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2017-07-25 07:30:02 CEST 2017-07-25 07:30:02 CEST REGULATED INFORMATION Sanoma Oyj - Half Year financial reportSanoma’s Half-Year Report 1 January–30 June 2017: Operational EBIT improved in the first half of the yearOperational EBIT declined in Q2; stable when adjusted for SBSSanoma Corporation, Stock Exchange Release, 25 July 2017 at 08:30 CET+1 Second quarter
First half
Outlook (unchanged) For 2017, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes, including the divestment of SBS, will be stable and the operational EBIT margin will be above 10%. The outlook is based on the assumption of the advertising markets development in the Netherlands and Finland being in line with that of 2016.
Reported key indicators
* Including finance leases. Sanoma presents certain financial performance measures (alternative performance measures or APMs) on a non-IFRS basis. The APMs are provided to reflect the underlying business performance and to enhance comparability from period to period. APMs should not be considered as a substitute for measures of performance in accordance with IFRS. More information is available at Sanoma.com.
Comparable key indicators, adjusted for the SBS transaction
* Including finance leases. Comparable adjusted figures exclude fully the divested operations of SBS but include 100% of Veronica Uitgeverij.
Reported organic growth of net sales, %
Susan Duinhoven, President and CEO “The second quarter went according to our expectations, even though the Finnish advertising markets were under some pressure. Sanoma’s operational EBIT in the second quarter totalled EUR 81.7 million (2016: 86.9). We finalised the divestment of the Dutch TV operations of SBS on 19 July. Adjusted for the SBS transaction, operational EBIT in the second quarter was stable at EUR 78.8 million (2016: 78.6). For the first half of the year, we increased our operational EBIT by 13% when adjusting for SBS and our operational earnings per share improved to EUR 0.35 (2016:.0.28). In Media BeNe, the result improved clearly in the print and online portfolio thanks to continuous cost innovations, and the streamlining of the organisation continued. Lower TV advertising sales decreased reported results, but adjusted for the SBS transaction, our operational EBIT improved to EUR 24.6 million (2016: 21.4) in the second quarter. Sanoma is the leading local publisher in the Netherlands in reach both online and offline and our news site NU.nl gained an all-time record audience, 7.2 million unique visitors, in May. Operational EBIT in Media Finland improved in the second quarter. The slightly disappointing development in the Finnish advertising markets in the first half of the year has affected our advertising sales, but our overall business performance remains positive thanks to improved subscription sales, growing online advertising sales and the continuous cost innovations. Nelonen Media has continued its strong viewing performance and in June its channels were once again the most viewed in Finland, with the commercial viewing share going up from 35.6% to 36.2%. Sales in Learning grew following the good development in Finland as well as the consolidation of De Boeck in Belgium. As expected, the profitability was impacted by costs related to creating new learning methods for the Polish market, currently undergoing an educational reform, as well as our investments in our professional learning initiative SAM and the expected higher depreciation and amortisation related to earlier investments. In the beginning of April, we announced the divestment of SBS. In July, we closed this transaction, and this will now allow us to decrease our debt significantly and give us better position to pursue opportunities in our businesses. Our portfolio going forward will be focused on businesses and brands with a leading market position, giving us the opportunity to offer consumers the most compelling content and our advertisers a unique combination of both reach and targeting. We continue to look for ways to serve our customers even better, while continuously also improving our processes and ways of working.”
Half-Year Report (January–June 2017) webcast The event for analysts, investors and media will be held in English by President and CEO Susan Duinhoven and CFO and COO Markus Holm on 25 July 2017 at 11:00 Finnish time (9:00 UK time) at Sanomatalo, Töölönlahdenkatu 2, Helsinki. The live webcast can be viewed on Sanoma’s website at www.sanoma.com/en/investors and on demand after the event.
Please join in 5–10 minutes prior to the start time by dialing Conference id: 7454706
Financial reporting 2017 - Interim Report January–September on 25 October 2017, approx. at 8:30.
Additional information Sanoma.com
Sanoma Sanoma is a front running media and learning company impacting the lives of millions every day. We provide consumers with engaging content, offer unique marketing solutions to business partners and enable teachers to excel at developing the talents of every child. With companies operating in Finland, the Netherlands, Belgium, Poland and Sweden, our net sales totalled EUR 1.6 billion and we employed more than 5,000 professionals in 2016. The Sanoma shares are listed on Nasdaq Helsinki.
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