Outlook archive

Group outlook for 2015 (unchanged)
In 2015, Sanoma expects that the Group’s consolidated net sales growth adjusted for structural changes will be around the previous year’s development (2014: -3.7%). The operating profit margin excluding non-recurring items is estimated to be above 4% of net sales (2014: 6.2% of net sales).

Sanoma’s Interim Report 1 January – 30 September 2015: Profitability at last year's level in the third quarter

Group outlook for 2015 (unchanged from the revised outlook published on 16 July 2015)

In 2015, Sanoma expects that the Group’s consolidated net sales growth adjusted for structural changes will be around the previous year’s development (2014: -3.7%). The operating profit margin excluding non-recurring items is estimated to be above 4% of net sales (2014: 6.2% of net sales).

Sanoma’s Interim Report 1 January – 30 June 2015: Weak performance in Finland

Group outlook for 2015 and mid-term (2016) (revised, published on 16 July 2015)

In 2015, Sanoma expects that the Group’s consolidated net sales growth adjusted for structural changes will be around the previous year’s development (2014: -3.7%). The operating profit margin excluding non-recurring items is estimated to be above 4% of net sales (2014: 6.2% of net sales).

Mid-term outlook (revised)

The Finnish economy and advertising market have been depressed with no improvement expected in the immediate future. In addition, Sanoma Media Finland’s operating performance has been below expectations. Sanoma will not meet its outlook for 2015. As a result, Sanoma withdraws its mid-term (2016) outlook published in February 2014. Sanoma will provide a new outlook for 2016 in conjunction with the 2015 full-year results in February 2016.

Sanoma changes its outlook for 2015 and mid-term (2016)

Group outlook for 2015 (unchanged, published in Q1 Interim Report 2015 on 29 April 2015)

In 2015, Sanoma expects that the Group’s consolidated net sales growth adjusted for structural changes will be around the previous year’s development (2014: -3.7%). The operating profit margin excluding non-recurring items is estimated to be at or above the previous year’s level (2014: 6.2% of net sales).

Mid-term outlook (unchanged)

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards, the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting a net debt to EBITDA ratio below 3.5.

Sanoma’s Interim Report 1 January – 31 March 2015: Mixed performance in challenging environment

Group outlook for 2015 (unchanged, published in Full-Year Result for 2014 on 5 February 2015)

In 2015, Sanoma expects that the Group’s consolidated net sales growth adjusted for structural changes will be around the previous year’s development (2014: -3.7%). The operating profit margin excluding non-recurring items is estimated to be at or above the previous year’s level (2014: 6.2% of net sales).

Mid-term outlook (unchanged)

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards, the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting a net debt to EBITDA ratio below 3.5.

Sanoma’s 2014 Full-Year Result: Transformation proceeding well

Group outlook for 2014 (published in Q3 Interim Report on 29 October 2014)

In 2014, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes will decline somewhat compared to 2013. The operating profit margin excluding non-recurring items is estimated to be below the previous year’s level (2013: 7.4% of net sales).

Sanoma’s outlook is based on three major factors:
(1) continued negative pressure on sales and operating profit due to declining print markets and weak economic development in Sanoma’s core operating countries,
(2) strong positive impact from the EUR 100 million cost savings programme, and
(3) increased investment levels to fund digital transformation and growth in Consumer Media and the expansion into tutoring and emerging markets in Learning.

Mid-term outlook (unchanged)

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards, the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting for a net debt to EBITDA ratio below 3.5.

Sanoma's Interim Report 1 January - 30 September 2014: Good quarter in Finland and Learning

 

Group outlook for 2014 (published in Q2 Interim Report on 25 July 2014)

In 2014, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes will decline somewhat compared to 2013. The operating profit margin excluding non-recurring items is estimated to be below the previous year’s level (2013: 7.4% of net sales).

Sanoma’s outlook is based on three major factors: 
(1) continued negative pressure on sales and operating profit due to declining print markets and weak economic development in Sanoma’s core operating countries,
(2) strong positive impact from the EUR 100 million cost savings programme, and
(3) increased investment levels to fund digital transformation and growth in Consumer Media and the expansion into tutoring and emerging markets in Learning.

Mid-term outlook (unchanged)

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards, the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting for a net debt to EBITDA ratio below 3.5.

Sanoma’s Interim Report 1 January – 30 June 2014: Strategy proceeding well – new media sales grew by 7%
 

Group outlook for 2014 (published in Q1 Interim Report on 30 April 2014)

In 2014, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes will decline somewhat compared to 2013. The operating profit margin excluding non-recurring items is estimated to be below the previous year’s level (2013: 7.4% of net sales).

Sanoma’s outlook is based on three major factors: 
(1) continued negative pressure on sales and operating profit due to declining print markets and weak economic development in Sanoma’s core operating countries,
(2) strong positive impact from the EUR 100 million cost savings programme, and
(3) increased investment levels to fund digital transformation and growth in Consumer Media and the expansion into tutoring and emerging markets in Learning.

Mid-term outlook (unchanged)

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards, the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting for a net debt to EBITDA ratio below 3.5.

Sanoma’s Interim Report 1 January – 31 March 2014: Cost savings compensated decline in net sales
 

Group outlook for 2014 (published in Full-Year Result 2013 on 7 Feb 2014)

In 2014, Sanoma expects that the Group’s consolidated net sales adjusted for structural changes will decline somewhat compared to 2013. The operating profit margin excluding non-recurring items is estimated to be below previous year’s level (2013: 7.0% of net sales).

Sanoma’s outlook is based on three major factors:  (1) continued negative pressure on sales and operating profit due to declining print markets and weak economic development in Sanoma’s core operating countries,  (2) strong positive impact from the EUR 100 million cost savings programme, and (3) increased investment levels to fund digital transformation and growth in Consumer Media and the expansion into tutoring and emerging markets in Learning.

