Sanoma Corporation, Press Release, 29 June 2018 at 19:20 CET+1
Sanoma has completed the divestment of Belgian women’s magazine portfolio
Sanoma has completed the divestment of its Belgian women’s magazine portfolio to Roularta Media Group. The divested business is reported as discontinued operations in Sanoma’s financial reporting for 2018 and 2017. Net sales of the divested business were EUR 81 million in 2017.
Enterprise value of the divested assets was approx. EUR 34 million, representing an EBIT multiple of 5.5. Related to the transaction, Sanoma has booked restructuring costs of EUR 18 million as items affecting comparability (IAC) in the discontinued operations’ Q1 2018 result. Following the closing of the transaction, Sanoma preliminarily estimates to book as IAC a net gain of approx. EUR 29 million in the discontinued operations’ Q2 2018 result, and a provision of approx. EUR -11 million in the continuing operations’ Q2 2018 result related to an onerous rental contract of vacated office space.
Kaisa Uurasmaa, Head of Investor Relations and CSR, tel. +358 40 560 5601
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 operations in Finland, the Netherlands, Poland, Belgium and Sweden, our net sales totalled EUR 1.4 billion and we employed more than 4,400 professionals in 2017. Sanoma shares are listed on Nasdaq Helsinki. More information is available at www.sanoma.com.