Interim Report  6/8/2009  8:30 
 
- Sanoma Group's net sales decreased 8.2% in the first six months, 
totalling EUR 1,333.2 (1,452.8) million. Net sales in the second 
quarter were down 9.4%, being EUR 697.2 (769.8) million. 
- Operating profit excluding non-recurring items was EUR 95.8 (146.2) 
million. Non-recurring items totalled EUR -9.7 (25.0) million. The 
second quarter EBIT excluding non-recurring items was EUR 72.5 (97.0) 
million. 
- Earnings per share were EUR 0.32 (0.74) in January-June. The second 
quarter EPS amounted to EUR 0.27 (0.40). 
- Sanoma's outlook for 2009 is unchanged. 
 
 
KEY INDICATORS       4-6/  4-6/ Change    1-6/    1-6/ Change   1-12/ 
EUR million          2009  2008      %    2009    2008      %    2008 
 
Net sales           697.2 769.8   -9.4 1,333.2 1,452.8   -8.2 3,030.1 
Operating profit     72.5  97.0  -25.2    95.8   146.2  -34.5   295.7 
excluding 
non-recurring items 
  % of net sales     10.4  12.6            7.2    10.1            9.8 
Operating profit     65.1  98.5  -33.9    86.1   171.2  -49.7   236.3 
Result for the       43.7  65.3  -33.2    51.3   119.7  -57.1   120.8 
period 
 
Capital expenditure                       41.8    49.4  -15.3   109.9 
  % of net sales                           3.1     3.4            3.6 
 
Equity ratio, %                           37.3    40.8           40.0 
Net gearing, %                           103.0    81.6           78.5 
Average number of employees 
(full-time equivalents)                 17,725  17,693    0.2  18,168 
 
Earnings/share, EUR  0.27  0.40  -32.8    0.32    0.74  -56.4    0.72 
Cash flow from       0.10 -0.06  278.6    0.05    0.23  -79.9    1.56 
operations/share, 
EUR 
 
 
Hannu Syrjänen, President and CEO 
 
"Sanoma's second quarter development shows that in many areas we have 
been able to adjust our operations to the challenging economic 
environment. However, a number of efforts to maintain good 
profitability levels are still needed. 
 
In 2009, Sanoma will make structural changes, discontinue loss-making 
operations and improve the efficiency of all its businesses. We have 
initiated structural changes in Sanoma News, Sanoma Magazines Belgium 
and our Estonian retail operations. The efficiency improvements and 
structural changes will improve Sanoma's long-term operating 
conditions in the changing media environment. In the first six 
months, we discontinued 26 magazine titles and closed down 
loss-making kiosks in Russia. 
 
We continue to reduce our operating expenses and our target is to 
have them clearly below the 2008 level. This will be partly achieved 
through personnel reductions. During the first six months, our 
operating expenses decreased by over 5%. 
 
The learning business, one of our focus areas, has proved to be 
fairly resilient to the general economic downturn and Sanoma Learning 
& Literature is performing well in its biggest educational material 
markets. In Finland, magazine operations and Sanoma Entertainment's 
TV and broadband businesses have developed very well during the first 
six months. Across Europe, our online advertising sales continued to 
increase in the second quarter. Sanoma's total digital revenues grew 
by 3% and represented over 12% of the Group's net sales in the first 
six months. 
 
Sanoma's position as a market leader will bring us added value. We 
have been able to strengthen our market positions in a number of 
areas. We have gained market share in the magazine markets in Belgium 
and Finland and our TV channels' share of Finnish TV advertising has 
grown. Focusing strongly on our profitability, we continue, 
at the same time, to be on the lookout for possibilities that can 
further enhance our operations and strengthen our market positions." 
 
Outlook for 2009 
 
In 2009, Sanoma's net sales are expected to decrease. It is estimated 
that the Group's operating profit excluding non-recurring items will 
clearly decline from the previous year. In the comparable year of 
2008, operating profit excluding non-recurring items was EUR 295.7 
million. The Group's interest expenses are expected to decrease 
markedly, and as a result, Sanoma's net result for 2009 is expected 
to decrease less than its operating profit. The Group will strongly 
increase the efficiency of its operations in all markets. 
 
The outlook of Sanoma's net sales and operating profit in 2009 is 
affected by the development of advertising and private consumption in 
the Group's countries of operation. In 2009, advertising and private 
consumption are expected to decrease from 2008 levels in all of 
Sanoma's markets. 
 
Net sales 
 
In January-June Sanoma's net sales were down by 8.2%, totalling EUR 
1,333.2 (1,452.8) million. Excluding the effect of exchange rate 
changes, net sales would have been 6.6% lower than in the comparable 
period. Adjusted for changes in the Group structure, January-June net 
sales decreased by 9.1%. Net sales were at the comparable year's 
level in Sanoma Entertainment. Net sales decreased in other 
divisions, with advertising sales in particular being affected by the 
general economic situation. 
 
Advertising sales decreased clearly and accounted for 22% (26%) of 
the Group's total net sales. Online advertising sales, however, 
continued to increase, Sanoma Magazines Netherlands contributing the 
most to the increase. The growth from the comparable period was 4%. 
The Group's subscription sales remained stable and single copy sales 
across the Group decreased only slightly. In geographical terms, 
Finland accounted for 52% (51%) of net sales, with other EU countries 
accounting for 45% (44%) and non-EU countries for 3% (5%). 
 
Result 
 
Sanoma's operating profit excluding non-recurring items was EUR 95.8 
(146.2) million in the first six months. The operating profit 
included a total of EUR -9.7 (25.0) million in non-recurring items. 
These non-recurring expenses were related to restructuring of 
operations and voluntary severance packages offered to employees. In 
the comparable period, non-recurring capital gains were recorded from 
the divestment of the movie distribution company R.C.V. Entertainment 
and a real estate holding. 
 
 
NON-RECURRING ITEMS                         4-6/ 4-6/ 1-6/ 1-6/ 1-12/ 
EUR million                                 2009 2008 2009 2008  2008 
 
Magazines 
Restructuring expenses                      -1.3      -1.3 
A gain on sale of R.C.V. Entertainment                     23.5  23.5 
A gain on sale of Payback                                         7.0 
Expenses on closing down a youth site 
and related impairment loss                                      -5.1 
Impairment loss of immaterial 
rights and goodwill                                             -78.6 
News 
Expenses related to the efficiency          -6.1      -8.4 
programme 
Learning & Literature 
Inventory write-offs and 
restructuring expenses                                           -7.6 
Other companies 
A gain on sale of a land area                     1.5       1.5   1.5 
NON-RECURRING ITEMS TOTAL                   -7.4  1.5 -9.7 25.0 -59.3 
 
 
The Group's operating profit was EUR 86.1 (171.2) million or 6.5% 
(11.8%) of net sales. Operating profit grew in Sanoma Entertainment, 
where all business units developed favourably. In other divisions, 
operating profit decreased as a result of lower sales and changes in 
exchange rates. 
 
Sanoma's net financial items totalled EUR -13.8 (-20.6) million. 
Financial income amounted to EUR 15.5 (6.6) million, of which 
exchange rate gains were EUR 10.4 (4.6) million. Financial expenses 
amounted to EUR 29.3 (27.2) million with interest expenses of EUR 
16.9 (23.9) million being the largest item. Exchange rate losses 
amounted to EUR 11.2 (5.8) million. The refined financing structure 
and lower reference rates have clearly decreased the Group's interest 
expenses. 
 
The result before taxes was EUR 72.0 (155.2) million. Sanoma's 
effective tax rate was higher than in the comparable period, mainly 
because of a non-taxable capital gain in the first quarter of 2008. 
Earnings per share, including the non-recurring items, were EUR 0.32 
(0.74). The result for the period totalled EUR 51.3 (119.7) million. 
 
Efficiency improvements 
 
In 2009, Sanoma will make structural changes, discontinue loss-making 
operations and improve the efficiency of all its businesses. Sanoma 
has initiated a large number of efficiency improvement programmes to 
develop its operations in the long-term and to save costs. In order 
to obtain its savings targets, Sanoma will continue to reduce the 
number of personnel. For example, the Sanoma News' programme, in 
addition to a number of structural changes, aims to reduce personnel 
expenses in the Division by some 300 man-years through means such as 
voluntary severance packages and forgoing of holiday bonuses. 
 
Sanoma Magazines Belgium has renewed its strategy. The new strategy 
can be implemented only through substantial structural changes. The 
renewed organisational structure will reduce annual costs by EUR 12 
million from 2010 onwards. In connection, some 70 positions will be 
terminated. Other staff reductions are being carried out in several 
business units either as a result of the weakened economic outlook or 
related to restructuring initiated by changing business needs for 
example in Russia, the Czech Republic and Finland. 
 
Sanoma Trade has initiated restructuring in its Estonian operations 
and completed the programme started in the Dutch press distribution 
unit already over a year ago. Sanoma Learning & Literature continues 
the restructuring in its literature and other businesses unit and is 
streamlining its language services according to the current market 
environment. Altogether, the Sanoma Group has over 1,100 employees 
less than at the year-end. 
 
