1. business and industrial

2011
ts group annual report
The TS Group is a
communications
group which processes
and provides
information,
as well as develops,
produces and markets
Table of
contents
Key indicators............................................................. 4
Organisation, management and auditors...................4
Consolidated companies ............................................5
Review by the Board of Directors..............................6
Financial statements....................................................21
Consolidated income statement...................23
Consolidated balance sheet..........................24
Consolidated cash flow statement................27
TS-Yhtymä Oy income statement................29
TS-Yhtymä Oy balance sheet.......................30
TS-Yhtymä Oy cash flow statement............32
Notes to the financial statements...............................34
Auditors’ report...........................................................54
Statement by the Supervisory Board..........................55
Elected representatives of the TS Group...................56
Addresses................................................................. 57
graphics products and
related services.
TS Group Annual Report 2011
2
TS Group Annual Report 2011
3
TS Group
Key indicators
Consolidated companies
2007
2008
2009
2010
2011
TurnoverMEUR
ExportsMEUR
Wages and salariesMEUR
% of turnover
%
336
85
306
52
222
24
213
23
203
22
89
26.4
87
28.6
78
34.9
73
34.1
72
35.3
Operating margin (EBITDA)MEUR
% of turnover
%
DepreciationMEUR
Operating profit (EBIT)MEUR
Net financing expensesMEUR
% of turnover
%
75
22.3
29
46
-2
-0.4
53
17.3
30
23
-1
-0.3
16
7.0
25
-10
-1
-0.4
24
11.2
24
0
2
0.8
21
10.3
17
4
-1
-0.7
InvestmentsMEUR
% of turnover
%
30.9
9.2
29.7
9.7
21.2
9.6
18.1
8.5
20.6
10.2
Interest-bearing liabilitiesMEUR
Equity ratio
%
Total assetsMEUR
Value addedMEUR
Paper consumptionMill. kg
77
67.8
379
165.8
100.4
52
74.8
350
142.4
100.4
43
77.1
316
95.1
78.9
38
76.3
300
98.8
77.8
52
72.9
290
94.9
87.0
Employees total
Turnover / employee
EUR 1000 2182
154
2094
146
1767
126
1611
132
1508
134
Company
Founded
Products, activities
Managing
Turnover
or consolidated director
MEUR
since
TS-Yhtymä Oy
1905
Newspaper, electronic communications, Keijo Ketonen
74.7
printing services
Polytypos Oy
1977
Printing and marketing of computer
Mikko Saarela
4.6
stationery
Polytypos Svenska AB
1977
Marketing of computer stationery,
Timo Ketonen
0.0
Sweden
Turun Tietotarjonta Oy
1980
Freesheet, publishing Jaakko Ketonen
2.3
Turun Tietokuva Oy
1980
News and studio photography,
Jaakko Ketonen
2.2
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
15.7
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 Jaakko Ketonen
0.6
Salon Alueradio Oy
1993
Local radio Kirsti Kirjonen
0.1
Sia Madonas Poligrafists
1994
Printing, publication and sales of Ilze Zvirgzdina
0.8
printed products, Latvia
Hansaprint Oy 1996
Catalogues, printed advertising
Heikki Ketonen
90.7
products, publications, technical
product manuals, marketing
brochures, IT services
Turun Kaapelitelevisio**)
1998
Television operations Samuli Salanterä
3.5
Hansaprint AB
1999
Sales company, Sweden
Kari Bergström
9.8
Kiinteistö Oy Pieni Roobertinkatu
2002
Management of real estate shares
Seppo Merimaa
0.1
Hansaprint Russia Oy
2004
Development of communications
Kari Bergström
0.1
industry and financial conditions
TS Group Hungary KFT
2004
Real estate management
Juha Laine
0.2
Nitro Group Oy
2006
Production of electronic media solutions Mikko Granström 5.7
Priimus Group Oy
2006
Administrative services for the
Keijo Ketonen
0.0
Priimus Media Oy
2006
Publishing of local newspaper
Kirsti Kirjonen
3.4
Newprint Oy
2009
Sheet-fed offset printing business
Petteri Reunanen 5.7
Peimarin Kustannus Oy
2010
Publishing of local newspaper
Kirsti Kirjonen
1.9
Varsinais-Suomen Tietojakelu Oy *)
2011
Newspaper distribution
Jaakko Ketonen
0.4
*) Varsinais-Suomen Tietojakelu Oy from 28 October 2011
**) Turun Kaapelitelevisio Oy included in the Group up to 30 June 2011
Organisation,
management and auditors
SUPERVISORY BOARD
BOARD OF DIRECTORS
MANAGING DIRECTOR
AUDITORS
Keijo Virtanen, Chairman
Kari Vainio
Niko Kinnunen
Sirkka Karlsson
Tapio Reponen
Kati Ruola
Erja Hyytiäinen
Rauno Heikola
Helena Ketonen
Nina Kinnunen
Juhani Lento
Mikko Ketonen, Chairman
Lasse Aarnio
Jukka Ekuri
Anja Farin
Heikki Ketonen
Jaakko Ketonen
Timo Ketonen
Mikko Ketonen
Ordinary auditors:
Johan Kronberg (APA),
PricewaterhouseCoopers Oy
(Body of Authorised Public
Accountants)
Supervisory auditor:
Mika Kaarisalo (APA)
Deputy:
Paul Vikman (APA)
Vesa Halme (APA)
TS Group Annual Report 2011
4
TS Group Annual Report 2011
5
In 2011 the city of Turku
caught fire roughly 15,000 times
– the miniature version that is!
ANNUAL REPORT
TS Group Annual Report 2011
6
TS Group Annual Report 2011
7
Review by the
board of directors
for the financial year 1 january
to 31 december 2011
A
pproximately EUR 1,395 million was spent on
media advertising in Finland last year, which is 3.7% more
than during the previous year. The combined share of print
media in advertising was 56.5%. With their 36 per cent
share, newspapers kept their position as Finland’s leading
advertising medium in 2011. The growth on 2010 was
3.5%. The strongest growth was seen in online advertising,
where the growth from the comparison year was 8.2%.
On the national scale, the trend in newspaper
circulation continues to be a downward one. The Finns still
do, however, read two printed newspapers on average. The
readership of online versions of newspapers continues to
grow, a fact which contributes to giving the papers overall
coverage of 92%.
The volumes in the graphics industry continued their
downward trend in 2011 and the autumn’s volume index
showed a decline once again. Numbers of not only companies
but also personnel continue to fall in the graphics industry.
The situation is still difficult in volume printing due to
the Europe-wide excess capacity and resulting pressure
on prices. The unceasing downward spiral in volumes and
market prices makes it challenging to achieve productive
production.
During the financial year, the Romanian subsidiary
Hansaprint SRL was wound up and the same process has
been initiated for Hansaprint Russia Oy’s Moscow office.
The business dealings of Hansaprint Elanders Kft, which
had been operating as an associate in Hungary, ended in
the autumn of 2010, but the winding-up process is still
ongoing.
The Loimaa unit of Newprint Oy was closed at the
beginning of the year and the company’s business activities
were concentrated in Raisio.
Early morning delivery of TS Group’s newspapers in
the urban area of Salo was transferred back to TS Group
on 28 October 2011. For this purpose, a company called
Varsinais-Suomen Tietojakelu Oy was registered on 7 June
2011. This company is a subsidiary wholly owned by TSYhtymä Oy.
The concentration of the parent company operations into
the Artukainen newspaper printing house was completed
during week 39 when the editorial offices moved from their
Kauppiaskatu premises to the newly refurbished offices in
Artukainen.
Business development
KEY EVENTS DURING THE FINANCIAL YEAR
TS Group
Changes in Group structure
Turun Kaapelitelevisio Oy left the TS Group when TSYhtymä Oy, Turun Tietotarjonta Oy and Turun Tietokuva
Oy sold their holdings in Turun Kaapelitelevisio Oy to
TeliaSonera Finland Oyj on 30 June 2011.
Besides the parent company Hansaprint Oy, the
Hansaprint Group includes the sales company Hansaprint
AB (100%), based in Sweden, and Hansaprint Russia Oy
(100%), which is responsible for the operations of the
Russian office in Moscow. In addition, Hansaprint Elanders
Kft (50%) has been consolidated into the Hansaprint Group
as a joint venture, and Newprint Oy (40%) and Newprint
Kiinteistöt Oy (49%) as associates.
TS Group Annual Report 2011
8
The TS Group had turnover of EUR 202.6 million (213.3)
in 2011. The Communications share of the Group turnover
was 51.1% (51.1), the Printing Services share was 47.3%
(47.5) and the Property Business share was 1.5% (1.4). The
share of Exports was the same as in the previous year, 10.8%.
In 2011, the Group employed an average of 1,508 (1,611)
people and staff costs were EUR 71.6 million (72.6).
The expenditure for the period under review was EUR
20.6 million (18.1), of which investment in securities
accounted for EUR 6.5 million. Depreciation totalled EUR
17.0 million (23.6) and net financial items EUR 1.0 million
(-1.1). The Group’s profit was EUR 5.8 million (0.3).
