Announcement no. 3/2012
Copenhagen, 20 January 2012
Page 1 of 5
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: office@rella.dk | CVR no. 15359439 |
www.rella.dk
Announcement no. 3/2012Page 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: office@rella.dk | CVR no. 15359439 |
www.rella.dk
Announcement no. 3/2012Page 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: office@rella.dk | CVR no. 15359439 | www.rella.dk
Announcement no. 3/2012Page 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: office@rella.dk | CVR no. 15359439 |
www.rella.dk
Announcement no. 3/2012Page 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. A goal-oriented marketing effort will be adhered
to and the strict cost control of later years will be
continued.
Finally, the Group is still ready to make acquisitions within
its core business and bordering areas.
Based on the budget figures for 2011/12 from the leading
subsidiaries and accounts for the latest time periods a
result of primary activities (EBIT) in the range DKK 125 -
175m is expected - with reservation for the current market
situation.
Competition etc. might again necessitate restructurings
within the Group, e.g. closing down or sale of non strategic
and/or loss-making activities and other measures to achieve
necessary cost savings and restructuring benefits.
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 conservatively with
the goal of achieving a long term stable return in line with
the market."
------------------------------------
Aller Holding A/S' Annual Report 2010/11 (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 45 42 45 17,
E-mail: rella@rella.dk
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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Consolidated Accounts 2010/11 for Aller Holding A/S |