Balance sheet and financial position 
 

 
 
At the end of June, the consolidated balance sheet totalled EUR 
3,211.1 (3,369.2) million. Cash flow from operations was EUR 7.5 
(37.3) million and cash flow per share was EUR 0.05 (0.23). Cash flow 
from operations decreased as a result of a weaker operational result 
in January-June. The development of cash flow from operations was 
balanced by lower financial items and taxes paid. 
 
There were no significant changes in the Group's financial position 
during January-June. Sanoma's equity ratio at the end of June was 
37.3% (40.8%). The changes from the comparable period and the 
year-end were mainly caused by the dividend payment in the second 
quarter. The result in 2008 was affected by the impairment 
write-downs made in the last quarter of the year. Net gearing 
increased to 103.0% (81.6%). Equity totalled EUR 1,127.6 (1,297.1) 
million. Interest-bearing liabilities were EUR 1,220.3 (1,148.5) 
million and interest-bearing net debt EUR 1,161.0 (1,058.4) million. 
At the end of June, the Group's cash and cash equivalents totalled 
EUR 59.3 (90.2) million. 
 
Sanoma's financial position is stable. The existing credit 
facilities, such as the syndicated, long-term credit facility of EUR 
802 million, cover all Sanoma's financing needs and Sanoma has no 
need for material refinance in the near future. Net debt/EBITDA ratio 
at the end of June was 3.0, in line with the Group's target to keep 
the ratio below 3.5. 
 
Investments, acquisitions and divestments 
 
Investments in tangible and intangible assets totalled EUR 41.8 
(49.4) million in January-June, and consisted mainly of ICT systems 
as well as replacement investments and renovations. 
 
There were no significant transactions during the review period. In 
the comparable period, Sanoma Magazines divested the Dutch movie 
distribution company R.C.V. Entertainment and a capital gain of EUR 
23.5 million was recorded for the transaction. On 11 March 2008, 
Sanoma Learning & Literature completed its acquisition of the Polish 
educational publisher Nowa Era. 
 
SANOMA MAGAZINES 
 
Sanoma Magazines is a leading publisher of magazines and has a strong 
digital media presence in 13 European countries. The company actively 
reaches out to an audience of 290 million consumers at every life 
stage, and aims to strengthen its market leader positions in each of 
the markets it operates in. 
 
- Sanoma Magazines' online advertising sales continued to grow in the 
second quarter. 
- Sanoma Magazines Belgium and Sanoma Magazines Finland strengthened 
their market leading positions. 
- Active portfolio management continued: four new online sites were 
launched and six magazines discontinued in the second quarter. 
 
 
Key indicators           4-6/  4-6/ Change  1-6/  1-6/ Change   1-12/ 
EUR million              2009  2008      %  2009  2008      %    2008 
Net sales               275.9 318.5  -13.4 538.1 603.9  -10.9 1,246.8 
Operating profit         31.5  46.6  -32.3  47.1  71.2  -34.0   138.9 
excluding non-recurring 
items 
  % of net sales         11.4  14.6          8.7  11.8           11.1 
Operating profit         30.2  46.6  -35.1  45.8  94.7  -51.7    85.7 
Capital expenditure                         12.3  12.2    1.5    26.8 
Average number of employees (full-time     5,611 5,520    1.7   5,731 
equivalents) 
 
* In 2009, the non-recurring items included EUR 1.3 million of Sanoma 
Magazines Belgium's restructuring expenses in the second quarter and 
in 2008 a capital gain of EUR 23.5 million from the divestment of 
movie distributor R.C.V. Entertainment in the first quarter. 
 
 
Operational indicators *           1-6/    1-6/ 
                                   2009    2008 
Number of magazines published       306     323 
Magazine copies sold, thousands 187,066 205,160 
Advertising pages sold           26,284  33,153 
 
* Including joint ventures. 
 
Sanoma Magazines' net sales in January-June decreased by 10.9% to EUR 
538.1 (603.9) million. The general economic situation affected 
advertising sales in all operating countries with Sanoma Magazines 
International's net sales being impacted the most. The Division's net 
sales adjusted for changes in the Group structure decreased by 12.0%. 
Of the Division's net sales, 18% (17%) came from Finland. In 
April-June, the Division's net sales decreased by 13.4% to EUR 275.9 
(318.5) million. The decrease mostly came from Sanoma Magazines 
International, but sales in the Netherlands also weakened. 
 
The Division's advertising sales decreased by 21% in the first six 
months and represented 29% (33%) of net sales. The economic downturn 
has hit Sanoma Magazines International's advertising revenues in 
particular. The Division's online advertising sales were up by 5%, 
with the growth rate slowing down in the second quarter. 
 
Sanoma Magazines' circulation sales decreased by 4% and represented 
60% (56%) of the Division's net sales. Subscription sales remained 
stable during the first six months and even increased in Belgium. 
Single copy sales declined clearly in the CEE countries and in the 
Netherlands. 
 
In January-June Sanoma Magazines Netherlands' net sales amounted to 
EUR 233.9 (246.9) million. New online assets increased Sanoma 
Magazines Netherlands' online revenues, which grew by 12%. Total 
advertising sales decreased due to a decline in the print advertising 
revenues. However, Sanoma Magazines Netherlands outperformed the 
consumer magazine advertising market. According to Nielsen Media 
Research, the consumer magazine advertising market in the Netherlands 
decreased by 18% in January-May 2009 and magazine advertising's share 
of the total advertising market declined. In total, advertising sales 
represented 27% (27%) of Sanoma Magazines Netherlands' net sales. The 
readers market in the Netherlands continued to decrease. Sanoma 
Magazines Netherlands' subscription sales were at the comparable 
period's level but single copy sales were lower and the total 
circulation sales decreased. Sanoma Magazines Netherlands launched 
four online sites in the second quarter. 
 
Sanoma Magazines International's net sales in January-June were EUR 
104.0 (146.9) million. The economic downturn has affected Sanoma 
Magazines International's operations strongly. Advertising sales 
decreased in all countries, especially in Russia and Ukraine as well 
as in the Czech Republic, where a number of magazine titles were 
discontinued. The reported net sales were also clearly affected by 
the negative exchange rate developments, especially in Russia and 
Hungary. In total, advertising sales represented 49% (55%) of Sanoma 
Magazines International's net sales. Circulation sales were clearly 
below the comparable period. This is partly attributable to the 
reduced number of magazines published and in some cases the number of 
issues. The publication frequency of various titles has been adjusted 
in order to save costs. In the second quarter, Sanoma Magazines 
International discontinued six magazine titles. 
 
Net sales at Sanoma Magazines Belgium totalled EUR 104.0 (109.7) 
million. Advertising sales decreased and represented 27% (29%) of 
Sanoma Magazines Belgium's net sales. Circulation sales remained 
stable with subscription sales increasing and single copy sales 
decreasing slightly. In Belgium, both the advertising and readers 
market have declined. With its strong brands, Sanoma Magazines 
Belgium has been able to increase its market share in the advertising 
market and kept its strong position in the readers market. Sanoma 
Magazines Belgium has renewed its strategy and initiated a 
restructuring programme to respond to changes in the media 
environment. 
 
Sanoma Magazines Finland's net sales amounted to EUR 98.3 (102.6) 
million with advertising sales declining. Circulation sales remained 
stable. Advertising sales represented 14% (17%) of Sanoma Magazines 
Finland's net sales. According to TNS Gallup Adex, advertising in 
consumer magazines in Finland decreased by 22% in January-June and 
the magazine single copy market decreased in volume by 21%. Sanoma 
Magazines Finland outperformed the market development both in 
advertising and the readers market and has increased its market 
shares. In particular the key titles, like the women's weekly Me 
Naiset, have clearly strengthened their position in both markets. 
 
In January-June, Sanoma Magazines' operating profit excluding 
non-recurring items decreased by 34.0% to EUR 47.1 (71.2) million. 
Decreasing advertising sales affected results in all businesses and 
the decline in operating profit was only partly offset by cost 
savings. Non-recurring items totalled EUR -1.3 million and were 
related to restructuring in Sanoma Magazines Belgium. In the 
comparable period, operating profit included a EUR 23.5 million 
non-recurring gain on the divestment of movie distributor R.C.V. 
Entertainment. Operating profit for the first six months amounted to 
EUR 45.8 (94.7) million. In April-June, the Division's operating 
profit excluding non-recurring items decreased 32.3% and totalled EUR 
31.5 (46.6) million. 
 
Sanoma Magazines Netherlands' operational result was affected by the 
lower sales and increased personnel expenses. The operating profit 
was down significantly since the comparable period included the 
non-recurring gain from the sale of R.C.V. Entertainment. The decline 
in advertising sales decreased Sanoma Magazines International's 
operating result markedly. Sanoma Magazines Belgium increased its 
result. Sanoma Magazines Finland reached the comparable period's 
operating profit levels thanks to efficient cost-saving measures. 
 
