2009-02-10 10:45:00 CET
2009-02-10 10:45:51 CET
REGULATED INFORMATION
SanomaWSOY - Financial Statement Release
Sanoma's Year-End Statement 2008
Stock Exchange Release 10/2/2009 11:45
- Sanoma Group's net sales increased by 3.5% in 2008, totalling EUR
3,030.1 (2,926.3) million.
- Operating profit excluding non-recurring items was EUR 295.7
(305.2) million in 2008. Non-recurring items totalled EUR -59.3
(38.6) million.
- In the fourth quarter, Group net sales were EUR 798.7 (799.6)
million and operating profit excluding non-recurring items was EUR
49.0 (63.4) million.
- Fourth quarter earnings per share, including non-recurring items,
were EUR -0.39 (0.32). Earnings per share for 2008 were EUR 0.72
(1.47).
- The proposed dividend is EUR 0.90 per share.
KEY INDICATORS 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 798.7 799.6 -0.1 3,030.1 2,926.3 3.5
Operating profit before
depreciation
and impairment losses 93.1 108.9 -14.6 468.3 493.4 -5.1
% of net sales 11.7 13.6 15.5 16.9
Operating profit
excluding
non-recurring items 49.0 63.4 -22.6 295.7 305.2 -3.1
% of net sales 6.1 7.9 9.8 10.4
Non-recurring items * -77.8 4.9 -59.3 38.6
Operating profit -28.8 68.3 236.3 343.8 -31.2
% of net sales -3.6 8.5 7.8 11.7
Result before taxes -50.1 63.8 190.3 320.4 -40.6
% of net sales -6.3 8.0 6.3 11.0
Result for the period -59.9 54.1 120.8 246.1 -50.9
% of net sales -7.5 6.8 4.0 8.4
Balance sheet total 3,278.7 3,192.3 2.7
Capital expenditure 109.9 90.5 21.4
% of net sales 3.6 3.1
Return on equity (ROE), % 9.1 18.6
Return on investment 10.7 15.9
(ROI), %
Equity ratio, % 40.0 45.4
Net gearing, % 78.5 58.2
Interest-bearing 1,082.6 881.4 22.8
liabilities
Interest-free liabilities 959.0 946.7 1.3
Interest-bearing net debt 971.6 793.3 22.5
Average number of 21,329 19,587 8.9
employees
Average number of employees (full-time 18,168 16,701 8.8
equivalents)
Earnings/share, EUR -0.39 0.32 0.72 1.47 -51.2
Earnings/share, diluted, -0.39 0.31 0.72 1.46 -50.9
EUR
Cash flow from 0.59 0.67 -12.3 1.56 1.38 12.5
operations/share, EUR
Equity/share, EUR 7.59 8.27 -8.1
Dividend/share, EUR ** 0.90 1.00 -10.0
Dividend/result, % ** 125.1 67.9
Market capitalisation, 1,479.7 3,196.2 -53.7
EUR million
* In 2008, the non-recurring items included EUR 23.5 million capital
gain from the divestment of movie distributor R.C.V. Entertainment in
the first quarter, EUR 1.5 million capital gain from the divestment
of real estates in the second quarter, EUR 6.5 million of write-offs
and restructuring costs in the multivolume and year book publishing
in the third quarter as well as EUR 7.0 million capital gain from
sales of online assets, EUR 83.7 million impairment loss on goodwill
and immaterial rights in magazine operations and EUR 1.1 million
restructuring costs in the multivolume and year book publishing in
the fourth quarter.
In 2007, the non-recurring items included EUR 1.2 million capital
gain from divestment of magazines in the first quarter, EUR 34.2
million capital gains from the divestments of puzzle magazines and
real estates in the second quarter, EUR 1.7 million costs from the
restructuring of the Dutch press distribution operations in the third
quarter and EUR 4.9 million capital gain from the divestments of
multi-purpose arena in Hamburg and real estate.
** Year 2008 proposal of the Board of Directors
Hannu Syrjänen, President and CEO"Sanoma's result for 2008 was a good one. Our operating profit
excluding non-recurring items remained nearly at the previous year's
level, even though the advertising market in many countries reacted
strongly to the general economic uncertainty towards the end of the
year.
During the year, Sanoma Learning & Literature successfully expanded
its educational publishing business in Poland and language services
in the Nordic countries. Sanoma Magazines expanded its magazine and
digital service portfolio in all countries of operation. Sanoma News
also invested in digital services. Digital operations accounted for
over 11% (8% excluding TV operations) of the Group's net sales.
In the third quarter, restructuring measures were initiated in the
multi-volume book and yearbook businesses. Meanwhile, the outlook of
the economy and the depreciation of currency exchange rates caused
the Group to record an impairment loss for the Central Eastern Europe
and Russia magazine operations in the fourth quarter. Estimating the
development of advertising in 2009 is difficult. We are preparing for
the future by stepping up the cost-saving programmes and structural
reforms implemented in 2008 across all businesses.
The current market situation brings, in addition to challenges, many
interesting new opportunities. Our goal is to be one of the leading
European media companies. We focus on consistent, sustainable growth
and improved profitability. We want our consumer and
business-to-business products and services to constitute a balanced
business portfolio.
Magazines and newspapers, educational publishing and language
services as well as online operations are the core of our business.
Our goal is to be the leading player in both print magazines and
online. We will be actively developing our newspaper business to
maintain our profitability and to ensure controlled migration to
online. We will continue with the international expansion of our
educational publishing and language services, and we are
investigating opportunities to internationalise our television
operations. We want to take full advantage of our strategic position
in the retail business. Our position as a market leader will bring us
added value, especially in the current market situation."
Outlook for 2009
In 2009, Sanoma's net sales are expected to decrease somewhat. The
Group's operating profit excluding non-recurring items is estimated
to decline from the previous year. In the comparable year of 2008,
operating profit excluding non-recurring items was EUR 295.7 million.
The Group's financial expenses are expected to decrease, and as a
result, Sanoma's net result for 2009 is expected to decrease less
than its operating profit.
In the first quarter of 2009, development is expected to be
significantly weaker than in the full-year due to especially
decreasing newspaper advertising affecting the Sanoma News division
and currency exchange rate fluctuations and the growth of seasonal
educational publishing business impacting the Sanoma Learning &
Literature division.
The outlook of Sanoma's net sales and operating profit in 2009 is
affected by the overall economic development in the Group's countries
of operation, and the development of advertising and private
consumption in particular. Advertising is expected to decrease in the
primary markets in 2009. Sanoma will continue its focus on investing
in digital media and strengthening its market positions. At the same
time, the Group will increase the efficiency of its operations in all
markets.
Net salesIn 2008, Sanoma's net sales grew by 3.5%, totalling EUR 3,030.1
(2007: 2,926.3; 2006: 2,742.1) million. Out of the divisions, Sanoma
Magazines, Sanoma Learning & Literature, Sanoma Entertainment and
Sanoma Trade increased their net sales. Growth was strongest in
Sanoma Learning & Literature. Net sales in Sanoma News were slightly
down because of the decline of the advertising market towards the end
of the year. Net sales adjusted for changes in the Group structure
increased by 2.4%.
Advertising sales accounted for 25% (24%) of the Group's total net
sales. Particularly the online advertising grew. In geographical
terms, Finland accounted for 49% (49%) of net sales, with other EU
countries accounting for 46% (46%) and non-EU countries for 5% (5%).
Result
Sanoma's operating profit excluding non-recurring items was EUR 295.7
(305.2) million. The operating profit included a total of EUR -59.3
(38.6) million in non-recurring items. During the financial period,
non-recurring capital gains were realised from the sale of the movie
distribution company R.C.V. Entertainment, as well as real estate.
Non-recurring expenses were the result of write-downs of goodwill,
immaterial rights and inventories, as well as costs associated with
the restructuring of the multi-volume book and yearbook businesses.
The Group's operating profit was EUR 236.3 (2007: 343.8; 2006: 292.5)
million or 7.8% (2007: 11.7%; 2006: 10.7%) of net sales. Operating
profit increased in Sanoma Learning & Literature, where educational
publishing was particularly successful, and Sanoma Entertainment. The
recording of a non-recurring impairment loss impacted the operating
profit of Sanoma Magazines. The operating profits of Sanoma News and
Sanoma Trade decreased.
Sanoma's net financial items totalled EUR -51.0 (-35.7) million.
Financial income amounted to EUR 18.9 (9.2) million. Financial
expenses amounted to EUR 69.9 (44.9) million and were comprised
primarily of interest costs of EUR 56.3 (41.4) million on
interest-bearing liabilities. Financial expenses increased due to the
rise in reference rates.
The result before taxes was EUR 190.3 (320.4) million and earnings
per share were EUR 0.72 (1.47). The Group's effective tax rate rose
exceptionally to 36.5% (23.2%) as a result of the impairment
recognitions on the fourth quarter. Excluding these impairments, the
tax rate would have been 27.5%. The profit for the year totalled EUR
120.8 (246.1) million.
Balance sheet and financial position
At the end of the year, the consolidated balance sheet totalled EUR
3,278.7 (3,192.3) million. Cash flow from operations was EUR 250.3
(227.9) million and cash flow per share was EUR 1.56 (1.38). Cash
flow from operations increased as a result of more effective working
capital management by the Group - despite acquisitions, Sanoma's
working capital only increased slightly.
