Table of contents. Key indicators Organisation, management and auditors Consolidated companies Review by the Board of Directors...

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1 2010 ts group annual report

2 The TS Group is a communications group which processes and provides information, as well as develops, produces and markets graphics products and related services. Table of contents Key indicators... 4 Organisation, management and auditors... 4 Consolidated companies... 5 Review by the Board of Directors... 6 Financial statements Consolidated income statement Consolidated balance sheet Consolidated cash flow statement income statement balance sheet cash flow statement Notes to the financial statements Auditors report Statement by the Supervisory Board Elected representatives of the TS Group Addresses

3 TS Group Key indicators Consolidated companies Organisation, management and auditors Turnover MEUR Exports MEUR Wages and salaries MEUR % of turnover % Operating margin (EBITDA) MEUR % of turnover % Depreciation MEUR Operating profit (EBIT) MEUR Net financing expenses MEUR % of turnover % Investments MEUR % of turnover % Interest-bearing liabilities MEUR Equity ratio % Total assets MEUR Value added MEUR Paper consumption Mill. kg Employees total Turnover / employee EUR Company Founded Products, activities Managing Turnover or consolidated director MEUR since 1905 Newspaper, electronic communications, Keijo Ketonen 77.9 printing services Polytypos Oy 1977 Printing and marketing of computer Mikko Saarela 4.8 stationery Polytypos AB 1977 Marketing of computer stationery, Timo Ketonen Sweden Turun Tietotarjonta Oy 1980 Freesheet, publishing 2.1 Turun Tietokuva Oy 1980 News and studio photography, Keijo Ketonen 2.5 video services Kiinteistö Oy Turun Kauppakortteli 1981 Management of real estate shares Seppo Merimaa 0.1 Salon Seudun Sanomat Oy 1988 Newspaper, printing services Kirsti Kirjonen 15.5 Uudenkaupungin Sanomat Oy 1988 Newspaper, printing press services Kirsti Kirjonen 1.8 Kiinteistö Oy Turun Pläkkäri 1991 Real estate management Seppo Merimaa 0.1 Turun Paikallisradio Oy 1993 Local radio 0.6 Salon Alueradio Oy 1993 Local radio Kirsti Kirjonen 0.1 Sia Madonas Poligrafists 1994 Printing, publication and sales of Janis Erins 0.9 printed products, Latvia Hansaprint Oy *) 1996 Catalogues, printed advertising Timo Ketonen 92.8 products, publications, technical product manuals, marketing brochures, IT services Turun Kaapelitelevisio 1998 Television operations Samuli Salanterä 6.9 Hansaprint AB ****) 1999 Sales company, Sweden Kari Bergström 13.8 Kiinteistö Oy Pieni Roobertinkatu 2002 Management of real estate shares Seppo Merimaa 0.1 Hansaprint Russia Oy 2004 Development of communications Sirkka-Liisa Järvinen 0.1 industry and financial conditions TS Group Hungary KFT 2004 Real estate management Juha Laine 0.2 Hansaprint Direct Oy *) 2005 Digital printing services Matti Käki 0.8 Nitro Group Oy 2006 Production of electronic media solutions Leevi Parsama 6.0 Priimus Group Oy ***) 2006 Administrative services for the Keijo Ketonen 0.4 Priimus Media Oy 2006 Publishing of local newspaper Kirsti Kirjonen 3.2 Kaarinan Lehti Oy (until 31 August 2010) **) 2006 Publishing of local newspaper Kirsti Kirjonen 0.4 Newprint Oy 2009 Sheet-fed offset printing business Petteri Reunanen 10.8 Peimarin Kustannus Oy **) 2010 Publishing of local newspaper Mette Kolehmainen 1.5 *) Hansaprint Direct Oy merged with Hansaprint Oy on 28 February 2010 **) Kaarinan Lehti Oy merged with Peimarin Kustannus Oy on 31 August 2010 ***) Priimus Kiinteistöhallinta Oy merged with Priimus Group Oy on 31 August 2010 ****) Hansaprint Direct AB merged with Hansaprint AB on 30 November 2010 SUPERVISORY BOARD BOARD OF DIRECTORS MANAGING DIRECTOR AUDITORS Keijo Virtanen, Chairman Mikko Ketonen, Chairman Keijo Ketonen, Ordinary auditors: Jaakko Ketonen Keijo Ketonen, (until 16 August 2010) Johan Kronberg (APA), Taru Kinnunen (until 18 April 2010) Mikko Ketonen, PricewaterhouseCoopers Oy Sirkka Karlsson Lasse Aarnio (from 17 August 2010) (Body of Authorised Public Tapio Reponen Anja Farin Accountants) Kati Ruola Jukka Ekuri Supervisory auditor: Ilkka Tervo Timo Ketonen Mika Kaarisalo (APA) Rauno Heikola Heikki Ketonen Deputy: Helena Ketonen Paul Vikman (APA) Nina Kinnunen Vesa Halme (APA) Juhani Lento 4 5