TS-Yhtymä Oy
The parent company’s turnover for the financial year 2011
was EUR 74.7 million (77.9). The Communications share
of the turnover was 88.8% (86.5), the Printing Services
share was 2.0% (2.5) and the Property Business share was
9.2% (11.0).
The advertising sales of Turun Sanomat totalled EUR
39.7 million (39.2) and paper sales EUR 23.8 million
(24.5). The average circulation of the newspaper was
103,314. The number of readers was 241,000, and when
online readers are included in this number, the readership
base reaches 310,000.
The focus of the property business was on the rental
of residential, commercial and production premises, on
improvements in the cost efficiency of operations, and on
development projects and rental of own premises no longer
in active business use. Rental turnover for the property
business sector was EUR 6.9 million (8.5) and the rental
margin was EUR 3.4 million (3.8).
The impact of savings procedures initiated in previous
financial years started to become evident during the period
under review as well, in the form of decreasing operating
costs. Depreciation totalled EUR 7.2 million (7.3) and the
operating profit EUR 11.7 million (12.5). Net financial
items were EUR 15.3 million (4.3). The financial income
of the period under review was boosted by subsidiary dividends that were greater than during the comparison year
and the gains made on the sales of Turun Kaapelitelevisio
Oy shares. Correspondingly, during the comparison year
this item was affected by the one-off loss from the sale of
shares.
COMMUNICATIONS SUBSIDIARIES
Salon Seudun Sanomat Group
The SSS Group’s turnover for the period under review was
EUR 19.1 million (19.1). The operating profit was down
from the previous year, being EUR 523,000 (1,055).
Planned depreciation came to EUR 2.0 million (2.2).
Net financial items were EUR 722,000. Profit before
extraordinary items was EUR 1.3 million (1.6). The
company paid Group contributions to the parent company
totalling EUR 0.6 million (0.5). The SSS Group’s profit
after tax for the financial year was EUR 582,000 (877,000).
2011 was a difficult year in Salo, particularly because of
the growing long-term unemployment. The unemployment
rate for the work and business sector in the Salo area reached
11.5% by the end of the year. Nokia’s statutory employeremployee negotiations initiated during the first months of
2012 may, in the worst case scenario, lead to the loss of 1,000
jobs at the Salo site, which would bring the unemployment
rate up to 15%. Due to the problems in the local economy,
the company estimates that turnover will remain lower in
2012 than in the comparison year. The aim is to maintain
the Group’s profitability by streamlining activities,
introducing new operational models and adhering to strict
cost control measurers.
Turun Tietotarjonta Oy
The company’s turnover for the period under review was
EUR 2.3 million (2.1). The growth from the previous year
was 9.4% and the turnover target was reached, although
the company did report a slight operating loss. The sale of
Turun Kaapelitelevisio Oy shares brought the company’s
profit up to EUR 91,000 for this period.
Turun Tietokuva Oy
Turun Tietokuva Oy’s turnover for 2011 was EUR 2.2
million (2.5). The operating loss was EUR -0.5 million.
The financial income of EUR 0.7 million (0.1) brought
the company’s profit for the period up to EUR 0.2 million.
This financial income consisted of dividends received from
Turun Kaapelitelevisio Oy and the proceeds from the sale of
shares in this company.
Nitro Group Oy
The change process initiated in 2010 continued throughout
2011. The three company acquisitions made during the last
five years have resulted in a higher rate of staff turnover
than would normally be expected. During the past year, the
organisation has been streamlined to better correspond to
the current market situation. The company’s profit level
was modest this year. Turnover of 2011 was EUR 5.7
million (6.0), thus not reaching the set target. The resulting
operating loss was balanced out by Group contributions
from the parent company. The impact of the cost-saving
procedures initiated during this period will only become
visible in the next financial year. The company’s position
in this unstable market situation is still good and the
expectations for 2012 are carefully optimistic.
Turun Paikallisradio Oy
The company’s turnover for 2011 was EUR 626,000
(643,000). The set cost-saving targets were reached but the
company still reported an operating loss of EUR -109,000
(-97,000). The company received Group contributions of
EUR 75,000 (90,000) after which the result for the period
was EUR -21,000 (9,000).
Priimus Group
The Group’s turnover for the financial year was EUR 3.4
million (3.6). The Communications share of the turnover
was 98.6% and the Property Business share 1.4%. The
Group’s operating profit was EUR 0.5 million (0.5) and
the net profit for the period was EUR 0.4 million (0.3).
At the balance sheet date, the Priimus Group comprised
the Priimus Group Oy as the parent company and Priimus
Media Oy as a subsidiary.
TS Group Annual Report 2011
9
Hanne Horte and Julian Garner
were involved in the “ Speak no Evil”
community art project bringing a
carnival parade to Turku in 2011.
TS Group Annual Report 2011
10
TS Group Annual Report 2011
11
TS Group turnover by division
Financial year 2011
printing services 47 . 3 %
communications 51.1 %
real estate 1.6 %
TS Group balance sheet
Assets
M€
300
financial assets
200
100
0
PRINTING SERVICES SUBSIDIARIES
Newprint Oy
Hansaprint Group
For the renewed Newprint Oy, the period under review
was the second year that also included the activities of
Priimus Print, previously operating in Loimaa, as part
of the company operations. The Loimaa unit was closed
down at the beginning of the year and the operations were
concentrated in Raisio. The renovation of the older part
of the premises and the new extension were completed in
June 2011. The company’s turnover for 2011 was EUR 5.7
million (10.8/18 months) and the profit after financial items
was EUR 0.1 million. Other business income included
gains on the disposal of fixed assets totalling EUR 0.4
million. The actions taken during the period under review
lightened the company’s cost structure significantly, which
improves the chances of success in these straightened times.
The parent company’s turnover was EUR 90.7 million
(92.8) and the entire Hansaprint Group’s turnover was EUR
91.3 million (95.2). Despite severe cost cutting, Hansaprint
Oy posted its third ever negative result in its history. For
Hansaprint Oy, the operating loss was EUR -13.1 million
(-14.8). The Hansaprint Group’s operating loss was EUR
-13.1 million (-14.7). The Hansaprint Group’s result after
financial items was EUR -12.7 million (-14.2) and the loss
for the period was EUR -13 million (-13).
The fall in Hansaprint Oy’s turnover compared to last
year was caused by the impact of the general economic
slump on the demand, and the fiercer price competition. The
price competition, in turn, was affected by the continuing
excess capacity in the sector and the VAT on subscription
newspapers and magazines.
Exports and international business accounted for EUR
20.2 million (22.3% of turnover).
The company continued to apply cost adjustment
measures during the period under review. Cost-efficiency
has been improved by, e.g. adjusting working time models
and staff numbers according to the lower sales and tighter
pricing levels.
inventories
Polytypos Oy
fixed assets
The turnover for Polytypos Oy for the period under review
was EUR 4.6 million (4.8). This was 10% below the target,
mainly due to the slower than predicted growth of new
products and the fall in the print runs in traditional form
production. The company sold its production premises to
its parent company TS-Yhtymä Oy in December 2011
and continues to operate in the same premises by renting
them from the parent company. The property sale meant
the company’s operating margin was positive and it could
report a profit. The competition within the company’s
market and market area remains tense.
-07 -08 -09 -10 -11
TS Group balance sheet
Shareholders’ equity and liabilities
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 2011 was EUR 20.6 million (18.1). The
share of investment in securities was EUR 6.5 million. The
year also saw the completion of the general renovation of
the printing house editorial floor, which accounted for EUR
2.6 million of the investments. The rest of the investments
comprise maintenance and repair costs for properties.
M€
Key indicators for the business, financial situation and performance
300
short-term creditors
long-term creditors
200
provisions +
shareholders’ equity
100
0
TS Group Annual Report 2011
12
2011
2010
2009
Group Parent
Group
Parent
Group
Turnover MEUR
EBIT, MEUR
EBIT margin, %
Equity ratio, %
202.6
3.8
1.9
72.9
74.7
11.7
15.6
59.7
213.3
0.3
0.2
76.3
77.9
12.5
16.0
55.1
222.1
-9.6
-4.3
77.1
Parent
78.1
5.3 6.8
52.9
-07 -08 -09 -10 -11
TS Group Annual Report 2011
13
Shares
2011
321,286 kpl
2010
321,286 kpl
Information about personnel
Distribution of profit
The Group employed an average of 1,508 people in 2011.
The annual figures for the Group and parent company break
down as follows:
The company’s distributable funds amounted to EUR 126,579,116.80, of which the profit for the financial year was
EUR 23,697,967.64.
The Board of Directors proposes that a dividend of EUR 10 be paid per share, amounting to a total of EUR 3,212,860.
All shares have equal voting rights and right to dividend,
and are subject to a redemption clause under the Articles of
Association.
