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2009-04-15 08:45:00 CEST 2009-04-15 08:45:15 CEST REGULATED INFORMATION Talentum Oyj - Company AnnouncementTALENTUM'S WHOLE YEAR RESULT WEAKER THAN EXPECTED - GROUP INITIATES NEGOTIATIONS WITH PERSONNEL REPRESENTATIVES AND AIMS AT ADDITIONAL COST SAVINGSTALENTUM OYJ STOCK EXCHANGE RELEASE APRIL 15, 2009 AT 9.45 AM TALENTUM'S WHOLE YEAR RESULT WEAKER THAN EXPECTED - GROUP INITIATES NEGOTIATIONS WITH PERSONNEL REPRESENTATIVES AND AIMS AT ADDITIONAL COST SAVINGS The decline in media advertising and recruitment advertising has been stronger than anticipated in both Finland and Sweden. As a consequence of this Talentum's first quarter net sales is estimated to decrease by over 25 percent in comparison to previous year and the operating profit is estimated to be slightly negative. If the economic situation and advertising market situation are at the early year levels, Talentum estimates, that the net sales for the whole year will be a quarter lower than the level of the previous year and that operating profit before extraordinary items, will be only slightly positive. The operating profit after extraordinary items is expected to be negative. Earlier, Talentum had estimated in the financial statement release, that both net sales and operating profit for the whole year will be clearly lower than the level of the previous year. To adjust operations and costs to the changing market situation, Talentum will start negotiations with personnel representatives. The scope of the negotiations includes the staff of the Finnish and Swedish publishing operations and the holding company Talentum Oyj (plc). In these negotiations with personnel representatives Group is aiming at annual cost savings corresponding to 50 full time equivalents. The cost savings are estimated to actualize both with reduction of personnel and with other activities. Implementation of savings will be further defined during the negotiations. The Group is aiming at annual cost savings of about 3.5 million with these measures. The final cost savings and extraordinary expenses arising from the procedures will be informed separately as soon as the negotiations are finalized approximately early June. Talentum has reported earlier about cost saving measures amounting to about 3 million. TALENTUM OYJ Juha Blomster CEO Further information: CEO Juha Blomster, telephone 040 342 4444 CFO Kaisa Kokkonen, telephone 040 342 4212 Distribution: NASDAQ OMX Helsinki Primary media |
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