4 28 October 2010 Allure of the Seas illuminated at night ANNUAL REPORT TS Group Annual Report 2010 TS-Yhtymä Group vuosikertomus Annual Report

5 Review by the board of directors for the financial year 1 january to 31 december 2010 Economic growth in Finland and recovery from the financial slump was quicker than expected during Nonetheless, the deficits and debt problems experienced by countries in the euro zone did impact on Finland. These were more as political issues, however, than questions of national economy. Even towards the end of the year doubts existed concerning the financial management in the euro zone, but in spite of everything, the euro survived the turmoil surprisingly well will also be remembered for the natural disasters that themselves caused great financial difficulties. In southwest Finland the poor volume of orders at Turku shipyard caused uncertainty in terms of economic growth and employment. The development of the Salo region was hindered by Nokia s difficulties and the resulting loss of jobs. The area s economic situation has improved slightly, but in particular the difficulties experienced by export companies and the structural changes in the area have been ongoing. The volumes for the graphics industry also fell during According to estimates by Graafinen Teollisuus, the turnover for the whole business area dropped by approximately 6% and number of staff fell by approximately 10%. Another significant trend concerning printing has been the strong growth in electronic communications. The amount of advertising increased by 4.8% during 2010 according to the Finnish Advertising Council. Newspaper advertising increased by 2.4%. Online advertising increased by 14.7%. The combined share of print media in advertising was 58%. The share of electronic advertising grew to 39.1%. KEY EVENTS IN THE PERIOD UNDER REVIEW TS Group Changes in group structure The changes in group structure which began the previous year continued. Four mergers were carried out during the financial year. Priimus Kiinteistöhallinta Oy merged with Priimus Group Oy in August Also in August Kaarina Lehti Oy merged with Peimarin Kustannus Oy. In February Hansaprint Direct Oy merged with Hansaprint Oy and in November Hansaprint Direct AB merged with Hansaprint AB. As part of the Group s restructuring, Hansaprint Oy, Newprint Oy and Priimus Paino Oy merged their sheet-fed offset printing businesses to form a new company. It will operate under the name Newprint Oy. The Group s press in Loimaa was closed at the end of the year and the printing business was concentrated at the Raisio printhouse. As difficulties in volume printing continued, Hansaprint Oy closed its production plant in Vantaa and concentrated all its volume printing in Turku. As a result of a business acquisition between the TS Group and Hansaprint Oy, the business operations of the parent company TS-Tulostus were transferred to become part of the Hansaprint-Direct s HansaDeco product group. Luovia Oy, as it was known at the start of the year, bought the businesses of Nitro FX in Helsinki. The arrangement saw the merging of two digital marketing companies. Following the completion of the arrangement, the company is now known as Nitro Group Oy. Business development The Group s turnover for the period under review was EUR million (222.2). The Communications share of the turnover was 51.1% (42.4), the Printing Services share was 47.5% (57.0) and the Property Business share was 1.4% (0.6). Exports accounted for 10.8% of the turnover. The Group employed an average of (1.767) people in 2010 and staff costs were EUR 72.6 million (77.5). The effects of the adjustment measures were reflected in the decrease in expenses within other expenses categories. Only the necessary replacement investments have been carried out and the depreciation level has decreased. The Group s financial income and expenses amounted to EUR -0.9 million (0.1). This included a EUR 5.3 million loss on the sale of shares. The Group s operating profit was EUR 0.3 million (-9.6) and the result for the period was EUR -2.2 million (-7.0). The parent company s turnover for the period under review was similar to the previous period with EUR 77.9 million (78.1). The Communications share of the turnover was 86.5% (85.9), the Printing Services share was 2.5% (3.5) and the Property Business share was 11% (10.6). Turun Sanomat was reorganised as a separate business unit from the start of Advertising sales were EUR 39.2 million (38.1) and newspaper sales were EUR 24.5 million (24.4). Although there was a slight increase in the number of readers, the average circulation decreased by 2.1% from the previous financial period. The development of the business unit expenses was as expected, with