Mid-term outlook

Based on the execution of the strategic redesign, Sanoma expects that from 2016 onwards the Group’s consolidated net sales will return to organic growth. The operating profit margin excluding non-recurring items is targeted to be around 10% of net sales. Sanoma is targeting for a net debt to EBITDA ratio below 3.5.

Sanoma’s 2013 Full-Year Result: Solid year in Learning, redesigning Consumer Media

 

Group outlook for 2013 (unchanged from the revised outlook published on 23 July 2013), published in Q3 Interim Report on 31 October 2013

In 2013, Sanoma expects that the Group’s consolidated net sales will decline more than 4% compared to 2012 and operating profit excluding non-recurring items is estimated to be below EUR 180 million.

Sanoma’s outlook is based on the assumptions that the European economic environment remains under pressure and adversely impacts advertising markets in Sanoma’s main operating countries. The likelihood of clearly improving market conditions in the second half of the year is estimated to be low.

Sanoma's Interim Report 1 January - 30 September 2013: Redesign ahead

 

Group outlook for 2013, published on (unchanged from the revised outlook published on 23 July 2013), published in Q2 Interim Report on 1 August 2013

In 2013, Sanoma expects that the Group’s consolidated net sales will decline more than 4% compared to 2012 and operating profit excluding non-recurring items is estimated to be below EUR 180 million.

Sanoma’s outlook is based on the assumptions that the European economic environment remains under pressure and adversely impacts advertising markets in Sanoma’s main operating countries. The likelihood of clearly improving market conditions in the second half of the year is estimated to be low.

Sanoma’s Interim Report 1 January – 30 June 2013: Learning solid – structural changes accelerating in media

 

Outlook for 2013 ( revised ), published on 23 July 2013

In 2013, Sanoma expects that the Group’s consolidated net sales will decline more  than 4% compared to 2012 and operating profit excluding non-recurring items is estimated to be below EUR 180 million.

Sanoma’s outlook is based on the assumptions that the European economic environment remains under pressure and adversely impacts advertising markets in Sanoma’s main operating countries. The likelihood of clearly improving market conditions in the second half of the year is estimated to be low.

Sanoma changes its outlook for 2013

 

Outlook for 2013 (unchanged from the revised outlook published on 22 March 2013), published in Q1 Interim Report on 2 May 2013

In 2013, Sanoma expects that the Group’s consolidated net sales will decline by 2 - 4% compared to 2012 and operating profit excluding non-recurring items is estimated to be EUR 180 - 205 million.

Sanoma’s outlook is based on the assumptions that the European economic environment remains subdued and advertising markets remain depressed in Sanoma’s main operating countries.

Solid performance in Learning ‑ investments and efficiency improvements in media to address challenging environment

 

Outlook for 2013 (revised), published on 22 March 2013

In 2013, Sanoma expects that the Group’s consolidated net sales will decline by 2 - 4% compared to 2012 and operating profit excluding non-recurring items is estimated to be EUR 180 - 205 million.

Sanoma’s revised outlook is based on the assumptions that the European economic environment remains subdued and advertising markets remain depressed in Sanoma’s main operating countries.

The first quarter for the Group is seasonally the weakest. In addition, Sanoma will invest materially in the Dutch and Finnish TV operations as well as digital development. Hence the operating profit excluding non-recurring items will be negative for the Group in the first quarter.

Sanoma changes its outlook for 2013 and takes an impairment charge of EUR 34.8 million

 

Outlook for 2013, published in FY 2012 statement on 7 February 2013

In 2013, Sanoma expects to maintain its financial performance compared to 2012 and estimates that in 2013 net sales and operating profit excluding non-recurring items will be a continuation of 2012.

Sanoma’s outlook for 2013 is based on assumptions that the European economic situation remains subdued and the likelihood of an advertising market recovery during 2013 is low.

The first quarter for the Group is seasonally the weakest. In addition, Sanoma will invest materially in the Dutch and Finnish TV operations as well as digital development. Hence, the operating profit excluding non-recurring items will be negative for the Group in the first quarter of 2013.

Sanoma’s Financial Statement Release 2012: Strong year for learning - consumer media undergoing transformation

Outlook for 2012 (reiterated), published in 3Q12 (31 October 2012)

For 2012, Sanoma expects its net sales to be at the previous year’s level or grow slightly. The operating profit margin, excluding non-recurring items, is estimated to be around 10% of net sales. Earnings per share excluding non-recurring items are estimated to be somewhat below previous year.

Sanoma’s net sales and result are affected by the underlying environment, particularly by the development of advertising markets in the Group’s countries of operation. The 2012 outlook is based on the assumption that the advertising markets in the Group’s main operating countries will vary from slightly to somewhat decreasing, as the economic uncertainty continues.

Sanoma’s Interim Report 1 January - 30 September 2012: Strong quarter for Learning

Outlook for 2012 (revised), published in 2Q12 (1 August 2012)

For 2012, Sanoma expects its net sales to be at the previous year’s level or grow slightly (previously ‘to grow slightly’). The operating profit margin, excluding non-recurring items, is estimated to be around 10% of net sales (no change). Earnings per share excluding non-recurring items are estimated to be somewhat below previous year (previously ‘to grow’).

Sanoma’s net sales and result are affected by the underlying environment, particularly by the development of advertising markets in the Group’s countries of operation. The 2012 outlook is based on the assumption that the advertising markets in the Group’s main operating countries will vary from slightly to somewhat decreasing (previously ‘from stable to slightly decreasing’), as the economic uncertainty continues.

Sanoma’s Interim Report 1 January – 30 June 2012: Solid second quarter in challenging market conditions

Outlook for 2012, published at the Capital Markets Day (14 June 2012)

In 2012, Sanoma expects its net sales to grow slightly, mostly due to the acquired SBS operations in the Netherlands and Belgium. Operating profit margin, excluding non-recurring items, is estimated to be around 10% of net sales. Earnings per share excluding non-recurring items are estimated to grow.

