2010annual report - Turun Sanomat

2010 

ts group 

annual report

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.................................................... 18 

Consolidated income statement................... 20 

Consolidated balance sheet.......................... 21 

Consolidated cash flow statement................ 23 

TS-Yhtymä Oy income statement................ 25 

TS-Yhtymä Oy balance sheet....................... 26 

TS-Yhtymä Oy cash flow statement............ 28 

Notes to the financial statements............................... 30 

Auditors’ report........................................................... 46 

Statement by the Supervisory Board.......................... 47 

Elected representatives of the TS Group................... 48 

Addresses................................................................. 49 

TS Group Annual Report 2010 TS Group Annual Report 2010 

2 3

TS Group 

Key indicators 

Organisation, 

management and auditors 

2006 2007 2008 2009 2010 

Turnover MEUR 339 336 306 222 213 

Exports MEUR 72 85 52 24 23 

Wages and salaries MEUR 88 89 87 78 73 

% of turnover % 25.8 26.4 28.6 34.9 34.1 

Operating margin (EBITDA) MEUR 75 75 53 16 24 

% of turnover % 22.2 22.3 17.3 7.0 11.2 

Depreciation MEUR 30 29 30 25 24 

Operating profit (EBIT) MEUR 45 46 23 -10 0 

Net financing expenses MEUR 0 -2 -1 -1 2 

% of turnover % 0.1 -0.4 -0.3 -0.4 0.8 

Investments MEUR 41.0 30.9 29.7 21.2 18.1 

% of turnover % 12.1 9.2 9.7 9.6 8.5 

Interest-bearing liabilities MEUR 85 77 52 43 38 

Equity ratio % 63.5 67.8 74.8 77.4 76.3 

Total assets MEUR 368 379 350 316 300 

Value added MEUR 165.3 165.8 142.4 95.1 98.8 

Paper consumption Mill. kg 113.3 100.4 100.4 78.9 77.8 

Employees total 2194 2182 2094 1767 1611 

Turnover / employee EUR 1000 155 154 146 126 132 

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 

Consolidated companies 

Company Founded Products, activities Managing Turnover 

or consolidated director MEUR 

since 

TS-Yhtymä Oy 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 


4 5

28 October 2010 

Allure of the Seas 

illuminated at night 

ANNUAL REPORT 

TS Group Annual Report 2010 TS-Yhtymä TS Group vuosikertomus Annual Report 2008 2010 

6 7

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 2010. 

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. 

2010 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 

2010. 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 2010. 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 

213.3 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 1.611 (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). 

TS-Yhtymä Oy 

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 2010. 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 2010. 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 2011. 

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). 2011 has begun in line with targets. The technological 


8 9

TS Group turnover by division changes in the field as well as the tightening competition 

have set new challenges and investment requirements for the 

company. 

Financial year 2010 

TS Group balance sheet 

Assets 

M€ 

300 

200 

100 

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€ 

0 

300 

200 

100 

0 

-06 -07 -08 -09 -10 

-06 -07 -08 -09 -10 

short-term creditors 

long-term creditors 

provisions + 

shareholders’ equity 

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 TS-Yhtymä Oy and Salon Seudun Sanomat Oy 

at the beginning of 2010. 

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 -14.2 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 2010. 

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. 


10 11 

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 2011. 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-

elated 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 2010. 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 2012. 

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. 

Key indicators on business, financial situation and performance 

2010 2009 2008 

group parent group parent group parent 

Turnover, MEUR 213.3 77.9 222.1 78.1 305.7 84.7 

EBIT, MEUR 0.3 12.5 -9.6 5.3 22.8 9.8 

EBIT margin, % 0.2 16.0 -4.3 6.8 7.4 11.6 

Equity ratio, % 76.3 55.1 77.1 52.9 74.8 49.6 

Information about personnel 

The Group employed an average of 1,611 people in 2010. 

The annual figures for the Group and parent break down 

as follows: 

2010 2009 2008 


1 611 468 1 767 552 2 094 635 

Group staff costs, MEUR 

2010 2009 2008 


72.6 22.2 77.5 25.6 87.4 26.9 

Distribution of profit 

The company’s distributable funds amounted to EUR 117,795,296.35, of which the profit for the financial year was EUR 

12,340,598.12. 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 6,425,720.00 

to be retained in shareholders’ equity EUR 111,369,576.35 

EUR 117,795,296.35 

Turku, 9 March 2011 

Mikko Ketonen Keijo Ketonen Lasse Aarnio Heikki Ketonen 

Anja Farin Timo Ketonen Jukka Ekuri 

The auditors have today issued a statement of the audit performed. 


Johan Kronberg Mika Kaarisalo 

APA APA 


12 13 

Shares 

2010 2009 

321,286 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 2011. 

