Interim Report  7/5/2009  11:00 
 
- Sanoma Group's net sales decreased by 6.9% in the first quarter, 
totalling EUR 636.0 (683.1) million. 
- Operating profit excluding non-recurring items was EUR 23.2 (49.2) 
million. Non-recurring items totalled EUR -2.3 (23.5) million. 
- Earnings per share, including non-recurring items, were EUR 0.05 
(0.34) in the first quarter. 
- It is estimated that the Group's full-year EBIT excluding 
non-recurring items will be clearly below the 2008 level. 
 
 
 
KEY INDICATORS                             1-3/   1-3/ Change   1-12/ 
EUR million                                2009   2008      %    2008 
 
Net sales                                 636.0  683.1   -6.9 3,030.1 
Operating profit excluding non-recurring   23.2   49.2  -52.8   295.7 
items 
  % of net sales                            3.7    7.2            9.8 
Operating profit                           20.9   72.7  -71.2   236.3 
Result for the period                       7.7   54.4  -85.9   120.8 
 
Capital expenditure                        20.2   20.6   -2.1   109.9 
  % of net sales                            3.2    3.0            3.6 
 
Equity ratio, %                            40.2   44.4           40.0 
Net gearing, %                             84.1   62.6           78.5 
 
Average number of employees (full-time   17,981 17,187    4.6  18,168 
equivalents) 
 
Earnings/share, EUR                        0.05   0.34  -84.7    0.72 
Cash flow from operations/share, EUR      -0.05   0.29 -118.5    1.56 
 
 
 
Hannu Syrjänen, President and CEO 
 
"Sanoma's balanced portfolio and strong market positions helped us in 
the challenging economic environment. In the first quarter, Sanoma 
Entertainment performed strongly both in television advertising and 
broadband operations. Our online advertising sales continued to 
increase, in particular in the Netherlands. Sanoma's total digital 
revenues grew by 7% and represented over 12% of the Group's net sales 
in the first quarter. Net sales grew also in the learning business, 
boosted by the Nowa Era acquisition made in 2008. 
 
However, the sales of advertising in the newspapers and magazines 
have decreased rapidly in the first quarter so we must adjust our 
operations further. The decline in consumer confidence and private 
consumption is being reflected in retail operations - in the Baltic 
countries in particular.  The Group continues to strongly focus on 
improving efficiency and saving costs. 
 
In 2009, Sanoma will make structural changes, discontinue loss-making 
operations and examine all processes in order to improve its 
efficiency. In the first quarter, for example, we closed down 
loss-making kiosks in Russia and discontinued some 20 magazine 
titles. The cost-saving measures taken so far have been strongest in 
the CEE countries, where the developing economies have been hit 
harder than in more mature markets. 
 
Our target is to reduce our operating expenses to be clearly below 
the 2008 level. This will partly be achieved through personnel 
reductions. 
 
Sanoma's position as a market leader will bring us added value. We 
have been able to strengthen our market shares in a number of areas. 
For example, our position in the Finnish online classified market has 
improved and our key weekly titles for women are performing better 
than the market in the Netherlands, Belgium and Finland. Focusing 
strongly on our profitability, we continue, at the same time, to be 
on the look out 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 financial expenses are expected to decrease, and 
as a result, Sanoma's net result for 2009 is expected to decrease 
less than its operating profit. The Group plans to 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. Advertising is expected to 
decrease in all and private consumption in most of the markets in 
2009. 
 
Net sales 
 
In January-March Sanoma's net sales were down by 6.9%, totalling EUR 
636.0 (683.1) million. Net sales grew in Sanoma Learning & Literature 
and 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. Net 
sales adjusted for changes in the Group structure decreased by 8.0%. 
Excluding the effect of changes in exchange rates, net sales for the 
first quarter 2009 would have been 5.3% lower than in 2008. 
 
Advertising sales accounted for 23% (26%) of the Group's total net 
sales. Online advertising sales continued to increase with the Sanoma 
Magazines Netherlands contributing the most. The growth from the 
comparable period was 6 %. In geographical terms, Finland accounted 
for 53% (53%) of net sales, with other EU countries accounting for 
43% (42%) and non-EU countries for 4% (5%). 
 
Result 
 
Sanoma's operating profit excluding non-recurring items was EUR 23.2 
(49.2) million in the first quarter. The operating profit included a 
total of EUR -2.3 (23.5) million in non-recurring items. These 
non-recurring costs were related to restructuring of operations and 
voluntary severance packages offered to employees. In the comparable 
period, a non-recurring capital gain was recorded from the divestment 
of the movie distribution company R.C.V. Entertainment. 
 
 
NON-RECURRING ITEMS                                   1-3/ 1-3/ 1-12/ 
EUR million                                           2009 2008  2008 
 
Costs related to the efficiency programme, News       -2.3 
A gain on sale of R.C.V. Entertainment, Magazines          23.5  23.5 
A gain on sale of a land area, Sanoma Corporation                 1.5 
A gain on sale of Payback Kft, Magazines                          7.0 
Expenses on closing down a youth site and related 
impairment loss, Magazines                                       -5.1 
Inventory write-offs and restructuring expenses, 
Learning & Literature                                            -7.6 
Impairment loss of immaterial rights and goodwill,              -78.6 
Magazines 
NON-RECURRING ITEMS TOTAL                             -2.3 23.5 -59.3 
 
 
The Group's operating profit was EUR 20.9 (72.7) million or 3.3% 
(10.6%) of net sales. Operating profit grew in Sanoma Entertainment, 
where all business units developed favourably. The new learning 
operations strengthened the seasonality in Sanoma Learning & 
Literature's profits. In other divisions, operating profit decreased 
as a result of lower sales. 
 
Sanoma has initiated a large number of efficiency improvement 
programmes. In order to obtain its targets, Sanoma will continue to 
reduce the number of personnel. For example, the Sanoma News 
rationalisation programme, in addition to a variety of other 
cost-saving measures, aims to reduce the Division's workforce by 
100-200 employees through voluntary severance packages. Other staff 
reductions have been agreed on in several business units either as a 
result of the weakened economic outlook or related to organisational 
changes initiated by changing business needs for example in Russia, 
the Czech Republic and Finland. 
 
Sanoma's net financial items totalled EUR -10.3 (-9.2) million. 
Financial income amounted to EUR 6.7 (3.5) million. Financial 
expenses amounted to EUR 17.0 (12.7) million with interest expenses 
of EUR 11.1 (10.6) million being the largest item. Exchange rate 
changes affected both financial income and expenses. 
 
