Q3 2024 Sanoma Oyj Earnings Call Transcript
Key Points
- Sanoma Oyj (STU:SNQB) reported a solid third quarter with improved operational EBIT for the first nine months.
- Free cash flow has significantly improved, driven by operational efficiencies and the Solar program.
- The company has successfully deleveraged its balance sheet, reducing leverage to 2.4, below the long-term target of 3.0.
- Digital subscriptions and advertising sales in Media Finland have shown growth, offsetting declines in print.
- Sanoma Oyj (STU:SNQB) issued a EUR150 million social bond, marking a significant achievement in the Finnish market.
- Net sales in Spain declined due to the end of the curriculum cycle, impacting profitability.
- The discontinuation of low-value distribution contracts in the Netherlands and Belgium resulted in a EUR28 million impact.
- An impairment of EUR27 million was recorded due to the discontinuation of low-value contracts.
- The advertising market in Finland remains challenging, with no signs of improvement.
- The company faces uncertainties in the learning business, particularly with returns in Spain and Italy.
Good morning, everyone, and welcome to Sanoma's third-quarter 2024 results presentation. My name is Kaisa Uurasmaa. I'm heading Investor Relations and Sustainability at Sanoma.
Third quarter is always important for us, especially in the learning business. And we had a solid quarter and delivered improved operational EBIT also for the first nine months.
Today, we have President and CEO, Rob Kolkman; and CFO, Alex Green, presenting the results. After the presentation, we will have a Q&A session. We will first take questions from the audience here at Sanoma House. Please use the microphone. Then we will hand over to the telephone line. And finally, you can also use the chat function in the webcast platform. The full event will be recorded, and the recording will be available on our website shortly after the event.
So with this introduction, I would like to invite Rob on stage, please.
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