At the end of December, Sanoma's equity ratio was 40.0% (45.4%). The
equity ratio and other balance sheet items were impacted by the
impairment losses recorded in the magazine business, corporate
acquisitions and the repurchases of own shares. Net gearing increased
to 78.5% (58.2%). Equity totalled EUR 1,237.1 (1,364.2) million. A
total of EUR 47.6 million was spent on repurchasing of treasury
shares. Return on equity (ROE) was 9.1% (2007: 18.6%; 2006: 17.7%),
and the return on investment (ROI) was 10.7% (15.9%).
Interest-bearing liabilities increased to EUR 1,082.6 (881.4) million
and interest-bearing net debt to EUR 971.6 (793.3) million. The debt
was mainly driven by the acquisition of the Polish educational
publisher Nowa Era and other acquisitions. At the end of December,
the Group's cash and cash equivalents totalled EUR 110.9 (88.1)
million. At the end of December, the Group had a net debt/EBITDA
ratio of 2.1.
Sanoma's financial position is stable as a result of the Group's
strong balance sheet, steady cash flow and a syndicated, long-term
credit line. Sanoma has no need of instalments of long-term loans.
This credit line agreement worth a total of EUR 802 million is in
effect until autumn 2012. Sanoma Corporation does not have any other
significant agreements covered by the statutory obligation to
disclose. In addition, the Group has, within the scope of normal
business operations, agreements or agreements as a whole containing a
standard change-of-control clause.
Investments, acquisitions and divestments
In 2008, investments in tangible and intangible assets totalled EUR
109.9 (90.5) million, and were focused, for example, on ICT systems,
replacement investments and improvement of real estate. R&D
expenditure was recorded at EUR 4.1 (2.0) million or 0.1% (0.1%) of
net sales. Acquisition costs of Sanoma's acquisitions during the year
totalled EUR 190.7 (67.5) million.
On 10 January 2008, Sanoma Magazines divested the Dutch movie
distribution company R.C.V. Entertainment. In 2007, the company's net
sales amounted to EUR 34.2 million and operating profit to about EUR
5 million. Capital gains amounting to EUR 23.5 million were recorded
in the first quarter of 2008 for the transaction.
On 11 March 2008, Sanoma Learning & Literature finalised its
acquisition of the Polish educational publisher Nowa Era. In 2007,
Nowa Era's net sales amounted to about EUR 43 million, and the
company's profitability was in line with the general level of good
profitability in educational publishing. The acquisition resulted in
a significant improvement in Sanoma Learning & Literature's
March-September result. Due to the seasonal nature of Nowa Era's
business, the first and fourth quarters typically post losses.
Goodwill amounting to EUR 54.6 million was recorded for the
transaction.
SANOMA MAGAZINES
Sanoma Magazines is one of the largest consumer magazine publishers
in Europe. The Division publishes more than 300 magazines in 13
different countries. Apart from developing its strong portfolio of
magazine brands, Sanoma Magazines is rapidly expanding its business
to digital media platforms.
- Sanoma Magazines' net sales increased, with most businesses
contributing to growth.
- Advertising sales in 2008 increased by 11% and online advertising
sales by 32%.
- Sanoma Magazines' portfolio was developed actively: a total of
over 35 new magazines and 17 online sites were launched or acquired
during the year.
- Weakened short-term outlook in CEE countries and Russia caused a
significant impairment affecting Sanoma Magazines' operating profit
markedly. Operational result was at the previous year's level.
Key indicators 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 338.9 352.4 -3.8 1,246.8 1,238.1 0.7
Operating profit
excluding
non-recurring items 36.1 37.2 -2.9 138.9 139.7 -0.6
% of net sales 10.6 10.5 11.1 11.3
Non-recurring items * -76.7 0.0 -53.2 21.2
Operating profit -40.6 37.2 85.7 160.9 -46.8
% of net sales -12.0 10.5 6.9 13.0
Balance sheet total 1,903.0 1,937.5 -1.8
Capital expenditure 26.8 20.6 30.3
Return on investment 7.2 12.4
(ROI), %
Average number of 6,280 5,623 11.7
employees
Average number of employees (full-time 5,731 5,169 10.9
equivalents)
* In 2008, the non-recurring items included EUR 23.5 million capital
gain from the divestment of movie distributor R.C.V. Entertainment in
the first quarter as well as EUR 7.0 million capital gain from sales
of online assets and EUR 83.7 million impairment loss on goodwill and
immaterial rights in the fourth quarter. In 2007, the non-recurring
items included EUR 1.2 million capital gain from divestment of
magazines in the first quarter and EUR 20.0 million capital gains
from the divestments of puzzle magazines in the second quarter.
Operational indicators * 1-12/ 1-12/
2008 2007
Number of magazines published 344 309
Magazine copies sold, thousands 404,750 429,378
Advertising pages sold 70,367 64,601
* Including joint ventures
Sanoma Magazines' net sales in 2008 totalled EUR 1,246.8 (1,238.1)
million. Net sales grew in all businesses, except in Sanoma Magazines
Netherlands where operations were divested both in June 2007 and
January 2008. Net sales growth was strongest in Sanoma Magazines
International. Adjusted for changes in the Group structure, the
Division's net sales grew by 1.8%. Of the Division's net sales, 16%
(16%) came from Finland. In October-December, Sanoma Magazines' net
sales decreased by 3.8% and amounted to EUR 338.9 (352.4) million.
Net sales decreased in all businesses due to structural changes as
well as lower sales from line and brand extensions.
The Division's advertising sales in 2008 increased by 11% and
represented 33% (30%) of net sales. Most growth during the year came
from Sanoma Magazines International and online advertising in the
Netherlands. In total, the Division's online advertising sales grew
by 32%. Advertising sales growth slowed down at the end of the year.
Circulation sales grew by 1% and represented 55% (55%) of Sanoma
Magazines' net sales. Circulation sales in Belgium and Finland
developed positively. Single copy sales in the Netherlands and some
CEE countries declined.
Sanoma Magazines Netherlands' net sales in 2008 totalled EUR 515.7
(539.8) million. This was mainly due to structural changes. Sanoma
Magazines Netherlands has strongly focused its operations, divesting
its puzzle portfolio in June 2007. In January 2008, Sanoma Magazines
Netherlands consolidated magazine publisher Mood for Magazines and
divested movie distributor R.C.V. Entertainment. In 2007, R.C.V.
Entertainment's annual net sales totalled EUR 34.2 million.
According to Nielsen Media Research, the consumer magazine
advertising market in the Netherlands decreased by 4% in 2008 with
magazine advertising's share of the total advertising market
decreasing. Sanoma Magazines Netherlands' advertising sales grew due
to new operations and online advertising sales. Online advertising
grew by 26% and outperformed market growth. In total, advertising
sales represented 29% (24%) of Sanoma Magazines Netherlands' net
sales. The readers' market in the Netherlands declined in the third
quarter of 2008. Subscription sales at Sanoma Magazines Netherlands
were on the comparable year's level, but with decreased single copy
sales, the total circulation sales decreased slightly. Sanoma
Magazines Netherlands developed its product portfolio through
acquisitions and launches with over 10 magazines and five online
services. Two magazines were sold.
Sanoma Magazines International's net sales grew to EUR 306.7 (283.4)
million. Growth came from increased advertising sales. Advertising
sales increased in most countries, but especially in Hungary, Russia
and Bulgaria, where Sanoma Magazines International's online
advertising revenues grew as a result of the acquisition of Netinfo,
the leading Bulgarian internet company, in July. In total, online
advertising sales of the business increased by 52%. Advertising sales
represented 56% (52%) of Sanoma Magazines International's net sales.
Circulation sales in Sanoma Magazines International were slightly
below the comparable year, with most markets showing some decline in
single copy sales. Net sales in Russia, the biggest market of Sanoma
Magazines International, grew by 7% despite the negative impact of
exhange rate and amounted to some EUR 109 million. In 2008, Sanoma
Magazines International launched or acquired 24 magazines and 12
online sites. Five magazines were discontinued or divested.
Net sales at Sanoma Magazines Belgium increased to EUR 223.2 (216.6)
million. The increase in sales came mainly from growing circulation
and other sales. In Belgium, the readers' market declined slightly.
Sanoma Magazines Belgium increased its circulation sales, through
both cover price increases and successful launches. Especially
subscription sales developed positively. In Belgium, the total
advertising market grew only slightly with magazine advertising's
share of the total remaining stable. Sanoma Magazines Belgium's
advertising sales were at the previous year's level. Advertising
sales represented 27% (28%) of Sanoma Magazines Belgium's net sales.
The portfolio in Belgium grew by one title in 2008.
Sanoma Magazines Finland's net sales amounted to EUR 205.6 (202.8)
million. Growth came from increased circulation sales. Especially
subscription sales grew. Single copy sales and advertising sales were
at the comparable year's level. Advertising sales represented 15%
(15%) of Sanoma Magazines Finland's net sales. According to TNS
Gallup Adex, advertising in consumer magazines in Finland decreased
by 7% in 2008. The magazine single copy market increased in volume by
5% in 2008. Sanoma Magazines Finland improved its market share both
in advertising and the readers' market, and developed its portfolio
by launching two magazines.
Sanoma Magazines' investments in tangible and intangible assets
totalled EUR 26.8 (20.6) million and consisted mainly of ICT
investments and improvement of real estate. The most significant
acquisitions in 2008 were the majority shareholding in magazine
publisher Mood for Magazines and the acquistions of Netinfo and
European Autotrader. In the comparable year, the most significant
transaction was the acquisition of SchoolBANK.nl and its related
online sites.