the most significant savings compared to the previous financial period being due to the decrease in the price of paper. Active development of the newspaper business will continue in the coming years. The focus of the property business was the same as during recent years, with the rental of residential, commercial and production premises, improvements in cost efficiency and the creation of development projects for the former Hansaprint Oy premises. Rental revenue for the property business sector was EUR 8.5 million (8.2) and the rental margin was EUR 3.8 million (1.5). Restructuring and the reduction of costs are reflected in the decrease in expenses at corporate level. There was no major capital expenditure during the period under review, and depreciations followed previous plans. The company s operating profit was EUR 12.5 million (5.3). Financial income and expenses stood at EUR 4.3 million (3.1). The parent company received group contributions of EUR 0.5 million and group contributions for subsidiaries were EUR 1.4 million. The company s result was EUR 12.3 million (6.0). Communications subsidiaries Salon Seudun Sanomat Group The difficulties experienced in the Salo region are reflected in the financial development during the period under review for the SSS Group. Advertising sales for the Group s newspapers and printing sales for Salo Lehtitehdas exceeded expectations. At EUR 19.1 million, the SSS Group s turnover for the period under review showed an increase of 15% over the previous year. This is largely attributable to the increase in sales by Salon Lehtitehdas and the inclusion of Peimarin Kustannus Oy in the financial statements for Further increases in operational efficiency have resulted in expenses remaining at a planned level. The operating profit was EUR 3.2 million, representing 17% of turnover, which was a clear improvement on the previous year. The parent company received group contributions of EUR 500,000. The SSS Group s profit for the financial year after taxes was EUR 0.9 million. The sales and result for 2011 are predicted to remain at the same level as the previous period. The general financial situation in the Salo region is recovering slowly and there are no significant improvements in employment. This is still affecting newspaper subscription activity as well as advertisement profits. The sales for Salon Lehtitehdas have seen an upward trend, which expected to continue during The Group s profitability is predicted to stay at the same level as the previous period. Turun Tietotarjonta Oy The company s turnover for the period under review was EUR 2.1 million (1.9). This represents an increase of 9.9%, but the target was not quite reached. The company received group contributions of EUR 65,000 (350,000) and the company s result for the period under review was EUR 14,200 (9,900). This year it is expected that the turnover will increase slightly and the company will achieve a positive result. Turun Tietokuva Oy Turun Tietokuva Oy s turnover for the period under review was EUR 2.5 million (2.6). The News photography unit s share of the turnover was 62.3% and the video production unit accounted for 37.7%. Video production is mainly news production for Turku TV. There was a slight increase in expenses in comparison with the previous financial year and depreciations were as planned. The company s result was EUR 73,200 (120,600). Nitro Group Oy 2010 was a year of change for the company. Luovia Oy, as it was known at the start of the year, bought the businesses of Nitro FX in Helsinki. The arrangement saw the merging of two digital marketing companies which resulted in the company having over 80 employees. A new Digicentric Market strategy and a new organisation model were created for the new company in the spring. At the same time the company took Nitro Group Oy as its official name. The company s turnover for the period under review was EUR 6.0 million (3.1); the significant operating loss was balanced out by group contributions. The marketing field seems to be recovering slowly from the slump in the previous period and demand is even more focused on electronic media. The field saw several structural changes which are expected to continue. The company has the necessary means to succeed against the tightening competition. Turun Kaapelitelevisio Oy The growth in Turun Kaapelitelevisio Oy s turnover stopped, but the company reached the targets set for the period under review. The company s turnover was EUR 6.9 million (7.2). Capital expenditure during the period under review totalled EUR 0.4 million and depreciations totalled EUR 0.5 million as planned. The result for the financial year was EUR 1.6 million (1.8) has begun in line with targets. The technological 8 9