Sanoma’s net sales and result are affected by the underlying environment, particularly by the development of advertising markets in the Group’s countries of operation. The 2012 outlook is based on the assumption that the advertising markets in the Group’s main operating countries will vary from stable to slightly decreasing, as the economic uncertainty continues.

Sanoma Capital Markets Day - Sanoma reiterates outlook for 2012, long-term financial targets and dividend policy

Outlook for 2012, published in 1Q12 (3 May 2012)

In 2012, Sanoma expects its net sales to grow slightly, mostly due to the acquired SBS operations in the Netherlands and Belgium. Operating profit margin, excluding non-recurring items, is estimated to be around 10% of net sales. Earnings per share excluding non-recurring items are estimated to grow.

Sanoma’s net sales and result are affected by the underlying environment, particularly by the development of advertising markets in the Group’s countries of operation. The 2012 outlook is based on the assumption that the advertising markets in the Group’s main operating countries will vary from stable to slightly decreasing, as the economic uncertainty continues.

Sanoma’s Interim Report 1 January – 31 March 2012: Portfolio change well executed including strengthening balance sheet - outlook unchanged

Outlook for 2012, published in FY 2011 statement (7 February 2012)

In 2012, Sanoma expects its net sales to grow slightly, mostly due to the acquired SBS operations in the Netherlands and Belgium. Operating profit margin, excluding non-recurring items, is estimated to be around 10% of net sales. Earnings per share excluding non-recurring items are estimated to grow.

Sanoma’s net sales and result are affected by the underlying environment, particularly by the development of advertising markets in the Group’s countries of operation. The 2012 outlook is based on the assumption that the advertising markets in the Group’s main operating countries will vary from stable to slightly decreasing, as the economic uncertainty continues.

Sanoma’s Financial Statement Release 2011: Year of solid performance and structural changes in volatile markets

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Outlook and actual result 2011

Actual result 2011

Net sales EUR 2,746.2 million (-0.5%)
Operating profit excluding major non-recurring items EUR 239.1 million (-2.6%)

Outlook for 2011, published in 3Q11 (2 November 2011)

Sanoma Group's outlook for 2011 is unchanged. The Group’s net sales are expected to be at the previous year’s level and operating profit excluding non-recurring items is expected to decrease somewhat in 2011. In 2010, operating profit excluding non-recurring items was EUR 245.4 million.

Sanoma’s net sales and operating profit in 2011 are affected by the development of advertising and private consumption in the Group’s countries of operation. The current outlook is based on the assumption that the advertising markets in the Group’s main operating countries will grow slightly in 2011.

Sanoma’s Interim Report 1 January–30 September 2011: Stable sales in volatile markets – result burdened by one-offs (Stock Exchange Release 2 Nov 2011)

Outlook for 2011, published in 2Q11 (5 August 2011)

Sanoma Group's net sales are expected to be at the previous year’s level and operating profit excluding non-recurring items is expected to decrease somewhat in 2011. In 2010, operating profit excluding non-recurring items was EUR 245.4 million.

The change in guidance on 29 July is based on the month later than estimated closing of the SBS acquisition, investments in the Group’s development programmes during the spring and the weakened outlook of the magazine business in Finland. Previously, Sanoma estimated that its net sales would increase somewhat and its operating profit, excluding non-recurring items, would improve slightly.

Sanoma’s net sales and operating profit in 2011 are affected by the development of advertising and private consumption in the Group’s countries of operation. The current outlook is based on the assumption that the advertising markets in the Group’s main operating countries will grow somewhat in 2011.

Sanoma's Interim Report 1 Apr–30 Jun 2011: New structure for speeding up the digital transition and growth (Stock Exchange Release 5 Aug 2011)

Outlook for 2011, published in 1Q11 (3 May 2011)

As a result of the acquisition of SBS TV activities, the Sanoma Group's net sales are expected to increase somewhat and operating profit excluding non-recurring items is expected to improve slightly in 2011. In 2010, operating profit excluding non-recurring items was EUR 245.4 million.

Sanoma's net sales and operating profit in 2011 are affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's main operating countries will grow somewhat in 2011.

Sanoma's Interim Report 1 Jan-31 March 2011: Transforming Sanoma for the future (Stock Exchange Release 3 May 2011)

Outlook for 2011 after the SBS acquisition (20 April 2011)

As a result of this transaction, the Sanoma Group's net sales are expected to increase somewhat and operating profit excluding non-recurring items is expected to increase slightly in 2011. Previously, net sales and operating profit excluding non-recurring items were expected to decrease slightly, if the divestment of movie operations, announced on 21 March 2011, will materialise.

Sanoma acquires Benelux TV operations from ProSiebenSat.1 with prominent partners (Stock Exchange Release 20 April 2011)

Outlook for 2011 after the Finnkino divestment (21 March 2011)

If the divestment of movie operations materialises, it is estimated to have an effect on the outlooks of the Sanoma Trade division and the Sanoma Group. As a result of the transaction, the Sanoma Group's net sales and operating profit excluding non-recurring items are expected to decrease slightly in 2011. Previously, net sales and operating profit excluding non-recurring items were expected to be at the previous year's level.

Sanoma sells its movie operations - Group's outlook changes (Stock Exchange Release 21 March 2011)

Outlook for 2011, published in FY 2010 statement

In 2011, Sanoma's net sales and operating profit excluding non-recurring items are expected to be at the previous year's level. In 2010, operating profit excluding non-recurring items was EUR 245.4 million.

This outlook is impacted by the several divestments made in 2010. The operating profit excluding non-recurring items accumulated from the divested businesses in 2010 amounted to some EUR 10 million. The most significant divestments were those of Welho and Humo.

Sanoma's net sales and operating profit in 2011 are affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's main operating countries will grow somewhat in 2011.