Sanoma Magazines' operating profit excluding non-recurring items was
at the previous year's level at EUR 138.9 (139.7) million. The
non-recurring items included in operating profit totalled EUR -53.2
(21.2) million and consisted of a recognition of impairment and
write-offs in the fourth quarter totalling EUR 83.7 million and
capital gains of EUR 30.5 million related to the divestments of
R.C.V. Entertainment and some online assets. Operating profit in 2008
decreased by 46.8% due to non-recurring costs and amounted to EUR
85.7 (160.9) million. Operating profit excluding non-recurring items
in October-December totalled EUR 36.1 (37.2) million.
Sanoma Magazines Netherlands' operating profit improved. There were
significant sales gains in both the reporting and comparable period.
The operational result grew due to improved cost efficiency and
changes in the product mix. Sanoma Magazines International's
operating profit decreased markedly due to the recognition of
impairment, but operational result improved due to good development
in Russia and Hungary. Sanoma Magazines Belgium's result decreased
due to investments in new businesses. Sanoma Magazines Finland's
operating profit was below the comparable year due to increased
personnel and ICT costs.
Sanoma Magazines continues to develop its magazine portfolio and
online businesses and invest in strengthening market positions in all
operating countries.
In 2009, Sanoma Magazines' net sales and operating profit excluding
non-recurring items are expected to remain somewhat below the
previous year's level.
SANOMA NEWS
Sanoma News is the leading newspaper publisher in Finland, and its
products have a strong presence both in print and digital format in
the lives of their readers. In addition to Helsingin Sanomat, the
largest daily in the Nordic region, Sanoma News publishes national
and regional newspapers and is also investing heavily in digital
business.
- Net sales in Sanoma News were slightly down because of the
discontinuation of the printed version of Taloussanomat and the
severe downturn of the media market towards the end of the year.
- Ilta-Sanomat, Ilta-Sanomat Plus, Nyt (Helsingin Sanomat's weekly
supplement) and Metro were redesigned.
- Sanoma News online advertising performed extremely well during the
year, recording a robust growth of 50%.
- Sanoma News also invested heavily in digital services.
Key indicators 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 119.2 124.6 -4.3 474.7 480.8 -1.3
Operating profit excluding
non-recurring items 9.4 13.6 -30.5 57.3 67.6 -15.3
% of net sales 7.9 10.9 12.1 14.1
Non-recurring items 0.0 0.0 0.0 0.0
Operating profit 9.4 13.6 -30.5 57.3 67.6 -15.3
% of net sales 7.9 10.9 12.1 14.1
Balance sheet total 456.3 445.0 2.5
Capital expenditure 19.6 17.7 11.1
Return on investment (ROI), % 19.2 19.7
Average number of employees 2,808 2,716 3.4
Average number of employees (full-time 2,491 2,411 3.3
equivalents)
Operational indicators 1-12/ 1-12/
2008 2007
Advertising, column km
Helsingin Sanomat 38.3 41.4
Ilta-Sanomat 7.3 7.4
Free sheets 33.7 36.7
Distribution of free sheets, millions 92.4 102.2
1-12/ 1-12/
Audited circulation 2008 2007
Helsingin Sanomat 412,264 419,791
Ilta-Sanomat 161,440 176,531
10-12/ 10-12/
Online services, unique visitors, weekly 2008 2007
Iltasanomat.fi 1,548,421 1,200,705
HS.fi 1,096,222 882,531
Huuto.net 452,712 411,842
Oikotie.fi 288,133 290,887
Taloussanomat.fi 418,740 258,584
Keltainenpörssi.fi 175,199 145,883
In 2008, Sanoma News' net sales decreased by 1.3%, totalling EUR
474.7 (480.8) million. Net sales remained at the previous year's
level in Helsingin Sanomat, but decreased in the Ilta-Sanomat and
other publishing business units. Net sales adjusted for changes in
the Group structure decreased by 1.2%. In the fourth quarter, Sanoma
News's net sales decreased by 4.3%, totalling EUR 119.2 (124.6)
million. Advertising sales were down significantly in the fourth
quarter due to the rapid and severe downturn in the Finnish newspaper
advertising in November-December.
According to TNS Gallup Adex, newspaper advertising in Finland
decreased by 3% in 2008. Job and real estate advertising were the
first to react to the general economic uncertainty, showing a sharp
drop towards the end of the year. Job advertising in Finland
decreased by 4% and real estate advertising by 1% in 2008.
Advertising in free sheets was down by 3%. Online advertising
included in statistics developed strongly during the year, growing by
22%. Sanoma News' advertising sales decreased by 2% from the
comparable period due to the decline of newspaper advertising. Online
advertising was up by 50% during the year. Sanoma News' advertising
sales represented 53% (53%) of its net sales.
The shift of tabloid readers to the internet reduced the Finnish
printed tabloid market by 8%. Decreased revenues from newsstand sales
affected Sanoma News' circulation sales, which were down 4% in 2008.
Subscription sales for daily newspapers were at the previous year's
level. Circulation sales accounted for 38% (39%) of the Division's
net sales.
The Helsingin Sanomat business unit posted net sales of EUR 279.5
(278.9) million. Increased circulation sales and new acquisitions
boosted net sales. Advertising sales were down, although online
advertising in Helsingin Sanomat developed well. Advertising sales
represented 62% (63%) of net sales. Helsingin Sanomat's job and real
estate advertising, in particular, has been affected by the overall
economic situation. Job advertising in the Helsingin Sanomat business
unit decreased by 8% and real estate advertising by 11%. Online
products were clearly up. The Helsingin Sanomat product family,
especially the Oikotie.fi service entity for classified
advertisements, was developed in many different ways during the year.
The net sales of the Ilta-Sanomat business unit were EUR 91.0 (94.8)
million. The circulation sales of the business unit decreased due to
the shrinkage of the tabloid market. Ilta-Sanomat commanded a 57.1%
(57.6%) share of the tabloid market. The advertising sales of the
business unit grew and the overall readership reached a record level
due to the strong growth of online business. Online sales were up by
a total of 58%. Advertising sales represented 31% (27%) of net sales.
Editorial processes were renewed and cost effectiveness increased.
Net sales from other publishing amounted to EUR 92.4 (97.5) million.
The decrease from the comparable year was affected by the
discontinuation of the printed version of Taloussanomat and the
decline of free sheet advertising. The advertising sales of Sanoma
Lehtimediat's regional newspapers remained at the previous year's
level and circulation sales increased. Sanoma Kaupunkilehdet merged
its public transport free sheets Metro and Uutislehti 100. The
renewed Metro became Finland's fourth largest newspaper in terms of
readership. Sanoma Digital, a company focusing on online business,
expanded its product portfolio and increased clearly its advertising
sales.
Net sales from other operations, mainly comprising internal services,
were EUR 152.5 (152.6) million. At printing house Sanomapaino,
outside sales of printed products were up by over 10%.
In 2008, Sanoma News' investments in tangible and intangible assets
totalled EUR 19.6 (17.7) million, and consisted mainly of investments
in digital business and replacement capital expenditures. The most
significant acquisition of 2008 was the acquisition of a majority
holding in Suorakanava, whose services include, e.g., the
Rakentaja.fi website. The most significant acquisition of the
comparable year was that of the Auto24.ee marketplace.
In 2008, Sanoma News' operating profit decreased by 15.3%, totalling
EUR 57.3 (67.6) million. The operating profit did not include
non-recurring items. The operating profit of the Helsingin Sanomat
business unit decreased from the comparable period due to the decline
in job and real estate advertising and increased marketing
investments. The operating profit of the Ilta-Sanomat business unit
was reduced by the decline of the tabloid market, price competition
and investments in digital business. Other publishing improved its
result thanks to the discontinuation of the printed version of
Taloussanomat and other cost-saving measures. Earnings from other
operations were down. In October-December, Sanoma News' operating
profit totalled EUR 9.4 (13.6) million. The result of the fourth
quarter was affected by the rapid decline of newspaper advertising,
especially classified advertisements, towards the end of 2008.
In 2009, the media advertising market is challenging and of low
predictability. Sanoma News has launched a rationalisation programme
to secure its competitive advantage. At the same time, Sanoma News
will continue the determined development of its printed products and
digital services.
In 2009, net sales and operating profit excluding non-recurring items
of Sanoma News are estimated to decline clearly from the previous
year due to the decline of the advertising market.
SANOMA ENTERTAINMENT
Sanoma Entertainment offers consumers entertaining experiences on
television, radio, online and mobile devices. Sanoma Entertainment's
business units include Nelonen Media, primarily focused on broadcast
operations, and Welho, Finland's largest cable television operator.
The Division's latest business area is online casual gaming.
- Sanoma Entertainment's operating profit increased clearly.
- Nelonen Media increased its viewing shares; especially Jim has
strengthened its position significantly.
- A new TV channel called Liv will be launched in February.
