Sanoma Corporation, Stock Exchange Release, 19 July 2017 at 15:00 CET+1

Sanoma has today completed the divestment of its 67% stake in the Dutch TV business SBS to Talpa Broadcasting Holding B.V. for a net cash consideration of EUR 237 million and obtaining 100% ownership of the TV guide business Veronica Uitgeverij. The divestment was announced on 10 April 2017 and was subject to closing conditions including customary regulatory approvals which have now been met.

In 2017, the Dutch TV business SBS is included in Sanoma’s reported result until the end of June. In total, a non-cash capital loss of EUR -308.3 million will affect Sanoma’s 2017 net result, most of which was reported already in the first quarter result as an item affecting comparability as all assets and liabilities relating to SBS were classified as held for sale in accordance with IFRS5 when the transaction was announced.

Sanoma booked a capital loss of EUR -424.6 million as an item affecting comparability in its operating profit for the first quarter of 2017. As Sanoma held 67% of shares in SBS,  the related item amounting to EUR 137.7 million was booked as an item affecting comparability in non-controlling interests, the net impact of the transaction on the result attributable to the equity holders of the Parent Company in the first quarter being EUR -286.8 million. In the second quarter, Sanoma will book a capital loss of EUR -32.8 million in its operating profit as an item affecting comparability and  the related  item amounting to EUR 11.4 million in non-controlling interests. Therefore the net capital loss of the transaction in the second quarter is EUR -21.4 million which is Sanoma’s share of the net profit of SBS. In addition, a net amount of EUR 21.9 million related to IFRS5-required discontinuation of amortisations will be reported in items affecting comparability. The total impact of the transaction in the Group’s net result will therefore be EUR -286.4 million.

Below is a comparison between the reported and comparable adjusted key figures for first quarter 2017, first quarter 2016 and full-year 2016. The comparable adjusted figures are presented to illustrate the effect of the divestment on the Group. Reported figures include SBS and Veronica Uitgeverij. Comparable adjusted figures exclude fully the divested operations of SBS but include 100% of Veronica Uitgeverij. No other structural changes have been adjusted. Only the reported figures for 2016 are audited.

Key indicators

 ReportedComparable adjustedReportedComparable adjustedReportedComparable adjusted
EUR million1–3/20171-3/20171-3/20161-3/20161-12/20161–12/2016
Net sales343.8296.2353.1303.71,639.11,407.0
Operational EBIT11.416.71.96.2167.9152.6
  % of net sales3.
Operating profit-415.914.03.17.4196.6188.3
Result for the period -423.05.4-0.13.2116.0110.2
Earnings/share, EUR-1.760.03-
Operational earnings/share, EUR0.020.04-0.04-0.030.510.47
Cash flow from operations -42.4-40.4-56.7-52.0153.5136.5
Cash flow from operations/share, EUR-0.26-0.25-0.35-0.320.950.84
Capital expenditure *
  % of net sales2.
Number of employees at the end of the period (FTE)5,1884,8175,3794,9985,2274,847
Average number of employees (FTE)5,1814,8075,6025,2185,3845,006

* Including finance leases.

Sanoma presents certain financial performance measures (alternative performance measures or APMs) on a non-IFRS basis. The APMs are provided to reflect the underlying business performance and to enhance comparability from period to period. APMs should not be considered as a substitute for measures of performance in accordance with IFRS. More information is available at

In connection with the divestment, Sanoma has decided to change its segment reporting. Previously Sanoma reported two segments, Consumer Media (comprising Sanoma Media Finland and Sanoma Media BeNe) and Learning (comprising Sanoma Learning). Following the divestment of the Dutch TV business, Sanoma considers that the operations of its two strategic business units focusing on consumer media, Sanoma Media Finland and Sanoma Media BeNe, are quite different and should be reported separately. Therefore Sanoma will report three operating segments going forward, i.e. its three strategic business units Sanoma Media BeNe, Sanoma Media Finland and Sanoma Learning. This will be aligned with the way Sanoma manages the businesses. The change will be effective from the second quarter 2017 onwards and Sanoma will publish additional information on the new segments before its second quarter results are released.

Additional information
Sanoma's Investor Relations, Anna Tuominen, tel. +358 40 584 6944


Sanoma is a front running media and learning company impacting the lives of millions every day. We provide consumers with engaging content, offer unique marketing solutions to business partners and enable teachers to excel at developing the talents of every child.

With companies operating in Finland, the Netherlands, Belgium, Poland and Sweden, our net sales totalled EUR 1.6 billion and we employed over 5,000 professionals in 2016. The Sanoma shares are listed on Nasdaq Helsinki.