6 TS Group turnover by division Financial year 2010 TS Group balance sheet Assets M printing services 47.5 % communications 51.1 % real estate 1.4 % financial assets inventories fixed assets TS Group balance sheet Shareholders equity and liabilities M short-term creditors long-term creditors provisions + shareholders equity changes in the field as well as the tightening competition have set new challenges and investment requirements for the company. Turun Paikallisradio Oy The company s turnover for the period under review was EUR 643,000 (741,000). The set target was not reached. The poor financial situation was reflected in the reduced demand for radio advertising and reduced prices for adverts. Cost cutting measures proved fruitful, but the company sustained an operating loss of EUR 97,000 (-168,000). The company received group contributions of EUR 90,000 (150,000) after which the result for the period under review was EUR 9,400 (-7,600). Priimus Group Priimus Group Oy is the parent company for the Priimus Group. It holds the majority of subsidiaries and owns the Loimaa unit premises. Administrative functions were transferred to and Salon Seudun Sanomat Oy at the beginning of The Group s turnover for the financial year was EUR 3.6 million (6.9). The Communications share of the turnover was 89.9%, the Printing Services share was 1.3% and the Property Business share was 8.8%. The Group s operating profit was EUR 0.5 million (-0.9) and the result for the period was EUR 0.3 million (-0.8). The turnover for the parent company, Priimus Group Oy, was EUR 397,000 (807,000) and the operating loss was EUR 1.4 million. The operating loss was due to Priimus Kiinteistöhallinta Oy s merger loss. The company received group contributions from Priimus Media Oy of EUR 580,000 after which the result was EUR -714,000. Printing Services subsidiaries Hansaprint Group 2010 was Hansaprint s 15th operational year. The parent company s turnover was EUR 92.8 million (106.5) and the Hansaprint Group s turnover was EUR 95.2 million (112.1). Despite severe cost cutting, Hansaprint Oy posted its second ever negative result in its history. Hansaprint Oy s operating loss was EUR 14.8 million (-12.7). The Hansaprint Group also made an operating loss of EUR 14.7 million. The Hansaprint Group s result after financial items was EUR million. The decline in turnover was caused by the financial slump, which had an effect on all market areas, the decline of printing media as electronic media expanded their market share, the decline in the volume of telephone books and the loss of the supply contract for Nokia s manuals in Europe to a global competitor. Exports and international business accounted for EUR 20.1 million (21.6% of turnover). The level of excess capacity in the graphics industry in the EU is estimated at 35 40%. Excess capacity together with the decline in demand resulted in intense price erosion in all market areas. The adjustment measures concerning costs were continued during the period under review. The most significant decision was to shut down the Print business unit in Vantaa. The company s development unit, New Ventures, was integrated into the Direct business unit in August For the current year the focus of operations will be to increase sales among current customers, acquire new customers, restore the profitability of the company and promote the active development of services, personnel and well-being at work. Polytypos Oy The turnover for Polytypos Oy for the period under review was EUR 4.8 million (5.3). The target turnover was missed by 10.6%. The unpredictability of demand and violent fluctuations in the volume of orders were especially evident at the end of the year. Sales and customer service were reorganised and the cost structure is now healthy. Due to the decrease in turnover, the result remained negative at EUR -133,000 (-267,000). The competition within the company s market and market area remains tense. Newprint Oy The financial year for Newprint Oy was the first that included the business of Priimus Print in Loimaa as a part of the company. The financial year for the company was 18 months (1 July 2009 to 31 December 2010). The turnover for the financial year was EUR 10.8 million, the result after financial items was EUR 728,000 and the result for the period under review was EUR 65,000. The result was improved by the gains on disposal of fixed assets at EUR 1.1 million. The extension of the premises in Raisio began in August and the unprofitable Loimaa print was shut down at the end of the year. New production premises will be available during spring The measures undertaken lighten the company s cost structure and create better means to succeed in the difficult market situation. Research and development Research and development is carried out as a part of the Group s operations and its costs are booked as ordinary annual expenses. Capital expenditure and finance The Group s financial situation remained solid throughout the year under review. The entire Group s capital expenditure in 2010 was EUR 18.1 million (21.2). The share of investment in securities was EUR 10.4 million. The rest were production

