Sensitivity Analysis

The table below explains how the changes in, for example, advertising and paper prices impact on Alma Media's operating profit.


Change (%)

Impact on EBIT (MEUR)

Media advertising+1+1.8
Paper prices+1-0.1
Exchange rate (CZK)+/-1+/-0.2
Wages and salaries, average+1-1.3
Average interest rate+1-0.2

Table updated 14 February 2020.

The impacts in euros of the changes referred in the table above are provided as gross values. The calculations are estimates and based on historical annual figures. For instance, a significant decline in the value of advertising leads to cost savings (as the production costs of newspapers decrease, among other things) and thus the impact in euros in the operating profit is not linear. These cost savings are not included in the said estimates.