Sanoma Magazines continues to develop its magazine portfolio and 
online businesses as well as invest in strengthening its market 
positions in all countries it operates in, with a special focus on 
its key titles in each operating country. At the same time Sanoma 

 
 
Magazines is strongly focused on improving efficiency and saving 
costs. The Division has initiated several programmes to improve the 
profitability of its business units. 
 
In 2009, Sanoma Magazines' net sales are expected to decrease and it 
is estimated that operating profit excluding non-recurring items will 
be clearly below the previous year's level. 
 
SANOMA NEWS 
 
Sanoma News is the leading newspaper publisher in Finland, and its 
products, both in print and digital format, have a strong presence in 
the lives of their readers. In addition to Helsingin Sanomat, the 
largest daily in the Nordic region, Sanoma News publishes other 
national and regional newspapers and is also a significant digital 
player in Finland. 
 
- In May Sanoma News expanded its programme to restructure the 
Division. The total annual savings goal of all programmes is now at 
EUR 30 million. 
- The tabloid Ilta-Sanomat's circulation development showed positive 
signs in the second quarter. Single copy sales in May and June grew 
from the comparable year. Online advertising of the Ilta-Sanomat 
business unit increased in the second quarter by 38%. 
- The financial news site Taloussanomat.fi had a record number of 
visitors in the second quarter and was the most visited financial 
news site for several weeks. 
 
 
Key indicators             4-6/  4-6/ Change  1-6/  1-6/ Change 1-12/ 
EUR million                2009  2008      %  2009  2008      %  2008 
Net sales                 107.1 121.1  -11.6 214.8 242.0  -11.2 474.7 
Operating profit            9.6  14.7  -34.4  18.0  32.6  -44.9  57.3 
excluding non-recurring 
items 
  % of net sales            9.0  12.1          8.4  13.5         12.1 
Operating profit            3.5  14.7  -75.9   9.6  32.6  -70.6  57.3 
Capital expenditure                            5.6   9.7  -42.0  19.6 
Average number of employees (full-time       2,421 2,456   -1.4 2,491 
equivalents) 
 
* In 2009, the non-recurring items included in the first quarter EUR 
2.3 million and in the second quarter EUR 6.1 million expenses 
related to the efficiency programme. 
 
 
Operational indicators                        1-6/      1-6/ 
                                              2009      2008 
Distribution of free sheets, millions         37.5      49.1 
 
                                             1-12/     1-12/ 
Audited circulation                           2008      2007 
Helsingin Sanomat                          412,421   419,791 
Ilta-Sanomat                               161,615   176,531 
 
                                              1-6/      1-6/ 
Online services, unique visitors, weekly      2009      2008 
Iltasanomat.fi                           1,628,730 1,385,758 
HS.fi                                    1,075,308   931,577 
Huuto.net                                  420,069   416,724 
Oikotie.fi                                 325,617   311,541 
Taloussanomat.fi                           413,964   280,286 
Keltainenporssi.fi                         191,324   164,407 
 
 
Sanoma News' net sales in January-June decreased by 11.2%, totalling 
EUR 214.8 (242.0) million. Most of the decrease came from the 
Helsingin Sanomat business unit, where advertising sales declined 
significantly. Net sales in other business units were also lower than 
in the comparable period. Adjusted for changes in the Group 
structure, net sales decreased by 12.1%. In April-June, net sales 
decreased by 11.6% due to poor advertising sales development and 
totalled EUR 107.1 (121.1) million. 
 
According to TNS Gallup Adex, newspaper advertising in Finland 
decreased by 24% in January-June. Job advertising in Finland 
decreased by 54% and real estate advertising by 38%. Advertising in 
free sheets was down by 17%. Following the general advertising 
environment, online advertising included in statistics also decreased 
by 9%. Sanoma News' advertising sales decreased by 26% from the 
comparable period, due to the decline in newspaper advertising, with 
the classified advertising development affecting the sales the most. 
Online advertising sales performed clearly better than the market and 
were on the comparable period's level. Advertising sales represented 
46% (55%) of the Division's net sales. 
 
The Finnish printed tabloid market showed some positive signs in the 
spring, but the structural migration to online continues and the 
printed tabloid market declined by 8% in January-June. The amount of 
online visitors continued to increase. Sanoma News' circulation sales 
grew by 2% and circulation sales accounted for 43% (37%) of the 
Division's net sales. Subscription sales increased. Newsstand sales 
remained stable, due to the increased single copy sales in May and 
June. 
 
The Helsingin Sanomat business unit's net sales totalled EUR 120.1 
(145.3) million. Circulation sales increased from the comparable 
period due to new forms of subscriptions and price increases. 
Advertising sales were down markedly, and Helsingin Sanomat's job and 
real estate print advertising, in particular, continued to be 
affected by the overall economic situation. Job advertising in the 
Helsingin Sanomat daily paper decreased by 55% and real estate 
advertising by 55%. Online advertising of the business unit decreased 
by 18%, but Oikotie.fi, the classified online site, strengthened its 
market position during the first six months. In total, advertising 
sales represented 54% (64%) of net sales. Helsingin Sanomat continued 
to restructure its operations and to improve the efficiency of its 
organisation through reorganisation of operations in, among others, 
its newsroom and marketing departments. 
 
Net sales of the Ilta-Sanomat business unit amounted to EUR 38.3 
(42.4) million. Ilta-Sanomat had a 57.0% (57.4%) share of the tabloid 
market. The circulation sales increased from the comparable period 
with the second quarter developing positively. The overall readership 
was further strengthened by the continuous growth of online readers. 
The unit's advertising sales decreased due to declining print 
advertising revenues. Online advertising sales of the Iltasanomat.fi 
site developed positively in the second quarter. In total, 
advertising sales represented 23% (26%) of the business unit's net 
sales in January-June. 
 
Net sales from other publishing were at the comparable period's level 
at EUR 46.7 (48.9) million. Advertising sales decreased, especially 
in Sanoma Lehtimedia's regional newspapers. The circulation sales in 
the regional papers grew slightly. Sanoma Lehtimedia has streamlined 
its organisation in order to better serve its customers, remove 
overlapping functions, and increase efficiency and co-operation. Net 
sales in the Sanoma Kaupunkilehdet business unit for free sheets 
decreased slightly, mainly due to structural changes as Metro and 
Uutislehti 100 titles were merged last autumn. However, Sanoma 
Kaupunkilehdet has gained market share in the advertising market, 
since free sheets in general are performing better than the media 
market in general. The local news site Vartti.fi has become the 
leading local news site in Finland. Sanoma Kaupunkilehdet made 
several efficiency improvements in its portfolio during 2008. The 
organisation of the financial news site Taloussanomat.fi has been 
further streamlined. The Sanoma Digital business unit's net sales 
increased due to new operations, and its service offering has been 
improved. Its comparison site Hintaseuranta.fi continued to 
strengthen its market leading position. 
 
Net sales from other businesses, mainly comprising internal services, 
were EUR 72.2 (75.4) million. Net sales decreased due to fewer 
internal printing jobs. External printing services developed well 
increasing 41% from last year. 
 
In January-June, Sanoma News' operating profit excluding 
non-recurring items decreased by 44.9%, totalling EUR 18.0 (32.6) 
million. The non-recurring items included in the operating profit 
totalled EUR 
-8.4 (0.0) million and consisted of expenses related to the 
efficiency programme, including such items as voluntary severance 
packages to employees. Operating profit including the non-recurring 
items totalled EUR 9.6 (32.6) million in the first six months. 
Decreased advertising sales lowered operating profits in all reported 
businesses. In April-June, the Division's operating profit excluding 
non-recurring items decreased by 34.4% and was at EUR 9.6 (14.7) 
million. A number of cost-saving measures helped Sanoma News to 
improve its efficiency compared to the previous quarter. Including 
the non-recurring items, the Division's operating profit in the 
second quarter was EUR 3.5 (14.7) million. 
 
Sanoma News will continue the planned development of its printed 
products and digital services. Renewal projects are ongoing in all 
units to develop the products so that they will meet the changing 
customer needs. The company has also decided to invest in a new 
reader-customer management system to support, among other actions, 
product development opportunities for newspapers in the multimedia 
environment. However, in 2009 the media advertising market continues 
to be challenging. Sanoma News has therefore started a programme to 
reshape its organisation and to adapt its operations to the lower 
revenue level. 
 
In 2009, net sales of Sanoma News are estimated to decrease clearly 
and operating profit excluding non-recurring items will lessen 
markedly from the previous year due to the decline in the advertising 
market. 
 
SANOMA ENTERTAINMENT 
 
Sanoma Entertainment offers entertaining experiences on television, 
radio, online and mobile. Sanoma Entertainment's business units 
include Nelonen Media, which focuses on broadcast operations, and 
Welho, Finland's largest cable television operator. The Division's 
latest business area is online casual gaming. 
 

 
 
- Sanoma Entertainment's operating profit continued to grow in the 
second quarter, with all businesses improving from 2008. 
- Nelonen Media increased its market share of Finnish TV advertising 
significantly, to 33.5%. 
- The number of Welho's broadband subscriptions grew. 
- Nelonen Media launched Ruutu.fi, a new WebTV, in June. 
 
