Q2 2024 Sanoma Oyj Earnings Call Transcript
Key Points
- Sanoma Oyj (STU:SNQB) reported strong earnings improvement in both learning and media segments.
- Sales growth in learning was driven by the Netherlands and Spain, with organic growth at 5%.
- Operational EBIT improved due to higher earnings and lower operating expenses.
- Free cash flow improved, supported by higher earnings and lower investments.
- The company's deleveraging efforts have reduced net debt and improved leverage to 2.9, below the target of 3.0.
- Despite strong H1 results, the company remains cautious about H2 due to uncertainties in the advertising market and the significant impact of the Spanish lower curriculum.
- The discontinuation of low-value Dutch distribution contracts and lower curriculum in Spain are expected to negatively impact full-year revenues.
- Free cash flow, although improved in H1, is expected to be similar to 2023 for the full year, indicating no significant improvement.
- The Finnish advertising market and economy show no signs of improvement, which could affect H2 performance.
- Salary inflation and personnel costs could put pressure on profitability despite cost-saving measures from the solar program.
Good morning, everyone, and welcome to Sun almost first half 2024 Results Presentation. My name is guys, our small, I'm heading Investor Relations and Sustainability at Sanlam. Our first half of the year was strong and earnings improved in both learning and media. And today, our President and CEO, Ralph Coffman, and CFO, Alex Greene will tell you what about after their presentation, we will have a key Q&A session. We will first take questions from the audience here at Sonoma house. Please use the microphone and then we will hand over to the telephone line. If there are any if there is any audience day, you can also use the chat function in the webcast platform for questions. The full event, including the Q&A is recorded and the recording will be available on our website shortly after the event.
With this, I would like to invite drop to start the presentation.
Thank
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