2011
Group Parent
1,508
438 2010
2009
Group Parent Group Parent
1,611
468 1,767
552
Turku, 20 March 2012
Group staff costs, MEUR
2011 2010 2009
Group Parent Group Parent
Group
Parent
71.6
21.4
72.6 22.2 77.5
25.6
Mikko Ketonen
TS-Yhtymä Oy completed or initiated two statutory
employer-employee negotiation rounds during 2011 due
to operational restructuring and production or financial
reasons.
The negotiations that ended in January 2011 concerned
the operational restructuring process mainly for the
advertising production, layout, plate-making and resource
use organisation tasks.
The negotiations that took place near the end of the
year were mainly focused on administration, information
management and property and logistics operations. As
a result of these negotiations, every eighth job will be
terminated through redundancy or voluntary schemes.
Similar statutory employer-employee negotiation
rounds have also taken place in other companies within the
TS Group during the period under review. Approximately
every tenth Group employee will be affected by these
negotiations. In addition, there have been several instances
of task reorganisation caused by the changed business
circumstances.
Environmental responsibility
The TS Group is committed to responsible environmental
management and sustainable development.
The Group’s production facilities fulfil all obligations
under statutory regulations, environmental permits and
environmental legislation.
Material choices and production processes satisfy the
strictest environmental requirements.
Waste is separated on-site and efficiently recycled. The
utilisation of energy has been further improved by wasteheat recovery.
It has been possible to continuously reduce the carbon
dioxide footprint of production in the past few years.
TS Group Annual Report 2011
14
Lasse Aarnio
Jukka Ekuri
Estimate of business risks and uncertainties
The TS Group is not exposed to any significant risks that
may have an 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.
Heikki Ketonen
Anja Farin
Jaakko Ketonen
Timo Ketonen Future development predictions
With regard to newspapers, the present-day challenges and
those of the immediate future are, in addition to paperbased newspaper development, investment in expanding
the digital business in the online, tablet and smartphone
formats. We expect that the VAT on newspaper and magazine
subscriptions that came into force at the beginning of 2012
will have a negative impact on the Group’s newspaper
circulations and thus on the advertising income. The
current economic uncertainty makes it extremely difficult
to predict advertisement and circulation income trends.
The price erosion caused by excess capacity poses a
significant threat to the entire printing industry.
The general economic outlook seems to be very
conflicting and there are many difficult challenges to
overcome. The debt crisis in the eurozone and reductions
in public spending bring their own challenges while the
analysts believe that the economy is once again taking a
downward turn. In these circumstances, the threatening
factors for the operations are the weak general economic
outlook, the rising costs related to areas such as distribution
and personnel, and the decline in volumes in the entire
sector.
The auditors have today issued a statement of the audit performed.
Turku, 26 March 2012
PricewaterhouseCoopers Oy
Body of Authorised Public Accountants
Johan Kronberg
APA
Mika Kaarisalo
APA
TS Group Annual Report 2011
15
TS Group EBITDA
The opening of the European
M€
80
Capital of Culture year in Turku
70
60
on 15 January 2011. The acrobat
50
40
surrounding by flames represented
30
the spirit of the River.
20
10
0
-07 -08 -09
- 10 -11
TS Group EBITDA
as % of turnover
%
25
20
15
10
5
0
-07 -08 -09 -10 -11
TS Group
equity ratio
%
70
60
50
40
30
20
10
0
TSGroup
GroupAnnual
AnnualReport
Report2011
2011
TS
16
16
-07 -08 -09 -10 -11
TSGroup
GroupAnnual
AnnualReport
Report2011
2011
TS
17
17
TS-Yhtymä Oy balance sheet
Assets
M€
Mike Monroe
250
200
financial assets
150
inventories
100
fixed assets
50
0
-07 -08 -09 -10 -11
TS-Yhtymä Oy balance sheet
Shareholders’ equity and liabilities
M€
250
200
short-term creditors
150
long-term creditors
100
provisions +
shareholders’ equity
50
0
TS Group Annual Report 2011
18
-07 -08 -09 -10
-11
TS Group Annual Report 2011
19
Fire artist Antti Suniala’s group
of five put on a fire show at the
“ Turku palaa” (Turku burns) event.
FINANCIAL STATEMENTS
TS Group Annual Report 2011
20
TS Group Annual Report 2011
21
TS Group
Income statement
Villu Jaanisoo’s
gigantic feet.
TS Group Annual Report 2011
22
Notes to the accounts 1.1.–31.12.2011
1.1.–31.12.2010
1000 €
TURNOVER
1
202 596
213 310
Increase (+)/decrease (-) in stocks of finished goods
24
-167
and work in progress
58
90
Own work capitalised (+)
Other operating income
2
7 310
2 311
Materials and services
3
-84 308
-83 808
Raw materials and consumables
Social security costs
4
-71 563
-72 649
Depreciation and impairment
5
-17 047
-23 628
Other operating charges
6
-33 098
-35 090
-132
-29
Share of associated companies’ profit
3 840
340
OPERATING PROFIT (LOSS)
61
79
Share of associated companies’ profit
Financial income and expenses
7
1 022
-1 054
4 923
-635
PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS
Extraordinary items
8
7
4 923
-629
PROFIT (LOSS) BEFORE TAXES
Income taxes
9
-3 478
-3 384
Other direct taxes
4 388
4 275
Minority interest
5 833
262
GROUP PROFIT (LOSS) FOR THE FINANCIAL YEAR
TS Group Annual Report 2011
23
TS Group
Balance sheet
The children’s crowns
remind us of the symbol for
1000 €
Notes to the accounts
31.12.2011
31.12.2010
ASSETS
FIXED ASSETS
Intangible assets 10
8 228
8 360
Consolidated goodwill
10
828
742
Property, plant and equipment 11
125 907
133 224
Financial assets 12
26 057
36 589
161 020
178 915
FIXED ASSETS, TOTAL
CURRENT ASSETS Inventories 13
6 816
7 625
Long-term receivables
14
283
283
Short-term receivables
15
20 835
25 911
Marketable securities 16
40 821
23 518
59 990
64 110
Cash and cash equivalents 128 745
121 447
CURRENT ASSETS, TOTAL
289 765
300 361
ASSETS, TOTAL
TS Group Annual Report 2011
24
the Capital of Culture year,
a crown of flames.
TS Group
Group Annual
Annual Report
Report 2011
2011
TS
25
TS Group
Balance sheet
1000 €
Notes to the accounts
31.12.2011
31.12.2010
SHAREHOLDERS’ EQUITY AND LIABILITIES 17
SHAREHOLDERS’
EQUITY 5 404
5 404
Share
capital
8 641
8 641
Share premium account
7 776
7 776
Revaluation reserve
94
94
Contingency fund
7 265
7 265
Other reserves
136 077
148 921
Retained earnings (loss)
5 833
262
Profit (loss) for the financial year
171 090
178 363
SHAREHOLDERS’ EQUITY, TOTAL
35 068
46 384
MINORITY INTEREST OBLIGATORY PROVISIONS
18
1 652
1 779
GROUP RESERVE
LIABILITIES Non-current group reserve
19
18 453
20 485
Current group reserve 20
63 502
53 351
81 956
73 836
LIABILITIES, TOTAL
289 765
300 361
SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL TS Group Annual Report 2011
26
TS Group
Cash flow statement
1000 € 1.1.–31.12.2011 1.1.–31.12.2010
CASH FLOW STATEMENT
3 840
340
Operating profit
Adjustments to operating profit
17 047
23 628
Depreciation
-895
-1 238
Gains on disposal of fixed assets
563
453
Losses on disposal of fixed assets
-5 138
Group company gains from sales
-127
502
Change in obligatory provisions
132
29
Share of associated companies’ profit
19 809
7 168
Change in net working capital
593
951
Interest
2 493
1 775
Dividends received
-73
1 230
Other financial items
-3 790
-4 891
Taxes
34 451
29 945
Net cash flow from operations
INVESTMENTS
422
Acquired Group companies
-3 115
Sold Group companies
39
Winding up of a Group company
16 740
3 333
Increase in shares
15 096
11 292
Increase in other fixed assets
-8 912
-9 180
Decrease in shares
-4 794
-5 185
Decrease in other fixed assets
3 000
7 569
Increase in other long-term financial assets
-2 132
-10 001
Decrease in other long-term financial assets
Net
cash flow from investments
16 344
-2 172
CASH
18 107
32 117
FLOW BEFORE FINANCING
FINANCING
12
Long-term loans raised
-3 186
-6 592
Repayments of long-term loans
250
Increase/decrease in long-term receivables
Increase/decrease in short-term financing
-18 558
-10 029
Dividends paid
-496
Increase/decrease in capital loan
Financing,
-22 228
-16 370
total
Increase/decrease
-4 120
15 747
in liquid assets
64 110
48 363
Liquid assets at 1 Jan
Liquid
59 990
64 110
assets at 31 Dec
TS Group Annual Report 2011
27
TS-Yhtymä Oy
Income statement
1000 €
Notes to the accounts
1.1.–31.12.2011
TURNOVER
1
74 741
Increase
(+)/decrease (-) in stocks
of
finished goods and work in progress
-17
Own
work capitalised 9
Other
operating income
2
668
Materials
and services
3
-20 176
Social
security costs
4
-21 444
Depreciation
and impairment
5
-7 225
Other
operating charges
6
-14 874
OPERATING
PROFIT (LOSS)
11 681
Financial
income and expenses
7
15 252
PROFIT
(LOSS) BEFORE EXTRAORDINARY ITEMS
26 934
Extraordinary
items
8
-975
PROFIT
(LOSS) BEFORE
APPROPRIATIONS
AND TAXES
25 959
Appropriations
9
870
Income
taxes
9
-3 130
Other
direct taxes
1.1.–31.12.2010
Profit
(loss) for the financial year
23 698
12 341
77 931
-27
44
498
-20 924
-22 211
-7 329
-15 507
12 477
4 321
16 798
-905
15 893
345
-3 897
Acrobat Viktor Kaiser
crossed the river Aura
high in the sky.
