Cash flow Alma Media Oyj

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FI0009013114

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Jul. 18	Transcript : Alma Media Oyj, H1 2024 Earnings Call, Jul 18, 2024
Jul. 18	Alma Media Oyj Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2024	CI

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Published financial data: ALMA MEDIA OYJ

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	250M	230M	275M	309M	305M
Total Revenues	250M	230M	275M	309M	305M
Cost of Goods Sold, Total	136M	126M	145M	157M	153M
Gross Profit	115M	104M	131M	152M	152M
Selling General & Admin Expenses, Total	-	-	-	-	-
Depreciation & Amortization - (IS)	16.7M	15.5M	16.7M	17.2M	17.6M
Other Operating Expenses	48.7M	47.9M	53.3M	61.3M	60M
Other Operating Expenses, Total	65.4M	63.4M	70M	78.5M	77.6M
Operating Income	49.2M	40.8M	60.7M	73.1M	74.2M
Interest Expense, Total	-800K	-900K	-1.6M	-1.7M	-6.2M
Interest And Investment Income	300K	300K	300K	200K	200K
Net Interest Expenses	-500K	-600K	-1.3M	-1.5M	-6M
Income (Loss) On Equity Invest.	500K	100K	1M	700K	900K
Currency Exchange Gains (Loss)	-400K	-300K	-100K	-400K	-1.7M
Other Non Operating Income (Expenses)	-400K	0	-300K	3.9M	-800K
EBT, Excl. Unusual Items	48.4M	40M	60M	75.8M	66.6M
Merger & Related Restructuring Charges	-	-	-4.1M	-	-2.4M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-	-	100K	-500K	-1.1M
Gain (Loss) On Sale Of Assets	400K	900K	200K	6.9M	1.2M
Asset Writedown	-	-300K	-	-	-
Other Unusual Items	200K	1.6M	200K	4.2M	4.2M
EBT, Incl. Unusual Items	49M	42.2M	56.4M	86.4M	68.5M
Income Tax Expense	8.6M	9M	12.1M	14.5M	12.1M
Earnings From Continuing Operations	40.4M	33.2M	44.3M	71.9M	56.4M
Earnings Of Discontinued Operations	8.2M	65.8M	-	-	-
Net Income to Company	48.6M	99M	44.3M	71.9M	56.4M
Minority Interest	-6.4M	-5.7M	-700K	-	-100K
Net Income - (IS)	42.2M	93.3M	43.6M	71.9M	56.3M
Net Income to Common Incl Extra Items	42.2M	93.3M	43.6M	71.9M	56.3M
Net Income to Common Excl. Extra Items	34M	27.5M	43.6M	71.9M	56.3M
Per Share Items
Net EPS - Basic	0.51	1.13	0.53	0.87	0.69
Basic EPS - Continuing Operations	0.41	0.33	0.53	0.87	0.69
Basic Weighted Average Shares Outstanding	82.28M	82.26M	82.21M	82.18M	82.07M
Net EPS - Diluted	0.51	1.12	0.52	0.86	0.67
Diluted EPS - Continuing Operations	0.41	0.33	0.52	0.86	0.67
Diluted Weighted Average Shares Outstanding	83.67M	83.69M	83.99M	83.71M	83.64M
Normalized Basic EPS	0.29	0.23	0.45	0.58	0.51
Normalized Diluted EPS	0.29	0.23	0.44	0.57	0.5
Dividend Per Share	0.4	0.3	0.35	0.44	0.45
Payout Ratio	68.25	35.37	57.11	40.06	64.12
Supplemental Items
EBITDA	65.9M	56.3M	77.4M	83M	85.3M
EBITA	49.2M	49.5M	69.3M	82.1M	83.7M
EBIT	49.2M	40.8M	60.7M	73.1M	74.2M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	17.55	21.33	21.45	16.78	17.66
Total Current Taxes	9.7M	9M	13.5M	15.5M	12.6M
Total Deferred Taxes	-1.1M	-	-1.5M	-1M	-500K
Normalized Net Income	23.85M	19.3M	36.8M	47.38M	41.52M
Interest on Long-Term Debt	700K	600K	500K	500K	800K
Non-Cash Pension Expense	200K	-	200K	-100K	-
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	3.4M	3.2M	3.6M	5.6M	6.1M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	-	-	4.3M	4.4M	3.5M
Stock-Based Comp., Other (Total)	1.5M	900K	-	-	-