The result before taxes was EUR 10.9 (66.5) million. Sanoma's tax 
rate was clearly 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 0.05 (0.34). 
The profit for the period totalled EUR 7.7 (54.4) million. 
 
Balance sheet and financial position 
 
At the end of March, the consolidated balance sheet totalled EUR 
3,215.1 (3,306.0) million. Cash flow from operations was EUR -8.5 
(46.2) million and cash flow per share was EUR -0.05 (0.29). Cash 
flow from operations decreased as a result of weaker profit for the 
period and due to changes in the working capital. Due to the nature 
of the Group's businesses fluctuations in working capital are 
typical. 
 
There were no significant changes in the Group's financial position 
during the first quarter. Sanoma's equity ratio at the end of March 
was 40.2% (44.4%) and in line with the year-end 2008. The changes 
from the comparable period were mainly caused by the impairment 
write-downs made in the fourth quarter of 2008. Net gearing increased 
to 84.1% (62.6%). Equity totalled EUR 1,209.1 (1,375.3) million. 
Interest-bearing liabilities were EUR 1,099.4 (964.7) million and 
interest-bearing net debt EUR 1,016.5 (860.4) million. At the end of 
March, the Group's cash and cash equivalents totalled EUR 82.9 
(104.2) million. 
 
Sanoma's financial position is stable. The existing credit 
facilities, such as the syndicated, long-term credit line worth a 
total 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 March was 2.4. 
 
Investments, acquisitions and divestments 
 
Investments in tangible and intangible assets totalled EUR 20.2 
(20.6) million in the first quarter, and were focused, for example, 

 
 
on ICT systems and replacement investments. 
 
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 finalised 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 and subscription sales 
continued to develop positively. Total net sales decreased, 
especially in the CEE countries and Russia. 
- Sanoma Magazines actively reacted to the changing advertising 
market: in total 20 magazines have been discontinued during the first 
quarter. 
- Investments in segments that have performed well continued. Two new 
magazines and five online sites were launched. 
 
 
KEY INDICATORS                              1-3/  1-3/ Change   1-12/ 
EUR million                                 2009  2008      %    2008 
Net sales                                  262.1 285.5   -8.2 1,246.8 
Operating profit excluding non-recurring 
items *                                     15.5  24.7  -37.1   138.9 
  % of net sales                             5.9   8.6           11.1 
Operating profit                            15.5  48.2  -67.8    85.7 
Capital expenditure                          4.6   5.1  -10.8    26.8 
Average number of employees (full-time 
equivalents)                               5,713 5,393    5.9   5,731 
 
* In 2008, the non-recurring items included EUR 23.5 million capital 
gain from the divestment of movie distributor R.C.V. Entertainment in 
the first quarter. 
 
 
Operational indicators **         1-3/    1-3/ 
                                  2009    2008 
Number of magazines published      316     319 
Magazine copies sold, thousands 94,859 104,242 
Advertising pages sold          12,283  14,487 
 
** Including joint ventures. 
 
Sanoma Magazines' net sales in January-March decreased by 8.2% to EUR 
262.1 (285.5) million. Net sales were in line with the comparable 
period in the Netherlands and Finland, but decreased significantly in 
Sanoma Magazines International. Net sales adjusted for changes in the 
Group structure decreased by 9.5%. Of the Division's net sales, 19% 
(18%) came from Finland. 
 
The Division's advertising sales decreased by 17% in the first 
quarter and represented 29% (32%) of net sales. In particular Sanoma 
Magazines International's advertising revenues were affected by the 
general economic uncertainty. The Division's online advertising sales 
continued to grow and were up by 8%, due to good development in the 
Netherlands. 
 
Sanoma Magazines' circulation sales decreased by 3% and represented 
62% (58%) of the Division's net sales. Subscription sales developed 
positively in Belgium and Finland. Single copy sales in the CEE 
countries declined clearly. 
 
In January-March Sanoma Magazines Netherlands' net sales amounted to 
EUR 110.6 (111.7) million. Advertising sales grew slightly with 
online advertising performing strongly. Sanoma Magazines Netherlands' 
online revenues grew by 14% and outperformed the market growth. 
According to Nielsen Media Research, the consumer magazine 
advertising market in the Netherlands decreased by 14% in 
January-March 2009 with magazine advertising's share of the total 
advertising market remaining almost at the comparable period's level. 
In total, advertising sales represented 26% (25%) of Sanoma Magazines 
Netherlands' net sales. The readers market in the Netherlands has 
continued to decline. Subscription sales at Sanoma Magazines 
Netherlands were at the comparable period's level and single copy 
sales were only slightly below. Sanoma Magazines Netherlands launched 
five online sites and one magazine. Five magazines were closed in the 
first quarter. 
 
Sanoma Magazines International's net sales were EUR 50.9 (70.1) 
million. Advertising sales decreased in most countries, especially in 
Russia and Ukraine as well as in the Czech Republic where number of 
magazine titles were closed. 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% (54%) 
of Sanoma Magazines International's net sales. Circulation sales were 
also below the comparable period, partly because the number of 
magazines and in some cases the number of issues was reduced. Net 
sales in Russia, Sanoma Magazines International's largest market, 
decreased by 42% and amounted to some EUR 16 million, including the 
effects of currency translations. In local currency the decrease was 
29%. In the first quarter, Sanoma Magazines International launched 
one title and discontinued 15 others across its markets. 
 
Net sales at Sanoma Magazines Belgium totalled EUR 51.3 (54.2) 
million with decreasing advertising sales. Advertising sales 
represented 28% (29%) of Sanoma Magazines Belgium's net sales. 
Circulation sales, especially subscription sales, increased in 
Belgium, due to successful price increases. In Belgium, both the 
advertising and readers market remained stable. Sanoma Magazines 
Belgium's market position has also remained strong. 
 
Sanoma Magazines Finland's net sales remained stable at EUR 50.3 
(50.7) million. The decline in advertising sales was offset by the 
good development of circulation sales. Subscription sales grew in 
particular, followed by increase in the frequency of some magazine 
titles. 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 14% in January-February. 
The magazine single copy market decreased in volume by 14% in. Sanoma 
Magazines Finland outperformed the market development. 
 
In January-March, Sanoma Magazines' operating profit excluding 
non-recurring items decreased by 37.1% to EUR 15.5 (24.7) million. 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 in the first quarter decreased by 
67.8% to EUR 15.5 (48.2) million. 
 