 
Key indicators                4-6/ 4-6/ Change 1-6/ 1-6/ Change 1-12/ 
EUR million                   2009 2008      % 2009 2008      %  2008 
Net sales                     40.6 40.9   -0.7 81.0 81.4   -0.6 157.1 
Operating profit excluding     6.9  6.3    8.1 13.0 10.4   25.3  17.3 
non-recurring items 
  % of net sales              16.9 15.5        16.1 12.8         11.0 
Operating profit               6.9  6.3    8.1 13.0 10.4   25.3  17.3 
Capital expenditure                             4.1  7.5  -44.3  13.5 
Average number of employees (full-time          481  471    2.2   482 
equivalents) 
 
 
 
Operational indicators                              1-6/  1-6/ 
Thousands                                           2009  2008 
TV channels' share of Finnish TV advertising       33.5% 29.8% 
TV channels' national commercial viewing share     29.6% 30.3% 
TV channels' national viewing share                14.7% 14.6% 
Number of connected households (30 June)             324   321 
Number of pay TV customers (30 June)                  67    68 
Number of broadband internet connections (30 June)   110   102 
 
 
Sanoma Entertainment's net sales in January-June were at the 
comparable period's level and amounted to EUR 81.0 (81.4) million. In 
addition, net sales adjusted for changes in the Group structure 
remained stable. Advertising sales accounted for 51% (51%) of Sanoma 
Entertainment's net sales. In April-June, net sales were EUR 40.6 
(40.9) million. 
 
Broadcast operations' net sales totalled EUR 47.1 (47.1) million in 
January-June, while the Finnish TV advertising market shrank by 13% 
according to TNS Gallup Adex. Nelonen Media's multichannel strategy 
in TV operations has resulted in the increase of its market share to 
33.5% (29.8%). New targeted TV channels, national radio stations and 
WebTV all increased their advertising sales. 
 
Sanoma Entertainment's WebTV services and their popularity have 
continued to grow and in June Nelonen Media launched a new WebTV 
service Ruutu.fi. Ruutu.fi offers streaming broadcasts of TV series 
from Nelonen Media TV channels as a free catch-up service, extra 
materials for popular programmes, and podcasts. 
 
Nelonen Media's Liv, launched successfully as a free TV channel 
available on the cable network in February, was granted a one-year 
licence to broadcast the lifestyle channel on the terrestrial network 
as well. In June, Sanoma Entertainment acquired the remaining 
minority shareholding in Suomen Urheilutelevisio, which operates the 
two sports channels in Nelonen Media's TV channel portfolio. 
 
Radio advertising has increased its share of the total advertising 
market. Nelonen Media's radio channels have been successful and 
during the spring, the weekly reach of Radio Rock rose to its 
all-time high. 
 
Net sales from other businesses were EUR 34.7 (34.7) million. The 
number of Welho's broadband subscriptions continued to increase. The 
mobile broadband market is growing, and Welho has kept up with this 
development with its mobile broadband product, Wekkula, launched in 
January 2009. In line with the Finnish pay TV market development, 
Welho's pay TV operations were stable. 
 
Sanoma Entertainment's operating profit increased by 25.3% in 
January-June, totalling EUR 13.0 (10.4) million. The operating profit 
did not include any non-recurring items. Operating profit improved 
both in broadcasting and other businesses. The increase was driven by 
lower expenses in general and cost-saving measures. The good 
development of both broadcasting and other operations continued in 
April-June, and operating profit grew by 8.1% amounting to EUR 6.9 
(6.3) million. 
 
In line with its strategy, Sanoma Entertainment focuses on its core 
businesses: television, broadband services and consumer entertainment 
services. Sanoma Entertainment continues to develop its digital 
content and media solutions business, invest resources in the 
development of its online services and in its viewing and listening 
shares. In addition, Sanoma Entertainment is refining its processes 
and service offering to better meet the needs of its customers and to 
improve its efficiency. 
 
In 2009, Sanoma Entertainment's net sales and operating profit 
excluding non-recurring items are expected to be at the previous 
year's level. 
 
SANOMA LEARNING & LITERATURE 
 
Sanoma Learning & Literature is a leading European educational 
publisher offering learning materials in print and digital format. 
With operations in nine countries, the Division has growing 
international language service operations and is also the leading 
general literature publisher in Finland. 
 
- The educational material market has been fairly resilient to the 
economic downturn; Sanoma Learning & Literature is performing well in 
its biggest markets. 
- Language operations are clearly suffering from the current economic 
climate. The language business is streamlining its structure 
accordingly. 
- Literature and other businesses unit continues its restructuring 
programme. 
 
 
Key indicators             4-6/  4-6/ Change  1-6/  1-6/ Change 1-12/ 
EUR million                2009  2008      %  2009  2008      %  2008 
Net sales                 101.9 110.5   -7.7 162.8 168.8   -3.6 390.0 
Operating profit           25.1  26.4   -4.9  18.2  22.0  -17.4  53.2 
excluding non-recurring 
items 
  % of net sales           24.6  23.9         11.2  13.0         13.6 
Operating profit           25.1  26.4   -4.9  18.2  22.0  -17.4  45.6 
Capital expenditure                            4.4   7.4  -40.5  15.6 
Average number of employees (full-time       2,847 2,618    8.8 2,737 
equivalents) 
 
 
 
Operational indicators                           1-6/ 1-6/ 
                                                 2009 2008 
Learning 
Number of new titles published, books             756  803 
Number of new titles published, digital products  228  236 
 
Literature and other businesses 
Number of new titles published, books             181  215 
Number of new titles published, digital products   42   41 
 
Books sold, millions                             12.9 12.9 
 
 
In January-June Sanoma Learning & Literature's net sales decreased by 
3.6% and totalled EUR 162.8 (168.8) million, with especially net 
sales of literature and other businesses decreasing. Net sales 
adjusted for changes in the Group structure decreased by 7.3%. A 
total of 59% (57%) of the Division's net sales came from outside 
Finland. In April-June, the Division's net sales decreased by 7.7% to 
EUR 101.9 (110.5) million. This was mainly due to timing differences 
in the learning business. 
 
Sanoma Learning & Literature's reporting structure has been modified 
to better reflect the focus of operations. The comparable figures for 
2008 have been adjusted accordingly. Sanoma Learning & Literature's 
three reporting levels are now learning, language services, and 
literature and other businesses, which includes general literature, 
printing and logistics. 
 
Net sales in learning totalled EUR 112.2 (115.2) million. Sales in 
the biggest market, the Netherlands, were ahead of the comparable 
period, mostly due to earlier order intake than in the comparable 
period. Net sales grew in Belgium. Net sales decreased in Finland due 
to shifts in order time in secondary education and lower sales in the 
WSOYpro unit, a provider of corporate educational materials. Net 
sales decreased in Poland: E-learning provider YDP's sales were lower 
than in the comparable period, when the Polish government awarded 
more tenders than in the reporting period. Nowa Era's net sales were 
slightly below the comparable period due to a change in the Polish 
curricula, which has caused a delay in ordering. Exchange rate 
developments negatively affected net sales in Poland and Hungary. 
 
Net sales in language services grew to EUR 14.5 (11.9) million. The 
increase is attributable to the new operations acquired in 2008. 
Sales of language services have been strongly affected by the general 
economic situation. The business unit's focus is now on integrating 
the Swedish business acquired in 2008 and on adopting the fixed cost 
structure to the new circumstances in the market. 
 
Net sales in literature and other businesses were EUR 41.6 (48.3) 
million with most of the decrease coming from multi-volume and 
year-book publishing as well as decreased sales in printing. In 
Finland, the general literature market has slowed down considerably, 
but WSOY General Literature has outperformed the market. 
 
The Division's operating profit in January-June decreased 17.4% and 
amounted to EUR 18.2 (22.0) million. The operating profit did not 
include any non-recurring items. Most of the decrease came from the 
language service operations, where the economic downturn has affected 
the sales considerably. The operating profit in learning was slightly 
below the comparable period due to the negative impact of the 
consolidation of Nowa Era's seasonal losses in the first quarter. 
Cost-savings have offset the effect lower sales have had on profits. 
Operating profit in literature and other businesses decreased. In 
April-June, the Division's operating profit decreased by 4.9% to EUR 
25.1 (26.4) million due to weaker results in language services as 
well as in literature. 
 
The Division's business is very seasonal. Profit in learning is 
mainly accrued in the second and third quarters. The acquisition of 
Nowa Era added to the size of the learning business and therefore 
increased seasonality in the Division. 
 

 
 
Sanoma Learning & Literature continues to focus on further 
internationalising its learning business, expanding language services 
and maintaining market leadership in Finnish general literature 
publishing. 
 
In 2009, it is estimated that the net sales and operating profit 
excluding non-recurring items of Sanoma Learning & Literature will 
decrease from the previous year's level. The development of net sales 
and operating profit is significantly affected by the exchange rate 
developments in Sanoma Learning & Literature's operating countries. 
 
