Sanoma Corporation, Stock Exchange Release, 18 December 2014 at 9:05 CET+1
Sanoma Group has concluded the annual impairment testing of 2014.
IFRS requires goodwill impairment testing of cash generating units to be done at least annually to confirm that the recoverable amounts of non-current assets exceed their carrying values. Recoverable amount is also to be evaluated whenever there is an indication that the asset may be impaired.
Cash generating units were tested for impairment based on strategic financials. The total impairment charge is around EUR 50 million, of which around EUR 25 million in Sanoma Media Belgium (impairment of goodwill), around EUR 13 million in Sanoma Media Russia & CEE (impairment in joint ventures) and around EUR 12 million in Sanoma Media Netherlands (impairment of definite lifetime intangible assets). The impairment charges will be recognised as non-cash non-recurring items in the fourth quarter of 2014.
The impairment charges have no impact on Group’s 2014 outlook.
Sanoma’s Investor Relations, Olli Turunen, tel. +358 40 552 8907
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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 2013, Sanoma’s net sales totalled EUR 2.1 billion. Sanoma is listed on the NASDAQ OMX Helsinki stock exchange.