Key indicators 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 41.0 42.5 -3.6 157.1 146.0 7.6
Operating profit excluding
non-recurring items 4.1 5.4 -23.9 17.3 15.8 9.6
% of net sales 10.0 12.6 11.0 10.8
Non-recurring items 0.0 0.0 0.0 0.0
Operating profit 4.1 5.4 -23.9 17.3 15.8 9.6
% of net sales 10.0 12.6 11.0 10.8
Balance sheet total 161.9 168.2 -3.7
Capital expenditure 13.5 14.8 -8.8
Return on investment (ROI), % 15.8 14.2
Average number of employees 526 501 5.0
Average number of employees (full-time 482 457 5.3
equivalents)
Operational indicators 1-12/ 1-12/
2008 2007
TV channels' share of Finnish TV advertising 29.5% 29.3%
TV channels' daily reach 45% 44%
TV channels' national commercial viewing share 29.6% 26.8%
TV channels' national viewing share 14.1% 12.6%
Number of connected households, thousands (31 Dec) 323 319
Number of pay TV subscriptions, thousands (31 Dec) 106 86
Number of broadband internet connections, thousands (31 105 99
Dec)
In 2008, Sanoma Entertainment's net sales increased by 7.6%,
totalling EUR 157.1 (146.0) million. This clear increase in net sales
was brought about in particular by the new TV and radio channels and
the growth of Welho. Adjusted for changes in the Group structure, the
Division's net sales grew by 4.2%. Advertising sales accounted for
52% (54%) of Sanoma Entertainment's net sales. Television advertising
declined in October-December thus decreasing the net sales of Sanoma
Entertainment by 3.6% in the fourth quarter of the year. In
October-December, Division's net sales were EUR 41.0 (42.5) million.
Net sales from broadcasting operations in 2008 were EUR 88.9 (83.2)
million. The increase was largely due to new channels. According to
TNS Gallup Adex, Finnish television advertising grew by 2%. Nelonen
Media's combined share of all television advertising was 29.5%
(29.3%). The television channels of Nelonen Media increased their
viewing shares, with their combined commercial viewing share reaching
29.6% (26.8%) in 2008. The viewing of Jim, launched in February 2007,
increased the most. Another free, new television channel called Liv
is due to launch in February 2009.
Radio Rock and Radio Aalto have continued to strengthen their market
shares. Radio Rock had an average of 750,000 listeners each week.
Radio Rock is the market leader among males aged 20-44. According to
the Association of Finnish Broadcasters, national radio advertising
in 2008 grew by 9.4%, and Nelonen Media's radio stations have
increased their market share to 11.8%.
Net sales from other operations increased clearly in 2008 due to
Welho's strong pay TV and broadband sales. Pay TV business was
boosted by investments focused on offering more High Definition (HD)
channels. The range of broadband options also increased. The usage of
Sanoma Entertainment's online casual gaming sites increased clearly
during the year.
In 2008, Sanoma Entertainment's investments in tangible and
intangible assets totalled EUR 13.5 (14.8) million, most of which was
allocated to the development of Welho's cable network and services.
There were no major acquisitions in 2008. The most significant
acquisition of the comparable year was the purchase of the
Urheilukanava channels.
In 2008, Sanoma Entertainment's operating profit increased clearly,
by 9.6%, totalling EUR 17.3 (15.8) million. This increase was driven
by improved profitability due to the growth of broadcast operations
and the positive development of Welho. The operating profit did not
include non-recurring items. The operating profit for
October-December was EUR 4.1 (5.4) million. Towards the end of the
year, the operating profit was impacted by the decline of television
advertising sales. Radio advertising continued to increase clearly
also during the last months of 2008.
In line with its strategy, Sanoma Entertainment focuses on its core
businesses: television, broadband services and consumer entertainment
services. Sanoma Entertainment continues to develop its digital
content and media solutions business, invest resources in the
development of its online services and in its viewing and listening
shares.
In 2009, Sanoma Entertainment's net sales and operating profit
excluding non-recurring items are expected to be at the previous
year's level.
SANOMA LEARNING & LITERATURE
Sanoma Learning & Literature is a significant European educational
publisher offering a broad range of printed and digital educational
materials and services to support the learning processes of children
and young people. The Division, operating in nine countries, is also
Finland's leading book publisher and has growing international
language service operations.
- Educational publishing sales increased clearly, with especially
the new Nowa Era and e-learning company YDP in Poland performing
well.
- Language services expanded through the acquisition of translation
company Interverbum.
- General literature performed well, partly as a result of the
literature awards won by WSOY's authors.
Key indicators 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 88.0 68.5 28.6 390.0 322.5 20.9
Operating profit excluding
non-recurring items -11.6 -6.6 -74.6 53.2 44.5 19.5
% of net sales -13.2 -9.7 13.6 13.8
Non-recurring items * -1.1 0.0 -7.6 0.0
Operating profit -12.7 -6.6 -91.1 45.6 44.5 2.4
% of net sales -14.4 -9.7 11.7 13.8
Balance sheet total 661.1 585.0 13.0
Capital expenditure 15.6 7.7 103.1
Return on investment (ROI), % 9.6 10.4
Average number of employees 3,221 2,769 16.3
Average number of employees (full-time 2,737 2,345 16.7
equivalents)
* In 2008, the non-recurring items included EUR 6.5 million of
write-offs and restructuring costs in the third quarter and EUR 1.1
million restructuring costs in the fourth quarter in the multivolume
and year book publishing.
Operational indicators 1-12/ 1-12/
2008 2007
Educational publishing
Number of new titles published, books 1,470 1,379
Number of new titles published, digital products 349 309
Publishing
Number of new titles published, books 512 520
Number of new titles published, digital products 162 67
Books sold, millions 33.5 23.3
Sanoma Learning & Literature's net sales in 2008 increased by 20.9%
and totalled EUR 390.0 (322.5) million. Both the educational
publishing and publishing grew. Net sales adjusted for changes in the
Group structure grew by 5.1%. A total of 62% (62%) of the Division's
net sales came from outside of Finland. In October-December, the
Division's net sales grew by 28.6% to EUR 88.0 (68.5) million. Most
growth in the fourth quarter came from Polish e-learning operations
of YDP.
Educational publishing's net sales increased to EUR 259.4 (197.7)
million. Most growth came from Poland, both from new educational
publishing operations of Nowa Era, consolidated at the end of the
first quarter as well as from the existing e-learning business of
Young Digital Planet, which was able to deliver government tenders in
the fourth quarter. In the Netherlands, the net sales were almost at
the comparable year's level. Educational materials to primary and
secondary schools performed well, but sales of ancillary businesses
like the edutainment products decreased sligthly. In Finland, sales
of educational materials were almost at the previous year's level and
the new edutainment product series Oppi & Ilo was received positively
in the market. Net sales increased clearly in Belgium, with
especially Flemish market growing. Net sales grew also in Hungary,
where both NTK and Perfekt won government contracts.
Net sales in publishing grew to EUR 104.2 (97.3) million mainly due
to increased sales of language services. General literature sales
were at the previous year's level. Sales of domestic fiction and
non-fiction developed well, boosted by two literature awards,
Finlandia Prizes, won by WSOY's authors on the fourth quarter.
However, sales through direct channels in all Nordic countries were
under pressure and expectations for the future were revised in the
third quarter. A restructing project in Bertmark's and Weilin+Göös'
multi-volume book and annual year book businesses was started to
safeguard the future profitability of the publishing. Business
information, especially the language services, performed well. Partly
the increase of sales is due to new operations acquired by
translation and localisation company AAC Global both in 2007 and
2008. Language services is one of the growth platforms in the Sanoma
Group.
Net sales from other operations, mainly printing, totalled EUR 49.8
(51.1) million.
Sanoma Learning & Literature's investments in tangible and intangible
assets totalled EUR 15.6 (7.7) million in 2008. They mainly comprised
ICT investments and improvement of real estate. The most significant
acquisitions were those of the Polish educational publisher Nowa Era
and the Swedish language service provider Interverbum. In the
comparable year, the most significant transaction was the acquisition
of Translation Services Noodi.
The Division's operating profit excluding non-recurring items grew by
19.5%, to EUR 53.2 (44.5) million. Operating profit included EUR 7.6
(0.0) million of non-recurring expenses related to write-offs and
other restructuring costs of multi-volume and year book operations.
Operating profit in 2008 grew by 2.4% and amounted to EUR 45.6 (44.5)
million. Sanoma Learning & Literature's operating loss excluding
non-recurring items in October-December totalled EUR 11.6 (6.6)
million due to new educational publishing operations, which
strengthened the seasonality of the Division.
In 2008, the educational publishing business improved its operating
result significantly with the new Polish operations contributing the
most to the growth. In publishing, business information and general
literature performed well, but write-offs and restructuring costs in
Bertmark's and Weilin+Göös' direct sales decreased operating result
in publishing. Results in other operations were below the comparable
year.
The Division's business is very seasonal. Profit in educational
publishing is mainly accrued in the second and third quarters. The
acquisition of Nowa Era adds to growth in the educational publishing
business and therefore strengthens seasonality in the Division.
Sanoma Learning & Literature continues to focus on further
internationalising its educational business, expanding language
services and maintaining market leadership in Finnish general
literature publishing.
In 2009, net sales and operating profit excluding non-recurring items
of Sanoma Learning & Literature are estimated to decrease slightly
from the previous year's level. The development of net sales and
operating profit is also strongly affected by the exchange rates of
Sanoma Learning & Literature's operating countries.
SANOMA TRADE
Sanoma Trade is a retail specialist with operations in seven
countries and whose business is based on a thorough understanding of
customers' needs and on strong concepts. Sanoma Trade's success is
built on over 200 million annual sales contacts, in which the
consumer is present at a kiosk, bookstore or movie theatre. Sanoma
Trade's press distribution operations serve publishers and retailers.
- Net sales from kiosk operations were all-time high; the net sales
of the whole Sanoma Trade division also grew.
- Movie theatres again attracted a record number of customers.
