Seasonal fluctuation

The net sales and results of media businesses are particularly affected by the development of advertising. Advertising sales are influenced, for example, by the number of newspaper and magazine issues published each quarter, which varies annually. TV advertising in Finland and the Netherlands is usually strongest in the second and fourth quarters. Learning accrues most of its net sales and results during the second and third quarters.

Seasonal business fluctuations influence the Group’s net sales and operating profit, with the first quarter traditionally being clearly the smallest one for both. To better understand the seasonality between quarters, please see the graphs. 



2012-2016 average for TV*


Net sales split EBIT** split in relative terms

* Includes SBS Netherlands (excluding PPA amortization) and Nelonen Media Finland. 
** Operational EBIT.



2012-2016 average for Magazines*


Net sales split EBIT** split

* Includes Dutch and Finnish operations.
** Operational EBIT.



2012-2016 average for Newspapers including digital business


Net sales split EBIT* split

* Operational EBIT.



2012-2016 average for Learning*


Net sales split EBIT** split in relative terms

* Includes learning business of the Learning segment only.
** Operational EBIT.