SANOMA TRADE 
 
Retail specialist Sanoma Trade's strengths are a thorough 
understanding of customers' needs and solid concepts. Sanoma Trade 
serves its customers in over 200 million annual sales contacts at 
kiosks, bookstores and movie theatres. Operating in seven countries, 
press distribution is a strong link between publishers and retailers. 
 
- Kiosk operations' net sales grew in Finland in the second quarter. 
- Movie admissions grew by 11% in the second quarter in Finland. 
- Sanoma Trade's business in Finland has performed well, but the 
economic situation strongly affects the Baltic and Eastern European 
businesses. The Russian kiosk network has been downsized. 
 
 
Key indicators             4-6/  4-6/ Change  1-6/  1-6/ Change 1-12/ 
EUR million                2009  2008      %  2009  2008      %  2008 
Net sales                 195.7 203.2   -3.7 383.4 405.8   -5.5 866.6 
Operating profit            3.8   7.4  -48.8   7.6  17.3  -56.2  45.1 
excluding non-recurring 
items 
  % of net sales            1.9   3.6          2.0   4.3          5.2 
Operating profit            3.8   7.4  -48.8   7.6  17.3  -56.2  45.1 
Capital expenditure                           15.2  12.4   22.7  33.8 
Average number of employees (full-time       6,282 6,527   -3.7 6,633 
equivalents) 
 
 
 
Operational indicators                        1-6/    1-6/ 
Thousands                                     2009    2008 
Customer volume in kiosk operations         97,764 104,435 
Customer volume in bookstores                3,083   3,218 
Customer volume in movie theatres            4,515   4,799 
Number of copies sold (press distribution) 171,302 194,982 
 
 
Sanoma Trade's net sales in January-June decreased by 5.5%, totalling 
EUR 383.4 (405.8) million. Net sales of kiosk operations were at the 
comparable period's level. Net sales decreased in press distribution 
and bookstores, and slightly in movie operations. Net sales adjusted 
for changes in the Group structure decreased by 4.9%. Of Sanoma 
Trade's net sales, 32% (34%) came from outside Finland. In 
April-June, The Division's net sales were down by 3.7% and totalled 
EUR 195.7 (203.2) million. Most of the decrease came from operations 
outside Finland. In kiosk operations, net sales grew in the second 
quarter. 
 
Net sales from kiosk operations amounted to EUR 197.6 (197.1) 
million. Kiosk sales in Finland and Estonia remained quite stable. In 
Finland, customer volume began to grow in the second quarter. Net 
sales increased slightly in Lithuania and in the new operations of 
Russia and Romania. In Russia, Sanoma Trade has closed down 
loss-making kiosks. Kiosk sales decreased in Latvia, largely due to 
the strong emphasis on fast food in the kiosks' product assortment. 
 
Net sales from press distribution were EUR 105.0 (118.4) million. Net 
sales decreased overall - with the exception of Russia, where sales 
were in line with the comparable period. Additionally, cumulative 
press distribution volumes decreased in all countries, although in 
Finland, the sales of tabloids increased clearly in May-June. In most 
markets, cover prices rose due to VAT increases, which also affected 
volumes. 
 
The net sales of bookstores were EUR 46.9 (55.0) million. The net 
sales of the comparable period included the subscription business 
divested in May 2008. In line with the generally sluggish literature 
market, net sales from bookstores decreased both in Finland and 
Estonia. In June, the bookstore chain Suomalainen Kirjakauppa was 
voted by consumers the retail chain brand with the best reputation in 
Finland. 
 
Net sales from movie operations totalled EUR 41.7 (43.8) million. 
Movie admissions in Finland have grown steadily during the first six 
months from the record year 2008 and net sales increased in Finland. 
Finnkino's e-ticket concept was voted by consumers to be the most 
recommendable e-store in Finland. The economic downturn and lower 
private consumption affected movie sales in the Baltic countries and 
net sales decreased in Latvia in particular, where competition has 
also increased. 
 
In January-June, Sanoma Trade's operating profit decreased by 56.2%, 
totalling EUR 7.6 (17.3) million. The operating profit did not 
include any non-recurring items. The operating profit of kiosk 
operations was decreased by the economic slowdown and declining sales 
in the Baltic countries and the earlier investments in Russia and 
Romania. In press distribution, the operating profit declined in all 
markets. The operating profit of bookstores was slightly below the 
comparable period. In movie operations, the result decreased due to 
falling sales in the Baltic countries. Sanoma Trade has intensive 
cost-saving programmes in place in all of its businesses. In addition 
to strict cost-control, structural arrangements are being executed, 
starting in Estonia. In April-June, the Division's operating profit 
was down by 48.8% and totalled EUR 3.8 (7.4) million. Kiosk and movie 
theatre operations performed well in Finland, but the weak results of 
foreign operations in general decreased the Division's result in the 
second quarter. 
 
Sanoma Trade continues to develop chain concepts in all its 
businesses. Efficient chain management as well as the product and 
service offerings catering to the needs of customers are key success 
factors in all markets and will ensure the competitiveness of Sanoma 
Trade. 
 
In 2009, Sanoma Trade's net sales are expected to decrease somewhat 
and operating profit excluding non-recurring items to decrease 
clearly. 
 
THE SANOMA GROUP 
 
Dividend 
 
In line with the Board's proposal, the Annual General Meeting decided 
to pay out a dividend of EUR 0.90 (1.00) per share for the year 2008. 
The record date for distribution of dividends was 6 April 2009 and in 
Finland, the dividends were paid on 15 April 2009. EUR 0.5 million 
was transferred to the donation reserve and EUR 511.5 million was 
left in equity. Sanoma conducts an active dividend policy and 
primarily distributes over half of the Group result after taxes in 
dividends. 
 
Shares and holdings 
 
In January-June, a total of 43,578,137 (57,365,039) Sanoma shares 
were traded on the NASDAQ OMX Helsinki. Traded shares accounted for 
27% (35%) of the average number of shares for the period. Sanoma's 
total stock exchange turnover was EUR 428.2 (960.2) million. 
 
In January-June, the volume-weighted average price of a Sanoma share 
was EUR 9.76, with a low of EUR 8.02 and a high of EUR 11.87. At the 
end of the review period, Sanoma's market capitalisation was EUR 
1,778.4 (2,260.3) million and the closing price of the share was EUR 
11.05 (14.07). At the end of June 2009, Sanoma had 20,924 
shareholders, with foreign holdings accounting for 9.7% (10.9%) of 
all shares and votes. There were no major changes in share ownership 
during the review period and Sanoma did not issue any flagging 
announcements. 
 
During the period under review, the Board had an authorisation to 
repurchase the Company's shares. No shares were repurchased in the 
first six months of 2009 and the Company shares acquired in 2008 were 
cancelled in the first quarter. During the first quarter, the number 
of shares also changed because of shares registered with stock 
options. There were no changes during the second quarter and at the 
end of June, Sanoma had 160,943,658 shares and the registered share 
capital totalled EUR 71,258,986.82. 
 
Board of Directors and auditors 
 
The AGM of 1 April 2009 confirmed the number of Sanoma's Board 
members at ten. Board members Jaakko Rauramo and Sakari Tamminen were 
re-elected, and Annet Aris was elected to the Board as a new member. 
The Board of Directors of Sanoma consists of: Jaakko Rauramo, 
Chairman; Sakari Tamminen, Vice Chairman; and Annet Aris, Robert 
Castrén, Jane Erkko, Paavo Hohti, Sirkka Hämäläinen-Lindfors, Seppo 
Kievari, Rafaela Seppälä and Hannu Syrjänen as members. 
 
The AGM re-appointed Pekka Pajamo, APA, and Sixten Nyman, APA, as his 
deputy, and chartered accountants KPMG Oy Ab, with Kai Salli, APA, 
acting as the Auditor in Charge, as the auditors of the Company. 
 
Board authorisations 
 
The AGM held on 1 April 2009 authorised the Board of Sanoma to decide 
on the repurchase of the Company's own shares. The authorisation is 
effective until 30 June 2010. 
 
A maximum of 16,000,000 of the Company's own shares can be 
repurchased with the Company's unrestricted shareholders' equity, and 
the repurchases will reduce the funds available for distribution of 
profits. The shares will be repurchased to develop the Company's 
capital structure, carry out potential corporate acquisitions or 
other business arrangements, or to be transferred for other purposes, 
retained as treasury shares, or cancelled. The shares can be 
repurchased either through a tender offer made to all shareholders on 
equal terms or in other proportion than that of the current 
shareholders at the market price on the NASDAQ OMX Helsinki Ltd at 
the moment of repurchase. 
 
In addition, the Board has a valid authorisation to increase the 
share capital. According to the authorisation issued by the AGM on 4 
April 2007, the Board may decide, until the AGM of 2010, on the issue 
of new shares, the transfer of treasury shares and the granting of 

 
 
special rights entitling to shares. The authorisation does not 
exclude the right of the Board of Directors to decide on a directed 
share issue. With this authorisation, and as a result of the use of 
special rights, the Board is authorised to decide on the issuance of 
a maximum of 82,000,000 new shares and the transfer of a maximum of 
5,000,000 treasury shares. In a directed share issue, a maximum of 
41,000,000 shares may be issued or transferred. With this 
authorisation, the Board is authorised to issue a maximum of 
5,000,000 stock options as part of an incentive programme within the 
Company. Under the authorisation, the Board decided on 19 December 
2008 on the issuance of Stock Option Scheme 2008. 
 
