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financial statements 2011
7
The
Marketing Services
business area’s operating
loss was eur 0.4 million (profit: eur 0.5 million). Both
Swedish and Finnish operations reported a loss. In
Sweden, the result was undermined by the decrease in
customers’ investments in marketing communications.
In both countries, the result was weakened by adjust-
ment measures, as a result of which the profitability of
Finnish operations improved in the latter part of the
year. In Finland, demand for services grew towards the
end of the year.
The
Editorial Communication
business area’s
operating profit was eur 0.5 million (loss: 0.1 million),
which is eur 0.6 million up on the previous year. The
result of the comparison year included the costs of the
adjustment measures. Excluding one-time expenses,
the result remained at the level of the previous year.
The
Publishing
business area’s operating profit was
eur 3.0 million (eur 3.6 million), which is eur 0.6 million
down from the previous year. The result was weak-
ened by the declining net revenue in learning materials.
In addition, profitability was undermined by major
investments in product development of electronic
publications and new business growth areas, such as
communications services.
The
Print & Distribution
business area’s operating
profit was eur 1.5 million (eur 0.3 million), which is
eur 1.2 million up on the previous year. Business was
developed by offering new electronic services and
by increasing the digital direct marketing offering.
Even though the result was weakened by the costs of
the adjustment measures, both Finland and Sweden
achieved a positive result. In Finland, the result was
improved by one-time sales gains from the restructur-
ing of business operations.
Other Operations
include group administration,
the costs of which were eur 2.4 million (eur 1.5 million).
In 2010, Other Operations also included one-time
profits from concluded operations.
financial position
The net cash flow from the Group’s operating activities
was eur 8.2 million (eur 5.8 million). Investments to-
taled eur 4.2 million (eur 3.2 million). Loan installments
and repayments of leasing liabilities accounted for eur
4.9 million (eur 5.4 million). The Group’s cash and cash
equivalents at the end of the year totaled eur 6.2 mil-
lion (eur 7.0 million).
The Group’s equity ratio was 42.7% (40.2%).
2011
2010
Return on equity (roe) %
4.3%
4.6%
Equity-to-assets ratio %
42.7%
40.2%
Net revenue (
EUR
1000)
2011
2010
Change 2011-2010
Marketing Services
20 316
20 446
-0.6 %
Editorial Communication
15 474
15 581
-0.7%
Print & Distribution
59 314
64 137
-7.5%
Publishing
14 221
14 825
-4.1%
Internal transactions and other operations
-3 481
-4 641
25.0%
Group
105 844
110 349
-4.1%
Operating profit/loss (
EUR
1000)
2011
2010
Change 2011-2010
Marketing Services
-368
516
-171.4%
Editorial Communication
487
-111
539.4%
Print & Distribution
1 523
291
423.8%
Publishing
2 973
3 571
-16.7%
Other operations
-2 429
-1 540
-57.8%
Group
2 185
2 727
-19.9%
Operating profit %
2.1%
2.5%