PricewaterhouseCoopers Oy 

Body of Authorised Public Accountants

TS Group EBITDA 

TS Group 

equity ratio 


14 15 

M€ 

TS Group EBITDA 

as % of turnover 

% 

% 

80 

70 

60 

50 

40 

30 

20 

10 

0 

25 

20 

15 

10 

5 

0 

70 

60 

50 

40 

30 

20 

10 

0 

-06 -07 -08 -09 -10 

-06 -07 -08 -09 -10 

-06 -07 -08 -09 -10

TS-Yhtymä Oy balance sheet 

Assets 

M€ 

250 

200 

150 

100 

financial assets 

inventories 

fixed assets 

TS-Yhtymä Oy balance sheet 

Shareholders’ equity and liabilities 

M€ 

50 

0 

250 

200 

150 

100 

50 

0 

-06 -07 -08 -09 -10 

-06 -07 -08 -09 -10 

short-term creditors 

long-term creditors 

provisions + 

shareholders’ equity 


16 17

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

TS Group 

Income statement 

1000 € Notes to the accounts 1.1.2010–31.12.2010 1.1.2009–31.12.2009 

TURNOVER 1 213 310 222 169 

Increase (+)/decrease (-) in stocks of finished goods 

and work in progress -167 -3 256 

Own work capitalised (+) 90 184 

Other operating income 2 2 311 2 355 

Materials and services 3 -83 808 -90 129 

Raw materials and consumables 

Social security costs 4 -72 649 -77 503 

Depreciation and impairment 5 -23 628 -25 147 

Other operating charges 6 -35 090 -37 869 

Share of associated companies’ profit -29 -442 

OPERATING PROFIT (LOSS) 340 -9 637 

Share of associated companies’ profit 79 266 

Financial income and expenses 7 -1 054 -211 

PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS -635 -9 582 

Extraordinary items 8 7 

PROFIT (LOSS) BEFORE TAXES -629 -9 582 

Income taxes 9 -3 384 -1 120 

Other direct taxes 

Minority interest 1 810 3 669 

GROUP PROFIT (LOSS) FOR THE FINANCIAL YEAR -2 203 -7 033 

TS Group 

Balance sheet 

1000 € Notes to the accounts 31.12.2010 31.12.2009 


20 21 

ASSETS 

FIXED ASSETS 

Intangible assets 10 8 360 10 758 

Consolidated goodwill 10 742 1 617 

Property, plant and equipment 11 133 224 146 785 

Financial assets 12 36 589 73 138 

FIXED ASSETS, TOTAL 178 915 232 299 

CURRENT ASSETS 

Inventories 13 7 625 7 658 

Long-term receivables 14 283 533 

Short-term receivables 15 25 911 26 726 

Marketable securities 16 23 518 200 

Cash and cash equivalents 64 110 48 363 

CURRENT ASSETS, TOTAL 121 447 83 481 

ASSETS, TOTAL 300 361 315 779

TS Group 

Balance sheet 


SHAREHOLDERS’ EQUITY AND LIABILITIES 

SHAREHOLDERS’ EQUITY 17 

Share capital 5 404 5 404 

Share premium account 8 641 8 641 

Revaluation reserve 7 776 7 776 

Contingency fund 94 94 

Other reserves 7 265 7 265 

Retained earnings (loss) 148 921 162 360 

Profit (loss) for the financial year -2 203 -7 033 

SHAREHOLDERS’ EQUITY, TOTAL 175 898 184 506 

MINORITY INTEREST 48 849 54 382 

OBLIGATORY PROVISIONS 18 1 779 1 277 

GROUP RESERVE 

LIABILITIES 

Non-current group reserve 19 20 485 25 577 

Current group reserve 20 53 351 50 037 

LIABILITIES, TOTAL 73 836 75 614 

SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 300 361 315 779 

TS Group 

Cash flow statement 

1000 € 1.1.–31.12.2010 1.1.–31.12.2009 

CASH FLOW STATEMENT 

Operating profit 340 -9 637 

Adjustments to operating profit 

Depreciation 23 628 25 147 

Gains on disposal of fixed assets -1 238 -877 

Losses on disposal of fixed assets 453 388 

Change in obligatory provisions 502 1 143 

Share of associated companies’ profit 29 442 

Change in net working capital 7 168 9 090 

Interest 951 108 

Dividends received 1 775 3 266 

Other financial items 1 230 454 

Taxes -4 891 -3 623 

Net cash flow from operations 29 945 25 900 

INVESTMENTS 

Acquired Group companies 985 

Increase in shares 3 333 1 677 

Increase in other fixed assets 11 292 13 347 

Decrease in shares -9 180 -975 

Decrease in other fixed assets -5 185 -2 682 

Increase in other long-term financial assets 7 569 7 868 

Decrease in other long-term financial assets -10 001 -92 

Net cash flow from investments -2 172 20 128 

CASH FLOW BEFORE FINANCING 32 117 5 772 

FINANCING 

Long-term loans raised 

Repayments of long-term loans -6 592 -9 047 

Increase/decrease in long-term receivables 250 -250 

Increase/decrease in short-term financing 