During the review period, the authorisation by the AGM of 1 April 
2008 for repurchasing the Company's own shares was in force. The 
authorisation was not used during the review period and its validity 
ended on 1 April 2009. 
 
Seasonal fluctuation 
 
The net sales and result of Sanoma Magazines, Sanoma News and Sanoma 
Entertainment are particularly affected by the development of 
advertising. Advertising sales are influenced, for example, by the 
number of newspaper and magazine issues published during each 
quarter, which varies annually. Television advertising in Finland is 
usually strongest in the second and fourth quarters. 
 
Learning accrues most of its net sales and results during the second 
and third quarters. 
 
A major portion of the net sales and results in retail are, on the 
other hand, generated in the last quarter, particularly from 
Christmas sales. Of course, the number of shopping days and, for 
example, the distribution of holidays over different quarters also 
impacts the net retail sales between quarters. 
 
Seasonal business fluctuations influence the Group's net sales and 
operating profit, with the first quarter traditionally being clearly 
the smallest. 
 
Significant risks and uncertainty factors 
 
Management of business risks and utilisation of the opportunities 
associated with them is included in the daily responsibilities of 
Sanoma's management. The management takes calculated risks in order 
to ensure that the Company develops its business as successfully as 
possible. 
 
The most significant risks and uncertainty factors Sanoma is facing 
are described in the Financial Statements, together with the main 
principles of risk management. The most significant uncertainty 
factors of the current year are related to the development of media 
advertising and consumer spending, as well as the development of 
currency exchange rates. Due to the uncertain general economic 
situation, reliable estimates on, for example, the development of 
media advertising in the Group's various markets are not available. 
Sanoma expects media advertising to continue to decrease in 2009. A 
rapid change in media advertising and consumer confidence would 
affect the Group result. 
 
Sanoma's stable business, strong balance sheet and current loan 
agreements ensure the Group's financial position even if the 
uncertainty in the financial markets continues. 
 
 
INTERIM REPORT (UNAUDITED) 
 
Accounting policies 
 
The Sanoma Group has prepared its Interim Report in accordance with 
IAS 34 'Interim Financial Reporting' while adhering to related IFRS 
standards and interpretations applicable within the EU on 30 June 
2009. Sanoma Learning & Literature has started to capitalise 
prepublication costs of learning material to intangible assets as of 
1 January 2009. Previously, the principle was to include 
prepublication expenses in acquisition cost of inventory. The change 
in accounting policy does not have any material impact on Sanoma's 
income statement or balance sheet. The accounting policies of the 
Interim Report and the definitions of key indicators are presented on 
the Sanoma website at Sanoma.com. All figures have been rounded and 
consequently the sum of individual figures can deviate from 
the presented sum figure. Key figures have been calculated using 
exact figures. 
 
 
CONSOLIDATED INCOME STATEMENT                    1-6/    1-6/   1-12/ 
EUR million                                      2009    2008    2008 
 
NET SALES                                     1,333.2 1,452.8 3,030.1 
Other operating income                           33.5    55.8    97.1 
Materials and services                          591.3   642.8 1,367.4 
Employee benefit expenses                       351.0   349.8   702.8 
Other operating expenses                        257.2   272.5   588.8 
Depreciation and impairment losses               81.2    72.4   231.9 
OPERATING PROFIT                                 86.1   171.2   236.3 
Share of results in associated companies         -0.3     4.6     4.9 
Financial income                                 15.5     6.6    18.9 
Financial expenses                               29.3    27.2    69.9 
RESULT BEFORE TAXES                              72.0   155.2   190.3 
Income taxes                                    -20.7   -35.5   -69.4 
RESULT FOR THE PERIOD                            51.3   119.7   120.8 
 
Result attributable to: 
Equity holders of the Parent Company             51.6   118.9   115.7 
Non-controlling interests                        -0.3     0.7     5.1 
 
Earnings per share for result attributable to 
the equity holders of the Parent company 
Earnings per share, EUR                          0.32    0.74    0.72 
Diluted earnings per share, EUR                  0.32    0.73    0.72 
 
STATEMENT OF COMPREHENSIVE INCOME                1-6/    1-6/   1-12/ 
EUR million                                      2009    2008    2008 
 
Result for the period                            51.3   119.7   120.8 
Other comprehensive income: 
Change in translation differences               -14.7    14.5   -39.1 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD        36.7   134.1    81.7 
 
Total comprehensive income attributable to: 
Equity holders of the Parent Company             37.4   132.8    77.5 
Non-controlling interests                        -0.7     1.4     4.2 
 
 
 
 
CONSOLIDATED BALANCE SHEET 
EUR million                           30.6.2009 30.6.2008 31.12.2008 
 
ASSETS 
 
NON-CURRENT ASSETS 
Tangible assets                           500.4     506.8      510.4 
Investment property                         9.4       9.8       10.2 
Goodwill                                1,487.7   1,504.1    1,491.6 
Other intangible assets                   397.1     380.1      379.7 
Interests in associated companies          67.3      70.4       69.9 
Available-for-sale financial assets        20.7      21.4       20.6 
Deferred tax receivables                   39.4      45.7       36.6 
Trade and other receivables                38.8      42.2       41.0 
NON-CURRENT ASSETS, TOTAL               2,560.8   2,580.5    2,560.0 
 
CURRENT ASSETS 
Inventories                               152.7     196.1      173.2 
Income tax receivables                     28.2      42.2       24.9 
Trade and other receivables               409.4     459.2      409.1 
Available-for-sale financial assets         0.5       1.1        0.5 
Cash and cash equivalents                  59.3      90.2      110.9 
CURRENT ASSETS, TOTAL                     650.2     788.7      718.7 
 
ASSETS, TOTAL                           3,211.1   3,369.2    3,278.7 
 
EQUITY AND LIABILITIES 
 
EQUITY 
Equity attributable to the equity holders of the Parent Company 
Share capital                              71.3      71.3       71.3 
Share premium fund                                  187.6 
Treasury shares                                     -31.2      -37.5 
Fund for invested unrestricted equity     192.7       0.0      192.7 
Other equity                              850.2   1,048.4      993.7 
                                        1,114.1   1,276.1    1,220.1 
Non-controlling interests                  13.4      21.0       17.0 
EQUITY, TOTAL                           1,127.6   1,297.1    1,237.1 
 
NON-CURRENT LIABILITIES 
Deferred tax liabilities                  105.0     106.1      106.2 
Pension obligations                        36.8      43.7       37.9 
Provisions                                  6.2       8.4        6.0 
Interest-bearing liabilities              713.1     448.7      449.0 
Trade and other payables                   35.9      28.3       34.6 
 
CURRENT LIABILITIES 
Provisions                                 10.2       9.3       10.9 
Interest-bearing liabilities              507.2     699.8      633.6 
Income tax liabilities                     19.9      29.2       11.7 
Trade and other payables                  649.0     698.6      751.7 
 
LIABILITIES, TOTAL                      2,083.5   2,072.1    2,041.6 
 
EQUITY AND LIABILITIES, TOTAL           3,211.1   3,369.2    3,278.7 
 
 
 
 
CHANGES IN CONSOLIDATED EQUITY 
EUR million 
              Equity attributable to the equity holders of the 
              Parent Company 
                                    Fund 
                                     for                  Non- 
                                  inves-                 cont- 
                    Share            ted                  rol- 
              Share  pre-  Trea-  unres-                  ling   Equi- 
              capi-  mium   sury tricted   Other         inte-     ty, 
                tal  fund shares  equity  equity   Total rests   total 
Equity at 
1 Jan 2008     71.3 187.6  -51.6         1,138.6 1,345.9  18.3 1,364.2 
Unregistered usage 
of share       -0.1  -2.4                           -2.6          -2.6 
options 
Acquisition 
of treasury                -41.2                   -41.2         -41.2 
shares 
Cancellation 
of treasury                 61.6           -61.6 
shares 
Registration 
of 
new shares      0.1   2.4                            2.6           2.6 
Expense 
recognition 
of 

 
 
options                                      2.6     2.6           2.6 
granted 
Dividends                                 -160.8  -160.8  -2.2  -163.0 
paid 
Change in 
non- 
controlling 
interests                                   -3.1    -3.1   3.5     0.4 
Comprehensive 
income for the                             132.8   132.8   1.4   134.1 
period 
Equity at 
30 June 2008   71.3 187.6  -31.2         1,048.4 1,276.1  21.0 1,297.1 
 
