Adjusted financial information for Alma Media’s continuing operations for 2019
Alma Media Corporation Stock Exchange Release March 31, 2020 at 1.00 p.m. (EEST)
ADJUSTED FINANCIAL INFORMATION FOR ALMA MEDIA’S CONTINUING OPERATIONS FOR 2019
Alma Media adjusts its consolidated income statement and segment results for 2019 due to the divestment of the regional news media business and the printing business. Alma Media reported the divested businesses as discontinued operations in the financial statements for 2019. The divested businesses were previously reported primarily under the Alma Consumer segment. The post-divestment estimated and fixed costs related to support services have been allocated to the continuing operations.
For more information, please contact: Juha Nuutinen, CFO, Alma Media, tel. +358 10 665 3873
The comparison figures for the continuing operations are shown in the tables below. The figures are unaudited.
Alma Media, continuing operations
| KEY FIGURES | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Revenue | 62.1 | 64.1 | 58.2 | 65.8 | 250.2 |
| Content revenue | 15.8 | 16.0 | 14.9 | 17.5 | 64.2 |
| Content revenue, print | 12.7 | 12.8 | 11.6 | 13.8 | 50.9 |
| Content revenue, digital | 3.1 | 3.2 | 3.3 | 3.7 | 13.2 |
| Advertising revenue | 36.7 | 38.6 | 34.8 | 38.3 | 148.5 |
| Advertising revenue, print | 4.1 | 4.1 | 3.4 | 4.7 | 16.3 |
| Advertising revenue, digital | 32.6 | 34.5 | 31.4 | 33.6 | 132.2 |
| Service revenue | 9.6 | 9.5 | 8.5 | 10.0 | 37.6 |
| Adjusted total expenses | 50.7 | 52.2 | 44.8 | 53.4 | 201.1 |
| Adjusted EBITDA | 15.9 | 16.2 | 17.6 | 16.5 | 66.1 |
| EBITDA | 15.9 | 16.1 | 17.6 | 16.6 | 66.2 |
| Adjusted operating profit | 11.5 | 11.9 | 13.5 | 12.5 | 49.4 |
| % of revenue | 18.5 | 18.6 | 23.2 | 19.0 | 19.8 |
| Operating profit (loss) | 11.5 | 11.8 | 13.6 | 12.6 | 49.5 |
| % of revenue | 18.5 | 18.4 | 23.3 | 19.2 | 19.8 |
| Profit for the period | 9.1 | 9.3 | 11.8 | 10.2 | 40.5 |
| Earnings per share, EUR (diluted) | 0.09 | 0.09 | 0.12 | 0.11 | 0.41 |
| Average no. of employees | 1498 | 1538 | 1546 | 1536 | 1530 |
| Digital business revenue | 40.8 | 43.0 | 40.1 | 42.8 | 166.7 |
| Digital business, % of revenue | 65.8 | 67.1 | 68.8 | 65.1 | 66.6 |
| REVENUE | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Alma Markets | 25.0 | 25.6 | 24.9 | 24.6 | 100.0 |
| Alma Talent | 26.2 | 26.1 | 22.3 | 28.3 | 102.9 |
| Alma Consumer | 10.9 | 12.3 | 11.2 | 12.8 | 47.2 |
| Segments total | 62.0 | 64.0 | 58.4 | 65.7 | 250.1 |
| Non-allocated operations | 0.1 | 0.1 | -0.1 | 0.1 | 0.2 |
| Continuing operations total | 62.1 | 64.1 | 58.2 | 65.8 | 250.2 |
| ADJUSTED OPERATING PROFIT/LOSSMEUR | 2019 | 2019 | 2019 | 2019 | 2019 |
| Q1 | Q2 | Q3 | Q4 | YTD | |
| Alma Markets | 8.7 | 9.8 | 10.6 | 8.6 | 37.7 |
| Alma Talent | 3.8 | 3.3 | 2.9 | 4.8 | 14.8 |
| Alma Consumer | 1.0 | 2.0 | 1.3 | 1.8 | 6.2 |
| Segments total | 13.5 | 15.1 | 14.9 | 15.3 | 58.7 |
| Non-allocated operations | -2.0 | -3.1 | -1.3 | -2.8 | -9.2 |