Sanoma's Financial Statement Release 2010: Strong base, focus on new business opportunities (Stock Exchange Release 9 February 2011)

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Outlook and actual result 2010

Actual result 2010

Net sales EUR 2,761.2 million (-0.2%)
Operating profit excluding major non-recurring items EUR 245.4 million (+6.9%)

Outlook, published in 3Q10

Sanoma Group's outlook is changed. In 2010, Sanoma's net sales are expected to be at the previous year's level. The operating profit excluding non-recurring items is estimated to improve somewhat. The upgrade is based on the improved outlooks in Magazines, News and Learning & Literature, while the outlook for Trade is downgraded. Earlier Sanoma estimated its net sales to grow and operating profit excluding non-recurring items to improve only slightly. In the comparable year 2009, operating profit excluding non-recurring items was EUR 229.5 million.

This outlook takes into account the effect of the weekly magazine Humo and the cable TV operator Welho transactions. The estimated negative impact of these transactions on the 2010 operating profit excluding non-recurring items is some EUR 12 million.

The outlook of Sanoma's net sales and operating profit in 2010 is affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's main operating countries grow somewhat in 2010.

Outlook, published in 2Q10

Sanoma Group's outlook is unchanged. In 2010, Sanoma's net sales are expected to grow. The operating profit excluding non-recurring items is estimated to improve slightly. This outlook takes into account the effect of the weekly magazine Humo and the cable TV operator Welho transactions on 2010 figures. The estimated negative impact of these transactions on 2010 operating profit excluding non-recurring items is some EUR 12 million. In the comparable year 2009, operating profit excluding non-recurring items was EUR 229.5 million.

The outlook of Sanoma's net sales and operating profit in 2010 is affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's main operating countries grow slightly in 2010.

Outlook, published in 1Q10

Sanoma Group's outlook for 2010 is unchanged. In 2010, Sanoma's net sales are expected to grow. The operating profit excluding non-recurring items is estimated to improve slightly. In the comparable year 2009, operating profit excluding non-recurring items was EUR 229.5 million.

The outlook of Sanoma's net sales and operating profit in 2010 is affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's operating countries remain stable or grow only slightly. The efficiency improvements executed in 2009 will continue to have effects on the Group's results in 2010.

Outlook for 2010, published in FY 2009 statement

In 2010, Sanoma's net sales are expected to grow. The operating profit excluding non-recurring items is estimated to improve slightly. In the comparable year 2009, operating profit excluding non-recurring items was EUR 229.5 million.

The outlook of Sanoma's net sales and operating profit in 2010 is affected by the development of advertising and private consumption in the Group's countries of operation. The current outlook is based on the assumption that the advertising markets in the Group's operating countries are stable. The efficiency improvements executed in 2009 will continue to have effects on Group's results in 2010.

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Outlook and actual result 2009

Actual result 2009

Net sales EUR 2,767.9 million (-8.7%)
Operating profit excluding major non-recurring items EUR 229.5 million (-22.4%)

Outlook, published in 3Q09

In 2009, Sanoma's net sales are expected to decrease. It is estimated that the Group's operating profit excluding non-recurring items will clearly 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 interest expenses are expected to decrease markedly, and as a result, Sanoma's net result for 2009 is expected to decrease less than its operating profit. The Group will strongly increase the efficiency of its operations in all markets.

Sanoma's net sales and operating profit in 2009 is affected by the development of advertising and private consumption in the Group's countries of operation. In 2009, advertising and private consumption are expected to decrease from 2008 levels in all of Sanoma's markets.

Outlook, published in 2Q09

In 2009, Sanoma's net sales are expected to decrease. It is estimated that the Group's operating profit excluding non-recurring items will clearly 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 interest expenses are expected to decrease markedly, and as a result, Sanoma's net result for 2009 is expected to decrease less than its operating profit. The Group will strongly increase the efficiency of its operations in all markets.

The outlook of Sanoma's net sales and operating profit in 2009 is affected by the development of advertising and private consumption in the Group's countries of operation. In 2009, advertising and private consumption are expected to decrease from 2008 levels in all of Sanoma's markets.

Outlook, published in 1Q09

In 2009, Sanoma's net sales are expected to decrease. It is estimated that the Group's operating profit excluding non-recurring items will clearly 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. The Group plans to strongly increase the efficiency of its operations in all markets.

The outlook of Sanoma's net sales and operating profit in 2009 is affected by the development of advertising and private consumption in the Group's countries of operation. Advertising is expected to decrease in all and private consumption in most of the markets in 2009.

Outlook, published in FY 2008 statement

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.

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Outlook and actual result 2008

Actual result 2008

Net sales EUR 3,030.1 million (+3.5%)
Operating profit excluding major non-recurring items EUR 295.7 million (-3.1%)

Outlook, published in 3Q08

In 2008, operating profit excluding non-recurring capital gains and expenses is expected to be at the previous year's level. In the comparable year of 2007, operating profit excluding non-recurring items was EUR 305.2 million. Previously, the Group's operating profit excluding major non-recurring capital gains, but including the non-recurring expenses, was expected to continue to improve.

In 2008, Sanoma's net sales are projected to grow, albeit at a somewhat slower rate than last year. In 2007, Group net sales increased by 6.7%.

The forecast for the development of Sanoma's net sales and operating profit in 2008 considers both organic growth and the effect of minor acquisitions. During 2008, Sanoma will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the development of net sales and operating profit are naturally also affected by the overall economic development in the Group's operating countries.

Outlook, published in 2Q08

In 2008, operating profit excluding major non-recurring capital gains is expected to continue to improve. In 2007, operating profit excluding capital gains totalled EUR 303.5 million.

In 2008, SanomaWSOY's net sales are projected to grow, albeit at a somewhat slower rate than last year. In 2007 the Group net sales increased by 6.7%.

The estimate for the development of SanomaWSOY's net sales and operating profit in 2008 is based on both organic growth, and growth based on minor acquisitions. During 2008, SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are naturally also affected by the overall economic development in the Group's operating countries.