TS Group Annual Report 2011
28
TS Group Annual Report 2011
29
TS-Yhtymä Oy
Balance sheet
Notes to the accounts
31.12.2011
31.12.2010
1000 €
ASSETS
FIXED ASSETS
10
2 390
2 717
Intangible assets 11
85 672
85 492
Property, plant and equipment
12
61 952
54 752
Financial assets
12
84
16 689
Other
investments
150 098
159 650
FIXED ASSETS,
TOTAL
CURRENT ASSETS
13
977
1 016
Inventories Prepayments
14
5 694
7 580
Long-term receivables
15
11 472
13 007
Short-term receivables
16
38 920
21 616
Marketable securities
43 914
48 685
Cash and cash equivalents
100 978
91 904
CURRENT ASSETS, TOTAL
251 076
251 554
ASSETS, TOTAL
TS Group Annual Report 2011
30
TS-Yhtymä Oy
Balance sheet
1000 €
Notes to the accounts
31.12.2011
31.12.2010
SHAREHOLDERS’ EQUITY AND LIABILITIES 17
SHAREHOLDERS’ EQUITY
5 404
5 404
Share
capital
2 747
2 747
Share
premium account
Reserve
fund
15 036 15 036
Other
reserves
97 684 98 195
Retained
earnings (loss)
23 698 12 341
Profit
(loss) for the financial year
144 569 133 723
SHAREHOLDERS’
EQUITY, TOTAL
2 776
3 646
ACCUMULATED
APPROPRIATIONS
PROVISIONS
18
599
844
OBLIGATORY
LIABILITIES group reserve
19
16 529 16 519
Non-current
20
86 603 96 822
Current
group reserve
103 132 113 341
LIABILITIES,
TOTAL
251 076 251 554
SHAREHOLDERS’
EQUITY AND LIABILITIES, TOTAL
TS Group Annual Report 2011
31
TS-Yhtymä Oy
Cash flow statement
1000 €
1.1.–31.12.2011
1.1.–31.12.2010
OPERATIONS
11 681
12 477
Operating profit
Adjustments to operating profit
-59
119
Gains/losses on disposal of fixed assets
7 225
7 329
Depreciation
-245
-34
Change in obligatory provisions
-8 472
-3 363
Change in net working capital
29
325
Interest
11 718
7 597
Dividends received
130
1 267
Other financial items
-3 130
-3 897
Taxes
net
cash inflow from operations
18 877
21 819
INVESTMENTS
18 345
2 037
Purchase of shares
7 851
4 364
Purchase of other fixed assets
-14 792
-7 334
Divestment of shares
-864
-1 173
Divestment of other fixed assets
3 000
7 569
Increase in other long-term financial assets
-2 000
-9 889
Decrease in other long-term financial assets
Net
cash inflow from investments
11 541
-4 425
CASH
7 336
26 244
FLOW BEFORE FINANCING
FINANCING 10
Long-term loans raised
-176
-2 783
Repayments of long-term loans
1 886
-624
Increase/decrease in long-term receivables
Increase/decrease in short-term financing
-12 851
-6 426
Dividends paid
Increase/decrease in capital loan
-975
-905
Group contributions received and paid
Financing,
-12 107
-10 738
total
Increase/decrease
-4 771
15 507
in liquid assets
48 685
33 178
Liquid assets at 1 Jan
Liquid
43 914
48 685
assets at 31 Dec
Crown Princess Victoria
and Prince Daniel of Sweden
dined at Turku Castle
on 19 September 2011.
TS Group Annual Report 2011
32
TS Group Annual Report 2011
33
Queueing for Logomo.
NOTES TO THE FINANCIAL STATEMENTS
TS Group Annual Report 2011
34
TS Group Annual Report 2011
35
TS Group
notes to the financial statements 31 december 2011
TS GROUP / notes to The income statement 31.12.2011
1000 €
Accounting principles 31 December 2011
The parent company of the TS Group is TS-Yhtymä Oy, whose registered office is in Turku. Copies of the TS Group’s consolidated accounts are available at Länsikaari 15, FI-20240 Turku, Finland.
Scope of the consolidated financial statements
The consolidated financial statements comprise the accounts of all Group and associated companies withthe exception of real estate, housing and
dormant companies. The companies not consolidated have no material impact ongiving 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 liabilitiesand 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
10 years
Other long-term expenditure
3–25 years
Buildings
25–40 years
Machinery and equipment
3–15 years
Other property, plant and equipment
10 years
Consolidated goodwill
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 Annual Report 2011
36
2011 GROUP
TS-Yhtymä Oy
2010
2011
2010
1 Net sales by division
AND market area
Division by industry
Communications
103 593
108 895
66 345
67 414
95 877
101 372
1 513
1 981
Printing services
3 125
3 043
6 883
8 536
Real estate
Total
202 596
213 310
74 741
77 931
Geographical division
180 728
190 353
74 741
77 931
Finland
17 994
19 102
Other Nordic countries
730
325
Rest of Western Europe
258
13
Baltic states
2 842
3 431
Russia
Hungary
43
87
Other countries
202 596
213 310
74 741
77 931
Total
2 Other operating income
895
1 238
132
71
Gains on disposal of fixed assets
490
410
2
Rents
5 138
Sale of a Group company
787
662
534
427
Other
7 310
2 311
668
498
Total
3 MATERIALS AND CONSUMABLES
Materials and consumables
58 991
60 703
5 614
5 894
Purchases during the financial year 835
-134
21
-139
Change in stock
59 826
60 568
5 636
5 755
24 482
23 239
14 540
15 168
External services Materials
84 308
83 808
20 176
20 924
and services in total
4 Staff costs AND
Employees,
average
Staff costs
58 377
60 091
17 702
18 494
Wages
9 401
9 114
2 744
2 701
Pension costs
3 786
3 444
998
1 016
Other social security costs
71 563
72 649
21 444
22 211
Total
Management salaries and remunerations
Members of the Board of Directors and 1 212
1 254
239
354
the Managing Director
52
52
52
52
Members of the Supervisory Board
Employees, average
774
817
303
318
Clerical employee
734
794
135
150
Employee
1 508
1 611
438
468
Total
10
15
In group ventures
5
depreciation and IMPAIRMENTS 16 769
19 191
7 225
7 329
Planned depreciation
278
807
Depreciation on consolidated goodwill
3 631
Impairments
of fixed assets 17 047
23 628
7 225
7 329
Total
OTHER
6
OPERATING COSTS
Auditor’s fees
PricewaterhouseCoopers Oy
111
97
55
29
Auditing
fees
consulting
7
4
7
4
Tax
12
7
12
Other
fees
130
108
74
33
Total
TS Group Annual Report 2011
37
TS-YHTYMÄ / notes to The income statement 31.12.2011
TS-Yhtymä
Oy
GROUP
1000 € 2011
20102011
2010
7 Financial income and expenses 14 654
6 103
Income from
Group companies
Income
68
89
78
62
from participating interests
Income from other fixed asset investments
4
6
From Group companies
2 965
2 897
2 662
2 358
Income from others
Total income from other fixed
2 965
2 897
2 666
2 364
asset investments
Other interest received and other financial income
198
328
From Group companies
7
4
From participating interests
1 513
2 229
1 186
1 853
From others
1 521
2 233
1 384
2 181
Interest received in total
4 553
5 220
18 781
10 710
Other interest received and other financial income in total
416
-564
416
-617
Impairment of fixed asset investments
Interest paid and other financial expenses
616
971
To Group companies
3 054
6 759
2 497
6 036
To others
3 054
6 759
3 113
7 007
Interest paid in total
3 470
6 195
3 529
6 390
Interest paid and other financial expenses in total
1 083
-975
15 252
4 321
Financial income and expenses in total
Other
financial income and expenses include
353
1 275
357
1 275
Exchange rate gains (and losses)
8 Extraordinary
income and expenses
7
Extraordinary income/the surrender value for life insurance
600
500
Extraordinary income/Group contribution
1 575
1 405
Extraordinary expenses/Group contribution
-975
-905
9 APPROPRIATIONS
Income tax
2
-254
-235
Income tax on extraordinary items
3 790
4 890
3 384
4 132
Income tax on ordinary activities
-312
-1 507
Change in deferred tax liability
3 478
3 384
3 130
3 897
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
GROUP
TS-Yhtymä Oy
1000 €
2011
2010
2011
2010
10 INTANGIBLE ASSETS
INTANGIBLE RIGHTS
Acquisition
1 071
1 059
140
140
cost at 1 Jan
66
14
Increase during the financial year
-92
-2
Decrease during the financial year
1 046
1 071
140
140
Acquisition cost at 31 Dec
649
619
17
17
Accumulated depreciation at 1 Jan
Accumulated
depreciation -1
on decreases and transfers
33
30
Depreciation during the financial year
680
649
17
17
Accumulated depreciation at 31 Dec
365
422
123
123
Book value at 31 Dec
GOODWILL
4 719
4 719
Acquisition cost at 1 Jan
14
Increase during the financial year
Decrease during the financial year
4 733
4 719
Acquisition cost at 31 Dec
1 608
1 004
Accumulated depreciation at 1 Jan
Accumulated
depreciation on decreases and transfers
607
604
Depreciation during the financial year
2 215
1 608
Accumulated depreciation at 31 Dec
2 518
3 111
Book value at 31 Dec
CONSOLIDATED GOODWILL
33 526
33 594
Acquisition cost at 1 Jan
364
52
Increase during the financial year
-120
Decrease during the financial year
33 890
33 526
Acquisition cost at 31 Dec
32 784
31 977
Accumulated depreciation at 1 Jan
Accumulated
depreciation on decreases and transfers
278
807
Depreciation during the financial year
33 062
32 784
Accumulated depreciation at 31 Dec
828
742
Book value at 31 Dec
OTHER LONG-TERM EXPENDITURE
25 357
26 935
12 709
12 155
Acquisition cost at 1 Jan
2 081
1 626
532
564
Increase during the financial year
-852
-3 205
-10
Decrease during the financial year
Transfers between items
26 586
25 357
13 241
12 709
Acquisition cost at 31 Dec
20 530
20 332
10 115
9 294
Accumulated depreciation at 1 Jan
Accumulated
depreciation -714
-1 483
-2
on decreases and transfers
1 425
1 681
858
822
Decrease during the financial year
21 242
20 530
10 973
10 115
Accumulated depreciation at 31 Dec
5 344
4 826
2 268
2 594
Book value at 31 Dec
TS Group Annual Report 2011
38
TS Group Annual Report 2011
39
Mikko Urpo enjoyed
the heat of the sauna near the
Wäinö Aaltonen Museum of Art.