Sanoma Magazines Netherlands' operational result weakened due to 
lower sales and increased personnel expenses. The operating profit 
was down significantly since the comparable period included the 
non-recurring sales gain from R.C.V. Entertainment. The decline in 
advertising sales decreased Sanoma Magazines International's 
operating result markedly. Sanoma Magazines Belgium's result 
decreased due to lower advertising sales and increased personnel 
expenses. Sanoma Magazines Finland's operating profit improved with 
cost-saving offsetting the effects of lower advertising sales. 
 
Sanoma Magazines is currently strongly focused on improving 
efficiency and saving costs. The division has initiated several 
cost-saving programmes to improve the profitability of its business 
units. At the same time 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. 
 
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. 
 
- Net sales and operating profit in Sanoma News were affected by the 
continued decline of the advertising market. 
- Sanoma News will adjust its operations further and strongly focus 
on improving efficiency and saving costs to be able to respond better 
to the changing media environment. 
- Investments in printed and digital products continued in the first 
quarter with the re-launch of Veikkaaja and the ongoing development 
of existing online sites. 
 
 
KEY INDICATORS                                1-3/  1-3/ Change 1-12/ 
EUR million                                   2009  2008      %  2008 
Net sales                                    107.7 120.8  -10.9 474.7 
Operating profit excluding non-recurring       8.3  17.9  -53.4  57.3 
items * 
  % of net sales                               7.8  14.8         12.1 
Operating profit                               6.0  17.9  -66.2  57.3 
Capital expenditure                            3.2   3.7  -14.6  19.6 
Average number of employees (full-time       2,404 2,407   -0.1 2,491 
equivalents) 
 
* In 2009, the non-recurring items included EUR -2.3 million costs 
related to the efficiency programme. 
 
 
Operational indicators                        1-3/      1-3/ 
                                              2009      2008 
Distribution of free sheets, millions         19.2      24.0 
 
                                             1-12/     1-12/ 
Audited circulation                           2008      2007 
Helsingin Sanomat                          412,421   419,791 
Ilta-Sanomat                               161,615   176,531 
 
                                              1-3/      1-3/ 
Online services, unique visitors, weekly      2009      2008 

 
 
Iltasanomat.fi                           1,641,494 1,316,851 
HS.fi                                    1,097,170   913,506 
Huuto.net                                  473,677   462,371 
Oikotie.fi                                 351,653   325,253 
Taloussanomat.fi                           465,231   298,424 
Keltainenpörssi.fi                         192,815   160,099 
 
 
Sanoma News' net sales in January-March decreased by 10.9%, totalling 
EUR 107.7 (120.8) million. Net sales decreased in particular in the 
Helsingin Sanomat business unit, where advertising sales declined 
significantly. Net sales in other business units were also somewhat 
below the comparable period. Adjusted for changes in the Group 
structure, net sales decreased by 10.9%. 
 
According to TNS Gallup Adex, newspaper advertising in Finland 
decreased by 24% in January-February. Job advertising in Finland 
decreased by 50% and real estate advertising by 36%. Advertising in 
free sheets was down by 19%. Following the general advertising 
environment, also online advertising included in statistics decreased 
by 9%. Sanoma News' advertising sales decreased by 25% 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 slightly better, but were down by 
4% during the first quarter of the year. Sanoma News' advertising 
sales represented 46% (55%) of the Division's net sales. 
 
In the Finnish tabloid market, the structural migration to online 
continued. The printed tabloid market declined by 12%, but the 
numbers of online visitors continued to increase. Sanoma News' 
circulation sales grew. Subscription sales performed well, but 
newsstand sales decreased. Circulation sales accounted for 43% (37%) 
of the Division's net sales. 
 
The Helsingin Sanomat business unit's net sales totalled EUR 61.7 
(74.1) million. Circulation sales increased slightly due to price 
increases. Advertising sales were clearly down, and Helsingin 
Sanomat's job and real estate print advertising, in particular, were 
affected by the overall economic situation. Job advertising in the 
Helsingin Sanomat daily paper decreased by 52% and real estate 
advertising by 54%. Online advertising of the business unit decreased 
by 17%, but Oikotie.fi, the classified online site, strengthened its 
market position. In total, advertising sales represented 55% (64%) of 
net sales. Helsingin Sanomat reorganised its newsroom and established 
a centralised desk to support its news management to different 
channels. The acquisition of the remaining minority shareholding, 
49%, in the recruitment system provider Skillnet enables a more 
efficient organisation to be created in the recruitment vertical in 
the future. 
 
Net sales of the Ilta-Sanomat business unit amounted to EUR 18.4 
(20.5) million. Ilta-Sanomat commanded a 57.4% (57.5%) share of the 
tabloid market. The overall readership continued to increase due to 
the strong growth of online readers. Both circulation and advertising 
sales of the Ilta-Sanomat business unit declined. In total, 
advertising sales represented 21% (29%) of net sales. The business 
unit successfully renewed its sports and betting weekly Veikkaaja. 
The new editorial process launched at the end of 2008 has improved 
the efficiency of the editorial office and the quality of the content 
both in the tabloid Ilta-Sanomat and its online version, 
Iltasanomat.fi. 
 
Net sales from other publishing were at EUR 22.9 (23.9) million. The 
decrease was mainly affected by the decline of advertising sales, 
especially in Sanoma Lehtimedia's regional newspapers. The 
circulation sales in the regional papers were at the comparable 
period's level. Sanoma Lehtimedia is redesigning its organisation to 
improve efficiency and to secure resources for developing the local 
service level in news production and sales. Net sales in Sanoma 
Kaupunkilehdet business unit for free sheets decreased slightly 
mainly due to structural changes. However, Sanoma Kaupunkilehdet has 
gained market share in the advertising market, in consequence of free 
sheets in general performing better than dailies in the current media 
development. Sanoma Kaupunkilehdet made several efficiency 
improvements in its portfolio during 2008. Visitor figures for 
Vartti.fi, the local news site, have shown constant improvement and 
reached a new record in week 13 with 242,541 unique visitors. The 
acquisition of the remaining minority shareholding of Taloussanomat, 
the online financial daily, will improve the possibilities to further 
develop the organisation. 
 
Net sales from other operations, mainly comprising internal services, 
were EUR 36.2 (37.9) million. Net sales decreased due to fewer 
internal printing jobs. External print sales grew by over 40%. 
 
In January-March, Sanoma News' operating profit excluding 
non-recurring items decreased by 53.4%, totalling EUR 8.3 (17.9) 
million. The non-recurring items included in the operating profit 
totalled EUR -2.3 (0.0) million and consisted of expenses related to 
the efficiency programme, including such items as voluntary severance 
packages to employees. Operating profits in all the reporting units 
decreased from the comparable period mainly due to decline in 
advertising sales. 
 