7 related investments in existing capacity, the biggest being the renewal of the mail system which totalled EUR 2.6 million. Occupational health and well-being The TS Group s occupational health care services in Turku were transferred to Mehiläinen Oy on 1 May The inhouse medical personnel were transferred to Mehiläinen where their contracts continued unaffected. The TS Group strives to take good care of its employees. In-house occupational health care services are available at the premises on Kauppiaskatu street and in Artukainen. For units based outside Turku, occupational health care services are purchased from nearby medical centres or municipal health centres. An active approach is taken to occupational health care. The following targets have been set: managing sick leave with an early support model, improving occupational wellbeing and productivity, preventing permanent disability and reducing work related health and safety risks. Occupational well-being is promoted in co-operation with the line management, occupational safety staff and human resources administration. Environmental responsibility The TS Group is committed to responsible environmental management and sustainable development. The printing production processes have been developed to be even more environmentally friendly. A non-chemical process has been implemented for the manufacturing of printing plates and the emissions of volatile organic compounds (VOC) have been reduced. Efficient use of materials and recycling have been increased. Careful on-site waste recovery means that almost all waste created by the production processes can be assigned for re-use. This has further reduced the carbon footprint. Obligations under environmental permits, environmental legislation and statutory regulations are fully met at all Group production facilities. Estimate of business risks and uncertainties The TS Group is not exposed to any significant risks that may impact on the activities of the Group companies thanks to its good financial standing, high equity ratio, the structure of its customer base and its comprehensive insurance cover. Future development predictions A phase of slow growth has now started following the economic slump. Expectations for the first part of the current year are cautiously optimistic. It is generally predicted that production figures will not return to the level preceding the slump until well into The graphics industry has not experienced any significant changes since the end of the financial year. There is still excess capacity in the printing industry in Finland and across Europe. Industry consolidation is expected to continue with the possibility of further mergers and acquisitions in Finland. According to a barometer published in Mainostaja in December 2010, traditional advertising is on the rise although digital marketing and the demand for services are still strong. International competition in the media industry is tightening. Competition with international players is also increasing in Finland. Threats to the operations include the rising costs of raw material and distribution, which have an effect on decision making within the whole publishing and printing sector. Labour market settlements will have a major impact on the future success of the media industry as well. Information about personnel The Group employed an average of 1,611 people in The annual figures for the Group and parent break down as follows: group parent group parent group parent Group staff costs, MEUR group parent group parent group parent Distribution of profit Shares The company s distributable funds amounted to EUR 117,795,296.35, of which the profit for the financial year was EUR 12,340, The Group s distributable assets are allocated as follows: The Board of Directors proposes that a dividend of EUR 20 be paid per share, coming to a total of EUR 6,425, to be retained in shareholders equity EUR 111,369, EUR 117,795, ,286 shares 321,286 shares All shares have equal voting rights and right to dividend, and are subject to a redemption clause under the Articles of Association. During the year under review, TS Yhtymä Oy concluded two rounds of statutory employer-employee negotiations. These were required for production-related or economic reasons or due to the reorganisation of the business. As a result, approximately one tenth of the personnel either retired or were made redundant. Change management training was arranged in co-operation with the Centre for Development, Transport and the Environment for those made redundant. Moreover, fixed-term contracts have been cut down and the use of part-time and summer employees has been reduced. Different measures to cut personnel costs were carried out at several other TS Group companies. Some of them will not be fully realised until Turku, 9 March 2011 Mikko Ketonen Keijo Ketonen Lasse Aarnio Heikki Ketonen Key indicators on business, financial situation and performance group parent group parent group parent Turnover, MEUR EBIT, MEUR EBIT margin, % Equity ratio, % Anja Farin Timo Ketonen Jukka Ekuri The auditors have today issued a statement of the audit performed. Turku, 18 March 2011 PricewaterhouseCoopers Oy Body of Authorised Public Accountants Johan Kronberg APA Mika Kaarisalo APA 12 13

8 TS Group EBITDA M TS Group EBITDA as % of turnover % % TS Group equity ratio

9 balance sheet Assets M financial assets inventories fixed assets balance sheet Shareholders equity and liabilities M short-term creditors long-term creditors provisions + shareholders equity

10 6 March 2010 Many Turku residents went jogging along the Aura River to the Myllysilta Bridge, now on the verge of collapse. With the bridge closed off, there will be radical changes in traffic as 25,000 drivers need an alternative route to take every day. FINANCIAL STATEMENTS

11 TS Group Income statement TS Group Balance sheet 1000 Notes to the accounts TURNOVER Increase (+)/decrease (-) in stocks of finished goods and work in progress Own work capitalised (+) Other operating income Materials and services Raw materials and consumables Social security costs Depreciation and impairment Other operating charges Share of associated companies profit OPERATING PROFIT (LOSS) Share of associated companies profit Financial income and expenses PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS Extraordinary items 8 7 PROFIT (LOSS) BEFORE TAXES Notes to the accounts ASSETS FIXED ASSETS Intangible assets Consolidated goodwill Property, plant and equipment Financial assets FIXED ASSETS, TOTAL CURRENT ASSETS Inventories Long-term receivables Short-term receivables Marketable securities Cash and cash equivalents CURRENT ASSETS, TOTAL ASSETS, TOTAL Income taxes Other direct taxes Minority interest GROUP PROFIT (LOSS) FOR THE FINANCIAL YEAR