Outlook, published in 1Q08

In 2008, SanomaWSOY's net sales are projected to grow in line with the previous year. In 2007, Group net sales increased by 6.7%. Operating profit excluding major non-recurring capital gains is expected to continue to improve. In 2007, operating profit excluding capital gains totalled EUR 303.5 million.

The forecast for the development of SanomaWSOY's net sales and operating profit in 2008 is based on both organic growth, and growth based on minor acquisitions. During 2008, SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are naturally also affected by the overall economic development in the Group's operating countries.

Outlook for 2008, published in FY 2007 statement

In 2008, SanomaWSOY's net sales are projected to grow in line with the previous year. In 2007, Group net sales increased by 6.7%. Operating profit excluding major non-recurring capital gains is expected to continue to improve. In 2007, operating profit excluding capital gains totalled EUR 303.5 million.

The forecast for the development of SanomaWSOY's net sales and operating profit in 2008 is based on both organic growth, and growth based on minor acquisitions. During 2008, SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are naturally also affected by the overall economic development in the Group's operating countries. The most significant short-term uncertainties are related to the growth rate of media advertising and private consumption.

European economies are projected to continue to grow in 2008, but at a slightly slower rate than in 2007. Research institutions predict that GDP will grow by 3.2% in Finland, 1.8% in the Netherlands and 2.2% in Belgium. The growth rate is expected to be 3.0% in Hungary, 4.5% in the Czech Republic and 6.6% in Russia. According to ZenithOptimedia estimates, media advertising in SanomaWSOY's primary market areas in 2008 will grow at a rate faster than that of GDP. In 2008, private consumption is estimated to increase by 3.1% in Finland, 2.2% in the Netherlands, 1.9% in Belgium, 4.4% in the Czech Republic, 0.5% in Hungary and 12.2% in Russia.

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Outlook and actual result 2007

Actual result 2007

Net sales EUR 2,926.3million (+6.7%)
Operating profit excluding major non-recurring capital gains EUR 303.5 million (+5.3%)

Outlook, published in 3Q07

In 2007 SanomaWSOY's net sales are projected to grow more than last year. In 2006, net sales increased by 4.6%. Operating profit excluding major non-recurring capital gains is expected to improve. In 2006, operating profit excluding capital gains totalled EUR 288.2 million.

The forecast for the development of SanomaWSOY's net sales and operating profit in 2007 is based on both organic growth and growth based on minor acquisitions. SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions during 2007. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected by the overall economic development, such as the growth of media advertising and private consumption in the Group's operating countries. Short-term risks and uncertainties are related to market development, especially the growth rate of advertising and its distribution across different media. Risks related to the industry and the Group's business, as well as Group risk management, are described in more detail in SanomaWSOY's Financial Statements 2006.

European economies are projected to grow in 2007, albeit at a slower rate than in 2006. Research institutions predict that GDP will grow by 2.4% in the Netherlands, 2.4% in Belgium and 4.2% in Finland. The growth rate is expected to be 2.7% in Hungary, 5.2% in the Czech Republic and 6.9% in Russia. In 2007, private consumption is estimated to increase by 2.7% in Finland, 2.3% in the Netherlands, 2.6% in Belgium, 5.7% in the Czech Republic and 10.6% in Russia. In Hungary, private consumption is expected to decrease by 0.7%.

Outlook, published in 2Q07

In 2007, SanomaWSOY's net sales are projected to grow more than last year. In 2006, net sales increased by 4.6%. Operating profit excluding major non-recurring capital gains is expected to improve. In 2006, operating profit excluding capital gains totalled EUR 288.2 million.

The forecast for the development of SanomaWSOY's net sales and operating profit in 2007 is based on both organic growth and growth based on minor acquisitions. During 2007, SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected by the overall economic development, such as the growth of media advertising and private consumption in the Group's operating countries. Short-term risks and uncertainties are related to market development, particularly the growth rate of advertising and its distribution across different media. Risks related to the industry and the Group's business as well as Group risk management are described in more detail in SanomaWSOY's Financial Statements 2006.

European economies are projected to grow in 2007, albeit at a slower rate than in 2006. Research institutions predict that GDP will grow by 2.4% in the Netherlands, 2.3% in Belgium and 3.5% in Finland. The growth rate is expected to be 2.7% in Hungary, 5.2% in the Czech Republic and 6.5% in Russia. In 2007, private consumption is estimated to increase by 2.7% in Finland, 2.9% in the Netherlands, 2.2% in Belgium, 5.2% in the Czech Republic and 10.4% in Russia. In Hungary, private consumption is expected to decrease by 0.6%.

Outlook, published in 1Q07

In 2007, SanomaWSOY's net sales are projected to grow more than last year, and operating profit, excluding major non-recurring capital gains, is expected to improve. In 2006, SanomaWSOY's net sales grew by 4.6% and operating profit excluding capital gains totalled EUR 288.2 million.

The forecast of the development of SanomaWSOY's net sales and operating profit in 2007 is based on both organic growth and growth based on minor acquisitions. During 2007, SanomaWSOY will continue its strong focus on investing in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected by growth in media markets and private consumption in the Group's operating countries. Short-term risks and uncertainties are related to market development.

European economies are projected to grow in 2007, albeit at a slower rate than in 2006. Research firms predict that GDP will grow by 2.4% in the Netherlands, 2.1% in Belgium, and 3.0% in Finland. The growth rate is expected to be 2.6% in Hungary, 4.9% in the Czech Republic, and 6.0% in Russia. According to ZenithOptimedia estimates, media advertising in SanomaWSOY's primary market areas in 2007 will grow at a rate faster than that of GDP. In 2007, private consumption is estimated to increase by 2.5% in Finland, 2.2% in the Netherlands, 2.0% in Belgium, 4.0% in the Czech Republic, and 10.6% in Russia. In Hungary, private consumption is expected to decrease by 0.5%.