Dividends paid -10 029 -8 675 

Increase/decrease in capital loan 1 871 

Financing, total -16 370 -16 101 

Increase/decrease in liquid assets 15 747 -10 329 

Liquid assets at 1 Jan 48 363 58 692 

Liquid assets at 31 Dec 64 110 48 363 


22 23

TS-Yhtymä Oy 

Income statement 

1000 € Notes to the accounts 1.1.–31.12.2010 1.1.–31.12.2009 

TURNOVER 1 77 931 78 100 

Increase (+)/decrease (-) in stocks 

of finished goods and work in progress -27 29 

Own work capitalised 44 132 

Other operating income 2 498 508 

Materials and services 3 -20 924 -22 168 

Social security costs 4 -22 211 -25 639 

Depreciation and impairment 5 -7 329 -8 248 

Other operating charges 6 -15 507 -17 398 

OPERATING PROFIT (LOSS) 12 477 5 317 

Financial income and expenses 7 4 321 3 063 

PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS 16 798 8 380 

Extraordinary items 8 -905 -1 250 

PROFIT (LOSS) BEFORE 

APPROPRIATIONS AND TAXES 15 893 7 130 

Appropriations 9 345 1 352 

Income taxes -3 897 -2 529 

PROFIT (LOSS) FOR THE FINANCIAL YEAR 12 341 5 953 


24 25

TS-Yhtymä Oy 

Balance sheet 


ASSETS 

FIXED ASSETS 

Intangible assets 10 2 717 2 983 

Property, plant and equipment 11 85 492 89 483 

Financial assets 12 71 441 105 341 

FIXED ASSETS, TOTAL 159 650 197 807 

CURRENT ASSETS 

Inventories 13 1 016 904 

Long-term receivables 14 7 580 6 956 

Short-term receivables 15 13 007 11 958 

Marketable securities 16 21 616 200 

Cash and cash equivalents 48 685 33 178 

CURRENT ASSETS, TOTAL 91 904 53 196 

ASSETS, TOTAL 251 554 251 003 

TS-Yhtymä Oy 

Balance sheet 


SHAREHOLDERS’ EQUITY AND LIABILITIES 

SHAREHOLDERS’ EQUITY 17 

Share capital 5 404 5 404 

Share premium account 2 747 2 747 

Revaluation reserve 7 776 7 776 

Other reserves 7 260 7 260 

Retained earnings (loss) 98 195 98 668 

Profit (loss) for the financial year 12 341 5 953 

SHAREHOLDERS’ EQUITY, TOTAL 133 723 127 808 

ACCUMULATED APPROPRIATIONS 3 646 3 991 

OBLIGATORY PROVISIONS 18 844 878 

LIABILITIES 

Non-current group reserve 19 16 519 16 702 

Current group reserve 20 96 822 101 625 

LIABILITIES, TOTAL 113 341 118 327 

SHAREHOLDERS’ EQUITY AND LIABILITIES, TOTAL 251 554 251 003 


26 27

TS-Yhtymä Oy 

Cash flow statement 

1000 € 1.1.–31.12.2010 1.1.–31.12.2009 

OPERATIONS 

Operating profit 12 477 5 317 

Adjustments to operating profit 

Gains/losses on disposal of fixed assets 119 67 

Depreciation 7 329 8 248 

Change in obligatory provisions -34 878 

Change in net working capital -3 363 -13 596 

Interest 325 -749 

Dividends received 7 597 5 379 

Other financial items 1 267 618 

Taxes -3 897 -2 529 

NET CASH INFLOW FROM OPERATIONS 21 819 3 633 

INVESTMENTS 

Purchase of shares 2 037 1 664 

Purchase of other fixed assets 4 364 4 847 

Divestment of shares -7 334 -938 

Divestment of other fixed assets -1 173 -211 

Increase in other long-term financial assets 7 569 7 853 

Decrease in other long-term financial assets -9 889 

NET CASH INFLOW FROM INVESTMENTS -4 425 13 214 

CASH FLOW BEFORE FINANCING 26 244 -9 582 

FINANCING 

Long-term loans raised 

Repayments of long-term loans -2 783 -4 618 

Increase/decrease in long-term receivables -624 447 

Increase/decrease in short-term financing 

Dividends paid -6 426 -6 426 

Increase/decrease in capital loan 

Group contributions received and paid -905 -1 250 

FINANCING, TOTAL -10 738 -11 847 

INCREASE/DECREASE IN LIQUID ASSETS 15 507 -21 429 

Liquid assets at 1 Jan 33 178 54 607 

LIQUID ASSETS AT 31 DEC 48 685 33 178 


28 29

21 July 2010 

Medvedev visited 

Finland Proper 

NOTES TO THE FINANCIAL STATEMENTS

TS Group 

notes to the financial statements 31 december 2010 

ACCOUNTING PRINCIPLES 31 DECEMBER 2010 

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 Kauppiaskatu 5, FI-20100 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 10 years 

Other long-term expenditure 3–25 years 

Buildings 25–40 years 

Machinery and equipment 3–10 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 / NOTES TO THE INCOME STATEMENT 31.12.2010 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