TS
TSGroup
GroupAnnual
AnnualReport
Report2011
2011
40
40
TS
TSGroup
GroupAnnual
AnnualReport
Report2011
2011
41
41
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
GROUP
1000 €
2011
TS-Yhtymä Oy
2010
2011
2010
INTANGIBLE ASSETS, TOTAL
64 673
66 307
12 848
12 294
Acquisition cost at 1 Jan
2 526
1 692
532
564
Increase during the financial year
-944
-3 327
-10
Decrease during the financial year
66 254
64 673
13 380
12 848
Acquisition cost at 31 Dec
55 571
53 932
10 132
9 312
Accumulated depreciation at 1 Jan
Accumulated
depreciation -716
-1 483
-2
on decreases and transfers
2 343
3 122
858
822
Depreciation during the financial year
57 199
55 571
10 990
10 132
Accumulated depreciation at 31 Dec
9 056
9 102
2 390
2 717
Book value at 31 Dec
PROPERTY, PLANT AND EQUIPMENT
11
LAND AND WATER
OWNED
17 219
17 199
16 053
16 053
Acquisition cost at 1 Jan
1
20
23
Increase during the financial year
Decrease during the financial year
17 220
17 219
16 076
16 053
Acquisition cost at 31 Dec
LEASES
718
718
718
718
Acquisition cost at 1 Jan
Increase during the financial year
Decrease during the financial year
718
718
718
718
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
718
718
718
718
Book value at 31 Dec
REVALUATION
LAND AND WATER
9 839
9 839
9 839
9 839
Acquisition cost at 1 Jan
Increase during the financial year
Decrease during the financial year
9 839
9 839
9 839
9 839
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
117 914
115 855
97 775
95 870
Acquisition cost at 1 Jan
3 005
2 162
3 613
1 907
Increase during the financial year
-2 754
-104
-3
Decrease during the financial year
118 165
117 914
101 388
97 775
Acquisition cost at 31 Dec
57 207
53 102
46 603
43 115
Accumulated depreciation at 1 Jan
Accumulated
depreciation -2 252
-2
-2
on decreases and transfers
4 306
4 107
3 790
3 490
Depreciation during the financial year
59 261
57 207
50 392
46 603
Accumulated depreciation at 31 Dec
58 904
60 707
50 996
51 172
Book value at 31 Dec
TS Group Annual Report 2011
42
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
GROUP
TS-Yhtymä
Oy
1000 €
2011
2010
2011
2010
MACHINERY AND EQUIPMENT
Acquisition cost at 1 Jan
241 987
244 127
50 943
50 235
Increase during the financial year
8 832
6 770
1 045
3 504
Decrease during the financial year
-28 204
-8 910
-2 042
-2 796
Acquisition cost at 31 Dec
222 614
241 987
49 947
50 943
Accumulated depreciation at 1 Jan
201 972
192 224
45 194
43 802
Accumulated
depreciation on decreases and transfers
-23 633
-6 490
-1 310
-1 513
Depreciation during the financial year
10 244
16 238
2 465
2 905
Accumulated depreciation at 31 Dec
188 583
201 972
46 348
45 194
Book value at 31 Dec
34 031
40 014
3 598
5 749
Share
of book value of machinery and equipment at 31 Dec
29 660
36 061
1 805
4 188
OTHER PPE
Acquisition cost at 1 Jan
13 738
13 446
12 430
12 422
Increase during the financial year
202
302
157
132
Decrease during the financial year
-115
-10
-73
-124
Acquisition cost at 31 Dec
13 825
13 738
12 514
12 430
Accumulated depreciation at 1 Jan
1 954
1 799
1 301
1 313
Accumulated
depreciation on decreases and transfers
-16
-5
-124
Decrease during the financial year
154
161
113
112
Acquisition cost at 31 Dec
2 092
1 954
1 413
1 301
Book value at 31 Dec
11 733
11 784
11 100
11 129
ADVANCE PAYMENTS
Acquisition cost at 1 Jan
2 782
2 566
672
2 415
Increase during the financial year
10 682
4 640
6 173
1 616
Decrease during the financial year
-10 163
-4 424
-3 660
-3 359
Acquisition cost at 31 Dec
3 301
2 782
3 184
672
PROPERTY,
PLANT AND EQUIPMENT, TOTAL
Acquisition cost at 1 Jan
394 357
393 910
178 590
177 712
Increase during the financial year
22 722
13 894
11 012
7 159
Decrease during the financial year
-41 236
-13 447
-5 776
-6 282
Acquisition cost at 31 Dec
375 843
394 357
183 826
178 590
Accumulated depreciation at 1 Jan
261 134
247 125
93 097
88 230
Accumulated
depreciation on decreases and transfers
-25 901
-6 498
-1 310
-1 639
14 704
20 506
6 367
6 507
Depreciation during the financial year
249 936
261 134
98 154
93 097
Acquisition cost at 31 Dec
125 907
133 224
85 672
85 492
Book value at 31 Dec
12
Financial assets
SHARES IN GROUP COMPANIES
3
3
38 693
38 631
Book value at 1 Jan
1 560
62
Increase during the financial year
-778
Decrease during the financial year
3
3
39 475
38 693
Book value at 31 Dec
AMOUNTS OWED BY GROUP COMPANIES
126
126
Book value at 1 Jan
Increase during the financial year
Decrease during the financial year
126
126
Book value at 31 Dec
TS Group Annual Report 2011
43
The final celebration of the Capital of
Culture year of Turku on the River Aura
on 17 December 2011.