Key indicators 10-12/ 10-12/ Change 1-12/ 1-12/ Change
EUR million 2008 2007 % 2008 2007 %
Net sales 239.3 241.1 -0.7 866.6 849.3 2.0
Operating profit excluding
non-recurring items 14.7 18.2 -18.9 45.1 52.4 -13.9
% of net sales 6.2 7.5 5.2 6.2
Non-recurring items * 0.0 4.9 -100.0 0.0 3.2 -100.0
Operating profit 14.7 23.1 -36.1 45.1 55.6 -18.8
% of net sales 6.2 9.6 5.2 6.5
Balance sheet total 559.2 565.0 -1.0
Capital expenditure 33.8 28.4 18.9
Return on investment (ROI), % 16.5 20.9
Average number of employees 8,396 7,886 6.5
Average number of employees (full-time 6,633 6,234 6.4
equivalents)
* In 2007, the non-recurring items included EUR 1.7 million costs
from the restructuring of the Dutch press distribution operations in
the third quarter and EUR 4.9 million capital gain from the
divestments of multipurpose arena in Hamburg and real estates in the
fourth quarter.
Operational indicators, 1-12/ 1-12/
thousands 2008 2007
Customer volume in kiosk operations 212,171 213,081
Customer volume in bookstores 7,484 7,459
Customer volume in movie theatres 10,192 9,784
Number of copies sold (press distribution) 383,289 376,108
In 2008, Sanoma Trade's net sales increased by 2.0%, totalling EUR
866.6 (849.3) million. Net sales increased clearly in kiosk
operations and movie operations. Net sales adjusted for changes in
the Group structure increased by 2.9%. Of Sanoma Trade's net sales,
33% (34%) came from outside Finland. In October-December, Division's
net sales of EUR 239.3 (241.1) million were in line with the
comparable period. Kiosk and movie operations also enjoyed success in
the fourth quarter. However, the decline in press distribution and
bookstore sales slowed down the increase in net sales.
Net sales from kiosk operations increased to EUR 409.4 (385.5)
million. Finnish R-kiosks had their best year in history. Kiosks
increased their net sales and customer numbers as a result of
marketing investments. Net sales from kiosks continued to rise in the
Baltic countries. The R-kiosk product range was actively developed
during the year. In addition, during the year the R-kiosk chain
expanded in Russia and also to Romania, where the first R-kiosks
opened their doors in July 2008.
Net sales from press distribution were EUR 241.5 (245.5) million. Net
sales in Finland increased slightly despite the fall in tabloid
sales. Point-of-sale (POS) marketing company Printcenter did
extremely well. Press distribution also increased its net sales in
Estonia, Lithuania and Russia. In Romania, net sales remained at the
previous year's level. The Dutch press distribution market has
shrunk, which decreased the net sales of Aldipress. The efficiency
improvement programme initiated at Aldipress in the autumn of 2007 is
progressing.
The net sales of bookstores were EUR 139.2 (140.3) million. The net
sales of the comparable period included the annual volume business
divested in May 2008. Bookstore net sales increased in both Finland
and Estonia.
The net sales from movie theatres increased to EUR 94.3 (85.5)
million. Sales increased in Finland, Latvia and Lithuania, and movie
admissions continued to grow. Movie theatres in Finland broke the
all-time box office record in November. New multiplex theatres were
opened in Finland and Lithuania. The viewing experience was
diversified by the latest 3D technology and new alternative content,
such as sports and cultural events.
In the comparable period, net sales from other operations totalled
EUR 10.4 million, consisting of the multi-purpose arena in Hamburg
divested in October 2007.
In 2008, Sanoma Trade's investments in tangible and intangible assets
totalled EUR 33.8 (28.4) million, and focused mainly on new
multiplexes, ICT projects, as well as the expansion of the dispatch
department. The most important acquisitions of the year included
minority shares in the Latvian movie theatre operator Forum Cinemas
and Lithuanian press distributor Impress Teva, and the acquisition of
the Russian kiosk chain KP Rosnitza. In the comparable period, the
most important acquisitions were Printcenter in Finland, and the
kiosk and press distribution companies Press Point International and
HDS CIS in Russia.
In 2008, Sanoma Trade's operating profit excluding non-recurring
items decreased by 13.9%, totalling EUR 45.1 (52.4) million. In the
comparable period, the operating profit included a total of EUR 3.2
million in non-recurring items from the sale of the multi-purpose
arena, other real estate and the restructuring of Dutch press
distribution operations. In 2008, operating profit decreased by
18.8%, totalling EUR 45.1 (55.6) million. Operating profit for
October-December excluding non-recurring items was EUR 14.7 (18.2)
million. Operating profit for the fourth quarter was particularly
affected by cost increases in several businesses.
Operating profits from kiosk operations and press distribution were
down. The results were above all affected by investments in Russia
and Romania. In addition to investments, the operating profit of
press distribution was also impacted by smaller distribution volumes
in the Netherlands. The result of the bookstores was burdened by the
relaunch costs of the online store. Operating profit from movie
operations remained at the comparable period's level.
In addition to the home markets of Finland and the Baltic countries,
Sanoma Trade's expansion and development efforts will also focus on
the emerging economies of Russia and Central Eastern Europe. Sanoma
Trade's goal is to achieve a strong position in these countries and
participate actively in the development of the local newspaper and
magazine markets.
In 2009, Sanoma Trade's net sales and operating profit excluding
non-recurring items are expected to be at the previous year's level.
Dividend
On 31 December 2008, Sanoma Corporation's distributable funds were
EUR 656.9 million, of which profit for the year made up EUR 187.2
million.
The Board of Directors proposes to the Annual General Meeting that:
- A dividend of EUR 0.90 per share, or in total an estimated EUR
146.8 million, shall be paid
- A sum of EUR 0.5 million shall be transferred to the donation
reserve and used at the Board's discretion
- The amount left in equity shall be EUR 509.6 million
In accordance with the Annual General Meeting's decision, Sanoma paid
out a per-share dividend of EUR 1.00 for 2007. Sanoma conducts an
active dividend policy and primarily distributes over half of the
Group result after taxes in dividends.
AGM, Financial Statements and Annual Report
Sanoma Corporation AGM will be held on 1 April 2009 in Helsinki,
Finland. Sanoma's Annual Report, Financial Statements and Board of
Directors' Report for 2008 will be published in digital format during
week 11 (the week beginning 9 March) and as a hard copy during week
12 (the week beginning 16 March).
Shares and holdings
Trading in Sanoma shares was active in 2008. The number of Sanoma
shares traded totalled 100,271,123 (92,576,174). Traded shares
accounted for 62% (56%) of the average number of shares for the year.
Sanoma's total stock exchange turnover was EUR 1,500.2 (2,014.5)
million.
In 2008, the volume-weighted average price of a Sanoma share was EUR
14.84, with a low of EUR 8.31 and a high of EUR 19.87. At the end of
the year, Sanoma's market capitalisation excluding treasury shares
held by the Company was EUR 1,479.7 (3,196.2) million and the closing
price of the share was EUR 9.21 (19.63). On 31 December 2008, the
Company had 18,753 shareholders, with foreign holdings accounting for
10.9% (11.4%) of all shares and votes. There were no major changes in
share ownership during the review period and Sanoma did not issue any
flagging announcements.
Sanoma began repurchasing its shares on 10 August 2007 under the 2007
AGM authorisation. On 1 April 2008, the AGM issued a new
authorisation to repurchase the Company's own shares and the share
buybacks under this authorisation started on 12 June 2008. In 2008,
Sanoma repurchased, under these authorisations, a total of 2,984,097
of the Company's own shares.
At the end of 2008, the Company held a total of 2,425,000 Sanoma
shares, representing 1.49% of the Company's shares and votes. The
shares held by Sanoma have no accountable par; however, the
calculated par value of the treasury shares held by the Company was
EUR 1,059,552.10. After the review period, on 10 February 2009,
Sanoma's Board of Directors decided to cancel all treasury shares
held by the Company. The cancellation will not affect the Company's
share capital. It will be entered into the Trade Register on or about
19 February 2009. After the cancellation and under the current AGM
authorisation, Sanoma retains the authority to acquire a further
7,620,000 of its own shares.
Under the review period, Sanoma's share capital was increased by EUR
137,146.26. The share capital increases were related to the exercise
of stock options into shares. A total of 292,462 shares were
subscribed with 2001A stock options and 26,320 with 2001B stock
options. In February, Sanoma cancelled all treasury shares held by
the Company at that time. In addition, stock options have been
exercised to subscribe for 508,077 new shares without increasing the
share capital. At the end of the year Sanoma's registered share
capital was EUR 71,258,986.82 and the number of shares was
163,090,651.
Personnel
In 2008, the average number of persons employed by the Sanoma Group
was 21,329 (2007: 19,587; 2006: 18,434). In full-time equivalents,
the number of Group employees averaged 18,168 (2007: 16,701; 2006:
15,732). Sanoma Magazines had an average of 6,280 (5,623) employees,
Sanoma News 2,808 (2,716), Sanoma Entertainment 526 (501), Sanoma
Learning & Literature 3,221 (2,769) and Sanoma Trade 8,396 (7,886).
The average number of employees in the Parent Company was 99 (92).
The number of employees increased, for example, as a result of
acquisitions and investments in new businesses.
The total payroll and benefits paid to Sanoma employees in 2008,
including the expense recognition of options granted, amounted to EUR
575.5 million (2007: 533.0; 2006: 482.9).