| Continuing operations total | 11.5 | 11.9 | 13.5 | 12.5 | 49.4 |
| ADJUSTED ITEMS | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Alma Markets | |||||
| Gains (losses) on the sale of assets | 0.1 | 0.1 | |||
| Non-allocated | |||||
| Gains (losses) on the sale of assets | -0.1 | 0.2 | 0.0 | ||
| Adjusted items in operating profit | -0.1 | 0.1 | 0.2 | 0.1 | |
| Adjusted items in profit before tax | -0.1 | 0.1 | 0.2 | 0.1 |
| OPERATING PROFIT/LOSSMEUR | 2019 | 2019 | 2019 | 2019 | 2019 |
| Q1 | Q2 | Q3 | Q4 | YTD | |
| Alma Markets | 8.7 | 9.8 | 10.7 | 8.6 | 37.7 |
| Alma Talent | 3.8 | 3.3 | 2.9 | 4.8 | 14.8 |
| Alma Consumer | 1.0 | 2.0 | 1.3 | 1.8 | 6.2 |
| Segments total | 13.5 | 15.1 | 14.9 | 15.3 | 58.7 |
| Non-allocated operations | -2.0 | -3.3 | -1.3 | -2.6 | -9.2 |
| Continuing operations total | 11.5 | 11.8 | 13.6 | 12.6 | 49.5 |
Business segments, continuing operations
The continuing operations consist of Alma Markets, which focuses on digital marketplaces, Alma Talent, a provider of financial media and services aimed at professionals and businesses, and Alma Consumer, which focuses on the national consumer media business excluding discontinued operations.
| Alma Markets key figures | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Revenue | 25.0 | 25.6 | 24.9 | 24.6 | 100.0 |
| Advertising revenue | 22.8 | 23.4 | 22.8 | 22.3 | 91.3 |
| Service revenue | 2.2 | 2.2 | 2.1 | 2.2 | 8.7 |
| Adjusted total expenses | 16.3 | 15.9 | 14.3 | 16.0 | 62.5 |
| Adjusted EBITDA | 9.9 | 11.0 | 11.8 | 9.8 | 42.5 |
| EBITDA | 9.9 | 11.0 | 11.9 | 9.8 | 42.6 |
| Adjusted operating profit | 8.7 | 9.8 | 10.6 | 8.6 | 37.7 |
| % of revenue | 34.7 | 38.2 | 42.7 | 35.0 | 37.7 |
| Operating profit/loss | 8.7 | 9.8 | 10.7 | 8.6 | 37.7 |
| % of revenue | 34.7 | 38.2 | 43.0 | 35.0 | 37.7 |
| Employees on average | 682 | 687 | 680 | 696 | 686 |
| Digital business revenue | 25.0 | 25.6 | 24.9 | 24.6 | 100.0 |
| Digital business, % of revenue | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| Alma Talent key figures | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Revenue | 26.2 | 26.1 | 22.3 | 28.3 | 102.9 |
| Content revenue | 11.7 | 11.8 | 10.1 | 13.0 | 46.6 |
| Content revenue, print | 8.7 | 8.6 | 6.8 | 9.3 | 33.5 |
| Content revenue, digital | 3.0 | 3.1 | 3.3 | 3.7 | 13.1 |
| Advertising revenue | 7.5 | 7.6 | 6.4 | 8.6 | 30.2 |
| Advertising revenue, print | 3.5 | 3.4 | 2.8 | 4.0 | 13.7 |
| Advertising revenue, digital | 4.1 | 4.2 | 3.6 | 4.6 | 16.4 |
| Service revenue | 6.9 | 6.8 | 5.8 | 6.7 | 26.2 |
| Adjusted total expenses | 22.4 | 22.9 | 19.5 | 23.4 | 88.2 |
| Adjusted EBITDA | 5.1 | 4.5 | 4.1 | 6.1 | 19.9 |
| EBITDA | 5.1 | 4.5 | 4.1 | 6.1 | 19.9 |
| Adjusted operating profit | 3.8 | 3.3 | 2.9 | 4.8 | 14.8 |
| % of revenue | 14.6 | 12.5 | 12.9 | 17.1 | 14.4 |
| Operating profit/loss | 3.8 | 3.3 | 2.9 | 4.8 | 14.8 |
| % of revenue | 14.6 | 12.5 | 12.9 | 17.1 | 14.4 |
| Average no. of employees, excl. telemarketers | 481 | 494 | 497 | 486 | 489 |
| Telemarketers on average | |||||