Outlook for 2007

In 2007, SanomaWSOY's net sales are estimated to increase more than in the previous year, and operating profit excluding major non-recurring capital gains is expected to improve. In 2006, operating profit excluding major non-recurring capital gains totalled EUR 288.2 million.

The forecast of the development of SanomaWSOY's net sales and operating profit in 2007 is based on both organic growth and growth based on minor acquisitions. During 2007, SanomaWSOY will continue to invest strongly in digital media and strengthening its market positions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected e.g. by growth in media markets and private consumption in the Group's operating countries.

European economies are estimated to grow in 2007, albeit at a slower rate than in 2006. Research firms predict that GDP will grow by 2.6% in the Netherlands, 2.2% in Belgium and 3.0% in Finland. The growth rate is expected to be 2.6% in Hungary, 5.0% in the Czech Republic and 5.9% in Russia. According to ZenithOptimedia estimates, media advertising in SanomaWSOY's primary market areas in 2007 will grow at a rate faster than that of GDP. In 2007, private consumption is estimated to increase by 3.3% in Finland, 2.3% in the Netherlands, 2.2% in Belgium, 3.9% in the Czech Republic and 13.6% in Russia. In Hungary, private consumption is expected to decrease by 0.5%.

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Outlook and Actual Performance in 2006

Actual result 2006

Net sales EUR 2,742.1 million (+4.6%)
Operating profit excluding major non-recurring capital gains EUR 288.2 million (7.1%)

Outlook, published in 3Q06

In 2006, SanomaWSOY's net sales are projected to increase by approximately 4% and operating profit excluding major non-recurring capital gains is expected to improve. In 2005, operating profit excluding these capital gains totalled EUR 269.1 million.

SanomaWSOY's estimates on net sales and operating profits in 2006 are based on organic growth and minor acquisitions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected by growth in media markets and private consumption in the Group's operating countries.

European economies are projected to grow in 2006. Research firms predict that GDP will grow by 2.9% in the Netherlands, 2.5% in Belgium, and 4.6% in Finland. In Hungary, the growth is expected to be 3.9%, in the Czech Republic 6.2%, and in Russia 6.5%. Media advertising typically grows faster than GDP. In 2006, private consumption is estimated to increase by 4.0% in Finland, 1.9% in the Netherlands, 2.3% in Belgium, 1.9% in Hungary, 3.7% in the Czech Republic, and 12.1% in Russia.

Outlook, published in 2Q06

SanomaWSOY's outlook for 2006 is unchanged. In 2006, SanomaWSOY's net sales are projected to increase by around 4% and operating profit, excluding the major non-recurring capital gains, is expected to improve. In 2005, operating profit excluding these capital gains totalled EUR 269.1 million.

SanomaWSOY's estimates on net sales and operating profits in 2006 are based on assumed organic growth and minor acquisitions. In addition to the Group's own business activities and development projects, the growth of net sales and operating profit are also affected by growth in media markets and private consumption in the Group's operating countries.

European economies are projected to grow in 2006. Research firms predict that GDP will grow by 2.5% in the Netherlands, 2.2% in Belgium, 3.8% in Finland, 4.4% in Hungary, 5.8% in the Czech Republic, and 6.0% in Russia. Media advertising usually grows faster than GDP. In 2006, private consumption is estimated to increase by 3.3% in Finland, 2.0% in Belgium, 3.1% in Hungary, 3.5% in the Czech Republic, and 10.7% in Russia, but only 1.3% in the Netherlands.

Outlook, published in 1Q06

In 2006, SanomaWSOY's net sales are projected to increase by around 4% and operating profit, excluding the major non-recurring capital gains, is expected to improve. In 2005, operating profit excluding these capital gains totalled EUR 269.1 million.

SanomaWSOY's estimates on net sales and operating profits in 2006 are based on assumed organic growth and minor acquisitions. In 2005, SanomaWSOY's net sales, adjusted for changes in the Group structure, improved by 1.9% and total net sales growth amounted to 4.7%. Growth in net sales and operating profit are affected by the Group's own business activities and development projects as well as general economic trends, such as growth in media markets and private consumption in the Group's operating countries.

Outlook, published in FY05

European economies are projected to grow in 2006. Research firms predict that GDP will grow by 2.0% in the Netherlands, 1.8% in Belgium, 3.2% in Finland, 3.7% in Hungary, 4.4% in the Czech Republic, and 5.6% in Russia. Media advertising usually grows at a rate faster than that of GDP.

In 2006, SanomaWSOY's net sales are projected to increase by around 4% and operating profit, excluding the major non-recurring capital gains, is expected to improve. In 2005, operating profit, excluding these capital gains, totalled EUR 269.1 million.

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Outlook and Actual Performance in 2005 

Actual result 2005

Net sales EUR 2,622.3 million (+4.7%)
Operating profit EUR 301.3 million (+1.5%)
Operating profit excluding major non-recurring capital gains EUR 269.1 million (-0.7%)
EPS EUR 1.45 (+11.1%)

Outlook, published in 3Q05

Research institutes estimate that GDP will grow in 2005 in the Netherlands by only 0.5%, in Belgium by 1.3%, and in Finland by 1.5%. Growth in Hungary is estimated to be 3.6%, in the Czech Republic 4.4%, and in Russia 6.2%. Media advertising traditionally reacts quickly to the development of GDP.

SanomaWSOY's net sales in 2005 are expected to grow by some 5% and adjusted for changes in Group structure by slightly more than 2%. Operating profit excluding non-recurring gains on the sales of assets is expected to be at the previous year's good level. In 2004, operating profit excluding the most substantial non-recurring gains on the sales of assets was to EUR 268.2 million. These estimates take account of the effect of divested operations on net sales and operating profit.

Outlook, published in 2Q05

Estimates on European economic growth in 2005 have been revised slightly downwards. Research institutes now estimate that GDP will grow in the Netherlands only by 0.5%, in Belgium by some 1.5%, and in Finland by some 2.5%. Growth in Hungary is estimated to be slightly over 3%, in the Czech Republic over 4%, and in Russia almost 6%. Media advertising traditionally reacts quickly to the development of GDP.

