Announcement no. 2/2013
Copenhagen, 18 January 2013
Page 1 of 4
NASDAQ OMX Copenhagen A/S Nikolaj Plads 6
DK-1007 Copenhagen K
Aller Holding A/S: Consolidated Accounts 2011/12
Profit and Loss Statement for the period 1.10.2011 - 30.9.2012
DKK 1,000 | 2011/12 | 2010/11 |
Net turnover | 4,037,813 | 4,029,672 |
Other income | 34,527 | 18,073 |
External costs | -2,238,778 | -2,268,321 |
Costs re employees | -1,402,594 | -1,269,024 |
Depreciation and amortization | -243,179 | -264,045 |
Result of primary activities | 142,789 | 246,045 |
Share of after-tax result in associated companies | 15,350 | 12,840 |
Financial income | 197,521 | 51,467 |
Financial expense | -25,100 | -13,442 |
Result before tax | 330,560 | 296,910 |
Tax on the year's income | 118,891 | -74,081 |
The year's result before minority interests | 211,669 | 222.829 |
The minority interests' share of the result | -1,337 | -2,731 |
Net profit for the year | 210,332 | 220,098 |
The Aller Holding A/S Board of Directors comment upon the business year as follows:
"The Aller Group has had a satisfactory year which - as regards the result - lived up to the expectations expressed in the Annual Report 2010/11.
In spite of a continued sharp fall in circulation numbers for both weeklies and magazines the Aller Group in 2011/12 realized a positive result of primary activities of DKK 143m, which is a decrease compared to
2010/11 where the result was DKK 246m. This decrease was expected and included in the budget. The lower result of primary activities has been affected by increased costs primarily in connection with redundancy payments in the foreign companies due to the rationalizations carried out.
The financial markets were also in 2011/12 challenging with a continued very low interest level. Financial net income amounts to DKK 172m - an increase of DKK 134m compared to last year which is regarded as highly satisfactory. The Aller Group's surplus liquidity, DKK 3,035m, is invested in both international and Danish bonds and stocks plus cash deposits.
c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: office@rella.dk | CVR no. 15359439 | www.rella.dk
Announcement no. 2/2013Page 2 of 4
The year's result before tax amounts to DKK 331m against DKK 297m in 2010/11, an improvement of DKK 34m. The year's after-tax result amounts to DKK 210m compared to DKK 220m last year. The increased tax cost is primarily due to an increase in non-deductible goodwill amortization.
Cash flow from operations was also positive this year: DKK 400m against DKK 449m last year."
Aller Holding A/S: Consolidated Accounts 2011/12
Main figures from the Consolidated Balance Sheet as at 30.9.2012
DKK 1,000 | 2011/12 | 2010/11 |
Assets | ||
Immaterial assets | 409,800 | 386,312 |
Tangible fixed assets | 1,450,469 | 1,552,322 |
Financial long term assets | 2,924,376 | 2,470,425 |
Deferred tax assets | 76,721 | 89,638 |
Total fixed assets | 4,861,366 | 4,498,697 |
Stocks and goods | 119,420 | 113,347 |
Total debtors | 386,323 | 400,821 |
Other securities and shares | 4,971 | 7,405 |
Cash | 266,847 | 543,349 |
Total current assets | 777,561 | 1,064,922 |
Total assets | 5,638,927 | 5,563,619 |
DKK1,000 | 2011/12 | 2010/11 |
Liabilities | ||
Total equity | 4,141,901 | 4,024,756 |
Minority interests | 11,758 | 6,711 |
Total provisions | 320,532 | 302,308 |
Long term debt | 1,753 | 28,854 |
Short term debt | 1,162,983 | 1,182,990 |
Total debt | 1,164,736 | 1,211,844 |
Total liabilities | 5,638,927 | 5,563,619 |
As at 30.9.2012, the Group's cash amounts to DKK 267m which combined with a holding of liquid securities and shares valued at DKK 2,768m adds up to a total liquid reserve of DKK 3,035m (2010/11: DKK 2,843m).
c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: office@rella.dk | CVR no. 15359439 | www.rella.dk
Announcement no. 2/2013Page 3 of 4
Development in the Aller Group's equity
DKK 1,000 | |
Total equity as at 1.10.2011 | 4,024,756 |
Paid-out dividends | -77,034 |
Dividend on treasury shares | 8,474 |
Purchase and sale of treasury shares | -91,856 |
Net profit for the year | 210,332 |
Currency adjustment re foreign subsidiaries | 49,229 |
Total equity as at 30.09.2012 | 4,141,901 |
During the accounting year, Aller Holding A/S purchased nominal value DKK 623,000 treasury shares corresponding to 3.5% of the company's share capital. As at 30.9.2012, the holding of treasury shares amount to nominal value DKK 2,595,000 or 14.4% of the company's share capital.
At the Annual General Meeting of Aller Holding A/S to be held on Friday 1 February 2013, the Board of Directors will ask for an authorization to purchase treasury stock to bring the total holding up to 20%. The price paid for the B-shares shall minimum be DKK 8,000 and maximum DKK 15,000.
At the AGM, it will be proposed to pay out a dividend of 410% to the B-shareholders (2010/11: 428%). Outlook for the accounting year 2012/13
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 considerable structural market changes with accelerating decreases in circulation numbers which characterized 2011/12 are expected to have a significant effect also on the accounting year 2012/13 and the following years where we expect continued marked decreases in circulation numbers for weeklies and magazine. However, there will be marked differences in the development of circulation numbers within the various weeklies and magazine segments and within the four Nordic countries.
The media picture is characterized by a fight for the consumer's time and attention - supported by a technological development which leads to marked and rapid changes in consumer and advertiser patterns.
The Aller Group will continue to focus on innovation within the existing activities and implement necessary market initiatives to maintain the Group's market position.
In addition, the Aller Group has established a Nordic project group which has a goal-orientated focus on identifying growth opportunities, including acquisition candidates, both within mass media and related activities and within new business areas which can be adjoining or complementary to the existing activities.
The strict cost control of later years with rationalizations and increased efficiency will be continued during the coming years with a focus on increased Nordic cooperation to obtain mutual synergies.
c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: office@rella.dk | CVR no. 15359439 | www.rella.dk
Announcement no. 2/2013Page 4 of 4
Sharper competition and changes in the market may again necessitate adjustments and restructurings within the Group to achieve necessary savings and rationalization benefits. Loss-making products and activities will be subject to a current critical evaluation and if necessary closed down.
Based on the current activity level and the 2012/13 budget figures from the leading subsidiaries and the accounts for the latest time periods, a result of primary activities (EBIT) of DKK 100-150m is expected.
It is still the Group's policy not to express any expectations with regard to financial income. However, the
Group's investments have been structured to obtain a long-term stable return in line with the market."
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Aller Holding A/S' Annual Report 2011/12 (Danish version) will shortly be available on Rella Holding A/S' web-site, www.rella.dk. An English version will be prepared by Rella Holding A/S and should be available for download from our web-site during the coming week.
Kind regards,
Contact: Jens Arnth-Jensen, CEO. Telephone: +45 4542 4517. Mobile: +45 2849 1948.
c/o PricewaterhouseCoopers | Strandvejen 44 | DK-2900 Hellerup | Telephone +45 39 45 30 50 | Email: office@rella.dk | CVR no. 15359439 | www.rella.dk
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