1 NET SALES BY DIVISION 

AND MARKET AREA 

Division by industry 

Communications 108 895 94 100 67 414 67 104 

Printing services 101 372 126 642 1 981 2 716 

Real estate 3 043 1 426 8 536 8 281 

Total 213 310 222 169 77 931 78 100 

Geographical division 

Finland 190 353 198 086 77 931 78 100 

Other Nordic countries 19 102 16 380 

Rest of Western Europe 325 1 545 

Baltic states 13 237 

Russia 3 431 3 666 

Hungary 2 108 

Other countries 87 147 

Total 213 310 222 169 77 931 78 100 

2 OTHER OPERATING INCOME 

Gains on disposal of fixed assets 1 238 877 71 38 

Rents 410 373 4 

Other 662 1 105 427 466 

Total 2 311 2 355 498 508 

3 MATERIALS AND CONSUMABLES 

Materials and consumables 

Purchases during the financial year 60 703 64 314 5 894 6 682 

Change in stock -134 965 -139 341 

60 568 65 279 5 755 7 023 

External services 23 239 24 849 15 168 15 145 

Materials and services in total 83 808 90 129 20 924 22 168 

4 STAFF COSTS AND 

EMPLOYEES, AVERAGE 

Staff costs 

Wages 60 091 61 240 18 494 20 026 

Pension costs 9 114 10 972 2 701 3 226 

Other social security costs 3 444 5 291 1 016 2 387 

Total 72 649 77 503 22 211 25 639 

Management salaries and remunerations 

Members of the Board of Directors and 

the Managing Director 1 254 1 137 354 408 

Members of the Supervisory Board 52 52 52 52 

Employees, average 

Clerical employee 817 867 318 367 

Employee 794 900 150 185 

Total 1 611 1 767 468 552 

In group ventures 15 49 

5 DEPRECIATION AND IMPAIRMENTS 

Planned depreciation 19 191 22 138 7 329 8 248 

Depreciation on consolidated goodwill 807 989 

Impairments 

of fixed assets 3 631 2 020 

Total 23 628 25 147 7 329 8 248 

6 OTHER OPERATING COSTS 

Auditor’s fees 


Auditing fees 97 108 29 47 

Tax consulting 4 20 4 20 

Other fees 7 10 3 

Total 108 138 33 69 


32 33 

GROUP

TS-YHTYMä / NOTES TO THE INCOME STATEMENT 31.12.2010 

GROUP TS-YHTYMä OY 

GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

1000 € 2010 2009 2010 2009 

7 FINANCIAL INCOME AND EXPENSES 

Income from 

Group companies 6 103 3 839 

Income from 

participating interests 89 277 62 357 

Income from other fixed asset investments 

From Group companies 6 1 

Income from others 2 897 1 987 2 358 1 771 

Total income from other fixed 

asset investments 2 897 1 987 2 364 1 771 

Other interest received and other financial income 

From Group companies 328 291 

From participating interests 4 10 

From others 2 229 2 519 1 853 2 200 

Interest received in total 2 233 2 528 2 181 2 491 

Other interest received and other financial income in total 5 220 4 793 10 710 8 458 