SanomaWSOY's net sales are expected to grow by some 6% in 2005. The operating profit excluding non-recurring gains on the sales of assets is expected to be at least at the previous year's good level. In 2004, operating profit excluding the most substantial non-recurring gains on the sales of assets was EUR 268.2 million.

Outlook, published in 1Q05

The economy in Europe will continue to grow in 2005. Research institutions estimate that GDP will grow in the Netherlands by some 1%, in Belgium by 2.5%, and in Finland by over 3%. Growth in Hungary is estimated to be slightly less than 4%, in the Czech Republic over 4%, and in Russia 6%. Media advertising traditionally reacts quickly to the development of GDP.

SanomaWSOY's net sales are expected to grow by some 6% in 2005. The operating profit excluding non-recurring gains on the sales of assets is expected to be at least at the previous year's level. In 2004, operating profit included some EUR 26 million of the non-recurring gains on the sales of assets.

Outlook, published in FY result 2004

The economy in Europe will continue to grow in 2005. Research institutions estimate that GDP will grow in the Netherlands by roughly 1%, in Belgium by 2.5%, and in Finland by some 3%. The growth in Hungary is estimated to be slightly less than 4% and in the Czech Republic over 4%. Media advertising traditionally grows more than GDP.

SanomaWSOY's net sales are expected to grow by some 4% in 2005. SanomaWSOY will start reporting according to IFRS standards in 2005, and the change will improve the Group's operating profit and earnings per share considerably. The comparable operating profit excluding non-recurring gains on the sales of assets is expected to be at the previous year's level. In 2004, operating profit included some EUR 25 million of the non-recurring gains on the sales of assets. The estimate does not include the impact of the acquisition of Independent Media.

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Outlook and Actual Performance in 2004

Actual result 2004

Net sales EUR 2,493 million (+ 4%)
Operating profit EUR 239.5 million (+16.7%)
Operating profit before the most substantial non-recurring gains EUR 213.7 million (+32%)
Result before extraordinary items EUR 212.2 million (+30%)
Net financial costs EUR 27.2 million (-35%)

Outlook, published in 3Q04

The economy within the Euro area will grow faster in year 2004 than in the previous year. Research institutions estimate that the GDP will grow in the Netherlands by roughly 1%, in Belgium by slightly more than 2% and in Finland by over 3%. Media advertising traditionally grows more than GDP.

After adjustment for changes in Group structure, SanomaWSOY's net sales are expected to grow by some 3% in 2004. The comparable operating profit is expected to improve markedly. Also the total operating profit is expected to be on the previous year's level, even though the non-recurring gains on the sales of assets may remain below the level of 2003. In 2003, operating profit included some EUR 43 million of the non-recurring gains on the sales of assets. In addition, net financing costs will be lower than in the previous year. Result before extraordinary items is thus estimated to improve markedly. The effect of the Malmberg acquisition on the Group's result in 2004 will be minor due to the timing of the deal.

Outlook, published in 2Q04

The economy within the Euro area will grow faster in 2004 than in the previous year. Research institutions estimate that GDP will grow in the Netherlands by roughly 1%, in Belgium by 2% and in Finland by slightly less than 3%. Media advertising traditionally grows more than GDP.

After adjustment for changes in Group structure, SanomaWSOY's net sales are expected to grow by some 3% in 2004 and comparable operating profit is expected to improve markedly. In 2003, operating profit included some EUR 43 million of non-recurring gains on the sales of assets. In 2004, the non-recurring gains on the sales of assets may remain below that. Nevertheless, net financing costs will be significantly lower than in 2003. Result before extraordinary items is thus estimated to be on the previous year's level. These estimates are based on the presumption that the advertising market will not weaken significantly towards the end of 2004 compared to the previous year. When completed, the effect of the Malmberg acquisition on the Group's result in 2004 will be minor due to the timing of the deal.

Outlook, published in 1Q04

The economy within the Euro area will grow faster in 2004 than in the previous year. Nevertheless, research institutions have slightly lowered their estimates of GDP growth. GDP is expected to grow in the Netherlands by roughly 1%, in Belgium by 1.5% and in Finland by slightly less than 3%. Media advertising traditionally grows more than GDP.

After adjustment for changes in Group structure, SanomaWSOY's net sales are expected to increase in 2004 by at least as much as in the first quarter. Comparable profitability is expected to improve markedly provided that the advertising market does not weaken significantly compared to the previous year. In 2003, operating profit included some EUR 43 million of non-recurring gains on the sales of assets. In 2004, the non-recurring gains on the sales of assets may remain below that.

Outlook, published in FY result 2003

The economy within the Euro area will grow faster in 2004 than in the previous year. Research institutions estimate that the GDP will grow in the Netherlands by roughly 1%, in Belgium by almost 2% and in Finland by over 3%. Media advertising traditionally grows more than GDP.

SanomaWSOY's net sales are expected to increase slightly compared to the previous year despite the changes in accounting principles. Comparable profitability continues to improve. In 2003, operating profit included some EUR 43 million of non-recurring gains on the sales of assets. In 2004, the non-recurring gains on the sales of assets may remain below that.

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Outlook and Actual Performance in 2003

Actual result 2003

Net sales EUR 2,434.1 million (+ 3%). According to the revised accounting principles, net sales 2003 were EUR 2.395 million.
Operating profit: EUR 205.2 million (+53%)
EPS: EUR 0.69 (+ 208%)

Outlook, published in 3Q03

SanomaWSOY's net sales will increase moderately in 2003, as the trend in media advertising is still sluggish in most of the countries in which the Group operates. However, the rate of growth will exceed the increase in Finland's GDP. According to an estimate published by the Research Institute of the Finnish Economy in September, Finland's GDP will increase by 1.4% this year.

