Sanoma Corporation, Stock Exchange Release, 29 March 2018 at 13:30 CET+1
Sanoma publishes restated figures for 2017 based on new IFRS 15 Standard
Sanoma has adopted the new IFRS 15 Revenue from Contracts with Customers as of 1 January 2018 and will prepare its financial reports according to the new standard starting from the Interim Report January–March 2018, to be published on 27 April.
IFRS 15 impacts the timing of recognizing revenue and cost. The impact of the new standard on Sanoma Group’s annual net sales is considered insignificant, although the phasing over individual quarters will be affected. The transition to IFRS 15 has no impact on cash flow, but has reduced equity by EUR 6.1 million as of 1 January 2018.
Sanoma publishes restated financial reporting for 2017 that has been adjusted to account for the changes. The complete tables of restated annual and quarterly financial information are attached to this release and available at Sanoma.com/Investors. A comparison between IFRS 15 restated financial information and previously reported financial results for 2017 is summarized in the table below.
|EUR million||Restated FY 2017||As reported for FY 2017||Change|
|Result for the period||-301.6||-300.3||-1.2|
More information on transition to the IFRS 15 standard and its impacts on Sanoma is available in Financial Statements 2017, p. 29.
Adoption of IFRS 15 does not impact Sanoma’s Outlook for 2018 or its long-term financial targets.
Investor Relations, Kaisa Uurasmaa, 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.