Sanoma has added sustainability-linked KPIs to its EUR 300 million Syndicated Revolving Credit Facility
Sanoma Corporation, Press Release, 2 March 2023 at 10:00 EET
Sanoma has added sustainability-linked KPIs to its EUR 300 million Syndicated Revolving Credit Facility
In November 2022, Sanoma Corporation signed a EUR 300 million Syndicated Revolving Credit Facility with ten banks. Sanoma has now signed a Sustainability Side Letter to add sustainability-linked KPIs to the Revolving Credit Facility. With the addition, a minor part of the pricing of the loan will be linked to Sanoma’s sustainability performance in reducing greenhouse gas (GHG) emissions in line with Sanoma's commitment to Science Based Targets and developing inclusive learning solutions, more specifically accessibility of digital learning content and platforms. The KPIs will be measured annually and the progress will be reported in Sanoma's annual Sustainability Report and also directly to the lenders.
“The inclusion of two sustainability KPIs in this loan will help accelerate Sanoma’s sustainability development and further strengthen our commitment to reduce our carbon footprint, promote environmental topics and develop equal access to education through accessibility of our digital learning content and platforms. We appreciate the support and trust from our relationship banks to developing sustainability at Sanoma," says Alex Green, CFO of Sanoma.
In 2022, Sanoma updated its climate targets and aligned them with the Science Based Targets initiative (SBTi), setting emission reduction targets to the 1.5 degree criteria to limit global warming in line with the Paris Agreement. Sanoma aims to reduce GHG emissions both from its own operations (Scope 1 and 2) and from the value chain (Scope 3) by 4.2% annually from the 2021 base year. The Scope 3 target applies to categories 1, 3, 4 and 9, which account for more than 75% of Sanoma’s value chain emissions. Altogether, this means a 38% reduction by 2030 from the 2021 base year, in addition to Sanoma’s earlier emission reduction measures. The SBTi targets are currently being validated and validation results are expected to be ready in the third quarter of 2023.
One of the key topics in Sanoma’s sustainability strategy is developing inclusive learning solutions. Inclusion is an umbrella term encompassing also accessibility. Digital content and platforms should be usable for a wide range of people with disabilities, while everyone is seen to benefit from better accessibility. As part of its ongoing, multi-year platform harmonisation project, Sanoma will increase accessibility features of its platforms to respond to customer needs. Sanoma’s target is two-fold. Firstly, the common accessibility components used in Sanoma Learning’s core digital products will be compliant with the AA-level of the WCAG Guidelines from 2025 onwards. Secondly, in 2025 all newly marketed core digital products will meet the accessibility requirements as defined locally on the basis of the EU Accessibility Act.
Nordea acted as the Sustainability Coordinator for the transaction and OP Corporate Bank as the Agent.
Additional information
Kaisa Uurasmaa, Head of Investor Relations and Sustainability, tel. +358 40 560 5601
Sanoma
Sanoma is an innovative and agile learning and media company impacting the lives of millions every day. Our Sustainability Strategy is designed to maximise our positive ‘brainprint’ on society and to minimise our environmental footprint. We are committed to the UN Sustainable Development Goals and signatory to the UN Global Compact.
Our learning products and services enable teachers to develop the talents of every child to reach their full potential. We offer printed and digital learning content as well as digital learning and teaching platforms for primary, secondary and vocational education, and want to grow our business.
Our Finnish media provide independent journalism and engaging entertainment also for generations to come. Our unique cross-media position offers the widest reach and tailored marketing solutions for our business partners.
Today, we operate in twelve European countries and employ more than 5,000 professionals. In 2022, our net sales amounted to approx. 1.3bn€ and our operational EBIT margin excl. PPA was 14.6%. Sanoma shares are listed on Nasdaq Helsinki. More information is available at sanoma.com.