SanomaWSOY's operating profit will grow considerably due to highly successful operational streamlining, cost-cutting and business management. Also, earnings per share will rise considerably.

Outlook, published in 2Q03

The economy of the euro area will grow slowly in 2003. The Research Institute of the Finnish Economy (ETLA) forecast in June that GDP would grow in 2003 in the euro area by only 0.5% and in Finland by 1.6%. Media advertising continues to be sluggish in most of the countries in which SanomaWSOY operates.

SanomaWSOY's net sales are forecast to grow faster than GDP in Finland in 2003. The trend in newspaper, magazine and television advertising is crucial to this growth as this accounts for approximately one-fifth of the Group's net sales. Operating profit will grow considerably due to operational streamlining, cost cutting and improved business management.

Outlook, published in 1Q03

The economy of the euro area will grow slowly in 2003. The Research Institute of the Finnish Economy forecast in March that GDP will grow in 2003 in the euro area by only one per cent and in Finland by 1.8%. Media advertising has grown during the first quarter of the year compared to last year, but is still on a sluggish trend.

SanomaWSOY's net sales are forecast to grow faster than GDP in Finland in 2003. The trend in newspaper, magazine and television advertising is crucial to this growth as they account for approximately a fifth of the Group's net sales. Operating profit will grow faster than net sales, due to operational streamlining and cost cutting.

Outlook, published in FY result 2002

The economy within the euro area is expected to grow slowly also in 2003. In December, The Research Institute of the Finnish Economy estimated that the GDP in the euro area will grow by 1.5% and in Finland by 2.7%. This means that growth in the advertising market will also be slow in SanomaWSOY's most important markets, Finland and the Netherlands. No obvious upswing in media advertising can be detected.

In 2003, SanomaWSOY's net sales are expected to grow faster than the GDP. The growth will be significantly affected by the development in newspaper, magazine and television advertising, which make up a quarter of the Group's net sales. Operating profit will grow more than net sales due to cost-saving measures.

In 2002 SanomaWSOY defined its average economic targets for 2002 - 2005, which were based on estimated growth in the advertising market in 2002. SanomaWSOY aims to achieve an operating profit of 9% on average. The advertising market did not, however, develop as was expected, so more time is needed for achieving the targets. Furthermore, targets for the Group's divisions will change due to the changes in the Group structure. The Group's equity ratio will be raised to 50% in the next few years.

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Outlook and Actual Performance in 2002

Actual result 2002

Net sales: EUR 2,357.8 million (+36%)
Operating profit: EUR 134.4 million (+39%)

Outlook, published in February 2003

Stock Exchange Release ön 11 February 2003: SanomaWSOY's operating profit better than estimated 

SanomaWSOY's operating profit for year 2002 will grow nearly 40% thus exceeding the estimate of 20% given in nine-months Interim Report, published on 7 November 2002. The improvement is due to increasing cost-efficiency and better than estimated sales in November and December. Group's net sales for 2002 will be EUR 2,357 million.

Outlook, published in 3Q02

SanomaWSOY's net sales and operating profit will grow significantly in 2002, as the net sales and operating profit generated by the operations acquired from VNU will have a positive impact on the consolidated figures for the full year instead of one quarter. Operating profit before amortisation, in particular, will grow strongly. Development will remain slightly below the Group's earlier forecast, however, since the growth in media advertising expected during autumn 2002 did not materialise and some of the positive impact of the streamlining programmes initiated in the Group's divisions will not be felt fully in 2002. Typically the last quarter of the year is SanomaWSOY's best in terms of business performance. 

The Group's net sales are now expected to grow to slightly over EUR 2.3 billion. Operating profit is expected to grow significantly, by some 20%.

Outlook, published in 2Q02

SanomaWSOY's net sales and operating profit will grow significantly in 2002, as the net sales and operating profit generated at operations acquired from VNU will impact the consolidated figures for the full year instead of one quarter. The Group's net sales are expected to increase to approximately EUR 2,400 million. Operating profit is expected to improve by one third, if the economic trend meets the expectations. Some of the profit increase will be generated from gains on sales of non-core assets.

Outlook, published in 1Q02

As estimated, the trend of advertising markets both in Finland and the Netherlands was weaker than in the previous year, but the market situation is expected to improve during autumn. 

We estimate that SanomaWSOY's net sales and operating profit will grow significantly in 2002, as the net sales and operating profit generated at operations acquired from VNU will impact the consolidated figures for the full year instead of one quarter. The Group's net sales are expected to increase to EUR 2,400 million. If no unexpected changes occur in the economic situation, operating profit is expected to improve by one third instead of the previously estimated one fourth, partly as a result of divestment of assets and real estates. 
SanomaWSOY intends to achieve an average operating profit of 9% during 2002 - 2005. The average targets for operating profit in 2002 - 2005 are 12.5% for Sanoma, 9% for Sanoma Magazines, 0% for SWelcom, 12.5% for WSOY and 5.5% for Rautakirja. Mid-term equity ratio target is 50%.

Outlook, published in FY result 2001

Economic growth in EU countries is expected to continue to be quite modest during 2002, despite the stronger consumer confidence evident at the end of 2001 and the economic improvement this points to. The December 2001 forecast issued by the Research Institute of the Finnish Economy indicates that overall output within the EU will grow by 1.4% in 2002 and overall output in Finland by 1.9%. Developments on the advertising market remain uncertain, and it is probable that the market will be weaker during the first part of the year than in 2001. An upswing in the advertising market is expected to come only in the autumn. 

SanomaWSOY's operating profit and net sales are expected to improve significantly during 2002, as the net sales and operating profit generated by the businesses acquired from VNU will be included for the full year instead of only one quarter as in 2001. The Group's net sales are projected to rise to over EUR 2,400 million. If no unexpected changes take place in the economic situation, operating profit is projected to improve by around a quarter. Comparable net sales and operating profit are also expected to improve somewhat. The various cost control measures launched in a number of businesses during 2001 are expected to contribute to this improvement in profitability.