Dear shareholders,

Welcome to our 2015 annual report, ‘Sanoma View’. We appreciate your continued interest in and support of Sanoma.

2015 was a turbulent year for our company. A few words about each of our three Strategic Business Units. The Finnish economy and advertising market continue to be in decline. Add this to the disruptive changes in the media industry as a result of rapid changes in media consumption, and it’s clear to see that Sanoma Media Finland’s CEO Pia Kalsta, who was appointed in February, and her team were faced with an urgent set of challenges to address. After a period of intense planning, we took major steps in the second half of 2015 to adjust our operations, and we look forward to enjoying the benefits of these measures in 2016.

"In Finland we took major steps in the second half of 2015 to adjust our operations"

In our other markets the situation was markedly different. 

In the Netherlands we see our cross-media strategy beginning to bear fruit. We are rapidly innovating our media offering, focusing on cross-media solutions that play into the needs and desires of both consumers and advertisers. The increased alignment between Sanoma and SBS Broadcasting is a major contributor to our cross-media success and 2015 has started to demonstrate the success of this.

In Learning the market dynamics differ somewhat for each country in which we operate. The Polish market went through significant change and our team there managed to do a successful pivot on their business model, mitigating most of the impact. A common denominator is our work towards developing hybrid and digital tools and services, through which we aim to simplify and enrich the work of teachers and pupils. Sanoma Learning is one of the companies in the world that truly paves the way in these areas.

"Sanoma Learning is one of the companies in the world that truly paves the way in these areas"

Harri-Pekka Kaukonen left Sanoma Group after four years of dedicated service as President & CEO. Under Harri-Pekka’s leadership we transformed from a broad and diversified organisation that combined media and learning with retail and cinema in more than 20 countries, into a smaller but more focused company, active in five core countries where we enjoy market-leading positions. I would like to reiterate my thanks to Harri-Pekka for his contribution to Sanoma.

 "I’m delighted to welcome our new President & CEO Susan Duinhoven"

At the same time I’m delighted to welcome our new President & CEO Susan Duinhoven. Susan joined Sanoma in April as a Board Member, a role she is now combining with that of CEO, after succeeding Harri-Pekka on 1 October 2015. Susan is a very experienced leader with strong management skills, business vision and an impressive career spanning Reader’s Digest, Thomas Cook and Koninklijke Wegener. She has enjoyed a flying start and I trust that this will continue.

Thanks to the efforts of the management teams all business units, and the hard work that was done in 2015 to reset our financial base line and increase customer focus, 2016 promises to be a better year. In this report we will showcase some of our success stories to take you on the journey with us. I hope you get as much inspiration and confidence from this report as I have myself, and wish you an interesting read.

One thing is sure: the 6,000 dedicated professionals at Sanoma will continue to give their best to enrich the lives of our consumers with meaningful information, valued entertainment, and impactful education every day – because for us it is and has always been about our consumers: our readers, viewers, pupils and teachers.

Thank you for your trust and support,

Antti Herlin, Chairman of the Board