Good morning, ladies and gentlemen, welcome to join this result presentation of the first half 2021 of Alma Media. My name is Elina Kukkonen. I'm responsible of the communications and brand of Alma. As usual, we begin with our CEO, Mr. Kai Telanne, presenting the overall results. After him, Mr. Juha Nuutinen, our CFO, will present the financial position of Alma Media today, and then Mr. Telanne returns and tells about the operating environment and our strategy going forward. After the presentations, we welcome all the questions. We first take the questions from the conference call line and then from the online chat, so feel free to ask questions. I think we are ready set here, and I will hand it over to Mr. Telanne, our CEO of Alma Media. Once again, welcome to join us today. Thank you, Elina, and good morning to everybody. As Elina told you, I will start with the highlights of the second quarter and the first half of the year. After me, CFO Juha Nuutinen will continue with the finances, of course, with the balance sheet issues, which is now a little bit different than we used to have before after these acquisitions. As you perhaps had time to already look at the interim report, the big picture is that we had a fantastic first or the second quarter, really strong one. We were actually a little bit surprised how fast the recovery has started after the difficult last year. It's really nice that all the business segments performed really good. One can say that even better than we expected. Organic growth was nice 24% and of course, after our heavy investments, our revenue and operating profit grew with these acquisitions. Nettix is now included in our figures since the April, and they are included now in all these figures. We took the 2019 figures here on this slide just to remind you how our record high year was, which was the 2019. Last year was of course a quite an exceptional year, a difficult one. As you can see from this slide, our revenues are higher than 2019 from last year's EUR 52.6 million to EUR 71.6 million, an increase of 36%. Of course, with the good revenue growth, our EBIT margin and EBIT grew from EUR 9.8 million to EUR 16.6 million, almost 70% up. We are after the second quarter at the record high profitability level of 23%. As I told you, I just want to remind you, Juha Nuutinen will go deeper into this. Our financial position is totally different than it used to be in the beginning of the year after these transactions. Our gearing is 160 and equity ratio 29 +. We have to take care of the balance sheet carefully now. With this good profitability and nice cash flow, this leverage will decrease quite fast. Situation is well in hand and we are really happy with the current situation. I'm really happy that we had this kind of exceptional quarter while all business segments succeeded at the same time. As you can see from this slide, revenues in Alma Career, Talent and Consumer all went up nicely and about half of the revenue growth flew to the bottom line. While Career profitability ended up to EUR 3 million or growth to EUR 3 million, Talent EUR 2.3 million, and Consumer's profitability grew EUR 4.5 million. That's a nice situation for a CEO. I'm really happy with this again. Of course, most of the growth came from digital businesses, which is, in our case, the most important targeting long term. This slide looks a bit awkward, of course, while the jump from last year's - 17% on the right side of the slide to this year's second quarter, 57% growth. 76% of our revenues are now coming from different kind of digital sources which ended up during the first half of the year to EUR 99 million. That's good. We can take a little bit deeper dive in different segments, but quite a short one then. Start with the Career. This has, of course, been a question mark that how fast this recruitment business is going to recover after this difficult COVID-19 situation. We thought that it might take a little bit longer, but now it seems that all the markets are picking up rapidly, not only in Finland but also in Eastern, Central Europe. Our revenues in Career went up 48%. What is really important and nice in our case is that our customer invoicing is at record high level. 2019 was our record year and we thought that it would take a couple of years to reach the record level again, but now it seems that we are already there. Of course, it remains to be seen how the situation continues with the COVID-19, but at the moment, the demand is quite high. There's, of course, this kind of pent-up demand with increased activity. Our customers have saved their costs, and now they put the money at work and the demand is high at the moment. That is the big picture. In our case, the growth comes, of course from the core Career listing business. In addition to that, our positive development is driven by added value services. For example, our Seduo digital education platform which is running nicely, especially in Czech Republic. We are testing its international potential also elsewhere, like in Slovakia and Finland. Of course, with the increased revenues, our expenses went up 37%, and especially on marketing and personal costs with the increased invoicing. Operating profit nicely up 62%, and the EBIT percent 38.6%, which is more than we expected. That's the broad view of Alma Career's second quarter. Very good one. In Alma Talent, we had also a very strong quarter driven by nicely increased advertising, especially digital advertising, and also the services improving nicely. Revenue went up 13%. Comparable