| Digital business revenue | 9.8 | 10.3 | 9.5 | 10.8 | 40.3 |
| Digital business, % of revenue | 37.3 | 39.3 | 42.5 | 38.2 | 39.2 |
| Alma Consumer key figures | 2019 | 2019 | 2019 | 2019 | 2019 |
| MEUR | Q1 | Q2 | Q3 | Q4 | YTD |
| Revenue | 10.9 | 12.3 | 11.2 | 12.8 | 47.2 |
| Content revenue | 4.0 | 4.2 | 4.8 | 4.5 | 17.6 |
| Content revenue, print | 4.0 | 4.2 | 4.8 | 4.5 | 17.5 |
| Content revenue, digital | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Advertising revenue | 6.4 | 7.7 | 5.7 | 7.4 | 27.2 |
| Advertising revenue, print | 0.9 | 0.9 | 0.7 | 0.8 | 3.2 |
| Advertising revenue, digital | 5.6 | 6.8 | 5.1 | 6.6 | 24.0 |
| Service revenue | 0.4 | 0.4 | 0.7 | 0.9 | 2.4 |
| Adjusted total expenses | 9.9 | 10.2 | 9.8 | 11.0 | 41.0 |
| Adjusted EBITDA | 1.1 | 2.2 | 1.5 | 2.0 | 6.8 |
| EBITDA | 1.1 | 2.2 | 1.5 | 2.0 | 6.8 |
| Adjusted operating profit | 1.0 | 2.0 | 1.3 | 1.8 | 6.2 |
| % of revenue | 8.8 | 16.5 | 12.1 | 14.3 | 13.1 |
| Operating profit/loss | 1.0 | 2.0 | 1.3 | 1.8 | 6.2 |
| % of revenue | 8.8 | 16.5 | 12.1 | 14.3 | 13.1 |
| Average no. of employees | 173 | 186 | 200 | 187 | 187 |
| Digital business revenue | 6.0 | 7.2 | 5.7 | 7.5 | 26.4 |
| Digital business, % of revenue | 55.0 | 58.3 | 51.1 | 58.5 | 55.9 |
| CAPITAL EXPENDITURE MEUR | 2019 | 2019 | 2019 | 2019 | 2019 | |||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||
| Alma Markets | 0.4 | 5.9 | 0.3 | 0.3 | 6.8 | |||||
| Alma Talent | 0.2 | 0.0 | 0.1 | 0.1 | 0.4 | |||||
| Alma Consumer | 0.0 | 0.0 | 4.3 | 0.0 | 4.3 | |||||
| Segments total | 0.6 | 5.9 | 4.7 | 0.4 | 11.6 | |||||
| Non-allocated operations | 0.4 | 0.2 | 0.2 | 0.3 | 1.0 | |||||
| Continuing operations total | 1.0 | 6.1 | 4.9 | 0.7 | 12.6 | |||||
| CAPITAL EXPENDITURE AND ACQUISITIONSMEUR | 2019 | 2019 | 2019 | 2019 | 2019 | |||||
| Q1 | Q2 | Q3 | Q4 | YTD | ||||||
| Capex | 1.0 | 0.3 | 0.6 | 0.7 | 2.5 | |||||
| Acquisitions | 0.0 | 5.8 | 4.3 | 0.0 | 10.2 | |||||
| Total | 1.0 | 6.1 | 4.9 | 0.7 | 12.6 | |||||
| DEPRECIATIONMEUR | 2019 | 2019 | 2019 | 2019 | 2019 |
| Q1 | Q2 | Q3 | Q4 | YTD | |
| Depreciation of tangible and intangible assets | 3.0 | 2.9 | 2.6 | 2.5 | 11.0 |
| Amortisation of intangible assets related to acquisitions | 1.4 | 1.4 | 1.4 | 1.4 | 5.7 |
| Total | 4.4 | 4.3 | 4.0 | 4.0 | 16.7 |
Distribution: NASDAQ Helsinki, main media, www.almamedia.com
Alma Media in brief
Alma Media is a dynamic digital service business and media company with a strong capacity for renewal. The company’s best-known brands are Kauppalehti, Talouselämä, Iltalehti, Aamulehti, Etuovi.com and Monster. Alma Media builds sustainable growth expanding its offering from media to related digital services fulfilling the needs of users’ everyday life as consumers and as professionals in business. Alma Media operates in 11 countries in Europe. Alma Media employs approximately 1,800 professionals. Alma Media’s revenue from continuing operations was EUR 250.2 million in 2019. Alma Media’s share is listed on NASDAQ Helsinki. Read more at www.almamedia.com