Sanoma Corporation, Stock Exchange Release, 11 December 2015 at 13:00 CET+1
Sanoma Group has concluded the annual impairment testing for 2015.
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.
All cash generating units were tested for impairment based on strategic financials. In Sanoma Media BeNe, there is an impairment need of around EUR 78 million, of which around EUR 55 million is impairment of goodwill, and around EUR 23 million impairment of other intangible assets.
In the local statutory accounting, the legal entity Image B.V. (SBS Netherlands) will recognize an impairment of around EUR 167 million on goodwill and other intangible assets.
Sanoma Oyj will, in the parent company accounting, write down the value of Image B.V. shares by around EUR 175 million as well as other assets by around EUR 7 million.
The impairment charges have no impact on Group’s 2015 outlook.
Sanoma's Investor Relations, Pekka Rouhiainen, tel. +358 40 739 5897
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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 2014, Sanoma’s net sales totalled EUR 1.9 billion. Sanoma is listed on the Nasdaq Helsinki stock exchange.