advertising revenue nicely 55% up. Digital content shares, which is one of the key elements in our strategy has been for a while, continued to be strong again growth of 24%. That was the key reason for being able to mitigate the decrease of print subscription revenues. We are developing different kind of services inside the Talent group. At the moment, they are mostly digital services like marketplaces, property information, company data, law-related services, and so on. They are growing and developing as expected. Digital ratio already nearly 90% and increasing nicely. We have a very good expense cost control in the segment also. Expenses on a par with last year's comparable period. Very good growth of profitability 84% to EUR 5.1 million. The profitability 20.2%, which is really good achievement for a media company, for a media segment. On the right side of this slide, you can now see the split by business unit or by businesses inside Talent segment. The media segment or the media businesses inside Talent segment like Kauppalehti, Talouselämä and those, they make 53% of the revenues. A quite a nice growth during the second quarter, 22.1% growth. The services 32%. Direct marketing, which is called the Mega 14%. The last one, not the least one, Alma Consumer, where we have had during the last year the biggest changes. A significant step up due to the very nice organic growth and of course the Nettix acquisitions. Revenues went up almost 70%. The biggest demand from housing, cars and mobility marketplaces as well, very good. Digital media, very strong growth as we've seen now. The Iltalehti's advertising revenue reached all-time high level. There is of course this kind of pent-up demand in Finland where the lockdown has been quite strong for several areas and now the customers are using their money. Market share gain in the SME sector where we are investing and organizing our businesses differently. Adjusted operating profit 160% up to EUR 7.3 million. 27.5% margin, which is quite decent in these businesses. On the right side of the slide, you can see the revenue split by verticals. Media and ad finance services, about half of the revenues. Mobility services like Nettiauto, Autotalli.com and those 27%. Housing services, Etuovi.com and those 17%. Comparison sharing economy service is about 7%. This is the brief overview of segment levels development on second quarter. I will hand over to Juha Nuutinen and he will go through the financials and the balance sheet a little bit closer. I'll come back later. Thank you. Thank you, Kai. In my financial position review we will focus on the effects of Nettix acquisition and especially its effect on balance sheet and our leverage. Like Kai mentioned, we have a total different kind of picture in our balance sheet now compared to last year. We have EUR 222 million interest-bearing net debt at the moment and gearing is 160%. Our equity ratio is 29%, totally different balance sheet than last year. Like I said, we have pretty strong cash flow at the moment and the leverage will be decreasing quite fast during the following quarters. Cash flow in the second quarter from operating activities it was strong one, it was EUR 16 million. Compared to last year it was a pretty big increase there. Naturally it came from the improved profitability, but also there were other items as well, like lower taxes for example. Like you see from the right-hand graph, we have quite stable cash flow at the moment. Earlier our cash flow was mostly focused on first quarter or fourth quarter. Now it's more even during the year and like you see from last three quarters have been pretty much the same cash flow around EUR 15 million, EUR 16 million per quarter. This comes from the fact that we are more and more having marketplace kind of business also our media business is more digital and these all facts make the cash flow more even during the year than previously. Of course then we have Nettix acquisition and so that's why our cash flow from investment activities was EUR -173 million. There was also a redemption of minority shares in Etua shares included in that investment cash flow. Like you can see from on the left height, we have had pretty strong year from acquisitions point of view, EUR 241 million acquisitions totally during the first six months, and that's the huge investment amount and of course naturally affecting our balance sheet. We have discussed earlier about our invoicing and revenue relationship in Alma Career recruitment business and that's why we are following also here the same graph. This was pretty surprising the invoicing increase in April, May and June in this year. Like you can see the invoicing amounts have exceeded actually 2019 levels already and that was one of the surprises which came also in our positive profit warning in couple of weeks ago. This is some kind of rebound from last year and let's see how it continues. In any case, our revenue expectations in Alma Career is quite positive during the second half this year because of the strong invoicing trend during the last three months. Earnings per share was also improved. It's EUR 0.12 in this last quarter. There is a couple of issues behind that. It was improved, of course, naturally because of better result. There is also this effect of our redemption of minority shares in Alma Career in March, and also Alma Mediapartners shares in December. Those effect is around EUR 0.02, which are improving our earnings per share in this quarter and also in the future. We had adjusted items EUR 3.6 million