TALENTUM OYJ STOCK EXCHANGE RELEASE APRIL 15, 2009 AT 9.45 AM
TALENTUM'S WHOLE YEAR RESULT WEAKER THAN EXPECTED - GROUP INITIATES NEGOTIATIONS
WITH PERSONNEL REPRESENTATIVES AND AIMS AT ADDITIONAL COST SAVINGS
The decline in media advertising and recruitment advertising has been stronger
than anticipated in both Finland and Sweden. As a consequence of this Talentum's
first quarter net sales is estimated to decrease by over 25 percent in
comparison to previous year and the operating profit is estimated to be slightly
negative.
If the economic situation and advertising market situation are at the early year
levels, Talentum estimates, that the net sales for the whole year will be a
quarter lower than the level of the previous year and that operating profit
before extraordinary items, will be only slightly positive. The operating profit
after extraordinary items is expected to be negative.
Earlier, Talentum had estimated in the financial statement release, that both
net sales and operating profit for the whole year will be clearly lower than the
level of the previous year.
To adjust operations and costs to the changing market situation, Talentum will
start negotiations with personnel representatives. The scope of the negotiations
includes the staff of the Finnish and Swedish publishing operations and the
holding company Talentum Oyj (plc). In these negotiations with personnel
representatives Group is aiming at annual cost savings corresponding to 50 full
time equivalents. The cost savings are estimated to actualize both with
reduction of personnel and with other activities. Implementation of savings will
be further defined during the negotiations.
The Group is aiming at annual cost savings of about 3.5 million with these
measures. The final cost savings and extraordinary expenses arising from the
procedures will be informed separately as soon as the negotiations are finalized
approximately early June. Talentum has reported earlier about cost saving
measures amounting to about 3 million.
TALENTUM OYJ
Juha Blomster
CEO
Further information:
CEO Juha Blomster, telephone 040 342 4444
CFO Kaisa Kokkonen, telephone 040 342 4212
Distribution:
NASDAQ OMX Helsinki
Primary media
TALENTUM'S WHOLE YEAR RESULT WEAKER THAN EXPECTED - GROUP INITIATES NEGOTIATIONS WITH PERSONNEL REPRESENTATIVES AND AIMS AT ADDITIONAL COST SAVINGS
| Source: Talentum Oyj