TS Group Annual Report 2011
TS Group Annual Report 2011
44
44
TS Group Annual Report 2011
TS Group Annual Report 2011
45
45
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
GROUP
TS-Yhtymä Oy
1000 €
2011
2010
2011
2010
SHARES IN GROUP COMPANIES
Book
value at 1 Jan
1 911
2 928
537
537
30
116
Increase during the financial year
-202
-136
Decrease during the financial year
-997
-26
Transfer Other shares and holdings
1 739
1 911
511
537
Book value at 31 Dec
AMOUNTS OWED BY ASSOCIATED
GROUP COMPANIES
204
204
Book value at 1 Jan
Increase during the financial year
Decrease during the financial year
204
204
Book value at 31 Dec
OTHER SHARES AND HOLDINGS
17 268
51 124
15 395
47 794
Book value at 1 Jan
3 430
3 333
3 448
1 975
Increase during the financial year
-53
-14 677
-30
-12 819
Decrease during the financial year
-191
-138
Impairments
997
26
Transfer Shares in group companies
-23 318
-21 416
Transfer to financial assets
20 645
17 268
18 840
15 395
Book value at 31 Dec
NON-CURRENT FINANCIAL ASSETS
514
612
Book value at 1 Jan
3 000
3 000
Increase during the financial year
-132
-97
Decrease during the financial year
3 382
514
3 000
Acquisition cost at 31 Dec
OTHER
RECEIVABLES
CAPITAL
LOANS RECEIVABLE
84
264
84
249
Acquisition cost at 1 Jan
50
50
Increase during the financial year
-30
-15
Decrease during the financial year
-200
-200
Impairments
84
84
84
84
Book value at 31 Dec
BONDS
16 606
18 004
16 606
18 004
Book value at 1 Jan
7 519
7 519
Increase during the financial year
2 615
956
2 615
956
Depreciation refund
-2 000
-9 874
-2 000
-9 874
Decrease during the financial year
-17 220
-17 220
Transfer of financial asset securities
0
16 606
0
16 606
Book value at 31 Dec
FINANCIAL ASSETS, TOTAL
36 589
73 138
71 441
105 341
Book value at 1 Jan
6 460
11 019
8 008
9 606
Increase during the financial year
2 615
956
2 615
956
Depreciation refund
-2 386
-24 815
-2 834
-22 708
Decrease during the financial year
-17 220
-23 318
-17 194
-21 416
Account transfers
-391
-338
Impairments
26 057
36 589
62 036
71 441
Book value at 31 Dec
TS Group Annual Report 2011
46
TS GROUP / NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011
Shares and holdings
Group
Parent company
interest, %
interest, %
Group companies
Polytypos Oy, Turku
100.00
83.33
Turun Tietotarjonta Oy, Turku
100.00
100.00
Kiinteistö Oy Turun Kauppakortteli, Turku
100.00
100.00
Kiinteistö Oy Pieni Roobertinkatu 11, Helsinki
100.00
100.00
Polytypos Svenska AB, Sweden
100.00
100.00
Turun Tietokuva Oy, Turku
100.00
100.00
Salon Seudun Sanomat Oy, Salo
99.80
99.80
Uudenkaupungin Sanomat Oy, Uusikaupunki
93.08
Kiinteistö Oy Turun Pläkkäri, Turku
100.00
100.00
TS-Kiinteistöhuolto Oy, Turku
100.00
100.00
no operations during the year under review
Turun Paikallisradio Oy, Turku
100.00
50.23
Hansaprint Oy, Turku
60.00
51.28
Turun Kaapelitelevisio Oy, Turku, sold 30 June 2011
64.16
59.75
Nitro Group Oy, Turku
100.00
100.00
Salon Alueradio Oy, Salo
91.59
Salolehti Oy, Salo**
100.00
no operations during the year under review
Varsinais-Suomen Viestintä Oy, Turku
100.00
Sia Madonas Poligrafists, Latvia
100.00
Radio Hansa Oy
100.00
Hansaprint AB, Sweden
100.00
Salon Seutu Oy, Salo**
no operations during the year under review
100.00
Hansaprint Russia Oy, Turku
100.00
TS-Group Hungary Kft, Hungary
100.00
100.00
Priimus Group Oy, Loimaa
98.11
60.76
Priimus Media Oy, Loimaa
100.00
Peimarin Kustannus Oy, Paimio
100.00
Newprint Oy, Raisio
66.50
Varsinais-Suomen Tietojakelu Oy, Turku
100.00
100.00
ASSOCIATED COMPANIES
Turku-Palvelu Oy, Turku
50.00
50.00
Plari Oy, Laitila
50.00
Newprint Kiinteistöt Oy, Raisio
49.00
Lenta S.P. Leningrad, St. Petersburg 47.55
Äkäskeron Vesihuolto Oy, Muonio**
25.00
no operations during the year under review
Hansaprint Elanders Kft., Hungary
50.00
Allatum Oy, Pori
50.00
Tekstisetteri Oy, Helsinki
35.00
** 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
957
957
Accumulated depreciation at 31 Dec
957
957
Undepreciated assets at 31 Dec
0
0
TS Group Annual Report 2011
47
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
The forces of
darkness and light
fought in the park
of Turku Castle.
GROUP
TS-Yhtymä Oy 1000 €
2011
2010
2011
2010
13 INVENTORIES
4 982
5 785
836
857
Materials
and consumables
1 031
1 072
Work in progress
792
727
141
158
Finished goods/products
11
41
Other inventories
Prepayments
6 816
7 625
977
1 016
14 NON-CURRENT
receivables
Amounts owed by Group companies
5 694
7 580
Loans receivable
5 694
7 580
Amounts owed by participating companies
218
218
Loans receivable
218
218
65
65
Other receivables
283
283
5 694
7 580
Non-currents receivables, total
15 CURRENT
receivables
15 910
18 771
4 591
4 975
Trade receivables
Amounts owed by Group companies
-36
10
Trade receivables
2 426
1 995
Loans receivable
815
2 227
Other receivables
3 205
4 233
Amounts owed by participating companies
5
6
1
Trade receivables
Loans receivable
168
4
Other receivables
174
10
1
1 637
2 400
2 310
3 120
Loans receivable
91
111
Other receivables
3 023
4 620
1 364
678
Prepayments and accrued income
20 835
25 911
11 472
13 007
Current receivables, total
MAJOR
ITEMS INCLUDED IN PREPAYMENTS
AND ACCRUED INCOME
68
Pension contributions
176
176
Social insurance contributions
902
254
767
Tax receivables
818
916
Annual contributions
276
67
276
Interest income from investments
1 737
Divestment of shares
1 060
1 437
355
402
Others
3 023
4 620
1 364
678
COMMITMENTS OF THE MANAGEMENT
PENSION
AND MANAGING DIRECTOR
The retirement age of members of the Board of Directors and managing
directors of group companies has been between 60 and 68 years.
SECURITIES
16 MARKETABLE
Financial assets
New acquisition cost
43 813
38 456
43 423
34 028
Book value
40 821
23 518
38 920
21 616
Difference
2 992
14 939
4 502
12 412
TS Group Annual Report 2011
48
TS Group Annual Report 2011
49
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
TS-YHTYMÄ / notes to The balance sheet 31.12.2011
GROUP
TS-Yhtymä Oy
1000 €
2011
2010
2011
2010
17 Shareholders’ equity
Restricted equity
Share
capital at 1 Jan
5 404
5 404
5 404
5 404
Share capital at 31 Dec
5 404
5 404
5 404
5 404
Share premium account at 1 Jan
8 641
8 641
2 747
2 747
Translation difference
Share
premium account at 31 Dec
8 641
8 641
2 747
2 747
Revaluation reserve at 1 Jan
7 776
7 776
7 776
7 776
Revaluation
reserve at 31 Dec
7 776
7 776
7 776
7 776
Reserve fund at 1 Jan
94
94
Change in minority interests
Translation difference
1
Reserve
fund at 31 Dec
94
94
Restricted equity, total
21 916
21 916
15 927
15 927
Untied equity
Other reserves at 1 Jan
7 265
7 265
7 260
7 260
Increase
Change in minority interests
Translation difference
Other
reserves at 31 Dec
7 265
7 265
7 260
7 260
Retained earnings at 1 Jan
149 183
155 326
110 535
104 620
Translation difference
-293
19
Other change in shareholders’ equity
Change in minority interests
38
2
Dividends paid
-12 851
-6 426
-12 851
-6 426
Retained
earnings at 1 Jan
136 077
148 921
97 684
98 195
Profit
/ loss for the financial period
5 833
262
23 698
12 341
Untied equity, total
149 174
156 447
128 642
117 795
Shareholders’ equity, total
171 090
178 363
144 569
133 723
Calculation of distributable
assets at 31 Dec
Other reserves
7 265
7 265
7 260
7 260
Translation difference
293
-19
Retained earnings
136 077
148 921
97 684
98 195
Profit for the financial period
5 833
262
23 698
12 341
- Difference between property revaluations
and revaluation reserve
-2 063
-2 063
-2 063
-2 063
- Share of accumulated depreciation difference and non
obligatory
provisions booked under shareholders’ equity
-6 000
-9 243
Total
141 404
145 123
126 579
115 733
The share capital is divided by share type as follows
2 011
2 010
unit
unit
Class A (1 vote/share)
321 286
5 404
321 286
5 404
GROUP
TS-Yhtymä Oy 1000 €
2011
2010
2011
2010
Accumulated appropriations
Accumulated appropriations in the parent company
consist of the accumualted depreciation difference.
