2016-02-09 07:30:03 CET
2016-02-09 07:30:03 CET
REGLAMENTUOJAMA INFORMACIJA
Sanoma Oyj - Financial Statement Release
Sanoma’s 2015 Full-Year Result: Exceeding Modest Expectations
Good fourth quarter in an overall difficult year
Sanoma Corporation, Stock Exchange Release, 9 February 2016 at 8:30 CET+1
Fourth quarter
-- Net sales amounted to EUR 408.8 million (2014: 452.5).
-- Adjusted for changes in the Group structure, Sanoma’s net sales decreased
by 3.0%.
-- Operating profit excluding non-recurring items was EUR -8.9 million (2014:
-5.6).
-- Non-recurring items included in the operating profit amounted to EUR -123.0
million (2014: -103.5), mainly related to impairment of goodwill and
intangible assets and restructuring expenses. In the fourth quarter of 2014
the non-recurring items were mainly related to goodwill impairments,
realisation of FX loss (Russia) as well as restructuring expenses.
-- Earnings per share were EUR -0.70 (2014: -0.65).
-- Earnings per share excluding non-recurring items were EUR -0.09 (2014:
-0.05).
-- Cash flow from operations was EUR 67.9 million (2014: 50.2).
2015
-- Net sales amounted to EUR 1,716.6 million (2014: 1,901.6).
-- Adjusted for changes in the Group structure, Sanoma’s net sales decreased
by 3.4%.
-- Operating profit excluding non-recurring items was EUR 83.2 million (2014:
118.8).
-- Non-recurring items included in the operating profit amounted to EUR -206.9
million (2014: 15.0), mainly related to impairments of goodwill and other
intangible assets as well as restructuring expenses. In 2014, non-recurring
items were mainly related to capital gains, impairment of goodwill and
other intangible assets, realisation of FX loss (Russia) and restructuring
expenses.
-- Earnings per share were EUR -0.91 (2014: 0.32).
-- Earnings per share excluding non-recurring items were EUR 0.13 (2014:
0.33).
-- Cash flow from operations was EUR 25.2 million (2014: 73.7).
-- The Board of Directors proposes a dividend of EUR 0.10 per share (2014:
0.20).
Outlook
In 2016, Sanoma expects that the Group’s consolidated net sales development
adjusted for structural changes will be in line with last year or improve
(2015: -3.4%). The Operational EBIT* margin is estimated to be over 7%.
*Due to upcoming changes in regulation by the European Securities and Market
Authority, Sanoma has decided to replace operating profit excluding
non-recurring items by Operational EBIT. The changes will be effective from the
beginning of 2016.
Key indicators (based on reported figures, not adjusted for structural changes
10–12/ 10–12/ Change 1–12/ 1–12/ Change
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EUR million 2015 2014 % 2015 2014 %
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Net sales 408.8 452.5 -9.6 1,716.6 1,901.6 -9.7
Operating profit excluding -8.9 -5.6 83.2 118.8 -29.9
non-recurring items
% of net sales -2.2 -1.2 4.8 6.2
Operating profit -131.8 -109.2 -123.6 133.8
Result for the period -131.7 -104.1 -158.0 61.6
Capital expenditure * 11.5 18.7 -38.3 54.7 50.7 8.0
% of net sales 2.8 4,1 3.2 2.7
Return on equity (ROE), % ** -13.6 4.9
Return on investment (ROI), % -5.3 6.5
**
Equity ratio, % 39.5 42.2
Net gearing, % 77.8 66.7
Number of employees at the end of the period (FTE) 6 116 7,583 -19.3
Average number of employees 6 776 8,259 -18.0
(FTE)
Earnings/share, EUR -0.70 -0.65 -0.91 0.32
Cash flow from 0.42 0.31 35.6 0.16 0.45 -65.8
operations/share, EUR
Equity/share, EUR 4.59 5.54 -17.2
Dividend/share, EUR *** 0.10 0.20 -50.0
Market capitalisation 633.7 748.9 -15.4
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* Including finance leases.