in this quarter, and they all came from Nettix acquisition. We already earlier told about EUR 1.2 million advisory costs related to Nettix acquisition, and the other part, EUR 2.4 million, is related to transfer tax because of this Nettix share acquisition. The whole EUR 3.6 million is coming from Nettix acquisition. Long-term financial targets naturally is exceeded now. Our digital business growth from the first half year is 28%, and it's clearly above the 12% target. There are also organic growth, but also because of these acquisitions. Our ROI figure is 12% from the first half year, and our target is 17%. Concerning this target, we have difficulties to get this target in the coming years because we have invested EUR 300 million, and it's naturally affecting a lot to our invested capital, and it takes a couple of years to come back with the levels what we have in the target as 17%. Dividend payout ratio, we have not changed this and in the second quarter, there is no reason to discuss this target at this point. That was the financial review and take hand to Kai also, and Kai take some comments about our strategic issues in future. Thank you. Thank you, Juha. As Juha told you, the long-term financial targets are a little bit strange at the moment, we have actually decided to come out with the new targets around the CMD that we have in September, actually. We will concentrate more on this issue later this year. A few thoughts about the operating environment. The big question is of course that is this recovery going to continue with the speed as it started or not? Is the COVID-19 going to continue with different kind of Delta or other variants, which might affect the recovery in different countries? The present view is still like this. This is from the summer forecasts. The underlying economies are expected to grow quite nicely. Even in Finland, close to 3% GDP growth and in other countries between 3% and 6% growth. This is the big picture. If this happens, our basis for good growth still stands there for recruitment businesses and different kind of digital advertising services businesses. The broad view is that the underlying market is going to be quite okay for us. The Finnish advertising, which is of course the question mark it has been always the rebound has been quite strong during the last months as we've seen from the market and from Alma's revenues. In short term, it seems that the rebound continues. There is still this kind of pent-up demand in almost every sector of our customers, and we expect this good development to continue in short term. The big question is, of course, that how is the Finnish economy really going to develop in long term? Do we have the growth that is needed or not? On the right side of the slide, you can see the market shares and the development of the online advertising by media companies in Finland. As you can see, our market share has grown. That comes of course from the Nettix operations and then from a nice digital revenue organic growth. That is as expected and according to our plans. I just want to remind you of our strategy. We are not changing the core strategy at the moment. We have three main parts. First of all, we will continue to transform the core business to still accelerate the digitalization of the print media. At the moment, we have 76% of print business. We will continue until we reach the full 100% digital business. We are organizing all the time our core businesses so that we can reach the full synergies of the company, which means a tighter cooperation within group and business units. We are doing this kind of financial engineering to divest or discontinue unprofitable or low profitable businesses, which we actually did also the second quarter. I will come to that later. The second part of the strategy is to grow in digital businesses, in digital media, mostly advertising and subscription business, marketplaces and digital services. All these are in our focus, and we are doing heavily our homework around this. Mainly concentrating on the businesses with synergy benefits, which is, of course, the key of the cooperation or cooperative strategy. Thirdly, we will continue to internationalize the business of Alma Media. We have had quite a successful journey in this. We will expand to new geographies if possible and then expand our businesses in current geographical areas, like Seduo or other service businesses around the core business. Here we took just a few examples of our operation inside the strategy during the second quarter. Of course, the Nettix integration process is the most intensive one at the moment. We've been concentrating heavily on that. We are in good speed. We will take all the services by the end of August. We have a new organization there, management, key personnel in place, and now we are concentrating to harmonize the operation models and company culture. Second example is the redemption of the minority stake in Etua.fi, which is one of our comparison services. We divested Talosofta, which didn't actually fit in our strategy. We couldn't integrate the business into our Etuovi or those housing businesses properly. Alma Talent Services invested in Suomen Tunnistetieto, which is know-your-customer service part of the Talent Services, law services in the future. New Monster.fi recruitment platform launch in Finland. It's in the launch phase at the moment. It will be very good. Kauppalehti, just an example of the media business. Kauppalehti started to offer Sustainalytics ESG risk ratings to our subscribers, which