18 OBLIGATORY PROVISIONS
1 652
1 779
599
844
Unemployment pension provisions
Accumulated
TAX RECEIVABLES
570
425
From consolidation procedures
From appropriations
898
1 142
Differences of allocation
1 469
1 567
Total
Deferred
tax liability
1 788
2 211
Appropriation
LIABILITY
NON-CURRENT
19
LIABILITY
1 376
1 871
Capital loans
16 625
17 832
16 482
16 482
Loans from financial institutions
Pension loans
319
643
Deferred tax liability
133
139
47
37
Other non-current liabilities
18 453
20 485
16 529
16 519
Non-current liabilities, total
Current
20
liabilities
11 209
2 995
10 000
Loans from financial institutions
176
176
Pension loans
7 149
5 710
5 331
4 043
Advances received
6 466
7 671
2 679
2 261
Trade payables
Amounts owed to Group companies
Trade
1
18
payables
300
300
Accruals and deferred income
41 341
66 567
Other current liabilities
Amounts owed to participating interests
1
1
1
Trade payables
Accruals and deferred income
25 618
19 301
23 512
17 011
Other loans
13 060
17 496
3 439
6 444
Accruals and deferred income
Current
liabilities
63 502
53 351
86 603
96 822
total
Accruals and deferred income
include the following items
8 133
8 007
2 518
2 279
Wages
17
6
15
241
Interest
31
1 541
1 507
Taxes
4 879
7 942
906
2 416
Other
13 060
17 496
3 439
6 444
TS Group Annual Report 2011
50
TS Group Annual Report 2011
51
TS GROUP / NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2011
GROUP
TS-Yhtymä Oy
1000 €
2011
2010
2011
2010
21 PLEDGES GIVEN, CONTINGENT LIABILITIES
AND OTHER COMMITMENTS
For own debts
31 197
32 368
31 112
31 112
Real estate mortgages
10 344
10 680
8 662
8 662
Floating charges
3
1 063
3
3
Account assets pledged
19 083
19 083
18 947
18 947
Shares pledged
Pledged deposits
60 626
63 193
58 724
58 724
For Group companies
633
2 967
Guarantees
Other
633
2 967
For associated company
1 782
1 992
1 678
1 803
Guarantees
For employees
10
10
Guarantees
241
2
2
2
For others
Leasing commitments
Payable during 2012 49
119
6
136
47
Payable after 2012
185
166
Leasing agreements run primarily for
five (5) years and contain no redemption clauses.
Other liabilities
Derivative contracts
Interest swaps
Fair value
-57
-57
Value of underlying security
10 000
10 000
Results relating to the acquisition
Loans
for which surety given
26 482
16 482
26 482
16 482
Loans from financial institutions
Amount of loans
Pension
176
176
loans
26 482
16 659
26 482
16 659
Amount of loans
Surety
Mortgages
31 112
32 283
31 112
31 112
Floating charges
10 344
10 680
8 662
8 662
Amount of pledges
18 949
20 009
18 949
18 949
60 405
62 973
58 724
58 724
Karita Mattila
Machinery purchased by instalments
Group assets include machinery purchased by instalments. The balance sheet value of this machinery at 31 December 2011
was EUR 11.060 (2010/14 862).
The financial debt shown in the balance sheet at 31 December 2011 was EUR 626 (2010/2 453).
Title to the machinery passes to the buyer when the purchase price has been paid in full.
TS Group Annual Report 2011
52
TS Group Annual Report 2011
53
Audit report
Statement by the supervisory
board of TS-Yhtymä oy
To the General Meeting of TS Yhtymä Oy
We have audited the accounts, financial statements, annual report and the management of TS-Yhtymä Oy in the financial year 1 January – 31 December 2011. The financial statements comprise the balance sheet of the Group and the
parent company; profit and loss account; funds statement; and notes to the accounts.
Responsibilities of the Management and Managing Director
Having examined the financial statements prepared for TS-Yhtymä Oy and the TS Group for the period 1 January to 31
December 2011, and the auditors’ report, the Supervisory Board recommends that the Annual General Meeting adopt
the income statement and balance sheet and consolidated income statement and balance sheet and that the profit shown
in the parent company’s balance sheet be disposed of in accordance with the Board of Directors’ proposal.
Turku, 23 May 2012
On behalf of the Supervisory Board
The board of directors and the Managing Director are responsible for issuing the financial statements and the report and
for presenting truthful and adequate information in accordance with auditing standards generally accepted in Finland.
The board is responsible for setting up an appropriate control system for accounting and financial management while
the Managing Director is responsible for lawful accounting and reliable financial management.
Responsibilities of the Auditor
Keijo Virtanen
Chairman
It is our responsibility to express an opinion on the financial statements, consolidated financial statements and annual
report based on our audit. We adhere to occupational ethics in accordance with audit laws. We conducted our audit in
accordance with auditing standards generally accepted in Finland. Those standards require that we plan and perform
the audit to obtain a reasonable assurance about whether the financial statements or annual report are free of material
misstatement, whether the board of directors in the parent company or the Managing Director committed an act or
default that may incur liability for damages with regard to the company, and whether the Companies Act or articles of
association were breached.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and the report, as well as other information presented therein. Test measures are selected at the discretion of the
auditor and include assessment of risks deriving from malpractice or falsehoods. In assessing these risks, the auditor observes internal control within the company, which is significant in terms of issuing financial statements and reports that
present truthful and adequate information. The auditor assesses internal control in order to plan the audit appropriately,
not with the purpose of expressing an opinion on the effectiveness of the company’s internal control. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement and report presentation.
To the best of our understanding, we have obtained sufficient and appropriate audit evidence on which to base our
opinion.
Opinion
In our opinion, the financial statements and the report referred to above present fairly and adequately, in all material
respects, the financial position of the Group and the parent company and the results of its operations in accordance with
accounting principles generally accepted in Finland. The information in the report and the financial statements contains
no discrepancies.
Turku, 26 March 2012
PricewaterhouseCoopers Oy
KHT community
Johan Kronberg
KHT Mika Kaarisalo
KHT
TS Group Annual Report 2011
54
TS Group Annual Report 2011
55
Elected representatives of
the TS Group in 2011
MEMBERS OF THE COOPERATION WITHIN
UNDERTAKINGS ADVISORY BOARD
TS-Yhtymä Oy
Ekuri Jukka, Hyytiäinen Erja, Ketonen Mikko, Karlsson Sirkka,
Lehtisalo Anu, Lento Juhani, Leppänen Jarmo, Naavalinna Jukka,
Valtonen Veikko
Hansaprint Oy
Kaartoaho Mikael, Ketonen Timo (until 30 June 2011), Ketonen
Heikki, Lehtisalo Anu (secretary), Louhi Jari, Martikainen Timo (from
23 March 2011), Mähönen Anne (until 21 September 2011), Peltomäki
Jarmo, Puttonen Kalevi (until 31 October 2011), Raita Ari, Ruohonen
Markku, Saariluoma Jukka, Vinberg Henrik (from 24 March 2011)
Salon Seudun Sanomat Oy
Kirjonen Kirsti, Lahti Sauli, Niemi Ulla (Representative for local
papers), Ruosteenoja Mikko, Venetpalo Kirsi-Maarit, Åkerfelt Silja
Polytypos Oy
Korpi Tuula, Luoma Maria, Myllymäki Kaija, Saarela Mikko,
Saxholm Klaus, Simola Olli, Vepsäläinen Jorma, Vepsäläinen Susanna
Newprint Oy, Raisio
Förbom Pia, Hietarinta Mikko, Härmä Ville, Reunanen Markku,
Reunanen Petteri
SHOP STEWARDS
TS-Yhtymä Oy