In 2009, the media advertising market continues to be challenging. 
Sanoma News has launched a cost-savings programme in order to adapt 
to the lower revenue level. At the same time, Sanoma News will 
continue the planned development of its printed products and digital 
services - the company has, for example, decided to invest in a new 
reader-customer management system to support, among other actions, 
the product development opportunities for newspapers in the 
multimedia environment. 
 
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 increased in the first 
quarter. 
- Nelonen Media launched a new TV channel Liv in February. 
- Welho launched a mobile broadband service in January. 
 
 
KEY INDICATORS                                 1-3/ 1-3/ Change 1-12/ 
EUR million                                    2009 2008      %  2008 
Net sales                                      40.3 40.5   -0.5 157.1 
Operating profit excluding non-recurring items  6.1  4.0   52.2  17.3 
  % of net sales                               15.2 10.0         11.0 
Operating profit                                6.1  4.0   52.2  17.3 
Capital expenditure                             2.0  3.0  -33.7  13.5 
Average number of employees (full-time          486  472    3.0   482 
equivalents) 
 
 
 
Operational indicators                               1-3/  1-3/ 
Thousands                                            2009  2008 
TV channels' share of Finnish TV advertising        33.2% 29.1% 
TV channels' national commercial viewing share      28.1% 29.2% 
TV channels' national viewing share                 13.5% 13.9% 
Number of connected households (31 March)             324   320 
Number of pay TV customers (31 March)                  68    68 
Number of broadband internet connections (31 March)   107   101 
 
 
Sanoma Entertainment's net sales for January-March were at the 
comparable period's level, totalling EUR 40.3 (40.5) million. When 
Division's net sales are adjusted for changes in the Group structure, 
they were also at the level of the first quarter in 2008. Advertising 
sales accounted for 53% (50%) of Sanoma Entertainment's net sales. 
 
Broadcast operations increased its net sales to EUR 23.5 (22.6) 
million in January-March, while the Finnish TV advertising market 
shrank by 14% according to TNS Gallup Adex. Nelonen Media's 
multichannel strategy in TV operations has resulted in increasing its 
market share to 33.2% (29.1%). New targeted TV channels, national 
radio stations and WebTV all increased their advertising sales. 
Integrated and measurable advertising solutions based on TV, radio 
and online have proved to be effective. 
 
In addition to its five operating channels, in February Nelonen Media 
successfully launched Liv, a new free TV channel available on the 
cable network. Sanoma Entertainment has applied for a licence to 
begin broadcasting lifestyle channel Liv on the terrestrial network 
as well. 
 
Online services at Sanoma Entertainment have continued to grow. A 
significant number of TV programmes can be watched for free online as 
a catch up service. Also, the number of visitors on Sanoma 
Entertainment's online casual gaming sites has increased steadily. 
 
According to the Association of Finnish Broadcasters, national radio 
advertising grew by 6% in January-March and Nelonen Media's share of 
the national radio advertising increased to 13.6%. The number of 
weekly listeners of Radio Rock has remained at a high level. Radio 
Aalto has increased its number of listeners. 
 
Net sales from other operations were behind the comparable period 
because Welho's sales of set-top-boxes peaked in the first quarter of 
2008 due to the digital switch-over. Welho's broadband subscriptions 
continued to increase. In pay TV operations, Welho has moved to 
reporting the number of customers instead of the number of 
subscriptions. In line with the market development, Welho's pay TV 
customer base remained at the comparable period's level. 
 

 
 
Sanoma Entertainment's operating profit increased by 52.2% in 
January-March, totalling EUR 6.1 (4.0) million. Operating profit 
improved both in broadcasting and other operations. The increase was 
driven by lower expenses in general and cost-saving measures. 
 
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. 
 
- Net sales increased in learning and language services, partly 
through new businesses. 
- Cost-savings and shifts in time offset the seasonal operating loss 
of newly acquired learning operations. 
 
 
KEY INDICATORS                                1-3/  1-3/ Change 1-12/ 
EUR million                                   2009  2008      %  2008 
Net sales                                     60.8  58.3    4.3 390.0 
Operating profit excluding non-recurring      -6.9  -4.3  -58.9  53.2 
items 
  % of net sales                             -11.3  -7.4         13.6 
Operating profit                              -6.9  -4.3  -58.9  45.6 
Capital expenditure                            2.3   2.8  -17.6  15.6 
Average number of employees (full-time       2,863 2,389   19.9 2,737 
equivalents) 
 
 
 
Operational indicators                           1-3/ 1-3/ 
                                                 2009 2008 
Learning 
Number of new titles published, books             319  338 
Number of new titles published, digital products   60   88 
 
Literature and other businesses 
Number of new titles published, books             111  131 
Number of new titles published, digital products   23   35 
 
Books sold, millions                              2.5  2.2 
 
 
In January-March Sanoma Learning & Literature's net sales increased 
by 4.3% and totalled EUR 60.8 (58.3) million. Net sales grew in the 
learning and language services business units. Net sales adjusted for 
changes in the Group structure decreased by 3.1%. A total of 54% 
(48%) of the Division's net sales came from outside Finland. 
 
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 & Literatures 
three reporting levels are now learning, language services, and 
literature and other business, which includes general literature, 
printing and logistics. 
 
Net sales in learning increased to EUR 30.6 (27.8) million. Most 
growth came from Poland, where the acquired operations of Nowa Era 
were consolidated only at the end of the first quarter 2008. Net 
sales also grew in Belgium and the Netherlands, where most of the 
increase came as a shift in sales from the second quarter to the 
first quarter. Excluding the effects of the currency translations, 
sales also grew in Hungary. In Finland, net sales were slightly below 
the comparable period. 
 
Net sales in language services grew to EUR 8.3 (6.2) million. The 
increase is attributable to the new operations acquired in 2008. 
Sales of language services are decreasing due to the general economic 
situation. Sanoma Learning & Literature is focusing on building a 
strong language service business and integrating the acquired units. 
Language service operations are one of the focus areas of the Sanoma 
Group. 
 
Net sales in literature and other businesses were EUR 24.6 (27.8) 
million. In general literature, domestic fiction sales in particular 
are still benefitting from the awards won at the end of 2008. 
However, the sales of non-fiction are not developing positively. In 
printing net sales have decreased but remained at the comparable 
year's level in logistics. 
 