Impairment of fixed asset 

investments -564 801 -617 801 

Interest paid and other financial expenses 

To Group companies 971 1 240 

To others 6 759 3 937 6 036 3 354 

Interest paid in total 6 759 3 937 7 007 4 594 

Interest paid and other financial expenses in total 6 195 4 738 6 390 5 395 

Financial income and expenses in total -975 55 4 321 3 063 

Other financial income and expenses include 

Exchange rate gains (and losses) 1 275 660 1 275 634 

8 EXTRAORDINARY INCOME AND EXPENSES 

Extraordinary income/the surrender value for life insurance 7 

Extraordinary expenses/Group contribution 905 1 250 

9 APPROPRIATIONS 

Income tax 

Income tax on extraordinary items 2 -235 -325 

Income tax on ordinary activities 4 890 3 623 4 132 2 854 

Change in deferred tax liability -1 507 -2 503 

3 384 1 120 3 897 2 529 

TS-YHTYMä / NOTES TO THE BALANCE SHEET 31.12.2010 

10 INTANGIBLE ASSETS 

INTANGIBLE RIGHTS 

Acquisition cost at 1 Jan 1 059 1 016 140 140 

Increase during the financial year 14 45 

Decrease during the financial year -2 -2 

Acquisition cost at 31 Dec 1 071 1 059 140 140 

Accumulated depreciation at 1 Jan 619 594 17 17 

Accumulated depreciation 

on decreases and transfers 

Depreciation during the financial year 30 25 

Accumulated depreciation at 31 Dec 649 619 17 17 

Book value at 31 Dec 422 440 123 123 

GOODWILL 

Acquisition cost at 1 Jan 4 719 2 239 


Decrease during the financial year 

Acquisition cost at 31 Dec 4 719 4 719 

Accumulated depreciation at 1 Jan 1 004 729 






CONSOLIDATED GOODWILL 



Decrease during the financial year -120 


Accumulated depreciation at 1 Jan 31 977 30 988 





Book value at 31 Dec 742 1 617 

OTHER LONG-TERM EXPENDITURE 

Acquisition cost at 1 Jan 26 935 26 385 12 155 12 051 

Increase during the financial year 1 626 730 564 104 

Decrease during the financial year -3 205 -179 -10 

Transfers between items 

Acquisition cost at 31 Dec 25 357 26 935 12 709 12 155 

Accumulated depreciation at 1 Jan 20 332 18 546 9 294 8 405 


on decreases and transfers -1 483 -103 -2 

Decrease during the financial year 1 681 1 889 822 890 

Accumulated depreciation at 31 Dec 20 530 20 332 10 115 9 294 

Book value at 31 Dec 4 826 6 603 2 594 2 860 

ADVANCE PAYMENTS 

Acquisition cost at 1 Jan 20 

Increase during the financial year 


Acquisition cost at 31 Dec 0 


34 35


GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

INTANGIBLE ASSETS, TOTAL 


Increase during the financial year 1 692 4 118 564 104 

Decrease during the financial year -3 327 -201 -10 




on decreases and transfers -1 483 -103 -2 

Depreciation during the financial year 3 122 3 178 822 890 



11 PROPERTY, PLANT AND EQUIPMENT 

LAND AND WATER 

OWNED 


Increase during the financial year 20 



LEASES 





Accumulated depreciation at 1 Jan 20 20 


on decreases and transfers -20 -20 

Depreciation during the financial year 

Accumulated depreciation at 31 Dec 0 0 


REVALUATION 

LAND AND WATER 




Value at 31 Dec 9 839 9 839 9 839 9 839 

The revaluation is based on a statement made by an 

independent expert on the probable transfer 

price of a land area 

BUILDINGS 


Increase during the financial year 2 162 3 710 1 907 3 330 

Decrease during the financial year -104 -97 -3 




on decreases and transfers -2 -4 -2 

Depreciation during the financial year 4 107 3 889 3 490 3 266 




GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

MACHINERY AND EQUIPMENT 



Decrease during the financial year -8 910 -14 049 -2 796 -667 




on decreases and transfers -6 490 -10 586 -1 513 -389 




Share of book value of machinery 

and equipment at 31 Dec 36 061 47 359 4 188 4 798 

OTHER PPE 


Increase during the financial year 302 228 132 112 

Decrease during the financial year -10 -44 -124 




on decreases and transfers -5 -13 -124 

Decrease during the financial year 161 172 112 121 



ADVANCE PAYMENTS 



Decrease during the financial year -4 424 -7 861 -3 359 -4 413 

Acquisition cost at 31 Dec 2 782 2 566 672 2 415 

PROPERTY, PLANT AND EQUIPMENT, TOTAL 





Accumulated depreciation at 1 Jan 


247 125 237 272 88 230 81 282 

on decreases and transfers -6 498 -10 623 -1 639 -410 




12 FINANCIAL ASSETS 

SHARES IN GROUP COMPANIES 

Book value at 1 Jan 3 3 38 631 38 588 



Book value at 31 Dec 3 3 38 693 38 631 

AMOUNTS OWED BY GROUP COMPANIES 

Book value at 1 Jan 126 126 



Book value at 31 Dec 126 126 


36 37


GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

SHARES IN GROUP COMPANIES 

Book value at 1 Jan 2 928 4 958 537 537 



Transfer Other shares and holdings -997 -2 035 

Book value at 31 Dec 1 911 2 928 537 537 

AMOUNTS OWED BY ASSOCIATED 

GROUP COMPANIES 




Book value at 31 Dec 204 204 

OTHER SHARES AND HOLDINGS 

Book value at 1 Jan 51 124 50 994 47 794 47 693 



Impairments -191 -138 

Transfer Shares in group companies 997 

Transfer to financial assets -23 318 -21 416 


NON-CURRENT FINANCIAL ASSETS 




Acquisition cost at 31 Dec 514 612 

OTHER RECEIVABLES 

CAPITAL LOANS RECEIVABLE 


Increase during the financial year 50 15 50 15 




BONDS 



Depreciation refund 956 956 



FINANCIAL ASSETS, TOTAL 



Depreciation refund 956 956 


Account transfers -23 318 -21 416 



TS GROUP / NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2010 

SHARES AND HOLDINGS 

Group companies 

Group Parent company 

interest, % interest, % 

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 Datablanketter 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 91.78 

Kiinteistö Oy Turun Pläkkäri, Turku 100.00 100.00 

TS-Kiinteistöhuolto Oy, Turku 100.00 100.00 

Turun Paikallisradio Oy, Turku 100.00 50.23 

Hansaprint Oy, Turku 60.00 51.28 

Turun Kaapelitelevisio Oy, Turku 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 

Hansaprint SRL, Romania 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 98.09 60.73 

Priimus Media Oy, Loimaa 100.00 

Peimarin Kustannus Oy, Paimio 70.00 

Newprint Oy, Raisio 66.50 

ASSOCIATED COMPANIES 

Turku-Palvelu Oy, Turku 50.00 50.00 

Plari Oy, Laitila 50.00 

Newprint Kiinteistöt Oy, Raisio 49.00 

Forest Pilot Center Oy, Turku 15.00 

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 957 950 

Undepreciated assets at 31 Dec 0 7 


38 39


GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

13 INVENTORIES 

Materials and consumables 5 785 5 543 857 719 

Work in progress 1 072 1 178 

Finished goods/products 727 833 158 185 

Other inventories 41 104 

Prepayments 

7 625 7 658 1 016 904 

14 NON-CURRENT RECEIVABLES 

Amounts owed by Group companies 

Loans receivable 7 580 6 956 

7 580 6 956 

Amounts owed by participating companies 

Loans receivable 218 218 

218 218 

Other receivables 65 315 

Non-currents receivables, total 283 533 7 580 6 956 

15 CURRENT RECEIVABLES 

Trade receivables 18 771 18 322 4 975 5 121 

Amounts owed by Group companies 

Trade receivables 10 8 

Loans receivable 1 995 1 185 

Other receivables 2 227 1 158 

4 233 2 351 

Amounts owed by participating companies 

Trade receivables 6 12 4 

Loans receivable 


10 17 4 

Loans receivable 2 400 2 559 3 120 3 004 


Prepayments and accrued income 4 620 5 552 678 1 478 

Current receivables, total 25 911 26 726 13 007 11 958 

MAJOR ITEMS INCLUDED IN PREPAYMENTS 

AND ACCRUED INCOME 

TYel payments 1 242 252 

Social insurance contributions 698 

Tax receivables 254 770 756 

Annual contributions 916 

Interest income from investments 276 276 

Divestment of shares 1 737 

Others 1 437 2 840 402 470 

4 620 5 551 678 1 478 

LOANS FOR INNER CIRCLE 

Pansiontien Telakka ja Marina Oy, an associate 

for TS-Yhtymä Oy, has been granted a loan of 1,888. 

