Stock Exchange Release 29/07/2011 9:00
Sanoma lowers its full year 2011 net sales and operating profit excluding non-recurring items outlook. Sanoma Group's net sales are now 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. Previously, Sanoma estimated that its net sales would increase somewhat and its operating profit, excluding non-recurring items, would improve slightly.
The change in guidance is based on a 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.
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 will provide more details when it publishes its Q2 2011 results on 5 August 2011.
Sanoma Corporation
Kim Ignatius
Chief Financial Officer
Additional information: Sanoma's Investor Relations, Kare Laukkanen tel. +358 105 19 5064 and Anna Tuominen tel. +358 105 19 5066 or ir@sanoma.com
Sanoma.com
Sanoma inspires, informs and connects. As a diversified media group, we bring information, experiences, education and entertainment to millions of people every day. We make sure that quality content and interesting products and services are easily available and meet the demands of our readers, viewers and listeners. We offer a challenging and interesting working environment for nearly 20,000 people in over 20 countries throughout Europe. In 2010, the Group's net sales totalled EUR 2.8 billion.