -3 142 12 -11 061 -9 691 14 -13 108 services Employee benefits -3 924 -3 843 2 -12 855 -12 637 2 -17 183 Depreciation -780 -803 -3 -2 327 -2 385 -2 -3 182 Other operating costs -1 287 -1 411 -9 -4 300 -4 507 -5 -6 341 Share of associated 3 593 1 939 85 8 197 4 789 71 7 337 companies' profit OPERATING PROFIT 5 844 3 819 53 14 990 9 822 53 14 479 Financial income and -2 522 29 -8883 -2 853 192 -1587 192 expenses PROFIT BEFORE TAXES 3 322 3 847 -14 12 137 10 014 21 14 670 Income tax 70 -498 -114 -825 -1 234 -33 -1 779 PROFIT FOR THE PERIOD 3 391 3 350 1 11 312 8 780 29 12 892 UNDER REVIEW Earnings per share, 0.13 0.13 1 0.44 0.34 29 0.50 undiluted (EUR)*) The undiluted share 25 665 25 665 25 665 25 665 25 665 average, adjusted for the share issue (to the nearest thousand)*) *) There are no factor diluting the figure. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (EUR 1,000) 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/ 2011 2010 % 2011 2010 % 2010 PROFIT FOR THE PERIOD UNDER 3 391 3 350 1 11 312 8 780 29 12 892 REVIEW OTHER COMPREHENSIVE INCOME: Available-for-sale assets -458 -516 682 Share of associated -84 116 -173 -203 241 -184 344 companies' other comprehensive income Income tax related to 119 134 -203 components of other comprehensive income Other comprehensive income, -423 116 -467 -585 241 -343 824 net of tax TOTAL COMPREHENSIVE INCOME 2 968 3 465 -14 10 726 9 021 19 13 715 FOR THE PERIOD SEGMENT INFORMATION Group net sales (EUR 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/ 1,000) 2011 2010 % 2011 2010 % 2010 Publishing 10 305 9 988 3 32 110 30 335 6 41 386 Printing 3 438 2 930 17 11 229 9 398 19 13 052 Non-allocated 501 487 3 1 505 1 463 3 1 942 Net sales between -2 594 -2 436 6 -7 872 -7 267 8 -9 850 segments Group net sales total 11 650 10 970 6 36 973 33 929 9 46 530 Group operating profit 7-9/ 7-9/ Change 1-9/ 1-9/ Change 1-12/ (EUR 1,000) 2011 2010 % 2011 2010 % 2010 Publishing 1 843 1 725 7 5 830 4 763 22 6 786 Printing 515 237 117 1 461 685 113 1 177 Associated companies 3 593 1 939 85 8 197 4 789 71 7 337 Non-allocated -107 -82 -31 -498 -415 -20 -821 Group operating profit 5 844 3 819 53 14 990 9 822 53 14 479 total CONSOLIDATED BALANCE SHEET (EUR 1,000) 9/2011 9/2010 Change % 12/2010 ASSETS NON-CURRENT ASSETS Intangible rights 1 228 1 150 7 1 284 Goodwill 314 314 314 Investment properties 319 417 -23 390 Property, plant and equipment 13 994 15 665 -11 15 150 Shares in associated companies 153 485 108 246 42 161 248 Available-for-sale assets 10 683 6 371 68 7 754 Other tangible assets 214 214 214 TOTAL NON-CURRENT ASSETS 180 237 132 377 36 186 354 Current assets Inventories 606 621 -2 757 Trade and other receivables 4 162 4 266 -2 3 322 Income tax assets 1 639 1 617 1 144 Financial assets at fair value 1 926 2 849 -32 3 412 through profit or loss Cash and cash equivalents 5 160 5 772 -11 3 047 TOTAL Current assets 13 494 15 125 -11 10 681 Total assets 193 731 147 502 31 197 035 SHAREHOLDERS' EQUITY AND LIABILITIES SHAREHOLDER'S EQUITY Share capital 6 416 6 416 6 416 Fair value reserve and other reserves 48 620 48 522 0 49 002 Retained earnings 47 888 45 398 5 49 612 SHAREHOLDER'S EQUITY 102 924 100 336 3 105 030 NON-CURRENT LIABILITIES Deferred tax liability 722 1 309 -45 1 443 Non-current interest-bearing liabilities 76 457 33 204 130 78 465 Non-current interest-free liabilities 129 NON-CURRENT LIABILITIES 77 308 34 513 124 79 909 CURRENT LIABILITIES Current interest-bearing liabilities 1 088 2 273 -52 4 545 Accounts payable and other payables 10 658 8 922 19 7 368 Income tax liability 1 754 1 459 20 183 CURRENT LIABILITIES 13 499 12 653 7 12 096 SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 193 731 147 502 31 197 035 CONSOLIDATED CASH FLOW STATEMENT (EUR 1,000) 1-9/ 1-9/ 1-12/ 2011 2010 2010 CASH FLOW FROM OPERATIONS Profit for the period under review 11 