The loan is interest-free and unsecured. 

PENSION COMMITMENTS OF THE MANAGEMENT 

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. 

16 MARKETABLE SECURITIES 

FINANCIAL ASSETS 

New acquisition cost 38 456 257 34 028 257 

Book value 23 518 200 21 616 200 

Difference 14 939 57 12 412 57 

DIFFERENCE BETWEEN NEW ACQUISITION 

COST AND BOOK VALUE OF LISTED 

SHARES IN FINANCIAL ASSETS 

New acquisition cost 31 221 26 963 

Book value 22 138 19 650 

Difference 9 083 7 313 


40 41


GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

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 


Reserve fund at 31 Dec 94 94 

Restricted equity, total 21 916 21 915 15 927 15 927 

Untied equity 

Other reserves at 1 Jan 7 265 7 326 7 260 7 260 

Increase -61 

Change in minority interests 


Other reserves at 31 Dec 7 265 7 265 7 260 7 260 

Retained earnings at 1 Jan 155 326 168 771 104 620 105 093 

Translation difference 19 -13 

Other change in shareholders’ equity 

Change in minority interests 2 27 

Dividends paid -6 426 -6 426 -6 426 -6 426 

Retained earnings at 1 Jan 148 921 162 360 98 195 98 668 

Profit / loss for the financial period -2 203 -7 033 12 341 5 953 

Untied equity, total 153 983 162 591 117 795 111 880 

Shareholders’ equity, total 175 898 184 506 133 723 127 808 

CALCULATION OF DISTRIBUTABLE 

ASSETS AT 31 DEC 

Other reserves 7 265 7 265 7 260 7 260 

Translation difference -19 13 

Retained earnings 148 921 162 360 98 195 98 668 

Profit for the financial period -2 203 -7 033 12 341 5 953 

- Share of accumulated depreciation difference and non 

obligatory provisions booked under shareholders’ equity -9 243 -8 228 

Total 144 721 154 377 117 795 111 880 

The share capital is divided by share type as follows 2 010 2 009 

unit unit 

Class A (1 vote/share) 321 286 5 404 321 286 5 404 


GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

ACCUMULATED APPROPRIATIONS 

Accumulated appropriations in the parent company 

consist of the accumualted depreciation difference. 

18 OBLIGATORY PROVISIONS 

Unemployment pension provisions 1 779 1 277 844 878 

ACCUMULATED TAX RECEIVABLES 

From consolidation procedures 425 517 

From appropriations 

Differences of allocation 1 142 676 

Total 1 567 1 193 

DEFERRED TAX LIABILITY 

Appropriation 2 211 3 343 


42 43 

LIABILITY 

19 NON-CURRENT LIABILITY 

Capital loans 1 871 1 871 

Loans from financial institutions 17 832 21 188 16 482 16 482 

Pension loans 176 176 

Deferred tax liability 643 2 150 

Other non-current liabilities 139 191 37 43 

Non-current liabilities, total 20 485 25 577 16 519 16 702 

DEBTS MATURING IN FIVE YEARS 

OR MORE 

Loans from financial institutions 

Pension loans 

20 CURRENT LIABILITIES 

Loans from financial institutions 2 995 6 001 2 600 

Pension loans 176 176 176 176 

Advances received 5 710 5 889 4 043 4 004 

Trade payables 7 671 6 291 2 261 2 014 

Amounts owed 

to Group companies 

Trade payables 18 7 

Accruals and deferred income 300 300 

Other current liabilities 66 567 71 255 

Amounts owed to participating interests 

Trade payables 1 1 

Accruals and deferred income 

Other loans 19 301 16 929 17 011 17 401 

Accruals and deferred income 17 496 14 751 6 444 3 868 

Current liabilities 

total 53 351 50 037 96 822 101 625 

ACCRUALS AND DEFERRED INCOME 

INCLUDE THE FOLLOWING ITEMS 

Wages 8 007 7 350 2 279 2 454 

Interest 6 580 241 563 

Taxes 1 541 175 1 507 

Other 7 942 6 645 2 416 851 

17 496 14 750 6 444 3 868

TS GROUP / NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2010 

GROUP 

TS-YHTYMä OY 

1000 € 2010 2009 2010 2009 

21 PLEDGES GIVEN, CONTINGENT LIABILITIES 

AND OTHER COMMITMENTS 

For own debts 

Real estate mortgages 32 368 32 368 31 112 31 112 

Floating charges 8 998 11 453 8 662 8 662 

Account assets pledged 1 063 1 067 3 7 

Shares pledged 19 083 19 083 18 947 18 947 

For Group companies 

61 511 63 970 58 724 58 728 

Guarantees 

Other 

2 967 2 967 

For associated company 

2 967 2 967 

Guarantees 1 992 2 206 1 803 2 017 

For employees 

Guarantees 10 10 

For others 

Guarantees 2 2 2 2 

Leasing commitments 

Payable during 2011 119 186 

Payable after 2011 47 81 

166 267 

Leasing agreements run primarily for 

five (5) years and contain no redemption clauses. 