The Division's operating loss in January-March grew to EUR 6.9 (4.3) 
million. The operating loss did not include any non-recurring items 
in the first quarter. The operating loss in learning increased 
slightly due to the negative impact of the consolidation of Nowa 
Era's seasonal losses, which was largely offset by cost-savings. 
Operating profit in language services decreased due to integration 
costs and lower sales. Literature and other businesses had an 
operating profit slightly below the comparable period. 
 
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 strongly affected by the exchange rates of 
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. 
 
- Movie admissions continued to grow in Finland. 
- Sanoma Trade's business in Finland has remained steady, but the 
economic situation is clearly affecting the Baltic businesses. 
 
 
KEY INDICATORS                                1-3/  1-3/ Change 1-12/ 
EUR million                                   2009  2008      %  2008 
Net sales                                    187.7 202.7   -7.4 866.6 
Operating profit excluding non-recurring       3.8   9.9  -61.6  45.1 
items 
  % of net sales                               2.0   4.9          5.2 
Operating profit                               3.8   9.9  -61.6  45.1 
Capital expenditure                            8.1   6.1   31.8  33.8 
Average number of employees (full-time       6,433 6,425    0.1 6,633 
equivalents) 
 
 
 
Operational indicators                                  1-3/   1-3/ 
                                                        2009   2008 
Customer volume in kiosk operations, thousands        48,624 50,753 
Customer volume in bookstores, thousands               1,747  1,802 
Customer volume in movie theatres, thousands           2,622  2,813 
Number of copies sold (press distribution), thousands 85,123 97,488 
 
 
Sanoma Trade's net sales in January-March decreased by 7.4%, 
totalling EUR 187.7 (202.7) million. Net sales of kiosk operations 
and movie operations were almost at the comparable period's level. 
Net sales decreased in press distribution and bookstores. Net sales 
adjusted for changes in the Group structure decreased by 6.9%. Of 
Sanoma Trade's net sales, 32% (33%) came from outside Finland. 
 
Net sales from kiosk operations amounted to EUR 91.1 (94.6) million. 
Sales in the Finnish R-kiosks decreased somewhat. This was mainly due 
to the timing of Easter. The challenging economic situation in the 
Baltic countries affected both the number of customers in kiosks as 
well as sales volumes. However, net sales in Lithuania and Russia 
grew slightly. In Russia, closures of unprofitable R-kiosks 
continued. New kiosks were acquired in the Samara region. 
 
Net sales from press distribution were EUR 49.4 (58.2) million. Net 
sales decreased overall in comparison with the comparable period - 
with the exception of Russia, where there was some growth. Press 
distribution volumes decreased in all countries, but were partly 
offset by the increased cover prices in most markets. The efficiency 
improvement programme the Dutch press distribution company Aldipress 
is conducting has decreased the number of FTEs by 45. 
 
The net sales of bookstores were EUR 27.3 (31.0) million. The net 
sales of the comparable period included the subscription business 
divested in May 2008. In Finland, sales remained at the previous 
year's level, and the bookstore chain Suomalainen Kirjakauppa was 
further developed. In Estonia, sales were behind the comparable 
period. 
 
Net sales from movie operations totalled EUR 23.6 (24.4) million. 
During the first quarter, movie admissions in Finland continued to 
grow from the record year 2008. Net sales increased in Finland. The 
movie theatre chain was expanded and modernized further with the 
latest 3D technology. New alternative content, such as sports and 
cultural events, has proved to be successful also in the Baltic 
countries, where sales, however, developed less favourably due to the 
lower private consumption. 
 
In January-March, Sanoma Trade's operating profit decreased by 61.6%, 
totalling EUR 3.8 (9.9) million. The operating profit did not include 
any non-recurring items. Operating profit of kiosk operations was 
influenced 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 due to falling 
point-of-sale marketing sales. The operating profit of bookstores was 
in line with the comparable period. In movie operations, the result 
decreased due to falling sales in the Baltic countries. Sanoma Trade 
has initiated cost-saving programmes in all of its businesses. 
 
The exact dates of Easter cause some seasonality in Sanoma Trade's 
business when comparing the yearly quarters. The volume of kiosk 
trade usually increases during Easter when other retailers are 
closed. Fewer selling days reduce bookstore sales. In the comparable 
year, Easter was in the first quarter, whereas in 2009 it fell in the 
second quarter. 
 
Sanoma Trade focuses on further developing its 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 
 
Trading in Sanoma shares was less active than in the comparable 
period. The number of Sanoma shares traded totalled 22,324,951 
(34,712,673). Traded shares accounted for 14% (21%) of the average 
number of shares for the period. Sanoma's total stock exchange 
turnover was EUR 207.1 (589.7) million. 
 
In January-March, the volume-weighted average price of a Sanoma share 
was EUR 9.27, with a low of EUR 8.02 and a high of EUR 10.50. At the 
end of the review period, Sanoma's market capitalisation was EUR 
1,548.3 (2,824.0) million and the closing price of the share was EUR 
9.62 (17.56). On 31 March 2009, Sanoma had 20,310 shareholders, with 
foreign holdings accounting for 9.7% (9.8%) 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, Sanoma had an authorisation to 
repurchase Company's shares. No shares were repurchased in the first 
quarter of 2009. A total of 2,425,000 Sanoma shares repurchased under 
two earlier authorisations were cancelled on 10 February 2009. The 
cancellation was entered into the Trade Register on 19 February 2009. 
 
A total of 278,007 shares were registered with 2001B stock options 
under the review period. Following the registration, the number of 
Sanoma's shares increased from 163,090,651 shares to 163,368,658 
shares. The number of shares decreased after the cancellation and was 
160,943,658 at the end of the period. There were no changes in the 
Company's registered share capital which totalled EUR 71,258,986.82 
at the end of March. 
 
Board of Directors, auditors and management 
 
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. 
 
Timo Mänty was appointed President and CEO of Sanoma Trade and member 
of the Group's Executive Management Group as of 1 January 2009. 
 
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 allowed the repurchase of a maximum of 8,285,000 
Company shares. These shares were not to be repurchased in proportion 
to the holdings of existing shareholders. They were repurchased with 
the Company's unrestricted equity at the market price at the moment 
of repurchase - however, in such a way that the minimum purchase 
price of a share was the lowest market price in public trading and 
the maximum purchase price was the highest price noted in public 
trading during the authorisation period. The share repurchases 
commenced on 12 June 2008, and the authorisation remained valid until 
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 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 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. 
 
If the uncertainty in the financial markets continues, Sanoma's 
stable business, strong balance sheet and current loan agreements 
ensure the Group's financial position. 
 