312 8 780 12 892 Adjustments -2 225 -1 379 -2 586 Change in working capital 1 147 470 -364 CASH FLOW FROM OPERATIONS 10 234 7 872 9 942 BEFORE FINANCE AND TAXES Interest paid -1 106 -359 -844 Interest received 84 43 63 Dividends received 15 935 6 339 6 368 Other financial items 337 -528 -750 Direct taxes paid -1 337 -1 711 -2 128 CASH FLOW FROM OPERATIONS 24 147 11 656 12 652 CASH FLOW FROM INVESTMENTS Investments in tangible and -625 -714 -916 intangible assets, net Acquisition of shares in associated companies -137 -30 487 Other investments, net -3 445 -808 -1 509 Repayments of loan receivables 58 58 Dividends received from investments 613 247 247 CASH FLOW FROM INVESTMENTS -3 457 -1 354 -32 607 CASH FLOW BEFORE FINANCING ITEMS 20 690 10 302 -19 955 CASH FLOW FROM FINANCING Change in current loans -5 850 -2 273 Change in non-current loans 25 261 Dividends paid and other profit distribution -12 727 -8 905 -8 908 CASH FLOW FROM FINANCING -18 577 -11 177 16 353 INCREASE (+) OR DECREASE (-)IN FINANCIAL ASSETS 2 114 -876 -3 602 Liquid assets at the beginning of the financial 3 047 6 648 6 648 period Liquid assets at the end of the financial period 5 160 5 772 3 047 GROUP KEY FIGURES 9/2011 9/2010 12/2010 Earnings/share (EUR) 0.44 0.34 0.50 Shareholders' equity/share (EUR) 4.01 3.91 4.09 Average number of personnel 345 347 343 Investments (EUR 1,000) *) 4 257 2 057 53 522 Interest-bearing debt (EUR 1,000) 77 545 35 477 83 011 Equity ratio, % 54.3 70.0 53.8 Adjusted average number of shares during the 25 665 208 25 665 208 25 665 208 period Adjusted number of shares on the balance 25 665 208 25 665 208 25 665 208 sheet date *) Includes investments in tangible and intangible assets and shares in associated companies and in available-for-sale financial assets. Taxes included in the income statement are taxes corresponding to the profit for the period under review. STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY (EUR 1,000) Change in Share Fair Invested Other Retain Total shareholders' capita value unrestricted reserv ed equity 1-9/2010 l reserv equity fund es earnin e gs SHAREHOLDERS' EQUITY 6 416 48 498 24 45 359 100 298 1.1. Comprehensive income 9 021 9 021 for the period Dividend -8 983 -8 983 distribution TOTAL SHAREHOLDERS' 6 416 48 498 24 45 398 100 336 EQUITY 9/2010 Change in Share Fair Invested Other Retaine Total shareholders' capita value unrestricted reserv d equity 1-9/2011 l reserv equity fund es earning e s SHAREHOLDERS' 6 416 480 48 498 24 49 612 105 030 EQUITY 1.1. Comprehensive -382 11 108 10 726 income for the period Dividend -12 833 -12 833 distribution TOTAL SHAREHOLDERS' 6 416 98 48 498 24 47 888 102 924 EQUITY 9/2011 GROUP CONTINGENT LIABILITIES (EUR 1,000) 9/2011 9/2010 12/2010 Collateral pledged for own commitments Mortgages on company assets 1 245 1 245 1 245 Mortgages on real estate 8 801 8 801 8 801 Pledged shares 80 272 36 156 109 679 Contingent liabilities on behalf of associated company Guarantees 2 767 2 458 2 458 General statement This report contains certain statements that are estimates based on the management's best knowledge at the time they were made. For this reason, they involve a certain amount of inherent risk and uncertainty. The estimates may change in the event of significant changes in general economic and business conditions. Seinäjoki, 7 November 2011 ILKKA-YHTYMÄ OYJ Board of Directors Matti Korkiatupa Managing Director For more information: Matti Korkiatupa, Managing Director, Ilkka-Yhtymä Oyj Tel. +358 (0)500 162 015 DISTRIBUTION NASDAQ OMX Helsinki The main media www.ilkka-yhtyma.fi News Source: NASDAQ OMX 07.11.2011 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Ilkka-Yhtymä Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0009800197 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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