12 TS Group Balance sheet TS Group Cash flow statement 1000 Notes to the accounts SHAREHOLDERS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY 17 Share capital Share premium account Revaluation reserve Contingency fund Other reserves Retained earnings (loss) Profit (loss) for the financial year SHAREHOLDERS EQUITY, TOTAL MINORITY INTEREST OBLIGATORY PROVISIONS GROUP RESERVE LIABILITIES Non-current group reserve Current group reserve LIABILITIES, TOTAL SHAREHOLDERS EQUITY AND LIABILITIES, TOTAL CASH FLOW STATEMENT Operating profit Adjustments to operating profit Depreciation Gains on disposal of fixed assets Losses on disposal of fixed assets Change in obligatory provisions Share of associated companies profit Change in net working capital Interest Dividends received Other financial items Taxes Net cash flow from operations INVESTMENTS Acquired Group companies 985 Increase in shares Increase in other fixed assets Decrease in shares Decrease in other fixed assets Increase in other long-term financial assets Decrease in other long-term financial assets Net cash flow from investments CASH FLOW BEFORE FINANCING FINANCING Long-term loans raised Repayments of long-term loans Increase/decrease in long-term receivables Increase/decrease in short-term financing Dividends paid Increase/decrease in capital loan Financing, total Increase/decrease in liquid assets Liquid assets at 1 Jan Liquid assets at 31 Dec

13 Income statement 1000 Notes to the accounts TURNOVER Increase (+)/decrease (-) in stocks of finished goods and work in progress Own work capitalised Other operating income Materials and services Social security costs Depreciation and impairment Other operating charges OPERATING PROFIT (LOSS) Financial income and expenses PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS Extraordinary items PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES Appropriations Income taxes Profit (loss) for the financial year

14 Balance sheet Balance sheet 1000 Notes to the accounts ASSETS FIXED ASSETS Intangible assets Property, plant and equipment Financial assets FIXED ASSETS, TOTAL CURRENT ASSETS Inventories Long-term receivables Short-term receivables Marketable securities Cash and cash equivalents CURRENT ASSETS, TOTAL ASSETS, TOTAL Notes to the accounts SHAREHOLDERS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY 17 Share capital Share premium account Revaluation reserve Other reserves Retained earnings (loss) Profit (loss) for the financial year SHAREHOLDERS EQUITY, TOTAL ACCUMULATED APPROPRIATIONS OBLIGATORY PROVISIONS LIABILITIES Non-current group reserve Current group reserve LIABILITIES, TOTAL SHAREHOLDERS EQUITY AND LIABILITIES, TOTAL

15 Cash flow statement OPERATIONS Operating profit Adjustments to operating profit Gains/losses on disposal of fixed assets Depreciation Change in obligatory provisions Change in net working capital Interest Dividends received Other financial items Taxes net cash inflow from operations INVESTMENTS Purchase of shares Purchase of other fixed assets Divestment of shares Divestment of other fixed assets Increase in other long-term financial assets Decrease in other long-term financial assets Net cash inflow from investments CASH FLOW BEFORE FINANCING FINANCING Long-term loans raised Repayments of long-term loans Increase/decrease in long-term receivables Increase/decrease in short-term financing Dividends paid Increase/decrease in capital loan Group contributions received and paid Financing, total Increase/decrease in liquid assets Liquid assets at 1 Jan Liquid assets at 31 Dec

16 21 July 2010 Medvedev visited Finland Proper NOTES TO THE FINANCIAL STATEMENTS