Helsinki 
 
Board of Directors 
Sanoma Corporation 
 
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 1 January 
2009. Sanoma Learning & Literature has started to capitalize 
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                      1-3/  1-3/   1-12/ 
EUR million                                        2009  2008    2008 
 
NET SALES                                         636.0 683.1 3,030.1 
Other operating income                             14.1  38.1    97.1 
Materials and services                            286.4 309.4 1,367.4 
Employee benefit expenses                         176.2 172.2   702.8 
Other operating expenses                          128.2 131.1   588.8 
Depreciation and impairment losses                 38.4  35.8   231.9 
OPERATING PROFIT                                   20.9  72.7   236.3 
Share of results in associated companies            0.3   3.0     4.9 
Financial income                                    6.7   3.5    18.9 
Financial expenses                                 17.0  12.7    69.9 
RESULT BEFORE TAXES                                10.9  66.5   190.3 
Income taxes                                       -3.2 -12.2   -69.4 
RESULT FOR THE PERIOD                               7.7  54.4   120.8 
 
Result attributable to: 
Equity holders of the Parent Company                8.3  54.5   115.7 
Minority interest                                  -0.6  -0.2     5.1 
 
Earnings per share for result attributable to the 
equity 
holders of the Parent company 
Earnings per share, EUR                            0.05  0.34    0.72 
Diluted earnings per share, EUR                    0.05  0.34    0.72 
 
 
 
 
STATEMENT OF COMPREHENSIVE INCOME 
EUR million                                  1-3/ 1-3/ 1-12/ 
                                             2009 2008  2008 
Result for the period                         7.7 54.4 120.8 
Other comprehensive income: 
Change in translation differences           -34.7 -5.0 -39.1 
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD   -27.0 49.4  81.7 
 
Total comprehensive income attributable to: 
Equity holders of the Parent Company        -25.8 49.5  77.5 
Minority interest                            -1.2 -0.2   4.2 
 
 
 
CONSOLIDATED BALANCE SHEET 
EUR million                            31.3.2009 31.3.2008 31.12.2008 
 
ASSETS 
 
NON-CURRENT ASSETS 
Tangible assets                            503.7     501.8      510.4 
Investment property                          9.6       9.4       10.2 
Goodwill                                 1,480.9   1,487.1    1,491.6 
Other intangible assets                    386.2     389.9      379.7 
Interests in associated companies           70.2      73.4       69.9 
Available-for-sale financial                20.5      16.1       20.6 
assets 
Deferred tax receivables                    37.1      43.4       36.6 
Trade and other receivables                 40.1      39.4       41.0 
NON-CURRENT ASSETS, TOTAL                2,548.2   2,560.4    2,560.0 
 
CURRENT ASSETS 
Inventories                                150.3     175.1      173.2 
Income tax receivables                      37.4      31.6       24.9 
Trade and other receivables                395.8     433.5      409.1 
Available-for-sale financial                 0.5       1.1        0.5 
assets 
Cash and cash equivalents                   82.9     104.2      110.9 
CURRENT ASSETS, TOTAL                      667.0     745.5      718.7 
 
ASSETS, TOTAL                            3,215.1   3,306.0    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                                      -28.5      -37.5 
Fund for invested unrestricted             192.7                192.7 
equity 
Other equity                               931.4   1,124.7      993.7 
                                         1,195.3   1,355.0    1,220.1 
Minority interest                           13.8      20.3       17.0 
EQUITY, TOTAL                            1,209.1   1,375.3    1,237.1 
 
NON-CURRENT LIABILITIES 
Deferred tax liabilities                   104.0     106.7      106.2 
Pension obligations                         37.3      44.4       37.9 
Provisions                                   6.3       8.7        6.0 
Interest-bearing liabilities               677.2     338.0      449.0 
Trade and other payables                    36.1      29.6       34.6 
 
CURRENT LIABILITIES 
Provisions                                   9.3       7.8       10.9 
Interest-bearing liabilities               422.2     626.7      633.6 
Income tax liabilities                      13.7      23.5       11.7 
Trade and other payables                   699.9     745.2      751.7 
 
LIABILITIES, TOTAL                       2,006.1   1,930.6    2,041.6 
 
EQUITY AND LIABILITIES, TOTAL            3,215.1   3,306.0    3,278.7 
 
 
 
CHANGES IN CONSOLIDATED EQUITY 
EUR million 
              Equity attributable to the equity holders 
                        of the Parent Company 
                                      Fund 
                                       for 
                                    inves- 
                                       ted                 Mino- 
                      Share  Trea-  unres-                  rity   Equi- 
              Share premium   sury tricted   Other         inte-     ty, 
            capital    fund shares  equity  equity   Total  rest   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 shares           -38.6                   -38.6         -38.6 
Cancellation 
of treasury shares            61.6           -61.6 
Registration of 
new shares      0.1     2.4                            2.6           2.6 
Expense 
recognition of 
options granted                                1.3     1.3           1.3 
Dividends paid                                              -1.4    -1.4 
Change in 
minority 
interests                                     -3.1    -3.1   3.6     0.5 
Comprehensive 
income for the year                           49.5    49.5  -0.2    49.4 
Equity at 
31 March       71.3   187.6  -28.5         1,124.7 1,355.0  20.3 1,375.3 
2008 
 
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 options                      -1.8            -1.8          -1.8 
Cancellation 
of treasury shares            37.5           -37.5 
Registration of 
new shares                             1.8             1.8           1.8 
Expense 
recognition of 
options granted                                1.0     1.0           1.0 
Dividends paid                                              -0.7    -0.7 
Change in 
minority 
interests                                                   -1.3    -1.3 
Comprehensive 
income for the year                          -25.8   -25.8  -1.2   -27.0 
Equity at 
31 March       71.3                  192.7   931.4 1,195.3  13.8 1,209.1 
2009 
 
 
 
 
CONSOLIDATED INCOME STATEMENT BY QUARTER 
EUR million                     1-3/  1-3/  4-6/  7-9/ 10-12/   1-12/ 
                                2009  2008  2008  2008   2008    2008 
 