Equity at 
1 Jan 2009     71.3        -37.5   192.7   993.7 1,220.1  17.0 1,237.1 
Unregistered usage 
of share                            -1.8            -1.8          -1.8 
options 
Cancellation 
of treasury                 37.5           -37.5 
shares 
Registration 
of 
new shares                           1.8             1.8           1.8 
Expense 
recognition 
of 
options                                      2.0     2.0           2.0 
granted 
Dividends                                 -144.9  -144.9  -0.9  -145.8 
paid 
Change in 
non- 
controlling 
interests                                                 -2.0    -2.0 
Donations                                   -0.5    -0.5          -0.5 
Comprehensive 
income for the                              37.4    37.4  -0.7    36.7 
period 
Equity at 
30 June 2009   71.3                192.7   850.2 1,114.1  13.4 1,127.6 
 
 
 
 
INCOME STATEMENT BY QUARTER 
EUR million               1-3/  4-6/  1-3/  4-6/  7-9/ 10-12/   1-12/ 
                          2009  2009  2008  2008  2008   2008    2008 
 
NET SALES                636.0 697.2 683.1 769.8 778.6  798.7 3,030.1 
Other operating income    14.1  19.4  38.1  17.7  14.8   26.5    97.1 
Materials and services   286.4 304.8 309.4 333.4 352.0  372.6 1,367.4 
Employee benefit         176.2 174.8 172.2 177.5 167.8  185.2   702.8 
expenses 
Other operating expenses 128.2 129.0 131.1 141.5 141.9  174.3   588.8 
Depreciation and          38.4  42.8  35.8  36.6  37.7  121.9   231.9 
impairment losses 
OPERATING PROFIT          20.9  65.1  72.7  98.5  94.0  -28.8   236.3 
Share of results in        0.3  -0.6   3.0   1.6   0.4   -0.1     4.9 
associated companies 
Financial income           6.7   8.8   3.5   3.1   6.1    6.2    18.9 
Financial expenses        17.0  12.3  12.7  14.5  15.3   27.4    69.9 
RESULT BEFORE TAXES       10.9  61.1  66.5  88.7  85.2  -50.1   190.3 
Income taxes              -3.2 -17.4 -12.2 -23.4 -24.1   -9.8   -69.4 
RESULT FOR THE PERIOD      7.7  43.7  54.4  65.3  61.1  -59.9   120.8 
 
Result attributable to: 
Equity holders of the      8.3  43.3  54.5  64.4  59.0  -62.2   115.7 
Parent Company 
Non-controlling           -0.6   0.3  -0.2   0.9   2.1    2.3     5.1 
interests 
 
Earnings per share for result attributable 
to the equity holders of the Parent company 
Earnings per share, EUR   0.05  0.27  0.34  0.40  0.37  -0.39    0.72 
Diluted earnings per      0.05  0.27  0.34  0.40  0.37  -0.39    0.72 
share, EUR 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT                   1-6/   1-6/  1-12/ 
EUR million                                        2009   2008   2008 
OPERATIONS 
Result for the period                              51.3  119.7  120.8 
Adjustments 
     Income taxes                                  20.7   35.5   69.4 
     Financial expenses                            29.3   27.2   69.9 
     Financial income                             -15.5   -6.6  -18.9 
     Share of results in associated companies       0.3   -4.6   -4.9 
     Depreciation and impairment losses            81.2   72.4  231.9 
     Gains/losses on sales of non-current assets   -1.9  -27.8  -34.2 
     Other adjustments                            -28.7  -18.5  -40.1 
Change in working capital 
     Change in trade and other receivables         -0.5  -38.6  -18.5 
     Change in inventories                         -6.4  -15.5   -0.5 
     Change in trade and other payables, and      -78.4  -43.7    3.6 
     provisions 
Interest paid                                     -24.6  -27.5  -53.4 
Other financial items                              -0.2    4.4   -4.5 
Taxes paid                                        -19.1  -39.2  -70.2 
CASH FLOW FROM OPERATIONS                           7.5   37.3  250.3 
 
INVESTMENTS 
Acquisition of tangible and intangible assets     -43.1  -49.9 -113.3 
Operations acquired                               -17.8  -75.4 -162.3 
Sales of tangible and intangible assets             2.7    9.7   12.7 
Operations sold                                     0.0   39.6   49.2 
Loans granted                                      -2.1  -20.2  -19.8 
Repayments of loan receivables                      1.6    3.3    8.8 
Sales of short-term investments                                   0.5 
Interest received                                   3.6    1.5    7.4 
Dividends received                                  3.1    5.9    7.5 
CASH FLOW FROM INVESTMENTS                        -51.9  -85.5 -209.3 
 
CASH FLOW BEFORE FINANCING                        -44.4  -48.3   41.1 
 
FINANCING 
Proceeds from share subscriptions                          0.0    5.1 
Minority capital investment/repayment of equity            0.0    1.0 
Purchase of treasury shares                              -40.9  -48.2 
Change in loans with short maturity                 0.0  106.9  -53.8 
Drawings of other loans                           366.5  167.9  525.1 
Repayments of other loans                        -245.1   -6.0 -264.6 
Payment of finance lease liabilities               -1.6   -1.3   -2.8 
Dividends paid                                   -145.8 -163.0 -164.3 
Donations/other profit sharing                     -0.5   -0.5   -0.5 
CASH FLOW FROM FINANCING                          -26.6   63.0   -3.1 
 
CHANGE IN CASH AND CASH EQUIVALENTS 
ACCORDING TO CASH FLOW STATEMENT                  -71.0   14.7   38.0 
Effect of exchange rate differences on cash and    -2.4   -0.5    0.1 
cash equivalents 
NET CHANGE IN CASH AND CASH EQUIVALENTS           -73.4   14.2   38.1 
 
Cash and cash equivalents at the beginning of     110.5   72.4   72.4 
the period 
Cash and cash equivalents at the end of the        37.0   86.6  110.5 
period 
 
Cash and cash equivalents in cash flow statement include cash and 
cash equivalents less bank overdrafts. 
 
 
NET SALES BY BUSINESS     1-3/  4-6/  1-3/  4-6/  7-9/ 10-12/   1-12/ 
EUR million               2009  2009  2008  2008  2008   2008    2008 
 
SANOMA MAGAZINES 
Sanoma Magazines         110.6 123.2 111.7 135.2 124.8  143.9   515.7 
Netherlands 
Sanoma Magazines          50.9  53.2  70.1  76.8  77.4   82.4   306.7 
International 
Sanoma Magazines Belgium  51.3  52.6  54.2  55.5  53.7   59.8   223.2 
Sanoma Magazines Finland  50.3  48.0  50.7  51.9  49.1   53.9   205.6 
Eliminations              -1.0  -1.2  -1.3  -0.9  -1.0   -1.1    -4.3 
TOTAL                    262.1 275.9 285.5 318.5 304.0  338.9 1,246.8 
 
SANOMA NEWS 
Helsingin Sanomat         61.7  58.3  74.1  71.2  65.6   68.6   279.5 
Ilta-Sanomat              18.4  19.8  20.5  21.9  20.6   20.2    83.2 
Other publishing          22.9  23.8  23.9  24.9  23.5   25.8    98.2 
Other businesses          36.2  35.9  37.9  37.5  36.5   38.2   150.1 
Eliminations             -31.7 -30.8 -35.5 -34.5 -32.7  -33.5  -136.2 
TOTAL                    107.7 107.1 120.8 121.1 113.5  119.2   474.7 
 
SANOMA ENTERTAINMENT 
TV and radio              23.5  23.6  22.6  24.5  18.0   23.8    88.9 
Other businesses          17.3  17.4  18.0  16.7  16.8   17.9    69.4 
Eliminations              -0.5  -0.3  -0.1  -0.3  -0.1   -0.6    -1.1 
TOTAL                     40.3  40.6  40.5  40.9  34.7   41.0   157.1 
 
SANOMA LEARNING & LITERATURE 
Learning                  30.6  81.6  27.8  87.5 105.9   52.2   273.3 
Language services          8.3   6.2   6.2   5.8   7.5    9.3    28.8 
Literature and other      24.6  17.0  27.8  20.4  23.3   29.7   101.2 
businesses 
Eliminations              -2.6  -2.8  -3.4  -3.2  -3.5   -3.2   -13.3 
TOTAL                     60.8 101.9  58.3 110.5 133.2   88.0   390.0 
 
SANOMA TRADE 
Kiosk operations          91.1 106.6  94.6 102.5 103.8  108.6   409.4 
Press distribution        49.6  55.5  58.2  60.2  61.8   61.3   241.5 
Bookstores                27.3  19.7  31.0  24.0  36.9   47.3   139.2 
Movie operations          23.6  18.0  24.4  19.4  23.8   26.7    94.3 
Eliminations              -3.8  -4.0  -5.5  -3.0  -4.8   -4.5   -17.8 
TOTAL                    187.7 195.7 202.7 203.2 221.4  239.3   866.6 
 
Other companies and      -22.7 -24.1 -24.8 -24.4 -28.2  -27.9  -105.2 
eliminations 
TOTAL                    636.0 697.2 683.1 769.8 778.6  798.7 3,030.1 
 
 
 
OPERATING PROFIT BY DIVISION 
EUR million                     1-3/ 4-6/ 1-3/ 4-6/ 7-9/ 10-12/ 1-12/ 
                                2009 2009 2008 2008 2008   2008  2008 
 