17 TS Group notes to the financial statements 31 december 2010 Accounting principles 31 December 2010 The parent company of the TS Group is, whose registered office is in Turku. Copies of the TS Group s consolidated accounts are available at Kauppiaskatu 5, FI Turku, Finland. Scope of the consolidated financial statements The consolidated financial statements comprise the accounts of all Group and associated companies with the exception of real estate, housing and dormant companies. The companies not consolidated have no material impact on giving a true and fair view of the result of the Group s activities or of its financial position. Consolidation principles Intra-Group shareholdings The consolidated financial statements have been prepared using the purchase cost method. The proportion of the acquisition cost of subsidiary shares exceeding shareholders equity has been booked as consolidation goodwill or Group reserve. Consolidation goodwill is depreciated over a period of five years. Group reserve is capitalised over five years. Intra-Group transactions and margins Intra-Group transactions, uncapitalised internal profits on intra-group deliveries, internal receivables and liabilities and internal distribution of profits have been eliminated. Minority interests Minority interests are separated from the consolidated financial results and from the shareholders equity and shown as a separate item. Translation differences The income statements and balance sheets of Group companies outside Finland have been translated into euros at the rate quoted at the balance sheet date. Translation differences arising in elimination of the shareholders equity of subsidiaries have been booked under shareholders equity. Associated companies Associated undertakings have been accounted for using the equity method, except for Plari Oy and Hansaprint Elanders KFT whose income statement, balance sheet and notes to the financial statement have been accounted for on a pro rata basis to share ownership. The Group s share of the earnings of associated companies for the financial year appears in financial items and in other operating income. Financial assets Financial assets have been valued at acquisition cost or market price, whichever is the lower. Inventories Inventories have been valued at the direct acquisition cost or likely transfer price, whichever is the lower. Fixed assets and other long-term investments Fixed assets have been booked in the balance sheet at acquisition cost less planned depreciation. Planned depreciation is calculated on a straightline basis over expected economic lives. Planned depreciation times are: Intangible rights Other long-term expenditure Buildings Machinery and equipment Other property, plant and equipment Consolidated goodwill 10 years 3 25 years years 3 10 years 10 years 5 years Foreign currency items Foreign currency items have been translated into euros at the rate quoted at the balance sheet date. Allocation of pension costs The pension liabilities with respect to employees in Group companies are covered through pension insurance companies. Deferred tax liabilities and assets The principle is that deferred tax liabilities and assets are booked in the consolidated balance sheet but not in the financial statements of individual companies. TS GROUP / notes to The income statement GROUP Net sales by division AND market area Division by industry Communications Printing services Real estate Total Geographical division Finland Other Nordic countries Rest of Western Europe Baltic states Russia Hungary Other countries Total Other operating income Gains on disposal of fixed assets Rents Other Total MATERIALS AND CONSUMABLES Materials and consumables Purchases during the financial year Change in stock External services Materials and services in total Staff costs AND Employees, average Staff costs Wages Pension costs Other social security costs Total Management salaries and remunerations Members of the Board of Directors and the Managing Director Members of the Supervisory Board Employees, average Clerical employee Employee Total In group ventures depreciation and IMPAIRMENTS Planned depreciation Depreciation on consolidated goodwill Impairments of fixed assets Total OTHER OPERATING COSTS Auditor s fees PricewaterhouseCoopers Oy Auditing fees Tax consulting Other fees Total

18 TS-YHTYMÄ / notes to The income statement TS-YHTYMÄ / notes to The balance sheet GROUP GROUP Financial income and expenses Income from Group companies Income from participating interests Income from other fixed asset investments From Group companies 6 1 Income from others Total income from other fixed asset investments Other interest received and other financial income From Group companies From participating interests 4 10 From others Interest received in total Other interest received and other financial income in total Impairment of fixed asset investments Interest paid and other financial expenses To Group companies To others Interest paid in total Interest paid and other financial expenses in total Financial income and expenses in total Other financial income and expenses include Exchange rate gains (and losses) Extraordinary income and expenses Extraordinary income/the surrender value for life insurance 7 Extraordinary expenses/group contribution APPROPRIATIONS Income tax Income tax on extraordinary items Income tax on ordinary activities Change in deferred tax liability INTANGIBLE ASSETS INTANGIBLE RIGHTS Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year -2-2 Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec GOODWILL Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec CONSOLIDATED GOODWILL Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year -120 Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec OTHER LONG-TERM EXPENDITURE Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Transfers between items Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Decrease during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec ADVANCE PAYMENTS Acquisition cost at 1 Jan 20 Increase during the financial year Decrease during the financial year -20 Acquisition cost at 31 Dec