Total Stock-Based Compensation	1.5M	900K	4.3M	4.4M	3.5M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	48.4M	48M	51.9M	30M	52.4M
Short Term Investments	-	-	-	-	-
Trading Asset Securities, Total	-	-	200K	-	1.1M
Total Cash And Short Term Investments	48.4M	48M	52.1M	30M	53.5M
Accounts Receivable, Total	23.3M	21.8M	26.6M	26.5M	26.3M
Other Receivables	3.2M	1.6M	2.4M	3.7M	3.9M
Total Receivables	26.5M	23.4M	29M	30.2M	30.2M
Inventory	700K	600K	700K	700K	600K
Prepaid Expenses	3M	4.7M	4.3M	5.3M	5.9M
Other Current Assets, Total	83.4M	-	-	-	100K
Total Current Assets	162M	76.7M	86.1M	66.2M	90.3M
Gross Property Plant And Equipment	-	-	63.8M	69.5M	85.7M
Accumulated Depreciation	-	-	-28.7M	-36M	-45M
Net Property Plant And Equipment	47.4M	40.6M	35.1M	33.5M	40.7M
Long-term Investments	6.5M	10.5M	11.3M	13M	10.3M
Goodwill	130M	151M	294M	294M	298M
Other Intangibles, Total	53.5M	55.1M	88.4M	82.3M	81.3M
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	400K	300K	700K	600K	200K
Other Long-Term Assets, Total	800K	-	2.3M	5.2M	6.9M
Total Assets	401M	334M	518M	495M	528M
Liabilities
Accounts Payable, Total	3.8M	5M	4.2M	3.7M	4.3M
Accrued Expenses, Total	40.4M	38M	26M	26.2M	23M
Short-term Borrowings	-	-	-	2M	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	7.4M	7M	7M	7M	6.3M
Current Income Taxes Payable	2.5M	3.4M	5.3M	7M	2.5M
Other Current Liabilities	93M	18.2M	46.6M	52.3M	53M
Total Current Liabilities	147M	71.6M	89.1M	98.2M	89.1M
Long-Term Debt	-	-	200M	140M	160M
Long-Term Leases	36.9M	31.9M	26.8M	23.7M	31.8M
Pension & Other Post Retirement Benefits	800K	700K	800K	600K	500K
Deferred Tax Liability Non Current	11.1M	11.5M	18.9M	17.2M	17M
Other Non Current Liabilities	2.5M	13.6M	16.3M	9.6M	6.5M
Total Liabilities	198M	129M	352M	289M	305M
Common Stock, Total	45.3M	45.3M	45.3M	45.3M	45.3M
Additional Paid In Capital	7.7M	7.7M	7.7M	7.7M	7.7M
Retained Earnings	100M	111M	91.2M	132M	148M
Comprehensive Income and Other	18.6M	19.2M	19.4M	19.7M	19.6M
Total Common Equity	172M	184M	164M	204M	220M
Minority Interest	30.4M	21M	2.9M	1.5M	2.5M
Total Equity	202M	205M	166M	206M	223M
Total Liabilities And Equity	401M	334M	518M	495M	528M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	82.28M	82.26M	82.21M	82.18M	82.07M
ECS Total Common Shares Outstanding	82.28M	82.26M	82.21M	82.18M	82.07M
Book Value / Share	2.09	2.23	1.99	2.49	2.68
Tangible Book Value	-11.7M	-22.2M	-219M	-172M	-159M
Tangible Book Value Per Share	-0.14	-0.27	-2.67	-2.1	-1.94
Total Debt	44.3M	38.9M	234M	173M	198M
Net Debt	-4.1M	-9.1M	182M	143M	145M
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.2M	-	800K	600K	500K
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	30.4M	21M	2.9M	1.5M	2.5M
Equity Method Investments, Total	3.2M	6.6M	7.7M	4.2M	4.4M
Account Code - Inventory Valuation	5	3	5	5	5
Inventories - Raw Materials, Total	-	-	-	-	-
Inventories - Finished Goods, Total	700K	600K	700K	700K	600K
Land - (BS)	-	-	-	-	-
Buildings, Total	-	-	-	-	-
Machinery, Total	-	-	2.8M	4.4M	6.3M
Full Time Employees	1.89K	1.5K	1.69K	1.83K	1.7K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	600K	500K	800K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	42.2M	93.3M	43.6M	71.9M	56.3M
Depreciation & Amortization - CF	16.7M	6.8M	8.1M	8.2M	8.1M
