The Otava Group’s result remained good – earnings from book publishing improved
The Otava Group’s net sales remained unchanged and amounted to EUR 292.2 (292.0) million. The Group’s operating result excluding non-recurring items (EUR 41.2 million) was at an all-time high. The Group’s direct operating profit stood at EUR 30.7 (31.6) million. EUR 2.1 (2.1) million in rewards paid to employees, including social security costs, and impairment of EUR 10.5 million on the Pasila properties have been recognised in direct operating profit. Profit for the period amounted to EUR 18.7 (21.0) million. Cash flow financing rose by EUR 8 million to EUR 39.6 million and the equity ratio improved to 78.9%.
Net sales from book publishing grew and earnings improved
The Group’s earnings from book publishing improved thanks to the success of educational materials and new operating methods. The direct operating profit of Otava Publishing Company Ltd amounted to EUR 13.2 (8.2) million. Otava Book Printing Ltd produced 6.6 (6.8) million books. It gained new customers and its result was positive.
Suomalainen Kirjakauppa increased its market share
Suomalainen Kirjakauppa had net sales of EUR 107.4 (105.2) million, representing growth of 2%. Growth was influenced by the changing structure of sales and the curriculum reform. The company’s direct operating profit saw year-on-year improvement to EUR 4.3 (3.2) million. Suomalainen Kirjakauppa increased its market share in the declining book market.
Net sales from magazines were down, but earnings remained at a good level
Otavamedia Ltd’s direct operating profit declined to EUR 8.1 (14.3) million due to recognition of property. The operating result, EUR 15.0 million, remained at a good level compared to competitors. The sales of the Great Finnish Book Club, which is part of Otavamedia, were down 6% and it posted a breakeven result.
New Businesses saw further growth
The net sales of Otava New Businesses grew by 13%. Profitability remained at a good level in spite of outlays on new services, including Nettivuokraus.com and Huutokaupat.fi.
Chair of the Board of Directors