NET SALES                      636.0 683.1 769.8 778.6  798.7 3,030.1 
Other operating income          14.1  38.1  17.7  14.8   26.5    97.1 
Materials and services         286.4 309.4 333.4 352.0  372.6 1,367.4 
Employee benefit expenses      176.2 172.2 177.5 167.8  185.2   702.8 
Other operating expenses       128.2 131.1 141.5 141.9  174.3   588.8 
Depreciation and impairment     38.4  35.8  36.6  37.7  121.9   231.9 
losses 
OPERATING PROFIT                20.9  72.7  98.5  94.0  -28.8   236.3 
Share of results in associated   0.3   3.0   1.6   0.4   -0.1     4.9 
companies 
Financial income                 6.7   3.5   3.1   6.1    6.2    18.9 
Financial expenses              17.0  12.7  14.5  15.3   27.4    69.9 
RESULT BEFORE TAXES             10.9  66.5  88.7  85.2  -50.1   190.3 
Income taxes                    -3.2 -12.2 -23.4 -24.1   -9.8   -69.4 
RESULT FOR THE PERIOD            7.7  54.4  65.3  61.1  -59.9   120.8 
 
Result attributable to: 
Equity holders of the Parent     8.3  54.5  64.4  59.0  -62.2   115.7 
Company 
Minority interest               -0.6  -0.2   0.9   2.1    2.3     5.1 
 
Earnings per share for result 
attributable 
to the equity holders of the 
Parent company 
Earnings per share, EUR         0.05  0.34   0.4  0.37  -0.39    0.72 
Diluted earnings per share,     0.05  0.34   0.4  0.37  -0.39    0.72 
EUR 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT                    1-3/  1-3/  1-12/ 
EUR million                                         2009  2008   2008 
OPERATIONS 
Result for the period                                7.7  54.4  120.8 
Adjustments 
      Income taxes                                   3.2  12.2   69.4 
      Financial expenses                            17.0  12.7   69.9 
      Financial income                              -6.7  -3.5  -18.9 
      Share of results in associated companies      -0.3  -3.0   -4.9 
      Depreciation and impairment losses            38.4  35.8  231.9 
      Gains/losses on sales of non-current assets   -1.1 -25.2  -34.2 
      Other adjustments                            -11.6  -9.7  -40.1 
Change in working capital 
      Change in trade and other receivables          6.9 -11.0  -18.5 
      Change in inventories                         -0.2   1.9   -0.5 
      Change in trade and other payables, and      -26.4   3.0    3.6 
      provisions 
Interest paid                                      -18.6 -11.5  -53.4 
Other financial items                               -1.4   0.1   -4.5 
Taxes paid                                         -15.4 -10.0  -70.2 

 
 
CASH FLOW FROM OPERATIONS                           -8.5  46.2  250.3 
 
INVESTMENTS 
Acquisition of tangible and intangible assets      -23.9 -22.4 -113.3 
Operations acquired                                -15.2 -64.3 -162.3 
Sales of tangible and intangible assets              1.2   4.8   12.7 
Operations sold                                      0.0  38.4   49.2 
Loans granted                                       -1.1 -18.2  -19.8 
Repayments of loan receivables                       2.4   0.3    8.8 
Sales of short-term investments                                   0.5 
Interest received                                    1.6  -0.3    7.4 
Dividends received                                   0.2   0.7    7.5 
CASH FLOW FROM INVESTMENTS                         -34.8 -60.9 -209.3 
 
CASH FLOW BEFORE FINANCING                         -43.3 -14.7   41.1 
 
FINANCING 
Proceeds from share subscriptions                          0.0    5.1 
Minority capital investment/repayment of equity                   1.0 
Purchase of treasury shares                              -39.2  -48.2 
Change in loans with short maturity                -68.9  79.6  -53.8 
Drawings of other loans                            233.7   4.6  525.1 
Repayments of other loans                         -150.9  -3.7 -264.6 
Payment of finance lease liabilities                -1.1  -0.7   -2.8 
Dividends paid                                      -0.7  -1.4 -164.3 
Donations/other profit sharing                       0.0   0.0   -0.5 
CASH FLOW FROM FINANCING                            12.3  39.3   -3.1 
 
CHANGE IN CASH AND CASH EQUIVALENTS 
ACCORDING TO CASH FLOW STATEMENT                   -31.1  24.6   38.0 
Effect of exchange rate differences on cash and     -4.0  -0.1    0.1 
cash equivalents 
NET CHANGE IN CASH AND CASH EQUIVALENTS            -35.1  24.5   38.1 
 
Cash and cash equivalents at the beginning of the  110.5  72.4   72.4 
period 
Cash and cash equivalents at the end of the         75.4  96.8  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/  1-3/  4-6/  7-9/ 10-12/   1-12/ 
EUR million                     2009  2008  2008  2008   2008    2008 
 
SANOMA MAGAZINES 
Sanoma Magazines Netherlands   110.6 111.7 135.2 124.8  143.9   515.7 
Sanoma Magazines International  50.9  70.1  76.8  77.4   82.4   306.7 
Sanoma Magazines Belgium        51.3  54.2  55.5  53.7   59.8   223.2 
Sanoma Magazines Finland        50.3  50.7  51.9  49.1   53.9   205.6 
Eliminations                    -1.0  -1.3  -0.9  -1.0   -1.1    -4.3 
TOTAL                          262.1 285.5 318.5 304.0  338.9 1,246.8 
 
SANOMA NEWS 
Helsingin Sanomat               61.7  74.1  71.2  65.6   68.6   279.5 
Ilta-Sanomat                    18.4  20.5  21.9  20.6   20.2    83.2 
Other publishing                22.9  23.9  24.9  23.5   25.8    98.2 
Other businesses                36.2  37.9  37.5  36.5   38.2   150.1 
Eliminations                   -31.7 -35.5 -34.5 -32.7  -33.5  -136.2 
TOTAL                          107.7 120.8 121.1 113.5  119.2   474.7 
 
SANOMA ENTERTAINMENT 
TV and radio                    23.5  22.6  24.5  18.0   23.8    88.9 
Other businesses                17.3  18.0  16.7  16.8   17.9    69.4 
Eliminations                    -0.5  -0.1  -0.3  -0.1   -0.6    -1.1 
TOTAL                           40.3  40.5  40.9  34.7   41.0   157.1 
 
SANOMA LEARNING & LITERATURE 
Learning                        30.6  27.8  87.5 105.9   52.2   273.3 
Language services                8.3   6.2   5.8   7.5    9.3    28.8 
Literature and other            24.6  27.8  20.4  23.3   29.7   101.2 
businesses 
Eliminations                    -2.6  -3.4  -3.2  -3.5   -3.2   -13.3 
TOTAL                           60.8  58.3 110.5 133.2   88.0   390.0 
 
SANOMA TRADE 
Kiosk operations                91.1  94.6 102.5 103.8  108.6   409.4 
Press distribution              49.4  58.2  60.2  61.8   61.3   241.5 
Bookstores                      27.3  31.0  24.0  36.9   47.3   139.2 
Movie operations                23.6  24.4  19.4  23.8   26.7    94.3 
Eliminations                    -3.7  -5.5  -3.0  -4.8   -4.5   -17.8 
TOTAL                          187.7 202.7 203.2 221.4  239.3   866.6 
 