Industrial Union TEAM, Chief Shop Steward, Juhani Lento
Media Union MDU, Naavalinna Jukka
Union Pro, Karlsson Sirkka
Union of Journalists in Finland, Hyytiäinen Erja
Professional and managerial staff, Valtonen Veikko
Hansaprint Oy
Industrial Union TEAM
Turku, Chief Shop Steward, Kaartoaho Mikael
Turku, Deputy Chief Shop Steward, Raita Ari
Vantaa, Chief Shop Steward, Puttonen Kalevi (until 31 October 2011)
Vantaa, Deputy Chief Shop Steward, Vinberg Henrik
Media Union MDU
Turku, Louhi Jari
Vantaa, Kupila Panu (until 14 August)
Vantaa, Timo Martikainen (from 15 August)
Union Pro,
Jarmo Peltomäki
Professional and managerial staff, Ruohonen Markku
Turun Tietokuva Oy
Union of Journalists in Finland, Salmi Riitta
Polytypos Oy
Industrial Union TEAM, Vepsäläinen Jorma
Media Union MDU, Myllymäki Kaija
Contact
information
Salon Seudun Sanomat Oy
Industrial Union TEAM, Shop Steward Lahti Sauli
Union of Journalists in Finland, Shop Steward Venetpalo Kirsi-Maarit
Union Pro, Shop Steward Åkerfelt Silja
Uudenkaupungin Sanomat Oy
Industrial Union TEAM, Shop Steward Lehtonen Ulla
Union of Journalists in Finland, Shop Steward Halinen Merja
Priimus Media Oy
Team, Teollisuusalojen ammattiliitto ry, Nurminen Teijo (until 30 April
2011)
Union of Journalists in Finland, Perkiö Päivi
Newprint Oy
Industrial Union TEAM, Chief Shop Steward Härmä Ville
LABOUR PROTECTION COMMITTEES
TS-Yhtymä Oy
Koskivaara Kimmo, Laine Jermu, Lento Juhani, Leppänen Jarmo,
Mikkola Satu, Mäntynen Pentti, Saarinen Anne, Toikka Juhani,
Tähti Esa, occupational healthcare representatives
Turun Tietokuva
Arimaa Matti, Ipatti Kalle, Jokela Terhi, Jokinen Pertti
Hansaprint Oy, Turku
Halonen Pasi, Hänninen Sirpa, Kaartoaho Mikael, Kauppila Jarmo,
Koivulanaho Kunto, Laaksonen Vesa, Lenets Juha, Linden Jarmo, Louhi
Jari, Martiskainen Kauko, Mattila Juha, Niittymäki Veli-Matti, Peltomäki Jarmo, Raita Ari, Saarela Mikko, Salomaa Hannu, Suominen Ari,
Toikka Juhani, Toimio Satu, occupational healthcare representatives
Hansaprint Oy, Vantaa (until 31 March)
Hartikainen Juhani, Katajamäki Riku, Koskinen Raino, Oksa Lea,
Puttonen Kalevi, Saarela Mikko, Toivanen Jaana, Virta Jani,
occupational healthcare representatives
From 1 November 2011
Silventoinen Marko, Vinberg Henrik, Martikainen Timo, Virta Jani,
occupational healthcare representatives
Polytypos Oy
Hanninen Kirsi, Lehtonen Mika, Saxholm Klaus, Tanner Päivi
Vepsäläinen Jorma, Vepsäläinen Susanna
TS-YHTYMÄ OY
PO Box 95, FI-20101 Turku
Visiting address: Kauppiaskatu 5
Tel. +358 2 269 3311
Fax numbers
Group management +358 2 269 3543
Accounting +358 2 269 3430
Editorial staff +358 2 269 3274
Advertising office +358 2 269 3469
Advertising sales +358 2 269 4407
Service centre +358 2 269 3584
Service centre Mylly +358 2 332 3673
TS-LEHTIPAINO
PO Box 95, FI-20101 Turku
Visiting address: Länsikaari 15
Tel. +358 2 269 3311
Fax numbers
Office +358 2 269 4423
Advertising production +358 2 269 3553
HANSAPRINT OY
Tel. 010 5422
Turku / Business Unit Print
PO Box 501, FI-20101 Turku
Visiting address: Artukaistentie 10
Fax numbers
Hansa-IT +358 10 542 4432
Sales +358 10 542 4508, +358 10 542 4507, +358
10 542 4432
Finance and administration +358 10 542 4425
Turku/Direct / Business Unit Print
PO Box 501, FI-20101 Turku
Visiting address: Artukaistentie 10, 20240 Turku
Fax numbers
Direct marketing products +358 10 542 4508
Loyal customer services +358 10 542 4534
Vantaa / Business Unit Print
PO 29, 01621 Vantaa
Myllynkivenkuja 4, 01620 Vantaa
Fax / Magazines,
direct marketing material
010 542 5380
Prepress 010 542 5868
Vantaa Direct Unit Print
PO Box 29, FI-01621 Vantaa
Visiting address: Myllynkivenkuja 4
Tel. +358 10 5422
Fax +358 10 542 5983
Newprint Oy
Anttila Jarmo, Härmä Ville, Rauhala Aki
Hansaprint AB, Tukholma
Kommendörsgatan 8 L / Box 5106
10 243 Stockholm, Sweden
Tel. +46 8 663 5585
Fax +46 8 667 2272
Salon Seudun Sanomat Oy
Määttänen Ari, Nurmi Petri, Peltola Pia, Siekkinen Kirsi,
Tyventö Tarja, Vuorikoski Kari, Warinowski Milko, occupational
healthcare representatives
Hansaprint Elanders Kft
Puskas Tivadar u. 6
2900 Komarom, Hungary
Tel. +36 34 889 100
Fax +36 34 889 101
Uudenkaupungin Sanomat Oy
Occupational Health & Safety Officer, Juuti Ville
Hansaprint Russia Oy
2nd Tverskaya-Yamskaya 8/9
103009 Moskow, Russia
Tel. +7 495 231 7035
Fax +7 495 232 0284
NITRO GROUP OY
PO Box 81, FI-20101 Turku
Visiting address: Ruukinkatu 2–4
Tel. +358 10 542 4600
Helsinki
Visiting address: Arabiankatu 12, 20560 Helsinki
Tel. +358 10 542 4600
TS Group Annual Report 2011
56
TURUN TIETOKUVA OY
PO Box 95, FI-20101 Turku
Visiting address: Kauppiaskatu 5
Tel. +358 2 269 3311
Fax numbers
Uutiskuva +358 2 269 3389
Visicom +358 2 269 3505
TURUN TIETOTARJONTA OY/AAMUSET
PO Box 600, FI-20101 Turku
Visiting address: Artukaistentie 10, 20240 Turku
Tel. +358 2 269 3900
Fax +358 2 515 8556
TURUN PAIKALLISRADIO OY
PO Box 320, FI-20101 Turku
Auran Aallot Tel. +358 2 269 3905
Radio Melodia Tel. +358 2 269 3890
Fax +358 2 478 2658
SALON ALUERADIO OY
Auran Aallot Tel. +358 2 269 3905
Radio Melodia Tel. +358 2 269 3890
Fax +358 2 478 2658
SALON SEUDUN SANOMAT OY
PO Box 117, FI-24101 Salo
Visiting address: Örninkatu 14
Tel. +358 2 77 021
Fax numbers
Administration +358 2 770 2299
Advertisements +358 2 770 2222
Editorial staff +358 2 770 2300
Printing works +358 2 770 2500
Printing service +358 2 770 2355
PAIKALLISLEHTI SOMERO
PO Box 11, FI-31401 Somero
Visiting address: Kiiruuntie 1
Tel. Office +358 2 748 7550
Editorial staff +358 2 748 7560
Fax +358 2 748 8658
YKKÖSSANOMAT
Kauppakuja 7, FI-09430 Saukkola
Tel. +358 19 371 010
Fax +358 19 371 021
UUDENKAUPUNGIN SANOMAT OY
PO Box 68, FI-23501 Uusikaupunki
Visiting address: Alinenkatu 29
Tel. +358 2 588 8300
Fax numbers
Editorial staff +358 2 842 4940
Advertisign office +358 2 842 4941
Customer Services +358 2 842 4942
POLYTYPOS OY/TURKU
PO Box 385, FI-20101 Turku
Visiting address: Länsikaari 15
Tel. +358 10 542 5400
Fax +358 2 269 4403
POLYTYPOS OY/VANTAA
PO Box 29, FI-01621 Vantaa
Visiting address: Myllynkivenkuja 4
Tel. +358 10 542 5400
Fax +358 10 542 5380
POLYTYPOS SVENSKA AB
Kommendörsgatan 8 L / Box 5106
10 243 Stockholm, Sweden
Tel. +46 8 6635 585
Fax +46 8 6672 272
[email protected]
SIA MADONAS POLIGRAFISTS/MADONA
Saieta Laukums 2a,
Madona LV-4801, Latvia
Tel. +371 48 21 662
Fax +371 48 23 776
[email protected]
SIA MADONAS POLIGRAFISTS/RIGA
K. Valdemara iela 106/108
Riga LV-1013, Latvia
Tel. +371 7 315 026
Fax +371 7 310 274
[email protected]
ZAO LENTA SP
Nab. reki Fontanki g. 59, office 603
191123 St. Petersburg, Russia
Tel. +7 812 275 7216
Fax +7 812 327 0898
[email protected]
PRIIMUS MEDIA OY
PO Box 2, FI-32201 Loimaa
Visiting address: Kartanomäenkatu 4
Tel. +358 2 588 8000
Fax +358 2 763 1233
LOIMAAN LEHTI
PO Box 2, FI-32201 Loimaa
Visiting address: Kartanomäenkatu 4
Tel. +358 2 588 8000
AURANMAAN VIIKKOLEHTI
PO Box 15, FI-21801 Kyrö
Visiting address: Kehityksentie 3
Tel. +358 2 588 8950
Fax. +358 2 486 8053
PEIMARIN KUSTANNUS OY
Kunnallislehti
PO Box, 21531 Paimio
Vistantie 38, 21530 Paimio
Tel. +358 2 477 666
Fax. +358 2 477 6600
Kaarinan lehti Oy
PO Box 73, FI-20781 Kaarina
Visiting address: Pyhän Katariinan tie 7
Tel. +358 2 274 3600
Fax +358 2 274 3610
NEWPRINT OY
Raisio
Tel. +358 2 437 4500
Fax. +358 2 4389 994
Tuijussuontie 1, 21280 Raisio
Vantaa
Tel. +358 400 239 569
PO Box 29, FI-01621 Vantaa
Visiting address: Myllynkivenkuja 4
Fax. +358 10 542 5380
POLYTYPOS OY/TURENKI
Painotie 5, FI-14200 Turenki
Tel. +358 10 542 5400
Fax +358 3 687 2210
TS Group Annual Report 2011
57
The Turun Sanomat editorial offices moved to
refurbished premises in the Artukainen newspaper
printing house in September.