Other liabilities 

Derivative contracts 

Interest swaps 

Fair value 

Value of underlying security 4 083 

Results relating to the acquisition 707 

Loans for which surety given 

Loans from financial institutions 

Amount of loans 16 482 19 439 16 482 19 082 

Pension loans 

Amount of loans 176 353 176 353 

16 659 19 792 16 659 19 435 

Surety 

Mortgages 32 283 32 283 31 112 31 112 

Floating charges 8 998 9 771 8 662 8 662 

Amount of pledges 20 009 20 014 18 949 18 954 

61 291 62 068 58 724 58 728 

MACHINERY PURCHASED BY INSTALMENTS 

Group assets include machinery purchased by instalments. The balance sheet value of this machinery at 31 December 2010 

was EUR 14,862 (2009/19,107). 

The financial debt shown in the balance sheet at 31 December 2010 was EUR 2,453 (2009/4,692). 

Title to the machinery passes to the buyer when the purchase price has been paid in full. 


44 45

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 2010. 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 

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 

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. 



KHT community 

Johan Kronberg Mika Kaarisalo 

KHT KHT 

Having examined the financial statements prepared for TS-Yhtymä Oy and the TS Group for the period 1 January to 31 

December 2010, 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, 11 April 2011 

On behalf of the Supervisory Board 

Keijo Virtanen 

Chairman 


46 47

Elected representatives of 

the TS Group in 2010 

MEMBERS OF THE COOPERATION WITHIN 

UNDERTAKINGS ADVISORY BOARD 

TS-Yhtymä Oy 

Ekuri Jukka, Hyytiäinen Erja, Ketonen Keijo (until 16 August 2010), 

Ketonen Mikko, Karlsson Sirkka, Lehtisalo Anu, Lento Juhani, Leppänen 

Jarmo, Naavalinna Jukka, Salminen Risto (until 30 June 2010), 

Valtonen Veikko 

Hansaprint Oy 

Helin Arja (until 24 March 2010), Kaartoaho Mikael, Ketonen Timo, 

Ketonen Heikki, Kupila Panu (until 29 October 2010), Käki Matti 

(until 9 August 2010), Lehtisalo Anu (secretary), Louhi Jari (until 30 

October 2010), Mähönen Anne, Peltomäki Jarmo (from 25 March 

2010), Puttonen Kalevi, Raita Ari, Ruohonen Markku, Saariluoma 

Jukka (from 10 August 2010) 

Salon Seudun Sanomat Oy 

Höglund Kirsi, Kirjonen Kirsti, Lahti Sauli, Ruosteenoja Mikko, Åkerfelt 

Silja, Niemi Ulla (Representative for local papers) 

Uudenkaupungin Sanomat Oy 

Halinen Merja, Jussila Matti, Kirjonen Kirsti, Lehtonen Ulla 

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 

Vantaa, Chief Shop Steward Puttonen Kalevi 

Media Union MDU 

Turku, Louhi Jari 

Vantaa, Kupila Panu 

Union Pro, 

Helin Arja (until 24 March 2010) Jarmo Peltomäki (from 25 March 

2010) 

Professional and managerial staff, Ruohonen Markku 

Hansaprint Direct Oy 

Industrial Union TEAM, Vinberg Henrik (until 28 February 2010) 

Turun Tietokuva Oy 

Union of Journalists in Finland, Sairanen Marttiina (until31 August 

2010), Salmi Riitta (from 1 Sebtember 2010) 

Polytypos Oy 

Industrial Union TEAM, Vepsäläinen Jorma 

Media Union MDU, Myllymäki Kaija 


Industrial Union TEAM, Shop Steward Lahti Sauli 

Union of Journalists in Finland, Shop Steward Höglund Kirsi 

Union Pro, Shop Steward Åkerfelt Silja 


Industrial Union TEAM, Shop Steward Lehtonen Ulla 

Union of Journalists in Finland, Shop Steward Halinen Merja 

Priimus Media Oy 

Industrial Union TEAM, Nurminen Teijo 

Union of Journalists in Finland, Perkiö Päivi 

Newprint Oy 

Industrial Union TEAM 

Raisio, Chief Shop Steward Härmä Ville 

Loimaa, Chief Shop Steward Peltonen Jukka 

Media Union MDU, Ala-Nissilä Leena 

LABOUR PROTECTION COMMITTEES 

TS-Yhtymä Oy 

Koskivaara Kimmo, Lento Juhani, Leppänen Jarmo, Mäntynen Pentti, 

Reuhkala Kirsti (until 31 July 2010), Salminen Risto (until 30 June 

2010), Saarinen Anne, Toikka Juhani, Tähti Esa, occupational healthcare 

representatives 

Turun Tietokuva 

Arimaa Matti, Ipatti Kalle, Jokela Terhi, Jokinen Pertti 

Hansaprint Oy, Turku 

Halonen Pasi, Heikkinen Jukka (until 31 May 2010), Hänninen Sirpa 

(from 1 August 2010), 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 (from 1 June 2010), 

Salomaa Hannu, Samsten Jari, Silanterä Marko (until 31 July 2010), 

Suominen Ari, Toikka Juhani, Toimio Satu, Yllikäinen Matti, 

työterveyshuollon edustajat 

Hansaprint Oy, Vantaa 

Hartikainen Juhani, Katajamäki Riku, Koskinen Raino, Oksa Lea, 

Puttonen Kalevi, Saarela Mikko, Toivanen Jaana, Virta Jani, 

occupational healthcare representatives 

Polytypos Oy 

Hanninen Kirsi, Lehtonen Mika, Saarela Mikko, Saxholm Klaus, 

Tanner Päivi, Vepsäläinen Jorma, Vepsäläinen Susanna 

Newprint Oy 

Raisio, Lehtonen Mika, Rauhala Aki 

Loimaa, Evala Merja, Kataja Kimmo, Korkiamäki Jouni, 

Leppäniemi Tapani 


Määttänen Ari, Peltola Pia, Vuorikoski Kari, Warinowski Milko. 