Other companies and            -22.7 -24.8 -24.4 -28.2  -27.9  -105.2 
eliminations 
TOTAL                          636.0 683.1 769.8 778.6  798.7 3,030.1 
 
 
 
OPERATING PROFIT BY DIVISION     1-3/ 1-3/ 4-6/ 7-9/ 10-12/ 1-12/ 
EUR million                      2009 2008 2008 2008   2008  2008 
 
Sanoma Magazines                 15.5 48.2 46.6 31.6  -40.6  85.7 
Sanoma News                       6.0 17.9 14.7 15.2    9.4  57.3 
Sanoma Entertainment              6.1  4.0  6.3  2.8    4.1  17.3 
Sanoma Learning & Literature     -6.9 -4.3 26.4 36.3  -12.7  45.6 
Sanoma Trade                      3.8  9.9  7.4 13.0   14.7  45.1 
Other companies and eliminations -3.7 -3.0 -2.9 -5.0   -3.7 -14.6 
TOTAL                            20.9 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 
the President and CEO. 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 
1.1-31.3.2009 
                                         Lear-       Unallo- 
                                 Enter- ning &        cated/ 
                     Maga-        tain-  Lite-        elimi- Consoli- 
EUR million          zines  News   ment rature Trade nations    dated 
External net sales   261.4 105.8   40.1   57.2 171.8    -0.4    636.0 
Internal net sales     0.7   1.9    0.2    3.6  15.9   -22.3 
NET SALES, TOTAL     262.1 107.7   40.3   60.8 187.7   -22.7    636.0 
OPERATING PROFIT      15.5   6.0    6.1   -6.9   3.8    -3.7     20.9 
Share of results 
in 
associated             0.1   0.0                 0.2              0.3 
companies 
Financial income                                                  6.7 
Financial expense                                                17.0 
PROFIT BEFORE                                                    10.9 
TAXES 
TOTAL ASSETS       1,576.5 371.0  132.0  574.3 442.3    29.4  3,125.5 
 
 
 
Sanoma Divisions 
1.1-31.3.2008 
                                         Lear-       Unallo- 
                                 Enter- ning &        cated/ 
                     Maga-        tain-  Lite-        elimi- Consoli- 
EUR million          zines  News   ment rature Trade nations    dated 
External net sales   284.5 118.6   39.9   54.6 185.3     0.1    683.1 
Internal net sales     1.0   2.3    0.6    3.7  17.4   -24.9 
NET SALES, TOTAL     285.5 120.8   40.5   58.3 202.7   -24.8    683.1 
OPERATING PROFIT      48.2  17.9    4.0   -4.3   9.9    -3.0     72.7 
Share of results 
in 
associated             2.8   0.0   -0.2   -0.1   0.1     0.3      3.0 
companies 
Financial income                                                  3.5 
Financial expense                                                12.7 
PROFIT BEFORE                                                    66.5 
TAXES 
TOTAL ASSETS       1,631.1 381.0  123.3  599.2 450.3    25.3  3,210.1 
 
 
 
 
CHANGES IN PROPERTY, PLANT AND EQUIPMENT 
EUR million                            31.3.2009 31.3.2008 31.12.2008 
 
Carrying amount at the beginning of        510.4     498.7      498.7 
the period 
Increases                                   13.3      15.9       81.2 
Acquisition of operations                    0.0       6.0        7.3 
Decreases                                   -1.0      -2.2       -7.0 
Disposals of operations                               -0.1       -0.2 
Depreciation for the period                -17.0     -15.6      -66.4 
Impairment losses for the period            -0.1      -0.6       -0.7 
Exchange rate differences and other         -1.9      -0.2       -2.6 
changes 
Carrying amount at the end of the          503.7     501.8      510.4 
period 
 
The commitments for acquisitions of tangible assets were EUR 0.0 
(3.1) million. 
 
 
EFFECT OF ACQUISITIONS ON THE CONSOLIDATED BALANCE SHEET 
EUR million                             1-3/2009 
 
Acquisition costs                            4.2 
Fair value of acquired net assets            0.9 
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                            31.3.2009 31.3.2008 31.12.2008 
Contingencies for own commitments 
Mortgages                                   23.9      21.7       23.7 
Pledges                                      6.0       5.8        6.0 
Other items                                  0.4       0.4        0.4 
TOTAL                                       30.4      28.0       30.1 
 
Contingencies incurred on behalf of 
associated companies 
Guarantees                                  10.5       7.9       10.5 
TOTAL                                       10.5       7.9       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                270.8     260.2      263.8 
Royalties                                   21.0      25.3       23.6 
Other items                                 37.3      40.5       38.1 
TOTAL                                      329.1     326.0      325.5 
 
TOTAL                                      370.1     362.0      366.2 
 
Derivative contracts are recorded to balance sheet. The Sanoma Group 
had no derivative contracts during the reporting period or during the 
previous the year. 
 
 
KEY EXCHANGE RATES 
                                1-3/      1-3/      1-12/ 
Average rate                    2009      2008       2008 
EUR/CZK (Czech Koruna)         27.56     25.82      25.16 
EUR/HUF (Hungarian Forint)    293.61    259.19     251.25 
EUR/PLN (Polish Zloty)          4.50      3.57       3.53 
EUR/RUB (Russian Rouble)       44.39     36.47      36.69 
EUR/SEK (Swedish Crown)        10.97      9.43       9.66 
 
Closing rate               31.3.2009 31.3.2008 31.12.2008 
EUR/CZK (Czech Koruna)         27.39     25.34      26.88 
EUR/HUF (Hungarian Forint)    308.18    259.43     266.70 
EUR/PLN (Polish Zloty)          4.69      3.52       4.15 
EUR/RUB (Russian Rouble)       45.03     37.11      41.28 
EUR/SEK (Swedish Crown)        10.94      9.40      10.87 
 
 
Press Conference 
 
Press and analyst meeting in Finnish will be held by Mr Hannu 
Syrjänen, President and CEO of Sanoma at 1:30 pm (Finnish time) at 
Sanomatalo, Töölönlahdenkatu 2, Helsinki. 
 
The conference call in English for analysts and investors will be 
arranged at 4.30 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 second quarter 2009 results will be published on 6 August 
2009 at approximately 8:30 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 21,000 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/1312233/304184.pdf 
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