is a tool for responsible investing. These are practical examples of our operational strategy that we are doing and did during the second quarter, and more will follow. Very good. Finally, I will just remind you for the outlook that we will repeat after the positive profit warning that we did. We are expecting our full-year revenue and adjusted operating profit from continuing operations to increase significantly from the last year's level. Here you can see the figures that we had last year. Of course, there are question marks, and they are coming, of course, from the pandemic. It's really difficult to estimate how the market and the demand is going to continue, especially in mid-term. In short-term, it looks like quite okay but in mid-term, it remains to be seen. There is this kind of uncertainty, of course, in every market that we have. That was my part and Juha's part of the presentation. Now we are happy to answer your questions that you might have a lot. Thank you very much. Thank you, Kai. Thank you, Juha. Operator, we will be ready for the questions. Thank you. If you do wish to ask a question, please press zero one on telephone keypad. If you do wish to cancel a question, you can do so by pressing zero two to cancel. Our first question come from the line of Petri Kajaala from SEB. Please go ahead. Your line is open. Hi, this is Petri Kajaala calling from SEB. Couple of questions. If we start with Career. You mentioned record high invoicing. Just to be clear, is this in Q2 specifically, or are you talking about year-to-date as a whole? Juha might remember. Q2 was at record high level. I'm not sure, did we already reach the 2019 level for the first part half of the year? I doubt that. Juha, you can answer to that if you remember. You have the figures. You are right. It was second quarter all-time high figures. First quarter, we didn't. March was already very good month, but still the first quarter we were slightly behind the 2019 levels. Yeah. All right. Thanks. Is this invoicing that comes in the summer months, is this shorter term invoicing or does this provide you good visibility into the second half as well? Especially in LMC, which is the biggest business, this is this kind of long-term commitments, like we are selling this kind of credits which have their effect on revenues on long term. Of course, a good start or the good second quarter, and if it continues like we expect during the third quarter, it will give us a good start also for the next year. For the biggest Career business, this is a sign of a good long-term development. In other businesses, the commitments are shorter. If that was the question that you- All right. Understood. Yeah. Yes. It was. Thanks. I understand you don't want to give any kind of specific figures, but from what I kind of calculate, you could be pretty close to the 2019 levels already in 2021. Is this really the case, or is there something that I'm not following here? In Career business, right? Yes. It depends, of course, very much on the pandemic situation. The demand at the moment is over 2019 levels, and if that continues or continued, we are quite close to or even on 2019 level. There is this if, and it's heavily dependent on the pandemic situation. For now, it looks like you said, it's quite good. Yes. All right. Thanks. On Alma Consumer, the Nettix acquisition was included, and you mentioned the revenue contribution from that, but could you give some kind of indication on how much EBIT contribution that gave in Q2? Basically, what does the margin profile look like without the acquisition? We are not giving service-specific revenue or profitability figures out. Yeah. All right. Understood. Thanks a lot. That's all from me. Thank you. Thank you. Our next question come from the line of Sami Sarkamies from Nordea. Please go ahead. Your line is open. Okay. I have three questions. Firstly, continuing on Alma Career. You did have quite high operating leverage in Q2 despite material savings last year. Do you anticipate smaller operating leverage in the second half of the year when you may again start making normal growth investments? Could you repeat the question? What is the question? I didn't understand. Yeah. I think in the presentation you noted that at Alma Career about 50% of the revenue growth dropped through to EBIT line. Yeah. There was good operating leverage despite you having done material savings last year. Cost comparable was quite tough against that in that sense. Going in the second half the year, do you expect similar high operating leverage to prevail, or should we be sort of well prepared for cost inflation? Yeah. There's some problem with the lines, difficult to hear. If I understood correctly, you're asking that are we going to continue with the same profitability level that we had during the second quarter after having a heavy cost cuts last year during the comparable period? Yeah. Was that the question? Yeah. Okay. Yeah. In total, we had last year, during the second quarter, EUR 8.4 million cost cuts that came from the whole company. Of course, quite a lot from the Career. I don't remember the exact cost cut of the Career group. Juha might remember and have the figure there. The total was EUR 8.4 million during the second quarter for Alma Media, and now we don't have that at all. We are in a normal situation. No different kind of cost measures at the moment where we are running the business with the full speed with all the costs. As you noticed, the costs have increased. Your question is that, is this the normal