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Finnish publisher posts €40.4 mln losses in Russia and Ukraine in Q4 2014

February 05, 2015, 12:31 UTC+3 HELSINKI
Sanoma’s key Russian asset Sanoma Independent Media publishes Cosmopolitan, Esquire, Harper`s Bazaar, Men`s Health, Woman`s Health, National Geographic, Grazia magazines and the Vedomosti newspaper
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© EPA/KOEN VAN WEEL

HELSINKI, February 5. /TASS/. Finnish Sanoma publishers, a shareholder of the Russian Vedomosti newspaper, posted €40.4 mln losses in Russia and Ukraine due to impairment of assets and devaluation of national currencies, the company said.

Sanoma’s operating losses during the reporting period totaled €109.2 mln against the €22.8 mln a year ago. The operating loss is largely explained by the goodwill and intangibles’ write-off, translation differences and costs of structural changes, the company added.

The net loss of Sanoma totaled €104.1 mln in Q4 2014 as compared to €31.2 mln a year earlier. Revenues dropped 12% in the reporting period from €517.5 mln to €452.5 mln.

Sanoma’s key Russian asset is a stake in Sanoma Independent Media (SIM) publishers. SIM consists of several companies publishing Cosmopolitan, Esquire, Harper`s Bazaar, Men`s Health, Woman`s Health, National Geographic, and Grazia magazines. Sanoma is publishing the Vedomosti newspaper in cooperation with Dow Jones (the founder of The Wall Street Journal) and FT Group (the founder of Financial Times).

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