Kokouksiin on lisäksi kutsuttu Helenius Niina ja Tammi 

Veli-Matti and occupational healthcare representatives 


Jussila Matti, Juuti Ville 

Contact 

information 

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 


Visiting address: Länsikaari 15 

Tel. +358 2 269 3311 

Fax numbers 

Office +358 2 269 4423 

Advertising production +358 2 269 3553 

TS AUTOMOBILE AND COMMUNICATION 

MUSEUM 


Visiting address: Rautakatu 12 

Tel. +358 2 269 3372 

HANSAPRINT OY 

puh. 010 5422 

Turku / Business Unit Print 


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 


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 

PL 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 

Hansaprint AB, Tukholma 

Kommendörsgatan 8 L / Box 5106 

10 243 Stockholm, Sweden 

Tel. +46 8 663 5585 

Fax +46 8 667 2272 

Hansaprint Elanders Kft 

Puskas Tivadar u. 6 

2900 Komarom, Hungary 

Tel. +36 34 889 100 

Fax +36 34 889 101 

Hansaprint Russia Oy 

2nd Tverskaya-Yamskaya 8/9 

103009 Moskow, Russia 

Tel. +7 495 231 7035 

Fax +7 495 232 0284 

NITRO GROUP OY 


Visiting address: Ruukinkatu 2–4 

Tel. +358 10 542 4600 

Helsinki 

Visiting address: Arabiankatu 12, 20560 Helsinki 

Tel. +358 10 542 4600 

TURUN TIETOKUVA OY 



Tel. +358 2 269 3311 

Fax numbers 

Uutiskuva +358 2 269 3389 

Visicom +358 2 269 3505 

TURUN KAAPELITELEVISIO OY 



Tel. +358 2 478 0800 

Fax +358 2 478 0888 

TURUN TIETOTARJONTA OY/AAMUSET 


Visiting address: Artukaistentie 10, 20240 Turku 

Tel. +358 2 269 3900 

Fax +358 2 515 8556 

TURUN PAIKALLISRADIO OY 


Visiting address: Yliopistonkatu 14, 

2nd floor, 20100 Turku 

Auran Aallot Tel. +358 2 269 3905 

Radio Melodia Tel. +358 2 269 3890 

Fax +358 2 478 2658 

SALON ALUERADIO OY 

Visiting address: Yliopistonkatu 14, 

2nd floor, 20100 Turku 

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 


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 


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 


Advertisign office +358 2 842 4941 

Customer Services +358 2 842 4942 

POLYTYPOS OY/TURKU 


Visiting address: Länsikaari 15 

Tel. +358 10 542 5400 

Fax +358 2 269 4403 

POLYTYPOS OY/VANTAA 



Tel. +358 10 542 5400 

Fax +358 10 542 5380 

POLYTYPOS OY/TURENKI 

Painotie 5, FI-14200 Turenki 

Tel. +358 10 542 5400 

Fax +358 3 687 2210 

POLYTYPOS SVENSKA AB 

Kommendörsgatan 8 L / Box 5106 

10 243 Stockholm, Sweden 

Tel. +46 8 6635 585 

Fax +46 8 6672 272 

firstname.lastname@poly.se 

SIA MADONAS POLIGRAFISTS/MADONA 

Saieta Laukums 2a, 

Madona LV-4801, Latvia 

Tel. +371 48 21 662 

Fax +371 48 23 776 

info@madpol.lv 

SIA MADONAS POLIGRAFISTS/RIGA 

K. Valdemara iela 106/108 

Riga LV-1013, Latvia 

Tel. +371 7 315 026 

Fax +371 7 310 274 

info@madpol.lv 

ZAO LENTA SP 

Nab. reki Fontanki g. 59, office 603 

191123 St. Petersburg, Russia 

Tel. +7 812 275 7216 

Fax +7 812 327 0898 

copir@lenta.spb.ru 

PRIIMUS GROUP OY 

PO Box 2, FI-32201 Loimaa 

Visiting address: Kartanomäenkatu 4 

Tel. +358 2 588 8000 

Fax numbers 

Office +358 2 763 1233 

PRIIMUS MEDIA OY 



Tel. +358 2 588 8000 

Fax +358 2 763 1233 

LOIMAAN LEHTI 



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 

PL 29, 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 

Loimaa 

Tel. +358 50 304 4518 



Fax. +358 2 763 1560 

Vantaa 

Tel. +358 400 239 569 



Fax. +358 10 542 5380 


48 49

The TS Group is proud of its home region and wants to be an active 

participant in its development. The Group is involved in many event, 

training and education, culture and wellbeing projects.

2010annual report - Turun Sanomat

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