Sanoma Magazines                15.5 30.2 48.2 46.6 31.6  -40.6  85.7 
Sanoma News                      6.0  3.5 17.9 14.7 15.2    9.4  57.3 
Sanoma Entertainment             6.1  6.9  4.0  6.3  2.8    4.1  17.3 
Sanoma Learning & Literature    -6.9 25.1 -4.3 26.4 36.3  -12.7  45.6 
Sanoma Trade                     3.8  3.8  9.9  7.4 13.0   14.7  45.1 
Other companies and             -3.7 -4.3 -3.0 -2.9 -5.0   -3.7 -14.6 
eliminations 
TOTAL                           20.9 65.1 72.7 98.5 94.0  -28.8 236.3 
 
 
 
SEGMENT INFORMATION 
 
The operating segments of the Sanoma Group comprise the Group's five 
divisions: Sanoma Magazines, Sanoma News, Sanoma Entertainment, 
Sanoma Learning & Literature and Sanoma Trade. The segmentation is 
based on business model and product differences. The media business, 
based on advertising and circulation sales, is divided into three 
segments: Sanoma Magazines is responsible for magazines, Sanoma News 
for newspapers and Sanoma Entertainment for TV and broadband 
business. Sanoma Learning & Literature business is mainly b-2-b 

 
 
business. Sanoma Trade, on the other hand, operates on a retail 
business model. In addition to the Group eliminations column, 
unallocated/eliminations includes Sanoma Corporation and real estate 
companies. More detailed description of operating segments can be 
found in note 2 in Financial Statements for 2008. 
 
The adoption of IFRS 8 has not changed reportable segments because 
also the segment information the Group has presented earlier has been 
based on internal management reporting. 
 
The accounting policies for segment reporting do not differ from 
Group's accounting policies and have not changed due to the adoption 
of IFRS 8. The decisions concerning assessing the performance of 
operating segments and allocating resources to the segments are based 
on segments' operating profit. The chief operating decision maker is 
Group's Executive Management Group. The Group has not aggregated 
operating segments to form the above mentioned reportable segments. 
Segment's total assets do not include interest-bearing receivables 
and tax receivables. Transactions between segments are based on 
market prices. 
 
 
Sanoma Divisions 
1.1-30.6.2009 
                                          Lear-       Unallo- 
                                  Enter- ning &        cated/    Con- 
                      Maga-        tain-  Lite-        elimi-   soli- 
EUR million           zines  News   ment rature Trade nations   dated 
External net sales    536.8 210.7   80.3  157.0 348.5    -0.2 1,333.2 
Internal net sales      1.2   4.1    0.6    5.8  34.9   -46.6 
NET SALES, TOTAL      538.1 214.8   81.0  162.8 383.4   -46.7 1,333.2 
OPERATING PROFIT       45.8   9.6   13.0   18.2   7.6    -8.1    86.1 
Share of results in 
associated             -0.5   0.0           0.1   0.1            -0.3 
companies 
Financial income                                                 15.5 
Financial expenses                                               29.3 
RESULT BEFORE TAXES                                              72.0 
TOTAL ASSETS        1,563.4 357.5  128.9  607.7 449.6    19.6 3,126.8 
 
 
 
Sanoma Divisions 
1.1-30.6.2008 
                                          Lear-       Unallo- 
                                  Enter- ning &        cated/    Con- 
                      Maga-        tain-  Lite-        elimi-   soli- 
EUR million           zines  News   ment rature Trade nations   dated 
External net sales    602.3 238.1   80.5  162.9 369.0     0.0 1,452.8 
Internal net sales      1.6   3.9    1.0    5.9  36.8   -49.1 
NET SALES, TOTAL      603.9 242.0   81.4  168.8 405.8   -49.1 1,452.8 
OPERATING PROFIT       94.7  32.6   10.4   22.0  17.3    -5.9   171.2 
Share of results in 
associated              4.3   0.0   -0.3   -0.1   0.2     0.4     4.6 
companies 
Financial income                                                  6.6 
Financial expenses                                               27.2 
RESULT BEFORE TAXES                                             155.2 
TOTAL ASSETS        1,644.1 369.9  121.0  638.7 458.6    28.3 3,260.6 
 
 
 
 
CHANGES IN PROPERTY, PLANT AND EQUIPMENT 
EUR million                            30.6.2009 30.6.2008 31.12.2008 
 
Carrying amount at the beginning of        510.4     498.7      498.7 
the period 
Increases                                   26.2      37.9       81.2 
Acquisition of operations                    0.0       6.5        7.3 
Decreases                                   -1.1      -3.7       -7.0 
Disposals of operations                               -0.2       -0.2 
Depreciation for the period                -34.1     -32.0      -66.4 
Impairment losses for the period            -0.2      -0.7       -0.7 
Exchange rate differences and other         -0.9       0.3       -2.6 
changes 
Carrying amount at the end of the          500.4     506.8      510.4 
period 
 
The Group had no commitments for acquisition of tangible assets at 
the end of the reporting period. In the comparative period they 
amounted to EUR 3.1 million. 
 
 
EFFECT OF ACQUISITIONS ON THE CONSOLIDATED BALANCE SHEET 
EUR million                            1-6/2009 
 
Acquisition costs                           4.3 
Fair value of acquired net assets           1.9 
Goodwill                                    2.4 
Negative goodwill in income statement      -0.9 
Change in goodwill                          3.3 
 
                                      1-12/2008   1-12/2008 
                                       Nowa Era       Other 
Acquisition costs                          62.5       128.2 
Fair value of acquired net assets           7.8        39.4 
Goodwill                                   54.6        88.8 
 
 
 
CONTINGENT LIABILITIES 
EUR million                       30.6.2009 30.6.2008 31.12.2008 
Contingencies for own commitments 
Mortgages                              26.4      23.2       23.7 
Pledges                                 6.0       5.8        6.0 
Other items                             0.4       0.4        0.4 
TOTAL                                  32.8      29.4       30.1 
 
Contingencies incurred on behalf of associated companies 
Guarantees                             10.5      10.5       10.5 
TOTAL                                  10.5      10.5       10.5 
 
Contingencies incurred on behalf of other companies 
Guarantees                              0.1       0.2        0.2 
TOTAL                                   0.1       0.2        0.2 
 
Other contingencies 
Operating lease liabilities           256.0     261.1      263.8 
Royalties                              18.3      23.4       23.6 
Other items                            35.3      38.2       38.1 
TOTAL                                 309.6     322.7      325.5 
 
TOTAL                                 353.1     362.8      366.2 
 
The Sanoma Group had no derivative contracts during the reporting 
period or during the previous year. 
 
 
KEY EXCHANGE RATES 
                                1-6/      1-6/      1-12/ 
Average rate                    2009      2008       2008 
EUR/CZK (Czech Koruna)         27.09     25.35      25.16 
EUR/HUF (Hungarian Forint)    288.31    252.41     251.25 
EUR/PLN (Polish Zloty)          4.48      3.49       3.53 
EUR/RUB (Russian Rouble)       44.11     36.63      36.69 
EUR/SEK (Swedish Crown)        10.86      9.41       9.66 
 
Closing rate               30.6.2009 30.6.2008 31.12.2008 
EUR/CZK (Czech Koruna)         25.88     23.89      26.88 
EUR/HUF (Hungarian Forint)    271.55    235.43     266.70 
EUR/PLN (Polish Zloty)          4.45      3.35       4.15 
EUR/RUB (Russian Rouble)       43.88     36.95      41.28 
EUR/SEK (Swedish Crown)        10.81      9.47      10.87 
 
 
 
Helsinki 
 
Board of Directors 
Sanoma Corporation 
 
 
Press Conference 
 
Press and analyst meeting in Finnish will be held by Mr Hannu 
Syrjänen, President and CEO of Sanoma at 11 am (Finnish time) at 
Sanomatalo, Töölönlahdenkatu 2, Helsinki. 
 
The conference call in English for analysts and investors will be 
arranged at 3 pm (Finnish time). Mr Hannu Syrjänen will present the 
result. To join the conference, please dial +44 20 3003 2666 (Europe) 
or +1 866 966 5335 (US). The event can also be listened to at 
Sanoma.com, either live or on demand at a later date. 
 
The presentation material of the press and analyst meeting as well as 
the slides used in the conference call will be available on Sanoma's 
website after the press and analyst meeting has started. 
 
Sanoma's third quarter 2009 results will be published on 6 November 
2009 at approximately 8 am (Finnish time). 
 
Sanoma Corporation 
 
Kim Ignatius 
Chief Financial Officer 
 
Additional information: Sanoma's Group Communications, tel +358 105 
19 5062 or communications@sanoma.com 
 
Sanoma.com 
 
Sanoma  inspires,  informs  and   connects.  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   challenging  and   interesting 
employment for over 20,000 people in 20 countries throughout  Europe. 
In 2008, the Group's net sales totalled EUR 3.0 billion. 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 
http://hugin.info/3123/R/1332997/315827.pdf 
http://www.sanoma.com 
Copyright © Hugin AS 2009. All rights reserved.