profitability, like the new normal profitability level of Alma Career? I doubt that there's this kind of pent-up demand that bursted out right now. My personal view is that this will normalize a little bit during the last part of the year, even though the demand in short term, it's high. I'm not expecting over 50% profitability for the entire group. The development will slow down in that sense. Then, of course, we want to invest in the new businesses. The idea is, of course, to increase the profitability step by step from last year's level, and we try to reach the 2019 record high level or even go further. That is the big picture and the plan, of course. Okay. Thanks for the answer. I would have a broader question on pent-up demand. If we look at the strong development in Q2 across the segments, how much of an element of pent-up demand was there, in your view? Should we assume that we're now back to the pre-pandemic demand levels and it's business as usual from now on, or could it be that there was just heavy pent-up demand in Q2, but we might still be in for weakness in the coming quarters when that demand is not there? Yeah. Sami, your line is really poor. It's difficult for the listeners to listen or hear your question. If I understood right, you were asking that how far we are from the normalized demand level of advertising, for example, in Finland, or how much of the good development of the second quarter of the advertising came from this kind of pent-up demand? Was that the question? Yeah. Basically what I was asking is that, if we look at, for example, the advertising media markets now, in the month of June, they had recovered to pre-pandemic levels. Yeah. Do you think that will prevail, or was it just a good quarter with plenty of pent-up demand from earlier quarters? Our estimate is that in those businesses that are not affected by the lockdowns anymore, we will reach the 2019 levels. The expectation is that every business, every customer wants to normalize the situation and come to the normal marketing investment level. That is the broad view. Of course, there are still these kind of businesses that are lacking of their own demand, and they're not able to invest in marketing. The big picture is that, yes, we expect the situation to normalize and come back to the 2019 level as soon as possible. That is the view, and that's happening right now. There's this kind of pent-up demand, so this kind of short-term jump, and then we will come to a more or less normalized situation, which is close or on the 2019 level. It's good to look at the 2019, which was a normal year. It was a record high level in our case, but it was like a normal year without the pandemic. Okay, thanks. That is the idea and the view. Okay, thanks. My final question would be on the full-year guidance. Why are you guiding for only higher Adjusted EBIT for the full year and not clearly higher as you seem to be doing pretty well? If we look at the consensus estimates, these are assuming about 25% EBIT growth for the full year. We are guiding adjusted revenue and adjusted operating profit from continuing operations to increase significantly from the 2020 level. That's our guidance. Okay. Yeah. Okay. I get it. We don't have any other wording to use in our case. Okay, thanks. Thank you. If you do have a question please press zero one on your dial key right now. Our next question comes from the line of Pia Rosqvist-Heinsalmi from Carnegie. Please go ahead your line is open. Yes, hello. It's Pia from Carnegie. I have a few questions. One regarding the increase in sales. Can you discuss and open up a bit how much of the organic sales increase do you assess is driven by possible price increases? Not really, no significant price increases. We are actually continuing with the normal pricing strategy, which is following the volume increases of our services normally. If you have more viewers or spectators or visitors, you're able to increase the prices that is always the reason for price increases on top of normal inflation rates. I would say that this revenue increase came from volume increase. All right. Thanks. Still on Alma Career and the digital education or training services, Seduo, if I understood you correctly, is the strength still coming from Central Europe and not so much from rolling out the services in Finland? Yeah, you're absolutely right. It's developed in Czech Republic and the service is running nicely there. We are launching it in Slovakia as well, which is pretty much the same language, and we are testing it and trying it in Finland. Then, of course, investigating the international potential in other places. It's in an early phase still. Okay, thanks. Alma Talent, your expense level was on par with last year. Why is that? I'm trying to understand, does it imply that you don't see this current revenue level as sustainable, or can you discuss the cost level in Alma Talent? Can you repeat it? I didn't hear it correctly. What was your ask? Sorry. In Alma Talent, your expenses were on par with last year. Why is that? I'm trying to understand if it implies that you don't see growth in the current business or why. I didn't hear. Pia, could you repeat? I didn't hear the question correctly. Something wrong with the line. What was the question? Alma Talent. I heard that Alma Talent was the segment. Yeah, it was really difficult to hear. Yeah, we didn't hear it. Could we try again, Pia? Sorry. I'm really sorry if my line is bad. I tried to ask why the Alma Talent expenses were on par with last year. Sorry, Pia, the