** Rolling 12-month period.
*** Dividend for 2015 is a proposal by the Board of Directors
Organic Growth, %
10–12/2015 vs. 1–12/2015 vs. 1–12/2014 vs.
10–12/2014 1–12/2014 1–12/2013
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Media BeNe 0.6 -1.4 -2.7
Media -2.9 -4.1 -5.3
Finland
Learning -24.2 -4.0 1.0
Other -31.1 -29.1 -14.2
Group -3.0 -3.4 -3.7
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Susan Duinhoven, President and CEO
“2015 was a challenging year for Sanoma, but as a result of the tough choices
made and a focus on innovating the ways we work, we managed to exceed the
modest expectations for the year. The divestment programme we commenced in 2013
was finalised and we experienced solid growth in new media sales, one of our
key success indicators.
In addition, we secured refinancing for a major part of our corporate debt. The
trust in Sanoma that this new financing signifies is something we take with us
while we continue to focus on serving our audiences with information,
entertainment and impactful learning tools.
Media BeNe is increasingly reaping the benefits of its cross-media domain
strategy. SBS TV operations’ revenues improved in 2015 supported by gains in
both the advertising- and viewing share. Overall organic net sales increased in
the fourth quarter, driven by TV and online and mobile sales. For the full year
net sales declined on account of divestments and closures of non-core
magazines. The profitability was negatively impacted by an additional
amortisation of around EUR 15 million on TV programming rights during the
fourth quarter. Changes in the competitive landscape and consumer habits led to
the slight devaluation, especially related to international fiction.
In Media Finland, advertising sales were at last year’s level on a
like-for-like during the fourth quarter despite the challenging advertising
market. Online and mobile sales continued on a solid growth path in 2015. Share
of new media sales improved, and now represent already 38% of Media Finland’s
total net sales. Profitability improved during the second half of 2015 due to
market share gains in advertising sales as well as cost savings. Divestments of
non-core operations had a visible impact in Media Finland’s net sales in 2015.
Net sales of Learning decreased by 4% in 2015 when adjusted for acquisitions
and divestments. During the fourth quarter of 2015, we decided to change the
amortisation period for Learning’s prepublication rights to be better aligned
with the general market practice. The change had a positive impact on
profitability in the fourth quarter, and will have a positive impact on 2016
figures as well. New legislation in Poland is expected to have a material
negative impact on the educational textbook market in the coming years,
however, this will be partly compensated for by new products and services as
well as cost savings across the segment.
As a result of the progress in our business development, we expect
profitability to improve in 2016.”
Full-Year Result 2015 webcast
The event for analysts and investors will be held today in English by President
and CEO Susan Duinhoven and CFO Kim Ignatius 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 by dialing
Finland: +358 (0)9 23101619 / US: +1 646 2543371 / UK: +44 (0)20 3364 5728 /
Netherlands: +31 (0)20 716 8251
Conference id: 4349280
Financial reporting 2016
- Interim Report January-March on 3 May 2016, approx. at 8:30
- Interim Report January-June on 27 July 2016, approx. at 8:30
- Interim Report January-September on 28 October 2016, approx. at 8:30.
Additional information
Sanoma's Investor Relations, Pekka Rouhiainen, tel. +358 40 7395897
Sanoma.com
Get the world. Sanoma helps people access and understand the world.
We believe in a world full of opportunities, feelings, reactions and
inspiration. A world that you can reach, influence, explore and share. We want
to make it yours.
Sanoma is a front running consumer media and learning company in Europe. In
Finland and the Netherlands we are the market leading media company with a
broad presence across multiple platforms. Our main markets in learning are
Belgium, Finland, the Netherlands, Poland and Sweden. In 2015, Sanoma’s net
sales totalled EUR 1.7 billion. Sanoma is listed on the Nasdaq Helsinki stock
exchange.
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