19 TS-YHTYMÄ / notes to The balance sheet TS-YHTYMÄ / notes to The balance sheet GROUP INTANGIBLE ASSETS, TOTAL Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec PROPERTY, PLANT AND EQUIPMENT LAND AND WATER OWNED Acquisition cost at 1 Jan Increase during the financial year 20 Decrease during the financial year Acquisition cost at 31 Dec LEASES Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec 0 0 Book value at 31 Dec REVALUATION LAND AND WATER Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Value at 31 Dec The revaluation is based on a statement made by an independent expert on the probable transfer price of a land area BUILDINGS Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec GROUP MACHINERY AND EQUIPMENT Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Accumulated depreciation at 31 Dec Book value at 31 Dec Share of book value of machinery and equipment at 31 Dec OTHER PPE Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Decrease during the financial year Acquisition cost at 31 Dec Book value at 31 Dec ADVANCE PAYMENTS Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec PROPERTY, PLANT AND EQUIPMENT, TOTAL Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec Accumulated depreciation at 1 Jan Accumulated depreciation on decreases and transfers Depreciation during the financial year Acquisition cost at 31 Dec Book value at 31 Dec Financial assets SHARES IN GROUP COMPANIES Book value at 1 Jan Increase during the financial year Decrease during the financial year Book value at 31 Dec AMOUNTS OWED BY GROUP COMPANIES Book value at 1 Jan Increase during the financial year Decrease during the financial year Book value at 31 Dec

20 TS-YHTYMÄ / notes to The balance sheet TS GROUP / NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2010 GROUP SHARES IN GROUP COMPANIES Book value at 1 Jan Increase during the financial year Decrease during the financial year -136 Transfer Other shares and holdings Book value at 31 Dec AMOUNTS OWED BY ASSOCIATED GROUP COMPANIES Book value at 1 Jan Increase during the financial year Decrease during the financial year Book value at 31 Dec OTHER SHARES AND HOLDINGS Book value at 1 Jan Increase during the financial year Decrease during the financial year Impairments Transfer Shares in group companies 997 Transfer to financial assets Book value at 31 Dec NON-CURRENT FINANCIAL ASSETS Book value at 1 Jan Increase during the financial year Decrease during the financial year Acquisition cost at 31 Dec OTHER RECEIVABLES CAPITAL LOANS RECEIVABLE Acquisition cost at 1 Jan Increase during the financial year Decrease during the financial year Impairments Book value at 31 Dec BONDS Book value at 1 Jan Increase during the financial year Depreciation refund Decrease during the financial year Book value at 31 Dec FINANCIAL ASSETS, TOTAL Book value at 1 Jan Increase during the financial year Depreciation refund Decrease during the financial year Account transfers Impairments Book value at 31 Dec Shares and holdings Group companies Group Parent company interest, % interest, % Polytypos Oy, Turku Turun Tietotarjonta Oy, Turku Kiinteistö Oy Turun Kauppakortteli, Turku Kiinteistö Oy Pieni Roobertinkatu 11, Helsinki Polytypos Svenska Datablanketter AB, Sweden Turun Tietokuva Oy, Turku Salon Seudun Sanomat Oy, Salo Uudenkaupungin Sanomat Oy, Uusikaupunki Kiinteistö Oy Turun Pläkkäri, Turku TS-Kiinteistöhuolto Oy, Turku Turun Paikallisradio Oy, Turku Hansaprint Oy, Turku Turun Kaapelitelevisio Oy, Turku Nitro Group Oy, Turku Salon Alueradio Oy, Salo Salolehti Oy, Salo** no operations during the year under review Varsinais-Suomen Viestintä Oy, Turku Sia Madonas Poligrafists, Latvia Radio Hansa Oy Hansaprint AB, Sweden Hansaprint SRL, Romania Salon Seutu Oy, Salo** no operations during the year under review Hansaprint Russia Oy, Turku TS-Group Hungary Kft, Hungary Priimus Group Oy, Loimaa Priimus Media Oy, Loimaa Peimarin Kustannus Oy, Paimio Newprint Oy, Raisio ASSOCIATED COMPANIES Turku-Palvelu Oy, Turku Plari Oy, Laitila Newprint Kiinteistöt Oy, Raisio Forest Pilot Center Oy, Turku Lenta S.P. Leningrad, St. Petersburg Äkäskeron Vesihuolto Oy, Muonio** no operations during the year under review Hansaprint Elanders Kft., Hungary Allatum Oy, Pori Tekstisetteri Oy, Helsinki ** Not consolidated All associated undertakings have been accounted for using the equity method, with the exception of Plari Oy and Hansaprint Elanders KFT, whose income statement and balance sheet items and notes to the financial statements have been accounted for on a pro rata basis to share ownership. UNDEPRECIATED GROUP ASSETS IN ASSOCIATED COMPANIES Value at 1 Jan Accumulated depreciation at 31 Dec Undepreciated assets at 31 Dec

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