Due to the rapidly declining general economic situation, Sanoma News
initiated a rationalisation programme in January 2009. In addition to
a variety of cost-saving measures, the Division expects to reduce its
workforce by 100-200 employees through voluntary severance packages.
Negotiations involving smaller staff reductions have also been
initiated in other parts of the Group.
Board of Directors, auditors and management
The AGM of 1 April 2008 confirmed the number of Sanoma's Board
members at ten. Board members Robert Castrén, Jane Erkko and Paavo
Hohti were re-elected, and Rafaela Seppälä was elected as a new
member to the Board. The Board of Directors of Sanoma consists of:
Jaakko Rauramo, Chairman; Sari Baldauf, Vice Chairman; and Robert
Castrén, Jane Erkko, Paavo Hohti, Sirkka Hämäläinen-Lindfors, Seppo
Kievari, Rafaela Seppälä, Hannu Syrjänen and Sakari Tamminen as
members.
The AGM re-appointed Pekka Pajamo, APA, and Sixten Nyman, APA, as his
deputy, and chartered accountants KPMG Oy Ab, with Kai Salli, APA,
acting as the Auditor in Charge, as the auditors of the Company.
During the year Sanoma experienced many changes in senior management.
On 1 January 2009, the Executive Management Group (EMG) comprised
Hannu Syrjänen (Chairman), Eija Ailasmaa, Jacques Eijkens, Kim
Ignatius, Timo Mänty, Anu Nissinen and Mikael Pentikäinen. Anu
Nissinen was appointed President of Sanoma Entertainment and member
of the EMG on 25 February 2008, following the retirement of Tapio
Kallioja. Kim Ignatius started as the Sanoma Group CFO and member of
the EMG on 1 August 2008 following the retirement of Matti Salmi,
Senior Vice President, Finance and Administration. Erkki Järvinen,
President and CEO of Sanoma Trade, announced on 24 October 2008 he
would be pursuing other interests. Timo Mänty was appointed to his
position as of 1 January 2009.
In addition to the new CFO, the following people joined Sanoma's
Corporate Centre Management Group (CCMG) during the year: Chief Human
Resources Officer Ben Tiesnitsch as of 1 June 2008, Chief Legal
Officer, Group Legal Affairs, Merja Karhapää as of 1 August 2008, and
Chief Strategy Officer (CSO) Sven Heistermann as of 4 August 2008,
following the retirement of Senior Vice President, Group Legal
Affairs and M&A Kerstin Rinne.
Board authorisations
The AGM held on 1 April 2008 authorised the Board of Sanoma to decide
on the repurchase of the Company's own shares, valid until the AGM of
2009.
A maximum of 8,285,000 shares may be repurchased, corresponding to
5.1% of the Company's shares and voting rights at the end of March.
These treasury shares will not be repurchased in proportion to the
shareholdings of the existing shareholders. They will be repurchased
with the Company's unrestricted equity at the market price at the
time of acquisition on NASDAQ OMX Helsinki. However, the minimum
purchase price of a share is the lowest market price in public
trading and the maximum purchase price is the highest price quoted in
public trading during the authorisation period. The Board decided on
1 April 2008 to deploy the authorisation and the repurchases of own
shares commenced on 12 June 2008.
In addition, the Board has a valid authorisation to increase the
share capital. According to the authorisation issued by the AGM on 4
April 2007, the Board may decide, until the AGM of 2010, on the issue
of new shares, the transfer of treasury shares and the granting of
special rights entitling to shares. The authorisation does not
exclude the right of the Board of Directors to decide on a directed
share issue. With this authorisation, and as a result of the use of
special rights, the Board is authorised to decide on the issuance of
a maximum of 82,000,000 new shares and the transfer of a maximum of
5,000,000 treasury shares. In a directed share issue, a maximum of
41,000,000 shares may be issued or transferred. With this
authorisation, the Board is authorised to issue a maximum of
5,000,000 stock options as part of an incentive programme within the
Company. Under the authorisation, the Board decided on 19 December
2008 on the issuance of Stock Option Scheme 2008.
During the review period, the authorisation by the AGM of 4 April
2007 for repurchasing own shares was in force. The authorisation
allowed repurchasing a maximum of 8,200,000 Company shares. These
shares were not to be repurchased in relation to the holdings of
existing shareholders. They were repurchased with the Company's
unrestricted equity at the market price at the moment of repurchasing
- however, in such a way that the minimum purchase price of a share
was the lowest market price in public trading and the maximum
purchase price was the highest price noted in public trading during
the authorisation period. The share repurchases commenced on 10
August 2007, and the authorisation remained valid until 1 April 2008.
Other resolutions by the AGM
The AGM decided to amend Article 1 (the Company's business name and
domicile) of Sanoma's Articles of Association as proposed by the
Board. The Company's new business name is Sanoma Oyj in Finnish,
Sanoma Abp in Swedish, and Sanoma Corporation in English. The
Company's registered office continues to be in Helsinki. The new name
was adopted on 1 October 2008.
At the same time, the names of divisions were harmonised. The Group
now consists of the following divisions and reporting segments:
Sanoma Magazines, Sanoma News (formerly Sanoma), Sanoma Entertainment
(formerly SWelcom), Sanoma Learning & Literature (formerly SanomaWSOY
Education and Books) and Sanoma Trade (formerly Rautakirja).
Seasonal fluctuation
The net sales and result of Sanoma Magazines, Sanoma News and Sanoma
Entertainment are particularly affected by the development of
advertising. Advertising sales are influenced, for example, by the
number of newspaper and magazine issues published during each
quarter, which varies annually. Television advertising in Finland is
usually strongest in the second and fourth quarters. The exact date
of Easter has an impact on the net sales accumulated from newspapers
and distribution when comparing quarters in these businesses on a
year-to-year basis.
Educational publishing accrues most of its net sales and results
during the second and third quarters.
A major portion of the net sales and results in retail are, on the
other hand, generated in the last quarter, particularly from
Christmas sales. Of course, the number of shopping days and, for
example, the distribution of holidays over different quarters also
impact the net retail sales between quarters.
Seasonal business fluctuations influence the Group's net sales and
operating profit, with the first quarter traditionally being clearly
the smallest.
Significant risks and uncertainty factors
Management of business risks and the opportunities associated with
them is included in the daily responsibilities of Sanoma's
management. The management takes calculated risks in order to ensure
that the Company develops its business as successfully as possible.
The most significant risks and uncertainty factors Sanoma is facing
are described in the Financial Statements, together with the main
principles of risk management. The most significant uncertainty
factors of the current year are related to the growth of media
advertising and consumer spending, as well as the development of
currency exchange rates. Due to the general economic uncertainty,
reliable estimates on, for example, the development of media
advertising in the Group's various markets are not available. Sanoma
expects media advertising to decrease in 2009. The rapid decline of
media advertising and consumer confidence can affect the Group
result.
Sanoma's stable business, strong balance sheet and current loan
agreements ensure the Group's financial position, if the uncertainty
in the financial markets continues.
Helsinki
Board of Directors
Sanoma Corporation
Accounting policies
The Sanoma Group has prepared its Interim Report in accordance with
IAS 34 'Interim Financial Reporting' while adhering to related
standards and interpretations applicable within the EU on 1 January
2008. The accounting policies of the Interim Report and the
definitions of key indicators are presented on the Sanoma website at
www.sanoma.com. The full-year figures included in this Year-End
Statement have been audited.
