Helsinki, Finland, 2016-01-19 07:30 CET (GLOBE NEWSWIRE) --
Talentum Stock exchange release 19 January 2016, 8:30 a.m.
Outcome of Talentum Oyj's impairment testing
Talentum has concluded its regular annual impairment testing for the group. As a result of the testing, the company will recognise a write-down totalling EUR 9.9 million in its consolidated financial statements for the fourth quarter of 2015. The write-down concerns publishing rights and goodwill and will be allocated to Magazine Business Sweden.
The write-down is based on changes in the forecast growth of long-term net sales. This has been influenced by changes in consumer behaviour and group subscription agreements, which took effect at the turn of the year. Talentum believes that cost trends in Magazine Business Sweden will continue to develop favourably throughout this year but net sales will decrease.
The impairment will be recognised in Talentum's fourth-quarter results as a non-recurring item that will have no effect on cash flow. Talentum will publish its financial review for the fourth quarter and full year of 2015 on 12 February 2016. The company maintains the forecast issued in its interim review on 22 October 2015, whereby net sales for 2015 are expected to be broadly similar to those in 2014, while operating income excluding non-recurring items is expected to improve from 2014.
Talentum Oyj
Aarne Aktan
Chief Executive Officer
Additional information:
Niclas Köhler, Chief Financial Officer, Talentum Corporation
niclas.kohler@talentum.com
+358 40 342 4420
Distribution:
Nasdaq Helsinki
Principal media
www.talentum.fi
TALENTUM IN BRIEF
Talentum Corporation focuses on professionals with main products of magazines, books, digital services, trainings and events. Talentum produces contents from various fields of economy, law, management, HR, sales and marketing, ICT, technology and health care with the mission to help professionals succeed.
In 2014, Talentum's net sales totalled EUR 72.3 million. The company employs 720 persons in Finland, Sweden, Denmark, Estonia and Latvia. Talentum Corporation is listed on Nasdaq Helsinki. Read more: www.talentum.fi.