Sanoma completes the divestment of bookstore operations
Press Release 30/09/2011 10:30
The divestment of Sanoma's bookstore operations in Finland to Otava Ltd, announced on 25 August 2011, has been closed today. The transaction includes all shares of Suomalainen Kirjakauppa Oy, six properties used by Suomalainen Kirjakauppa and Rautakirja's and Suomalainen Kirjakauppa's shares of Kirjavälitys Oy, a company specialising in logistic services.
In 2010, net sales of Sanoma's Finnish bookstores were EUR 109 million and operating profit EUR 2 million. The divestment affects Trade segment's outlook for 2011. Trade segment's net sales are now expected to decrease significantly and operating profit excluding non-recurring items to decrease clearly in 2011. Previously, net sales were estimated to decrease and operating profit excluding non-recurring items to be at the previous year's level. This transaction does not have an effect on the outlook of the Sanoma Group.
Chief Financial Officer
Additional information: Sanoma's Investor Relations, Anna Tuominen, tel. +358 105 19 5066 or firstname.lastname@example.org
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.