GROUP FINANCIAL STATEMENTS (AUDITED)
CONSOLIDATED INCOME STATEMENT 1-12/ 1-12/ Change
EUR million 2008 2007 %
NET SALES 3,030.1 2,926.3 3.5
Other operating income 97.1 95.2 1.9
Materials and services 1,367.4 1,308.9 4.5
Personnel expenses 702.8 646.5 8.7
Other operating expenses 588.8 572.7 2.8
Depreciation and impairment losses 231.9 149.7 54.9
OPERATING PROFIT 236.3 343.8 -31.2
Share in result of associated 4.9 12.4 -60.1
companies
Financial income 18.9 9.2 105.1
Financial expenses 69.9 44.9 55.7
RESULT BEFORE TAXES 190.3 320.4 -40.6
Income taxes -69.4 -74.4 -6.6
RESULT FOR THE PERIOD 120.8 246.1 -50.9
Attributable to:
Equity holders of the Parent 115.7 242.8 -52.3
Company
Minority interest 5.1 3.2 57.2
Earnings per share for result attributable to the equity holders of
the Parent Company
Earnings per share, EUR 0.72 1.47 -51.2
Diluted earnings per share, EUR 0.72 1.46 -50.9
CONSOLIDATED BALANCE SHEET
EUR million 31.12.2008 31.12.2007 Change %
ASSETS
NON-CURRENT ASSETS
Tangible assets 510.4 498.7 2.3
Investment property 10.2 9.5 7.1
Goodwill 1,491.6 1,432.8 4.1
Other intangible assets 379.7 379.6 0.0
Interest in associated companies 69.9 75.2 -7.0
Available-for-sale financial assets 20.6 15.9 29.4
Deferred tax receivables 36.6 42.4 -13.6
Trade and other receivables 41.0 37.9 8.0
NON-CURRENT ASSETS, TOTAL 2,560.0 2,492.1 2.7
CURRENT ASSETS
Inventories 173.2 170.7 1.5
Income tax receivables 24.9 25.9 -3.9
Trade and other receivables 409.1 415.4 -1.5
Available-for-sale financial assets 0.5 0.1
Cash and cash equivalents 110.9 88.1 25.9
CURRENT ASSETS, TOTAL 718.7 700.2 2.6
ASSETS, TOTAL 3,278.7 3,192.3 2.7
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the equity holders of the Parent Company
Share capital 71.3 71.3 0.0
Premium fund 0.0 187.6 -100.0
Treasury shares -37.5 -51.6 -27.2
Fund for invested unrestricted equity 192.7 0.0
Other reserves 0.0 0.1 -100.0
Translation differences -25.2 11.4
Retained earnings 1,018.9 1,127.1 -9.6
1,220.1 1,345.9 -9.3
Minority interest 17.0 18.3 -7.4
EQUITY, TOTAL 1,237.1 1,364.2 -9.3
NON-CURRENT LIABILITIES
Deferred tax liabilities 106.2 103.9 2.2
Pension obligations 37.9 45.2 -16.1
Provisions 6.0 8.8 -32.0
Interest-bearing liabilities 449.0 328.1 36.9
Trade and other payables 34.6 28.3 22.5
CURRENT LIABILITIES
Provisions 10.9 7.8 38.8
Interest-bearing liabilities 633.6 553.4 14.5
Income tax liabilities 11.7 8.4 39.2
Trade and other payables 751.7 744.3 1.0
LIABILITIES, TOTAL 2,041.6 1,828.1 11.7
EQUITY AND LIABILITIES, TOTAL 3,278.7 3,192.3 2.7
CHANGES IN CONSOLIDATED EQUITY
EUR million
Equity attributable to the equity holders
of the Parent Company
Fund
for
invest Trans
ed la Mi
unres Ot tion nor
Sha Treas trict her dif Retain ity
re Pre sury ed re fer ed int
capi mium Sha equ serv ren earn er Equity,
tal fund res ity es ces ings est total
Equity at
1 Jan 2007 70.9 181.0 6.9 17.6 1,029.3 17.0 1,322.7
Change in
translation
differences -6.2 0.3 -5.9
Other items -0.7 -0.7
Items
recognised
directly in
equity, total -6.2 -0.7 0.3 -6.6
Result for
the period 242.8 3.2 246.1
Total
recognised
income and
expenses -6.2 242.1 3.5 239.4
Unregistered
usage of
share options 0.1 2.4 2.6
Conversion of
capital notes 0.0 1.7 1.7
Acquisition
of treasury
shares -51.6 -51.6
Use of share
options 0.1 2.5 2.6
Expense
recognition
of options
granted 5.5 5.5
Dividends
paid -156.7 -2.1 -158.8
Change in
minority
interests 0.0 0.0
Other changes -6.9 6.9
Equity at 31
Dec 2007 71.3 187.6 -51.6 0.1 11.4 1,127.1 18.3 1,364.2
Equity at
1 Jan 2008 71.3 187.6 -51.6 0.1 11.4 1,127.1 18.3 1,364.2
Change in
translation
differences -36.6 -0.9 -37.5
Other items -1.7 -1.7
Items
recognised
directly in
equity, total -36.6 -1.7 -0.9 -39.1
Result for
the period 115.7 5.1 120.8
Total
recognised
income and
expenses -36.6 114.1 4.2 81.7
Unregis-tered
usage of
share options -2.4 -2.4
Acquisition
of treasury
shares -47.6 -47.6
Acquisition
of treasury
shares 61.6 -61.6
Use of share
options 0.0 2.4 5.1 7.5
Expense
recognition
of options
granted 5.0 5.0
Dividends
paid -160.8 -3.5 -164.3
Change in
minority
interests -3.1 -2.1 -5.2
Donations -1.7 -1.7
Transfer of
premium fund -187.6 187.6
Other changes -0.1 0.1
Equity at 31
Dec 2008 71.3 -37.5 192.7 -25.2 1,018.9 17.0 1,237.1
CONSOLIDATED CASH FLOW STATEMENT 1-12/ 1-12/ Change
EUR million 2008 2007 %
OPERATIONS
Result for the period 120.8 246.1 -50.9
Adjustments
Income taxes 69.4 74.4 -6.6
Financial expenses 69.9 44.9 55.7
Financial income -18.9 -9.2 105.1
Share in result of associated companies -4.9 -12.4 -60.1
Depreciation and impairment losses 231.9 149.7 54.9
Profit on sales of non-current assets -34.2 -41.3 -17.0
Other adjustments -40.1 -44.6 -10.1
Change in working capital
Change in trade and other receivables -18.5 -38.6 -52.1
Change in inventories -0.5 -19.0 -97.5
Change in trade and other payables, and 3.6 11.9 -69.9
provisions
Interest paid -53.4 -38.2 39.8
Other financial items -4.5 -1.8 144.3
Taxes paid -70.2 -93.8 -25.1
CASH FLOW FROM OPERATIONS 250.3 227.9 9.8
INVESTMENTS
Acquisition of tangible and intangible assets -113.3 -88.6 27.8
Operations acquired -157.0 -49.1
Associated companies acquired -0.2 -0.6 -65.6
Acquisition of other holdings -5.1 -0.1
Sales of tangible and intangible assets 12.7 23.8 -46.5
Operations sold 46.0 83.7 -45.1
Associated companies sold 0.7 0.3 120.0
Sales of other companies 2.5 0.9
Loans granted -19.8 -4.4
Repayments of loan receivables 8.8 3.9 129.4
Sales of short-term investments 0.5 0.0
Interest received 7.4 5.5 33.9
Dividends received 7.5 7.6 -0.1
CASH FLOW FROM INVESTMENTS -209.3 -17.2
CASH FLOW BEFORE FINANCING 41.1 210.7 -80.5
FINANCING
Proceeds from share subscriptions 5.1 5.2 -2.3
Minority capital investment/repayment of equity 1.0 -0.1
Purchase of treasury shares -48.2 -51.0 -5.6
Change in loans with short maturity -53.8 101.5
Drawings of other loans 525.1 295.5 77.7
Repayments of other loans -264.6 -403.1 -34.4
Payment of finance lease liabilities -2.8 -2.5 15.9
Dividends paid -164.3 -158.8 3.5
Donations/other profit sharing -0.5 -0.4 10.4
CASH FLOW FROM FINANCING -3.1 -213.7 -98.6
CHANGE IN CASH AND CASH EQUIVALENTS ACCORDING TO CASH 38.0 -3.0
FLOW STATEMENT
Effect of exchange rate differences on cash and cash 0.1 -1.7
equivalents
NET CHANGE IN CASH AND CASH EQUIVALENTS ACCORDING TO 38.1 -4.7
CASH FLOW STATEMENT
Cash and cash equivalents at 1 Jan 72.4 77.1 -6.1
Cash and cash equivalents at 31 Dec 110.5 72.4 52.6
Cash and cash equivalents in cash flow statement include cash and
cash equivalents less bank overdrafts.