line is really bad. Very bad line. I don't hear anything about your question. Is there any possibility, Pia, for you to write your question on the online chat so we can read it out loud here? Yes, I will. Would it be okay? I will. Thanks. Yes. Sorry. Okay, we have no more questions from the line. I will hand it back to our speakers. Okay, thank you, operator. We have one online chat question here at the moment. It's from Petri Gostowski from Inderes. It's a two-part question, and it's been actually partly answered, but no worries, we had such a bad line that maybe the repeat is good for all of us. Considering the record invoicing levels, do you expect Career marketplace revenue growth to continue from the second quarter to third quarter? The other part is that was there any exceptional items in the shared services EBIT on second quarter, EUR -3 million Adjusted EBIT in brackets, or is this the level which we should expect going forward? Okay, very good. Juha can answer the last one, the shared services part. It's clear. It looks like the demand of the Career will continue during the third quarter, so all signs are telling us that. For the full year, very difficult to say. It looks like during the second quarter, there is also in the Career segment, this kind of pent-up demand that burst it and started very well. Still, I'm quite confident that during the third quarter, the good development continues. Is it at that high level? Difficult to see, but the invoicing is quite good at the moment, so we are quite confident in that sense. In advertising, like in broad sense in Finland, very difficult to see yet how the last quarter will look like. Juha, you can answer the shared services EUR -3 million. Thank you. Shared services, we booked EUR 3 million more costs or losses compared to last year. There are a couple of reasons behind that. One reason is what we have discussed earlier already. It's concerned regional media sales last year. We have some fixed costs in support functions going on. We are not going to decrease those costs for short term. We are suffering for that this year. We estimated that the support functions fixed costs cost effect there is around EUR 3 million per year. That's one thing why our costs are at higher level compared to last year or EBIT loss. The other reason is bonus reservations. We made quite a significant long-term incentive bonus reservations in the second quarter in our results because of our higher expectations and higher results. Last year, on the contrary, the reservations were pretty low level because of last year's decrease in results. That's one thing. The third thing is that we also last year made quite significant cost-saving measures, which was around EUR 1 million in shared services, and now they are not existing anymore. They are coming from last year's cost-saving operations, this year higher bonus reservations, and then the support functions fixed cost related to regional media sales. Very good. That was clear. Now I can see, now understand what Pia put on the table so that is clear. Pia's question was that on Alma Talent, where expenses on par with last year, why is that? Does it imply and so on? The short answer is that in Alma Talent we have divested print businesses. Of course, the print business in all has declined. We of course getting rid of the print-related businesses like the printing and delivery costs hand in hand with the revenue decline in print business. Of course, that affects to the total cost and we're able to-- like transforming the Talent business from print to online, we are able to stabilize the cost development. Not at all like we are not expecting the current revenue level to be sustainable, vice versa. The service business where we are investing the growth is expected to continue nicely. That is the question. Transformation from print to digital makes the cost base lighter in that sense. It's stable while we at the same time investing in new digital businesses. That is actually the same that we did in former regional media. We were doing this kind of cost-effective measures initiatives, different kind to mitigate the declining revenue effect. The other question, the other part is that Alma Consumer's investment in regional advertising sales strengthen the consumer's market position in SME customer segment. What did we do? We have invested in the regional sales organization, which is running nicely. We have invested in personnel and organized our businesses in that sense, and that works as expected or even better. We are selling the Alma network, like all our services and Iltalehti and Alma Talent's advertising in that part. Of course, the content marketing and so on. That is the question. We are strengthening our organization way of doing the business and doing the cooperation inside the group on whole Finland's level. That is the answer. Okay. There is one more question from Thibault Mezin. You are guiding significant increase in both revenue and operating profit from 2020 basis, but how would that compare to 2019 levels? No, we are not guiding anything compared to 2019. We will of course guide also on only compared to 2020. You have to calculate this or do your own guidance in that relation. Okay. Thank you. At the moment, there is no other questions. If we don't have any other questions, I think then it's time for the final words. Thank you very much. We will meet again on 16th September where we have our Capital Markets Day, and then Q3 interim report on 21st of October. Thank you very much. Have a nice summer.