Amortization of Goodwill and Intangible Assets - (CF)	-	8.7M	8.6M	9M	9.5M
Depreciation & Amortization, Total	16.7M	15.5M	16.7M	17.2M	17.6M
(Gain) Loss From Sale Of Asset	600K	-63.5M	-	-7.2M	-900K
(Gain) Loss on Sale of Investments - (CF)	200K	-100K	-100K	-4.3M	1.6M
Asset Writedown & Restructuring Costs	-200K	-200K	-	-	-
(Income) Loss On Equity Investments - (CF)	-500K	-100K	-1M	-700K	-900K
Net Cash From Discontinued Operations	8.4M	1.9M	-	-	-
Other Operating Activities, Total	2.4M	3.4M	9.1M	5.1M	-8.5M
Change In Accounts Receivable	3.1M	-1.5M	-2.9M	-6.4M	-1.9M
Change In Inventories	400K	300K	-100K	-	-
Change In Accounts Payable	-1.5M	-	10.3M	3.5M	-300K
Change in Other Net Operating Assets	-	7M	-	100K	-
Cash from Operations	71.8M	56M	75.6M	79.2M	63M
Capital Expenditure	-800K	-900K	-1.5M	-3.3M	-1.2M
Sale of Property, Plant, and Equipment	-	-	400K	-	-
Cash Acquisitions	-15.4M	-72.5M	-237M	-5.2M	-1.7M
Divestitures	6.2M	51.1M	2.2M	1.4M	700K
Sale (Purchase) of Intangible assets	-700K	-2.2M	-2.3M	-5.7M	-8.1M
Investment in Marketable and Equity Securities, Total	800K	-4.2M	100K	9.7M	-300K
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	300K	300K	-	-
Other Investing Activities, Total	-	-	-400K	100K	100K
Cash from Investing	-9.9M	-28.4M	-238M	-3M	-10.5M
Short Term Debt Issued, Total	-	-	5M	36M	62M
Long-Term Debt Issued, Total	-	-	420M	-	160M
Total Debt Issued	-	-	425M	36M	222M
Short Term Debt Repaid, Total	-	-	-5M	-34M	-64M
Long-Term Debt Repaid, Total	-11.6M	-7.4M	-228M	-67.1M	-148M
Total Debt Repaid	-11.6M	-7.4M	-232M	-101M	-212M
Repurchase of Common Stock	-	-1.5M	-1.1M	-4.2M	-3.8M
Common Dividends Paid	-28.8M	-33M	-24.9M	-28.8M	-36.1M
Common & Preferred Stock Dividends Paid	-28.8M	-33M	-24.9M	-28.8M	-36.1M
Other Financing Activities, Total	-3.9M	-4.5M	-100K	-100K	-200K
Cash from Financing	-44.3M	-46.4M	166M	-98.2M	-30M
Foreign Exchange Rate Adjustments	100K	-200K	-200K	-	200K
Miscellaneous Cash Flow Adjustments	-	-100K	-	100K	-300K
Net Change in Cash	17.7M	-19.1M	3.9M	-21.9M	22.4M
Supplemental Items
Cash Interest Paid	2.2M	1.5M	2.2M	2.1M	6.6M
Cash Income Tax Paid (Refund)	12.4M	8.1M	11.3M	10.6M	17.8M
Levered Free Cash Flow	20.15M	48.04M	66.34M	62.12M	47.4M
Unlevered Free Cash Flow	20.65M	48.6M	67.34M	63.19M	51.28M
Change In Net Working Capital	26.8M	-9.8M	-12.2M	-4.9M	6.9M
Net Debt Issued / Repaid	-11.6M	-7.4M	192M	-65.1M	10.1M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	8.24	6.94	8.9	9.01	9.08
Return on Total Capital	12.66	10.4	11.79	11.73	11.6
Return On Equity %	20.76	16.31	23.87	38.62	26.31
Return on Common Equity	20.46	15.46	25.12	39.09	26.51
Margin Analysis
Gross Profit Margin %	45.8	45.26	47.46	49.09	49.79
SG&A Margin	-	-	-	-	-
EBITDA Margin %	26.34	24.46	28.1	26.88	27.98
EBITA Margin %	19.66	21.5	25.16	26.59	27.45
EBIT Margin %	19.66	17.72	22.04	23.67	24.34
Income From Continuing Operations Margin %	16.15	14.42	16.09	23.28	18.5
Net Income Margin %	16.87	40.53	15.83	23.28	18.46
Net Avail. For Common Margin %	13.59	11.95	15.83	23.28	18.46
Normalized Net Income Margin	9.53	8.38	13.36	15.34	13.62
Levered Free Cash Flow Margin	8.05	20.87	24.09	20.12	15.55
Unlevered Free Cash Flow Margin	8.25	21.11	24.45	20.46	16.82
Asset Turnover
Asset Turnover	0.67	0.63	0.65	0.61	0.6
Fixed Assets Turnover	4.95	5.23