NET SALES BY 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/ 7-9/ 10-12/
BUSINESS
EUR million 2008 2008 2008 2008 2007 2007 2007 2007
SANOMA MAGAZINES
Sanoma Magazines 111.7 135.2 124.8 143.9 119.8 136.6 129.2 154.2
Netherlands
Sanoma Magazines 70.1 76.8 77.4 82.4 65.8 68.5 66.0 83.2
International
Sanoma Magazines 54.2 55.5 53.7 59.8 52.5 55.8 48.1 60.1
Belgium
Sanoma Magazines 50.7 51.9 49.1 53.9 50.1 48.6 48.1 56.0
Finland
Eliminations -1.3 -0.9 -1.0 -1.1 -1.2 -1.2 -1.0 -1.2
TOTAL 285.5 318.5 304.0 338.9 287.1 308.2 290.4 352.4
SANOMA NEWS
Helsingin Sanomat 74.1 71.2 65.6 68.6 72.3 68.0 66.2 72.4
Ilta-Sanomat 22.5 24.1 22.5 21.9 23.6 24.6 22.9 23.6
Other publishing 22.4 23.3 22.1 24.6 24.3 24.7 22.6 25.9
Other businesses 38.5 38.1 37.1 38.9 38.5 38.0 37.0 39.1
Eliminations -36.6 -35.6 -33.7 -34.8 -36.4 -35.5 -34.8 -36.4
TOTAL 120.8 121.1 113.5 119.2 122.4 119.8 114.0 124.6
SANOMA
ENTERTAINMENT
TV and radio 22.6 24.5 18.0 23.8 20.1 20.3 16.3 26.5
Other businesses 18.0 16.7 16.8 17.9 15.4 15.3 16.7 16.2
Eliminations -0.1 -0.3 -0.1 -0.6 -0.3 -0.2 -0.2 -0.2
TOTAL 40.5 40.9 34.7 41.0 35.2 35.4 32.8 42.5
SANOMA LEARNING &
LITERATURE
Educational 24.6 83.9 102.9 48.1 20.0 78.5 68.7 30.6
publishing
Publishing 27.5 20.8 22.6 33.3 26.3 20.8 20.7 29.6
Other businesses 12.0 11.3 14.1 12.3 12.0 11.0 14.2 14.0
Eliminations -5.7 -5.5 -6.4 -5.7 -6.0 -5.4 -6.5 -5.7
TOTAL 58.3 110.5 133.2 88.0 52.2 104.8 97.0 68.5
SANOMA TRADE
Kiosk operations 94.6 102.5 103.8 108.6 86.9 99.3 95.5 103.8
Press distribution 58.2 60.2 61.8 61.3 56.2 61.0 61.8 66.5
Bookstores 31.0 24.0 36.9 47.3 29.6 23.1 37.7 50.0
Movie operations 24.4 19.4 23.8 26.7 19.5 18.8 21.8 25.5
Other businesses 0.0 0.0 0.0 0.0 4.0 3.2 2.1 1.1
Eliminations -5.5 -3.0 -4.8 -4.5 -3.9 -4.0 -4.3 -5.8
TOTAL 202.7 203.2 221.4 239.3 192.4 201.3 214.5 241.1
Other companies and -24.8 -24.4 -28.2 -27.9 -25.6 -25.1 -30.1 -29.4
eliminations
TOTAL 683.1 769.8 778.6 798.7 663.7 744.4 718.6 799.6
NET SALES BY BUSINESS 1-12/ 1-12/
EUR million 2008 2007
SANOMA MAGAZINES
Sanoma Magazines Netherlands 515.7 539.8
Sanoma Magazines International 306.7 283.4
Sanoma Magazines Belgium 223.2 216.6
Sanoma Magazines Finland 205.6 202.8
Eliminations -4.3 -4.6
TOTAL 1,246.8 1,238.1
SANOMA NEWS
Helsingin Sanomat 279.5 278.9
Ilta-Sanomat 91.0 94.8
Other publishing 92.4 97.5
Other businesses 152.5 152.6
Eliminations -140.7 -143.0
TOTAL 474.7 480.8
SANOMA ENTERTAINMENT
TV and radio 88.9 83.2
Other businesses 69.4 63.6
Eliminations -1.1 -0.8
TOTAL 157.1 146.0
SANOMA LEARNING & LITERATURE
Educational publishing 259.4 197.7
Publishing 104.2 97.3
Other businesses 49.8 51.1
Eliminations -23.3 -23.7
TOTAL 390.0 322.5
SANOMA TRADE
Kiosk operations 409.4 385.5
Press distribution 241.5 245.5
Bookstores 139.2 140.3
Movie operations 94.3 85.5
Other businesses 0.0 10.4
Eliminations -17.8 -18.0
TOTAL 866.6 849.3
Other companies and eliminations -105.2 -110.3
TOTAL 3,030.1 2,926.3
OPERATING PROFT BY DIVISION
EUR million 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/ 7-9/ 10-12/
2008 2008 2008 2008 2007 2007 2007 2007
Magazines 48.2 46.6 31.6 -40.6 32.1 61.3 30.4 37.2
News 17.9 14.7 15.2 9.4 19.6 17.3 17.2 13.6
Entertainment 4.0 6.3 2.8 4.1 2.9 4.0 3.5 5.4
Learning &
Literature -4.3 26.4 36.3 -12.7 -6.5 29.8 27.9 -6.6
Trade 9.9 7.4 13.0 14.7 9.0 10.6 13.0 23.1
Other companies
and eliminations -3.0 -2.9 -5.0 -3.7 -3.1 10.1 -3.4 -4.3
TOTAL 72.7 98.5 94.0 -28.8 54.0 133.0 88.5 68.3
OPERATING PROFIT BY DIVISION
EUR million 1-12/ 1-12/
2008 2007
Sanoma Magazines 85.7 160.9
Sanoma News 57.3 67.6
Sanoma Entertainment 17.3 15.8
Sanoma Learning & Literature 45.6 44.5
Sanoma Trade 45.1 55.6
Other companies and eliminations -14.6 -0.7
TOTAL 236.3 343.8
CHANGES IN PROPERTY, PLANT AND EQUIPMENT
EUR million 31.12.2008 31.12.2007 Change %
Carrying amount at 1 Jan 498.7 572.3 -12.9
Increases 81.2 63.4 28.1
Acquisition of operations 7.3 1.2
Decreases -7.0 -4.3 63.0
Disposals of operations -0.2 -66.9 -99.7
Depreciation for the period -66.4 -65.7 1.0
Impairment losses for the period -0.7 -0.3
Exchange rate differences and other -2.6 -1.1
changes
Carrying amount at 31 Dec 510.4 498.7 2.3
In the end of financial period commitments for acquisitions of
tangible assets were EUR 0.0 million (2007: EUR 3.1 million).
EFFECT OF ACQUISITIONS TO THE CONSOLIDATED BALANCE SHEET
EUR million 1-12/2008 1-12/2008
Nowa Era Other
Acquisition costs 62.5 128.2
Fair value of acquired net assets 7.8 39.4
Goodwill 54.6 88.8
CONTINGENT LIABILITIES
EUR million 31.12.2008 31.12.2007 Change %
Contingencies for own commitments
Mortgages 23.7 20.2 17.3
Pledges 6.0 5.8 3.4
Other items 0.4 0.4 -3.8
TOTAL 30.1 26.4 13.9
Contingencies incurred on behalf of
associated companies
Guarantees 10.5 7.9 32.4
TOTAL 10.5 7.9 32.4
Contingencies incurred on behalf of
other companies
Guarantees 0.2 0.1 29.0
TOTAL 0.2 0.1 29.0
Contingencies incurred on behalf of
other companies
Operating lease liabilities 263.8 275.8 -4.4
Royalties 23.6 27.2 -13.4
Other items 38.1 42.9 -11.2
TOTAL 325.5 345.9 -5.9
TOTAL 366.2 380.4 -3.7
Derivative contracts are recorded to balance sheet. The Sanoma Group
had no derivative contracts during the financial year or previous
year.
CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR million 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/ 7-9/ 10-12/
2008 2008 2008 2008 2007 2007 2007 2007
NET SALES 683.1 769.8 778.6 798.7 663.7 744.4 718.6 799.6
Other operating 38.1 17.7 14.8 26.5 13.3 49.0 12.4 20.6
income
Materials and 309.4 333.4 352.0 372.6 294.9 327.1 323.3 363.5
services
Personnel expenses 172.2 177.5 167.8 185.2 158.4 162.2 151.8 174.2
Other operating 131.1 141.5 141.9 174.3 135.0 133.9 130.3 173.5
expenses
Depreciation and 35.8 36.6 37.7 121.9 34.6 37.3 37.1 40.7
impairment losses
OPERATING PROFIT 72.7 98.5 94.0 -28.8 54.0 133.0 88.5 68.3
Share in result of
associated 3.0 1.6 0.4 -0.1 1.8 2.7 2.0 5.9
companies
Financial income 3.5 3.1 6.1 6.2 4.8 -0.2 2.5 2.1
Financial expenses 12.7 14.5 15.3 27.4 11.9 9.4 11.2 12.4
RESULT BEFORE TAXES 66.5 88.7 85.2 -50.1 48.6 126.1 81.9 63.8
Income taxes -12.2 -23.4 -24.1 -9.8 -13.7 -30.6 -20.3 -9.7
RESULT FOR
THE PERIOD 54.4 65.3 61.1 -59.9 34.9 95.5 61.5 54.1
Attributable to:
Equity holders of
the
Parent Company 54.5 64.4 59.0 -62.2 35.5 95.8 59.7 51.8
Minority interest -0.2 0.9 2.1 2.3 -0.6 -0.3 1.8 2.3
CONSOLIDATED INCOME STATEMENT BY QUARTER
EUR million 1-12/ 1-12/
2008 2007
NET SALES 3,030.1 2,926.3
Other operating income 97.1 95.2
Materials and services 1,367.4 1,308.9
Personnel expenses 702.8 646.5
Other operating expenses 588.8 572.7
Depreciation and impairment losses 231.9 149.7
OPERATING PROFIT 236.3 343.8
Share in result of associated companies 4.9 12.4
Financial income 18.9 9.2
Financial expenses 69.9 44.9
RESULT BEFORE TAXES 190.3 320.4
Income taxes -69.4 -74.4
RESULT FOR THE PERIOD 120.8 246.1
Attributable to:
Equity holders of the Parent Company 115.7 242.8
Minority interest 5.1 3.2
Press Conference at Sanomatalo
Press and analyst meeting in Finnish will be held today at 1:30 pm
(Finnish time) at Sanomatalo, Töölönlahdenkatu 2, Helsinki. Mr Hannu
Syrjänen, President and CEO of Sanoma, will present the Group result
for FY08. The event can also be viewed through live webcast at
www.sanoma.com or later as on demand.
A conference call in English with Mr Hannu Syrjänen, President and
CEO of Sanoma, for analysts and investors will be arranged at 4:30 pm
(Finnish time). To join the conference, please dial +44 (0)20 3003
2666 (Europe) or +1 866 966 5335 (United States). You can also listen
to the audio webcast of the event at www.sanoma.com either live or
later as on demand.
The presentation material of the press and analyst meeting as well as
the slides used in the conference call will be available on Sanoma's
website after the press and analyst meeting has started.
Next financial report
Sanoma will publish its Interim Report for January-March 2009 on
Thursday, 7 May 2009 at approximately 11 am (Finnish time).
Sanoma Corporation
Kim Ignatius
Chief Financial Officer
Additional information: Sanoma's Group Communications, tel +358 105
19 5062 or communications@sanoma.com
www.sanoma.com
Sanoma inspires, informs and connects. We bring information,
experiences, education and entertainment to millions of people every
day. We make sure that quality content and interesting products and
services are easily available and meet the demands of our readers,
viewers and listeners. We offer challenging and interesting
employment for over 21,000 people in 20 countries throughout Europe.
In 2008, the Group's net sales totalled EUR 3.0 billion.
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